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Real Madrid managerial appointment almost done; confirmation later this month
Word has it that Jose Mourinho and Real Madrid are already flirting behind the scenes despite an official agreement not being reached, and the development only explains how both parties are keen on th...
Golden State Warriors – NBC Sports Bay Area & California
Find the latest Golden State Warriors news, highlights, analysis and more with NBC Sports Bay Area and California.
Syracuse Academy of Science 2026 junior senior prom: See 82 photos
See photos taken by a syracuse.com photographer who was at the event.
Satwik-Chirag in Thailand Open semifinal; ISL double-header: Indian Sports LIVE, May 16
Here are all the updates from Indian sports on May 16, 2026.
Is Tencent Music Entertainment Group (TME) Priced Attractive After Sharp Share Price Declines?
Wondering whether Tencent Music Entertainment Group's current share price really reflects its underlying value, or if the market is mispricing the stock right now. The stock closed at US$8.47, after falling 8.3% over the past week, 14.3% over the past month, 52.6% year to date, and 47.7% over the past year, while the 3 year return stands at 13.6% and the 5 year return shows a decline of 41.3%. Recent coverage has focused on Tencent Music Entertainment Group's position in the online...
Pistons force Game 7 with 115-94 win over Cavaliers behind Jalen Duren's redemptive 15 points, 11 rebounds
Indiana Business Journal welcomes local leaders to Fort Wayne during ‘Innovate Indiana’
The Indiana Business Journal held the first of nine ‘Innovate Indiana’ events on Friday.
Caitlin Clark reaches impressive Indiana Fever assists milestone
Caitlin Clark continued her ascent in the Fever record book on Friday night.
Scientists Say a 40-Year-Old Childhood Obesity Warning May Be Completely Wrong
A long-accepted explanation of childhood growth patterns is now being challenged by new research that questions whether BMI changes in early life reflect fat accumulation at all.
Stunning fossil discovery in Ethiopia rewrites human origins
A stunning fossil discovery in Ethiopia shows that early Homo and a previously unknown Australopithecus species lived together around 2.6 to 2.8 million years ago. The find overturns the classic “ape-to-human” progression and paints human evolution as a crowded, branching tree with multiple species coexisting. Scientists dated the fossils using volcanic ash deposits and are now investigating what these ancient relatives ate and whether they competed for resources.
Downtown Youngstown entertainment venues rebound financially
YOUNGSTOWN — The city-owned entertainment facilities started the year off strong with a $300,448 operating surplus during the first quarter — the fourth-best January-March in its history — rebounding from a $484,728 loss in 2025. “It’s a great start for the year,” said Eric Ryan, president of JAC Management Group, which operates the Covelli Centre, […]
Study finds birding may boost brain health and guard against cognitive decline
Subway to Freeway: MLB Rivals Bring The Heat
It’s Rivalry Weekend in Major League Baseball. So, of course, we’re getting Yankees vs. Mets, and Cubs vs. White Sox, and Angels vs. Dodgers. But we’re getting a lot more than that - for better and for worse. Here’s a ranking of all 15 Rivalry Weekend matchups, from best to worst. Hate mail will ...
Colorado Gov. Polis commutes ex-election clerk Tina Peters' sentence after Trump pressure
Trump has championed the case of Peters, a 70-year-old former county clerk who was sentenced to nine years behind bars after being convicted in a scheme to make a copy of her county’s election computer system. She gets released June 1.
WATCH | Vehicle barrels through window of Mechanicsburg business
Business was booming at a Mechanicsburg trailer store on Thursday when a SUV came crashing through the building's window.
Boonville searching for new hotel to accommodate traffic from sports venues
The town hasn’t added a new hotel in 20 years, and said it is yet to find a brand willing to build in Boonville instead of nearby competing markets.
Windows 11 tests an adjustable taskbar and resizable Start menu
Windows 11 Insiders can choose a smaller taskbar as well.
With Possible Raúl Castro Indictment, U.S. Eyes Venezuela Playbook
Amid stepped-up surveillance flights, a visit of the C.I.A. director and an energy embargo, the White House is trying to increase pressure on Cuba.
The movable Taskbar is back on Windows 11 — here is how to test it now
Microsoft is now testing the option to move the Taskbar to the side of your screen on Windows 11.
CDC Didn’t Tell New York About Resident on Hantavirus-Plagued Cruise
There’s no indication that the New Yorker was returning to the U.S. But public health experts said the city and state still should have been informed.
Helio and You: Seasons on Earth, Mars, and Beyond
Earth has four seasons - spring, summer, fall, and winter. Other planets can experience seasons, too, but they might be wildly different from the ones that we are used to. Find out about how seasons work and what role the Sun plays in causing them.
Sports tourism continues record-setting pace of economic impact in Huntsville
Records are made to be broken and Huntsville’s sports tourism industry is setting the pace. For the fourth straight year, local events teamed to post record-breaking economic impact numbers, according to a report released Wednesday by the Huntsville/Madison County Convention & Visitors Bureau. And teamwork was cited as the key to the success as the […]
Whole Hog Politics: Idiocracy alert
It is easy — indeed, too easy — to see the damage that the COVID-19 pandemic and lockdowns did to America’s young people. I say “too easy” because, as the most recent estimates from Stanford University’s Educational...
Opinion: DPW Building Committee Needs to Change How It Conducts Its Business
On Wednesday, May 13, 2026, I drove to downtown Amherst in the middle of the afternoon to attend a meeting of the committee overseeing the construction of the town's new DPW facility — the DPW Building Committee (DPWBC). There was essentially one agenda item: reviewing the evaluation criteria that will be used to select a
WPI student graduates after 50 years in computer science
Kerry Lynn is graduating 50 years after when he was first supposed to from WPI. He got his degree in computer science when AI is taking over and making jobs for students difficult. He worked in the technology industry for years.
Fire unfolded in mill that has been part of Maine’s forest industry ‘since forever’
An explosion and fire at a Robbins Lumber facility in Searsmont on Friday left multiple firefighters and civilians injured, officials said.
Grand jury indicts 2 petition circulators in 2024 signature-forgery case
A statewide grand jury has indicted two petition circulators on allegations that they forged signatures while gathering support for a proposed constitutional amendment on the 2024 ballot. According to Colorado Attorney General Phil Weiser, the circulators — Cherell Long of Nevada and Martin Arellano of Texas — were working for a Colorado Springs–based canvassing firm […]
EXCLUSIVE: Hackers have breached tank readers at US gas stations; officials suspect Iran is responsible
US officials suspect Iranian hackers are behind a series of breaches of systems that monitor the amount of fuel in storage tanks serving gas stations in multiple states, according to multiple sources briefed on the activity.
The Lancia 037 Tribute Just Got A 1,000 HP V8 From Koenigsegg
Kimera's K39 swaps the brand's twin-charged four-cylinder for a Koenigsegg-sourced twin-turbo V8 making 1,000 hp
BMW’s bonkers six-cylinder Vision K18 concept hints at wild future bagger plans
The Vision K18, while wild to behold, may be the Munich firm hinting at a future six-cylinder bagger model.
Three key insights for navigating the AI-native era of business
Leading experts explain the essential mindset shifts you’ll need to gain an edge
Forza Horizon 6 Dev Explains Why Shrines, Temples, and Cherry Blossom Trees Are Indestructible
Forza Horizon 6 makes cherry blossom trees and shrines indestructible — here's why.
Can plants have consciousness? The film Silent Friend reimagines the science
The filmmaker behind the newly released movie Silent Friend shares the scientific and historical inspiration for its story of botanical consciousness
2026 Phillies Draft Preview Jared Grindlinger, LHP/OF
I always like to start previews with my favorite prospect. That’s often someone the Phillies have no chance at, but not this year. A reclassicification of draft eligibility made this year’s mystery box my favorite, most intriguing option. Grindlinger is a left handed Outfielder and Pitcher and is a potential 1st/2nd rounder in both roles. […]
Katherine Tucker: Landrum, Business Consultant
Katherine Tucker is a business professional at Landrum, partnering with leaders across industries to strengthen organizations, support workforce strategy, and
Jane Schoenbrun's queer slasher movie 'Teenage Sex and Death at Camp Miasma' jolts Cannes
A bold, bloody queer slasher film starring Hannah Einbinder and Gillian Anderson gave the Cannes Film Festival a gonzo jolt | Talk 1370
Greater Wilmington Sports Hall of Fame set for 19th induction class Sunday
The Greater Wilmington Sports Hall of Fame will induct five new members this weekend. Read about each one here.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
US plans to indict Cuba’s Raúl Castro, DOJ official says
The development comes amid heightened tensions between Washington and Havana.
What happens when you put a health clinic inside a preschool? This Michigan district is finding out
The Saginaw County Health Department will provide nutrition education, healthy food resources, breastfeeding support, and referrals to additional community services through the clinic space.
Craig Bacon to lead U of A Department of Food Science
Having worked for Simmons Foods, Tyson Foods and Oscar Mayer, he brings an industry perspective to the university.
NFIB small business optimism index barely budges in April; Iowa director cites inflation drag
The National Federation of Independent Business Small Business Optimism Index edged up 0.1 points in April to 95.9, remaining below its 52-year average of 98.0 for the second consecutive month, according to the NFIB’s monthly survey released Friday, May 15. The NFIB Uncertainty Index fell 4 points from March to 88, though it remains well […]
Letters to the Editor: When AI comes for your job in entertainment, maybe then you’ll care
'According to one 2024 report, more than 200,000 jobs in the entertainment industry could be displaced by AI. Those most likely to be affected include background actors, crew members, production staff and positions such as grips and prop masters,' writes an L.A. Times reader.
Where to watch Washington Mystics vs Indiana Fever on May 15: TV channel, start time and streaming
Here's how to watch Friday's Indiana Fever vs Washington Mystics game, including start times, TV channels, scores and how to stream.
14 Cool Mini Gadgets You Can Find On Amazon
From portable projectors to pocket-sized tools and speakers, these budget gadgets pack surprising functionality into their diminutive designs.
Sony Surprise Drops New Feature via May 2026 Beta Update
Sony has just added a new feature to the PS5 via a beta update for May 2026. A new social/community widget is being tested.
10 Apple Shortcut Hacks Every iPhone User Should Know
Apple Shortcuts can unlock all kinds of new iPhone powers. Here are some of the best examples.
Majority of Florida voters favor tighter limits on sports betting, UNF poll finds
A majority of Florida voters want the state to place tighter limits on sports betting, even as nearly one in four say they have placed an online wager, according to a new statewide poll.
Massive $3B sports and entertainment destination proposed near Detroit Metro Airport
Plans call for a sprawling sports and hospitality campus featuring a 9,000- to 11,000-seat arena, an indoor water park, hockey rinks, basketball and volleyball courts, hotels and family entertainment attractions.
Another ‘Crimson Desert’ Patch Adds Even More Mounts, New Combat Moves
Pearl Abyss has unleashed yet another Crimson Desert patch, continuing its blinding pace of additions. Here's what's in this one.
Health execs persevere in new policy landscape
Despite a prolonged period of policy uncertainty in the U.S.—and the ripple effects across the global life sciences and healthcare industries—executives at health companies are still seeing opportu | Despite a prolonged period of policy uncertainty in the U.S.—and the ripple effects across the global life sciences and healthcare industries—executives at health companies are still seeing opportunities amid the tumult.
Starmer, Burnham, Farage, Polanski: they make a week in politics feel like an eternity in Hades
It’s your life in their hands, but what kind of life is that? No wonder a wearied, confused public has mobilised into tribes – or just tuned out, says Guardian columnist Marina Hyde
Detroit’s Business of Food Summit brings chefs, food leaders together
The 2026 Business of Food Summit in Detroit is free to attend and features discussion panels and networking with food industry leaders.
‘Marathon’ Is Pulling The PvE Trigger In Season 2, A Sign Of Things To Come
Marathon is adding a pure PvE mode as a trial in season 2, with PvP coming down the road, indicating a potential transformation for the game.
Rocket Science Health validates targeted olfactory-cleft deposition in non-human primates ahead of the 4th Nasal Formulation & Delivery Summit
As the pace of modern drug discovery accelerates, the industry is increasingly recognizing that a breakthrough molecule is only as effective as its ability to reach the target site.
Microsoft to automatically roll back faulty Windows drivers
Microsoft is introducing a new Windows Update capability that will allow it to remotely roll back problematic Windows drivers delivered through Windows Update.
More taxes on sports betting? NC lawmakers discuss the possibility as industry pushes back
Lawmakers have weighed increasing tax rates on sports betting operators and an additional tax on lottery sales and individual sports bets, sources tell WRAL. No decisions have been made. And the proposals could pose enormous hurdles — and industry opposition.
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.”
Esse Health Agrees to Pay 2.53M to Settle Data Breach Lawsuit
American Multispecialty Group, doing business as Esse Health, a Missouri-based independent physician group serving the greater St. Louis area, experienced Esse Health has agreed to pay $2,525,000 to settle class action litigation stemming from an April 2025 data breach that affected more than 521,000 individuals.
Business leaders rally behind All In, Boulder County fundraising campaign for local nonprofits
Led by the Community Foundation Boulder County, the All In, Boulder County campaign aims to raise $1 million by May 15 for the Community Trust, which supports roughly 100 nonprofits around the county in a number of diverse areas.
Scientists Find Fossils Of Southeast Asia's Giant Dinosaur In Thailand
According to the researchers, the largest predator in the ecosystem was a relative of the giant African meat-eating dinosaur Carcharodontosaurus.
Inaugural Mind-Body Science and Health lecture planned
The inaugural Distinguished Lectureship in Mind-Body Science and Health will be delivered by Wendy Berry Mendes, Yale University professor of psychology, on May 28 at the Mellon Institute. Mendes will discuss “Affect Contagion: Physiologic Synchrony among Strangers and Close Others,” from 2:30 to 3:30 p.m. in the Mellon Institute Auditorium. The lectureship is sponsored by the Pittsburgh Health Psychology and Behavioral Medicine Research Network, a joint project of Pitt and Carnegie Mellon University, and Pitt’s Center for Mind-Body Science and Health. RSVP as soon as possible to help plan for a reception following the lecture. This is a public event. Students, post-docs, and early-stage investigators are especially encouraged to attend.
ESPN India - Serving Sports Fans. Anytime. Anywhere.
Visit ESPN for live scores, highlights and sports news. Stream exclusive games on ESPN and play fantasy sports.
Health Rounds: Common ADHD medicines help treat cancer-related fatigue
We also report on findings that help explain why the flu can be particularly dangerous for pregnant women and that open the door to potential future treatments.
Trump, Xi and the Politics of Pig Rearing
The presidential summit and hopes for soybean deals are occurring against the backdrop of China’s struggling pork industry.
Idaho farmers can band together to buy cheaper health insurance through Farm Bureau deal
As Idaho farmers struggle to find affordable health insurance, a new deal lets them buy cheaper plans through the Idaho Farm Bureau.
Art, but Make It Sports
The creator behind the viral meme account that pairs famous artwork with sports photography is stopping at Mia for his book tour.
How a Jim Caviezel film got mixed up in a Brazilian political scandal
American actor Jim Caviezel's upcoming feature "Dark Horse," a biopic about former Brazilian President Jair Bolsonaro, has been billed by a movie industry publication as a thriller about the far-right firebrand's battle "against a corrupt establishment."
America's most powerful CEOs don't have much to show from their China trip so far
With red-carpet treatment, selfies and culinary diplomacy, America's richest and most powerful executives - from Tesla's Elon Musk to Nvidia's Jensen Huang - sought to rekindle business ties with China this week at a leadership summit in Beijing.
What crypto’s success means for American politics
The legislative triumph of the crypto industry in the Senate this week may be a Rubicon-crossing moment for the shape of U.S. capitalism.
NMU Athletics announces the 2026 NMU Sports Hall of Fame class
MARQUETTE, Mich. – The Northern Michigan University Department of Athletics proudly announces the newest inductees to the NMU Sports Hall of Fame. The 2026 class includes Bernie Anderson (wrestling/football/coach), Rachel Helm (swim & dive), Shayla Manitowabi-Huebner (track & field), Kirsten (Silvester) Namesnik (swim & dive), Al Mitchell (boxing/coach), Mark Rosen (volleyball/coach), and the 1979 women's field hockey team.
Ray Mariano: Things I miss most in today's politics
I sure do miss the time when our leaders treated people with kindness and then actually tried to work across the aisle to move our nation forward.
Michigan Health Department releases findings about project on contaminants in firefighters’ blood
The Michigan Department of Health and Human Services (MDHHS) has released findings from a project to determine concentrations of per- and polyfluoroalkyl substances (PFAS) in blood of Michigan firefighters.
‘Football City USA’ adds players, including Steelers’ Mason Rudolph, to York County Sports Hall of Fame
Rock Hill hosted the York County Sports Hall of Fame ceremony, featuring the induction of NFL quarterback Mason Rudolph of the Pittsburgh Steelers, plus other former athletes and coaches.
US seeks indictment of former Cuban leader Raul Castro
The potential charges relate to Cuba's 1996 downing of humanitarian planes, US media outlets report.
Crimson Desert Gets Yet Another Major Patch, Adds Blinding Flash Finisher for Unarmed Combat So You Can Live Out Your Batman Fantasies
Crimson Desert update 1.07.00 is out now. Check out the patch notes.
Windows 11 KB5089549 can now be downloaded for USB installs using official Microsoft tool
Microsoft has made an update related to the Media Creation Tool, its official utility for downloading and installing Windows via ISOs.
Book Review: The Mind-Boggling Science of Enormous Numbers
In "Huge Numbers," mathematician Richard Elwes spotlights some of the largest numbers humans have ever contemplated.
Japan’s Largest LSI Pledges More AI as Translation Business Falters
Honyaku Center’s revenue and profit fall in fiscal 2026 on macro headwinds. The company pledged more AI in its core translation business.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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