WHAT WE DO:
- Analyze all manner of consumer companies, including their historical volume and price trends
- Analyze bank lending (and deposit) data and how it affects the aforementioned consumer companies
- Analyze Fed/central bank data given their importance to the banking system and economy
- Analyze broker-dealer data given their importance as intermediaries in the Treasury market
June 3, 2026
Fed’s Beige Book Survey Points to Broadening Income Pressures
The Federal Reserve published its Beige Book survey this afternoon (link), which comes out eight times per year. The Fed noted increasingly bifurcated consumer spending across income groups amid “affordability pressures.” “Higher-income households remained resilient…
June 1, 2026
Why is Real Spending Growing While Real Income is Falling?
I wrote last week about the historically low personal saving rate in April (link), the result of declining real income (inflation growing at a rate in excess of income). Indeed, real disposable personal income fell…
May 31, 2026
Yet Another Type of Regulatory Arbitrage Comes to the Surface
The Office of Financial Research (OFR) published a piece last week titled “Affiliate Repo” (link) that may not be a page-turner for many readers but which highlights the broken state of U.S. bank regulations in…
May 28, 2026
The Personal Saving Rate is Approaching Historic Lows
In today’s Personal Income and Outlays release from the Bureau of Economic Analysis (BEA) was the personal saving rate, which measures the percentage of disposable personal income that Americans are saving. The saving rate has…
MEDIA APPEARANCES
From Walmart to Wall Street: Who is Really Winning in This Economy?
5/17/26
By Miriam Gottfried & Telis Demos
The Iran war is hitting packaging supply chains. Are the impacts temporary?
3/19/26
By Katie Pyzyk
Trump’s tariffs are driving a wedge through the US economy, further separating the haves from the have-nots
9/26/25
By Alicia Wallace
Cardboard-Box Demand Is Slumping. Why That’s Bad News for the Economy.
9/21/25
By Ryan Dezember
Adam Josephson started Sakonnet Research after the launch of his Substack titled “As the Consumer Turns,” which focuses on the consumer spending economy and on banks.
Previously, he worked in sell-side equity research at KeyBanc Capital Markets for over 15 years covering paper & packaging, precious metals, packaged food, and technology services companies. His Substack research has been cited in The Financial Times, and while a sell-side analyst he was quoted in such publications as The Wall Street Journal.
He’s a CFA charterholder and studied at Brown University and the University of North Carolina at Chapel Hill.
SERVICES
Sakonnet Research provides the following services:
- Customized data on sales/volume trends for retailers, CPG companies, restaurant chains, packaging companies, etc.
- Customized data on banks, broker-dealers, primary dealers’ holdings and transactions, central banks, etc.
- Consulting on request
Please contact Adam for consulting requests.
