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But we saved everything 🙂.
Lawrence Lepard highlights that the U.S. budget deficit for July reached $431 billion, representing a significant jump from $291 billion recorded in July 2025. This increase marks a 48% year-over-year surge in the federal deficit for the month.
Lepard suggests strong momentum behind the country's fiscal shortfall, implying ongoing concerns over government finances.
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Lepard previously pointed to a $50 billion increase in Fed swap lines, suggesting the move was likely connected to Japan. In a separate note, he described the U.S.-Japan yen support program as providing unprecedented liquidity. These recent comments follow his continuing focus on global monetary actions and funding measures.