John R. Curtis, Republican of Utah and now proud owner of somewhere between $100,001 and $250,000 of a JPMorgan Chase structured note paying 9.85% annually, would like you to know absolutely nothing about this trade. He filed the disclosure on June 30th. The trade happened June 2nd. The STOCK Act gave him 45 days. He used them.
Let's appreciate what was purchased here. Not JPMorgan stock. Not an index fund. A structured note. Maturing May 2029. Paying 9.85%. Issued by JPMorgan Chase Financial Company, which is, in the technical sense, JPMorgan. So: a senior U.S. Senator, during an era of considerable financial policy activity, bought a fixed-income instrument from one of the largest banks his committee colleagues nominally oversee, locking in nearly 10% annually through the back half of this decade.
The trade met our $50,000 notability threshold. It met it by at least $50,001, possibly by $200,000. We don't know. That's the range. That's the system.
The news is noise. The chart is all that matters. And apparently, if you sit in the right chair in Washington, the coupon is 9.85%.
File under: doing fine, actually.
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