Between February 18 and March 6, the US dollar weakened as bond yields continued to fall. Photo: Reuters

Michael Pento wrote in an email to clients today, “For starters, the government’s fiscal deficit for the month of March came in at $176.2 billion, which means the deficit 6 months into fiscal 2017 is $526.9 billion and running 15% over last year. If not for the calendar timing of receipts and payments, our government’s deficit would be a year-to-date $564.0 billion or 23% above last year. In addition, there was an 18% decline in corporate income tax collection. We all know there was no corporate tax reform passed. So the credible conclusion must be reached that corporations are not growing their profits…they are actually shrinking.”

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