Fiscal week #20 - 2025

When all the flows align.

Good afternoon folks, welcome to this new weekly update on fiscal flows.

We're adding a section at the bottom with additional information related to non-fiscal flows. Please provide feedback if you find it valuable.

Next week there will be no update, we will just cover it the first week of June with the monthly review.

With that said, let's jump into it.

Fiscal Impulse

For fiscal week #33, the average flow was $18.4bn per day, $6.1bn above the same period last year and $5.46bn above the 3-year average. This brings the respective 4-week averages to -$2.26bn and -$330m, a major improvement. The surplus YTD compared to the previous year now stands at $32.59bn.

These numbers are encouraging after experiencing further drain the previous week.