Lael Brainard  Figure 1  Daily Volume for On-the-Run and Seasoned Securities by Security Type  On-the-Run / Off-theRun Split On-the-Run First Off-the-Run Second Off-the-Run Deep Off-the-Run  Coupons $ billion 362 31 7.7 64  Bills $ billion 25 8.3 7.6 28  TIPS $ billion 7.0 1.2 0.0 5.5  FRNs $ billion 0.5 0.1 0.0 0.9  Note: TIPS is Treasury Inflation-Protected Securities; FRNs is Floating Rate Notes.
Source: Board staff calculations, based on Trade Reporting and Compliance Engine (TRACE) data from the Financial Industry Regulatory Authority (FINRA). Sample is from August 1, 2017, to July 31, 2018.