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We issue a lot of–there are a lot of auctions of Treasury bills and
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there are comparatively fewer of bonds.
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So, let's talk about a bond.
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A bond differs from a bill in that
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it carries what's called a coupon,
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which I will denote by the letter C,
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and it has a principal,
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which it pays out at the end--
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of one hundred.
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Of course, there would be larger denominations than $100,
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but by tradition,
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we speak of them as if they were