JPMorgan expects private investors' Treasury bill holdings to grow more quickly in 2027, as the U.S. Treasury prepares to update its borrowing plans in a quarterly announcement on Nov. 4.
JPMorgan puts the increase in privately held Treasury bills at $401 billion in 2026, followed by a projected $991 billion gain in 2027. Its separate net-borrowing projections are $2.038 trillion for 2026 and $2.202 trillion for 2027.
The Treasury's fourth-quarter borrowing estimate, covered in EconoTimes' earlier report on refinancing pressure, is $628 billion in privately held net marketable debt for October through December. That estimate assumes an $850 billion cash balance at year-end, so it covers a different period from JPMorgan's annual projections.
In August, the Treasury said it expected to increase bill auction sizes in October because of seasonal fiscal outflows. The Nov. 4 quarterly refunding announcement will update the department's financing plans.
