It’s pretty hard to know what to believe when it comes to this ongoing AI revolution. The AI bubble calls have been growing louder for well over a year now. And while some folks, including the great Michael Burry of The Big Short fame, might feel as though we’re in the lead-up to the peak ... The AI Trade Might Be Grossly Underestimated — and It Could Be Time To Rethink How We View the Mag 7
It’s pretty hard to know what to believe when it comes to this ongoing AI revolution. The AI bubble calls have been growing louder for well over a year now. And while some folks, including the great Michael Burry of The Big Short fame, might feel as though we’re in the lead-up to the peak ... The AI Trade Might Be Grossly Underestimated — and It Could Be Time To Rethink How We View the Mag 7
Aajan/iStock via Getty Images Market Review The bond markets including US Treasuries and municipals turned markedly bearish during March, as the US-Israel/Iran conflict drove macro rate volatility and uncertainty. Negative price pressures pushed yields higher in March as concerns over labor market weakness were replaced by concerns on inflation due to war-induced higher energy prices. The March se...
Aajan/iStock via Getty Images Market Review The bond markets including US Treasuries and municipals turned markedly bearish during March, as the US-Israel/Iran conflict drove macro rate volatility and uncertainty. Negative price pressures pushed yields higher in March as concerns over labor market weakness were replaced by concerns on inflation due to war-induced higher energy prices. The March selloff largely erased solid gains from the asset class during the first two months of 2026 as municipal yields tracked the broader Treasury market as well as reflected typical seasonal weakness. March has historically been a challenging period for municipals due to less favorable technicals. On the supply front, total municipal issuance reached a record $128 billion in 1Q26, representing a 6% increase year-over-year, according to The Bond Buyer . In contrast, taxable municipal issuance remained subdued at $6 billion, down 15% from 1Q25. Limited taxable municipal supply supported relative performance in the taxable municipal sector, contributing to its outperformance during the quarter. “We believe bond market volatility amid the ongoing Iran conflict is likely to continue as the market digests competing themes of a slowing economy and higher energy prices.” Performance Summary For the quarter ended March 31, 2026, the Fund’s Class I shares returned 0.09%, excluding sales charges. In comparison, the Fund’s unmanaged benchmark, the Bloomberg U.S. Municipal Bond Index, returned -0.18% for the same period. Average Annual Total Returns (3/31/26) * Share Class / Inception Date 3 Month YTD 1 Year 3 Year 5 Year 10 Year Class A (NAV) 11/26/86 0.03% 0.03% 3.54% 3.06% 0.63% 1.98% Class A (4.50% max. load) -4.50% -4.50% -1.10% 1.48% -0.29% 1.51% Class I (NAV) 8/31/16 0.09% 0.09% 3.88% 3.34% 0.89% 2.22% Bloomberg U.S. Municipal Bond Index -0.18% -0.18% 4.29% 2.87% 0.84% 2.16% Click to enlarge The performance data quoted represents past performance, which is no guarantee of future results...
An anti-immigrant far-right party, inspired by Greece’s defunct neo-Nazi Golden Dawn, has made the biggest gains in parliamentary elections in Cyprus. The group, which has pushed for the closure of checkpoints on the ethnically split island and is vociferously anti-Turkish, doubled its seats in the 56-member legislature after securing 10.9 % of the vote. “We can say that Elam is the sole winner of...
An anti-immigrant far-right party, inspired by Greece’s defunct neo-Nazi Golden Dawn, has made the biggest gains in parliamentary elections in Cyprus. The group, which has pushed for the closure of checkpoints on the ethnically split island and is vociferously anti-Turkish, doubled its seats in the 56-member legislature after securing 10.9 % of the vote. “We can say that Elam is the sole winner of Sunday’s election, with a clear victory that gives it an increased say in passing legislation,” the island’s predominant electoral expert Christoforos Christoforou told the Guardian. “It fulfilled its strategic aim of doubling its seats from four to eight and becoming parliament’s third biggest force, displacing Diko, which had held that position for decades.” In results that will profoundly reshape the political landscape of the EU’s easternmost state, a new party of anti-corruption campaigners and social media influencers also won seats. By contrast, centrist groups, including the veteran leftwing EDEK, which had endorsed the candidacy of the president, Nikos Christodoulides, as an independent in 2023, failed to cross the threshold to enter the house, a historic defeat that could further enhance the influence of Elam. Parliamentary elections have long been seen as a litmus test of voter intentions for the presidency, the seat of executive power in Cyprus. Ahead of the poll, mainstream parties were predicted to be hammered by the anti-systemic protest groups that have appeared amid disillusionment with traditional party politics and an elite tainted by scandal. But while the newly formed anti-corruption Alma and the Direct Democracy Cyprus group of MEP and former YouTuber Phidias Panayiotou made it into parliament for the first time, the establishment parties defied the projections and held their ground. Polling data released by the interior ministry showed the rightwing Disy and communist Akel parties winning 27.2% and 23.8 % of the vote respectively, a small decline for...
Precious metals were on an absolute tear coming into 2026. In January, gold prices reached $5,500 an ounce, while silver hit $121 per ounce. Precious metals prices are soaring amid rising geopolitical uncertainty and growing fiscal deficits, creating a favorable backdrop for gold and silver miners like Denver-based SSR Mining (SSRM 1.75%). In the past year, the mid-cap mining stock has surged 160%...
Precious metals were on an absolute tear coming into 2026. In January, gold prices reached $5,500 an ounce, while silver hit $121 per ounce. Precious metals prices are soaring amid rising geopolitical uncertainty and growing fiscal deficits, creating a favorable backdrop for gold and silver miners like Denver-based SSR Mining (SSRM 1.75%). In the past year, the mid-cap mining stock has surged 160% as gold miners ride the wave of rising precious metal prices. The company recently sold its Copler Mine for $1.5 billion, shoring up its balance sheet and giving it a record cash stockpile. Here's why this could be a positive sign for the gold miner moving forward. SSR Mining is fortifying its balance sheet Earlier this year, SSR Mining agreed to sell its 80% stake in the Copler mine in Turkey. The move accomplished a couple of things for the company. For one, it helps reduce SSR's exposure to emerging markets and gets it out of the troubled mine that regulators shut down in 2024 following a fatal accident. The sale allows SSR Mining to focus on lower-risk, Americas-focused gold and silver. In addition, the sale provides SSR Mining with a huge cash windfall. The company is already coming off a stellar year during which it generated free cash flow of $242 million. In the first quarter, free cash flow was an impressive $211 million, and the company ended the quarter with $634 million in cash, total liquidity of $1.1 billion, and no debt. When the Copler sale goes through, it will add another $1.5 billion to its stockpile, giving it ammunition for potential acquisitions and cash for dividends or stock buybacks. Expand NASDAQ : SSRM SSR Mining Today's Change ( -1.75 %) $ -0.53 Current Price $ 29.72 Key Data Points Market Cap $6.2B Day's Range $ 29.22 - $ 30.29 52wk Range $ 11.27 - $ 36.52 Volume 1.8M Avg Vol 3.7M Gross Margin 43.52 % The gold miner is hedged for rising diesel prices SSR Mining remains on track to meet its 2026 full-year production guidance of 450,000 to 535,00...
Tech exchange-traded funds (ETFs) have been some of the best-performing investments over the past few decades. They give investors access to a broad cross-section of the best technology stocks in one wrapper. This includes the biggest names, like Nvidia and Apple, the hottest tech stocks, like Sandisk and Micron Technology, and emerging stars you may have never even heard of -- yet. There are some...
Tech exchange-traded funds (ETFs) have been some of the best-performing investments over the past few decades. They give investors access to a broad cross-section of the best technology stocks in one wrapper. This includes the biggest names, like Nvidia and Apple, the hottest tech stocks, like Sandisk and Micron Technology, and emerging stars you may have never even heard of -- yet. There are some extremely popular tech ETFs that have delivered huge returns for investors over the years, like the Invesco QQQ (QQQ +0.48%), Vanguard Information Technology ETF (VGT +1.14%), State Street Technology Select SPDR ETF (NYSEMKT: XLK), and iShares U.S Technology ETF (IYW +0.70%). But there is one overlooked and underrated tech ETF that has outperformed them all over the years -- the Invesco Dorsey Wright Technology Momentum ETF (PTF +1.34%). If youʻre looking for a tech ETF, add this one to your list. The best Invesco ETF -- and it's not QQQ The Invesco Dorsey Wright Technology Momentum ETF is based on the Dorsey Wright Technology Technical Leaders Index, which tracks at least 30 technology stocks from the Nasdaq Composite that exhibit strong relative strength or momentum. Stocks with the best relative strength are considered the strongest performers based on a proprietary methodology that determines a momentum score. The portfolio includes at least 30 of the highest-momentum stocks. The stocks can come from across the technology sector and include small-, mid-, and large-cap names. Expand NASDAQ : PTF Invesco Exchange-Traded Fund Trust - Invesco Dorsey Wright Technology Momentum ETF Today's Change ( 1.34 %) $ 1.63 Current Price $ 123.39 Key Data Points Day's Range $ 122.16 - $ 124.78 52wk Range $ 63.00 - $ 126.65 Volume 80.9K Currently, the ETF contains 40 stocks with Sandisk, Nvidia, and Apple as the three largest holdings in the cap-weighted portfolio. Small-cap holdings include CACI International, InterDigital, and Vistance Networks. The Invesco Dorsey Wright Technology Mo...
Key Points Gold and silver prices have surged in recent years amid geopolitical uncertainty and fiscal deficits. SSR Mining's stock has soared 160% in the past year, and analysts expect strong earnings growth this year. The gold miner has moved to strengthen its balance sheet and bolster its cash position. 10 stocks we like better than SSR Mining › Precious metals were on an absolute tear coming i...
Key Points Gold and silver prices have surged in recent years amid geopolitical uncertainty and fiscal deficits. SSR Mining's stock has soared 160% in the past year, and analysts expect strong earnings growth this year. The gold miner has moved to strengthen its balance sheet and bolster its cash position. 10 stocks we like better than SSR Mining › Precious metals were on an absolute tear coming into 2026. In January, gold prices reached $5,500 an ounce, while silver hit $121 per ounce. Precious metals prices are soaring amid rising geopolitical uncertainty and growing fiscal deficits, creating a favorable backdrop for gold and silver miners like Denver-based SSR Mining (NASDAQ: SSRM). In the past year, the mid-cap mining stock has surged 160% as gold miners ride the wave of rising precious metal prices. The company recently sold its Copler Mine for $1.5 billion, shoring up its balance sheet and giving it a record cash stockpile. Here's why this could be a positive sign for the gold miner moving forward. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » SSR Mining is fortifying its balance sheet Earlier this year, SSR Mining agreed to sell its 80% stake in the Copler mine in Turkey. The move accomplished a couple of things for the company. For one, it helps reduce SSR's exposure to emerging markets and gets it out of the troubled mine that regulators shut down in 2024 following a fatal accident. The sale allows SSR Mining to focus on lower-risk, Americas-focused gold and silver. In addition, the sale provides SSR Mining with a huge cash windfall. The company is already coming off a stellar year during which it generated free cash flow of $242 million. In the first quarter, free cash flow was an impressive $211 million, and the company ended the quarter with $634 million in cash, total liquidity of $...
Name: Plus-ones. Age: Bringing a partner along has been going on a while, possibly since Noah invited a pair of every animal on board the ark … Are we talking about boat trips here? Actually, weddings. Although we could just say, the wedding. Taylor Swift and Travis Kelce’s, am I wrong? You’re not. We’ve known about their engagement since last summer. Now we have a date: 3 July. Weirdly, I haven’t...
Name: Plus-ones. Age: Bringing a partner along has been going on a while, possibly since Noah invited a pair of every animal on board the ark … Are we talking about boat trips here? Actually, weddings. Although we could just say, the wedding. Taylor Swift and Travis Kelce’s, am I wrong? You’re not. We’ve known about their engagement since last summer. Now we have a date: 3 July. Weirdly, I haven’t got my invite. They probably haven’t gone out yet. I’m afraid they have and one anonymous invitee has been moaning about it according to the Mail. Why would you moan about being invited to the wedding of the year? This is about plus-ones, remember? And they didn’t get one? Correct. How do they feel about that? Not great: “What am I supposed to do? Go alone? That is so awkward. I don’t think I am going to attend because I don’t want to go by myself and I am not sure I will know too many people there. I mean, sorry, I am not friends with Gigi and Bella Hadid!” Well, there has been a lot of talk about the rising costs of weddings lately. Er, hello, we’re talking about one of the bestselling recording artists of all time. Fair enough. But wedding etiquette is always tricky, isn’t it? You mean whether to invite Inappropriate Uncle, or so-and-so’s new partner who you’ve never met (and by all accounts you don’t want to)? Exactly! If only there was some kind of guide … Ta-dah! I give you Emily Post’s Wedding Etiquette. Thank you! Who? American writer and socialite, born 1872 … Well, it’s hardly going to be up to date, is it? Actually, Emily’s great-great granddaughter Lizzie Post keeps it updated. And what do they have to say about plus-ones? Spouses, fiances and live-in partners should be invited. Even if you’ve never met them, or you don’t like them? “Your guest is part of a package deal.” So the person who didn’t get a plus-one to Swift’s wedding, why was that? It was, she told the Mail, “because I am a single woman”. What’s the etiquette around singles, then? Have clear criter...
Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here. The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having ...
Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here. The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having compounded at mid-twenties percent returns from 2023 to 2025. The letter noted that there are no indications of a slowdown in the US market, despite significant geopolitical events. The Fund remains disciplined, investing in companies and building a portfolio of strong, risk-adjusted returns throughout the market cycle, emphasizing a long-term strategy for differentiated returns. In addition, please check the Fund’s top five holdings to know its best picks in 2026. In its first-quarter 2026 investor letter, Yacktman Focused Fund highlighted Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On May 22, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $418.57 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -1.47%, and its shares lost 7.02% over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.11 trillion. Yacktman Focused Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q1 2026 investor letter: "Microsoft Corporation (NASDAQ:MSFT) was a detractor in the first quarter, but the investment remains a core holding in the portfolio. The “SaaSmaggedon” market reaction hit a broad array of software companies including Microsoft. While we agree that some software players’ products and business models may be significantly impacted by the capabilities demonstrated by Claud...
Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here. The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having ...
Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here. The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having compounded at mid-twenties percent returns from 2023 to 2025. The letter noted that there are no indications of a slowdown in the US market, despite significant geopolitical events. The Fund remains disciplined, investing in companies and building a portfolio of strong, risk-adjusted returns throughout the market cycle, emphasizing a long-term strategy for differentiated returns. In addition, please check the Fund’s top five holdings to know its best picks in 2026. In its first-quarter 2026 investor letter, Yacktman Focused Fund highlighted Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On May 22, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $418.57 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -1.47%, and its shares lost 7.02% over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.11 trillion. Yacktman Focused Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q1 2026 investor letter: "Microsoft Corporation (NASDAQ:MSFT) was a detractor in the first quarter, but the investment remains a core holding in the portfolio. The “SaaSmaggedon” market reaction hit a broad array of software companies including Microsoft. While we agree that some software players’ products and business models may be significantly impacted by the capabilities demonstrated by Claud...
Tottenham say "football success had not been driving our decisions" as non-executive chairman Peter Charrington admitted failings and vowed to rebuild in an open letter to the club's supporters. Spurs narrowly avoided relegation with a 1-0 win against Everton on the final day of the Premier League season, finishing 17th for the second season in a row after a difficult campaign that Charrington sai...
Tottenham say "football success had not been driving our decisions" as non-executive chairman Peter Charrington admitted failings and vowed to rebuild in an open letter to the club's supporters. Spurs narrowly avoided relegation with a 1-0 win against Everton on the final day of the Premier League season, finishing 17th for the second season in a row after a difficult campaign that Charrington said fell "well short" of expectations. "Last September, we recognised that something seismic had to change at Spurs," wrote Charrington, who was appointed to the Spurs board in March 2025. "The Lewis family stepped in and authorised a full reset. That decision was not taken lightly, and it came later than it should have." That reset coincided with Daniel Levy stepping down after nearly 25 years as executive chairman, with sources indicating the decision was taken to improve sporting performance. "As part of that process, we discovered some uncomfortable truths," Charrington added. "The qualities that make Spurs distinct, our football, our ambition, the connection between the team and its supporters, had been allowed to fade. Football success had not been driving our decisions. "We did not have the right expertise in key roles. We did not build squads good enough to compete in the most demanding league in the world." Charrington was in attendance at the Tottenham Hotspur Stadium for Sunday's season finale along with Vivienne Lewis, representing the family who own Spurs, her son-in-law Nick Beucher and the club's finance officer Matthew Collecott. Now under manager Roberto de Zerbi, Spurs needed a point on the final day to avoid their first relegation from the top flight since 1977 - and only a third home league win of the season ensured they sent West Ham down instead. Charrington added that Spurs have since restructured their football operations, with refreshed executive and football teams, as well further appointments expected in the coming weeks. The chairman also backed De...
He was released after being arraigned on the unlawful entry charge, but in August of 2025, he failed to appear for a status hearing, the documents show. That led to a no-bond bench warrant, allowing law enforcement to arrest him.
He was released after being arraigned on the unlawful entry charge, but in August of 2025, he failed to appear for a status hearing, the documents show. That led to a no-bond bench warrant, allowing law enforcement to arrest him.
The Devil Neither Political Party Will Name Submitted by QTR's Fringe Finance The widening wealth inequality gap is the political third rail nobody in power truly ever wants to touch. Politicians will scream at each other all day over taxes, healthcare, immigration, tariffs, student loans, climate policy, or whatever outrage is currently driving engagement on cable news and social media. But the s...
The Devil Neither Political Party Will Name Submitted by QTR's Fringe Finance The widening wealth inequality gap is the political third rail nobody in power truly ever wants to touch. Politicians will scream at each other all day over taxes, healthcare, immigration, tariffs, student loans, climate policy, or whatever outrage is currently driving engagement on cable news and social media. But the second the conversation turns toward monetary policy, toward the machinery of money creation itself, the room suddenly gets very quiet. That’s because monetary policy has quietly become the single most powerful force reshaping wealth distribution in modern America. And unlike the endless partisan theater surrounding fiscal policy, monetary intervention oddly enjoys remarkable bipartisan support. Republicans and Democrats may pretend to be existential enemies on television, but when it comes to flooding the financial system with dollars, both parties reliably fall into line. And that support is precisely why this topic is politically radioactive: once people understand how the system works, the illusion of two competing economic ideologies starts to collapse. Republicans want less spending, Democrats want higher taxes… but both parties want the Fed to keep printing dollars. Since the early 2000s, and especially after 2008 and the COVID era, America has effectively entered a permanent regime of monetary intervention. Quantitative easing, near-zero interest rates, endless debt monetization, emergency lending facilities, and the mainstream acceptance of Modern Monetary Theory-adjacent thinking have fundamentally altered the structure of markets beyond recognition . When Ben Bernanke first rolled out quantitative easing during the 2008 financial crisis, Americans were repeatedly assured it was a temporary emergency measure. Bernanke described the programs as targeted interventions designed to stabilize markets and support recovery, not permanently redefine the financial system. Q...
If you've made any visits to the gas station lately, you're probably not surprised to hear that inflation has been increasing over the last several months. In April, it hit 3.8% on a year-over-year basis, up from 3.3%, largely driven by higher energy costs. That means higher prices for consumers today, but it may also foreshadow a higher 2027 Social Security cost-of-living adjustment (COLA) for se...
If you've made any visits to the gas station lately, you're probably not surprised to hear that inflation has been increasing over the last several months. In April, it hit 3.8% on a year-over-year basis, up from 3.3%, largely driven by higher energy costs. That means higher prices for consumers today, but it may also foreshadow a higher 2027 Social Security cost-of-living adjustment (COLA) for seniors. Here's what we know so far. How the Social Security Administration calculates COLAs The Social Security Administration bases its COLAs on changes in average third-quarter inflation data as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This is a measure of the cost of a basket of common goods and services over time. It sounds more complicated than it is. The government takes the CPI-W numbers for July, August, and September of the current year, averages them, and compares them to the average for the same months from the year before. The percentage increase is the COLA. For example, the third-quarter average for 2025 was 2.8% higher than the third-quarter average for 2024, so seniors got a 2.8% Social Security COLA in 2026. Since the CPI measures changes in consumer prices over time, COLAs are determined by inflation. When inflation is high, COLAs tend to be larger, and when inflation is lower, COLAs are smaller. What this means for the 2027 Social Security COLA With inflation rising, many are predicting an above-average Social Security COLA for next year. The Senior Citizens League (TSCL), a nonpartisan senior group, recently raised their COLA estimate from 2.8% to 3.9% following the latest CPI report. However, nothing's set in stone yet. The Social Security Administration won't announce the official 2027 COLA until Oct. 14, 2026. That's the day the government will release the September CPI number. There are still several months between now and then, and everything hinges on what happens to inflation. If rates continue to ri...
We saw it when Russia jailed members of Pussy Riot, and again when the US overturned Roe v Wade: misogyny is a powerful political weapon. Let’s focus on fighting it, not ‘understanding’ it In preparation for interviewing Pussy Riot’s Maria “Masha” Alyokhina at the Charleston festival, I was reading her new memoir, Political Girl . I thought I remembered the group’s origin story pretty well – in 20...
We saw it when Russia jailed members of Pussy Riot, and again when the US overturned Roe v Wade: misogyny is a powerful political weapon. Let’s focus on fighting it, not ‘understanding’ it In preparation for interviewing Pussy Riot’s Maria “Masha” Alyokhina at the Charleston festival, I was reading her new memoir, Political Girl . I thought I remembered the group’s origin story pretty well – in 2012, they performed their anthem, Punk Prayer (Virgin Mary Banish Putin), and two band members were imprisoned for two years in a penal colony, then released slightly early in order to sanitise the country’s reputation before the Sochi Olympics in 2014. Upon release, they immediately went on to protest at those Olympics, the courage of which is jaw-dropping. That was missing a few key details: Alyokhina had never even been detained for an act of protest when she was arrested, strip-searched and jailed for this. We weren’t looking at a thin-skinned but otherwise democratic government, overreacting in the way that young democracies sometimes do. The detention of Pussy Riot signalled a significant shift towards the aggressive authoritarianism that is now self-evident, and, in those early days, was expressed and mobilised through misogynistic, patriarchal values-setting built on Christian nationalist foundations. At their trial, one lawyer argued that “feminism is a mortal sin”. Alyokhina was pilloried for being a bad mother (her son was four when she was imprisoned). If Pussy Riot weren’t on trial for being women per se, certainly their cultural act of defiance was immeasurably worsened by the fact that they weren’t men. Continue reading...
Aksana Kavaleuskaya/iStock via Getty Images Market Review Munis declined slightly. U.S. investment-grade bonds, including municipal bonds (munis), declined slightly in the quarter. Surging interest rates in March largely drove the quarter's decline. The volatile period included renewed tariff concerns, a Federal Reserve policy pause, mixed economic data, war in Iran and soaring oil prices, which f...
Aksana Kavaleuskaya/iStock via Getty Images Market Review Munis declined slightly. U.S. investment-grade bonds, including municipal bonds (munis), declined slightly in the quarter. Surging interest rates in March largely drove the quarter's decline. The volatile period included renewed tariff concerns, a Federal Reserve policy pause, mixed economic data, war in Iran and soaring oil prices, which fueled inflation worries. Economy was uneven. Last year's government shutdown weighed on fourth-quarter gross domestic product, which expanded at an annual pace of only 0.5%. Manufacturing remained expansionary but slowed slightly in the first quarter, while the services sector contracted in March for the first time in more than three years. The job market rebounded strongly in March, and the unemployment rate inched lower to 4.3%. Munis underperformed Treasuries. Most municipal bond yields rose at a greater pace than Treasury yields, and munis underperformed. Against this backdrop, muni-to-Treasury ratios generally increased, suggesting improved valuations for munis. Additionally, the yield curve steepened, revenue bonds outperformed general obligation (GO) bonds, and longer-maturity munis broadly lagged shorter-maturity issues. Issuance remained robust. First-quarter municipal bond issuance totaled $127.8 billion, down from $142 billion in the fourth quarter but up nearly 6% from a year earlier, according to SIFMA. Demand softened in March, due to the heightened volatility, but reinvestment support and relatively high absolute yields helped the market absorb the supply. Pressures building. While strong reserves and fund balances should allow most states to maintain financial flexibility, budget pressures are starting to build for some entities. Financial market volatility and waning federal support are key influences. Additionally, California and other high-tax states may face revenue shortfalls as wealthy taxpayers relocate to more tax-friendly locations. High-yield munis...