Fiscal week #21 - 2025

Strength in Spending, Softness Ahead

Good afternoon folks,

Here’s a quick update on fiscal flows. I’ve been working on some additional tools, but I still don’t see many attractive opportunities in markets at the moment. I’m maintaining a low-to-mid risk stance.

Fiscal Impulse

For Week 36 of the fiscal year, the average daily flow was $8.1 billion—$4.3 billion above the same week last year, an…