WASHINGTON — The U.S. Treasury Monday estimated it will borrow $365 billion of net marketable debt in the first quarter of 2019, assuming a $320 billion cash balance on March 31.
Previously, the Treasury estimated it would borrow $356 billion in the quarter, with a $320 billion cash balance at the end of March.
The larger borrowing estimate was "driven primarily by a lower than previously assumed opening cash balance," the Treasury said.
In the fourth quarter of 2018, Treasury borrowed $426 billion, while the end-of-quarter cash balance was $402 billion. Treasury had previously estimated it would borrow $425 billion in the third quarter, assuming a $410 billion cash balance on December 31.
Looking ahead, Treasury said that it expects to borrow $83 billion in the second quarter of 2019, with an end-of-quarter cash balance of $300 billion on June 30.
Details of the quarterly refunding are scheduled to be released on Wednesday, January 30 at 8:30 a.m. ET.
