The U.S. Department of the Treasury issues debt obligations, including 10-year U.S. Treasury notes. The debt obligations range in length, from short-term to very long-term. Debt that has an obligation of less than one year is called a bill; debt obligations from one to 10 years are called notes; and debt obligations that are longer than 10 years are called bonds. The 10-year U.S. Treasury note is important as many other interest-bearing securities are priced based on this heavily traded security. Since many investors around the world watch the rates of the 10-year U.S. Treasury note for signs of economic strength or weakness, it is important for all investors to be aware of the interest rate environment.