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Washington- Treasury announced today its current estimates of net marketable financing for the October – December 2007 and January – March 2008 quarters:
Treasury announced today its current estimates of net marketable financing for the October – December 2007 and January – March 2008 quarters:
- Over the October – December 2007 quarter, the Treasury expects to borrow $68 billion of net marketable debt, assuming an end-of-December cash balance of $45 billion. The current estimate is $6 billion less than announced in July 2007. The reduction in borrowing is primarily the result of lower outlays.
- Over the January – March 2008 quarter, the Treasury expects to borrow $133 billion of net marketable debt, assuming an end-of-March cash balance of $25 billion.
During the July – September 2007 quarter, Treasury borrowed $105 billion of net marketable debt, finishing with a cash balance of $75 billion at the end of September. In July 2007, Treasury announced net marketable borrowing of $73 billion, assuming an end-of-September cash balance of $60 billion. The increase in borrowing was primarily the result of lower receipts, lower net issuances of State and Local Government Series securities, and adjustments in cash balances.
Since 1997, the average absolute forecast error in net borrowing of marketable debt for the current quarter is $12 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, October 31.
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REPORTS