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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US
The Treasury raked in a total of $47B in "tax season" revenues on April 19. That included $2.7B in corporate taxes and a combined $44.4B in individual income tax, which was higher than the Apr 17 collection of $35B though as expected below April 18's $80B haul.
- Overall, Wednesday's transactions boosted the Treasury's cash pile by a net $12.5B, with the TGA rising to $265B (up $178B in a week, and the highest in a month).
- While some analysts had expected a very strong tax figure for the 19th, others were more skeptical; in general this should reduce concerns over an x-date being reached in early June.
- Wrightson ICAP noted this morning that their subjective probability of such an outcome - which had risen to 20% following the prior day's weaker-than-expected tax take - had fallen to 15% on the basis of Apr 19's numbers.
- The situation remains ambiguous; we reiterate that we'll have a clearer view by the end of next week, by which time the vast majority of April tax collections will be in.
- Also note: our full Fed Balance Sheet Tracker will be released later today.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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