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.
Public Release.