May 11, 2020 / 1:49 PM / 16 days ago

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

WASHINGTON, May 11 (Reuters) - 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." (Reporting by Doina Chiacu and David Lawder; Writing by Lisa Lambert; Editing by Chizu Nomiyama)

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