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Treasury Announces Marketable Borrowing Estimates

August 1, 2022 / Source: Treasury

WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the July – September 2022 and October – December 2022 quarters.[2]  

  • During the July – September 2022 quarter, Treasury expects to borrow $444 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $650 billion.[3] The borrowing estimate is $262 billion higher than announced in May 2022, primarily due to changes to projections of fiscal activity and the estimated impact of Federal Reserve System Open Market Account (SOMA) redemptions ($120 billion).
  • During the October – December 2022 quarter, Treasury expects to borrow $400 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion. This includes the impact of an estimated $139 billion in SOMA redemptions.[4]

During the April – June 2022 quarter, Treasury borrowed $7 billion in privately-held net marketable debt and ended the quarter with a cash balance of $782 billion. In May 2022, Treasury estimated a pay down of $26 billion and assumed an end-of-June cash balance of $800 billion. The $33 billion difference in privately-held net market borrowing resulted primarily from the $30 billion in net SOMA redemptions.  

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, August 3, 2022.

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