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The U.S. Treasury Department will continue to aim to end the month of June with a cash balance of USD500 billion, Deputy Assistant Secretary for Federal Finance Brian Smith said Thursday.
The Treasury Department announced in early February it would aim to lower its cash holdings to USD800 by the end of March and to USD500 by the end of June. But Treasury missed the March goal, currently holding just under USD1 trillion, even as a debt limit nears requiring the cash balance to be lowered to USD133 by August 1.
"Despite the higher-than-assumed end-of-March cash balance, we still intend to gradually reduce the cash balance consistent with the guidance at the last quarterly refunding," said Smith, recognizing the drawdown in Treasury cash has implications for money markets. "We are highly attentive to how our bill issuance and cash balance decisions affect money market trading conditions, and we will take these sensitivities into account when making our decisions."