Treasury
3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp 3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp 3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp 3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp 3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp 3-MO 3.91% +8bp 6-MO 4.02% +4bp 1-YR 4.07% -1bp 2-YR 4.25% -3bp 3-YR 4.32% -2bp 5-YR 4.40% -5bp 7-YR 4.54% -5bp 10-YR 4.70% -5bp 20-YR 5.23% -5bp 30-YR 5.23% -4bp
US Treasury par yield curve · Aug 3 · Source: U.S. Treasury
Tuesday, August 4, 2026
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MCD

McDonald's has changed the president of its United States business, and the two halves of that change went into the filing under different rules

Money & World
The Editorial Team ·
A tight macro of roasted coffee beans heaped so that they fill the whole frame, each bean showing the pale crease down its centre against a warm brown surface, with the beans at the top and bottom edges softening out of focus. No packaging, person, lettering or brand mark is visible.
Photo: Engin Akyurt / Pexels

One half of this was filed. The other half was furnished.

McDonald's told the Securities and Exchange Commission on Tuesday morning that Joseph M. Erlinger, executive vice president of the company and president of McDonald's USA, gave notice on 3 August of his intention to leave the role effective 4 August. That went in under item 5.02. The appointment of the person taking the job went in under item 7.01, and the same document says the information in that item "is furnished and shall not be deemed filed" for the purposes of section 18 of the Securities Exchange Act.

The distinction is ordinary and it is a liability one. It is also why a single management change arrives in a single document under two different standards.

Who takes the job

Skye Anderson becomes executive vice president and president of McDonald's USA effective 4 August. The company puts her experience at the business at more than 26 years and says she most recently served as its chief operating officer, a role she returned to earlier this year under a transition plan the press release describes as deliberate and aimed at this appointment. She takes a business the company puts at nearly 14,000 restaurants. Chris Kempczinski, the chairman and chief executive, called her "a proven change agent who can act with urgency".

Erlinger led that business for almost seven years.

The line about pay

He will serve in an advisory role until early 2027 to facilitate an orderly transition, and the filing adds one more sentence about him: there is no change to his compensation. Neither document gives a reason for the departure beyond the notice, and neither names a destination.

The company filed twice on Tuesday morning. The quarterly results went in at 07.01 Eastern, and this one followed about 43 minutes later.

The document: McDonald's Corporation Form 8-K, Items 5.02 and 7.01, filed 4 August 2026, accession 0000063908-26-000069.

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