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WASHINGTON – The U.S. Department of the Treasury today announced its current estimates of net marketable debt held by the private sector.(1) for the quarters April-June 2024 and July-September 2024.
- In the April-June 2024 quarter, Treasury plans to borrow $243 billion in net marketable private debt, assuming an end-June cash balance of $750 billion.(2) The borrowing estimate is $41 billion higher than reported in January 2024, largely due to lower cash inflows, partially offset by a higher cash balance at the start of the quarter.(3)
- In the July-September 2024 quarter, Treasury plans to borrow $847 billion in net marketable private debt, assuming an end-September cash balance of $850 billion.
During the January-March 2024 quarter, the Treasury borrowed $748 billion in privately held marketable net debt and ended the quarter with a cash balance of $775 billion. In January 2024, Treasury estimated borrowing at $760 billion and assumed an end-March cash balance of $750 billion. Net marketable borrowings held by the private sector decreased by $12 billion, largely because higher cash inflows and lower spending were partially offset by a higher ending cash balance of $25 billion. .
Additional funding details relating to the Quarterly Treasury Repayment will be released at 8:30 a.m. on Wednesday May 1, 2024.
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(1) Net marketable borrowings held by the private sector exclude refinancings (“auction additions”) of Treasury securities held in the Federal Reserve System’s Open Market Account (SOMA), but include financing required due to repurchases of the SOMA. SOMA’s purchases of Treasury securities in the secondary market do not directly change the net marketable borrowing held by the private sector but, all else being equal, when the securities mature and assuming that the Federal Reserve does not repurchase no securities maturing, they would increase the amount of liquidity raised by a given amount. size of private auctions by increasing the amount of the SOMA “add-on”. Additionally, buybacks are not expected to significantly affect net marketable debt held by the private sector, as new issues replace repurchased securities.
(2)
(3) $23 billion in SOMA Treasury holdings as of June 30, 2024 are scheduled to be repurchased on July 1, 2024. These repurchases are expected to be considered by the Federal Reserve as part of the June repurchase cap, but are not reflected in the $243 billion in expected borrowing is higher, as repayments will be settled in July.
News Source : home.treasury.gov
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