David McCormick, U.S. Senator from Pennsylvania, has sold between $100,001 and $250,000 worth of Pennsylvania State Higher Education Revenue bonds — the kind of bonds that fund the very state he represents — and we know this because he told us about it exactly one month after it happened, which is the legal maximum, and which he hit with the precision of a man who owns a calendar.
The bond was yielding 4%, maturing in 2031. Not flashy. Not a meme stock. A municipal education bond. The financial equivalent of a sensible sedan. And yet here we are, reading about a Senator quietly exiting a debt instrument tied to his own state's higher education system and having absolutely no follow-up questions available to us because the STOCK Act requires a range, not a number, and a date, not a reason.
Was this routine portfolio rebalancing? Probably. Is "probably" doing a lot of work in that sentence? Also probably.
The disclosure threshold that flagged this trade is $50,000. The trade was at least double that. The disclosure window is 30 days. He used all 30 of them. Everything here is technically fine, which is, if you've been reading this newsletter for any length of time, exactly what we've learned to find most interesting.
The chart, as always, knows more than the filing.
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