Treasury Cash Rises From 5-Year High

The U.S. Treasury's cash account at the Federal Reserve, the TGA, rose $7.5 billion to $938.2 billion on November 3, according to the Daily Treasury Statement. The biggest inflow of the day was $43.4 billion in net new Treasury borrowing. On October 27 it had reached $1.053 trillion, its highest since March 2021. Money parked in the TGA sits outside the banking system, so a rising balance drains bank reserves ($TLT).