This week’s newsletter contains a quick update on the July upswing in bill supplies, which got off to a slightly earlier and slightly stronger start than we expected.  We also include an update on tariff refund processing, which picked up unexpectedly at the end of last week and may remain strong over the course of the coming month.  Finally, for the benefit of Fed-data trivia buffs, we look at the spike in other deposits at the New York Fed last week.