Press Releases

TREASURY ANNOUNCES MARKETABLE BORROWING ESTIMATES

Sources and Uses Table

WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for July – September 2019 and October – December 2019 quarters:

  • During the July – September 2019 quarter, Treasury expects to borrow $433 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $350 billion.  The borrowing estimate is $274 billion higher than announced in April 2019.  The increase in borrowing is primarily driven by changes in cash balance assumptions.[2]
  • During the October – December 2019 quarter, Treasury expects to borrow $381 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $410 billion.

During the April – June 2019 quarter, Treasury borrowed $40 billion in privately-held net marketable debt and ended the quarter with a cash balance of $264 billion.  In April 2019, Treasury estimated privately-held net marketable borrowing of $30 billion and assumed an end-of-June cash balance of $270 billion.2  The change in borrowing resulted from lower net cash flows partially offset by the lower end-of-quarter cash balance.  

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, July 31, 2019.

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[1] Privately-held net marketable borrowing excludes rollovers (auction “add-ons”) of Treasury securities held in the Federal   

   Reserve’s System Open Market Account (SOMA), but includes financing required due to SOMA redemptions.

[2]  The end-of-September and December cash balances are subject to enactment of a debt limit suspension or increase.