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US Treasury raises Q3 borrowing estimate
By Reuters
NEW YORK, Aug 1 (Reuters) – The US Treasury said on Monday it expects to borrow USD 444 billion in the third quarter, more than the May estimate of a USD 182 billion, due to changes in projections of fiscal activity and the estimated impact of redemptions in the Federal Reserve System Open Market Account.
The third-quarter estimate assumes an end-of-September cash balance of USD 650 billion.
It expects to borrow USD 400 billion in privately held net marketable debt in the October to December quarter, assuming an end-of-December cash balance of USD 700 billion.
The Treasury said it issued USD 7 billion in net debt in the second quarter, ending the three-month period with a cash balance of USD 782 billion.
(Reporting by Karen Brettell)
This article originally appeared on reuters.com