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Data: FactSet, Axios research; Chart: Danielle Alberti/Axios

The McRib from McDonald's is a rare beast indeed. U.S. fast-food chains tend to avoid pork, outside of breakfast items, and the McRib hasn't been available nationwide since 2012.

Why it matters: A popular theory holds that the McRib only appears when hog prices hit a low point.

The McRib’s unique aspects and impermanence, many of us believe, make it seem a likely candidate for being a sort of arbitrage strategy .... In this equation, the undervalued good in question is hog meat.
— Willy Staley, The Awl, 2011

Between the lines: The McRib seems to have been consistently introduced at low points in the price of pork — until this year, when the low point came in late June.

  • Note how long it's been, however, since the last McRib rollout. Perhaps it was precisely those low June prices that finally tempted McDonald's back into the pork business.
  • Given the sophistication of commodity markets, it would have been easy for the company to buy pork in June for delivery in December. In which case the company would be entirely agnostic as to the market price today.

Go deeper

Jan 16, 2021 - Politics & Policy

The Biden team

Chart: Danielle Alberti/Axios
Hope King, author of Closer
1 hour ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.