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U.S. Treasury increases Q4 borrowing estimate -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The U.S. Treasury constructing is seen in Washington, September 29, 2008. REUTERS/Jim Bourg

(Reuters) – The U.S. Treasury mentioned on Monday it plans to borrow $1.015 trillion within the fourth quarter, greater than the August estimate of $703 billion, on account of having a decrease steadiness in the beginning of the quarter.

That is considerably offset by a decrease end-of-quarter steadiness and better receipts, the Treasury mentioned in an announcement. The fourth-quarter estimate assumes an end-Dec. money steadiness of $650 billion.

The Treasury has been chopping issuance since February, when it slashed its borrowing projections for the primary and second quarters as a part of a plan to cut back its money steadiness.

It had ramped up debt issuance in 2020 to pay for COVID-19 associated spending.

The Treasury mentioned it issued $103 billion in internet debt within the third quarter, ending the three-month interval with a money steadiness of $215 billion.

It expects to borrow $476 billion within the Jan. to March quarter, assuming an end-of-March money steadiness of $650 billion.

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