Debt obligations issued by the U.S. Treasury that mature in 2, 3, 5, or 10 years. In May 2003, the U.S. Treasury reintroduced the 3-year note. The schedule for issuing debt is announced quarterly. Typically, Treasury notes are sold to institutions; however individuals also can buy them, through the Treasury Direct program. Because they are obligations of the U.S. government, Treasury notes are considered to be risk free.