U.S. Treasury cuts fourth-quarter borrowing forecast to $569 billion

The US Treasury released its fourth-quarter funding estimate, projecting borrowing of $569 billion in the fourth quarter, a decrease of $21 billion from its July estimate, mainly due to a higher cash balance at the beginning of the quarter, partially offset by lower projected net cash flows. Excluding the higher-than-expected cash balance at the beginning of the quarter, the quarterly borrowing estimate is $20 billion higher than the July figure. Assuming a cash balance of $850 billion at the end of March next year, the Treasury expects to raise $578 billion in privately held net marketable bonds in the January-March 2026 quarter.