Apollo economist criticizes U.S. failure to lock in longer Treasury maturities
Apollo chief economist Torsten Slok says the U.S. Treasury did not lock in longer maturities when rates were near zero, making the fiscal bill 3.6% of GDP.
S. Treasury missed a costly fiscal opportunity by not locking in longer maturities when rates were near zero. He contrasted that with corporations, which refinanced aggressively at record-low fixed coupons during the pandemic. Corporate net interest expense…