|10-Year: +18/32....%.... GNMAs: .... USD/JPY: 110.66.... EUR/USD: 1.1401|
-- Continued weakness in the Turkish lira fuels safe-haven flows, boosting dollar and Treasuries
-- July CPI (actual 0.2%; Briefing.com consensus 0.2%; prior 0.1%) and core CPI (actual 0.2%; Briefing.com consensus 0.2%; prior 0.2%)
-- July Treasury Budget (actual -$76.90 bln; prior -$42.90 bln)
- The Treasury Budget for July showed a deficit of $76.9 billion versus a deficit of $42.9 billion for the same period a year ago. The Treasury Budget data is not seasonally adjusted, so the July deficit cannot be compared to the $74.9 billion deficit for June.
- Total receipts of $225.3 billion for July were $6.8 billion less than the year-ago period. Individual Income Taxes accounted for $110 billion of receipts while Social Security and Other Payroll Taxes provided $91 billion. Corporate Income Tax receipts were $4 billion while Other Taxes and Duties receipts were $20 billion.
- Total outlays in July were $302.1 billion, $27.2 billion more than the year-ago period. Outlays were led by Other expenses, which were $111 billion. The remainder of the outlays included $83 billion for Social Security, $24 billion for Medicare, $49 billion for Defense, and $35 billion for Interest on Debt.
- The fiscal year-to-date deficit is $684.0 billion versus $566.0 billion at the same point in fiscal 2017.
- Yield check:
- 2-yr: -4 bps to 2.61%
- 5-yr: -7 bps to 2.74%
- 10-yr: -8 bps to 2.86%
- 30-yr: -6 bps to 3.02%