The Treasury Department said Monday it expects to borrow $550 billion in the fourth quarter, which is $150 billion higher than previously estimated.
The increase was driven, in part, by projections of fiscal activity, greater than projected discount on marketable securities, and lower nonmarketable financing, the department said. The updated forecast includes an end-of-quarter cash balance of $700 billion.
Looking ahead to the first quarter of 2023, Treasury said it expects to borrow $578 billion in net marketable debt with a cash balance of $500 billion. Additional financing details related to the Treasury’s quarterly refunding will be released at 8:30 a.m. Eastern on Wednesday.
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