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US Treasury Q3 Issuance Estimate Larger Than Some Expected

US TSYS
  • The US Treasury has announced it expects to borrow $1.007T in privately-held net marketable debt in the third quarter and an additional $852B in Q4.
  • Treasury's Q3 estimate is $274B more than previously announced in May, primarily due to a low cash balance at the start of the quarter. Adjusted for changing cash balance levels, third quarter borrowing is expected to be the greatest quarterly borrowing on record. The U.S. agency also raised its previous assumption for the end-of-September cash balance by $50B to $650B, while assuming an end-of-December balance of $750B.
  • The Q3 estimate is larger than some had forecast, with Bloomberg noting that JPM had penciled in $796B for Q3 whilst Lou Crandall at Wrightson ICAP had predicted $885B.
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