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Back in Business? The IRS Revives “Significant Issue” Rulings for Corporate Transactions
On May 5, 2026, the Internal Revenue Service (“IRS”) released Revenue Procedure 2026-21 (the “Rev. Proc.”), which reinstates a program under which
Evaluating Rueben Chinyelu's NBA draft decision after combine results
One of the biggest questions heading into the NBA draft is whether Florida basketball's starting center Rueben Chinyelu will return to school.
Fire fighters, cancer risk, and women’s health: What’s known – and what’s still emerging
Fire fighter cancer risks are increasingly well documented, but for women in the fire service, important questions about occupational exposure and
Curiosity-driven research explained: Basic science lays the foundation for life-saving discoveries - Morgridge Institute for Research
When scientists ask fundamental questions about life, biomedical breakthroughs follow — often at a distance. Why should we embrace the long, unpredictable path from curiosity to cure?
How Women Can Prioritize Health — and What to Check Annually
More than 6 in 10 women struggle prioritizing their health according to a survey, so Dr. Elisa Port, chief breast cancer surgeon at Mount Sinai and author of “Breast Advice,” joins TODAY with a closer look at the biggest issues and questions women face regarding their health. She breaks down the four Ws that help reduce risk of breast cancer, shares her recommendations for prioritizing screenings, and highlights the benefits and risks of hormone replacement therapy.
Acting attorney general expected to face questions about compensation fund for Trump allies
WATCH LIVE: Acting Attorney General Blanche may be questioned on 'weaponization' fund in budget hearing
Xbox Player Voice requests reveal what fans want most from Microsoft
Xbox fans have wasted no time in submitting feedback to Microsoft with the new Xbox Player Voice portal. Here are the top 10 requests from players.
Blanche will face questions from lawmakers over a nearly $1.8B fund to compensate Trump allies
Acting Attorney General Todd Blanche appears on Capitol Hill for his first congressional testimony since taking over at the Justice Department.
Now that redistricting is dead for this year, these are the next 10 questions to ask about Virginia politics
We’re still waiting to see how the relationship between the governor and the General Assembly plays out. Plus, Lynchburg Republicans and, yes, more redistricting fallout.
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.
A guide to equestrianism: The rules, the riders and the $2.35m bonus prize
As part of our expanding global sports coverage, we will bring you in-depth coverage of this year's major equestrian events.
Baking soda & vinegar volcanoes with Mad Science of Austin & SA
Asia’s Maternal Health Story Is Changing — And Young People Are Asking Bigger Questions
From Tokyo to rural villages, maternal health in Asia is rapidly changing.
Xbox Fans Share Their Top 10 Requests After Day One Of Player Voice Feedback
Exclusives, backwards compatibility & more
Elon Musk vows to appeal after losing his lawsuit against OpenAI
Elon Musk wrote on X that there was "no question" that Sam Altman and Greg Brockman "did in fact enrich themselves."
Trump says he's called off Iran strike planned for Tuesday at request of Gulf allies
Trump made the announcement in a social media post on Monday after threatening the clock was ticking for Iran to strike a deal or fighting would renew after a fragile ceasefire.
This Ebola outbreak raises questions about when it all began -- and the U.S. response
The sheer number of cases and deaths are a sign that the outbreak might have been smoldering before the virus was identified.
Ask Pinstripe Alley: Yankees mailbag questions request
A lot went wrong for New York in a week’s span. What can they do about it?
Google just made big changes to Gemini usage limits
Following in the footsteps of GitHub’s Copilot plans, Google’s AI subscriptions are moving to “compute-based” usage limits rather than a fixed number of requests.
Senate Republican threatens to derail ICE, Border Patrol package over Trump's billion-dollar request
An internal GOP dispute over funding for Trump's ballroom threatens to derail the $72 billion reconciliation package for immigration operations.
Trump says he's called off plans for "scheduled attack of Iran" after request from Gulf partners
Whoa! Netflix is Sending Narnia Heading to Theaters...What This Means for the Future of Film
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Here’s a funny thing about the debate over whether streamers should release their movies in theaters first: Both sides think the other side represents the “conventional wisdom”. If you’ve been reading me for any amount of time, or even just scanned my front page, you know I think movies make more money by having a robust theatrical window compared to going straight-to-streaming. I’ve published thousands of words on this topic. And for years, I felt like I was standing up to a wave of opposition. See, while the “put your films in theaters to make money” take was obvious at any point before 2019, post-streaming revolution, most of the trendy thinkers took the opposite point of view. Big names argued that Netflix putting their film straight-to-streaming (“S-to-S” from here on out) actually made more money. Netflix was “disrupting” theaters, just as they disrupted Blockbuster Video, and since innovation is always good, this too was a great idea. This thinking then leaked into the mainstream business outlets like the Wall Street Journal and Bloomberg. I read many articles whose take boiled down to “Netflix makes tons of money from S-to-S releases” and “theaters were in structural decline” anyways. Covid-19 shutting down theaters and the 2023 strikes shutting down film production seemingly justified this point of view, as the box office struggled to return to 2017-2019 heights. Yet I’ve also read folks arguing the opposite point: the conventional wisdom says to put films in theaters! From some writers’ points of view, “everyone” actually agrees/agreed with my “send your films to theaters” take—especially the stodgy traditional studios—and folks still didn’t understand Netflix’s genius. I feel like, for the last two years, many people have argued this point as if it’s conventional wisdom. You know what? I may have been wrong. At this point, the “S-to-S strategy makes money” might be the minority viewpoint. Especially with the news this month that Netflix will put at least one film—Greta Gerwig’s Narnia film The Magician’s Nephew—in theaters in 2027 for a full 49-day run is big news. So that’s the story of the week, but I’ll also explain why they’re making this move now and why Netflix may not completely embrace theaters, along with other topics, like how I don’t buy Disney’s “super app” strategy, the latest good news out of the unions, my take on the latest attacks against free speech, and a whole lot more. Let’s get started. Subscribe Most Important Story of the Week - Netflix Goes to Theaters! Listen, I promise not to victory lap too hard today. As I just wrote, I’ve argued against sending films straight-to-streaming for—checks calendar—eight years now. Since 2018. Yikes. That’s a long time. And for years, others painted my thinking as “conventional” in that I was standing up for the status quo against trendy, cool disruption. And that’s not cool! But math is math, and I never could make the S-to-S numbers work. The only thing that ever enabled that model was Wall Street’s brief exuberance for it. It seems like the heads of Netflix now agree with me. (There were always rumors that former head of film for Netflix Scott Stuber argued internally for theatrical releases as well.) As they announced: “The Magician’s Nephew_—the first film in a Narnia series of films—will open on 12-Feb-2027, with a 49 day theatrical exclusive run.”_ I’m a little surprised at how little coverage this big change actually got. Credit to Bloomberg for leading with it and Matt Belloni’s The Town for highlighting it with the provocatively titled podcast “Hell Hath Frozen Over”. But after that? Instead of getting as much coverage as, say, the FCC’s latest egregious crackdown on free speech, this news story got crickets. But it’s massively more important for the future business of entertainment. So let’s start with the obvious question… Why Put Your Movies in Theaters? So…why should Netflix put (some!) of their movies in theaters? Well, I’ve already written that in a very, very, very long article from 2022: [ ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) [ The Data Is In: Theatrical Films Massively Outperform Straight-To-Streaming Films ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) Entertainment Strategy Guy · April 5, 2023 [ Read full story ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) To summarize, theatrical runs make much more money, especially blockbusters, because they earn more money per viewing,1 and that helps boost home entertainment sales. Theatrical films also perform as well or better than the streaming-only films. Now, partially this is driven by increased marketing for said films, but said marketing ultimately boosts the awareness of the movies and drives improved streaming and library performance as well. Again, I’ve made this case after reviewing the economic models and streaming data for years. Just last week, Emily Horgan also made the case for kids films! Yes, it is probably conventional wisdom, but that’s also because it’s true! I’d also argue we’ve seen a lot of data in the various studios’ behavior. As I’ve noted before, the more a studio needs to make money, the likelier they are to put films in theaters. As such, Disney, Universal, Warner Bros., Paramount and Sony all send their major films to theaters. Even if they once made a big S-to-S push (*cough* Disney *cough*), they’ve since relented and returned to theaters. The tech companies don’t need to make money, per se, so it took them years to embrace theaters. Apple doesn’t need to make money because it doesn’t disclose their (likely) Quibi-sized losses each year. (They fear bad press more than losing money.) Amazon announced two years ago that they planned to make Amazon-MGM Studios/Prime Video profitable on its own, and guess what? Now they’re putting films in theaters. That leaves Netflix. They’re in between the “no need to make money at all” and the “desperately need to make money to offset linear TV declines”, so they had less pressure to put some films in theaters. Plus, for years, they were the sexy disruptor, and Wall Street rewarded them for that. (Honestly, they still do.) Yet, even Netflix likely saw the money they were leaving on the table (I’ve estimated it at an easy billion dollars before) so they changed their course. I heard one pundit argue that, because Netflix already makes so much money, they don’t need to make more money, which sort of goes against everything I’ve ever learned about business and economics. Again, to be super-nuanced, sending “films to theaters” does not mean EVERY film. TV movies have been a thing for decades. Lifetime films, Hallmark holiday films, Disney Channel Original Movies, and so on, don’t need theatrical runs. But films above a certain budget level (say $25 to 50 million) almost certainly need theaters to maximize their revenue. The Scenarios (with a Dose of Skepticism) Now time for some skepticism: it won’t surprise me at all if Netflix re-changes course. Specifically, Netflix announced that their Narnia film will go to theaters. And I’d bet anything we see KPop Demon Hunters 2: The Huntering2 also goes to theaters, cause it’s the surest hit outside of a Disney animated sequel right now. But how much does Netflix truly commit to theaters? They’ve already tried to emphasize that this is a one-off move. I see three broad scenarios:
Cleveland County Recreational and Entertainment Facilities Authority seeking proposals for underwriters, trustee bank for future arena bond issuance
The Cleveland County Recreational and Entertainment Facilities Authority approved issuing a request for proposals for an underwriter and trustee bank service for future bond issuance related to the new arena
Developer proposes indoor sports complex on East Brainerd Road
A developer wants to build a large indoor sports complex on East Brainerd Road.Planning documents filed with Hamilton County show a request to rezone property i
Blanche’s Quest for Knowledge
From Tuesday, May 26, at 10:00 a.m. to Monday, June 1, 2026, at 8:00 p.m. local time. Koin Blanche for a research-focused adventure featuring Field Research tasks and Incense encounters. The following Pokémon will appear more frequently in the wild: Some Trainers might even encounter the following: The following Pokémon will be attracted to Incense: […]
New MatterChat Model Helps AI to ‘See’ the Language of Science
From writing emails to generating computer code, much of the artificial intelligence prevalent in our daily lives has succeeded by mastering one domain: text. However, this leaves a major blind spot in the physical sciences, where models depend on the high-resolution, three-dimensional data of the physical world, like the intricate lattice of atoms in a crystal. Delivering on the promise of using AI for science requires teaching these data-driven text models to seamlessly “talk to” physics-based models. Now, a new AI framework from Lawrence Berkeley National Laboratory (Berkeley Lab), called MatterChat, solves this problem by creating a specialized “bridge.” It connects the conversational power of a Large Language Model (LLM) with a physics-based AI that models “interatomic potentials”: the complex physical forces between atoms. The resulting system already significantly outperforms general-purpose AI tools like GPT-4 at predicting material properties, and the team hopes it can accelerate scientific discovery by serving as a robust research partner that provides grounded insights and generates step-by-step instructions for synthesizing novel materials. A paper describing this work was recently published in Nature Machine Intelligence. “Traditional simulations can provide the physical rigor required for materials science, yet their computational cost remains prohibitive for high-throughput screening. Conversely, while LLMs excel at rapid knowledge synthesis, they inherently lack the ‘structural vision’ to interpret materials directly from their underlying atomic coordinates,” said Yingheng Tang, a postdoctoral researcher in Berkeley Lab’s Applied Math and Computational Research Division (AMCR) and lead author on the paper. “MatterChat was built to solve this dilemma, empowering LLMs with a structural ‘vision’ that allows researchers to leverage their full potential for solving complex, real-world materials challenges.” Empowering language models to solve complex challenges in materials science To build MatterChat, the Berkeley Lab team drew inspiration from technologies like Vision Question Answering (VQA) and Text-to-Image (T2I) generation. In these tasks, AI must translate high-level text concepts into visual images, or vice versa. Doing so requires developers to build tools that “bridge” two fundamentally different forms of data. The researchers adapted this concept to the physical sciences. With MatterChat, they created a “bridge model” that successfully connects an LLM’s general knowledge with the deep understanding of the atomic-scale world encoded in scientific interatomic potentials. Until now, researchers using LLMs to solve materials problems usually had to feed them raw data files as if they were just strings of text. It’s like asking an AI to understand a complex 3D engine based only on a parts list: the LLM can read the names, but it can’t “see” how the atoms fit together in space. MatterChat solves this by training a specialized AI bridge model, pre-trained on millions of crystal structures and an LLM, to align the LLM’s representation of the world with the interatomic potential’s representation of the world. The bridge model can translate physical insights into a format the LLM can actually understand. By giving the LLM these “scientific eyes”— a scientific “inductive bias” in the terminology of AI — the Berkeley Lab team has transformed it into a robust research tool capable of providing grounded scientific insights into complex materials challenges, such as predicting thermal stability or analyzing electronic band gaps. “We think of atoms as living in a physical space, but from a machine learning perspective, they are just vectors living in some very non-trivially structured manifold in a high-dimensional Euclidean space; and, of course, the same is true for the sentences and paragraphs that we use to express our ideas about those atoms,” said co-author Michael Mahoney, Berkeley Lab’s Scientific Data Division (SDD) AI Initiative Research Lead. “The bridge model basically gets those two structures to ‘talk with’ each other.” As a proof-of-concept of this general approach, the team trained their bridge model on a dataset curated by pairing nearly 143,000 stable atomic structures from the Materials Project with their corresponding physical properties. This training data was automatically assembled using the Materials Project’s API and deliberately enriched with properties fundamental to microelectronics design — like formation energy and bandgap — allowing MatterChat to learn the complex patterns connecting a material’s atomic blueprint to its functional performance. To validate their model, the researchers benchmarked MatterChat against a suite of other AI systems, from general-purpose LLMs to other specialized scientific AI methods. The results show that MatterChat consistently outperformed its competitors across a range of tasks. The model was more accurate in classifying material types and demonstrated superior precision in predicting numerical properties. For example, it excelled at predicting a material’s bandgap, a property critical for designing new electronics from high-capacity energy storage to next-generation computer chips. “Our design is significantly more efficient because we don’t have to build a massive AI model from the ground up,” said co-author Zhi (Jackie) Yao, a research scientist in Berkeley Lab’s AMCR. “Instead, we take two powerful, pre-trained models — a structural encoder for materials physics and an open-source LLM — and use them off-the-shelf. The only component we actually train is the lightweight ‘bridge model’ that translates between them. It’s the difference between building an entire car factory and simply designing a smart adapter that connects a world-class engine to a world-class navigation system. This approach is not only computationally efficient, but also makes the system modular, so we can easily upgrade components or adapt the bridge for other scientific domains in the future.” Crucially, this modular design highlights exactly how institutions like Berkeley Lab and the Department of Energy are carving out a highly valuable niche in the booming AI landscape. Rather than competing with Silicon Valley tech giants to build ever-larger language models from scratch, the lab is focusing on the specialized connective tissue that makes commercial AI useful for hardcore science. Because the bridge model approach underlying MatterChat is forward-compatible, it is perfectly positioned to leverage these parallel tracks of innovation. As Mahoney pointed out, “We expect that industry will continue to develop improved LLMs, and we expect domain scientists and facilities will continue to generate new data. An important part of scientific machine learning is not simply to solve problems on today’s data, but instead to develop general methods that will be forward-compatible with orders of magnitude more data, whether from scientific domains or from LLMs.” According to Yao, the MatterChat project, which was initially developed and enhanced with funding from a Berkeley Lab Laboratory Directed Research & Development (LDRD) Program, will now expand its capabilities. In a collaboration with Fermilab, MatterChat is already contributing to a U.S. Department of Energy Genesis Mission project — called Accelerating eXtreme Environment Specs-to-Silicon (AXESS) — that aims to speed up the development of next-generation, high-speed, radiation-hardened detectors for challenging particle physics experiments by using advanced 3D integrated circuits (chiplets) and AI-driven data analysis. In addition to the LDRD support, the team also credits supercomputing resources at the National Energy Research Scientific Computing Center (NERSC), located at Berkeley Lab, with MatterChat’s success. “We are incredibly grateful to NERSC; this research simply would not have happened without access to the Perlmutter supercomputer through their AI for Science program,” said Tang. Wenbin Xu, a NERSC postdoctoral fellow at the time, was also a major co-author of the work, as was Benjamin Erichson, a research scientist in Berkeley Lab’s SDD, highlighting the benefits of AMCR-SDD collaboration on AI for science. ### Lawrence Berkeley National Laboratory (Berkeley Lab) is committed to groundbreaking research focused on discovery science and solutions for abundant and reliable energy supplies. The lab’s expertise spans materials, chemistry, physics, biology, earth and environmental science, mathematics, and computing. Researchers from around the world rely on the lab’s world-class scientific facilities for their own pioneering research. Founded in 1931 on the belief that the biggest problems are best addressed by teams, Berkeley Lab and its scientists have been recognized with 17 Nobel Prizes. Berkeley Lab is a multiprogram national laboratory managed by the University of California for the U.S. Department of Energy’s Office of Science. DOE’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States, and is working to address some of the most pressing challenges of our time. For more information, please visit energy.gov/science.
Can You Trust AI for Health Questions?
Many people these days rely on AI for answers to health questions, but there are reasons to be wary. Here's how to find info you can trust.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
Op-ed: Peru’s Politics of Instability
As Peru approaches new presidential elections, a cycle of political upheaval has normalized instability, raising urgent questions about whether democracy can function when crisis becomes routine.
Trump’s Approval Sinks Amid Unpopular War, Darkening G.O.P. Prospects
With the midterms nearing, President Trump’s approval rating has hit a second-term low as voters question his handling of the economy, according to the latest New York Times/Siena poll.
Stories, scheduling & spectacle - five takeaways from 2025-26 WSL
With the 2025-26 season in the books, BBC Sport answers five pertinent questions from the Women's Super League.
Oil Prices Edge Higher as Cease-Fire Remains Tenuous
Oil prices rose after President Trump issued a new warning to Iran, calling into question the tenuous cease-fire in the war.
3 biggest questions for the Detroit Pistons entering the offseason
Here's what the Pistons must address entering the 2026-27 season
What's next for Pistons? Detroit's questions around Cade Cunningham include pressing one about Jalen Duren
The Pistons were the No. 1 seed in the East and had a wonderful regular season, but their flaws were exposed in the playoffs
2026 Best 40-Under-40 Business Professors: Jetson Leder-Luis, Questrom School of Business, Boston University
Over the last decade, Poets&Quants has honored more than 540 up-and-coming star MBA and graduate business professors from around the world.
Astrobiology Science Conference (AbSciCon26) Media Tips 2: Technosignatures, Life in Space, Existential Questions, Robot Explorers
The 2026 Astrobiology Science Conference hosted by the American Geophysical Union (AGU) will convene next week
Galileo Galilei, scientist: “In questions of science, the authority of a thousand is not worth the humble reasoning of a single individual”
Galileo’s warning about scientific consensus still resonates centuries later as modern discoveries continue overturning accepted wisdom.
Knicks Bulletin: ‘I just try to look at the positives’
Nothing better than a Game 7, amirite? Actually, there’s something even better about today’s matchup, as the Knicks aren’t involved and will be just enjoying the bloodbath from afar! Here’s the latest from Tarrytown as New York patiently waits to know its ECF foe. Mike Brown On supporting Mikal Bridges amid benching questions: “I was […]
As Springfield weighs annexation request, regional behavioral health needs hang in the balance
Springfield councilors will ponder an annexation request that would set the stage for Oregon’s first behavioral health campus that has both a psychiatric hospital and stabilization center on site.
Adam Driver Brushes Off Lena Dunham Memoir Question in Cannes: ‘I’m Saving It All for My Book’
Adam Driver may be known for leading critically acclaimed films like “BlacKkKlansman” and blockbusters like “Star Wars,” but his career first gained steam on TV in Lena Dunham’s HBO series “Girls.” Th...
Questions for Mike and Phil
If you’re a fan of the old Seinfeld TV show, you might remember the fat postman, Newman, being asked why postal workers “go postal”? “Because the mail never stops. It just keeps coming and coming and coming! There’s never a let up! It’s relentless! Every day it piles up more and more and more! You […]
Pep Guardiola ends TNT Sports interview abruptly after Manchester City future question
Guardiola deflects question on his future with a characteristically witty “Have a lovely evening!”Man City boss insists “the future is bright” after his side beat Chelsea in the FA Cup finalCa...
Keyshawn Davis wins in Norfolk, then sets his sights higher
Keyshawn Davis is 15-0, he dominated Nahir Albright, and before he left the ring he called out Oscar Duarte and Devin Haney. The redemption arc is moving forward. Whether the weight issues are behind him is another question.
Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
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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.”
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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
A chemical found in fish could help reinvent your sunscreen
It’s been over 25 years since the FDA approved a new ingredient for sunscreen in the United States. But a molecule called gadusol found in fish and coral reefs is a promising candidate. It absorbs U.V. rays — acting like a built-in sunscreen for fish. But there’s a big hurdle if scientists want to turn gadusol into human sunscreen: They’d need to make a lot of it. A new study out this week in the journal Trends in Biotechnology takes us a big step closer. Their solution? Using the bacteria best known for making your stomach hurt: e. Coli. Interested in more science? Email us your question at shortwave@npr.org.Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.
'Outlander' boss breaks down the series finale, that post-credits scene, and the stories they never got to (exclusive)
The 'Outlander' series finale provided a few answers and a few questions. Showrunner Matthew B. Roberts breaks down that post-credits sequence and the stories they never got to write.
Xperia 1 VIII AI photos outrage: Nothing CEO calls out Sony for "engagement farming"
Sony's Xperia 1 VIII launch is facing backlash over its AI Camera Assistant, with critics roasting the flagship phone for its questionable AI image processing. Amid "engagement farming" accusations from Nothing CEO Carl Pei, the key to the controversy might be a marketing misunderstanding.
This Week in Jacksonville: Business Edition - City leaders push for practical money skills in schools
Florida now requires a stand-alone personal financial literacy course for high school graduation - but guests on This Week in Jacksonville: Business Edition say the real question is whether it changes behavior. Host Kent Justice talks with Dr. Ronetta Wards of the Jacksonville Public Education Fund (JPEF) and Howard Dale of the Rotary Club of Jacksonville about what “financial literacy” should actually mean for 17- and 18-year-olds: credit, debt, taxes, budgeting, savings, investing, and even emerging currency like crypto.
Starfield Update 1.16.242
The latest update to Starfield is here, containing fixes for crashes and stability, gameplay, and quests.
Trump delights in his deference to Xi, his strongman fantasy made flesh
Chinese leader appears to be in the driving seat as the unusually polite US president ignores questions on Taiwan
UNF poll: Nearly 1 in 4 Florida voters have placed an online sports bet; 46% want limits
Nearly one in four registered Florida voters have placed a sports bet using an online or mobile app, but most Floridians oppose expanding legal sports betting and many question the integrity of games tied to wagering, a University of North Florida poll released Thursday found.
The largest generational divide in American politics is about Israel
For Jewish communal leaders and philanthropists, a critical question looms: Is Israel’s current unpopularity in the United States a temporary reaction to wartime images, or does it reflect a deeper transformation in American political culture? The most recent Gallup data released...
ChatGPT Gave Out My Address and Phone Number
Thankfully, both are old. But this raises questions about what's considered private info in the AI age.
Expert tempers Cardinals fans expectations surrounding Jeremiyah Love in 2026
GLENDALE – One of the most popular sports bet for next NFL season is Arizona Cardinals rookie running back Jeremiyah Love for offensive rookie of the year. With the team’s question mark surrounding the quarterback position, head coach Mike LaFleur is expected to feed Love early and often to fuel the offense next season.
Built for MAGA appeal, Alligator Alcatraz leaves DeSantis with big political bill
“No question it’s increased public safety. And no question it’s the right thing to do to defend the sovereignty of this country,” DeSantis said.
Science doesn't have a monopoly on good ideas
Scientific disciplines often shy away from asking fundamental "what if" questions. But philosophy – if unencumbered by dogma or ideology – has much to offer evidence-based enquiry
Republican senators say they need more detail on $1B White House security request
Republican senators left a meeting with the director of the U.S. Secret Service on Tuesday saying they need more details on a $1 billion security plan for the White House, including a proposed $220 million to secure President Donald Trump’s new East Wing ballroom.
What's in the billion dollar paragraph behind the White House ballroom debate
The $1 billion request is tied directly to the transformation of the East Wing into a massive ballroom, though limited to “security”-related needs. Here's what we know.
Questlove named as entertainment for Lafayette College’s Student Bicentennial Ball
Questlove will headline the Oct. 16 celebration on the Quad
Introducing Northwood Insights, a New Blog for the Next Generation of Business Leaders
New content platform strengthens the university’s digital presence, broadens its reach among prospective students, and establishes Northwood as a thought leader in business, free enterprise, and entrepreneurial education. Northwood University has launched Northwood Insights, a new blog designed to position the university as a leading voice in business education, free enterprise, entrepreneurship, and career development. The platform delivers expert, research-informed content to prospective students, current students, and the broader professional community, meeting audiences where they already are online and searching for answers. “Northwood has always been about preparing people to move forward with clarity and confidence,” said Marketing and Communications Officer Rachel Valdiserri. “With Northwood Insights, we’re meeting students where they are with content that’s relevant, direct, and built for how they discover and learn today. It’s not about adding more noise; it’s about delivering ideas, perspectives, and insights that help them make more informed decisions earlier in their journey.” The blog features a growing library of articles spanning Northwood’s core academic strengths, including business administration, automotive and mobility studies, sports management, and entrepreneurship. Each piece is written to inform and guide, answering the real questions students are asking while organically connecting readers to the academic programs, faculty expertise, and career outcomes that define a Northwood education. Each article is crafted to reflect Northwood’s institutional voice while being optimized for the search behaviors of today’s prospective students, a generation that begins researching universities long before they apply. By appearing in those early search results, Northwood establishes credibility, builds familiarity, and creates a meaningful connection with students the moment they are most open to influence. “This platform is a natural extension of our enrollment strategy,” said Dr. Matthew Bennett, vice president of enrollment and strategic alliances. “When a prospective student searches for career paths, we want Northwood to be the source they trust. Northwood Insights makes that possible at a global scale.” Beyond enrollment, Northwood Insights serves the university’s broader advancement mission. As a platform built to demonstrate expertise and institutional relevance, it reinforces Northwood’s standing as a thought leader in free enterprise education and entrepreneurial leadership, directly supporting alumni engagement, donor confidence, and community partnerships. The content signals that Northwood is not only preparing students for the careers of today but actively shaping the conversations defining the industries of tomorrow. “Attention isn’t given anymore; it’s earned,” said Milada Dzevitski, Northwood’s digital content and technical writer who manages the Northwood Insights blog. “This platform is built to meet that standard, with content that’s relevant, direct, and worth engaging with.” Northwood Insights is live now and will continue to grow with new content published regularly. Share this page
Sphere Entertainment's (NYSE:SPHR) Earnings Are Of Questionable Quality
Sphere Entertainment Co.'s ( NYSE:SPHR ) robust earnings report didn't manage to move the market for its stock. We did...
Democrats abandon rollback of business tax breaks to fund family tax credit after Colorado governor’s veto threat
House Bills 1221 and 1222 were killed in the Senate Finance Committee on Monday at their sponsors’ request in response to a veto threat from Gov. Jared Polis
Trump says he ‘doesn’t think about Americans’ financial situation’ as he heads to China for talks with Xi Jinping
President says he ‘doesn’t think about anybody’ when questioned on financial impact of the Iran war as he departed for Beijing
The great strait stalemate: Who blinks first on Hormuz?
In the darkest days of the Cuban Missile Crisis, President John F. Kennedy privately reflected on the central question before him: Who blinks first? For days, Washington and Moscow sat locked in a test of wills — each side convinced time and pressure favored them, each side wary that backing down could invite greater danger later.
You should probably eat more fiber. Here's why — and how to do it
The average person eats 10-15 grams of fiber per day, according to the USDA. The problem? That’s WAY under the recommended daily amount. Fiber – a type of carb that our bodies are unable to digest – is prevalent in foods like fruits, veggies, whole grains, and beans. And it’s key for everything from feelings of fullness, to gut health, to good poop. That’s why a lot of people online are “fibermaxxing”: trying to meet or exceed the daily recommendation of fiber, in hopes it’ll improve their health. But how should YOU add fiber to your diet… and are the fibermaxxers overdoing it? Gastroenterologist Berkeley Limketkai is here to help parse the science on how little fiber is too little, how much fiber is too much – and, like Goldilocks, how we can figure out the amount that’s just right.Interested in more food and dietary science? Email us your question at shortwave@npr.org.Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.
5 Must-Read Analyst Questions From Flutter Entertainment’s Q1 Earnings Call
Flutter Entertainment’s first quarter saw revenue and non-GAAP profitability surpass Wall Street’s expectations, but operating margin declined sharply year-o...
How China Could Wield Its Control of Rare Earths Against Trump
A central question hanging over the summit this week is whether China will agree to extend a temporary postponement of even tougher rare-earth export controls.
NBA Media Called Out For 'Wild' Treatment Of Victor Wembanyama
Victor Wembanyama returned to the spotlight Tuesday night for Game 5 between the Minnesota Timberwolves and San Antonio Spurs. Wembanyama was ejected in the second quarter of Game 4 for throwing an elbow at Timberwolves forward Naz Reid. There's no question his absence played a huge role in San ...
New York hospital system receives subpoena over trans youth healthcare
Request is one of the justice department’s latest attempts to track and regulate gender-affirming care for minors
Navigating Leave Laws, the ADA, and Mental Health in the Workplace: What Employers Need to Know (Video Chat)
May is Mental Health Awareness Month—a timely reminder for employers to take a fresh, thoughtful look at how workplace policies and practices support
Dem lawmakers question Trump firing of science advisers
Senate Democrats have requested records of communication between the White House and National Science Foundation leadership by May 29.
From The Sports Desk: Farewell LeBron?
James and the Lakers exited the NBA playoffs last night, raising questions about the 41-year-old’s future.
Sam Altman faces awkward grilling over 'toxic culture of lying'
OpenAI CEO Sam Altman was bombarded with questions from Elon Musk's attorney over whether he lies to advance his business interests.
Hantavirus outbreak tests Trump officials who criticized covid response
Some top administration health figures had publicly questioned the credibility of the agencies that are now central to explaining a new and uncertain threat.
'Speculation' and 'egregious failure': 30 researchers publish scathing critiques of study that questioned date of early human occupation of Monte Verde in Chile
Dozens of scientists have banded together to pen scathing research letters to the journal Science about the publication of a study claiming the 14,500-year-old Monte Verde archaeological site in Chile is much younger than shown.
Hegseth faces bipartisan grilling about weapons drawdown during the Iran war
Defense Secretary Pete Hegseth is facing tough questions from Republican and Democratic lawmakers about the Trump administration’s end game for the Iran war, the cost of the conflict and its
LeBron James' uncertain future is now Lakers' biggest offseason question: 'We're not good enough right now'
Integrating Mental Health Into Medical Care
The question is no longer whether mental health belongs in health care settings. It is whether health care systems can function effectively without it.
New York Giants: Answering Biggest Offseason Questions
How important is it for John Harbaugh to fix the culture? The Giants are 55-109 over the last 10 years — only the lowly New York Jets are worse over that period. Enter Harbaugh, who has a Super Bowl win of his own after 18 years as the Baltimore Ravens head coach.
LeBron James' uncertain future becomes Lakers' biggest offseason question: 'We’re not good enough right now'
Another Gift To The World From CERN: Their Entire Set Of KiCad Libraries
As the foremost boffins of Europe toil deep underneath the border between Switzerland and France in their never-ending quest to truly understand the fabric of the Universe, they rely on a vast amou…
Why Swedish scientists gave salmon cocaine
A recent study caught our eye: salmon on cocaine. Or really, researchers giving salmon cocaine…for science. See, scientists know human drugs pollute aquatic environments – past studies have shown even anti-anxiety drugs can change how fish act. But illicit drugs are less studied. And Jack Brand, an aquatic ecologist at the Swedish University of Agricultural Sciences, wanted to know how illicit drugs like cocaine might change fish behavior, like foraging and mating. To answer that question, Jack and his team gave salmon cocaine. Interested in more science? Email us your question at shortwave@npr.org.Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.
Some businesses question why Fort Wayne officials chose homeless center spot
Two downtown business owners say they agree that Fort Wayne needs a homeless services center, but they worry about the effect the new 24/7 facility will have on their establishments.