July 29, 2019 / 7:00 PM / 24 days ago

U.S. Treasury raises borrowing estimate for third quarter

WASHINGTON, July 29 (Reuters) - The U.S. Treasury Department on Monday said it plans to borrow more in the third quarter than it previously forecast. In a statement, Treasury said it would borrow $433 billion during the July-Sept quarter, about $274 billion more than its previous estimate, assuming an end-September cash balance of $350 billion. It said the increase in borrowing was driven primarily by changes in cash balance assumptions.

In April, Treasury said it expected to issue $160 billion in net marketable debt in the July-Sept period.

Treasury said it expects to borrow $381 billion during the Oct-Dec quarter, assuming an end-December cash balance of $410 billion.

It borrowed $40 billion through credit markets in the April-June quarter, ending the period with $264 billion in cash.

Additional details of Treasury’s quarterly refunding will be announced at 08:30 a.m (1230 GMT) on Wednesday.

Reporting by Andrea Ricci Editing by Nick Zieminski

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