Firm Treasury Receipt Gains Extend Through May:.

Firm Treasury Receipt Gains Extend Through May: daily Treasury data imply a firm 5% y/y May receipt rise, as seen in April, due entirely to a 17% individual withheld receipt surge after a 14% April increase. The gains reinforce a 5% y/y Q2 tax receipt bounce that marks the largest quarterly gain since Q3 of 2015, and an 11% Q2 y/y increase for individual withheld receipts. Analysts assume an 18% May y/y outlay rise with a $45 B calendar boost. The mix leaves a $202 B May deficit. Analysts expect a FY19 budget gap of $970 B, versus the CBO's $896 B forecast.