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Monday, February 3, 2020 - 15:00

MNI POLICY: US Treasury Expects To Borrow $367 Bln In Q1


By Evan Ryser

WASHINGTON (MNI) - The U.S. Treasury said Monday it expects to borrow USD367 billion during the first quarter of 2020, USD22 billion less than previously estimated.

The department said it assumes an end-of-March cash balance of USD400 billion.

Treasury also expects to pay down USD56 billion in net marketable debt in the April to June period. In the fourth quarter of 2019, Treasury borrowed USD330 billion through credit markets, slightly below estimates in October, and ended the quarter with a cash balance of USD404 billion.

The decrease in borrowing resulted "primarily from the lower end-of-quarter cash balance and higher net issuances of State and Local Government securities," Treasury said in a statement.

Additional details of Treasury's quarterly refunding will be announced at 8:30 a.m. EST on Wednesday.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

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