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Treasury Announces Marketable Borrowing Estimates

January 30, 2023 / Source: Treasury

Sources and Uses Table

WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the January – March 2023 and April – June 2023 quarters.[2] 

  • During the January – March 2023 quarter, Treasury expects to borrow $932 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $500 billion.[3]  The borrowing estimate is $353 billion higher than announced in October 2022, primarily due to the lower beginning-of-quarter cash balance ($253 billion), and projections of lower receipts and higher outlays ($93 billion).
  • During the April – June 2023 quarter, Treasury expects to borrow $278 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $550 billion.3

 

During the October – December 2022 quarter, Treasury borrowed $373 billion in privately-held net marketable debt and ended the quarter with a cash balance of $447 billion. In October 2022, Treasury estimated borrowing of $550 billion and assumed an end-of-December cash balance of $700 billion. The $177 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.[4]

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, February 1, 2023.

 

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