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July 30, 2007
HP-513
Treasury Announces Market Financing Estimates
Washington- Treasury announced its current estimates of net marketable financing for the July – September 2007 and October – December 2007 quarters:
- Over the July – September 2007 quarter, the Treasury expects to borrow $73 billion of net marketable debt, assuming an end-of-September cash balance of $60 billion. The current estimate is $31 billion greater than announced in April 2007. The increase in borrowing is primarily the result of higher outlays, lower net issuances of State and Local Government Series securities and adjustments in quarterly cash balances.
- Over the October – December 2007 quarter, the Treasury expects to borrow $74 billion of net marketable debt, assuming an end-of-December cash balance of $30 billion.
During the April – June 2007 quarter, Treasury paid down $139 billion of net marketable debt, finishing with a cash balance of $25 billion at the end of June. In April 2007, Treasury announced an estimated pay down in net marketable borrowing of $145 billion, assuming an end-of-June cash balance of $30 billion. The increase in borrowing was primarily the result of slightly lower receipts.
Since 1997, the average absolute forecast error in net borrowing of marketable debt for the current quarter is $13 billion and the average absolute forecast error for the end-of-quarter cash balance is $10 billion. Similarly, the average absolute forecast error for the following quarter is $32 billion and the average absolute forecast error for the end-of-quarter cash balance is $10 billion.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 a.m. on Wednesday, August 1.
REPORTS