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‘Banana Kid’ coming to Bucksport
Wednesday on Main will host a Frogtown Mountain Puppeteers’ performance of “The Legend of the Banana Kid” at the Alamo Theatre on Wednesday, June 3, at 5:30-6:15 p.m.
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
Why interdisciplinary science is needed more than ever
Solving today’s complex problems requires teams of scientists from a range of disciplines
Trump faces health questions ahead of another Walter Reed trip
The president trumpets claims that he is in excellent health, but independent physicians say the White House hasn't answered key questions ahead of his third visit in 13 months.
The Bites and Boutiques of Bellevue's Historic Business District
Take a walk down Fairfield Avenue for vintage finds, sweet eats, and other gifts and goodies.
Scientists trained an AI model using an IBM quantum computer — and it answered questions correctly that the base model couldn't
When running an AI model through a quantum computer, scientists have increased accuracy by only adding a relatively small number of parameters.
Summer investment pays off for Black Cats
Sunderland spent £161m on 15 new players after gaining promotion to the Premier League. The season before, the three promoted sides - Leicester, Southampton and Ipswich - spent a combined £276.5m but returned to the Championship with the lowest combined points total of relegated sides in Premier League history. Essentially, spending big is no guarantee of survival.
Enhanced Games results: Swimmer Kristian Gkolomeev breaks world record in final event for $1M bonus; Fred Kerley falls short
Enhanced Games results: Swimmer Kristian Gkolomeev breaks world record in final event, $1M bonus; Fred Kerley falls short
Golden Knights stage a comeback for the ages
Down 3-0, Vegas scores five unanswered goals to win Game 3 over Colorado 5-3 and take a 3-0 series lead.
Connections: Sports Edition today: Hints and answers for May 25, 2026, puzzle No. 609
Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores.
Novak Djokovic Can’t Stop Dancing at Roland-Garros
Novak Djokovic also challenged Aryna Sabalenka to a dance competition after his first-round French Open win on Sunday. Watch here.
Shooting reported at Avondale business, police say
No injuries reported, vehicle struck by gunfire
Ranking the Superstar Trade Candidates Stuck on Losing Teams
Mike Trout? Tarik Skubal? Maybe even Paul Skenes? What are the odds some of these huge names will move this deadline?
Kevin Durant Achieves Unique NBA History With Rockets
Kevin Durant received another NBA honor, making history with his strong body of work this past season for the Houston Rockets.
NYT Strands hints, answers for May 25, 2026
Every hint, nudge and outright answer you need to complete today's NYT Strands puzzle.
Wordle today: The answer and hints for May 25, 2026
Here are some tips and tricks to help you find the answer to "Wordle" #1801.
NYT Connections hints and answers for May 25. Tips to solve 'Connections' #1079.
Everything you need to solve 'Connections' #1079.
Spurs-Thunder: Victor Wembanyama beats buzzer with half-court shot, capping dominant first half
The first half of Sunday's Game 4 of the Western Conference finals was a grind for pretty much anyone not named Victor Wembanyama.
China’s machinery giant XCMG eyes bigger scoop of global sales
State-owned firm banks on intelligent manufacturing, green technology, product integration and digital services to boost sales overseas.
Brigandine: Abyss demo now available for PC
A demo for fantasy war strategy RPG Brigandine: Abyss is now available for PC Steam, developer Happinet Corporation announced. PlayStation 5, Xbox Series, and Switch 2 versions will follow at a lat…
Piano teacher's students sweep national competitions after learning the "Payam Method"
La Pale: Behind the Brownsville business
BROWNSVILLE, Texas (ValleyCentral) — La Pale may be known for its frozen treats, but the story behind this Brownsville business is even sweeter. La Pale Frozen Fruit Bar has become a familiar name …
Bills’ Josh Allen Details ‘Awesome’ First Offseason Under Joe Brady
The Buffalo Bills fired head coach Sean McDermott in January. Josh Allen is pleased that Joe Brady is his second NFL head coach.
Raiders Unveil Plans for Second-Year Running Back Ashton Jeanty
Las Vegas Raiders head coach Klint Kubiak revealed the team's plans for second-year running back Ashton Jeanty in 2026.
Red Sox 5, Twins 6: Sloppy Sweep
The conditions at Fenway Park were sloppy for Sunday’s series finale between the Red Sox and Twins. It rained at various intensities from the first pitch to the last, and while the grounds crew did an excellent job keeping the field playable, the conditions were a factor. For the Red Sox, that manifested in the […]
Manny Nosowsky, Waggish Crossword Constructor for The New York Times, Dies at 94
For nearly two decades, the prolific puzzle maker, a retired urologist, charmed solvers with his penchant for witty, waggish puns.
Folk concerts, contra dance to benefit area nonprofits
A series of concerts featuring some of “Downeast Maine’s finest folk musicians” will take place at the Burnt Cove Church Community Center on the first Thursdays in June, July, August
Epic Games Tips Unreal Engine 6 Timeline With Rocket League Reveal, Targeting UE5’s Multithreading Wall
Epic Games hints at Unreal Engine 6 through Rocket League. Tim Sweeney's earlier comments point to a multithreaded future for the engine.
20 New York beaches under health advisory due to runoff, DOH says
NASSAU COUNTY, N.Y. (PIX11) – A health advisory was issued against swimming at 20 New York beaches, according to the Nassau County Department of Health. The advisory was issued as a precaution for …
Demolition in full swing for Buffalo Bills' old Highmark Stadium
Demolition work on the Buffalo Bills' old Highmark Stadium is now in full swing, and started on May 1st.
How to watch Euphoria tonight on Sling with HBO Max
Only two episodes remaining! Euphoria comes to its highly-anticipated end soon. Stream tonight's new episode on Sling with HBO Max.
Sunderland defy expectation to secure European football against dismal Chelsea
A year to the day after they won the Championship play-off final and just four years after they escaped League One, Sunderland brought their remarkable Premier League campaign to a close by qualifying for next season’s Europa League.
CVS Health (CVS) Price Target Boosted by $8 at Mizuho
With an annual dividend yield of 2.84%, CVS Health Corporation (NYSE:CVS) is included among the 12 Best Dividend Stocks to Invest in According to Hedge Funds. America’s leading health solutions company, CVS Health Corporation (NYSE:CVS) provides advanced health care from pharmacy services and health plans to health and wellness. On May 20, Mizuho bumped up its price […]
Indy 500 2026 live updates: Start time, where to watch, leaders, weather and more from the 110th running
Cremonese decimated by stomach virus ahead of must win game
Jamie Vardy’s Cremonese have a must-win match tonight against Como as they try to avoid relegation, but a stomach virus is sweeping through the squad.It kicks off at 19.45 UK time (20.45 CEST).You c...
Nintendo maintenance schedule - May 24, 2026 - new Nintendo Switch 2 and Switch session on the docket
Nintendo has released its maintenance schedule for the week of May 24, 2026. One new session has been added in which will affect Nintendo Switch 2 and Switch. Thankfully, it won’t have too much of an impact as this is only expected to take place for an hour. Below is the full Nintendo maintenance schedule for the week of May...
Inside California Politics: Alex Padilla, Vince Fong, Paul Mitchell join the show
(Inside California Politics) — Two congressmen and a top state analyst answered questions on a wide variety of issues this week, from the governor’s race to the state’s unemployment deb…
Inside California Politics: Alex Padilla, Vince Fong, Paul Mitchell join the show
(Inside California Politics) — Two congressmen and a top state analyst answered questions on a wide variety of issues this week, from the governor’s race to the state’s unemployment deb…
Scientists discover hidden liver switch that cuts harmful cholesterol
Scientists at UT Southwestern have uncovered a surprising new “master switch” that helps control how much cholesterol the liver sends into the bloodstream. The newly identified protein, HELZ2, works by shutting down the genetic instructions needed to produce apoB — a key building block of the cholesterol-carrying particles linked to clogged arteries and heart disease.
Prince Harry and Meghan Markle Had a Secret U.K. Home Before Frogmore Cottage
Prince Harry and Meghan Markle once lived in a $3.3 million farmhouse in the Cotswolds. Learn more about their lesser-known former home, here.
‘Outside Mullingar’ to kick off Opera House summer season
A romantic comedy set on a farm in Ireland will open Opera House Arts’ summer season at the Stonington Opera House on two long weekends from June 17-28.
Phillies news: Zack Wheeler, Chan-min Park, Trea Turner
More rain, you say? Bring it on
I’d switch to a Pixel in a heartbeat if it weren’t for this Samsung app
Pixel offers clean Android and fast updates, but this Samsung app delivers customization and features that Google's phone still can't match.
The Sunshine Interview: Political Pundits Pontificate On The 2026 Elections
Get in the swing of this year’s elections with these thoughts from three of our most quotable political experts.
Flutter Entertainment’s SWOT analysis: stock faces near-term headwinds
Flutter Entertainment’s SWOT analysis: stock faces near-term headwinds
We quit our jobs to take a first retirement from a sailboat
Though their careers at Amazon and Business Insider were on the upswing, Bianca Chan and Charles Boddie quit their jobs to travel and have no regrets.
Social media reacts as Alabama defeats LSU, clinches WCWS berth
Alabama softball clinched a berth in the Women's College World Series on Saturday night, sweeping LSU in the Tuscaloosa Super Regional.
Home 'sick' home? Here’s how to keep your house healthy
Michael Reed entered first, turning on the lights to make it feel like home before the clients arrived. He flipped switches as he walked through the formal...
5 science-backed ways parents can build a child’s confidence
Confidence is not something children magically “have” or “do not have.” It is built in small, repeatable moments: when a child is heard without being dismissed, encouraged without being overpraised, and guided without being controlled. Research-backed parenting practices point to a simple truth: children tend to feel more secure, capable, and resilient when home is predictable, warm, and emotionally steady. They also grow stronger when adults make room for effort, autonomy, movement, sleep, and good nutrition, because these basics shape learning, mood, and self-regulation. Here are five science-backed ways parents can help build lasting confidence in children.
Connections: Sports Edition today: Hints and answers for May 24, 2026, puzzle No. 608
Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores.
Overnight Science Digest: Our ‘mere presence in a landscape’ affects wildlife behaviors
When Humans Went Away, the Wildlife Strayed – NY Times Massive butterfly swarm becomes the talk of Santa Cruz – SF Gate Scientists reversed memory loss by recharging the brain’s tiny engines – Science…
Kingdom Hearts Cloud Version Switch Demos Removed From eShop (US)
But they're still up in other locations
Knicks move within 1 win of NBA Finals with 121-108 victory over Cavaliers
The Knicks can sweep the series with a win Monday.
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too | 830 WCCO
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too | KCBS All News 106.9FM and 740AM
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too | WBEN
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too | KNX News 1070 AM
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too | 1010 WINS
Life of A Basketball Fan: Taylor Swift attends Cavs-Knicks in Cleveland with fiance Travis Kelce
Turns out, Taylor Swift likes basketball, too.
Travis Kelce, Taylor Swift sit courtside for Knicks-Cavaliers game
Taylor Swift and Travis Kelce sat courtside for Game 3 of the Eastern Conference finals between the New York Knicks and Cleveland Cavaliers.
Rep. Gluesenkamp Perez explains decision to back policy dubbed ‘Don’t Say Trans’ bill
“I voted for this bill because I believe the answer is to bring families in,” the congresswoman said, in part.
Highlights! Usyk Survives Rico, Bad Stoppage Tarnishes Win
Pound-for-pound great, Oleksandr Usyk, was back in action earlier today (Sat., May 23, 2026), defending his WBC Heavyweight title against kickboxing legend, Rico Verhoeven, in front of the Pyramids of Giza in Cairo, Egypt, in what was truly a one-of-kind setting for a boxing match. It took a bit for Usyk to get warmed up, […]
Star Fox On Switch 2 Is Getting A Day One Update
Required to access certain online features
What time does the Indy 500 start on Sunday?
The Indy 500 is on Sunday! Here is the expected start time for the 110th Indianapolis 500 and how you can watch it.
Apple Preparing New 'Gen AI' Website Ahead of WWDC
Apple is readying the subdomain genai.apple.com, according to MacRumors contributor Aaron Perris, but it does not yet lead to a live web page. This comes a few weeks ahead of Apple's annual developers conference WWDC, where the company has promised to announce "AI advancements" across its software platforms. Apple's website already has an Apple Intelligence page, so it is unclear what the company's plans are for genai.apple.com at this time.
St. Charles volleyball sweeps Dayton Carroll to earn state berth
After falling short of reaching the OHSAA Division II state tournament last season, St. Charles earned some redemption May 23.
Star Fox will have a day one update on Nintendo Switch 2
Nintendo is planning a day one update for the new Star Fox game on Nintendo Switch 2, the company has confirmed. The patch is one you’ll want to download as it’s bringing in major features. Battle Mode as well as GameChat character avatars and AR filters will be properly supported with the update. As previously detailed, Battle Mode features 4-vs-4...
2-sport star and record-breaking swimmer among Alaska high school senior signing highlights
Chugiak’s Mary Jo Landon and Eagle River’s Reese Woodward are among the more than 50 college commitments that the Anchorage Daily News has tracked in its latest roundup.
The Indie Era: Why Independent Creators Are Rewriting the Rules of Entertainment
/PRNewswire-PRWeb/ -- We, at Mortfield Industries, believe that something has quietly broken open in the entertainment industry, and it wasn't a studio...
Protecting Purchased Goodwill: Sale-of-Business Restrictive Covenants Under National Scrutiny
Restrictive covenants entered in connection with the sale of a business occupy a different place than ordinary employment noncompetes. In a sale transaction, the buyer is not simply trying to limit a former employee’s next job. The buyer is paying for goodwill, customer relationships, confidential information, and the seller’s promise not to immediately undermine the value of what was sold.
This week in politics: How Schuylkill County’s legislators voted
The PA House and Senate were both out of session this week, and will return to Harrisburg on June 1. The U.S. Senate and House were both in session this week. The Senate passed seven bills and the House passed 18. Let’s take a look at how S…
These special phone and app features can help protect you from spyware
Apple, Meta, and Google offer special security modes that provide your devices more secure against targeted spyware attacks. Here are how those modes work, what they do, and how to switch them on.
Virginia health officials urge safe swimming pledge after 12 drownings in summer 2025
As swim season gets underway, the Virginia Department of Health is urging families to put safety first before heading to pools.
Virginia health officials urge safe swimming pledge after 12 drownings in summer 2025
As swim season gets underway, the Virginia Department of Health is urging families to put safety first before heading to pools.
Can the new tubeless Chilipad 2.0 finally end your night sweats? Our first impressions of the $3,000 bed cooling system
I tested the Chilipad 2.0 mattress topper for a week. Its active cooling and comfortable design impressed me, but it lacks sleep tracking.
2026 AMAs nominations list: Taylor Swift, Sabrina Carpenter, Morgan Wallen in running for top awards, BTS set to perform
Swift's 2025 album 'The Life of a Showgirl' helped drive her eight AMA nominations.
Last Night In Baseball: Brewers Take Game 1 Of 3-Game Series Against Dodgers
The Brewers took Game 1 of a three-game series against the Dodgers, the Guardians beat the Phillies on one swing, the Braves walked it off and plenty more from Friday's MLB action.
Science news this week: Laotian 'death jar', climate change threatens rice crops, and an asthma drug treats tough cancer
May 23, 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend
The 4th BOCHK Science and Technology Innovation Prize Award Ceremony Concludes with Great Success
The 4th BOCHK Science and Technology Innovation Prize Award Ceremony, organised by the Hong Kong Alliance of Technology and Innovation (HKATI) and title-sponsored by Bank of China (Hong Kong) Limited (BOCHK), was concluded successfully. The Ceremony was officiated by distinguished guests including Mr Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (NCCPPCC); Mr Zhang Yong, Deputy Director of the Liaison Office of the Central Peop
Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
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