Press Release
☷Treasury Announces Marketable Borrowing Estimates
U.S. Department of the Treasury ( By Press Release office)
May 02,2022
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Sources and Uses TableWASHINGTON - - The U . S . Department of the Treasury today announced its current estimates of privately - held net marketable borrowing[1] for the April – June 2022 and July – September 2022 quarters . [2] During the April – June 2022 quarter , Treasury expects to pay down $26 billion in privately - held net marketable debt , assuming an end - of - June cash balance of $800 billion . [3] The borrowing estimate is $92 billion lower than announced in January 2022 , primarily due to an increase in receipts , partially offset by increases in outlays and the end - of - June cash balance . During the July – September 2022 quarter , Treasury expects to borrow $182 billion in privately - held net marketable debt , assuming an end - of - September cash balance of $650 billion . During the January – March 2022 quarter , Treasury borrowed $668 billion in privately - held net marketable debt and ended the quarter with a cash balance of $652 billion . In January 2022 , Treasury estimated privately - held net marketable borrowing of $729 billion and assumed an end - of - March cash balance of $650 billion . The $62 billion decrease in borrowing resulted primarily from an increase in receipts and , to a lesser extent , from a decrease in expenditures . Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a . m . on Wednesday , May 4 , 2022 . ###[1] Privately - held net marketable borrowing excludes rollovers ( auction “add - ons” ) of Treasury securities held in the Federal Reserve System Open Market Account ( SOMA ) but includes financing required due to SOMA redemptions . Secondary market purchases of Treasury securities by SOMA do not directly change net privately - held marketable borrowing but , all else equal , when the securities mature and assuming the Fed does not redeem any maturing securities , would increase the amount of cash raised for a given privately - held auction size by increasing the SOMA “add - on” amount . [2] These borrowing estimates are based upon current law and also do not include any assumptions for SOMA redemptions , pending a final decision and announcement by the Federal Open Market Committee ( FOMC ) . Privately - held net marketable borrowing needs would increase from today’s estimates commensurate with any SOMA redemptions of Treasury securities . [3]
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