Last year, the Treasury estimated Q1 borrowing needs at $816 billion, now expects to borrow $760 billion. US 10-year yields were trading down 6.7 bps to 4.09% ahead of the announcement. This is much less than expected and very good for bonds and stocks. It should weigh on the US dollar at the margins. (full story)

The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the January – March 2024 and April – June 2024 quarters. • During the January – March 2024 quarter, Treasury expects to borrow $760 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $750 billion. The borrowing estimate is $55 billion lower than announced in October 2023, largely due to projections of higher net fiscal flows and a higher beginning of quarter cash balance. • During the April – June 2024 quarter, Treasury expects to borrow $202 billion in ... (full story)