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Two senior Treasury officials say the TGA is considered available for off-the-run securities purchases, though no amount or timing has been set
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The U.S. Treasury is considering using its near-$950 billion General Account to help fund its recently announced bond buyback program, according to CNBC, citing two senior Treasury officials. The officials said the account is considered available for purchases of off-the-run securities but declined to specify how much, if any, would be used or when an announcement might come.
The TGA, which functions as the federal government's primary operating account at the Federal Reserve, stood at roughly $950 billion as of the officials' comments — a figure that dwarfs the $550 to $600 billion level that the Biden administration had aimed to maintain. Treasury Secretary Scott Bessent built the balance to its current level, and officials said it is funded with existing tax collections.
