The U.S. Treasury expects to borrow $618 billion in privately held net marketable debt this quarter, $10 billion less than announced in August. The department said the reduction is primarily due to a higher-than-assumed beginning-of-quarter cash balance, partially offset by lower projected net cash flows. For the January-March 2027 quarter, the borrowing estimate is $800 billion, assuming an end-of-March cash balance of $1 trillion. The new estimate compares with $742 billion borrowed in the July-September quarter, which ended with a cash balance of $984 billion. Treasury will detail its quarterly refunding plans on Wednesday.
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