Federal tax revenue has cratered thanks mostly to the big reduction in corporate taxes, but withholding taxes have also been weak. Meanwhile, strength in excise taxes and non withheld individual income taxes suggest that the economy is booming in some sectors, enough to keep the Fed on its tightening course.
But what you really need to know is the Treasury cash levels are foreshadowing stock market moves. And that’s bad news for bulls starting in late July. This report shows and tells you why it’s time to batten down the hatches.
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