[U.S. Treasury Lowers Fourth-Quarter Borrowing Estimate to $569 Billion] According to a report by Golden Finance, the U.S. Treasury has released its fourth-quarter financing estimate, projecting borrowing of $569 billion for the quarter, which is $21 billion less than the July estimate. This adjustment is primarily due to a higher cash balance at the beginning of the quarter, partially offset by lower expected net cash flows. Excluding the higher-than-expected beginning cash balance, the borrowing estimate for the quarter is $20 billion higher than the data released in July. Assuming a cash balance of $850 billion by the end of March next year, the Treasury expects to finance $578 billion in privately held net marketable debt securities during the January to March quarter of 2026.