Which of the Following Statements Is FALSE

Multiple Choice

Which of the following statements is FALSE?

A) Zero-coupon Treasury securities with maturities longer than one year also trade in the bond market.
B) Treasury securities are initially sold to the public through dealers.
C) Municipal bonds ("munis") are issued by state and local governments.
D) Municipal bonds' distinguishing characteristic is that the income on municipal bonds is not taxable at the federal level.