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For its 59th anniversary, NYC’s legendary West Indian American Day Parade will dance down Eastern Parkway this Labor Day to celebrate all things Caribbean culture — with its biggest champions having a whole new reason to party this year.

CNN aired a graphic that incorrectly said feminist icon Gloria Steinem died in 2006 -- just days after the network was forced to apologize for mistakenly using a photo of a Dolly Parton impersonator in its coverage of the country legend’s death.

Lindsay Clancy's lawyer claimed in court that one juror in the killer mom's murder trial "refuses to listen to the law."

Engelbert, 61, became the first commissioner in league history in 2019, and has guided the league through expansion, revenue growth and TV deals.

This week's new movies on VOD are filled with strong women.

All eyes will be on the NFC West this upcoming season.

The Andoni Iraola Era at Liverpool is off to a rocky start.

Don't leave us hanging, Apple TV!

OpenAI said it could not "meaningfully respond" to the report's findings because it hadn't been allowed to review it ahead of publication.

A jealous lover allegedly kidnapped his ex and hurled her off a highway bridge in Italy – before he took his own life as he was surrounded by cops, reports say.

He is off the boat and back on the court.

Laura Dern is all smiles in Venice, Jennifer Aniston films in Times Square and more snaps...

Laura Dern is all smiles in Venice, Jennifer Aniston films in Times Square and more snaps...

A pre-US Open party seemingly has tennis integrity officials calling fault.

Six passengers were riding in the 5-seater car, according to cops.

It had been an eerily familiar story, with what the Dodgers were hoping would include an identical happy ending.  Just like last year, Teoscar Hernández got off to a decent start at the plate this season. Then, just like last year, he suffered a lower-body injury that derailed his campaign and disrupted his swing mechanics....

"I thought I was dying. I thought I had seen my daughter for the last time.”

World's Largest Sovereign Wealth Fund Cuts Treasury Holdings... But It's Not What You Think

The headlines are running rampant this morning as the world's largest (and most transparent) sovereign wealth fund - Norway's Government Pension Fund - has proposed reducing the amount of government bonds in its $2.3 trillion portfolio to boost holdings of riskier debt, with US Treasuries the most affected.

Norges Bank Investment Management (NBIM), which manages the fund, said in a letter sent to the Ministry of Finance on Tuesday and published on its website, that government debt should be cut to 50% of the bond holdings from 70%.

As Bloomberg reports:

With about 30% invested in bonds, the fund had more than $615 billion of fixed-income assets in its portfolio as of June 30, about 59.5% of which were invested in government bonds, according to the latest figures on its website. Adding in government-related bonds, the allocation is 69%.

The proposed reduction in government bonds’ share to 50% would imply a decrease of about $58 billion of such bonds, according to Bloomberg calculations.

While the proposed change implies holdings of US Treasuries would drop by $75 billion, those of Japanese government bonds could increase by $20 billion, Bloomberg analysis shows. Holdings of euro area government bonds are also projected to decrease.

With growing concerns about global government debt levels and rekindled inflation fears due to the Middle East conflict having fueled a recent global bond selloff (pushing yields to multiyear highs around the world), the headlines write themselves... "PANIC!!!".

But...

They are not shrinking US or dollar exposure in any meaningful way.

The same letter says US non-government fixed income (IG corporates, agency MBS, government-related debt) would rise from 16.2% to 27.6% of the bond index.

Dollar weight in the bond benchmark barely moves: 52.9% → 52.5%.

They also want to switch the remaining government bonds from GDP weights to market-value weights, which lifts JGBs (4.6% → 7.4%) and trims euro-area govvies a bit; UK gilts stay put.

Additionally, Agency MBS are explicitly part of the pitch: high liquidity, credit quality close to Treasuries because of Fannie/Freddie/Ginnie backing, plus a prepayment/credit premium the fund’s long horizon can harvest.

So the giant fund is reducing duration (while adding yield) as MBS duration is considerably lower due to prepayment risk while maintaining its USD exposure... kinda ruining the terrifying headlines.

“NBIM isn’t making a direct call on US fiscal sustainability,” said Kenneth Crompton, head of rates strategy at National Australia Bank Ltd.

“They’re arguing that they already own enough government bonds to satisfy liquidity needs, and that a long-horizon investor should harvest a broader set of fixed income risk premia.”

However, Mohamed El-Erian’s take is probably the right one: the dollars are modest; the signal that a canonical long-term official holder is structurally less hungry for duration at the sovereign level is what matters.

“The size isn’t big, but the signal that traditional holders and buyers are becoming less reliable is a very important one.”

Finally, we do note that this remains a proposal. NBIM follows a benchmark index set by the Finance Ministry, with major allocation changes to its investment mandate requiring approval in parliament, so there’s no guarantee the fund will be allowed to make the change.

State Secretary Ellen Reitan said the government will “address any proposals for adjustments to the investment strategy in the white paper on the fund, which will be presented to the parliament in the spring” after the Finance Ministry “will thoroughly review the recommendations,” in an emailed comment.

So, with all that in mind - and while we are not used to being the calm kids in the theater when everyone is yelling 'fire' - Norway's fund proposal is more portfolio engineering than a geopolitical "dump America" move (for now)...

Tyler Durden Fri, 09/04/2026 - 10:40

Last month, Page Six exclusively reported that the couple's shock move to the UK made locals “more wary than excited.”