David McCormick, U.S. Senator from Pennsylvania, sold somewhere between $500,001 and $1,000,000 worth of SouthCentral Pennsylvania General Authority Revenue Bonds on April 30th. We know this because he disclosed it on May 28th, which is 28 days later, which is technically within the 45-day window the STOCK Act allows, which means everything here is completely fine and we should all go back to sleep.
The bond matures in June 2029 at a very comfortable 5% coupon. Not a bad little instrument. The kind of thing you hold until you don't. The kind of thing a man looks at one morning in late April and decides, quietly, that he no longer needs.
We are not suggesting anything. We are simply noting that a sitting senator sold up to a million dollars of Pennsylvania infrastructure debt — his own state's infrastructure debt — and the disclosure window is long enough that by the time you're reading this, the market has already moved, earnings have already printed, and nothing you learn from a 28-day-old government filing will ever help you.
The STOCK Act requires disclosure. It does not require speed. It does not require explanation. It does not require eye contact.
The chart is all that matters. File accordingly.
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