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Tuesday, 18 May 2021

U.S. has no need to buy back debt, will take advantage of low interest rates: Mnuchin

Reuters , Monday 11 May 2020
Steven Mnuchin
FILE PHOTO: Vice President Mike Pence and Treasury Secretary Steven Mnuchin watch as U.S. President Donald Trump participates in a live Fox News Channel virtual town hall called "America Together: Returning to Work" about the response to the coronavirus disease (COVID-19) pandemic being broadcast from inside the Lincoln Memorial in Washington, U.S. May 3, 2020. (Photo: Reuters)
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U.S. 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.

"One of the reasons I do feel comfortable with us spending all this money is because interest rates are very low. And we're taking advantage of long-term rates," Mnuchin said in a CNBC interview, adding the country plans to refinance all its debt to lock in low rates. "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."

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