US DATA: April budget +$59.1b vs -$40.4b in Apr’11, marking the first
surplus in 42 mos and a return to a more usual pattern (April has been
in surplus for 44 of the last 58 fiscal years). There was one less
Friday this Apr (for fewer tax refunds) and May 1 payments were moved
into Apr; after these calendar adjs Apr surplus would have been about
+$19b the Tsy said. FYTD12 budget is -$719.9b vs -$869.8b in FYTD11,
illustrating improvement as receipts are almost +6% YOY. Tsy’s MBS
-$1.54b during April and TARP -$4b.