In Part 1, we saw a rebound in withholding tax collections after 3 down months. October also saw a very strong gain in individual estimated taxes, probably late filers, lamenting how much money they had made. It’s consistent with the strength in withholding. Corporate taxes were lower, but that’s meaningless since so few corporations file in October.
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Excise tax collections were up for a second straight month, an indication of strong retail consumption. That’s a fly that keeps landing in the ointment of the idea that the economy is contracting, or even slowing. All signs point to a strengthening economy, and that is very bad news against a tightening liquidity backdrop. Non-subscribers, click here for access.
This report explains and illustrates the data with a couple of mind blowing charts. It adds up to one of the worst outlooks I’ve ever seen for the bond market, and that’s saying something considering how bod the market has been for the past 27 months. The same data that I cover in these reports has been correctly bearish on the bond market for that whole period. And all of that is terrible for stocks too. Non-subscribers, click here for access.
This report shows you what this real time, real data, means for investing and trading strategy and tactics. In other words how to stay out of trouble in this treacherous bear market. Non-subscribers, click here for access.
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KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days! Act on real-time reality!
