The U.S. Treasury Department announced that it will borrow $776 billion in the final three months of 2023, slightly lower than the previous quarter. This news comes as a relief to the global bond market, which has been experiencing turbulence. The borrowing level was below Wall Street expectations, and the announcement caused Treasury yields to rise. The Treasury expects to borrow $816 billion in the following quarter. The government plans to maintain a $750 billion cash balance for both quarters. The Federal Reserve is expected to hold interest rates steady in its upcoming policy meeting.

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