Washington – The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the Oct. – Dec. 2022 and Jan. – March 2023 quarters.
- During the Oct. – Dec. 2022 quarter, Treasury expects to borrow $550 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion. The borrowing estimate is $150 billion higher than announced in Aug. 2022, primarily due to changes to projections of fiscal activity, greater than projected discount on marketable securities and lower non-marketable financing.
- During the Jan. – March 2023 quarter, Treasury expects to borrow $578 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $500 billion.
During the July – Sept. 2022 quarter, Treasury borrowed $457 billion in privately-held net marketable debt and ended the quarter with a cash balance of $636 billion. In Aug. 2022, Treasury estimated borrowing of $444 billion and assumed an end-of-September cash balance of $650 billion.
The $13 billion difference in privately-held net market borrowing resulted primarily from lower net fiscal flows, somewhat offset by the lower end-of-quarter cash balance.