Treasury Announces Marketable Borrowing Estimates

Sources and Uses Table

WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the April-June 2026 and July-September 2026 quarters.

• During the April-June 2026 quarter, Treasury expects to borrow $189 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $900 billion. The borrowing estimate is $79 billion higher than announced in February 2026, primarily due to lower projected net cash flows, partially offset by the higher-than-assumed beginning-of-quarter cash balance. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $122 billion higher than announced in February.
• During the July-September 2026 quarter, Treasury expects to borrow $671 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $950 billion.
• During the January-March 2026 quarter, Treasury borrowed $577 billion in privately-held net marketable debt and ended the quarter with a cash balance of $893 billion. In February 2026, Treasury estimated borrowing of $574 billion and assumed an end-of-March cash balance of $850 billion. The $3 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, partially offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $40 billion lower than announced in February.

Additional financing details relating to Treasury's Quarterly Refunding will be released at 8:30 a.m. on Wednesday, May 6, 2026.

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1. _{Privately-held net marketable borrowing excludes rollovers (auction "add-ons") of Treasury securities held in the SOMA but includes financing required due to SOMA redemptions. Secondary market purchases of Treasury securities by SOMA do not directly change privately-held net marketable borrowing but, all else equal, when the securities mature and assuming the Federal Reserve 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. Additionally, buybacks are not expected to significantly affect privately-held net marketable borrowing as new issuance replaces securities that are bought back.}

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   Cash Balance	January - March Quarter			April - June Quarter
   Assumptions	Prior	Current	Change	Prior	Current	Change
   Opening Balance	$873	$873	$0	$850	$893	$43
   Closing Balance	$850	$893	$43	$900	$900	$0
   Impact on Borrowing	-$23	$20	$43	$50	$7	-$43