US Treasury says it expects to borrow USD 574bln in Q1 (prev. 578bln, exp. 550bln), sees end cash balance of USD 850bln; to borrow USD 109bln in Q2, sees end cash balance of USD 900bln

The US Treasury's updated borrowing projections for Q1 and Q2 are slightly above previous expectations, suggesting continued demand for financing despite a reduction from earlier estimates.

Newsquawk StaffPublished 2 Feb 2026, 20:20 UTCOn the live feed at 20:00 UTC — 1 more headline followed before this page went public

Newsquawk headlinesUTC

20:30

TREASURY WRAP: T-NOTE FUTURES (H6) SETTLE 7+ TICKS LOWER AT 111-19

20:15

US President Trump says working hard with Speaker Johnson to get the current funding deal, which passed in the Senate last week, through the House and to my desk, where I will sign it into law, immediately

20:00

US Treasury says it expects to borrow USD 574bln in Q1 (prev. 578bln, exp. 550bln), sees end cash balance of USD 850bln; to borrow USD 109bln in Q2, sees end cash balance of USD 900bln

19:39

CRUDE WRAP: WTI (H6) SETTLES USD 3.07 LOWER AT 62.14/BBL; BRENT (J6) SETTLES USD 3.02 LOWER AT 66.30/BBL

19:16

Israeli officials estimate that US President Trump will launch an attack on Iran, Al Hadath reports; Negotiations with Iran are expected to reach an impasse

Open the platform and use it. The whole workspace is free to try, with no signup and no card. When you want the headlines arriving live instead of on a delay, Newsquawk Pro is £24.99 for 7 days.

Try the platform free

Free. No signup, no card.

During the October–December 2025 quarter, Treasury borrowed USD 550bln in privately-held net marketable debt and ended the quarter with a cash balance of USD 873bln.
- In November 2025, Treasury estimated borrowing of USD 569bln and assumed an end-of-December cash balance of USD 850bln.
- The USD 20bln in lower privately-held net marketable borrowing resulted primarily from higher net cash flows, partially offset by the higher-than-assumed end-of-quarter cash balance. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $42 billion lower than announced in November.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, February 4, 2026.

Context

This influx could impact bond yields and alter market perceptions of inflation risk as the Treasury's cash balances indicate a stable liquidity position. Moreover, the upcoming quarterly refunding details will be crucial for gauging future market sentiment.

FX · last 90 days

Recent headlines that moved markets

FX/28 Aug · 14:00 UTC

Fed Chair Warsh says Fed has more work to do unless confident underlying inflation is moving towards 2% objective

DXY, after we published+0.5%

DXY saw two-way action, before then moving to a high. - Immediately after the release, Fed market pricing moved to price in a 50% chance of a hike in September vs 36% pre-release.

FX/4 Sept · 12:39 UTC

Airbus (AIR FP) reportedly reaches a pre-agreement with Spanish unions, Democrata reports.

Market, after we published+1.4%

FX/4 Sept · 12:30 UTC

US Non Farm Payrolls (Aug) 162K vs. Exp. 56K (Prev. 21K); 2-month net revision +55k; Birth-Death 154K.

- DXY, after we published−2.4%

FX/4 Sept · 12:30 UTC

US Non Farm Payrolls (Aug) 162K vs. Exp. 56K (Prev. 21K); 2-month net revision +55k; Birth-Death 154K.

- DXY, after we published+0.4%

FX/4 Sept · 08:30 UTC

BoE DMP (Aug): 1-year CPI expectation 3.1% (prev. 3.4%), 3-year CPI expectation 2.8% (prev. 2.8%).

Market, after we published+0.3%

FX/3 Sept · 06:30 UTC

Swiss CPI (Aug YY) 0.8% vs. Exp. 0.5% (Prev. 0.4%)

Market, after we published−0.3%

Newsquawk Daily

Get both market opens in your inbox.

This note and the other one — the EU open and the US open, every business day, written by the desk. No account needed.

Related headlines

The whole workspace, free to try.

© 2026 Newsquawk. All rights reserved.