Goldman with the note.
On Friday 5/9, we hosted a virtual group meeting with the authors of the Logistics Managers Index, Dale and Zac Rogers, who are observing a situation where inventories have built up (as per their surveys of large logistics’ managers) ahead of tariffs and amid the ongoing 90-day pause on reciprocal tariffs; at the same time, their survey data indicate expanding inventory costs and warehouse prices.
Inventory cost expansion has been particularly high of late (April/early-May data latest), reminiscent of prior periods with tariff pressures as the authors noted expanding inventory levels are similar to what was seen in the survey data in 2018/2019 and during the pandemic.
