Treasury Cuts Borrowing Estimate Amid QT Taper: A Quick Word

The US government will sell less debt than expected during the current quarter, the new borrowing estimate, released on Monday afternoon, indicated. Treasury expects to borrow $740 billion in privately-held net marketable debt during the July to September period, down markedly from the projection that accompanied last quarter's financing estimate. The downward revision -- $106 billion -- was attributable to a slower pace of balance sheet runoff at the Fed. This was largely as-expected. The Fed