US DATA: Tsy borrowing est for Q1 is $444b with a $30b cash bal on
Mar31, vs $541b borrowing and $60b cash in the original est. Thus
the borrowing need was reduced by $67b overall. Tsy says more than half
the decrease in borrowing need was due to cash bal changes (started Jan
higher than forecast at $86b and will be drawn down more; the other part
was higher receipts and lower outlays than expected. During Q2 Tsy ests
$200b borrowing with $90b cash bal on Jun 30.
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Econ outlook says the recovery continued to firm and Tsy is cautiously
optimistic about near-term outlook, though there are challenges.