Archive - Macro4Micro

Herc Holdings Update: Playing Catchup

We update the Herc Rentals story as it moves into heavy integration mode for the H&E deal and the need to deleverage.

18 hrs ago •

Glenn Reynolds, CFA

Footnotes & Flashbacks: State of Yields 8-17-25

A complicated mix of economic and political forces are shaping the UST curve as another bear steepener week was notched.

Aug 17 •

Glenn Reynolds, CFA

Footnotes and Flashbacks: Asset Returns 8-16-25

The equity markets cruise along and credit spreads narrow while the UST sees another setback.

Aug 17 •

Glenn Reynolds, CFA

Mini Market Lookback: Rising Inflation, Steady Low Growth?

Macro releases delivered news of increasing inflation but also some stability in the consumer and industrial sector.

Aug 16 •

Glenn Reynolds, CFA

Retail Sales Jul25: Cautious Optimism in the Aisles

Another steady month of retail sales reflects a propensity to spend even as inflationary pressures emerge.

Aug 15 •

Glenn Reynolds, CFA

Industrial Production July 2025: Capacity Utilization

A flat month for manufacturing with weakness in mining and utilities is flashing yellow but at least not red.

Aug 15 •

Glenn Reynolds, CFA

Producer Price Index: A Snapshot of the Moving Parts

We frame some PPI MoM and YoY stats for the final demand and intermediate demand metrics.

Aug 15 •

Glenn Reynolds, CFA

CPI July 2025: Slow Erosion of Purchasing Power

The latest CPI remains biased higher, but the CPI tariff impact pace is slow. Both sides of the political debate remain well armed.

Aug 12 •

Glenn Reynolds, CFA

Footnotes & Flashbacks: Credit Markets 8-11-25

Credit spreads claw back towards pre-jobs report levels with a fresh view of inflation right around the corner.

Aug 11 •

Glenn Reynolds, CFA

Iron Mountain Update: Records ‘R’ Us

IRM shows steady growth and solid execution with IRM presenting what we consider to be an IG credit risk profile.

Aug 11 •

Glenn Reynolds, CFA

Footnotes & Flashbacks: State of Yields 8-10-25

An adverse UST move this past week sets the stage for the CPI and PPI release and fresh inflation input.

Aug 10 •

Glenn Reynolds, CFA

Footnotes & Flashbacks: Asset Returns 8-10-25

Equities win, credit spreads tighten, but bonds sag with the UST curve. This week we await another CPI number.

Aug 10 •

Glenn Reynolds, CFA

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