David McCormick, United States Senator and presumably a man with many financial advisors on retainer, has sold somewhere between $100,001 and $250,000 of a Philadelphia municipal bond yielding 5% and maturing in December 2031. We know this because he disclosed it exactly thirty-one days after the transaction, which is precisely how long the STOCK Act gives you to think about it.
The bond in question is issued by the Philadelphia Authority for Industrial Revenue. It pays 5%. It matures in 2031. That is genuinely everything there is to know about this bond, and yet here we are, a newsletter, writing about it, because someone had to.
Why sell a 5% muni in May 2026? Unknown. Maybe he needs liquidity. Maybe he found something he likes better. Maybe his advisor sneezed at the wrong moment. The STOCK Act does not require an explanation, only a range, and "somewhere between one hundred thousand and a quarter million dollars" is a range in the same way that "somewhere between Tuesday and Saturday" is a schedule.
The trade met our $50,000 notability threshold, which means it clears the bar for "something happened." We are reporting that something happened. In Philadelphia. With a bond. You are now as informed as we are.
The chart, as always, knows more than any of us.
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