David McCormick, U.S. Senator from Pennsylvania, has disclosed that he sold somewhere between $500,001 and $1,000,000 worth of Pennsylvania state bonds — because the STOCK Act, in its infinite wisdom, decided that knowing whether it was $500,002 or $999,999 would be an unreasonable invasion of privacy.
The bonds in question mature in August 2027 at a comfortable 5% coupon. McCormick, who represents Pennsylvania in the United States Senate, has apparently decided that Pennsylvania's full faith and credit can find another dance partner. Whether the state is aware it's been broken up with has not been disclosed.
The trade happened May 26th. We found out June 26th. Thirty days is the disclosure window, which is plenty of time for absolutely nothing to happen in bond markets. Historically.
Now, we are not saying anything. We are merely noting that a sitting senator from a state sold that state's debt at a specific moment in history for a sum that falls somewhere inside a range the size of a modest yacht. This is normal. This is fine. The STOCK Act is working exactly as designed, which is to say it is producing ranges instead of numbers and timestamps instead of explanations.
The chart, as always, knows more than it's saying. Just like everyone else involved here.
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