// definition
Off-the-run
A superseded Treasury benchmark
Short definition
A US Treasury security superseded by a newer issue as the current benchmark for its maturity. The current benchmark is called on-the-run. Trading volumes and transaction costs can differ for seasoned issues. Their activity also depends on their uses, including their role in futures delivery.
risk atlas
Knowledge map
Intuition
Benchmark status changes across issuance cycles and influences how securities circulate.
Related analyses
Primary sources
- New York Fed, Staff Report 1170, November 2025Study of trading and liquidity in off-the-run Treasuries.
- Liberty Street Economics, June 30, 2026Initial definitions and the distinctive role of futures-deliverable securities.