Treasury plans to borrow US$3 trillion to fund economic rescue programmes and cover a massive drop in revenues. FMTNews
WASHINGTON: US Treasury Secretary Steven Mnuchin said on Monday he sees no need for the country to buy back debt and that he plans to borrow money long-term to lock in low interest rates, as the coronavirus pandemic rocks the economy.
“Because of the amount of debt we have in short-term that does roll off and the amount of debt we’re using for these deficits, I think we have tremendous opportunities without needing to buy back debt,” Mnuchin said. Mnuchin told CNBC the Treasury had looked at longer maturities but found that demand for the 20-year bond was stronger.
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