The Treasury is bringing back a 20-year bond Wednesday for the first time in 34 years, as part of a plan to extend the duration of its debt.
"If you look at it from a macro perspective, relative to a lot of the G7 rates around the world, even if you look at the 30-year, it is still offering a very attractive yield level," said Faranello. "Relative to the 10-year it looks attractive as a yield pickup."
"We did get advice on a 20-year. We added the 20-year. That gives us the ability to extend the duration to raise a significant amount of funds," Mnuchin said. "It's my intention to expand our financing in 10-, 20- and 30-year bonds. What I'd like to do is lock in a significant amount of very low interest rates so that the money we are borrowing can be paid back and dealt with over a long period of time.
Schumacher expects the federal deficit to total $3.4 trillion for fiscal year 2020, and $2 trillion in 2021. He said the Treasury is expected to issue about $2.3 trillion in Treasury bills in the second quarter, but reduce that amount to $278 billion in the third quarter, as it replaces them with longer term debt.
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