Both futures and contracts are bonds. Treasury futures clearly point to a certain treasury bond, while interest rate futures have a wider scope, including not only treasury bonds, but also other bonds, such as financial corporate bonds.

Short-term interest rate futures refer to various interest rate futures with a maturity of less than one year, that is, interest rate futures of various debt instruments in the money market are short-term interest rate futures, including commercial paper futures, treasury bonds futures and Eurodollar time deposit futures with various maturities. Short-term interest rate futures based on short-term interest rate bonds are generally settled in cash at the price of 100, and are generally settled in cash at the price of 100 minus the interest rate level. The two most common short-term interest rate futures are short-term treasury bonds futures and Eurodollar futures.

There are two kinds of national debt: one is transactional book-entry national debt, which can be listed and traded. Just like stocks, if you buy at a high price and sell at a low price, you may lose the principal; You can open an account to buy through banks and securities companies.

The second type is savings bonds, such as voucher bonds and electronic savings bonds, which are similar to bank deposits and cannot be traded or transferred. Only when it expires can they get the agreed coupon interest, which is usually higher than the bank savings in the same period; Except for 1 month and February at the beginning of each year, it is basically issued once a month 10, and it is purchased through the bank while stocks last.