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Financial System Leverage At Record Highs in Many Cases
Leverage is great for asset prices on the way up...
Sep 19
•
Adam Josephson
8
The Freight/Goods Economy in Four Charts
The end of the inventory pull-forward is readily apparent
Sep 18
•
Adam Josephson
4
Big Banks Have Disproportionally High NDFI Exposure
Tricolor won't be the last bad credit this cycle
Sep 15
•
Adam Josephson
5
Commentary From Morgan Stanley's Annual Laguna Conference This Week
On the U.S. housing market and the tariff-related inventory pull-forward through July that ended in August
Sep 11
•
Adam Josephson
5
The Rapid Growth in NDFI Loans Starting to Bite U.S. Banks
Fifth Third's $170-200 million charge an eye-opener
Sep 10
•
Adam Josephson
5
The Coming Pain for Consumer Companies
2025 has been bad. 2026 is likely to be worse.
Sep 9
•
Adam Josephson
4
Consumer Spending in Four Tables
The latest from CPG companies
Sep 3
•
Adam Josephson
5
The Spike in Bank Loans for Purchasing/Carrying Securities
Margin loans, get yer margin loans here!
Sep 3
•
Adam Josephson
3
August 2025
Health Care Services Contributed Nearly 50% of Real Consumer Spending Growth in 2Q
The health care takeover of consumer spending continues
Aug 28
•
Adam Josephson
3
FDIC Report Highlights the Continued Outsized Growth in NDFI and Securities Lending
Sensing a theme?
Aug 26
•
Adam Josephson
2
A New Record High for Margin Debt
Up more than 25% vs. a year ago
Aug 21
•
Adam Josephson
6
Nearly 10% of North American Containerboard Industry Capacity Being Shut This Year
Historically large capacity reductions amid chronically weak conditions
Aug 21
•
Adam Josephson
2
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