Goldman Sachs Projects $185bn US Treasury Borrowing

Goldman Sachs projects US Treasury marketable borrowing of $185 bn in Q2, up from $109 bn forecast at February refunding.
The bank expects no change to nominal coupon or TIPS auction sizes this quarter, implying net bill supply of –$121 bn for Q2.
Treasury likely to start raising coupon auction sizes in February 2027, a quarter later than previously expected, with gradual increases for 2‑7‑year maturities.
Goldman flags potential adjustments to Treasury’s communication on auction sizes and impact of bank‑regulation changes when refunding documents are released May 6.