US Federal Revenues Pro Trader Report

Analysis of real time Federal revenues as they signal economic activity and likely changes in Treasury supply. Available to subscribers to the weekly Federal Revenues Pro Trader Report. Click here to subscribe. Subscribers, click the post headline to access reports.

Withholding Tax Collections Weaken, Setting Up Possible Double Barreled Crisis

Growth in withholding tax collections continued to recede in in the second week of September as the government facts another crisis over the debt ceiling. This report looks at the implications for the markets. You can now subscribe to the Federal Revenues Report on a standalone monthly or weekly basis.

Federal Withholding Tax Collections Are Plunging

Withholding tax collections have weakened in July, breaking down from the narrow range of 5-6% annual nominal growth they had been in throughout the second quarter. The nominal growth rate declined to +2.4% this week, which is near or below zero growth in real terms, depending on what you believe the inflation rate to be.…

Treasury Hoards Cash (Why?) As Tax Revenues Soar

Withholding tax collections weakened last week, which has implications for July nonfarm payrolls, but remained in the same narrow range of 5-6% annual nominal growth they have been in since April. The Treasury continues to build and hold record levels of cash instead of increasing spending. Download this report for all the details, charts, and analysis…