The U.S. Treasury raised its third-quarter borrowing estimate to $739 billion.

The U.S. Treasury raised its July-September borrowing estimate to $739 billion. The U.S. Treasury estimates net marketable Treasury borrowing from the private sector at $739 billion for July-September 2026, assuming a cash balance of $950 billion at the end of September. The borrowing estimate is $68 billion higher than the May forecast, mainly due to lower expected net cash inflows. Excluding the higher-than-expected cash balance at the start of the quarter, the borrowing estimate is $87 billion higher than the May forecast. The Treasury expects borrowing of $628 billion for October-December 2026, assuming a cash balance of $850 billion at the end of December. For April-June 2026, the Treasury actually borrowed $190 billion, compared with a previous estimate of $189 billion. The Treasury's cash balance at the end of June was $919 billion, above the expected $900 billion.