| Tender | An application or offer to purchase a U.S. Treasury bill, note, or bond |
| 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 marke |
| 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 |
| Time lags | In stabilization policy, refers to the period between an economic event and the impact of the economic policy to correct it. See also recognition lag, implementation lag, and impact lag. |
| Total Nonfinancial Debt | Includes outstanding credit market debt of federal, state, and local governments and of private nonfinancial sectors (including mortgages and other kinds of consumer credit and bank loans, corporate bonds, commercial paper, bankers acceptances, and other debt instruments). |
| 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. |
| Trailing stop | A complex stop-loss order in which the stop loss price is set at some fixed percentage below the market price. If the market price rises, the stop loss price rises proportionately, but if the stock price falls, the stop loss price doesn't change. This technique allows an investor to set a limit on the maximum possible loss without setting a limit on the maximum possible gain, and without requiring paying attention to the investment on an ongoing basis. |
| 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. |
