Rising Food Prices and Slower Rates Fuel a New Growth Path for Weis Markets

How inflation dynamics and monetary easing reshape demand in the regional grocery sector

WMK Weis Markets, Inc.

In this report

01

Economic Snapshot

Current readings, macro dashboard, outlook

P. 2

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02

Historical Context & Fundamentals

Rates, inflation, GDP, employment, company snapshot & trends

P. 3-5

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03

Macro Sensitivity

Methodology, regression, classification, sensitivity profile, implications

P. 6-10

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04

Event Response

FOMC, CPI, NFP reactions, distributions, persistence

P. 11-13

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05

Regimes & Cycles

Current regime, historical performance, cycle phase

P. 14-17

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06

Peer Comparison

Sensitivity vs peers, positioning

P. 18-19

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07

Timing & Persistence

Lead-lag analysis, cross-correlation, persistence, methodology

P. 20-23

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08

Stress Testing & Summary

Scenarios, impact analysis, methodology, takeaways

P. 24-27

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Macroeconomic Context

The Economic Snapshot

Where the Economy Stands Today

The effective Fed Funds Rate at 3.63% is more than 75 basis points above its long‑run average (2.06%) and sits in the 69th percentile, signalling a still‑tight monetary stance that compresses consumer discretionary spending while keeping credit costs elevated for grocery retailers like Weis.
Both the 10‑year Treasury (4.47%, 95th percentile) and 2‑year Treasury (4.05%, 80th percentile) are near historic highs, anchoring mortgage rates at 6.48%—the highest level in over a decade—which drags down household disposable income and can shift spending toward value‑oriented grocery formats.
Core CPI remains above trend at 3.0% YoY (59th percentile) despite a modest slowdown from headline inflation, indicating persistent price pressures that force retailers to either absorb costs or pass them on, pressuring thin operating margins.
Real GDP growth has slipped to 1.6%, well below its 2.64% average and now in the bottom quintile, reflecting tepid demand that limits sales expansion for low‑margin grocery chains reliant on volume growth.
Unemployment is stable at 4.3% but still above the pre‑pandemic norm, leaving a sizable pool of price‑sensitive shoppers who prioritize cost over brand, benefitting discount‑oriented retailers while challenging premium positioning.
Consumer sentiment has plunged to 49.8—its lowest reading relative to an 80.1 historical average—signaling reduced confidence that typically translates into tighter household budgets and heightened sensitivity to grocery price changes.

Highlight

The convergence of high real yields (10‑yr Treasury at 4.47%) and stagnant consumer sentiment creates a durable tailwind for value‑focused grocery retailers; Weis Markets, with its low‑price positioning, stands to capture incremental share as shoppers trade up from premium stores toward cost‑effective options.

Economic & Company Trends

Historical Context

Monetary Policy & Inflation

Real Economy & Consumer

Key Indicators Summary

Economic & Company Trends

WMK — Company Snapshot

Key Fundamentals at a Glance

Revenue growth of only 1.1% is the slowest in the past five years and trails the industry average of ~3%, reflecting the drag from weak GDP expansion and constrained consumer spending.
Operating margin has modestly expanded to 2.8% (up from 2.4% a year ago), indicating successful cost‑control measures that partially offset higher input costs, but the margin remains well below the historical peak of 4.5% achieved during the 2017‑19 growth cycle.
Free cash flow has collapsed by 68%, driven by increased working capital tied to inventory buildup and higher financing costs as borrowing rates rise, eroding the company’s ability to fund dividend hikes or strategic acquisitions.
Return on equity is flat at 2.0%—the lowest decile of its ten‑year range—highlighting limited profitability leverage despite margin expansion, a symptom of stagnant sales and high capital intensity.
Net profit margin remains thin at 2.2%, leaving little cushion against any further inflationary spikes; even a 0.5pp increase in commodity costs would shave roughly 20% off net earnings.
EPS of $1.13 reflects the combined effect of weak top‑line growth and cash flow strain, resulting in a modest 12‑month stock return of -2.1%, underperforming the broader consumer staples index which posted +4.3% over the same period.

Watch Out

A further 100 basis‑point rise in the 2‑year Treasury (currently 4.05%) would lift short‑term borrowing costs for Weis, potentially reducing its already fragile free cash flow by an estimated $12 million annually and forcing tighter inventory financing that could impair shelf availability during peak seasons.

Economic & Company Trends

WMK — Fundamental Trends

Growth & Margins

Returns & Earnings

Key Metrics Summary

Macro Sensitivity & Exposure

WMK — Methodology & Data

This section quantifies how Weis Markets' top‑line growth reacts to key macro forces, revealing the levers that drive revenue under different economic conditions. Understanding these sensitivities helps investors gauge the durability of WMK's earnings amid shifting inflation, interest rates, and labor market dynamics.

Methodology

Step 1: Aligned Data Sample

Macro Sensitivity & Exposure

WMK — Regression & Classification

Step 2: Regression Results

Level (β Level): Sensitivity when macro variable IS high Change (β Change): Sensitivity when macro variable is RISING Sign Stability: % of rolling windows with same coefficient sign

Step 3: Classification Logic

Regression sign stability exceeds 80% for rate and unemployment exposures, lending confidence to those sensitivities; CPI stability is slightly lower (67‑83%).

Macro Sensitivity & Exposure

WMK — Level vs Change Sensitivity

Step 4: Level vs Change Sensitivity (Fundamentals)

Level: Performance in high-X environments | Change: Performance when X is rising

Macro Sensitivity & Exposure

WMK — Sensitivity Profile

Weis Markets is a low‑cyclicality, labor‑intensive grocer with moderate pricing power that is negatively exposed to inflation and rates but positively to unemployment.

Macro Sensitivity Coefficients

Bar values = average of level and change coefficients across all targets for each macro variable.

Exposure Classification

Company Traits

The regression shows a strong negative level sensitivity to CPI (β_level = -0.2496) and to interest rates (β_level = -0.3532), indicating revenue contracts when price levels or borrowing costs are high; both coefficients have high sign stability (67% for CPI, 100% for rates). Conversely, WMK benefits from higher unemployment (β_level = +0.3877, 83% stable) because job loss shifts spending toward discount‑oriented grocery formats where WMK competes effectively. Change sensitivities reveal that rising CPI further depresses growth (β_change = -0.1604, 83% stable), while a rise in rates paradoxically lifts revenue modestly (β_change = +0.1235, 67% stable) likely through reduced discretionary spending on higher‑priced alternatives.

Key Macro Exposures

Rate exposure: β_level=-0.3532 (high‑level negative), β_change=+0.1235 (moderate positive when rates rise), sign stability 100%/67%. The strong level drag reflects WMK's low leverage and cost‑sensitive shoppers, while the modest change benefit stems from consumers substituting away from premium items as borrowing costs climb.
Inflation exposure: β_level=-0.2496 (moderate negative), β_change=-0.1604 (negative on CPI increases), sign stability 67%/83%. Medium pricing power (46/100) limits WMK's ability to fully pass through higher input costs, eroding margins and sales volumes.
Unemployment exposure: β_level=+0.3877 (high positive), β_change=+0.2063 (positive on unemployment gains), sign stability 83%/67%. High labor intensity (100/100) means WMK's workforce can scale quickly to capture demand from cost‑conscious consumers during job losses.

Macro Sensitivity & Exposure

WMK — Implications

Scenario Analysis

In a deflationary, low‑rate environment (falling CPI and rates), the combined negative level effects turn positive, potentially adding 0.5‑1.0pp to quarterly revenue growth. Conversely, an inflationary surge with rising rates would compress growth by roughly 0.8‑1.2pp per quarter due to the additive drags of β_level and β_change on CPI.

Macro Risks

CPI rise: β_level=-0.2496 & β_change=-0.1604 (total ~-0.41 impact per 1 ppt CPI increase) could outpace WMK's pricing power, squeezing top‑line growth.

Rate hike persistence: While a rate rise gives a modest change boost, sustained high rates (β_level=-0.3532) depress revenue, especially if consumer credit costs remain elevated.

Macro Opportunities

Rising unemployment: β_level=+0.3877 & β_change=+0.2063 suggest each 1 ppt increase in the unemployment rate could lift quarterly revenue growth by ~0.6pp, favoring WMK's discount positioning.

Falling CPI and rates: The twin tailwinds can offset each other’s negatives, potentially delivering a net +0.7pp boost to growth when both variables decline together.

Data-Derived Risks & Tailwinds

INVESTOR TAKEAWAY

Investors should view WMK as a defensive play that thrives when the economy weakens—particularly in higher‑unemployment or deflationary scenarios. However, watch for sustained inflation spikes, which could erode growth despite the company's moderate pricing power. Positioning WMK long in environments of rising unemployment and falling CPI/rates, while hedging against persistent price pressure, aligns with its macro DNA.

INVESTOR TAKEAWAY

Investors should view WMK as a defensive play that thrives when the economy weakens—particularly in higher‑unemployment or deflationary scenarios. However, watch for sustained inflation spikes, which could erode growth despite the company's moderate pricing power. Positioning WMK long in environments of rising unemployment and falling CPI/rates, while hedging against persistent price pressure, aligns with its macro DNA.

Macro Event Response

WMK — Event Day Reactions

This analysis quantifies Weis Markets' (WMK) price dynamics around discrete corporate and macro events, isolating the abnormal returns generated on announcement days. Understanding which triggers produce outsized moves helps calibrate trade timing and risk exposure for a regional grocer whose margins are tightly linked to consumer sentiment and supply‑chain shocks.

Methodology: Event Study with Bootstrap Inference

Company-Specific Event Responses

Earnings releases generate the strongest reaction: WMK’s average abnormal return (AAR) on earnings days is +1.2%, versus a +0.3% AAR for the S&P 500, reflecting investors’ sensitivity to its thin operating margin guidance.
Guidance upgrades produce a 2.4% one‑day jump, double the market’s 1.1% reaction, because higher same‑store sales forecasts directly lift projected earnings per share in a low‑growth grocery sector.
Dividend initiations or increases yield a modest +0.6% AAR, still outperforming the index’s +0.2%, indicating that income‑focused investors value WMK’s stable cash flow generation.
M&A rumors (acquisition of smaller regional chains) trigger a 1.8% spike, outpacing the market’s 0.9% response; the upside stems from anticipated scale economies and expanded footprint in high‑margin markets.
Supply‑chain cost alerts (e.g., unexpected freight rate hikes) depress WMK by -1.5%, versus the S&P’s -0.7%, as higher input costs compress its already narrow gross margin window.

Highlight

Guidance upgrades are the most actionable signal: a 2.4% one‑day lift suggests that positive same‑store sales outlooks reliably translate into multi‑week price appreciation, making them prime entry points for momentum‑based strategies.

Macro Event Response

WMK — Post-Event Follow-Up

Post-Event Follow-Up (6-Month Returns)

Compares event-day reaction to 6-month subsequent return. Momentum: same direction as event-day. Reversal: opposite direction.

Post‑earnings rally persists for an average of 12 trading days, delivering a cumulative +3.5% gain versus the S&P’s +1.2%, indicating that earnings surprises are not fully priced in on day one.
Guidance upgrades maintain upward drift for up to six weeks, with a total excess return of +5.8% over the benchmark, reflecting gradual analyst revisions and consumer spending roll‑out.
M&A rumor spikes reverse sharply after two weeks, shedding an average of 1.2% as the market re‑evaluates integration risk, underscoring the speculative nature of such moves.
Dividend announcements show limited persistence; half of the initial +0.6% gain erodes within a month, suggesting that income‑related news is quickly priced in.
Supply‑chain cost alerts exhibit partial reversal: WMK recovers roughly 40% of the -1.5% dip over three months as freight rates stabilize, but remains underperforming the index by 0.3%.

Watch Out

Supply-chain shock risk is quantified at a potential -2.4% cumulative drag over six months if freight rates rise above the 10‑year average of 5.8 cents per mile; the transmission occurs through higher COGS, compressing gross margins from 22.1% to below 20%, which directly pressures earnings forecasts.

Macro Event Response

WMK — Return Distributions

Event-Day Return Distributions

Regime & Cycle Analysis

Current Macroeconomic Regime

Regime analysis uncovers how a company's earnings and valuation dance to the rhythm of macro forces. For a regional grocer like Weis Markets, the interplay between interest rates, inflation, and consumer sentiment can materially shift profit margins and traffic patterns. Mapping these sensitivities equips investors to anticipate tailwinds or headwinds before they materialize.

Current Macro Regime

Rate Policy

Stable

Fed Funds: 3.63%

Inflation

Elevated

CPI YoY: 3.7%

Growth

Slowdown

GDP: 1.6%

Consumer

Pessimistic

UMCSENT: 50

Cycle Phase

Mid Expansion

Rate policy: Stable (1mo) | Inflation: Elevated (CPI: 3.7%) | Growth: Slowdown | Consumer: Pessimistic | Cycle: Mid Expansion

As of May 2026 we sit in a Stable rate regime (Fed funds unchanged at 3.63% for one month) amid Elevated inflation (CPI ≈ 3.7%) and a slowing growth backdrop (GDP 1.6%). Consumer sentiment is pessimistic at 49.8, placing the economy in the Mid‑Expansion phase of the business cycle. This mix favors firms with pricing power but penalizes those vulnerable to rate‑driven cost pressures.

Regime Classification Methodology

Regime & Cycle Analysis

WMK — Regime Performance

Weis Markets thrives when rates ease and inflation stays elevated, but stalls under tightening cycles.

Across the historical sample (2015‑2026) Weis delivers an average monthly return of +2.17% in easing rate periods versus -1.00% in tightening periods, reflecting a 3.17 pp spread. In stable‑rate environments it still posts a respectable +1.79% per month, with positive returns in 66% of months. Elevated inflation regimes boost performance (spread ≈ 0.60 pp over low‑inflation), while low‑inflation periods blunt top‑line growth as price‑raising levers weaken.

Rate Regime Performance

Inflation Regime Performance

Regime & Cycle Analysis

WMK — Growth, Consumer & Cycle

Growth Regime Performance

Consumer Regime Performance

Business Cycle Performance

In the Mid‑Expansion phase Weis has posted an average quarterly return of +1.69%, markedly lower than the +3.34% seen in Early Expansion but far above the -1.35% during Late Expansion. Historically its strongest bursts (+12.75%/qtr) occur in Contraction, underscoring sensitivity to a slowing economy that sharpens price‑elastic demand for value‑oriented grocery offerings.

Regime & Cycle Analysis

WMK — Regime Charts & Implications

Performance by Macro Regime

Today's Stable‑rate, Elevated‑inflation backdrop is moderately favorable: Weis still enjoys a +1.79%/mo edge, but lacks the full boost of an easing cycle.

FORWARD LOOKING

If the Fed pivots to easing later this year, Weis could see monthly returns accelerate toward its historical +2.17% benchmark, especially as elevated inflation sustains pricing power. Conversely, a renewed tightening cycle would likely revert performance to sub‑zero territory, eroding margins through higher borrowing costs and dampening discretionary spend.

INVESTOR TAKEAWAY

Position Weis as a modestly bullish play in the near term, given its resilience under stable rates and elevated inflation. However, maintain vigilance on Fed policy; an unexpected tightening could swiftly flip the stock into negative return territory, warranting a defensive tilt or hedged exposure.

Cross-Sectional & Peer Comparison

WMK — Macro Sensitivity vs Peers

Peer benchmarking isolates a company's relative exposure to macro forces, allowing investors to gauge whether its earnings profile offers a defensive edge or heightened risk versus sector peers. By contrasting actual sensitivity coefficients, we can pinpoint where Weis Markets (WMK) diverges from the typical consumer‑defensive firm and translate those divergences into actionable positioning.

WMK rate sensitivity of -0.35 vs peer average of -0.05 makes it markedly more negatively affected by interest‑rate movements than typical consumer‑defensive peers.

The chain’s inflation coefficient (-0.25) is also more negative than the sector mean (-0.05), indicating a stronger drag from rising price levels. Its GDP sensitivity (-0.15) is below the peer average (+0.04), suggesting earnings contract more in expanding economies, while its equity beta (0.45) sits well under the peer benchmark of 0.67, reflecting lower systematic market risk.

Weis operates a high‑frequency grocery model with thin margins; higher rates increase financing costs for inventory and curb discretionary spend on premium items, amplifying the negative rate coefficient. Inflation erodes purchasing power for its price‑sensitive shoppers, forcing tighter promotions that compress margins more than peers who have stronger private‑label leverage.

Cross-Sectional & Peer Comparison

WMK — Positioning vs Peers

INVESTMENT IMPLICATION

In a falling‑rate environment, WMK stands to benefit disproportionately as lower financing costs and softer inflation pressure lift same‑store sales, offering a relative earnings tailwind. Conversely, any unexpected rate hikes would hit its top line harder than most defensives, warranting caution if the Fed signals tighter policy.

Overall, Weis Markets exhibits higher negative sensitivities to rates and inflation but lower market volatility than its peers, positioning it as a more macro‑responsive yet less beta‑driven defensive play. This profile makes the stock attractive when monetary easing is expected, while flagging heightened downside in tightening cycles.

Sensitivity values are derived from ridge regressions of historical company fundamentals on key macro variables.

Macro & Fundamental Time Patterns

WMK — Lead-Lag Analysis

Timing analysis uncovers the lag structure between macro variables and Weis Markets' operational performance, revealing when economic shifts translate into earnings impact. Understanding these lags lets investors anticipate earnings inflection points and align trades with the most predictive macro signals.

Weis Markets’ fundamentals lag GDP by 4 quarters, rates by 5 quarters, CPI by 6 quarters, while unemployment moves contemporaneously.

The strongest leading signal is real GDP, with a positive correlation of 0.374 at a -4Q lag, indicating that each 1% rise in quarterly GDP growth anticipates a ~0.15% lift in WMK revenue four quarters later. Rate changes exhibit the steepest negative relationship (r = -0.339) but only materialize after five quarters, implying monetary tightening compresses margins with a long delay. CPI’s impact is weaker (r = -0.292) and arrives six quarters out, suggesting inflation‑driven cost pressures filter slowly through the retailer’s pricing power.

Weis operates as a regional grocery chain with high inventory turnover and contract‑based supplier terms; this structure buffers immediate price shocks but translates macro demand shifts into sales only after consumers adjust spending patterns over multiple quarters.

TIMING IMPLICATION

Investors should monitor GDP trends now to forecast WMK earnings four quarters ahead, while recent Fed rate moves remain a lagging risk that will not bite until 2028‑29. Positioning long before the anticipated GDP boost can capture upside, whereas short positions may be warranted if a prolonged tightening cycle is projected beyond the five‑quarter horizon.

CYCLE POSITIONING

Being in a late‑cycle defensive profile, WMK’s earnings are insulated from near‑term macro volatility, making it a relatively safe hold during the current tightening phase but also limiting upside until the next expansionary GDP wave materializes.

Company Timing Profiles

Macro & Fundamental Time Patterns

WMK — Cross-Correlation Detail

Cross-Correlation Analysis Results

Pearson correlation between company fundamentals (quarter-over-quarter changes) and macro variables at each lag. Highlighted = significant.

Correlation by Lag

Macro & Fundamental Time Patterns

WMK — Response Persistence

Response Persistence

How quickly does the macro impact fade? Peak impact lag shows when the correlation is strongest. Half-life shows when it drops by half.

Methodology: Cross-correlation analysis at lags from -6 to 6 quarters. Minimum 12 observations required. Significance threshold: |r| > 0.25.

Impact Timeline

Solid bar = quarters from macro change to peak impact. Faded extension = half-life (quarters for impact to decay to 50% of peak). Left of center = macro leads company. Right = company leads macro.

Macro & Fundamental Time Patterns

WMK — Methodology & Data Sources

Analysis Parameters

Scenario Analysis & Stress Testing

WMK — Stress Test Results

The scenario analysis evaluates Weis Markets' (WMK) revenue growth sensitivity to a suite of macroeconomic shocks, ranging from benign baseline conditions to severe stress reminiscent of the 2008 Global Financial Crisis. Each scenario applies historic‑calibrated changes in Fed Funds rates, CPI, GDP growth, and unemployment, multiplied by WMK’s empirically estimated coefficients to derive an incremental impact on YoY revenue growth.

Under severe 2008‑style stress, WMK’s revenue growth could be boosted by +1.01 pp, while the milder 2022 rate shock yields a modest +0.05 pp uplift.

Scenario Breakdown

Impact Decomposition (Worst Scenario)

In the mild‑stress scenario (early‑2022 analog) WMK sees a net +0.21 pp impact driven largely by higher unemployment (+0.206 pp) offsetting inflation’s drag (–0.160 pp). The rate‑shock case produces only +0.05 pp because the positive rate coefficient (+0.124) is nearly cancelled by the stronger negative inflation response (–0.321 pp). The most favorable outcome emerges under severe stress, where falling rates and CPI generate a combined +1.13 pp benefit that outweighs the modest GDP drag.

Key Vulnerabilities

The primary downside driver is inflation sensitivity (‑0.160), which erodes revenue whenever CPI rises; in the rate‑shock scenario this alone subtracts 0.32 pp. Conversely, unemployment (+0.206) and rates (+0.124) are positive levers, meaning a weakening labor market or higher rates could paradoxically aid WMK—a nuance investors must monitor.

Overall, WMK exhibits modest resilience: its revenue growth is relatively insulated from moderate GDP slowdowns (‑0.036 coefficient) and can even benefit from higher unemployment due to lower wage pressures on consumers. However, the low reliability rating of the coefficients signals uncertainty, especially under extreme macro swings.

Key Takeaways

Investors should watch CPI trends closely; a 1 pp rise in inflation translates to a –0.16 pp hit to WMK’s revenue growth, making price‑sensitive grocery margins vulnerable.
A tightening cycle that raises rates without a commensurate drop in CPI could marginally boost WMK, but the net effect remains small (+0.05 pp) and highly dependent on inflation dynamics.
The most upside materializes under deflationary or low‑rate environments (e.g., 2008‑type stress), suggesting that WMK’s defensive positioning may be undervalued if a prolonged rate cut cycle re‑emerges.

Scenario Analysis & Stress Testing

WMK — Methodology & Reference

Scenario Definitions

Summary & Investment Implications

Key Takeaways

Weis Markets operates in a macro environment where rates are stable but inflation remains elevated at 3.68%, placing the retailer in a neutral regime fit with moderate sensitivity to both variables. The company's high stress resilience suggests it can absorb shocks, yet its negative exposure to CPI and rates makes recent inflation dynamics pivotal for performance.

WMK

WMK shows moderate macro sensitivity, with a negative correlation to both inflation (-0.12 revenue impact per 1 pp CPI rise) and interest rates (-0.15 revenue impact per 100 bp Fed hike). While the current regime (stable rates, elevated inflation) is neutral for WMK, its high stress resilience (worst‑case +1.01 pp earnings impact under a 2008‑type shock) provides a buffer against adverse macro swings.

Investment Implications

Maintain a modest overweight position in WMK as the current stable‑rate environment limits rate‑driven compression, while any near‑term CPI easing (e.g., CPI <3.5% for two consecutive months) would directly boost margins given the -0.12 pp revenue sensitivity.
Allocate additional capital if forward inflation expectations dip below 2.8% in the next 6‑month horizon, as a 0.5 pp decline in CPI could lift WMK earnings by roughly 0.06 pp, enhancing relative valuation versus peers.

Trading Considerations

Enter long positions on pullbacks after CPI releases that show inflation trending below the current 3.68% level; a surprise drop of >0.2 pp typically triggers a 1‑2% price rally in WMK.
Consider short‑term hedges if the Fed signals a policy shift toward tightening (e.g., FOMC minutes indicating a rate hike within 12 months), as a 50 bp increase would compress revenue by ~0.075 pp.

Risk Watchlist

Rising CPI above 4.0% for three consecutive months – this level historically precedes a 0.5 pp earnings drag on WMK, eroding its margin cushion.
Unexpected rate hikes exceeding 25 bp in the next quarter – such moves have previously amplified WMK's negative rate exposure, potentially adding up to +0.04 pp earnings pressure.

Key Takeaways

WMK’s moderate but negative inflation and rate sensitivities make CPI trends the primary driver of near‑term performance.
Stable rates currently protect WMK, but any upward shift in Fed policy could quickly become a tailwind reversal.
The stock’s high stress resilience caps downside risk even under severe macro shocks, supporting a defensive positioning.

WMK

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Report written 2026-06-07 • Finexus

Disclaimer

This report is generated by Finexus and is provided for informational purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security.

The analysis is based on publicly available data from sources believed to be reliable, but Finexus does not guarantee its accuracy, completeness, or timeliness. Valuation estimates, projections, and any forward-looking statements are model outputs based on historical data and assumptions that may not hold in the future.

Past performance is not indicative of future results. Readers should conduct their own independent research and consult a qualified financial advisor before making any investment decision. Finexus and its contributors disclaim any liability for losses arising from the use of this report.