Federal Funds
Non-interest-bearing deposits held by banks and other
depository institutions at the Federal Reserve; these are
immediately available funds that institutions borrow or lend,
usually on an overnight basis.

Treasury Bills
Short-term debt obligations of the U.S. Treasury that are
issued to mature in 3 to 12 months.

Repurchase Agreements
Short-term loans—normally for less than two weeks and
frequently for one day—arranged by selling securities to
an investor with an agreement to repurchase them at a
fixed price on a fixed date.

Eurodollar Deposits
Dollar deposits in a U.S. bank branch or a foreign bank
located outside the United States.

Certificate of Deposit
A time deposit with a specific maturity date shown on a
certificate; large-denomination certificates of deposits can
be sold before maturity.

Bankers’ Acceptances
A draft or bill of exchange accepted by a bank to guarantee
payment of the bill.

Commercial Paper
An unsecured promissory note with a fixed maturity of one
to 270 days; usually it is sold at a discount from face value.

Municipal Notes
Short-term notes issued by municipalities in anticipation of
tax receipts or other revenues.

Federal Agency Short-Term Securities
Short-term securities issued by federally sponsored agencies
such as the Farm Credit System, the Federal Home Loan
Bank and the Federal National Mortgage Association.