The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the July-September 2024 and October-December 2024 quarters.
For the July-September 2024 quarter, the Treasury expects to borrow $740 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $850 billion. This estimate is $106 billion lower than previously announced in April 2024, primarily due to lower Federal Reserve System Open Market Account (SOMA) redemptions and a higher beginning-of-quarter cash balance.
In the October-December 2024 quarter, the Treasury anticipates borrowing $565 billion in privately-held net marketable debt, with an assumed end-of-December cash balance of $700 billion.
During the April-June 2024 quarter, the Treasury borrowed $234 billion in privately-held net marketable debt and ended the quarter with a cash balance of $778 billion. In April 2024, it had estimated borrowing of $243 billion and assumed an end-of-June cash balance of $750 billion. The actual borrowing was $9 billion lower largely due to higher net cash flows and lower SOMA redemptions, partially offset by a $28 billion higher ending cash balance.
Additional financing details related to the Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, July 31, 2024.
