WASHINGTON - The U.S. Treasury Monday estimated it will borrow $26 billion of net marketable debt in the second quarter of 2017, assuming a $200 billion cash balance on June 30.
Previously, the Treasury estimated it would borrow $1 billion in the quarter, with a $200 billion cash balance at the end of June.
In the first quarter of 2017, Treasury borrowed $40 billion, while the end-of-quarter cash balance was $92 billion. Treasury had previously estimated it would borrow $57 billion in the first quarter, assuming a $100 billion cash balance on March 31.
Regarding the first quarter, the lower borrowing level was "driven primarily by higher receipts," Treasury said.
Looking ahead, Treasury said that it expects to borrow $98 billion in the third quarter of 2017, with an end-of-quarter cash balance of $115 billion on September 30.
Details of the quarterly refunding are scheduled to be released on Wednesday, May 3 at 8:30 a.m. ET.
