财政部预计本季借款6180亿美元：明年首季预计8000亿美元
美国财政部11月2日在华盛顿公布最新可流通借款预估：2026年10月至12月季度，预计发行6180亿美元的私有持有可流通净债务，并假设12月底现金余额为8500亿美元。这一预估比今年8月公布的数字低100亿美元，主要原因是季初现金余额高于原先假设，部分被预计净现金流降低所抵消；若剔除季初现金余额高于预期的因素，本季借款预估实际比8月高240亿美元。
财政部同时预估，2027年1月至3月季度将借款8000亿美元，并假设3月底现金余额为1万亿美元。
刚结束的2026年7月至9月季度，财政部实际借款7420亿美元，季末现金余额9840亿美元。8月时财政部的预估是借款7390亿美元、季末现金余额9500亿美元；实际多借的约40亿美元主要来自季末现金余额高于假设，被更高的净现金流部分抵消，若剔除季末现金因素，实际借款比8月预估低300亿美元。
财政部表示，季度再融资（Quarterly Refunding）的更多融资细节将于11月4日（周三）上午8时30分公布。所谓私有持有可流通净借款，不含美联储公开市场账户（SOMA）所持国债到期续作的「附加」部分，但包含因SOMA赎回而需补足的融资。
（来源：美国财政部）
Treasury Expects to Borrow $618 Billion This Quarter, $800 Billion in First Quarter of 2027
The U.S. Department of the Treasury on November 2 announced its current estimates of privately-held net marketable borrowing for the October-December 2026 and January-March 2027 quarters. During the October-December 2026 quarter, Treasury expects to borrow $618 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion. The borrowing estimate is $10 billion lower than announced in August 2026, primarily due to the higher-than-assumed beginning-of-quarter cash balance, partially offset by lower projected net cash flows. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $24 billion higher than announced in August.
During the January-March 2027 quarter, Treasury expects to borrow $800 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $1.000 trillion.
During the July-September 2026 quarter, Treasury borrowed $742 billion in privately-held net marketable debt and ended the quarter with a cash balance of $984 billion. In August 2026, Treasury estimated borrowing of $739 billion and assumed an end-of-September cash balance of $950 billion. The $4 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $30 billion lower than announced in August.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 4, 2026. Privately-held net marketable borrowing excludes rollovers (auction "add-ons") of Treasury securities held in the Federal Reserve's System Open Market Account (SOMA) but includes financing required due to SOMA redemptions.
(Source: U.S. Department of the Treasury)
来源：美国财政部
发布：GSM·美国（发布链接）
图片来源：图：位于华盛顿的美国财政部大楼正面与加勒廷雕像。Sealy j 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: The U.S. Treasury Building and Albert Gallatin Statue in Washington. Photo by Sealy j, CC BY-SA 4.0, via Wikimedia Commons.
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