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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 DATA
- Today’s monthly budget data are a reminder of the continued extremely large fiscal deficits being run, with August printing a deficit of $380bn contrary to expectations of $293bn.
- It compares to a rare August surplus of $89bn in 2023, linked to student debt forgiveness – Treasury points out that “August has been a deficit month 69 times out of 70 fiscal years because there are no major tax due dates in this month.”
- “Outlays for military active duty and retirement, veterans’ benefits, Supplemental Security Income, and Medicare payments to health maintenance organizations and prescription drug plans accelerated into August, because September 1, 2024, the normal payment date, fell on a non-business day.”
- Eleven months into the fiscal year, the deficit sums to $1.9trn, some 24% larger than the $1.5trn at this point last year.
- Interest costs over that period have increased from $630bn to $843bn, a 34% increase.
- It leaves a twelve-month rolling deficit tracking at circa 7.3% GDP, of which a historically large 3.1% GDP is interest.
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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