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HP-239
Treasury announced its current estimates of net marketable financing today for the January – March 2007 and April – June 2007 quarters:
- Over the January – March 2007 quarter, the Treasury expects to borrow $141 billion of net marketable debt, assuming an end-of-March cash balance of $10 billion. The current estimate is $35 billion lower than announced in October 2006. Net receipts and outlays have improved by $17 billion. The remainder of the improvement comes from increased issuances of State and Local Government Series securities and adjustments in quarterly cash balances.
- Over the April – June 2007 quarter, the Treasury expects to pay down $130 billion of net marketable debt, assuming an end-of-June cash balance of $30 billion.
During the October – December 2006 quarter, Treasury borrowed $42 billion of net marketable debt, finishing with a cash balance of $31 billion at the end of December. In October 2006, Treasury announced net marketable borrowing of $63 billion, assuming an end-of-December cash balance of $30 billion. The decrease in borrowing was primarily the result of lower outlays and higher-than-expected net issuances of State and Local Government Series securities.
Since 1997, the average absolute forecast error in net borrowing of marketable debt for the current quarter is $11 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 $34 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, January 31.
REPORTS