Buying and selling in the world’s biggest bond market is supposed to be easy. However, for most of this year, says Gregory Whiteley, a bond portfolio manager at DoubleLine Capital, it has been anything but straightforward. Whiteley says a trader used to be able to get hold of $400mn of US Treasury bonds — not an outsize quantity in this $24tn market — as a routine matter. But now that typically involves breaking up the order into smaller chunks; perhaps doing $100mn of the trade electronically, he explains, and then picking up the phone to see if they can prise the rest of the debt from the hands of Wall Street’s trading desks over the course of a day. The US Treasury bond market suffered a huge scare at the start of the coronavirus pandemic when fears about a collapse in the global economy led to a sudden slump in prices and liquidity.
White House Chief of Staff Ron Klain claimed during a recent television appearance that the midterm elections had been not just good, but record-breaking for President Joe Biden — but former White House reporter Jim Stinson begged to differ.
A sculpture of the British Secret Intelligence Service officer and Soviet agent Kim Philby will be raised in the town of Prokhorovka in Russia’s Belgorod Region, the Readovka news media outlet reported on Tuesday.
The report did not reveal the exact date the monument is meant to be unveiled, but it did publish what appears to be a model of the monument where Philby is depicted standing against a stele bearing his profile.
Philby was one of the most prominent members of the Cambridge Five, a Soviet intelligence group that supplied Moscow with information from the UK during World War II and the early stages of the Cold War.
A British citizen, Philby was recruited by the USSR back in 1934 and joined the British Secret Intelligence Service in 1940. He was found to be a Soviet agent in 1963, at which point he defected to Moscow, where he lived for the rest of his life.