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Bonds Gap Lower: Tsy Announces Marketable Borrowing Estimates

US TSY FUTURES

Bonds gap lower right on the bell (30YY climbs to 4.2187% high), yield curves off lows after the US Tsy announced its current estimates of privately-held net marketable borrowing for the October – December 2022 and January – March 2023 quarters.

  • During the October – December 2022 quarter, Treasury expects to borrow $550 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion. The borrowing estimate is $150 billion higher than announced in August 2022, primarily due to changes to projections of fiscal activity, greater than projected discount on marketable securities, and lower non-marketable financing.
  • During the January – March 2023 quarter, Treasury expects to borrow $578 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $500 billion.
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