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Smaller Than Expected Jan Budget Deficit

US DATA
  • The budget deficit was smaller than expected in January at $38.8B (cons $58.8B) although does compare with a surplus of $118.7B in Jan’22.
  • The change on a year ago came from a pincer movement of lower receipts ($447.3B vs $465.1B) and mainly higher spending ($486B vs $346B).
  • The combination sees a cumulative deficit of $460B through the first four months of the fiscal year starting October, compared to $259B at the same stage of FY 21/22.
Energy BulletsCommodities
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