The German bund broke new ground yesterday by going negative—the first 10-year debt offering in the Eurozone to do so—and still going like gangbusters. Germany sold $5.3 billion in the bonds – NYTimes and WSJ
Streetwise says these negative yields can’t sustain themselves and are a harbinger of the “final stages” of the “biggest bond bull market in history” – WSJ
In double whammy news today, a House report has indicated that not only did China’s cyberspies manage to hack into the FDIC for 3 years starting in 2010, but US government officials tried to cover up the breach. Uh and Oh – CNN
One thought for the new May-led British government is a Norwegian model for ongoing relations with the EU post-Brexit. But Norway pays a relatively hefty share for its access to the common market, must accept all laws from Brussels, and must honor the Schengen Zone—all of which are stumbling blocks for pro-Leave Brits – NYTimes
Of more immediate importance to the UK (and its economy) is how it will respond to breaking BOE news that it’s keeping rates where they are at the moment (but ready to kick in to stimulus mode in August, if necessary) – WSJ
PE and state/local governments: interesting bedfellows, according to a Times investigation – NYTimes
More intrigue at the Hershey Trust, with the PA AG’s office putting pressure on the trust to drop 3 more longstanding board member—making 7 gone since December – WSJ
The SEC voted this week to approve changes to its in-house administrative court system, though critics say the changes are little more than tweaks which don’t go far enough toward addressing constitutionality and bias concerns with the tribunals – Law360
The Journal’s John Carney on why we shouldn’t fear the “buyback-boosted” market rally – WSJ
The Fed released its Beige Book yesterday—the report summarizing comments from business contacts around the country which generally counseled for holding rates right where they are when the Fed meets again in 2 weeks – Bloomberg
Today kicks off another big bank earnings season [with JPM impressively leading the way]. Luckily, we’ve got our 5 Things to keep us company – WSJ
The golf world descends upon Royal Troon starting this morning for the Open Championship. Keep an eye on the par-3 eighth hole—a 123-yarder with an infamous Postage Stamp green that’s earned it the title of “wee beastie.” Should be fun – NYTimes