Business and Personal Finance Dictionary

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• CMT YIELD
  
  Constant Maturity Treasury Yield. Every day the Federal Reserve Board publishes the yield for a hypothetical Treasury having each standard maturity, such as two years, even though such an instrument doesn't exist. Every time the Fed issues a new, on-the-run Treasury, the CMT yield equals the observable market yield. Between those issue dates the CMT and closest on-the-run yields can differ.
  
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