The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2023 and July – September 2023 quarters.
- During the April – June 2023 quarter, Treasury expects to borrow $726 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $550 billion.[2] The borrowing estimate is $449 billion higher than announced in January 2023, primarily due to the lower beginning-of-quarter cash balance ($322 billion), and projections of lower receipts and higher outlays ($117 billion).
- During the July – September 2023 quarter, Treasury expects to borrow $733 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $600 billion.2
During the January – March 2023 quarter, Treasury borrowed $657 billion in privately-held net marketable debt and ended the quarter with a cash balance of $178 billion. In January 2023, Treasury estimated borrowing of $932 billion and assumed an end-of-March cash balance of $500 billion. The $275 billion difference in privately-held net market borrowing resulted primarily from the lower end-of-quarter cash balance, somewhat offset by lower net fiscal flows.[3]
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, May 3, 2023.
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