https://www.sec.gov/Archives/edgar/data/1657201/000110465923005868/tm233913d2_497.htm
497 1 tm233913d2_497.htm 497
INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST
SUPPLEMENT DATED JANUARY 23, 2023 TO THE:
PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION
DATED DECEMBER 16, 2022 OF:
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
Invesco Investment Grade Value ETF (IIGV)
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
(each, a “Fund” and collectively, the “Funds”)
At a meeting held on January 20, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust approved the termination and liquidation of each Fund, with the liquidation payment to shareholders expected to take place on or about April 6, 2023.
After the close of business on March 23, 2023, the Funds no longer will accept creation orders. The last day of trading in each Fund on NYSE Arca, Inc. or The Nasdaq Stock Market LLC (each, an “Exchange”), as applicable, will be March 30, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of a Fund on the applicable Exchange until market close on March 30, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the applicable Exchange after market close on March 30, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on March 30, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about April 6, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Fund’s distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PS-SIFT-PROSAI-SUP 012323
=====================================================================
https://www.sec.gov/Archives/edgar/data/1209466/000110465923005869/tm233913d9_497.htm
497 1 tm233913d9_497.htm 497
INVESCO EXCHANGE-TRADED FUND TRUST
SUPPLEMENT DATED JANUARY 23, 2023 TO THE
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED AUGUST 26, 2022 OF:
Invesco S&P SmallCap 600 Equal Weight ETF (EWSC)
(the “Fund”)
At a meeting held on January 20, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust approved the termination and liquidation of the Fund, with the liquidation payment to shareholders expected to take place on or about April 6, 2023.
After the close of business on March 23, 2023, the Fund no longer will accept creation orders. The last day of trading in the Fund on NYSE Arca, Inc. (the “Exchange”), will be March 30, 2023. Shareholders should be aware that while the Fund is preparing to liquidate, it will not be pursuing its stated investment objective or engaging in any business activities except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders. The liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of the Fund on the applicable Exchange until market close on March 30, 2023, and may incur typical transaction fees from their broker-dealer. The Fund’s shares will no longer trade on the Exchange after market close on March 30, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of the Fund before market close on March 30, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about April 6, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Fund’s distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PS-PRO-1-SUP-1 012323
==========================================================================
https://www.sec.gov/Archives/edgar/data/1169717/000110465923005878/tm233913d11_497.htm
497 1 tm233913d11_497.htm 497
INVESCO BLDRS INDEX FUNDS TRUST
SUPPLEMENT DATED JANUARY 23, 2023 TO THE
PROSPECTUS DATED JANUARY 31, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
(the “Fund”)
Invesco Capital Management LLC (the “Sponsor”) and The Bank of New York Mellon (the “Trustee”), as Sponsor and Trustee, respectively, have approved the termination and liquidation of the Fund, with the liquidation payment to shareholders expected to take place on or about April 6, 2023.
Effective after the close of business on March 10, 2023 (the effective date of the notice of termination), the Fund no longer will accept creation orders.
The termination date and last day of trading in the Fund on The Nasdaq Stock Market LLC (the “Exchange”) will be March 30, 2023. During the period March 10, 2023 through March 30, 2023, Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund’s portfolio on hand. After the close of business on March 30, 2023, the transfer books of the Fund will be closed. Shareholders should be aware that while the Fund is preparing to liquidate, it will not be pursuing its stated investment objective or engaging in any business activities except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders. The liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of the Fund on the Exchange until market close on March 30, 2023, and may incur typical transaction fees from their broker-dealer. The Fund’s shares will no longer trade on the Exchange after market close on March 30, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of the Fund before market close on March 30, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about April 6, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Fund’s distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-BLDRS-PRO-1-SUP-1 012323

https://www.sec.gov/Archives/edgar/data/1418144/000110465923005865/tm233913d21_497.htm
497 1 tm233913d21_497.htm 497
INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
SUPPLEMENT DATED JANUARY 23, 2023 TO THE:
PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION
DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco Balanced Multi-Asset Allocation ETF (PSMB)
Invesco Conservative Multi-Asset Allocation ETF (PSMC)
Invesco Focused Discovery Growth ETF (IVDG)
Invesco Growth Multi-Asset Allocation ETF (PSMG)
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
Invesco Select Growth ETF (IVSG)
Invesco US Large Cap Core ESG ETF (IVLC)
(each, a “Fund” and collectively, the “Funds”)
At a meeting held on January 20, 2023, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust approved the termination and liquidation of each Fund, with the liquidation payment to shareholders expected to take place on or about April 6, 2023.
After the close of business on March 23, 2023, the Funds no longer will accept creation orders. The last day of trading in each Fund on the Cboe BZX Exchange, Inc. (the “Exchange”) will be March 30, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of a Fund on the Exchange until market close on March 30, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the Exchange after market close on March 30, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on March 30, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about April 6, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Fund’s distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PSM4IV3-PROSAI-SUP 012323
=======================================================================
https://www.sec.gov/Archives/edgar/data/1378872/000110465923005881/tm233913d12_497.htm
497 1 tm233913d12_497.htm 497
INVESCO EXCHANGE-TRADED FUND TRUST II
SUPPLEMENT DATED JANUARY 23, 2023 TO THE:
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
and
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 16, 2022 OF:
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
(IDLB, IDHD, PBEE, PBDM, PBSM, PBND, USEQ and USLB are
each, a “Fund” and collectively, the “Funds”)
At a meeting held on January 20, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II approved the termination and liquidation of each Fund, with the liquidation payment to shareholders expected to take place on or about April 6, 2023.
After the close of business on March 23, 2023, the Funds no longer will accept creation orders. The last day of trading in each Fund on The Nasdaq Stock Market LLC or the Cboe BZX Exchange, Inc. (each, an “Exchange”), as applicable, will be March 30, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of a Fund on the applicable Exchange until market close on March 30, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the applicable Exchange after market close on March 30, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on March 30, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about April 6, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Fund’s distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PS-TRUSTII-PROSAI-SUP 012323

https://www.sec.gov/Archives/edgar/data/880859/000110465923005890/tm233916d2_497k.htm
SUPPLEMENT DATED JANUARY 23, 2023 TO THE CURRENT
SUMMARY AND STATUTORY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR:
Invesco International Core Equity Fund
(the “Fund”)
This supplement amends the Summary and Statutory Prospectuses and Statement of Additional Information (“SAI”) of the above referenced Fund and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Summary and Statutory Prospectuses and SAI and retain it for future reference.
On January 19, 2023, the Board of Trustees of AIM International Mutual Funds (Invesco International Mutual Funds) (the “Board”) approved a Plan of Liquidation and Dissolution (the “Plan”), which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund will close to investments by new accounts after the close of business on February 24, 2023. Existing shareholders will continue to be able to invest in the Fund until the close of business on or about April 10, 2023 when no further purchases or exchanges into the Fund will be accepted as the Fund prepares for liquidation on or about April 24, 2023 (the “Liquidation Date”) as described below. The liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed or occur sooner if unforeseen circumstances arise. Shareholders of the Fund may redeem their shares at any time prior to the Liquidation Date. The Fund reserves the right, in its discretion, to modify the extent to which sales of shares are limited prior to the Liquidation Date.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers may increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and may no longer be managed to meet its investment objective. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. If necessary, the Fund will declare and pay a dividend to distribute to its shareholders all of the Fund’s remaining investment company taxable income, if any, and all of the Fund’s net capital gain, if any (after reduction for any capital loss carry-forward) and any additional amounts necessary to avoid any excise tax. Alternatively, the Fund may, if eligible, treat some or all of such amounts distributed to its shareholders as being paid out as dividends as part of the liquidating distributions. The Fund’s liquidation may be a taxable event to its shareholders. Please consult your tax advisor about the potential tax consequences.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth in the prospectus under “Redeeming Shares,” as it may be supplemented. Contingent deferred sales charges will be waived in connection with any redemptions prior to the Liquidation Date. Shareholders who wish to avoid being liquidated out of the Fund altogether may also exchange their shares prior to the Liquidation Date for shares of another Invesco fund, subject to minimum investment account requirements and other restrictions on exchanges as described in the prospectus under “Exchanging Shares,” as it may be supplemented. Any such redemption or exchange of Fund shares for shares of another Invesco fund, as eligible, will generally be considered a taxable event for federal income tax purposes, except for exchanges in a tax-advantaged retirement plan or account. Shareholders who hold their shares in the Fund through financial intermediaries should contact their financial representatives to discuss their options with respect to the liquidation and the distribution of their redemption proceeds...

Look at the bounce (and volatility) from October 2022 low.

of course the future is likely to be different with bonds, but schp too has been a weak investment for 2/1/0.5y (compared w stip, agg, fbnd, bsv)

bivalent use remains low. Despite the safety of the booster for kids 5 to 11 (Update January 16), only 11.5% of recipients of a primary series have gone back for the bivalent (CDC).

That is the sad part of this political environment. So what so great of being long COVID patients and your outlook on life is greatly diminished.

"Mine will only forecast a day or two ahead !!!"
Yeah, mine too... but the forecasts only have about a 50/50 chance of being right.

Morningstar analysts added several promising funds to the Morningstar Prospects list.
Four of the six strategies which were added to the January 2023 list are discussed.
Link

https://www.sec.gov/Archives/edgar/data/49905/000119312523012796/d440160d497.htm
497 1 d440160d497.htm HARTFORD MUTUAL FUNDS II INC
JANUARY 23, 2023
SUPPLEMENT TO THE FOLLOWING PROSPECTUSES:
HARTFORD SCHRODERS SECURITIZED INCOME FUND SUMMARY PROSPECTUS
DATED MARCH 1, 2022
HARTFORD SCHRODERS FUNDS PROSPECTUS
DATED MARCH 1, 2022, AS SUPPLEMENTED TO DATE
This Supplement contains new and additional information regarding Hartford Schroders Securitized Income Fund and should be read in connection with your Summary Prospectus and Statutory Prospectus.
On or about February 28, 2023 (the “Liquidation Date”), Hartford Schroders Securitized Income Fund (the “Fund”), a series of The Hartford Mutual Funds II, Inc. (the “Company”), will be liquidated (the “Liquidation”).
SUSPENSION OF SALES. The Fund is instructing its transfer agent, other service providers, and financial intermediaries to no longer accept any account applications or purchase orders from new investors effective no later than the close of business on January 31, 2023. Accordingly, the Fund will be closed to all new investors on or before that date.
Until the close of business on February 21, 2023, the Fund will remain open to retirement plans and shareholders currently invested in the Fund. After that date, the Fund will no longer accept any purchase orders and will no longer be available for automatic investments (other than dividend reinvestments). Prior to the Liquidation Date, retirement plans and shareholders currently invested in the Fund may continue to reinvest dividends and capital gain distributions in the Fund.
At any time prior to the Liquidation Date, the Fund may, in the Fund’s discretion, reject any purchase orders for any reason, including for operational reasons relating to the Liquidation of the Fund.
LIQUIDATION OF ASSETS. To prepare for the Liquidation, it is anticipated that the Fund will depart from its stated investment objective and policies as it prepares to distribute its assets to investors. It is anticipated that the Fund’s sub-adviser will increase the portion of the Fund’s assets held in cash and similar investments and reduce maturities of non-cash investments in order to prepare for orderly liquidation and to meet anticipated redemption requests. As a result, the Fund’s portfolio may consist of all or substantially all cash or cash equivalents prior to the Liquidation Date, which may adversely affect the Fund’s performance. From the date of this Supplement, the Fund may invest all or a substantial portion of its assets in cash or cash equivalents. The impending liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratios, although existing expense limitations are expected to be maintained.
In connection with the Liquidation, any shares of the Fund outstanding on the Liquidation Date will automatically be redeemed by the Fund as of the Liquidation Date (except as noted below for qualified accounts that were opened directly with the Hartford Funds). The proceeds of any such redemption will be equal to the net asset value of such shares after all charges, taxes, expenses and liabilities of the Fund have been paid or provided for. The distribution to shareholders of the Liquidation proceeds will occur on the Liquidation Date, and will be made to all shareholders of record as of the close of business on the business day preceding the Liquidation Date, other than as disclosed below. The Fund’s investment manager, Hartford Funds Management Company, LLC (“HFMC”), will bear all expenses associated with the Liquidation to the extent such expenses exceed the amount of the Fund’s normal and customary fees and operating expenses. However, the Fund and its shareholders will bear transaction costs associated with the sale of the Fund’s holdings prior to Liquidation...

The most recent data from Henry A Choy a UCLA biologist. He sends out irregular summaries of Covid. I can't remember where I heard of him or if you can email him and get on his mailing list but worth trying as he has very good data and references
hac5[email protected]
"Although infections and deaths are trending down, the Omicron subvariant XBB.1.5 continues to grow outside of the Northeast, where it’s already dominating at 87% of new cases (CDC). In the West and Midwest, it’s at 24% (up 50% and 71%, respectively, in a week) and at 39% in the Southeast (up 26%). At 49% nationally, XBB.1.5 will eventually replace BQ.1.1, which has slid to 27%. 
 
So far, the bivalent mRNA boosters remain effective in lowering the risks for serious disease and death. Besides the not-vaccinated having a 19-fold higher chance of dying from an infection than people with up-to-date boosters, the latter group is 3 times less likely to get hospitalized than those with only a primary series (CDC). 
However, bivalent use remains low. Despite the safety of the booster for kids 5 to 11 (Update January 16), only 11.5% of recipients of a primary series have gone back for the bivalent (CDC). 
Kids under 5 not yet eligible for a bivalent booster (Pfizer’s 3-jab primary series for this age group uses the bivalent as the 3rd dose) are not even getting their primary vaccination. Only 5% of kids 2 to 4 have a primary and 3% of those under 2 (CDC). For the kids under 2, this translates to the highest rate of recent emergency department visits for COVID, 5.0%, which tops the 3.8% for adults over 64. "
How can you not vaccinate your kids? This makes refusing measles vaccine look like a good idea, I guess you can believe that since everyone else is vaccinated, there is no measles for you kid to catch, but clearly there is a lot of Covid still.
 

@Crash
SCHP portfolio tab at M*
Scroll down to the 'holdings' area for turnover, which is reported at 19%. This is within the normal range for similar funds with less than 50 holdings, with varying maturies.

For Treasuries, I chose TIPS. At SCHP. Schwab. Rock bottom ER. 12-month yield is 7.2%, but what is the average duration in the fund? Ah, that's the key.
There's a goodly chunk of 1-3 years in there, followed closely by a slightly smaller chunk at 3-5 years. So, no one there is betting the farm on the long stuff, though there is a tranche, much smaller, at 10-20 years. And in between a not small portion with 5-7 year maturities. Guess they wanted to cover the waterfront. OK by me. Spread it out, some. Flexibility, yes? AAA-rated, of course.
But I can't find a portfolio turnover statistic. This is very new money for us--- just got in a week or two ago.

@hank
This is a one year chart of the 10 year UST. You may hover the cursor on the graph line to see the yield displayed for a date(s) area. You may also change the 250 day range at the bottom right of the chart with a 'right click' onto the 250 day. This will provide several range choices, or double click the 250 days and enter the number of days you want to display.
BUT, I can't pick a particular 'yield sweet spot'; other than what appeared to be and is still in place for a short term top in the yield around October 25 that has held for 3 months. Going forward and for how long will the yield decrease??? Magic 8 Ball cracked.
The IEF etf is the closest fit for 10 year UST, at least relative to an easily traded etf.
IEF has a return of 5.94% since October 25, 2022.
Is an ETF trade what you are thinking about?

Corporate VCIT and Treasury VGIT behave differently.
https://stockcharts.com/h-perf/ui?s=VGIT&compare=VCIT&id=p52114443552

Is there a particular spot in the 10-year treasury yield that might be advantageous for buying or selling if one were predisposed to timing? (speaking of investment grade intermediate term bonds). ISTM perhaps 3.5% might be in the ballpark - the “sweet spot” so to speak.
In December the 10-year peaked around 4.33% but then receded to under 3.4% early this month. Interestingly, that drop in rates to below 3.4% appeared to spark some interest in buying on the board / likely elsewhere. But then late in the week it spiked back up sharply to 3.48%. That degree of fluctuation in rates may not sound like much, but can lead to significant gains or losses for anyone “playing” the bond market.
I submit the question merely as a curiosity. Not seeking or offering investment advice.

This is a huge problems for individuals, but the Biogen Alzheimer's drug will be a much bigger dollar problem for society.
Here we have a very marginal drug that slows brain decline ( does not stop it or reverse it) very very modestly, kills 2 to 3% of selected patients in carefully monitored trial, was only tested on patients with early Alzheimer's in controlled situations, requires several MRIs during treatment and will cost thousands and thousands of dollars. Unless Medicare can limit it to clinical trial settings, there will be infusion clinics set up on every street corner by for profit clinics recruiting any elder with any degree of Alzheimer's to get this "miracle".
Last year before they restricted the use of the other Biogen drug, Medicare increased the part B premiums of very single member in the US at least $7 just to cover an even more marginal drug.
Dozens of Scientists and MDs wrote a letter supporting this one's approval. Guess how many of them had contracts, consulting arrangements or speaking fees with Biogen? 50%

Since October 20 of 2022 when Pfizer made its announcement it would raise vaccine prices and the market reacted by expecting Moderna would too, Moderna's stock is up 64% while Pfizer's is up only 5%. This makes sense as Moderna is a much more pure-play on the vaccine while Pfizer makes many other drugs.
The other interesting factor here is evidence of how commercialization in the case of pharmaceuticals doesn't reduce prices as Adam Smith would like it, but increases them as there are so few players--from $27 per dose to a soon over $100 a dose. Meanwhile, even the debt ceiling and the new Congress's unwillingness to subsidize vaccines for citizens may be playing a role in Moderna's announcement as now the "free market" amongst only three manufacturers will determine the price. KFF illustrates the situation in the above link:

The federal government has spent more than $30 billion1 on COVID-19 vaccines, including the new bivalent boosters, incentivizing their development, guaranteeing a market, and ensuring that these vaccines would be provided free of charge to the U.S. population. However, the Biden Administration has announced that it no longer has funding, absent further Congressional action, to make further purchases and has begun to prepare for the transition of COVID-19 vaccines to the commercial market. This means that manufacturers will be negotiating prices directly with insurers and purchasers, not just the federal government, and prices are expected to rise. Elsewhere, we have analyzed the implications of commercialization for access to and coverage of COVID-19 vaccines, finding that most, but not all, people will still have free access. Still, the cost of purchasing vaccines for the population is likely to rise on a per dose basis, though the extent to which it affects total health spending is dependent on vaccine uptake and any negotiated discounts, among other factors.

It was in the news a while ago that Moderna and the NIH were in a patent dispute over mRNA technology. Moderna had filed a sole patent for its mRNA vaccine but the NIH protested that it should have been included as co-owner. Moderna let its original patent application expire/slide and may refile with or without the NIH - their talks are ongoing. If the NIH is included, how the Government will share in the proceeds, or whether it will independently license the mRNA technology, will be seen later. So, this is an unfolding story.
As this link below shows, Moderna and NIH cooperated under informal arrangements during the Covid crisis. But it wasn't like a regular Government grant/contract that do have a clause that the Government has the right of first refusal for any commercialized technology. To encourage Covid vaccine or drug developments, the Government guaranteed advance orders to 8 companies for any products they may successfully develop (5 were for vaccines, 3 were for other types of drugs). It turned out that startup Moderna (without any prior commercial products) was more cooperative with the NIH/Government than Pfizer. Recall that, later, Pfizer didn't even want to give the Government priority in any subsequent/follow-up orders (beyond its initial guaranteed advance orders) until the Government threatened to use its powers under import/export regulations.
As they say, this stuff/mess is complicated.
https://ipwatchdog.com/2022/03/31/nihs-fight-ownership-modernas-covid-19-patent-highlights-hazards-business-collaborations/id=148040/

Stuck In The Middle With You, Stealers Wheel, 1972, a partial lyric for Congress.

'Clowns to the left of me
Jokers to the right
Here I am stuck in the middle with you'
While it would be highly likely that a debt ceiling impasse would affect bonds of all flavors, no secret with this thought, I suspect; one may wonder what the path will be until the dust settles. Bond holdings at this house will remain, as we can't guess what will be.
The vast majority of Congress enjoy the debt, eh? Spending OPM (other peoples money) is ultimate power of high political office; 'a look what I've done for you', even if it's a 'bridge to nowhere'.
--- Wednesday, BOJ.....has been fiddling with yield curve since Dec. of 2022. They wanted to maintain a base yield on the BOJ 10 year bond. This attempt has kinda gone 'poof' as global traders have other concerns for inflation in Japan. The thinking has been that a higher10 year yield would repatriate Japanese monies, as well as other potential monies into the Japanese bond market; which would draw these monies away for other foreign bond investments, which would include the U.S. bond market. Well, today finds a large downward move in U.S. yields, as folks apparently want UST and related again, and/or still.
--- Wednesday, weaker retail sales and PPI data. As well as thoughts 'again' about a mild U.S. recession.
--- Wednesday. For a small dot of time in the investing time frame, IG bonds performed as they 'should' when equity takes a 'whack'.
Read the current Real Yield thread for other details, that may or may not provide any clarity.
The other days of the week found me away from the 'desk'.
Relative to the below performance info for this week: Most bond returns in the list were positive this week; with a few longer term duration with profit taking(?) . Several bond sectors remain with YTD returns as good as, or better than some U.S. equity sectors.
----------------------------------------------------------------------------------------------------------------------------------------
---Several selected bond funds returns since October 25, 2022. I'll retain this date, as it is a recent inflection point when bonds began to have positive price moves. We'll need to watch if this was just a 'blip'.
NOTE: I've kept the prior dated reports in the beginning of this thread; and have added YTD to this data.
For the WEEK/YTD, NAV price changes, January 16 - January 20, 2023
***** AGAIN, this week, FZDXX, MMKT yield has remained at 4.27% for one month. The core Fidelity MMKT's have continued a slow creep upward to about 3.95%. The holdings of these different funds account for the variances at this time.
--- AGG = +.17% / +3.2% (I-Shares Core bond etf) widely used bond benchmark, (AAA-BBB holdings)
--- MINT = +.23% / +.44% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.15% / +.67% (UST 1-3 yr bills)
--- IEI = +.2% / +2.16% (UST 3-7 yr notes/bonds)
--- IEF = +.18% / +3.5% (UST 7-10 yr bonds)
--- TIP = +.44% / +2.08% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.26% / +.71% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.3% / +.78% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = +.61% / +5.43% (UST, long duration TIPs bonds, PIMCO)
--- TLT = -.52% / +6.7% (I shares 20+ Yr UST Bond
--- EDV = -1% / +8.7% (UST Vanguard extended duration bonds)
--- ZROZ = -1.67 / +8.8% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +.92% / -12.3% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -2.15% / +19.6% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 3x version of EDV etf)
--- BAGIX = +.2% / +3.02% (active managed, plain vanilla, high quality bond fund)
*** Other, for reference:
--- HYG = -.6% / +3.5% (high yield bonds, proxy ETF)
--- LQD = +.07% / +4.9% (corp. bonds, various quality)
--- FZDXX = 4.27% yield (7 day), Fidelity Premium MMKT fund
*** FZDXX yield was .11%, April,2022. The rate of rise in the yield remained flat again this week.

Comments and corrections, please.
Remain curious,
Catch

Good for stock investors’ profits, bad for the American people. A significant part of the cost will be born by Medicare and Medicaid, i.e., taxpayers. It could also cost lives of the uninsured here as well as in developing nations buying our vaccines:
https://thenation.com/article/economy/big-pharma-greed-knows-no-bounds/tnamp/

Just last week, the drug giant Moderna was scrambling to explain away concerns about its plans to quadruple the price for its Covid-19 vaccine, from $26 per dose to $110–130 per dose. “I would think,” claimed Moderna CEO Stephane Bancel, “this type of pricing is consistent with the value.”
It costs Moderna as little as $2.85 to produce a dose of the vaccine. So we’re talking about a price that would be roughly $127 above the production cost for each shot that goes into someone’s arm. Even by the standard measures of pharmaceutical-company excess, this is, as Senators Elizabeth Warren (D-Mass.) and Peter Welch (D-Vt.) suggest, an example of “unseemly profiteering.”
Does Moderna need the money? No. Over the past two years, the company has made more than $18 billion in profits from its vaccine. The company is literally awash in money—so much so that its CEO is now worth more than $6 billion, up from $4.3 billion in 2021. “This is what corporate greed looks like,” says former secretary of labor Robert Reich.
But shouldn’t Moderna be able to profit from a vaccine it created? Actually, as the office of Senator Bernie Sanders notes, the Moderna vaccine was “developed in partnership with scientists from the National Institutes of Health (NIH), a U.S. government agency that is funded by U.S. taxpayers. The federal government directly provided $1.7 billion to Moderna’s COVID-19 vaccine research and development, and guaranteed the company billions more in sales.”