MNI POLICY: US Treasury Expects To Borrow $367 Bln In Q1

By Evan Ryser

     WASHINGTON (MNI) - The U.S. Treasury said Monday it expects to borrow

USD367 billion during the first quarter of 2020, USD22 billion less than

previously estimated.

     The department said it assumes an end-of-March cash balance of USD400

billion.

     Treasury also expects to pay down USD56 billion in net marketable debt in

the April to June period. In the fourth quarter of 2019, Treasury borrowed

USD330 billion through credit markets, slightly below estimates in October, and

ended the quarter with a cash balance of USD404 billion. 

     The decrease in borrowing resulted "primarily from the lower end-of-quarter

cash balance and higher net issuances of State and Local Government securities,"

Treasury said in a statement. 

     Additional details of Treasury's quarterly refunding will be announced at

8:30 a.m. EST on Wednesday.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

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