Glossary of Economic Terms: T


An application or offer to purchase a U.S. Treasury bill, note, or bond.

The Desk

The trading desk at the Federal Reserve Bank of New York through which open market purchases and sales of government and federal agency securities are made. The desk maintains direct telephone communication with major government securities dealers. A ‘foreign desk’ at the Federal Reserve Bank of New York conducts transactions in the foreign exchange market.

thrift institution

A general term encompassing savings banks, savings and loan associations, and credit unions.

Thrift Institutions Advisory Council – TIAC

A council, established following the passage of the Monetary Control Act of 1980, whose purpose is to provide information and views on the special needs and problems of thrifts. The group is comprised of representatives of savings banks, savings and loan associations, and credit unions.

time lags

In stabilization policy, refers to the period between an economic event and the impact of the economic policy to correct it. See also recognition lag, implementation lag, and impact lag.

trade deficit

The amount by which merchandise imports exceed merchandise exports.

trade-weighted value of the dollar

The value of the dollar pegged to or expressed relative to a market basket of selected foreign currencies. The Federal Reserve calculates a trade-weighted value of the dollar based on the weighted-average exchange value of the dollar against the currencies of 10 industrial countries.

transaction account

A checking or similar account from which transfers can be made to third parties. Demand deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.

Treasury bill

See bill.

Treasury bond

See bond.

Treasury Direct

Service provided to the U.S. Department of the Treasury whereby Federal Reserve Banks hold book-entry Treasury securities purchased by individuals.

Treasury note

See note.

Treasury securities

See securities.

Total Nonfinancial Debt

Includes outstanding credit market debt of federal, state, and local governments and of private nonfinancial sectors (including mortgages and other kinds of consumer credit and bank loans, corporate bonds, commercial paper, bankers acceptances, and other debt instruments).

Twelve L – 12L

Refers to the Federal Reserve Bank of San Francisco, which is the Twelfth District in the Federal Reserve System. ‘L’ is the official letter for the Twelfth District seal, being the twelfth letter of the alphabet.