[US Treasury Lowers Q4 Borrowing Forecast to $618 Billion] According to Jinse Finance, on November 3rd, the US Treasury Department stated that it expects to borrow $618 billion in the fourth quarter, $10 billion less than its August forecast. This is due to a higher-than-assumed cash balance at the beginning of the period, partially offset by a decrease in the projected net cash flow. Excluding the higher cash balance at the beginning of the period, borrowing demand is actually $24 billion higher than the August forecast. This forecast assumes a cash balance of $850 billion at the end of December. For the first quarter of 2027, the Treasury expects to borrow $800 billion, based on the assumption of a $1 trillion cash balance at the end of March. In the third quarter, the Treasury borrowed $742 billion, with a cash balance of $984 billion at the end of September. This borrowing amount is higher than the $739 billion forecast in August; however, excluding the higher-than-expected cash balance at the end of the period, the actual borrowing amount is $30 billion less than expected. The Treasury will release details of its refinancing plan on Wednesday, and traders will be closely watching whether it plans to change the auction size in the coming quarters.