JPMorgan Says Treasury May Increase Short-Term Borrowing

JPMorgan analysts say the U.S. Treasury may increase short-term borrowing in next week’s quarterly refunding plan as Treasury bill issuance is projected to rise sooner.

JPMorgan estimates net borrowing from private investors at $2.038 trillion in 2026, increasing to $2.202 trillion in 2027. The bank projects privately held Treasury bills outstanding will grow by $401 billion in 2026 and $991 billion in 2027.