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Financial Glossary
Understanding Financial, Credit, & Real Estate Terms


 A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | XYZ  

Tax-deferred  —  Phrase referring to money that is not subject to income tax until it is withdrawn from an account, such as an individual retirement account or a 401(k) account.

Tender  —  An application or offer to purchase a U.S. Treasury bill, note or bond.

Term  —  The period from when a loan is made until it is fully paid.

Terms  —  Provisions specified in a loan agreement.

The Desk  —  The trading desk at the Federal Reserve Bank of New York through which open market purchases and sales of government and federal agency securities are made. The desk maintains direct telephone communication with major government securities dealers. A "foreign desk" at the Federal Reserve Bank of New York conducts transactions in the foreign exchange market.

Thrift institution  —  A general term encompassing savings banks, savings and loan associations, and credit unions.

Thrift Institutions Advisory Council (TIAC)  —  A council, established following the passage of the Monetary Control Act of 1980, whose purpose is to provide information and views on the special needs and problems of thrifts. The group is comprised of representatives of savings banks, savings and loan associations, and credit unions.

Too-big-to-fail  —  Government practices that protect large banking organizations from the normal discipline of the marketplace because of concerns that such institutions are so important to markets and their positions so intertwined with those of other banks that their failure would be unacceptably disruptive, financially and economically.

Trade balance   —  Measures the difference between exports and imports of both tangible goods and services. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade.

Trade deficit   —  The amount by which merchandise imports exceed merchandise exports.

Trade-weighted value of the dollar   —  The value of the dollar pegged to, or expressed relative to, a market basket of selected foreign currencies. The Federal Reserve calculates a trade-weighted value of the dollar based on the weighted-average exchange value of the dollar against the currencies of 10 industrial countries.

Transaction account  —  A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.

Transfer  —  To convey or shift from one person or place to another.

Treasury  —  The executive department of a government in charge of the collection, management, and expenditure of the public revenue.

Treasury bill (T-bill)  —  Short-term U.S. Treasury security having a maturity of up to one year and issued in denominations of $10,000 to $1 million. T-bills are sold at a discount: Investors purchase a bill at a price lower than the face value (for example, the investor might buy a $10,000 bill for $9,700); the return is the difference between the price paid and the amount received when the bill is sold or it matures (if held to maturity, the return on the T-bill in the example would be $300). T-bills are the type of security most frequently used in Federal Reserve open market operations.

Treasury bond  —  Long-term security having a maturity of 10 years or longer issued in denominations of $1,000 or more. A 30-year bond is sometimes referred to as a long bond. Bonds pay interest semiannually, and the principal is payable at maturity.

Treasury note  —  Intermediate-term security having a maturity of one to 10 years and issued in denominations of $1,000 or more. Notes pay interest semiannually, and the principal is payable at maturity.

Treasury securities  —  Interest-bearing obligations of the US government issued by the Treasury as a means of borrowing; money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into three categories- bills, notes, and bonds. Marketable Treasury obligations are currently issued in book-entry form only; that is, the purchaser receives a statement, rather than an engraved certificate.

Truth in lending disclosures  —  Information sent to customers at periodic intervals regarding finance charges, service charges, minimum payment schedule, customer obligations, and Fair Credit Billing Act requirements for items in dispute.