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Treasury cuts Q3 borrowing estimate as slower pace of QT boosts cash balance

Investing.com -- The U.S. Treasury on Monday cut its estimate for federal borrowing for the third quarter amid a higher-than-expected cash balance.

The Treasury Department lowered its net borrowing estimate for the July through September quarter to $740 billion, down from the $847 billion amount it had forecast in late April, driven by higher cash balance. 

The higher cash balance was driven by a slower pace of bond selling, or quantitative tightening that was announced in June, reducing the Treasury's financing needs by $35B a month. 

Ahead of the announcement, Jefferies had expected "a modest downward revision to Q3 borrowing to a total of $750B."

For the October to December quarter, Treasury expects to borrow $565 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.