The US Treasury released its estimates for net borrowing through January-March 2024. Contrary to most expectations, there was a $55bn downward revision to $760bn (prior estimate was $815bn). The swing factors were a combination of a higher beginning of quarter cash balance, and higher net fiscal flows. The former was largely known, but the latter was a surprise to most, and is likely reflective of decent tax revenues, which in turn is reflective of economic robustness. The Treasury noted “despite many uncertainties and headwinds, the US economy proved resilient and strong in 2023 and remains well-positioned as we ... (full story)