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11/2/2021 Treasury Announces Marketable Borrowing Estimates | U.S. Department of the Treasury Treasury Announces Marketable Borrowing Estimates November 1, 2021 View Sources and Uses Table WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October – December 2021 and January – March 2022 quarters.[2] During the October – December 2021 quarter, Treasury expects to borrow $1,015 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $650 billion.[3] The borrowing estimate is $312 billion higher than announced in August 2021, primarily due to the lower beginning of quarter balance, somewhat o set by a lower end-of-quarter balance and higher receipts. During the January – March 2022 quarter, Treasury expects to borrow $476 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $650 billion.[3] During the July – September 2021 quarter, Treasury borrowed $103 billion in privately-held net marketable debt and ended the quarter with a cash balance of $215 billion. In August 2021, Treasury estimated privately-held net marketable borrowing of $673 billion and assumed an end-of-September cash balance of $750 billion. The $570 billion decrease in borrowing resulted primarily from the decrease in the end-of-September cash balance and, to a less extent, from an increase in receipts and a decrease in expenditures.[4] Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 3, 2021. ### [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 https://home.treasury.gov/news/press-releases/jy0452 1/2 11/2/2021 Treasury Announces Marketable Borrowing Estimates | U.S. Department of the Treasury 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 do not include any assumptions for the impact of additional legislation that may be passed. [3] The end-of-December and end-of-March cash balances assume enactment of a debt limit suspension or increase. [4] https://home.treasury.gov/news/press-releases/jy0452 2/2
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