Sir, In his article “ Time looks ripe for launch of ultra-long Treasury debt” (On Wall Street, August 13), Robin Wigglesworth has highlighted many of the most important aspects of the long- running debate over what should be the average maturity of the market for US Treasuries.
I suspect that if one were to ask the American public whether the US Treasury should use this opportunity to lock in the current low interest rates for a very long period of time – interest rates that are probably lower now than they have been in the history of our country – or whether we should continue to roll over the US government’s $19.4tn of debt every six years and gamble that interest rates will not rise significantly, thereby putting the US government at risk, the vast majority would say: “Please, take this opportunity and lock in these extraordinarily low interest rates.”
Historians will ultimately judge whether the US Treasury has made the right decision on this critical question.
Mitchell W Hedstrom
Greenwich, CT, US