Bond Rally Charges On With 30-Year Treasury Yields Below 2%

Aug 15, 2019

First Read

Hits & Takes
JLN Staff

HKEX CEO Charles Li told reporters yesterday that Hong Kong would make it through the recent turbulence, saying, “We seem to be quite resilient. I personally have strong confidence that we will walk out of this, quite ok.” ~SD

Via Bloomberg: “Russia has its own ‘Sully.'” A Russian pilot safely landed his Crimea-bound plane, which was carrying 230 passengers, in a cornfield after it struck a flock of seagulls and lost power to both of its engines.~SD

There’s been another unfortunate security breach, this time self-inflicted. A company that runs a biometrics system used by UK banks and police left personal data (including fingerprints) on a publicly accessible database. ~SD

Walmart is doing well in the current market tumult, reporting strong second quarter results and higher earnings expectations for the year. Oh, and it has filed a patent to launch a cryptocurrency to rival Libra. ~SR

In the first 100 days of Micro E-mini futures, CME is celebrating the most successful product launch in CME Group history with 38M+ contracts traded to date.~JJL

Robert Davies, head of Research & Development (EMEA Hosted) at Fidessa, is leaving after 20 years with the firm.~JJL



Don’t Short Yourself
In this video from MarketsWiki Education’s World of Opportunity event in Chicago, Small Exchange CEO Donnie Roberts provides tips on how to avoid becoming the old timer at the end of the bar who laments what could, or should, have been.
Watch the video »


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Why an Heiress Spent Her Fortune Trying to Keep Immigrants Out; Newly unearthed documents reveal how an environmental-minded socialite became an ardent nativist whose money helped sow the seeds of the Trump anti-immigration agenda.
Nicholas Kulish and Mike McIntire – NY Times
She was an heiress without a cause ó an indifferent student, an unhappy young bride, a miscast socialite. Her most enduring passion was for birds. But Cordelia Scaife May eventually found her life’s purpose: curbing what she perceived as the lethal threat of overpopulation by trying to shut America’s doors to immigrants.

***** The heiress to the Mellon banking fortune is a mover and shaker in politics even after her death.~JJL


Overstock Sell-Off Reaches 36% After CEO’s ‘Deep State’ Comment
Jeran Wittenstein – Bloomberg Inc. shares fell for a third day Wednesday as investors reacted to statements by Chief Executive Officer Patrick Byrne that he was a part of federal investigations related to the 2016 election.

****Odd comments by leadership matter. Recall when the CEO of LaCroix maker National Beverage (ticker: FIZZ) blamed the company’s underperformance on “injustice” and shares dropped more than 20%?


Wednesday’s Top Three
Our top read stories on Wednesday were led by the Fortune piece The Death of Trading: Why More Big Banks Think the Business Is a Losing Bet. Second was
the China Law Blog post Hong Kong for International Business: Stick a Fork in It. And third was S&P Global’s Wall Street signs up to build sports-betting platforms


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Lead Stories

Bond Rally Charges On With 30-Year Treasury Yields Below 2%
Katherine Greifeld, Ruth Carson and John Ainger – Bloomberg
U.S. 10-year yields drop below that of 2-year to sound alarm; Yield curve inversion is viewed as a harbinger of recession
Alarm bells are ringing louder in bond markets. Among the superlatives: the yield on 30-year Treasuries fell below 2% for the first time and the world’s pile of negative-yielding debt surpassed $16 trillion. And looming over it all was the 10-year Treasury yield dipping below the two-year, in what’s considered a harbinger of a U.S. economic recession in the next 18 months.

****For more on the overall market selloff yesterday, see Reuters’ Stocks, oil tank on growing signs of global slowdown.

Details of the TT Outage on August 13, 2019
Trading Technologies
Beginning at 8:30 AM CT, order routing to CME from TT was interrupted for all users as a result of problems within the TT infrastructure. This continued intermittently, with varying impact to different user groups over the following two hours.
TT leverages an application for “service discovery” which maintains a list of all running servers so that, for example, a pre-trade risk server can find the order routing gateway it needs to route a particular customer’s order. This same service is leveraged by the order routing gateways to facilitate failover. In other words, this service acts as the “cluster manager” allowing each gateway to know its peers.

The West Is Trading Water for Cash. The Water Is Running Out; Desert farmers along the Colorado River are striking lucrative deals with big cities. But not everyone comes out a winner.
Luke McGrath – Bloomberg
When it comes to global warming’s one-two punch of inundation and drought, the presence of too much water has had the most impact on U.S. agriculture this year, with farmers across the Midwest swamped by flooding throughout the Mississippi Basin.

China’s trade threats deal fresh blow to world stocks
Sujata Rao – Reuters
China’s threat to impose counter-measures in retaliation for the latest U.S. tariffs knocked stocks sprawling on Thursday, checking earlier attempt to recover from a rout sparked by fears of a world recession.

Stock Turmoil Sparks a Wall Street Hunt for Cheap Hedges
Joanna Ossinger – Bloomberg
BofA recommends ‘put fly’ trade; MRA touts bearish ETF options; Pockets of value remain despite high level of S&P 500 skew
The bad news for investors who waited this long to buy equity hedges is they’ve become eye-wateringly expensive. The good news is Wall Street thinks there are a few cheap strategies left.

Hong Kong unveils $2.4 billion support package as protests add to economic strains
Hong Kong’s government announced an economic support package worth HK$19.1 billion ($2.44 billion) on Thursday as escalating political protests and the prolonged Sino-U.S. trade war weigh heavily on the Asian financial center.

Dark trading volumes reach highest level under MiFID II; An analysis from TABB Group has found dark trading volumes are the highest since MiFID II was introduced, despite summer slowdown.
Hayley McDowell – The Trade
European equity trading activity fell in July this year while dark trading volumes surged to the highest level since MiFID II was introduced, according to analysis by TABB Group.

Ailing Banks Expose Fault Lines in Europe
Alexander Weber, Silla Brush and Sam Dodge – Bloomberg
A decade after the financial crisis, Europe’s banks just can’t seem to put their woes behind them, and that should worry more than a few highly paid executives.

GE Is New Target of Madoff Whistleblower; Harry Markopolos releases report on GE’s accounting, claiming its cash situation is far worse than disclosed and GE needs to boost insurance reserves
Thomas Gryta and Mark Maremont – WSJ
An accounting expert who raised red flags about Bernie Madoff ‘s Ponzi scheme has a new target: General Electric Co. In a research report posted online Thursday, Harry Markopolos alleges the struggling conglomerate has masked the depths of its problems, resulting in inaccurate and fraudulent financial filings with regulators. The report, which numbers more than 170 pages and was reviewed by The Wall Street Journal, is a mixture of detailed financial analysis and sweeping claims.

This is a currency war Donald Trump was never going to win; The US cannot unilaterally weaken the dollar
Megan Greene – FT
President Donald Trump’s tweeted demands for a weaker dollar, and his subsequent designation of China as a “currency manipulator”, have sparked fears that his trade battles are morphing into a currency war. The last time we had a global competitive devaluation was in the 1930s, as the world descended into the Depression. But today, currency values are set in huge global markets rather than against gold. That leaves the US alone on the battlefield, armed with only the equivalent of a pea shooter.

UK investment scams up by over a third in five years
Cristian Angeloni – International Adviser
Reports of investment fraud have been steadily increasing in the UK since 2013, a freedom of information (FOI) request made by AJ Bell revealed.

Exchanges, OTC and Clearing

ECC Completes Migration To C7 Clearing System
EEX Group
On 12 August 2019, European Commodity Clearing (ECC), the clearing house of EEX Group successfully migrated its position and transaction management system for the derivatives markets to the C7 system. The C7 system developed by Deutsche Bˆrse Group is a world-leading clearing system which is well established in the financial market.

Head of SIX’s Digital Asset Exchange Quits Over Strategy Disagreement
Daniel Palmer – Coindesk
Switzerland’s SIX stock exchange has just lost a key executive in charge of its digital assets exchange, SDX. As reported by on Thursday, SDX CEO Martin Halblaub has announced he will be departing the exchange just eight months after taking on the role.

EEX Welcomes Revision Of The EU ETS Auctioning Regulation And Gives Detailed Input
EEX expressly welcomes many of the simplifications and clarifications proposed for the Auctioning Regulation. These include simpler procedures for re-appointment of auctioning platforms and determination of auction calendars. At the same time, EEX suggests a number of additional changes to the regulation. These concern in particular the auction calendar cycle, requirements for access to the auctions, transaction reporting and the structure and level of fees.

Intercontinental Exchange and Magellan Midstream Partners Announce Launch of Dock Capacity Auction at Multiple Marine Facilities in Houston for the ICE Permian WTI Futures Contract
Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, and Magellan Midstream Partners, L.P. (MMP) announced the addition of dock capacity auctions for ICE Permian WTI crude oil futures contracts (HOU) at Magellan’s terminals in Galena Park and Seabrook.

Appendix 4E and Annual Report

ASX Notification of Dividend

ASX Ltd Full-Year Media Release

ASX Ltd Full-Year Results Presentation


U.S. Chamber Comments on Docket No. USTR-2019-0009: Initiation of Section 301 Investigation of France’s Digital Services Tax
U.S. Chamber of Commerce

Artificial intelligence is no silver bullet for governance; Policymakers must solve the old data problems before applying new tech solutions
Hetan Shah – FT
There is considerable interest from policymakers and scientists around the world around how artificial intelligence is going to transform their work. In their haste to jump on the AI bandwagon, however, everybody is forgetting we have not solved some older, deeper problems about data that will stymie attempts to get the technology off the ground.

Credit Suisse Asset Management invests in fixed income price transparency firm; Solve Advisors’ platform uses machine learning and NLP to aggregate data in fixed income markets for price discovery.
Hayley McDowell – The Trade
Credit Suisse Asset Management has made an investment in a New York-based data aggregation specialist that aims to improve transparency on pre-trade pricing in fixed income markets.

Refinitiv turns to AWS to deliver financial data to APAC clients; Real-time data from Refinitiv Elektron platform will be accessible to clients in Asia-Pacific region through the Amazon Web Services cloud service.
John Brazier – The Trade
Refinitiv is now delivering its financial data via the Amazon Web Services (AWS) cloud platform to clients in the Asia-Pacific region.

Bloomberg brings early alerts to corporate credit with machine learning; Early alerts will provide traders with predictive insights into USD corporate investment grade and high-yield securities.
Hayley McDowell – The Trade
Bloomberg has rolled out early alerts using machine learning technology to provide clients with predictive insights for fixed income trading.


Coinbase Is Using an Ethereum Upgrade to Help Merchants Accept USDC
Christine Kim – Coindesk
Coinbase Commerce is putting ethereum’s most recent upgrade, Constantinople, to use for thousands of retailers and merchants around the world.

Even Cryptocurrencies Are Now Getting Clobbered in This Market
Olga Kharif – Bloomberg
Prices tumble suddenly across the board with risk assets; Budding negative correlation with S&P 500 Index evaporates
Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further.

New Zealand gives a vote of confidence in bitcoin, while the US remains wary
Matthew De Silva – Quartz
Kiwis can now get paid in crypto. Bitcoin faces legal uncertainty in much of the world, but this month the cryptocurrency received a major vote of confidence in New Zealand. In its August tax information bulletin (pdf), the country’s Inland Revenue Department published binding rules approving salaries and wages paid in cryptocurrency.

Moscow to Develop a Blockchain System for Transparent City Services
Anna Baydakova – Coindesk
Russia’s capital is looking for a contractor to build a blockchain system to host the city’s administrative services.

Chinese Ponzi Scam Floods Exchanges And Hits Bitcoin Price
Emilio Janus – Bitcoinist
According to Primitive founder, Dovey Wan, the latest Bitcoin sell-off is down to a major Chinese ponzi scheme. Little known outside of China, PlusToken scammed over 200k BTC and 800k ETH, which are now hitting exchanges in batches.


Markets register a shock, but is Trump right to blame the Fed?
Howard Schneider – Reuters
It takes a lot to kill an economic expansion, typically requiring a major shock to bring growth to a halt and trigger a U.S. recession.

Trump No More Effective Than Powell in Stanching Stock Bleeding
Sarah Ponczek, Elena Popina, and Lu Wang – Bloomberg
S&P 500, Dow, Nasdaq fall more than 2% after curve inversion; Defensives outperform, Dow falls toward technical level
Markets are angry again, and it will take more than a few tweets to placate them. If you take one message from Wednesday’s sell-off, make it that: once volatility gets revved up like it has, no single human voice is likely to calm it back down.

Trump Hits Fed Over ‘Crazy Inverted Yield Curve’ as Stocks Fall
Joshua Gallu – Bloomberg
President Donald Trump called Federal Reserve Chairman Jerome Powell “clueless” and blamed his policies for signs in the bond markets that a recession is looming.

Trump Links Trade to Hong Kong, Risks Playing Into Xi’s Hands
John Harney and Kevin Hamlin – Bloomberg
President urges China in tweets to ‘humanely’ resolve unrest; White House has sent contradictory signals on recent protests
President Donald Trump linked Hong Kong’s unrest to talks with Chinese leader Xi Jinping, in a move that could reinforce Beijing’s efforts to blame the U.S. for increasingly violent protests in the Asian financial hub.

Congress Will Soon Let Marijuana Companies Get Bank Accounts, Acreage CEO Says
Bill Alpert – Barron’s
Kevin Murphy, the founder of marijuana chain Acreage Holdings, says that Congress is likely to vote this year to allow cannabis businesses to use federally-regulated banks.

The U.S. left a hole in leadership on climate. China is filling it; POLITICO’s Global Translations podcast examines the fallout from Washington’s withdrawal from the Paris climate agreement.
Luiza Savage – Politico
Call it the China climate paradox. Often considered the bogeyman of global climate diplomacy, China is making greater and faster strides than expected away from fossil fuels ó becoming the world’s largest investor in solar and wind technology and boasting more jobs in solar energy than in coal-mining. It’s all part of a longterm economic strategy to dominate in critical technologies.

China Signals U.S. Tariff Delay Not Enough to Stop Retaliation
Bloomberg News
Committee that’s overseen retaliation issues statement; China says U.S. broke agreements between Trump and Xi
China called planned U.S. tariffs on an additional $300 billion in Chinese goods a violation of accords reached by Presidents Donald Trump and Xi Jinping, signaling an American move earlier this week to delay some of those levies was not enough to stave off retaliation.

China says it must take counter-measures to latest U.S. tariffs
China has to take necessary counter-measures to the latest U.S. tariffs on $300 billion of Chinese goods, the finance ministry said on Thursday.

BlackRock’s Hildebrand Tells Europe Cash Handouts Should Be Next
Carolynn Look and Francine Lacqua – Bloomberg
The world’s largest asset manager says European authorities should consider funneling money straight to households and businesses if the current economic slowdown worsens.


Redefining conduct in FX Markets; A speech by Commissioner Cathie Armour at the ACI Redefining Conduct in FX Markets Seminar, Sydney, 14 August 2019
Good evening. Thank you for inviting me to speak. Let me begin by acknowledging the Traditional Owners’ ongoing connection to and custodianship of the lands on which we meet today, and pay my respects to elders past, present and future.

Keynote address at Risk Australia Conference
Keynote address by John Price, Commissioner, Australian Securities and Investments Commission at the Risk Australia Conference, (Sydney, Australia) 15 August 2019

NSW financial adviser Tarandeep Aujla banned for three years
Sydney-based financial adviser, Tarandeep Aujla, has been banned from providing financial services for three years after an ASIC surveillance showed that he failed to act in his clients’ best interests.

ESMA is closed for Public Holiday on Thursday 15 August
We will reopen on Friday 16 August.

SEC Wins Jury Trial Against Broker Charged with Insider Trading
Today, jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions.

SEC Charges Broker-Dealer with Violations of Gatekeeping Provisions Aimed at Protecting Investors
The Securities and Exchange Commission today charged Canaccord Genuity LLC, a broker-dealer headquartered in New York City, with enabling trading in dozens of thinly-traded securities without conducting the review required by the federal securities laws.

London Capital and Finance plc
On 30 January 2019, London Capital and Finance plc (LCF) appointed Finbarr O’Connell, Adam Stephens, Henry Shinners and Colin Hardman of Smith and Williamson LLP as joint administrators. These appointments have been made by order of the court. The administrators’ function is generally to act in the interest of the company’s creditors as a whole, and this must be done as quickly and efficiently as is reasonably practicable.

Investing and Trading

Safety in the Stock Market Is Getting Expensive; Investors have turned to consumer staples, utilities and real-estate stocks as safe havens, but those sectors’ price-to-earnings ratios are rising
Michael Wursthorn – WSJ
Yields on the 10-year Treasury note fell below two-year yields for the first time since 2007 on Wednesday, sparking a nearly 3% decline in the S&P 500 and sending investors toward safe-haven stocks early during the selloff.

The Yield Curve Is Inverted! Remind Me Why I Care
Brian Chappatta – Bloomberg
If you’re wondering what a yield curve is and why there’s so much fretting on both sides of the Atlantic over its changing shape, you’re not alone. This year, Google searches for “yield curve inversion” shot up to their highest level ever. Here’s what the fuss is about.

Markets Discover That America Is Not an Island; Increasing globalization leads financial commentary. Plus an oil rout and a shekel sell-off.
Robert Burgess – Bloomberg
Yes, the U.S. Treasury market’s yield curve inverted in an event that has preceded the last seven recessions. No, it’s not time to panic, though you wouldn’t know it by the action in markets on Wednesday.

Negative-Yielding Debt Hits Record $16 Trillion on Curve Fright
Cormac Mullen – Bloomberg
The recession alarm bell ringing in U.S. government bond markets sent investors rushing once more to haven assets, pushing the world’s stockpile of negative-yielding bonds to another record.

The $4 Billion Time Bomb Ticking Away Inside the Biggest Marijuana Companies
Max A. Cherney, MarketWatch
As pot-stock mania gripped North America in 2018, a bidding war struck up for a relatively small marijuana-growing property in a Toronto suburb.

A Stock Buyback Ban Won’t Make Much Difference; Fixing other things that are wrong with corporate America is more important.
Noah Smith – Bloomberg
Stock buybacks are a fraught and confusing issue. In recent years, the value of corporate share repurchases has soared:

Bond Investors Battle Over Whether Inversion Means Recession
John Ainger – Bloomberg
Inversion has predicted five U.S. contractions since 1980; ‘Reality is that the bond market smells trouble:’ Mediolanum
Bond investors are locking horns over whether the inversion of yield curves really means the global economy is headed for recession.

Three Ways to Profit From $16 Trillion of Negative-Yielding Debt
Stephen Spratt – Bloomberg
Carry-and-roll can generate four basis point margin in Spain; Currency hedging offers positive returns for dollar investors
Investors fleeing risk have boosted the global mountain of negative-yielding bonds to more than $16 trillion. Putting money into assets guaranteed to return less than their face value seems like a fool’s errand — but there are ways they can be traded for a profit.

Europe’s Sinking Bond Yields Pass Ominous Milestone for Traders
Tasos Vossos – Bloomberg
Average bid-ask spread exceeds yield in investment-grade bonds; Alternative credit-trading instruments gain traction in Europe
Plummeting European bond yields have sunk so low they’ve created a distortion with potentially far-reaching effects across the banking and investment industries.

’50 Cent’ Copycat Likely Made $170 Million Hedging During Rout
Luke Kawa – Bloomberg
A million-dollar day may have turned into a hundred million-dollar month for the major buyer of U.S. equity volatility as stocks endure one of their worst sell-offs of 2019.


Ackman bets on idol Warren Buffett’s Berkshire Hathaway
Svea Herbst-Bayliss – Reuters
Billionaire U.S. investor William Ackman has long described how Warren Buffett, often called the greatest stock picker ever, has influenced his career. Now he’s paying the Oracle of Omaha the ultimate homage with a new investment in Buffett’s Berkshire Hathaway (BRKa.N) (BRKb.N).

How hedge funds are thriving in a world of negative-yielding debt; The unnerving world of sub-zero rates still offers managers ways to eke out gains
Laurence Fletcher – FT
The growing pool of negative-yielding debt makes this a hostile environment for most bond investors. Yet some hedge funds have still managed to find ways to turn a profit from the advent of sub-zero rates.


Here’s How Hard the Protests Are Slamming Hong Kong’s Economy
Ten straight weeks of anti-government protests in Hong Kong are taking a sharp toll on an economy already hit by the U.S.-China trade war. The protests began as weekend marches, but have become a daily phenomenon. As police tear gas has been countered by demonstrator petrol bombs, retail and tourism are taking a hit. Global brands from Walt Disney to Prada have warned of the impact. Cathay Pacific Airways and other airlines have canceled hundreds of flights after a sudden airport shutdown this week.

Chinese forces exercise across border as Hong Kong braces for protests
Farah Master – Reuters
Chinese paramilitary forces conducted exercises across the border from Hong Kong on Thursday, raising fears that Beijing may be preparing to act against mass demonstrations in the Asian financial hub it has described as “near terrorism”.

Paid ‘news’: China using Taiwan media to win hearts and minds on island – sources
Yimou Lee, I-hwa Cheng – Reuters
The articles on the website of the leading Taiwan newspaper were gushing about a new Chinese government program to lure Taiwanese entrepreneurs to the mainland.

When the End of the Earth Isn’t Far Enough to Escape the World; Australia and New Zealand thought they were immune from everywhere else’s economic ills. Monetary policy suggests otherwise.
Daniel Moss – Bloomberg
The term “Down Under” as a somehow blessed space separate from the realities of the rest of the world really ought to be banished, at least from discussions about economics.

Russia Court Releases French Investor Delpal to House Arrest
Irina Reznik and Jake Rudnitsky – Bloomberg
Prosecutors reverse stand in high-profile Baring Vostok case; Decision comes days before Putin trip to France to meet Macron
The Moscow City Court released French investor Philippe Delpal from jail to house arrest after prosecutors unexpectedly dropped their opposition in a closely watched case that’s become a thorn in relations between Russia and France.

Sweden sells 10-year debt with negative yield for first time; Issuance of bonds with sub-zero yields puts country in club with Germany and Japan
Adam Samson – FT
Sweden has joined the club of countries that have sold 10-year debt at a negative yield in a sign of how the dramatic rally in the global fixed-income market is sweeping in to bonds with longer maturities.

India faces WTO investigation over sugar subsidies; Australia, Brazil and Guatemala say New Delhi is contributing to a global sugar glut
Jamie Smyth and Amy Kazmin – FT
India is facing a World Trade Organization investigation into its sugar subsidy regime following complaints from Australia, Brazil and Guatemala that its actions are contributing to a global sugar glut.


Jeremy Corbyn threatens no-confidence vote to stop no-deal Brexit
Sarah Dean and Luke McGee, CNN
UK opposition leader Jeremy Corbyn has set out his plan to stop Boris Johnson from leading the country into what many fear could be a catastrophic ‘no-deal’ Brexit.

With 78 days to Brexit, British parliament ready to take on PM
William James – Reuters
The British parliament is set for a September showdown between Prime Minister Boris Johnson’s “do or die” pro-Brexit government and those implacably opposed to leaving the European Union without a divorce deal.

Corbyn’s Plan to Stop a No-Deal Brexit Is Dead; Lawmakers decide that having the Labour leader in Downing Street even for a sleepover isn’t worth the risk.
Therese Raphael – Bloomberg
British lawmakers opposed to leaving the European Union without a deal are a passionate bunch. For over two years, they have blanketed the airwaves, the TV studios and newspaper columns with arguments that a no-deal Brexit is the very height of irresponsibility and negligence, a national crisis in the making. Fingers have stabbed the air to punctuate the point. Speeches for the ages have been given on the subject, the kind that future history students will write essays on.

Once Britain is out of the EU, it is out; The delusion of retrospective legislation on Brexit is dangerous
David Allen Green – FT
The United Kingdom will leave the EU by automatic operation of law on October 31 2019, unless something dramatic happens. Given the current fluid and erratic nature of British politics there is a chance that such an intervention will happen, and that exit is postponed again or the withdrawal process is even then revoked.


We’re Killing the World’s Plants Faster Than We Thought; Climate change is increasingly killing off vegetation.
Luke McGrath – Bloomberg
The Earth is losing its plants, and humanity is to blame, according to a new study. Global vegetation has been in decline since the late 1990’s, due to changes in the water content of the atmosphere. An atmospheric vapor pressure deficit (VPD), or the difference between saturation water vapor and actual water vapor, was found to stall or reverse vegetation greening trends, according to new research published in Science Advances.

The American Museum Is In Crisis; The latest attacks on private philanthropy removes one of the only methods they have to survive.
James Tarmy – Bloomberg
Most art world squabbles never make it past the echoes of white-walled galleries, but a recent series of scandals and protests have spilled into the mainstream, plunging some of the world’s greatest museums into a crisis that hasn’t been seen since the furor of the 1980s culture wars.

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