Financing Estimates: 2026 - 4th Quarter

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 October-December 2026 and January-March 2027 quarters.

• During the October-December 2026 quarter, Treasury expects to borrow $618 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion. The borrowing estimate is $10 billion lower than announced in August 2026, primarily due to the higher-than-assumed beginning of quarter cash balance, partially offset by lower projected net cash flows. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $24 billion higher than announced in August.
• During the January-March 2027 quarter, Treasury expects to borrow $800 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $1.000 trillion.
• During the July-September 2026 quarter, Treasury borrowed $742 billion in privately-held net marketable debt and ended the quarter with a cash balance of $984 billion. In August 2026, Treasury estimated borrowing of $739 billion and assumed an end-of-September cash balance of $950 billion. The $4 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $30 billion lower than announced in August.

Additional financing details relating to Treasury's Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 4, 2026.

###

_{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.}

_2.