The U.S. Department of the Treasury announced updated estimates for privately-held net marketable borrowing for the July–September and October–December 2026 quarters. For July–September, Treasury expects to borrow $739 billion, assuming an end-of-September cash balance of $950 billion. This estimate is $68 billion higher than the May 2026 projection, primarily due to lower projected net cash flows, partially offset by a higher-than-assumed beginning-of-quarter cash balance. Excluding the higher beginning balance, the estimate is $87 billion higher than May. For October–December, the estimate is $628 billion with an end-of-December cash balance of $850 billion. In the April–June quarter, Treasury borrowed $190 billion, ending with a $919 billion cash balance. Additional financing details will be released on August 5, 2026.
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