Treasury Expects to Borrow $618 Billion This Quarter, $800 Billion in First Quarter of 2027
The U.S. Department of the Treasury on November 2 announced its current estimates of privately-held net marketable borrowing for the October-December 2026 and January-March 2027 quarters. During the October-December 2026 quarter, Treasury expects to borrow $618 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion. The borrowing estimate is $10 billion lower than announced in August 2026, primarily due to the higher-than-assumed beginning-of-quarter cash balance, partially offset by lower projected net cash flows. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $24 billion higher than announced in August.
During the January-March 2027 quarter, Treasury expects to borrow $800 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $1.000 trillion.
During the July-September 2026 quarter, Treasury borrowed $742 billion in privately-held net marketable debt and ended the quarter with a cash balance of $984 billion. In August 2026, Treasury estimated borrowing of $739 billion and assumed an end-of-September cash balance of $950 billion. The $4 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $30 billion lower than announced in August.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 4, 2026. Privately-held net marketable borrowing excludes rollovers (auction "add-ons") of Treasury securities held in the Federal Reserve's System Open Market Account (SOMA) but includes financing required due to SOMA redemptions.
(Source: U.S. Department of the Treasury)
Source: U.S. Department of the Treasury
Published by GSM · USA (original Chinese edition)
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