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   The name's Bond, sold-off Bonds. Plus, China's surprising strength |
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                               <a class="text-blackLight no-underline font-extrabold" style="font-weight: 800; color: #3C4857; text-decoration: none;">
                                TOGETHER WITH
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                   Hi Sarah, here's what you need to know for
                   <strong>
                    May 20th
                   </strong>
                   in
                   <strong>
                    3:13 minutes
                   </strong>
                   .
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                    <span class="font-normal" style="font-weight: 400;">
                     The US received a credit downgrade, so investors ditched American government bonds
                    </span>
                   </li>
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                     Tariffs, turmoil, and one market that’s been holding steady –
                     <a class="text-primary underline font-medium" style="font-weight: 500; color: #204CE9; text-decoration: underline;">
                      Read Now
                     </a>
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                     Fresh data showed that China’s industrial sector stayed stronger than expected – even when US tariffs were at their highest
                    </span>
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                     🚀 Our annual
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                      Modern Investor Summit
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                     is the biggest event of its kind. 2 days, 14-plus events, over 20,000 live attendees, and the biggest names in finance – we're talking the likes of Ray Dalio and Jamie Dimon. And you, of course:
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                      talk to us about this year's promotional and speaking opportunities
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               Yield To Pressure
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              </h4>
              <p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
              </p>
              <p data-block-key="h77yj" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What’s going on here?
               </b>
              </p>
              <p data-block-key="29gr6" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Investors sold off US government bonds, sending their yields up to over 5% on Monday – the highest since late 2023.
              </p>
              <p data-block-key="fvvdp" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What does this mean?
               </b>
              </p>
              <p data-block-key="3j1pj" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Moody's became the third major credit rating agency to downgrade the US on Friday, following Fitch in 2023 and S&amp;P back in 2011. The country’s new “Aa1” rating is still solid, but investors reacted by selling off government bonds and the US dollar. Here’s what gives: Moody’s revision highlights mounting concern about America’s financial discipline. Crucially, the decision came just as the US government revealed a tax plan that could add $5 trillion to the national debt over the next ten years. See, government debt is already worth 6.4% of the American economy, and Moody’s thinks it could reach 9% by 2035. Plus, high interest rates are exacerbating the cost of those IOUs: the government currently spends nearly $1 trillion a year just on interest payments.
              </p>
              <p data-block-key="8548g" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                Why should I care?
               </b>
              </p>
              <p data-block-key="34umt" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 Zooming in:
                </i>
               </b>
               <i>
                China’s hard to pin down.
               </i>
              </p>
              <p data-block-key="9oe5c" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Official records show that China now holds just $765 billion worth of US government bonds – down nearly $40 billion from the start of this year. That makes the country’s stash seem smaller than the UK’s for the first time in over 20 years. But there might be more to China’s numbers. Rather than ditching the bonds outright, the country’s shifted toward short-term ones instead and parked some of its holdings with European custodians – a tactic that obscures ownership in official US data.
              </p>
              <p data-block-key="cc8rq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 The bigger picture:
                </i>
               </b>
               <i>
                If policymakers won’t show discipline, someone else will…
               </i>
              </p>
              <p data-block-key="1p26s" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Moody’s downgrade acted as a cue for “bond vigilantes”: investors who sell government debt as a form of protest. They ditched long-term bonds, spiking their yields and affecting global markets beyond US bonds – from American stocks to British government bonds. And with borrowing costs and government debt rising all around the world, the vigilantes might not stop at the US.
              </p>
              <p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
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               <b>
                You might also like:
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                Three reasons to consider a long-dated US Treasuries ETF now
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                         <span style="font-family: Helvetica, Arial, sans-serif; font-size: 12px; font-weight: bold; color: #E6F14A; display: inline-block;">
                          FROM OUR RESEARCH DESK
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                          Why Now Could Be The Moment To Check Out Asian Bonds
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                      <img alt="Why Now Could Be The Moment To Check Out Asian Bonds" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FInsight-190525-BondMarket.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253De173d35847bb2b1b83383ba4607ab16c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NDc2OTIyNzcuNzc4NTg3Nn0:1uH8b7:pDJo55W3N2Bygcs9ppFfqw55SLke9RP64VXncbF_5wo" style="max-width: 300px; border-radius: 4px;" width="300"/>
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                     <p data-block-key="xjbe2" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      US
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       tariff turmoil
                      </a>
                      has shaken stock and bond markets around the world lately.
                     </p>
                     <p data-block-key="gkht" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      But one area has stayed remarkably steady:
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       Asian bonds
                      </a>
                      .
                     </p>
                     <p data-block-key="5otvf" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      They’ve mostly
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       held their ground
                      </a>
                      , even as their counterparts in the US and Europe have been knocked off their feet.
                     </p>
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                      And –
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       here’s
                      </a>
                      the really interesting part – this might not be a blip.
                     </p>
                     <p data-block-key="46rbt" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      That’s today’s Insight:
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       why now might be the time to dip into Asia’s bond markets
                      </a>
                      .
                     </p>
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                        Read or listen to the Insight here
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                    <b>
                     Disruptive technologies like AI and blockchain have the potential to transform major industries all around the world.
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                    Back the right ones, and your portfolio could be transformed, too. Problem is, finding those special opportunities is, in itself, a disruptive task. They often operate in complex sectors which require a level of technical knowledge, and they tend to be valued based on far-off projections. So instead of crunching the numbers yourself, you might like State Street’s SPDR® Galaxy Transformative Tech Accelerators ETF (
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                     TEKX
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                    ).
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                    You can use the actively managed fund to
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                     get access to an entire digital infrastructure ecosystem
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                    , from cutting-edge software to traditional industries embracing new tech. And because it’s actively managed, you don’t need to worry about missing an opportunity or warning sign: the expert team will stay on top of that for you. If you want disruptive tech without disruptive tasks,
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                     you can discover more here
                    </a>
                    .
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              <span class="text-heading1 text-black font-black" style="font-weight: 900; color: #283444; font-size: 24px;">
               Business As Usual
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               <b>
                What’s going on here?
               </b>
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              <p data-block-key="6or9j" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Data out on Monday showed that even during peak US tariffs, China’s industry still got the job done.
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              <p data-block-key="8o65" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What does this mean?
               </b>
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               China’s industrial sector churned out 6.1% more stuff this April than last, a bigger uptick than the 5.5% predicted. In fact, 36 of the country’s 41 major manufacturing sectors reported figures higher than last year’s. And that’s despite the data covering the period of peak US-China trade tensions. The retail industry wasn’t quite as impressive: sales were up 2.3% in April from last year, falling short of the expected 3.8%. China’s shoppers have been gripping onto their hard-earned coins, see, with the country’s property crisis undermining homeowners’ confidence in their biggest asset.
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               <b>
                Why should I care?
               </b>
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               <b>
                <i>
                 The bigger picture:
                </i>
               </b>
               <i>
                Get ’em while they’re hot!
               </i>
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               The US and China agreed to a 90-day tariff reduction earlier this month. So American companies may now rush to stockpile wares in case lower levies prove temporary, potentially filling the order books of Chinese producers. That could help keep China’s economy on the straight and narrow – but according to economists, the government may still need to roll out additional financial support to make its 5% economic growth goal a reality.
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               <b>
                <i>
                 Zooming out:
                </i>
               </b>
               <i>
                Anything you can do, I can do better.
               </i>
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              <p data-block-key="avt34" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               China’s eager to become more self-sufficient – especially as US tariffs, regulations, and export bans have now threatened to curtail a number of its industries. Case in point: Alibaba. The Chinese tech firm’s Hong Kong-listed shares fell on Monday, after the US raised concerns about its potential deal with Apple. The tech industry’s independent streak has been impressive so far, though. Chinese chipmakers and AI services have revealed products that can match many of America’s offerings, despite being banned from buying many top-of-the-line parts. And now Xiaomi has pledged to do its part, announcing a plan to invest nearly $7 billion into chip design over the next decade.
              </p>
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               <b>
                You might also like:
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               <a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
                Political risk is part of a stock’s value now – and, no, you can’t afford to tune it out
               </a>
               .
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                  <strong>
                   Copy to share story:
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                  QUOTE OF THE DAY
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                  "Conformity is the jailer of freedom and the enemy of growth."
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                  – John F. Kennedy (the 35th president of the United States)
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                    <b>
                     Meet your new research analyst (who doesn't take coffee breaks)
                    </b>
                   </h4>
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                    You've been there: deadlines looming, browser tabs multiplying, and that “quick research task” looking like it will turn into an all-nighter.
                   </p>
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                    You don’t need caffeine-fueled chaos: you need ARI.
                    <br/>
                    <br/>
                    ARI is a deep research agent that analyzes
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     400+ sources across private, public, and premium data to serve up polished, McKinsey-style reports in minutes
                    </a>
                    – with charts, citations, and zero waffle.
                   </p>
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                    All that's left to do is tweak the tone, add or remove sections, throw in a table or two, and export the whole thing with your branding. It’s like having a whole research team in one tab.
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                    Oh, and
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     OpenAI recently admitted ARI is better than its own deep research agent – with a 76% win rate
                    </a>
                    .
                   </p>
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                    Try it out for free – and get used to delivering brilliant insights
                    <i>
                     and
                    </i>
                    leaving the office on time.
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                    When you support our sponsors, you support us. Thanks for that.
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                        🎯 On Our Radar
                       </p>
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                        1.
                        <b>
                         Get in, loser, we’re going digital.
                        </b>
                        A Google Street View road trip has
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         picked up thousands of passengers
                        </a>
                        .
                       </p>
                       <p data-block-key="88m52" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        2.
                        <b>
                         It’s time for a hot nature summer.
                        </b>
                        The latest TikTok star:
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         National Park thirst traps
                        </a>
                        .
                       </p>
                       <p data-block-key="e4hd" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        3.
                        <b>
                         Take your pick: merch, discounts, or shares in a future million-dollar company.
                        </b>
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         Equity crowdfunders
                        </a>
                        can turn you into a venture capitalist.
                       </p>
                       <p data-block-key="avqqb" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        4.
                        <b>
                         Convenience costs.
                        </b>
                        Find out whether
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         your weekly meal kit
                        </a>
                        is
                        <i>
                         actually
                        </i>
                        saving you money.
                       </p>
                       <p data-block-key="dfe29" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        5.
                        <b>
                         The race that ended in airspace.
                        </b>
                        Here’s what went wrong at this
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         disastrous hot air balloon event
                        </a>
                        .
                       </p>
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                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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                      <div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
                       <p class="content-box-header mb-4" style="line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; font-weight: 900; font-size: 16px; margin-bottom: 16px;">
                        🌍 Finimize Live
                       </p>
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                        🤩 Grab your tickets...
                       </h4>
                       <p data-block-key="bkcrb" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        🚀
                        <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                         Modern Investor Summit 2025
                        </a>
                        : December 2nd and 3rd
                       </p>
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                 <td align="left" class="content disclaimer" style="font-size:0px;padding:32px 0 0;word-break:break-word;">
                  <div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
                   <p data-block-key="7g1sm" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    <b>
                     State Street Disclaimers:
                    </b>
                   </p>
                   <p data-block-key="eg5tn" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    <b>
                     Important Risk Information
                    </b>
                   </p>
                   <p data-block-key="fccl1" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    Investing involves risk including the risk of loss of principal.
                   </p>
                   <p data-block-key="fmmn8" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
                   </p>
                   <p data-block-key="57kde" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    <b>
                     Distributor
                    </b>
                    : State Street Global Advisors Funds Distributors, LLC, member
                    <a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
                     FINRA
                    </a>
                    ,
                    <a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
                     SIPC
                    </a>
                    , an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. State Street Global Advisors Funds Distributors, LLC is the distributor for certain registered products on behalf of the advisor. SSGA Funds Management has retained Galaxy Digital Capital Management LP as the sub-adviser. State Street Global Advisors Funds Distributors, LLC is not affiliated with Galaxy Digital Capital Management LP.
                   </p>
                   <p data-block-key="bn42a" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    <b>
                     Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 866.787.2257 or visit
                    </b>
                    <a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
                     <b>
                      ssga.com
                     </b>
                    </a>
                    <b>
                     . Read it carefully.
                    </b>
                   </p>
                   <p data-block-key="5r3c5" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    <b>
                     Not FDIC Insured * No Bank Guarantee * May Lose Value
                    </b>
                   </p>
                   <p data-block-key="a4v0k" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
                    AdTrax Code: 7942500.1.1.AM.RTL
                   </p>
                   <p data-block-key="5j62t" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0; font-size: 12px; color: #9FA1A5;">
                    Exp Date: 5/31/26
                   </p>
                  </div>
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