In the midst of what financial historians will one day describe as "a week," Pennsylvania Senator David McCormick filed a disclosure revealing he purchased between $500,001 and $1,000,000 in University of Pittsburgh municipal revenue bonds. Five percent coupon. Matures 2032. Very chill. Very "I have made my peace with things."
The trade happened April 6th. It was disclosed May 1st. Twenty-five days, which is apparently the legally acceptable amount of time to think about whether you want to tell anyone. The STOCK Act requires disclosure within 45 days, so technically this is early. We are grading on a curve now. The curve matures in 2032.
To be clear, there is nothing illegal here. A senator bought a municipal bond from a university in his home state. It yields five percent and will quietly return his principal on a Tuesday morning seven years from now while the rest of us are watching a ticker scroll past numbers that no longer have meaning.
We flagged it because it was over fifty thousand dollars. We are telling you about it because we believe in transparency. We are slightly envious because a 5% fixed coupon on anything right now has a kind of stoic, unironic dignity that most assets can only dream about.
The chart, as always, is all that matters. This one is a straight line to 2032. Honestly? Respect.
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