US Tsy Sees $75B Borrowing In 2Q; Prev Estimate $176 Bln>

     WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will 

borrow $75 billion of net marketable debt in the second quarter of 

2018, assuming a $360 billion cash balance on June 30. 

     Previously, the Treasury estimated it would borrow $176 billion in 

the quarter, with a $360 billion cash balance at the end of June. 

     The lower borrowing estimate was due to "the higher end-of-March 

cash balance combined with the higher cash surplus during the quarter," 

the Treasury said, adding that the suspension of the debt limit allowed 

for increased borrowing in the quarter. 

     In the first quarter of 2018, Treasury borrowed $488 billion, 

while the end-of-quarter cash balance was $290 billion. Treasury had 

previously estimated it would borrow $441 billion in the first quarter, 

assuming a $210 billion cash balance on March 31. 

     Regarding the first quarter, the Treasury said the higher 

borrowing level was due to "a higher end-of-quarter cash balance 

partially offset by higher receipts and lower outlays." 

     Looking ahead, Treasury said that it expects to borrow $273 billion 

in the third quarter of 2018, with an end-of-quarter cash balance of 

$350 billion on September 30. 

     Details of the quarterly refunding are scheduled to be released on 

Wednesday, May 2 at 8:30 a.m. ET. 

          ** MNI Washington Bureau: 202-371-2121 ** 

[TOPICS: MFU$$$,MGU$$$,MP$FI$]