All Reports

An investor recently brought to my attention the fact that a company called Lennox, which is a large producer of HVAC (heating, ventilation and air conditioning) products, missed on sales (residential HVAC sales were far…

Situational Awareness’s meltdown and fire sale of $16 billion of public equities to Citadel has come and gone and the U.S. stock market has resumed its upward march, even as we learned yesterday that the…

I’m finishing up a piece on financial leverage, but in the meantime I wanted to mention a few developments today. The U.S. paid the highest borrowing costs to sell 30-year bonds since 2001 as the…

The U.S. Bureau of Labor Statistics (BLS) reported this morning that real (inflation-adjusted) average weekly earnings were flat MoM in July and up just 0.1% YoY (link). A longer-term view is illuminating. Since February 2020…

AICC, the independent packaging association whose members constitute a majority of privately held independent converters (box makers) in North America, just published a letter objecting to N.A. containerboard producers’ third announced price increase this year,…

I was out on Friday and parts of the BLS’s website were down over the weekend, so please forgive my lateness in sending out this chart. In the weak July jobs report, one of the…

I wrote several notes over the past week about what the U.S. Treasury Department is doing to try to prevent long-term Treasury yields from rising even further than they already have, including its heavy reliance…

As many dealers expected, the U.S. Treasury Department retained its previous guidance for future debt issuance: no change to Treasury note and bond (coupon) auction sizes for at least the next several quarters, meaning well…

Bloomberg reported yesterday (link) and today (link) about the fact that the U.S. Treasury Department has been “rebuffing” Wall Street strategists’ suggestions to change its forward guidance pertaining to the future composition of its debt…

I wrote earlier about Treasury Secretary Scott Bessent’s support of Japan’s announcement that it will borrow from the Federal Reserve’s (Fed) heretofore obscure FIMA Repo Facility and his comment that he would encourage the Fed…

I wrote yesterday about why I assumed the U.S. Treasury Department had undertaken a rare joint intervention with Japan to prop up the yen (link). Thereafter, Japan’s Finance Minister issued a statement that it will…

The collapse and subsequent fire sale of the large, highly leveraged, ironically named AI-focused hedge fund Situational Awareness generated a great deal of press coverage last week, but little if any that connected the fund’s…

Earlier this week, Procter & Gamble reported just 1% organic sales growth in its fiscal year 2026 (ended June), its lowest annual growth rate over the past 20 years (link). Part of the sales weakness…

Included in the batch of government data released this morning were inflation-adjusted income (real disposable personal income from the BEA’s Personal Income and Outlays report), inflation-adjusted consumer spending (real personal consumption expenditures, or PCE) and…

I wrote last evening about falling solid waste volumes as yet another indication of the state of the real economy (link). This morning, the consumer products giant Procter & Gamble missed consensus on sales, with…