The Capital Note: Treasuries & ESG

Welcome to the Capital Note, a newsletter about business, finance and economics. On the menu today: the Treasury market, ESG, and vaccine expectations.

Treasuries
In March, when the Covid crisis entered full swing, the deepest, most liquid securities market in the world — that for U.S. Treasuries — froze up. The “dash for cash” catalyzed by the Covid sell-off led banks and asset managers to unload their Treasury holdings just as demand dried up. Yields rose sharply until the Federal Reserve intervened with a pledge to make as many purchases of Treasuries as necessary to stabilize the market.

U.S. government bonds are essentially a form of currency. Financial institutions mark Treasury bills as “cash equivalents” on their balance sheets. When they need cash, they either post Treasuries as collateral for short-term funding or else sell them on the open market. Protracted illiquidity in the Treasury market would cut off

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Three International Talents Who Made It in Milan

Considered by many a very conservative city, Milan is becoming more and more international thanks to the creativity, diverse background and business acumen of individuals from across the globe who found a home under the Duomo cathedral. From food to flower design and architecture, here are the stories of three personalities who built names for themselves in Milan.

 

CLAUDIO LIU

When Claudio Liu opened his first restaurant, called Iyo, in 2007, he was only 23.

For those familiar with Milan’s food scene, Iyo offers the city’s best Japanese cuisine, a supremacy that got an official stamp in 2014 when the restaurant was awarded a Michelin star.

“It has been such a surprise, we were definitely not looking for that achievement. It took a while to digest it,” said Liu, now 38. Born in China to Chinese parents, he was raised close to Reggio Emilia and in 2003 moved with the

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Not quite ready to dine out? Here’s where to order takeout like a local in Miami

Miami is ready to dine out.

I am not there yet. Since the pandemic shut down restaurants the first time on March 16, I have eaten at exactly one restaurant, the Chinese-Trinidadian-Indian Balloo. And that was before the Centers for Disease Control and Prevention identified restaurants as a particularly tricky place to gather without the threat of spreading the coronavirus.

This does not mean I have not eaten food from restaurants.

Miami-Dade continues to conjure exciting new food in particularly novel ways as restaurants pivot to menus that lend themselves to takeout and delivery.

These restaurants, markets and wine shops have been a lifeline for me in a time when working from home and living at work are sometimes indistinguishable. Now, this is certainly not my list of How to Eat Like a Local in Miami, culled from covering food for the Miami Herald for more than four

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27 Delicious Lunch Ideas for Days When You Just Can’t Eat Another Boring Sandwich

Face it. You can only have kale Caesar salad and a turkey sandwich for lunch so many times before you’re completely and utterly sick of the not-so-exciting midday meal. We can help: Here are 27 delicious lunch ideas to lean on when you’re totally bored of the usual.

RELATED: 23 Grilled Cheese Ideas That Will Seriously Upgrade Your Lunch

This combo of protein, veggies and your favorite jarred sauce will last you almost the entire work week.

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Sometimes you just need to let your inner child be in charge of the lunch menu.

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The recipe you didn’t know you needed to shake your chicken rut. Thanks, tangy yogurt sauce.

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You can find fresh rice cakes or XO sauce at Chinese or Korean grocery stores, right by the tofu or fresh noodles. Finish it with steamed broccoli or bok choy.

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