Good news, everyone. Democracy is working.
Senator John R. Curtis — party affiliation listed as "unknown-??" in the disclosure, which is genuinely how it appears, and we will let that sit there — purchased somewhere between $100,001 and $250,000 worth of a JPMorgan Chase contingent interest note yielding 9.85%, maturing May 2029. He did this on June 2nd. He told us about it on June 30th. The STOCK Act gives members of Congress 45 days to disclose trades, and we are grateful, as always, for their hustle.
9.85%. Fixed. From JPMorgan. While the Federal Reserve spends every other Tuesday trying to explain what it might possibly consider doing with rates. Contingent notes carry structural complexity that is genuinely not nothing, to be fair. But 9.85% is the kind of number that makes a retail investor stare at their 4.2% money market yield and feel vaguely cheated by a process they cannot quite name.
The trade cleared the $50,000 notability threshold by roughly $50,001. Noted.
We are not saying anything. We are simply reading the disclosure aloud in a calm voice while sitting very still. The chart is all that matters. The chart of who is buying what, filed 28 days later, is also, apparently, a chart.
Sleep well.
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