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HP-146
Treasury announced its current estimates of net marketable financing for the October – December 2006 and January – March 2007 quarters:
- Over the October – December 2006 quarter, the Treasury expects to borrow $63 billion of net marketable debt, assuming an end-of-December cash balance of $30 billion. The current estimate is $41 billion lower than announced in July 2006. While cash outlays are expected to exceed cash receipts by $80 billion this quarter, this difference is $25 billion less than estimated in July. The remainder of the improvement comes from increased issuances of State and Local Government Series securities and adjustments in quarterly cash balances.
- Over the January – March 2007 quarter, the Treasury expects to borrow $175 billion of net marketable debt to meet a projected financing need of $179 billion, assuming an end-of-March cash balance of $15 billion.
During the July – September 2006 quarter, Treasury borrowed $45 billion of net marketable debt, finishing with a cash balance of $52 billion at the end of September. In July 2006, Treasury announced net marketable borrowing of $30 billion, assuming an end-of-September cash balance of $35 billion. The increase in borrowing was primarily the result of an end-of-quarter cash balance that was $17 billion higher than previously estimated.
Since 1997, the average absolute forecast error in net borrowing of marketable debt for the current quarter is $10 billion and the average absolute forecast error for the end-of-quarter cash balance is $9 billion. Similarly, the average absolute forecast error for the following quarter is $33 billion and the average absolute forecast error for the end-of-quarter cash balance is $11 billion.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 A.M. on Wednesday, November 1.
REPORTS