Treasury Announces Marketable Borrowing Estimates

April 28, 2025--The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April -June 2025 and July- September 2025 quarters.
During the April - June 2025 quarter, Treasury expects to borrow $514 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $850 billion.[2],[3]

The borrowing estimate is $391 billion higher than announced in February 2025, primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows, partially offset by lower Federal Reserve System Open Market Account (SOMA) redemptions ($60 billion).

Excluding the lower than assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $53 billion lower than announced in February.

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Source: treasury.gov