The U.S. Department of the Treasury has released its estimates for privately-held net marketable borrowing for the upcoming quarters. For the October to December 2024 quarter, the Treasury anticipates borrowing $546 billion in privately-held net marketable debt, with an expected end-of-December cash balance of $700 billion. This figure is $19 billion lower than previously announced in July 2024, attributed mainly to a higher beginning-of-quarter cash balance, partially offset by lower net cash flows.

Looking ahead to the January to March 2025 quarter, the Treasury projects borrowing $823 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.

During the July to September 2024 quarter, the Treasury borrowed $762 billion and concluded with a cash balance of $886 billion. This was higher than their initial estimate of $740 billion due to a larger ending cash balance by $36 billion, despite higher net cash flows.

Further details on financing related to the Treasury’s Quarterly Refunding will be provided at 8:30 a.m. on Wednesday, October 30, 2024.