I'm all about people having the right to express themselves in virtually every way out there. It's what makes America great. Bumper stickers may be a fun way of showing who you are, what you believe in, or even a little bit of your humor, but they do not come without risks to you or your privacy. They won't usually cause accidents directly, but slapping them on your vehicle can put you at risk in unexpected ways. Local officials warn residents that displaying specific bumper stickers may put them in danger for several reasons. Privacy Stickers showing your child’s school, your partner’s hobbies, the number of relatives who served in the army, or even your political beliefs can overshare personal information that others could use against you. Sadly, we are living in a divisive time. Road Rage A bumper sticker that you find humorous may not play the same way to another driver. Others may find displays irritating, causing them to take aggressive action. Reduced Resale Value At the very least, "controversial" bumper stickers may lower the price of your vehicle. Over time, these stickers will peel and damage the paint on your ride, lowering the trade-in value. Listen, you do you. I'm just pointing out another way to look at bumper stickers that give out private information. We often aren't even aware that the risk is even there. Be you, but be safe. Local officials are asking you to reconsider these specific bumper stickers to ensure your and your family's safety on the road and at home. 16 Bumper Stickers You Should Remove From Your Car Right Now Gallery Credit: Ryan Antoinette ValenzuelaThe Colombo stock market yesterday set a new benchmark with the benchmark ASPI crossing the 15,000-points mark amidst a high Rs. 8.5 billion turnover. The surpassing of the psychological 15,000-points mark was after the ASPI gained by 210 points or 1.4%. The benchmark index surpassed 1,000 points in less than a month, having reached 14,000 points on 11 December. The active S&P SL20 also gained by 1.76. Trading of 443 million shares boosted turnover led by Browns Investments (Rs. 629 million), HNB (Rs. 578 million), Sampath Bank (Rs. 415 million), LOLC Holdings (Rs. 400 million), and JKH (Rs. 329 million). First Capital said the Colombo bourse continued its bullish momentum from the previous weeks, starting the week on a positive note. The ASPI closed the day in green at 15,021, gaining 210 points for the 20th consecutive session, buoyed by Sri Lanka’s credit rating upgrade by Fitch Ratings. Trading activity surged significantly exceeding 48,000 trades, driven by strong retail demand for stocks like BIL, LOFC, and AEL. Additionally, moderate participation from HNWIs was also observed. The activity in the Banking sector remained robust throughout the day. LOLC, HNB, SAMP, COMB, and BIL emerged as the top positive contributors to the index. Amidst multiple off-board transactions, turnover marked an increase of 74.0% from the monthly average. The Banking sector led the turnover by 25%, followed by the Capital Goods and Diversified Financials sectors jointly contributing 33% of the overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 43.2 million. NDB Securities said indices closed in green as a result of price gains in counters such as LOLC Holdings, Hatton National Bank, and Hatton National Bank nonvoting. High net worth and institutional investor participation was noted in Hatton National Bank, Ceylon Tobacco Company, and John Keells Holdings. Mixed interest was observed in Browns Investments, LOLC Holdings, and Sampath Bank, whilst retail interest was noted in SMB Leasing nonvoting, Industrial Asphalts, and HNB Finance. The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index gained 2.22%. The share price of Hatton National Bank gained Rs. 9.50 to Rs. 281.50. The share price of Sampath Bank moved up by Rs. 2 to Rs. 109.50. The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.10%. The share price of John Keells Holdings declined by Rs. 0.10 to Rs. 22.40. Browns Investments and LOLC Holdings were also included amongst the top turnover contributors. The share price of Browns Investments increased by Rs. 0.40 to Rs. 6.90. The share price of LOLC Holdings recorded a gain of Rs. 61 to Rs. 616.50.
Jimmy Carter Funeral Plans: When And Where Will Former President Be Laid To Rest...Labour would lose its majority and nearly 200 seats if a general election was held today, a new mega poll suggests. While Sir Keir Starmer would still come out on top, it would be in a "highly fragmented and unstable" parliament with five parties holding over 30 seats. More in Common, which used the data of more than 11,000 people to produce the analysis, said the results show the UK's First Past the Post (FPTP) system is "struggling to function" in the new world of multi-party politics, and if the results come true it would make government formation "difficult". The model estimates Labour would win, but with barely a third of the total number of seats and a lead of just six seats over the Conservatives. According to the analysis, Labour would lose 87 seats to the Tories overall, 67 to Reform UK and 26 to the SNP - with "red wall" gains at the July election almost entirely reversed. Nigel Farage's Reform party would emerge as the third largest in the House of Commons, increasing its seat total 14-fold to 72. A number of cabinet ministers would lose their seats to Reform - the main beneficiary of the declining popularity of Labour and the Tories - including Angela Rayner, Yvette Cooper, Ed Miliband, Bridget Philipson, Jonathan Reynolds and John Healey. Wes Streeting, the health secretary, would lose Ilford North to an independent, the analysis suggests. Luke Tryl, director of More in Common UK, said the model is "not a prediction of what would happen at the next general election", which is not expected until 2029. X X , which may be using cookies and other technologies. To show you this content, we need your permission to use cookies. You can use the buttons below to amend your preferences to enable X cookies or to allow those cookies just once. You can change... Faye Brown
NEW YORK (AP) — No ex-president had a more prolific and diverse publishing career than Jimmy Carter . His more than two dozen books included nonfiction, poetry, fiction, religious meditations and a children’s story. His memoir “An Hour Before Daylight” was a Pulitzer Prize finalist in 2002, while his 2006 best-seller “Palestine: Peace Not Apartheid” stirred a fierce debate by likening Israel’s policies in the West Bank to the brutal South African system of racial segregation. And just before his 100th birthday, the Dayton Literary Peace Prize Foundation honored him with a lifetime achievement award for how he wielded “the power of the written word to foster peace, social justice, and global understanding.” In one recent work, “A Full Life,” Carter observed that he “enjoyed writing” and that his books “provided a much-needed source of income.” But some projects were easier than others. “Everything to Gain,” a 1987 collaboration with his wife, Rosalynn, turned into the “worst threat we ever experienced in our marriage,” an intractable standoff for the facilitator of the Camp David accords and winner of the Nobel Peace Prize. According to Carter, Rosalynn was a meticulous author who considered “the resulting sentences as though they have come down from Mount Sinai, carved into stone.” Their memories differed on various events and they fell into “constant arguments.” They were ready to abandon the book and return the advance, until their editor persuaded them to simply divide any disputed passages between them. “In the book, each of these paragraphs is identified by a ‘J’ or an ‘R,’ and our marriage survived,” he wrote. Here is a partial list of books by Carter: “Keeping Faith: Memoirs of a President” “The Blood of Abraham: Insights into the Middle East” (With Rosalynn Carter) “Everything to Gain: Making the Most of the Rest of Your Life” “An Outdoor Journal: Adventures and Reflections” “Turning Point: A Candidate, a State, and a Nation Come of Age” “Always a Reckoning, and Other Poems” (With daughter Amy Carter) “The Little Baby Snoogle-Fleejer” “Living Faith” “The Virtues of Aging” “An Hour Before Daylight: Memories of a Rural Boyhood” “Christmas in Plains: Memories” “The Hornet’s Nest: A Novel of the Revolutionary War” “Our Endangered Values: America’s Moral Crisis” “Faith & Freedom: The Christian Challenge for the World” “Palestine: Peace Not Apartheid” “A Remarkable Mother” “Beyond the White House” “We Can Have Peace in the Holy Land: A Plan That Will Work” “White House Diary” “NIV Lessons from Life Bible: Personal Reflections with Jimmy Carter” “A Call to Action: Women, Religion, Violence, and Power” “A Full Life: Reflections at Ninety”‘Am I Racist?’ Duo Matt Walsh & Justin Folk Believe America Is Ready To Move On From Discussing Race – Contenders DocumentaryCommissioner suspends principal over poor feeding in Anambra schoolDirector Christopher Nolan's next work will be a modern film adaptation of Homer's "The Odyssey," bringing the Greek classic to IMAX screens in 2026. "Christopher Nolan’s next film ‘The Odyssey’ is a mythic action epic shot across the world using brand new IMAX film technology," Universal Pictures announced on X. "The film brings Homer’s foundational saga to IMAX film screens for the first time and opens in theaters everywhere on July 17, 2026." Homer's epic poem "The Odyssey" tells the story of the Greek hero Odysseus, the King of Ithaca, as he embarks on a ten-year journey from Troy back to Ithica following the Trojan War. Along the way, Odysseus and crew encounter several challenges including a Cyclops and the Sirens. The film reportedly star Tom Holland, Zendaya, Matt Damon, Robert Pattinson, Anne Hathaway, Lupita Nyong’o and Charlize Theron, according to Deadline . "The Odyssey" will be Nolan's second film with Universal Pictures, with "Oppenheimer" having been released in partnership with the distributor in 2023. The film went on to win seven Academy Awards, including Best Picture, Best Director for Nolan and Best Actor for Cillian Murphy. Nolan has also directed other major hits including "The Dark Knight" franchise, "Interstellar," "Dunkirk" and "Inception." (Universal Pictures and this NBC station are both part of the NBCUniversal family.)
Exploring Lasofoxifene Plus Abemaciclib in ESR1+ Breast Cancer: Insights from ELAINE-3 With Sagar D. Sardesai, MBBS
Private Companies Cap Table Management Software Market 2024: A Decade of Phenomenal Growth Ahead 12-23-2024 07:53 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: Prudent Markets Private Companies Cap Table Management Software Market The Private Companies Cap Table Management Software Market 2024-2023 report provides a comprehensive analysis of Types (On-premises, Cloud), Application (Small Enterprises (10 to 49 Employees), Medium-sized Enterprises (50 to 249 Employees), Large Enterprises(Employ 250 or More People)), Analysis of Industry Trends, Growth, and Opportunities, R&D landscape, Data security and privacy concerns Risk Analysis, Pipeline Products, Assumptions, Research Timelines, Secondary Research and Primary Research, Key Insights from Industry Experts, Regional Outlook and Forecast, 2024-2032. Major Players of Private Companies Cap Table Management Software Market are: Diligent Equity, Carta, Pulley, Captable.io/Long-Term Stock Exchange, Ledgy, Certent Equity Management, Shareworks by Morgan Stanley, Gust Equity Management, Capdesk, GEMSpm, Eqvista Inc Get PDF Sample Report Now! @ https://www.prudentmarkets.com/sample-request/9168553/ This report provides a deep insight into the global Private Companies Cap Table Management Software market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc. The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Private Companies Cap Table Management Software Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market. Segmentation of Private Companies Cap Table Management Software Market- By Type On-premises, Cloud By Application Small Enterprises (10 to 49 Employees), Medium-sized Enterprises (50 to 249 Employees), Large Enterprises(Employ 250 or More People) Geographic Segmentation -North America (USA, Canada, Mexico) -Europe (Germany, UK, France, Russia, Italy, Rest of Europe) -Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific) -South America (Brazil, Argentina, Columbia, Rest of South America) -The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA) Prudent Markets provides attractive discounts that fit your needs. Customization of the reports as per your requirement is also offered. Get in touch with our sales team, who will guarantee you a report that suits your needs. Speak To Our Analyst For A Discussion On The Above Findings, And Ask For A Discount On The Report @ https://www.prudentmarkets.com/discount-request/9168553/ Key Benefits of the Report: This study presents the analytical depiction of the Private Companies Cap Table Management Software Industry along with the current trends and future estimations to determine the imminent investment pockets. The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Private Companies Cap Table Management Software Market share. The current market is quantitatively analyzed from to highlight the Global Gardening Pots Market growth scenario. Porter's five forces analysis illustrates the potency of buyers & suppliers in the market. The report provides a detailed Private Companies Cap Table Management Software Market analysis based on competitive intensity and how the competition will take shape in coming years. Key poles of the TOC: Chapter 1 Private Companies Cap Table Management Software Market Business Overview Chapter 2 Major Breakdown by Type Chapter 3 Major Application Wise Breakdown (Revenue & Volume) Chapter 4 Manufacture Market Breakdown Chapter 5 Sales & Estimates Market Study Chapter 6 Key Manufacturers Production and Sales Market Comparison Breakdown Chapter 8 Manufacturers, Deals and Closings Market Evaluation & Aggressiveness Chapter 9 Key Companies Breakdown by Overall Market Size & Revenue by Type Chapter 11 Business / Industry Chain (Value & Supply Chain Analysis) Chapter 12 Conclusions & Appendix The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global Private Companies Cap Table Management Software Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market. For In-Depth Competitive Analysis - Purchase this Report now at a Complete Table of Contents (Single User License) @ https://www.prudentmarkets.com/checkout/?id=9168553&license_type=su Free Customization on the basis of client requirements on Immediate purchase: 1- Free country-level breakdown of any 5 countries of your interest. 2- Competitive breakdown of segment revenue by market players. Customization of the Report: This report can be customized to meet the client's requirements. Please connect with our sales team (sales@prudentmarkets.com), who will ensure that you get a report that suits your needs. You can also get in touch with our executives on +91 83560 50278 || USA/Canada(Toll Free): 1800-601-6071 to share your research requirements. In conclusion, the Private Companies Cap Table Management Software Market report is a genuine source for accessing the research data which is projected to exponentially grow your business. The report provides information such as economic scenarios, benefits, limits, trends, market growth rates, and figures. SWOT analysis and PESTLE analysis is also incorporated in the report. Contact Us: Allan Carter Andheri, Maharashtra, 400102 USA/Canada(Toll Free): 1800-601-6071 Direct Line: +91 83560 50278 Mail: sales@prudentmarkets.com Web: www.prudentmarkets.com About Us: We are leaders in market analytics, business research, and consulting services for Fortune 500 companies, start-ups, financial & government institutions. Since we understand the criticality of data and insights, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available. To be at our client's disposal whenever they need help on market research and consulting services. We also aim to be their business partners when it comes to making critical business decisions around new market entry, M&A, competitive Intelligence and strategy. This release was published on openPR.The largest intergenerational wealth transfer in US history is about to take place — though the vast majority of Americans are unlikely to inherit much money at all. About $US105 trillion ($164 trillion) is projected to be passed down from older generations over the next quarter century, according to research firm Cerulli Associates, an amount roughly equal to global gross domestic product in 2023. Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation are expected to leave their heirs. Credit: Glenn Hunt Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation, born between 1946 and 1964, are expected to leave their heirs. The latest inheritance projection by Cerulli is 45 per cent higher than the 25-year forecast the firm made only three years ago. US gifts and inheritances are expected to total $US2.5 trillion next year alone. “About 80 per cent of the wealth held today is going to be in motion,” Chayce Horton, the lead author of the Cerulli report, said in an interview. “The ratio of wealth expected to be changing hands in the next 25 years is significant, and much greater than what we even saw a decade ago.” Yet even as the assets of millions of ageing Americans are passed on, the share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. At the same time, money passed down from one generation to another accounts for a growing share of the overall wealth of heirs, rising relative to income from work or investments. Inherited money represented about a quarter of the net worth of households that received it, a Bloomberg analysis of the Federal Reserve’s 2022 Survey of Consumer Finances found, up from roughly 10 per cent in the late 1990s. Loading “We’re becoming less of an economy that promotes entrepreneurship and production and more of an economy focused on inheritance and dynasty,” said Chuck Collins, Director of the Program on Inequality and the Common Good at the Institute for Policy Studies. Collins, whose great-grandfather founded the hot dog and lunchmeat maker Oscar Mayer, gave up his inheritance when he was in his twenties. He is now a member of the Patriotic Millionaires, a nonprofit group of affluent Americans that pushes for the wealthy to pay higher tax rates. Receiving any funds from a deceased family member remains the exception in the US, not the rule. Just one in five American households have received a substantial gift, trust or inheritance in recent decades, according to Bloomberg’s analysis. Inherited wealth is expected to become increasingly concentrated among the most affluent, according to Cerulli. The firm estimates that more than half of the wealth transferred between generations through 2048 will come from households with at least $US5 million in investible assets. Only about 2 per cent of US households meet that threshold. The share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. Credit: Bloomberg The figures lend support to an idea that has long had currency among economists but that has been difficult to confirm — that the share of overall wealth derived from inheritance is far higher than it appears. A 2017 paper argued that inherited money had accounted for more than half of total wealth in the US and Europe since the 1990s, and that “self-reported inheritance flows are implausibly low.” “Inheritance is still the most important factor in terms of wealth concentration,” said Kaushik Basu, professor of economics at Cornell University and former chief economist at the World Bank. The trillions of dollars set to be passed on in coming years could create more social mobility for younger generations, even though its greater concentration among the wealthiest Americans is likely to create more obstacles for lower-income households and exacerbate inequality. Loading “Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute,” Basu said. He added that many of the economic advantages of family wealth are conferred indirectly, through access to education and other opportunities. As more members of the massive baby boom generation die, the annual rate at which wealth is being passed on is expected to increase until the end of the decade. Millennials, born between 1981 and 1996, are expected to inherit more than $US45 trillion by 2048, including some $US3.9 trillion that year alone. Generation X, sandwiched between the baby boomers and millennials, will see their annual inheritance levels peak in 2038 at just shy of $US2 trillion, according to Cerulli. ‘Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute.’ Kaushik Basu, professor of economics at Cornell University and former chief economist at the World Bank Wealth isn’t only cascading down to younger generations, it also is moving sideways. Before reaching younger heirs, inheritances are often transferred to surviving spouses and partners. Since women tend to outlive men, they are expected to receive a large share of the fortunes being passed on. “A significant amount of the wealth that is held today is believed to be controlled by men,” said Cerulli’s Horton. As those men die, “we expect that wealth to be much more equitably distributed on a gender basis.” Cerulli estimates that women will inherit nearly half of the total projected value of inheritances over the next 25 years. US tax policy has made it easier for wealthy heirs to hang on to more of the money they inherit. President-elect Donald Trump wants to extend part of his 2017 tax-cut package that doubled the estate-tax exemption from $US5.49 million to $US11.18 million. For many older Americans, money handed down from previous generations has shaped their own planning. Alan Jewett, a 75-year-old retiree in Delaware, and his wife received an inheritance of nearly $US3 million from her childless aunts in 2014, after the couple had already put both their children through college and bought a home. “Having money changes the way you look at things in the sense that it gives you and your family a feeling of security,” Jewett said. He and his wife gave part of the inheritance to their kids and set up an irrevocable trust for their three young grandchildren. Some heirs say they have used inherited money to prepare for their own health and elder-care expenses. Lee Robin Gebhardt, a 63-year-old wine seller living in Putnam County, New York, said she invested a $US150,000 retirement account that she received from her father, who died in 2020, in her long-term care. Gebhardt, who plans to work for at least another two years, has enough money put away to last her until she’s 110. “That will take some pressure off my children,” she said. Other relatively wealthy baby boomers have decided to pass on some of their wealth while they’re still able to see its effects for themselves. Loading “I’ve seen an increasing focus on ‘giving while living,’ where people provide for their family’s needs during their lifetime,” said Jared Jones, senior advisor at Omega Wealth Management. “There’s definitely a big focus on not waiting until one passes away to help and witness the benefits of the wealth from the family.” Bloomberg The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning . Save Log in , register or subscribe to save articles for later. Inheritance Billionaires Most Viewed in Business Loading
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First Trust NYSE Arca Biotechnology UCITS ETF Class A USD Accumulation ( LON:FBT – Get Free Report )’s stock price traded up 0% during trading on Friday . The company traded as high as GBX 1,629.64 ($20.51) and last traded at GBX 1,626.79 ($20.47). 8 shares changed hands during trading, a decline of 100% from the average session volume of 1,655 shares. The stock had previously closed at GBX 1,626 ($20.46). First Trust NYSE Arca Biotechnology UCITS ETF Class A USD Accumulation Stock Performance The company has a quick ratio of 9.27, a current ratio of 9.42 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of GBX 1,639.67 and a 200 day moving average price of GBX 1,575.53. The firm has a market capitalization of £4.81 billion and a PE ratio of -1,478.90. About First Trust NYSE Arca Biotechnology UCITS ETF Class A USD Accumulation ( Get Free Report ) Forbidden Technologies plc develops and owns cloud-based video technology in the United Kingdom, North America, and internationally. It offers Forscene, a cloud based video post-production and publishing platform with various applications, such as editing, adding closed caption, graphics, metadata fast, remote viewing, collaboration, and publishing content. Read More Receive News & Ratings for First Trust NYSE Arca Biotechnology UCITS ETF Class A USD Accumulation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Trust NYSE Arca Biotechnology UCITS ETF Class A USD Accumulation and related companies with MarketBeat.com's FREE daily email newsletter .
From achieving its EBITDA-positive milestone and pioneering AI-driven features, to an enhanced customer experience and strengthened e-commerce ecosystem, Lazada Philippines shared numerous 2024 milestones during the December 3 thanksgiving event held at its BGC headquarters. “We started out the year with a commitment to deliver the best price and best experience, and we are proud of the ways we’ve been able to improve and bring more value to our buyers, sellers, and the broader ecosystem. With the promising growth of e-commerce in our market, we are staying focused on helping more Filipinos live convenient, tech-enabled lives,” said Carlos Barrera, CEO of Lazada Philippines. GenAI Features Transformed Shopping for 11.11 Biggest Sale of the Year Building Customer Engagement through Coins and Games Meeting the Needs of Filipino Consumers Growing a Sustainable Business and Ecosystem In July 2024, Lazada Group achieved positive EBITDA for the first time, proving the effectiveness of the company's long-term strategy and reaffirming its continued investments in the Southeast Asian markets under a sustainable operating model. In the Philippines, Lazada continues to expand its footprint nationwide, investing in deeper operations across Visayas and Mindanao. With a commitment to empowering consumers and businesses in the digital economy, Lazada continues to expand programs including LazPayLater, LazSave and Lazada Seller Loans. Its LazAffiliates Program has grown to over 1 million registered partners, helping more Filipinos connect with their favorite brands and access opportunities for creative income. Lazada remains dedicated to delivering the best deals and seamless shopping experiences to all stakeholders and accelerating progress in Southeast Asia through commerce and technology.Middle East latest: Defense minister acknowledges Israel killed Hamas leaderThe whiplash-inducing, “Hunger Games”-style race to become Donald Trump’s Treasury secretary made it easy for the media to ignore what has been going on with Janet Yellen — and the absolute mess she’s leaving for her successor. Yellen — who, it was revealed Friday, will be replaced as Treasury secretary in January by hedge fund mogul Scott Bessent — was Joe Biden’s pick to run the office that is essentially the country’s CFO. Indeed, it could be the most important cabinet position in the White House given the importance of the US economy. Americans put Trump in office largely over his handling of the economy during his first term — job growth and wages that kept place with a low inflation rate. Despite her gold-plated résumé, Ivy League degrees, and time served as Fed chair, Yellen gave the country just the opposite. Her boss paid the price politically as the American people paid the price economically. And according to my sources, the American people aren’t done paying the price for Yellen’s mismanagement even if most of the financial media is overlooking the fiscal time bomb she devised — one that could blow up once Trump takes office. Specifically, my sources who follow the bond market say Yellen has been setting a trap for the incoming Trump administration through the way she financed the massive $1.8 trillion federal budget deficit that exploded during the Biden years with the accumulation of $36 trillion in debt. Yellen has been moving away from long-term debt to finance the shortfalls to shorter-dated securities, essentially rolling over deficits with more and more Treasury bills instead of the normal way of debt issuance through 10- and 30-year debt. That’s according to an analysis by Robbert van Batenburg of the influential Bear Traps Report, who estimates that around 30% of all debt is the short-term variety — aka 2-year and shorter notes — compared to 15% in 2023. Didn’t lock in low rates In an era of low interest rates, Yellen & Co. could have locked in relatively cheap interest payments for years by issuing more 10- and 30-year debt. So why go there? Politics, according to Yellen’s Wall Street critics. Because the Biden administration has taken spending to new and some say unsustainable levels, Yellen needed to engage in a bit of financial chicanery to keep interest rates low and not spook the stock market during an election year, her critics say. If she had financed deficits with 10- and 30-year bonds, that would have caused a rise in interest rates that impact consumers, i.e. mortgages and credit cards. Follow the latest on President-elect Donald Trump’s cabinet selections: Yields on the 10-year bond have remained under 5%, a key level that has coincided with a run-up in stocks. If rates move to 5% and above, it would also probably cause a decline in the stock market because stocks would be competing with higher-yielding super-safe treasuries for investors’ money. She was playing with additional fire because rates on short-dated debt, while low, began to spike in recent years when the Fed raised its base rate to fight inflation. As van Batenburg puts it: “The Treasury now faces a substantial volume of short-term debt maturing annually, which must be refinanced at significantly higher interest rates. Current market rates for short-term debt, while slightly lower than recent peaks, remain elevated compared to historical levels. This mismatch between low-cost historical debt and high-cost replacement debt is driving a substantial increase in the government’s interest expense.” Scary stuff. Average Americans got screwed by inflation and then higher rates that made homeownership less affordable. Rich people luxuriated in gains from higher financial-asset prices. But yields on the 10-year have been inching up to that danger zone of 5%. It could set the stage for a stock market collapse or even worse if the bond market starts to factor in not just higher deficits given Biden’s spending spree, but also the need to issue more long-dated debt because short-term borrowing is more expensive. Thanks, Janet. Gensler’s SEC land mines Speaking of cleaning up messes, SEC Chairman Gary Gensler announced last week he doesn’t plan to stick around until his term ends in 2026. His replacement is still in question as this column goes to press, though sources say long-time securities lawyer and ex-SEC commissioner Paul Atkins has the inside track. While Wall Street’s top cop won’t face the same existential worries being faced by the new Treasury secretary, it won’t be a cakewalk, either. “Cleaning up after Gensler is like avoiding land mines left behind by the retreating Japanese soldiers,” an SEC insider told me. Gensler, during his three-plus years as Biden’s SEC chair, basically defied the agency’s congressional mandate. He turned what’s essentially an investor-protection agency into a climate-activist arm of the Biden administration by trying to impose costly and absurd disclosures on public companies about their carbon footprint, nearly impossible to accurately gauge. His enforcement arm became a de facto regulator of the $3.5 trillion crypto business; instead of setting clear rules for the industry, he brought cases, stifling innovation of all-important blockchain technology in the US and pushing it overseas. Staff morale is at an all-time low due to Gensler’s brusque management style. I can go on, but I don’t want to scare whoever’s taking Gary’s place.
