Marcus Ashworth, Columnist

100-Year Treasuries Are The Final Frontier

If the U.S. Treasury takes the plunge it could significantly alter how interest-rate risk is traded.

August 29, 2019 at 12:57 PM UTC

Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London.

U.S. century bonds would cement the new normal of ultra-low yields.
Photographer: Andrew Harrer/Bloomberg

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It's a subject that just won't go away: Should the U.S. Treasury issue 100-year bonds?

With yields on 30-year U.S. bonds below 2% and much of the yield curve inverted, the conditions for issuing such debt couldn't be more favorable. So it’s no surprise that Treasury Secretary Steven Mnuchin is once again talking up the possibility. In an interview Wednesday, he said issuing ultra-long U.S. bonds is “under very serious consideration.”