Treasury bills (T-bill):
Treasury bills (T-bill) Treasury bills (T-bill) are short-term fixed-income securities that mature within one year that do not pay coupon return. Investors buy the bill at a price less than its face value and investors earn that difference at the maturity.
补充：一般美联储降息，说的 risk free rate 就是 T-bill。
Treasury notes (T-note):
Treasury notes (T-note) come in maturities between two and 10 years, pay a fixed interest rate, and usually have a \$1,000 face value. At the end of the maturity, investors are repaid the principal but earn semiannual payments of interest each year they hold the note.
Treasury bond (T-bond):
The Treasury bond (T-bond) is very similar to the T-note except that it matures in 30 years. Treasury bonds can have face values of \$10,000 each.
Treasury Inflation-Protected Securities (TIPS)
TIPS protects investors from inflation. The principal amount of a TIPS bond adjusts with inflation and deflation.
Corporate bonds come in various types, and the price and interest rate offered largely depends on the company’s financial stability and its creditworthiness. Bonds with higher credit ratings typically pay lower coupon rates.
企业融资有两种途径，从股市融资 equity(股权），从债市融资 liablity(负债)，两个加起来就是企业总资产（–>资产负债表）。债权凌驾于股权之上，企业倒闭，债权优先得到偿还。
- AAA，AA，A，-> BBB，成为 investment grade bond
- B 以下： Junk bond
Junk bonds—also called high-yield bonds—are corporate issues that pay a greater coupon due to the higher risk of default. Default is when a company fails to pay back the principal and interest on a bond or debt security.
A municipal bond is similar to Treasurys but is issued and backed by a state, municipality, or county, and finances capital expenditures. Muni bonds can have tax-free benefits to investors as well（不一定，仔细看清楚）.
- 存在不返还风险 2.分类：
- 一种没有专项， 税收收入返回
A certificate of deposit (CD) is a fixed income vehicle offered by financial institutions with maturities of less than five years. The rate is higher than a typical saving account, and CDs carry FDIC or National Credit Union Administration (NCUA) protection.
补充： 一定要有 FDIC Insured，经济危机可以拿回来。每个人每个账户只能有 25 万美元，结婚可以分三个账户可放 100 万。
主要有 EFT 和 Mutual fund 两类：
Fixed income mutual funds—such as those offered by Vanguard—invest in various bonds and debt instruments. These funds allow the investor to have an income stream with the professional management of the portfolio. However, they will pay a fee for the convenience.
Asset-allocation or fixed income ETFs work much like the mutual fund. These funds target specific credit ratings, durations, or other factors. ETFs also carry a professional management expense.