The US Treasury Department plans to borrow $776 billion in the final quarter of this year, which is the highest amount borrowed during a fourth quarter in history. This estimate is $76 billion lower than previously anticipated, due to higher tax collections in October. The increase in tax collections is partly due to deferred tax payments in states like California, where deadlines were extended due to extreme weather. The new borrowing estimates from the Treasury will determine the size of upcoming auctions for bills, notes, and bonds. Yields on Treasury-issued debt initially dropped after the announcement but started to recover shortly after. Yields have been high recently due to various factors, including concerns about the government's borrowing levels. The updated estimate suggests that the Treasury will issue fewer bonds this quarter than expected, which could impact bond prices and push yields up. The Treasury also anticipates borrowing $816 billion in the first quarter of next year, another record high for borrowing during a first quarter. In the previous quarter, the government borrowed $1.01 trillion, which was $277 billion more than initially estimated.
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