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J.P.Morgan On The X-Date

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J.P.Morgan note that “the latest Daily Treasury statement showed a large $45bn inflow from non-electronic individual income taxes, larger than any single day in last year’s tax season. Importantly, non-electronic payments have now virtually closed the gap to where they were at this point last year. Separately, electronic payments remain on track to finish the month roughly 40% down from last year’s levels. In aggregate, individual income taxes are certainly tracking somewhat weak relative to last year’s levels, but this is not entirely surprising as we were already incorporating a softer fiscal trend in our FY23 deficit forecast. Accordingly, the risks around our forecasted early- to-mid August drop-dead date are skewed only modestly earlier.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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