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Smartphones may soon be able to track hidden objects using LiDAR
Modern smartphones are packed with incredible technology, from high-resolution cameras and advanced graphics chips to AI processors. In premium models, this hardware includes LiDAR (light detection and ...
Riverhead Board Unswayed By Public Objections to Taking of Science Center Property
The Riverhead Town Board seemed unmoved by hours of comment at a public hearing Wednesday evening on its plan to take the property adjacent to the Town Square owned by the Long Island Science Center through eminent domain. In 2020, the Science Center had proposed to build a new 24,000-square-foot, $13.5 million attraction at the
Sports Daily Live: Major changes coming to state basketball tournaments in Kansas
As conversations emerge concerning the Big 10 and SEC possibly wanting to break away from the NCAA, we look into the situation and how leagues like the Big 12 should respond.
Preserving the future of vaccine science in the USA
Nature Microbiology - Vaccines have saved an estimated 154 million lives in 50 years, yet that infrastructure is under threat. We highlight the global impact of vaccine scientists who trained in...
Glycerol is a new ally for heat production and bone health
Nature Metabolism - The mechanisms controlling activation of the futile creatine cycle are unknown, calling into question its physiological relevance. In work recently published in Nature, Hussain,...
A framework for longitudinal health AI agents
Nature Health - This Perspective outlines the main components needed to design AI models that can assist individuals in the long-term management of their health, formalizing also the shortcomings...
Why Matt Damon and Tom Holland were jealous of Zendaya on "The Odyssey" set
Christopher Nolan was quite taken with the "Euphoria" star's performance.
Governor Spanberger’s vetoes may have political implications
Virginia Governor Abigail Spanberger vetoed a number of bills passed by her own party in the General Assembly this week.
HOMETOWN ENTERTAINMENT: Memorial Day weekend events across the region
Ravi Coltrane and MJ tribute show among concerts happening across the region this weekend
PHOTOS: Long Beach Century Club 38th Middle School Sports Awards Banquet
PHOTOS: Long Beach Century Club 38th Middle School Sports Awards Banquet
Suzuki Wins Awards at Science and Engineering Fair
Bedford High School sophomore Hanna Suzuki earned national recognition for her “Audio Augmented Reality for Celestial Objects” research project.
What’s next for Tampa’s Water Street? A lively entertainment district
City staff will review plans for a new music venue and hotel across from the Tampa Bay Lightning’s arena.
DNC Report Live Updates: Democrats' Autopsy Report on 2024 Election Faults Biden, Harris and Others
An incomplete report on what went wrong in 2024 was released after it had become an embarrassment for the Democratic National Committee.
The U.S. Is Holding Global Vaccination Efforts Hostage
Halting the distribution of vaccines that the U.S. objects to will mean depriving kids of protection against dangerous diseases.
The big Strauss Zelnick interview: GTA, AI, Roblox and building the biggest entertainment company in the world
"Technology is not going to take people's jobs, and the big tech companies who laid off people and said it was because of AI were not telling the truth"
Supreme Court revives damages suit against cruise ship companies that docked in Cuba
The Supreme Court subjected the world’s largest cruise ship companies to a stiff headwind on Thursday, reviving a claim that alleged they trafficked in property confiscated by the Cuban government when they docked their ships in Havana.
Net migration at new low – so why is immigration such a hot topic?
Despite latest evidence of falling migration numbers, debate around the subject remains ‘hostile’
Sports Daily Live: Could Big 10 and SEC leave the NCAA?
As conversations emerge concerning the Big 10 and SEC possibly wanting to break away from the NCAA, we look into the situation and how leagues like the Big 12 should respond.
'Titanic: The Artifact Exhibition' sets sail at port of Cleveland
"Titanic: The Artifact Exhibition" will open Thursday, May 21 at the Great Lakes Science Center and run until mid-January. Here's what to know.
Step aboard Titanic at immersive new Great Lakes Science Center exhibition
The showcase offers a stunning look at the infamous British ocean liner's history.
Ebola case sparks stricter health checks in Goma
Residents entering the eastern Congolese city of Goma from government-controlled areas were subjected to tighter health checks on Wednesday (May 20) as authorities sought to contain the spread of Ebola after one confirmed case was detected in the city, which remains under M23 occupation. Blanch Ancla has more.
Ward and Smith Co-Managing Director Devon Williams Named to Triangle Business Journal “40 Under 40 Leadership Award”
The Triangle Business Journal (TBJ) recently selected Devon Williams as a “40 Under 40 Leadership Award” recipient for 2026. The honor recognizes ou
Integrating public health into house design
Nature Medicine - Housing is not just a backdrop to health, but a powerful intervention. A study now shows that redesigning the home environment can improve child health outcomes, but success...
Transforming our future by unlocking the power of DNA: the representation of health-related genomic testing in UK news items
European Journal of Human Genetics - Transforming our future by unlocking the power of DNA: the representation of health-related genomic testing in UK news items
SBJ Tech Week: Leagues, entertainment companies embrace scalable tech to transform fan engagement
As professional sports leagues and entertainment companies accelerate their digital transformation, a shared reality is emerging across organizations to modernize fan engagement and operations using a new wave of scalable technology.
Interstellar's most-discussed scene is treated as exotic science fiction, but the family-separation problem it dramatises is one of the more actively studied subjects in long-duration mission planning.
The scene that has stayed with most viewers of Christopher Nolan’s Interstellar is not the wave-planet, or the visualised black hole, or the climactic library of moments. It is the one in the middle of the film where Matthew McConaughey’s character, Cooper, watches twenty-three years of his children’s recorded video messages, having lost that span […]
HBJ wins 6 national business journalism awards, earns top newspaper honor
The Hartford Business Journal won six national editorial excellence awards from the Alliance of Area Business Publishers, including a gold award for best newspaper in the medium-sized tabloid category. The […]
Wellgistics Health and Datavault AI to Form DelivMeds AI via PharmacyChain™ License Expansion and Acquisitions of QOLPOM Biometric Health Data and Drone Logistics IP and Majority of Tollo Health
Formation of DelivMeds AI, Inc. (ticker reserved: NASDAQ:MEDS), with an expected approximate combined asset value of $4 billion, is subject to…...
Spring sports scores and highlights: May 19, 2026
Highlights feature the baseball and softball games between Turner Ashby at Spotswood and Strasburg at Central
Roanoke focus group wraps up Entertainment District talks; Berglund Center needs $30M+ in repairs
he Roanoke Entertainment District focus group met for the final time to discuss what comes next for the city’s performance and sports venue, the Berglund Center, as leaders weigh major repairs and long-term plans for the facility.
Neural representation of action symbols in primate frontal cortex
Nature - A drawing-like task designed to study compositional generalization identifies a specific neural population in the ventral premotor cortex in primates that encodes action symbols.
WA author Eli Raphael’s debut novel takes place in Port Angeles
"Night Objects" is a gripping, suspenseful story told by protagonist Lenny Winter as she recounts her move as a 15-year-old from Miami to Port Angeles.
From The Sports Desk: Victor Wembanyama opens West finals with historic performance
Wembanyama had a otherwordly game, leading San Antonio to a double-overtime win over Oklahoma City. Plus, Brazil’s Vinícius Júnior is the subject of today’s World Cup spotlight.
The Surprising Mental-Health Benefits of Bedazzling
Bedazzling transforms boring objects—and possibly your mood, too.
NAACP calls for boycott of Southern college sports programs over voting rights
The NAACP is calling on Black athletes, alumni, fans and the general public to boycott the athletic programs of public universities in states that aim to redistrict longtime Black lawmakers.
Dodgers’ Alex Freeland, Isaac Ayon win minor league weekly honors
Last Monday, Alex Freeland was the odd man out in the Dodgers infield when Mookie Betts was activated off the injured list. Freeland was optioned to Triple-A, but made the most of things with Oklahoma City, winning Pacific Coast League player of the week in his first week back in the minors. The switch-hitting Freeland […]
Jaxon Smith-Njigba points out glaring mistake on offensive player of the year award: 'It's getting disrespectful'
Sports Daily Live: NBA Western Conference Finals open with thriller; Royals stumble again
In NBA action, the first game of the highly anticipated Western Conference Finals didn’t disappoint, as a battle between the top two seeds went into two overtimes.
Save COCA: Keep politics out of arts grants process
Grant decisions should not be subject to the shifting priorities, personal preferences, or political pressures of elected officials.
A Grip on Sports: There are three main ingredients in our Tuesday column but they all might actually revolve around just one
A GRIP ON SPORTS • Alliteration is a big deal on Tuesdays. Mainly as a way to menu plan. It is Taco Tuesday after all. Which makes a Tuesday Trio the right number of column subjects today as well.
The women leaving the 'New Right'
Defectors from the ‘New Right’ say that sexism is a feature, not a bug of modern-day conservatism.New York Magazine’s Sam Adler-Bell published The Young Women Leaving the New Right, detailing the experiences of conservative women who say that rampant misogyny within the space is pushing them out of a community they helped build. From demanding that women stay home and out of public life to advocating for the repeal of civil rights law - some conservative women have reached their limit. But host Brittany Luse wonders: will this change of heart stick in the voting booths? Or is this just more of the same?To answer that question, Brittany is joined by Editor at Large of the 19th and NABJ President, Errin Haines. Errin helps unpack the link between the ‘new’ and ‘old’ right, white women checkered political history, and how searching for community can sometimes lead people down dark paths. Want more about women and politics? Check out these episodes:Progressive women have 'had it!' And they're fighting back.The political power of Gen Z womenEnough is enough. Is it time to leave America?Support Public Media. Join NPR Plus.Follow Brittany on Instagram: @bmluseFor handpicked podcast recommendations every week, subscribe to NPR’s Pod Club newsletter at npr.org/podclub.
Stellantis to push US revival, brands and Chinese deals in high-stakes pitch to investors
Stellantis' CEO Antonio Filosa will outline a new long-term strategy to investors on Thursday with a focus on reviving crucial U.S. sales, tightening the group's sprawling portfolio, and leveraging tie-ups with Chinese firms.
Indianapolis named No. 3 Best Sports Business City
With the No. 3 ranking, Indianapolis jumps eight spots from the inaugural rankings in 2023, when it was ranked No. 11.
Rangers pitcher MacKenzie Gore leaves game with muscle tightness
Texas Rangers left-handed starting pitcher MacKenzie Gore left Monday night's game at Colorado after one inning because of muscle tightness in his back. Gore’s ailment occurred on the same day that the Rangers placed shortstop Corey Seager on the 10-day injury list because of lower back inflammation. Gore got up gingerly after diving to field a slow roller to the third base side, although it was not immediately clear if that play contributed to his injury.
Modeling context-dependent RNA splicing by deep learning
Nature Computational Science - A framework called HELIX provides a strategy for predicting full-length transcript isoform usage across diverse biological contexts by integrating sequence features...
Photoinduced radical emission from flexible organic crystals
Light: Science & Applications - Photoinduced radical doping strategy enables blue luminescence and elastic bending (>180°) in organic crystals. Confined oxygen radicals and dynamic...
MoMI announces the 2026 season of 'Open Worlds: Science' Programs
With themes ranging from walking for brain health, infinity day, NYC wildlife, and more May–October 2026 Astoria, New York, May 18, 2026 — The wildlife of New York City, walking and brain health, the nature of infinity, and alien encounters are some of the subjects explored in the second season of Open Worlds: Science, science-focused programs presented as part of Museum of the Moving Image (MoMI)’s free Open Worlds initiative. Running through October, Open Worlds: Science features scientist-led talks, screenings, and hands-on activities that all relate to science and the moving image to help illuminate and excite visitors of all ages about the ways science affects daily life.
Smashing Pumpkins Announce Rats in a Cage Tour to Celebrate ‘Mellon Collie and the Infinite Sadness’
"Staging a Mellon Collie-themed show is something we’ve discussed for over a decade, and finally the stars have aligned," says Billy Corgan
⚡ Weekly Recap: Exchange 0-Day, npm Worm, Fake AI Repo, Cisco Exploit and More
This week’s top cyber threats, attacks, breaches, malware, and urgent security updates.
2026 Healthcare Marketing Impact Awards
Learn about the 2026 Healthcare Marketing Impact Awards from Ad Age and Modern Healthcare, honoring impactful healthcare advertising, marketing and communications campaigns.
Trump drops lawsuit against IRS amid talks of establishing a $1.8 billion fund for allies
President Donald Trump is dropping his $10 billion lawsuit against the Internal Revenue Service, according to court documents, a signal that the administration is preparing to go forward with a plan to set up $1.8 billion fund that would compensate those who believe they were subject to unfair investigations under previous administrations.
Sports Daily Live: Lineup decisions confuse Royals fans as struggles continue
The Royals salvaged a win in St. Louis to avoid a second consecutive but as struggles continue, lineup decisions have fans confused.
Indianapolis Tabbed No. 3 Best Sports Business City by Sports Business Journal
CHARLOTTE – Sports Business Journal (SBJ) has named Indianapolis as the No. 3 Best Sports Business City in the United States, the organization announced on Monday. The Best Sports Business Cities™ list highlights the top 50 cities for businesses operating in and around sports and influences strategic direction for sports business professionals across the United States. Started in 2023, Best Sports Business Cities™ is an editorial initiative developed by Sports Business Journal, the industry’s leading news source on the business of sports. Using extensive data from dozens of sources and insights from nearly 120 influential sports business executives, SBJ evaluated more than 2,000 markets to identify the top cities based on opportunity, economic environment and industry sentiment to identify cities with strong business presence, hiring potential and long-term investment viability.
Indianapolis Tabbed No. 3 Best Sports Business City by Sports Business Journal
CHARLOTTE – Sports Business Journal (SBJ) has named Indianapolis as the No. 3 Best Sports Business City in the United States, the organization announced on Monday. The Best Sports Business Cities™ list highlights the top 50 cities for businesses operating in and around sports and influences strategic direction for sports business professionals across the United States. Started in 2023, Best Sports Business Cities™ is an editorial initiative developed by Sports Business Journal, the industry’s leading news source on the business of sports. Using extensive data from dozens of sources and insights from nearly 120 influential sports business executives, SBJ evaluated more than 2,000 markets to identify the top cities based on opportunity, economic environment and industry sentiment to identify cities with strong business presence, hiring potential and long-term investment viability.
SBJ ranks the 50 Best Sports Business Cities
It’s all about the ATL as SBJ’s fourth annual Best Sports Business Cities™ project gives Atlanta the No. 1 spot among 50 ranked markets.
Business Starts for May 18, 2026
In February, 993 new businesses filed incorporation paperwork with the Massachusetts Secretary of the Commonwealth, in order to do business in the state.
My Boss Is an Alcoholic. What Should I Do?
Plus, a bona fide “kids say the darnedest things” moment at a company party.
Europe is paying to make itself sick – and the health bill proves it
Europe spends billions on fossil fuel subsidies while facing huge healthcare costs. Leaders must prioritize people and environmental sustainability.
CARE for Women: An investment in health system redesign
An expansion of preventative care could widely improve health outcomes for women. The CARE framework, by the Forum and McKinsey health Institute, can help.
Sioux Falls teams’ success fueling sports scene in the city
The recent success of the city's sports scene is driving even more fan excitement and growth for future events.
Hims & Hers Health, Inc. Announces Proposed Convertible Senior Notes Offering to Support International Expansion and Accelerate AI-Driven Platform Investment
Proceeds intended to be used to preserve financial flexibility as Hims Hers executes on its international expansion strategy, including the proposed acquisition of Eucalyptus, invests in technology and operational infrastructure to drive anticipated cost efficiencies, and enhances the consumer experience with AI and its closed-loop data ecosystem. Hims Hers Health, Inc. (“Hims Hers” or the “Company”, NYSE: HIMS) today announced its intention to offer, subject to market and other conditions, $300 million aggregate principal amount of convertible senior notes due 2032 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Hims Hers also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an
Integrated sensing networks for One Health monitoring
Nature Sensors - This Perspective outlines an integrated sensing framework for One Health, linking human, animal and environmental monitoring through connected sensors and AI-driven data fusion to...
Phonon-polaritonic skyrmions: transition from bubble- to Néel-type
Light: Science & Applications - We demonstrate wavelength-tunable surface phonon-polariton skyrmions on silicon carbide membranes. Leveraging strong material dispersion, we experimentally...
Decoding chirality at the nanoscale with momentum-space polarimetry
Light: Science & Applications - Schematic illustration of Fourier-domain Mueller matrix polarimetry probing light-matter interactions in gammadion nanostructures, and enabling extraction of...
Spaceborne snapshot compressive hyperspectral imaging
Light: Science & Applications - We propose and complete the world’s first computational imaging-enabled compact spaceborne snapshot compressive hyperspectral payload, named...
Alex Palou wins pole for 2026 Indianapolis 500
Palou won the 2025 Indianapolis 500 and will lead the field to green this year.
Canadian national health agency confirms 1 positive hantavirus test
Canada's national health agency confirms that one of four Canadians returning from a cruise ship with a hantavirus outbreak has tested positive.
Burcum: Mental health lifeline becomes collateral damage
Two of Vail’s three metro Clubhouse locations could close as early as June 30 if a fixable state funding-renewal snag isn’t solved soon, columnist Jill Burcum writes.
Scientists Uncover an “Alien” Metal Hidden in a 3,000-Year-Old Year-Old Treasure Stash
A Spanish museum guarded a 3,000-year-old secret. Two corroded objects in Europe's richest Bronze Age gold hoard were made from metal that fell from the sky.
Why aren't brain transplants possible?
Lining up donor and recipient nerves for a potential brain transplant is one thing. Getting them to communicate is another.
A’s Drop Saturday Contest To Giants 6-4
Tough loss but can still win the series tomorrow
Green Thumb Nursery celebrates a milestone
A longtime Lexington business celebrates a major milestone, marking 50 years in business with a customer appreciation event.
Red Sox SS Trevor Story going on IL with sports hernia, after struggling with groin injury for weeks
Tudor House holds Paws for Mental Health event in Roanoke
The Paws for Mental Health event was organized by a local suicide prevention group called Tudor House.
Red Sox SS Trevor Story reportedly going to IL with groin injury he's struggled with for weeks
ActBlue C.E.O. Agrees to Testify Before Congress About Foreign Donor Vetting
The Democratic fund-raising group, which backs candidates up and down the ballot, has been the subject of scrutiny by Republicans.
Alleged burglars caught inside Colorado Springs business overnight: Police
Two suspects were arrested after police say they were caught red-handed inside a Colorado Springs business overnight.
Community supports student severely burned during school science experiment
The accident happened at Greeneview High School when a science experiment caught on fire.
With Possible Raúl Castro Indictment, U.S. Eyes Venezuela Playbook
Amid stepped-up surveillance flights, a visit of the C.I.A. director and an energy embargo, the White House is trying to increase pressure on Cuba.
HOMETOWN ENTERTAINMENT: Jacoozy among the On the Rise Contenders at FloydFest 26-Daydream
The jam-rock band from North Carolina is set to perform at FloydFest on July 24.
Bam! Pow! Krakoom! The everlasting allure of the American comic book
They are ridiculous | Talk 1370
Notre Dame Recruiting Roundup: Irish Stay Hot On The Trail
The Irish bolster their 2027 class by landing two massive offensive tackles, including a crucial flip from UCLA, while aggressively expanding their 2028 board across Florida and California.
Now streaming: Gov. Lamont and legislative leaders take the stage at HBJ Politics & Policy Forum
The full video of Hartford Business Journal’s second annual Politics & Policy Forum is now available, featuring Gov. Ned Lamont’s preview of a third-term agenda and a pointed panel discussion […]
10 Apple Shortcut Hacks Every iPhone User Should Know
Apple Shortcuts can unlock all kinds of new iPhone powers. Here are some of the best examples.
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott locked in on the stick-figure graphic of himself. The world of biomechanics is very advanced. But with Abbott going through the worst rut of his big league career, he opened up to some new ideas to get himself back on track. He asked for some help, and he leaned into some sports science. He said the stick figures made it clear, and he credits biomechanics for helping him get his season back on track. Over his last three starts, he has allowed two total runs in 17 ⅔ innings. “There’s a photo of (me) last year and the year before on a graph, and this year is in a different color,” Abbott said. “You see where you are in comparison to that. Where the hands are at this moment, where your feet are, where the knee is, where your head is at, where your shoulders are at, it breaks it all down if you want it.” When Abbott saw his mechanics in this objective way, he recognized exactly what had been going wrong. “When my tempo, my feet and my hands are aligned, then normally my mechanics are sound,” Abbott said. “And when my mechanics are sound, my stuff behaves normally. The fastball is jumpy. I’m up in velo. My extension is better.” Abbott said that he started diving more into his biomechanics in the middle of April. The Reds have a biomechanics team, which works closely with pitching coach Derek Johnson and hitting coach Chris Valaika. Leading the group is biomecahnics manager Franky Mulloy. “I laugh every day,” Francona said. “When Franky starts talking, I start laughing. I remind him to know his audience.” Francona isn’t a scientist. The Reds’ manager jokes about his own comprehension of the data. But it’s easy for him to recognize the value that the biomechanics team is providing. “That’s why we got them,” Francona said. Abbott said that he had his first big biomechanics-oriented meeting in the middle of April. Behind the scenes, there was already a lot of communication going on within the Reds’ staff. “Franky calculates all the things, builds it into these graphs, and DJ gets them,” Abbott said. “They have their internal communication. Then, we go to them and ask what about this or that. The main thing for me is arm angle.” The data shows Abbott how his arm angle evolves from start to start. He hasn’t meant to change it. But just like all of us, our posture might be different from one day to the next. Pitchers’ arm angles can make minor shifts without the pitcher or even coaches noticing. But the data can’t miss a change like that. Abbott recognized that his arm angle had been moving around without him noticing. Now, he checks in with the data to make sure that his mechanics are in sync. “They get into these cool looking graphs,” Abbott said. “I can’t really describe them. I don’t know what they are. But for me, it’s a photo of a stick figure of myself.” The stick figure of his current positioning is superimposed over previous versions of himself. With that format, Abbott can compare his mechanics on any given day to what they were when he was pitching at his very best. “It was very noticeable from the moment I saw this year as black compared to two years ago and last year, it was very, very different,” Abbott said. “I could see with my eyes without having to ask any questions about the difference in the photos.” For any pitcher, there are a lot of moving pieces in your delivery. For Abbott to be the best version of himself, he needs his head, his arm, his hand, his knee and his feet to be on the right “tempo.” “Tempo is a word I’ve used a lot,” Abbott said. “Getting everything in certain areas working together.” He has been much better at that recently. The data backs that up, and so does Abbott’s ERA. The biomechanics data has also given the Reds’ staff and Abbott some better ideas for some training that he can do between starts. He has added drills to shore up areas of his body that Abbott needed to make stronger. “They make a plan based off what they see,” Abbott said. “If things start changing, we know what to revert back to.” Overall, Abbott says that he’s not a very analytical guy. There’s so much information out there, and he says that it’s important for him to not get too analytical when he breaks down his specific pitches. He has learned the value of being “analytical about mechanics.” And the way that the Reds presented that information to him made it easier for him to make the right adjustments without being overloaded by information. “It was a very simple fix,” Abbott said. “It took a long time to finally get there, feel the results and see it. But for the most part, it was very simple to apply it.”
Sports Daily Live: Chiefs release full schedule
What can we expect from the Kansas City Chiefs in the 2026 season? We take a game-by-game look at the schedule.
BT revives talks for international business sale, Sky News reports
UK's BT is reviving talks over a possible sale or partnership of its struggling international business a year after halting negotiations, Sky News reported.
FedEx board approves trucking business spinoff
A new standalone FedEx Freight may resemble a start-up, but the LTL carrier is far from it, experts say.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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