Quote of the Day
"History has shown that a lack of integrity in the public realm leads to very bad outcomes in the long run. In the end, integrity is the only way to prevent a country from becoming a failed state."
(Scott Sumner)
Chart of the Day
Since the Fed started lower interest rates, the 30-year Treasury yield has only rise. (via @charliebilello)
Private assets
- Even the best endowment managers are seeing disappointing private equity performance. (wsj.com)
- The track record of sovereign wealth funds isn't great. (barrons.com)
- Wealthy investors are pouring money into private credit. (on.ft.com)
ETFs
- Sam Ro, "In the same way that there are more recipes than there are ingredients, it seems inevitable that there would be more ETFs than there are individual stocks in those funds." (ft.com)
- The Dan Ives Wedbush AI Revolution ETF ($IVES) is pulling in the assets. (etf.com)
Business
- Why the Appeals Court ruled against the Trump tariffs. (paulkrugman.substack.com)
- Businesses are still struggling to come to terms with changing tariffs. (wsj.com)
- U.S. steel manufacturing is expanding, but domestic demand lags. (wsj.com)
FEMA
- FEMA was struggling even before 2025. (bloomberg.com)
- The administration will brook no dissent, the case of FEMA. (semafor.com)
Taxes
- The IRS is back in hiring mode, reversing prior layoffs. (axios.com)
- Billionaires were paying a smaller percentage of their income in taxes even before the OBBBA. (theatlantic.com)
Voting
- There's no positive case for gerrymandering. (slate.com)
- DHS is now hiring election deniers in their election security division. (propublica.org)
Policy
- Don Moynihan, "Americans are less free than they were a year ago, more subject to state power directed by an President disinterested in democratic norms." (donmoynihan.substack.com)
- The government brain drain is accelerating. (axios.com)
- The assault on independent regulators continues apace. (axios.com)
- ICE is now pulling firefighters off the line. (theguardian.com)
- USAID is abandoning materials around the world. (theatlantic.com)
- Some rural areas are the most reliant on public radio stations. (nytimes.com)
Economy
- Why Federal Reserve independence is so important. (ninaeichacker.substack.com)
- The question around AI and jobs is still open. (noahpinion.blog)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
