FED: Reserves Continue To Rebuild After Treasury Tax Season Lows (2/2)
May-15 21:15
On the liabilities side of the Fed's balance sheet, reserves continued to creep back up in the last ...
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ASIA: Coming Up In Asia Pac Markets On Wednesday
Apr-15 21:07
| 0010BST | 0710HKT | 0910AEST | Fed's Cook Speaks At Alumni Event |
| 0050BST | 0750HKT | 0950AEST | Japan Feb Core Machine Orders |
| 0130BST | 0830HKT | 1030AEST | Australia Westpac Leading Index |
| 0200BST | 0900HKT | 1100AEST | Australia 2034 Bond Sale |
| 0210BST | 0910HKT | 1110AEST | BOJ Outright Bond Purchases |
| 0230BST | 0930HKT | 1130AEST | China Mar Home Prices |
| 0300BST | 1000HKT | 1200AEST | China Q1 GDP |
| 0300BST | 1000HKT | 1200AEST | China Mar IP, Retail Sales |
| 0300BST | 1000HKT | 1200AEST | China FAI, Property Investment |
| 0400BST | 1100HKT | 1300AEST | New Zealand Mar Non-resident Bond holdings |
US FISCAL: Tax Receipts Picking Up, But Lagging Behind Prior Years (1/2)
Apr-15 20:53
As such the tax take so far has arguably been relatively underwhelming: the cumulative corporate + individual tax take (starting from 5 days prior to Tax Deadline day) is $130B, ahead of 2024's $115.5B but below the strong 2022-23 levels (2023 was $137B).
- Individual receipts have totaled $107B so far. We haven't seen many estimates for this month's take but Wrightson ICAP is anticipating April's to total $450B, up 6% vs April last year. By comparison, the tax take through this point last year was just $94B, so there is some improvement on this front.
- April 15 of course is the biggest day for collections, with 2024 seeing $154B and 2023 seeing $105B, and payments will continue for several days thereafter so it is tough to get a good picture now.
- Indeed by tomorrow we should get a good sense of where the Treasury General Account is likely to end up once tax collections are over, with the bulk of the increases already having taken place - see bottom chart.
US FISCAL: Tax Receipts Picking Up, But Lagging Behind Prior Years (1/2)
Apr-15 20:40
Daily Treasury data show that tax receipts are - as expected - picking up sharply as we go into the biggest tax collection day of the year, April 15.
- The release for April 14 showed $48.2B in tax receipts deposited with the Treasury. That was split almost evenlly between the two categories we consider: Corporate Income taxes and non-withheld individual taxes.
- This is key data for determining whether Treasury's "x-date" is approaching sooner rather than later. The Treasury General Account rose by $85B to an 18-session high $415.7B.
