On the run securities tend to be more liquid and trade at somewhat higher prices than off the run Treasury IOUs.

Name: On the run securities tend to be more liquid and trade at somewhat higher prices than off the run Treasury IOUs.
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On-the-run securities are the most current issue of a given maturity and are traded more frequently, making them more liquid and often resulting in slightly higher prices compared to off-the-run securities, which are older issues with the same original maturity.

On the Run Securities Tend to Be More Liquid and Trade