Investment Plans - Japan plans to invest approximately $36 billion in US oil, gas, and critical mineral projects as part of a trade deal with the US [1][3] - The first wave of investments includes a power plant in Portsmouth, Ohio, which is touted as the largest natural gas-fired generating facility in US history, generating 9.2 gigawatts of electricity annually [4] Strategic Importance - The investments aim to strengthen Japan's economic ties with the US amid ongoing tensions with China over Taiwan, enhancing both countries' economic security [2][6] - The projects are part of a larger commitment of $550 billion from Japan under the trade deal, which also includes a reduction in US tariffs on Japanese exports [3] Specific Projects - The investment includes a deepwater crude oil export facility off the Texas coast and a synthetic industrial diamond manufacturing site in Georgia, valued at about $600 million [3][5] - The industrial diamond project is intended to ensure domestic production of critical materials for advanced manufacturing and semiconductors, reducing reliance on foreign sources [5][8] Economic Context - Japan's exports rose nearly 17% in January, partly due to increased exports to China, despite existing tensions [9] - The trade deal and associated investments are seen as a strategic move to enhance US energy dominance and industrial capacity while providing returns to Japan [9]

Despite tariffs, deficits, and lingering inflation risks, investors are piling into Treasuries—pushing yields to their lowest levels of the year. ...

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Core Insights - Michael Gray has extensive experience in capital markets and fixed income asset management, having founded Gray Capital Management LLC and previously served as Head of Taxable Fixed Income at Fidelity Investments [1] Group 1 - Michael Gray holds an MBA in Finance from Wharton and a BA in Economics from Union College, indicating a strong educational background in finance and economics [1]

Core Viewpoint - Pinterest's stock has dropped over 40% this year following its fourth-quarter results, which were largely in line with expectations, and cautious guidance for the upcoming quarter [1] Financial Performance - For Q4, Pinterest's revenue increased by 14% year over year to $1.32 billion, aligning closely with the consensus estimate of $1.33 billion [3] - U.S. and Canadian revenue rose by 9% to $979 million, European revenue increased by 25% to $245 million, and revenue from the "rest of world" segment surged 64% to $96 million [3] - Adjusted EBITDA grew by 15% year over year to $541.5 million, while adjusted EPS climbed by 30% to $0.67, slightly below the consensus of $0.69 [6] User Metrics - Monthly active users (MAUs) grew by 12% to 619 million, with a 16% increase in "rest of world" users to 356 million and a 9% increase in European users to 158 million; U.S. and Canadian MAUs grew by 4% to 105 million [4] Revenue Per User - Global average revenue per user (ARPU) increased by 2% year over year to $2.16, with European ARPU rising by 15% to $1.59 and "rest of world" ARPU soaring 42% to $0.27; U.S. and Canadian ARPU increased by 4% to $9.41 [5] Future Guidance - For Q1, Pinterest projects revenue between $951 million and $971 million, indicating 11% to 14% year-over-year growth, with a 3% currency impact expected to slow organic growth; adjusted EBITDA is anticipated to be between $166 million and $186 million [7]

Core Viewpoint - Crown Crafts, Inc. reported a mixed performance for the third quarter of fiscal 2026, with significant declines in net sales and gross profit, but a notable increase in net income and earnings per share, driven by nonrecurring insurance proceeds [2][5]. Financial Performance - Net sales decreased by 11.3% year over year to $20.7 million from $23.4 million [2] - Gross profit fell by 20.3% to $4.9 million from $6.1 million, with gross margin compressing to 23.5% from 26.1% [2] - Net income increased by 69.1% to $1.5 million from $0.9 million, while diluted earnings per share rose by 55.6% to $0.14 from $0.09 [2] Product Category Performance - Sales of bedding and diaper bags dropped by 29.8% to $7.8 million from $11.2 million [3] - Sales of bibs, toys, and disposable products increased by 5.8% to $12.9 million from $12.2 million, indicating a divergence in product performance [3] Operating Metrics - Operating income swung to a loss of $0.1 million from income of $1.7 million a year earlier [4] - Marketing and administrative expenses increased by 12.9% year over year to $4.9 million from $4.4 million, rising to 24% of sales from 18.8% [4] Other Income and Expenses - Other income rose sharply to $2.5 million from a $33,000 expense in the prior-year period, primarily due to insurance proceeds [5] - The net impact of these proceeds added $2.1 million to income before taxes [5] Balance Sheet Overview - Inventories stood at $31.2 million at quarter-end, up from $27.8 million at fiscal year-end [6] - Total debt was approximately $16.4 million, including $11.3 million under the revolving line of credit [6] - Net cash provided by operating activities for the nine-month period was $7.1 million, slightly above the prior year's $6.9 million [6] Management Commentary - Management noted a challenging demand backdrop and elevated tariffs affecting products sourced from China, contributing to gross margin contraction [7] - Uneven consumer spending and retailer program changes were cited as headwinds, particularly in bedding and diaper bags [7] Strategic Focus - Management emphasized ongoing pricing actions, cost controls, and operational consolidation to drive profitability in a difficult macro environment [8] - The company did not provide formal financial guidance but expressed confidence in meeting liquidity needs through operational cash flow and available credit [12] Recent Developments - Crown Crafts announced the relaunch of the "Groovy Girls" line of soft fashion dolls by Manhattan Toy, available starting May 2026, reflecting a focus on internal product development [13]

Joining us now is Chicago Fed President Austin Goulby. Austin, thank you for joining us this morning. >> Great to see you again, Steve.>> Okay, so let's talk about this inflation report that came out. 2.4% on the headline 25 on core. Austin, what is not to like.>> Well, there's some stuff to like, but there are a few things a little bit warning. Remember when the inflation number comes out, that's a backward 12 month moving average. So one month fell out from 12 months ago and that was a really bad inflatio ...

United States Customs and Border Protection (CBP) has indicated that there’s a widespread issue with customs bonds—namely, that more companies than ever aren’t paying enough to guarantee coverage of the Trump administration’s broad and hefty tariffs. A record number of importers are not shelling out enough for customs bonds (also called surety bonds), binding contracts that ensure they will pay all required duties and fees to the federal government, according to CNBC. More from Sourcing Journal CBP told ...

Key TakeawaysCanada’s annual inflation rate slowed to 2.3% in January, coming in below the 2.4% estimate and providing the Bank of Canada with more room for potential policy easing.Nasdaq 100 futures dropped 1.1% in pre-market trading, weighed down by a 1.7% decline in Alphabet (GOOGL) and a 1% slide in Nvidia (NVDA).Masimo (MASI) shares skyrocketed 35% following news that the company will be acquired by Danaher (DHR) for $180 per share.USTR Jamieson Greer confirmed steel and aluminum tariffs will remain in ...

Core Insights - Tariffs continue to pose a significant cost challenge for General Motors (GM), but the company has managed the impact better than anticipated [1] Financial Performance - In 2025, GM incurred $3.1 billion in gross tariff costs, which was lower than the initial forecast of $3.5-$4.5 billion. By the third quarter, the company had incurred $2.4 billion, with an additional $700 million in the fourth quarter [2] - GM offset over 40% of its gross tariff costs through pricing actions, footprint adjustments, and internal cost reductions, which helped maintain margins despite trade pressures [3] Future Outlook - For 2026, GM expects gross tariff costs to be in the range of $3-$4 billion, slightly higher than in 2025 due to an additional quarter of exposure. The first-quarter impact is anticipated to be between $750 million and $1 billion [4] - The company plans to sustain its mitigation efforts through pricing discipline, manufacturing adjustments, and efficiency measures, while also increasing U.S. vehicle production and investing in supply-chain resiliency [5] Competitive Context - Ford faced a net tariff headwind of approximately $2 billion in 2025, with expectations of a $1 billion decline in tariff costs for 2026 as credits take effect [6] - Stellantis estimated its 2025 net tariff impact at around €1.5 billion, significantly affected by 25% tariffs on imports from Canada and Mexico [7] Stock Performance - GM shares have increased by 44% over the past six months, outperforming the industry [8] - GM trades at a forward price-to-earnings ratio of 6.47, which is below the industry average, and carries a Value Score of A [11]