Rates Spark: Steepening And Room For More
Source: SeekingAlpha
2025-08-13 05:25:00 ET
By Padhraic Garvey, CFA , and Benjamin Schroeder
US CPI and fiscal deficit readings for July - Net bearish for bonds
The US fiscal deficit for July came in at $291bn. Customs duties (includes tariffs) were $27bn, up from $7bn in June. Not exactly stunning, at least not yet (it's coming). Basically, spending growth continues to run ahead of growth in receipts, with corporate taxes down of note. The overall fiscal deficit is running at $1.6trn, compared with $1.5trn for the previous year to date. Overall, we feared a larger deficit than the market had anticipated, and we got exactly that....
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Rates Spark: Steepening And Room For More
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