国库券市场即国库券发行与流通所形成的市场。国库券是为解决国库资金周转困难而发行的短期债务凭证，具有期限短，流动性强，发行频率高的特点。国库券发行一般采用间接发行方式由金融机构承销。
当美国的财政部,卖出国库券，票据，债券时,他们几乎是私下交易的,或者说首先与经纪自营商交易,而不是大众市场。
When the Treasury in the United States sells Treasury bills notes and bonds they deal almost exclusively or we say primarily--with broker-dealers not the general public.
国库券的抛售将会导致回购市场的瘫痪，提升借贷成本，吸干流动性和关闭套利交易。
The fire sale of T-bills will paralyze the repo market, drive up the sweeping borrowing costs, suck dry the liquidity and close up the spread in the carry trade.
除此之外，还存在一个回购市场，金融机构普遍利用它来筹集资金；国库券则被用做借贷的抵押品。
Then there is the repo market, widely used by financial institutions to raise money; Treasury securities are used as collateral for such borrowing.
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