US Treasury now sees $433B in net borrowing in July-Sept vs $160B prior

Treasury estimates before July 31 quarterly refunding

• Sees end-Sept cash balance at $350B vs $85B prior
• Net borrowing in April-June was $40B vs $30B estimate

The US Treasury plans to borrow more than twice its previous estimate in this quarter because of the higher debt ceiling.

Given the details here, expect some larger auction sizes in Wednesday's announcement on quarterly refunding. None of that's a problem given rock-bottom borrowing rates everywhere.