The on-the-run treasury yield curve is the U.S. Treasury yield curve derived using on-the-run Treasuries. The on-the-run Treasury yield curve plots the yields of bonds, of similar quality, against their maturities. It is the primary benchmark used in pricing fixed-income securities. The on-the-run Treasury yield curve is the opposite of the off-the-run Treasury yield curve, which refers to U.S. government bonds of a given maturity which are not part of the most recent issue of Treasury securities.
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