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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS/SUPPLY
Treasury's marketable borrowing estimates for the Oct-Dec 2023 (Q4) and Jan-Mar 2024 (Q1) quarters came in roughly in line with expectations.
- The 2Q total of $1.592T ($776B Q4, $816B Q1) was in line with MNI's and analysts' estimates, though there had been some lingering concerns about an upside surprise potentially stemming from more pessimistic fiscal expectations or higher-than-expected cash balance targets.
- The Q4 total was downwardly revised $76B from August's refunding process: that's more or less in line as expected reflecting the timing of tax receipts landing in the quarter (financing requirements dropped $80B total), with the end-Sep TGA cash balance target unchanged at $750B.
- The Q1 figure was fairly straightforward as well, with the TGA cash balance seen level at $750B, and the $548B estimated financing need in line with expectations.
Source: US Treasury
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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