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
August 19, 2026
Remember When Bessent Criticized Yellen For Relying Too Heavily on Short-Term Debt Issuance?
In May 2024, current U.S. Treasury Secretary Scott Bessent criticized then-Secretary Janet Yellen for relying too heavily on short-term debt to finance the U.S.’s massive budget deficits. Said Bessent, “Secretary Yellen is financing at the…
August 19, 2026
Desperate Times (for the U.S. Treasury)…
I last wrote about the U.S. Treasury Department’s buyback program in February (link); the Treasury buys higher-yield (longer-term) debt and replaces it with lower-yield (short-term) debt (link). Liquidity support buybacks, one of the two types…
August 18, 2026
The Rapidly Growing Presence of Financial Holders in the U.S. Treasury Market
There was a great deal of press coverage today about rising government bond yields in response to the S&P 500’s third straight losing day, as if equity investors are suddenly concerned about enormous government deficits…
August 18, 2026
Home Depot’s Traffic Continues to Decline, Unsurprisingly
The giant housing retailer Home Depot beat slightly on U.S. comparable sales in 2Q, with its U.S. comp sales up 1.3% compared to the StreetAccount consensus of 0.8%. For the total company, comparable customer transactions…
MEDIA APPEARANCES
Iran War Pushes Companies to Raise Prices on Beer, Paint, Fries and More
7/31/26
By Ryan Dezember
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.
