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U.S. Treasury to Borrow $618 Billion This Quarter, $800 Billion Next
The Treasury said it expects $618 billion in privately held net marketable debt for October-December, $10 billion below its August estimate, with $800 billion penciled in for January-March.
The U.S. Treasury said on November 2 it expects to borrow $618 billion in privately held net marketable debt in October-December 2026, assuming an end-December cash balance of $850 billion.
That is $10 billion below its August estimate, mainly because it started the quarter with more cash than previously assumed.
For January-March 2027, the Treasury expects to borrow $800 billion, assuming an end-March cash balance of $1 trillion.
The quarterly refunding statement setting auction sizes was scheduled for 8:30 a.m. ET on Wednesday, November 4. At the time of writing, the refunding outcome itself had not been confirmed in the sources checked, so this article does not report auction sizes.
Early Wednesday market context showed the strain of the moment: December E-mini S&P 500 futures were down 0.22 percent at 7,579.75 and E-mini Nasdaq-100 futures down 0.35 percent at 28,206.00 at 2:22 a.m. ET, while the 10-year Treasury par yield was 4.95 percent on November 3, up from 4.91 percent on November 2.
Reporting: Morningstar
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