"The stars have aligned for the dollar to weaken more. The US simply faces more risks than other major economies at this point." t.co/JY6smuFeTo
— Jesse Felder (@jessefelder) July 14, 2020
Corporate tax receipts for Q2 just collapsed by over 90% YoY!
The government can’t afford to give low tax rates & other breaks for too long.
Stocks are clearly ignoring this risk at record valuations today. pic.twitter.com/MTDVjb4Tmc
— Otavio (Tavi) Costa (@TaviCosta) July 14, 2020
— M/I_Investments (@MI_Investments) July 13, 2020
State sales tax revenue falling 20% on average in April-May from a year earlier. Sales tax averages about 25% of state revenues but ranges from 15-60% of revenues. FL and TX are both slightly above 60% t.co/dLqLp8E9eH pic.twitter.com/zng3f7fK6f
— John Eckstein 🤦♀️ (@jfeckstein) July 14, 2020
Treasury issuance exceeded Fed QE in Q2 (lhs), even as yields stayed anchored. Looking at monthly flows, issuance was $1,287 bn in April vs $993 bn Fed QE. In May issuance was $772 bn vs Fed QE in $138 bn. June issuance was $731 bn vs Fed QE of $88 bn. Big gap opening up (rhs)… pic.twitter.com/r8d6u2VlrE
— Robin Brooks (@RobinBrooksIIF) July 14, 2020
Medical CPI pic.twitter.com/2wCOe4wlAR
— Win Smart, CFA (@WinfieldSmart) July 15, 2020
Alasdair Macleod – Price of Gold & Silver Is Infinity. Dollar Destroyed by Year End.