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What swing states want

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I’ve written a lot about the politics of the labour left in the swing states, but these places aren’t just about that. States including Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin are some of the most politically heterodox in the country — that’s why, of course, they are swing states.

I was struck by some recent polling done by Blueprint, a left-leaning public opinion research initiative, that speaks to this point. As they put it, “swing state voters are ideologically eclectic: They hold conservative views on immigration and crime, but are pro-choice and favour government action to control corporate excesses, particularly on prices. They reward pragmatic populist positions rather than strict ideological consistency.”

They also “favour politics that punish corporate bad actors but are sceptical of government over-reach and sweeping systemic change rhetoric”. This point is particularly interesting because it indicates that Kamala Harris’s decision to target price gouging — which is politically astute but doesn’t take broader market forces into account — is still the right approach in swing states. Same goes for Harris’s stance on bringing down prescription drug prices by allowing Medicare to negotiate with Big Pharma. 

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Fifty-seven per cent of swing state voters believe that the criminal justice system isn’t tough enough. They want corporations to pay for their crimes, but they want individuals to be held to account too. This presents an opportunity for Harris — who, as a former prosecutor, is totally committing to seeing bad guys get their due. Given that swing state voters are also in favour of decreased immigration, I’d say there’s some room for her to lean into immigration reform and ensure the government is tough on unlawful entries.

Swing state voters are also deficit hawks. That makes a lot of sense to me, coming from the Midwest, where people tend to have Swabian attitudes around savings and thrift. Sixty-nine per cent of swing state voters believe in deficit reduction, though they also seem to be tolerant of more government intervention in markets (only 23 per cent agree that “Soviet-style price controls will only make inflation worse”.) That’s a paradox, of course, but it might be an opportunity for messaging around government efficiency versus spending.

As I wrote in a column a few months ago, red tape in both the public and private sector is rife. Growing up in Indiana, I’ve seen entire farms labelled wetlands after the wrong bird lands on a row of crops. I’ve seen factory owners have to rebuild entire operations because a certain kind of paint is outlawed. I’ve heard from US mining executives who tell me it will take them five to six years just to get a permit to open rare earth mineral facilities. And don’t get me started on the complexities of federal student aid forms or New York City building codes. 

The same goes for the private sector, too, of course — tackling rent-seeking by large, bureaucratic monopolies is something I’ve argued that Harris should lean into. That plays well to voters concerned about the cost of living (73 per cent of swing state voters say that lowering prices on consumer goods, gas, and services is their top economic priority).

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I came away from this research thinking, more than I had before, that perhaps Harris’s somewhat vague, yet pragmatic approach on the economic front isn’t such a bad thing. She needs to capture people with a lot of differing viewpoints right now, and while more joined-up systems thinking will be necessary for making good policy should she win, heterodoxy might serve her well now.

Peter, in your travels through swing states, what are some of the points of political heterodoxy that you find most intriguing? And how do you see Trump and Harris playing to them?

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  • This New Yorker magazine feature on Russian’s espionage war in the Arctic, is a rippin’ yarn of a feature about how the top of the world is becoming one of the most geopolitically charged places on earth.

  • In the FT, see my column on how America, not just China, is increasingly perceived as a global risk node and don’t miss Lunch with Signal’s Meredith Whittaker, who has wise words about AI and the surveillance economy.

Peter Spiegel responds

Rana, I certainly agree with you that swing states are politically heterodox. And I may even be persuadable that Harris is right to be vague ideologically to reach the maximum number of persuadable voters in these key battlegrounds.

But I have an issue with the conclusions put forward by Blueprint because they seem to argue the opposite: that swing voters in these states share an identifiable set of issues and values that can be easily targeted by presidential campaigns. The reality is that the seven swing states are a motley group of regions, political histories and demographics that make any attempt to identify a prototypical “swing voter” on a national basis impossible at best and disingenuous at worst.

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To oversimplify, Michigan, Wisconsin and Pennsylvania have been battleground states for decades because of their common histories as big, industrial centres that have drifted towards the Republican party for decades thanks to the cultural and trade issues that you’ve written so compellingly about, Rana. They are in play because of the so-called Reagan Democrats that Biden was able to win back in places like his hometown of Scranton.

Georgia and North Carolina are completely different beasts, though. They are moving in the opposite direction, from solid Republican to “in play” for Democrats. They are the “New South” that was once in lockstep with conservatives across the region but have seen an influx of highly skilled workers in places like North Carolina’s Research Triangle, or Atlanta’s burgeoning music scene, which has given them an increasingly cosmopolitan flavour — and a voting bloc that is going to be more supportive of globalisation than the swing voter in the industrial Midwest.

Finally, Arizona and Nevada are younger, western states with less of the historical baggage of the Midwest or New South and more of a libertarian streak. They are also moving from solid Republican to the centre because of the rise of skilled workers, but both have been shaped far more by immigration, with second and third generation Mexican-Americans playing an outsized role in changing their political make-up. Democrats thought they had the Latino vote locked down, but Republicans have proven newly resilient for some of the same reasons many immigrant groups gradually become more conservative over generations. These voters need a whole different set of issues addressed than the swingers in the Midwest and New South.

In sum, swing voters may be even more heterodox than you give them credit for, Rana. Still, both Bill Clinton and Barack Obama (and Joe Biden) managed to win in many of these states with detailed economic visions and plans. We should expect the same from Harris.

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Your feedback

And now a word from our Swampians . . .

In response to “What we should learn from Jimmy Carter”:
“Whatever you think of Carter and Reagan as presidents, when you think of them as people you fully realise how superior they are/were to Trump. We need decency regardless of policy, and Trump is a craven, disturbed person.” — Commenter Fan of FT

In response to “Dear Kamala: A letter from Pennsylvania”:
“Spend any time at all on a family dairy farm in Wisconsin . . . and what you are likely to find is a white, septuagenarian farm couple whose adult children have left the farm for opportunities in the city. This couple hasn’t had a vacation in decades, they have an $800,000 combine on which they owe a lot of money, they employ migrant labour (largely Hispanic) because no one wants to do the hard, dirty work of taking care of 200 dairy cows. Ask any farming community what they really think of immigrants and they will tell you their farms cease to exist without this labour force.

Enter the Democratic party which in the recent past has the effrontery to accuse this couple of benefiting from undeserved white privilege — and often accusing them of being racist to boot. This farm couple looks around their hard scrabble homestead, despairs at their pile of debt, laments they have no succession plan but auctioning off the herd and squint as they might, they can’t for the life of them see their privilege. I can’t really blame them for abandoning the Democratic party . . . The truth is, the Democratic Party has abandoned them.

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Kamala would do well to address the shortcomings of the Democratic Party and answer the burning questions of this farm couple: What did we do wrong? Where is the social contract between government and citizens? Why do elements of your party accuse of me of inherited privilege when I’m poor and my way of life is disappearing seemingly month by month. Sure, we benefit from having the family farm passed down to us, and we weren’t brought to this country in involuntary servitude, but privilege? We aren’t coastal elites. We go to church. We work hard and play by the rules. And we might not want Donald Trump as our son-in-law but at least he doesn’t make us feel diminished.” — Steven C. Wallace

Your feedback

We’d love to hear from you. You can email the team on swampnotes@ft.com, contact Peter on peter.spiegel@ft.com and Rana on rana.foroohar@ft.com, and follow them on X at @RanaForoohar and @SpiegelPeter. We may feature an excerpt of your response in the next newsletter

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TPG nears deal to buy German metering company for up to €7bn

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US private equity group TPG is nearing a €7bn deal to acquire the German metering company Techem, in a takeover that would rank among the largest such transactions between buyout groups in Europe this year.

TPG may reach an agreement to acquire Techem from Switzerland’s Partners Group for up to €7bn as soon as Monday, according to people familiar with the matter. The timeline might yet slip and no final decision had been taken, they cautioned.

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Founded in 1952, Techem now has roughly 60mn devices around the world that offer homeowners and tenants data on their energy and water usage. It has nearly 4,300 employees and generates more than €1bn of total sales, according to its website.

The company is part of a sector that has experienced rising investor appetite as it benefits from the energy transition and consumer shifts towards more sustainable power usage. In the past year, the private equity group KKR acquired the UK’s Smart Metering Systems in a £1.4bn deal.

Private equity groups are also under growing pressure to distribute cash to their backers to compensate for a broader slowdown in initial public offerings and takeovers.

The Singaporean sovereign wealth fund GIC will invest alongside TPG in the deal, according to people familiar with the matter. TPG will make the investment through its TPG Rise Climate fund, which is directed at sustainability-focused investments.

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A sale by Partners Group of Techem to TPG would rank among the largest deals between PE firms in Europe this year. The number of transactions has been depressed by uncertainty caused by market turbulence and current high interest rates.

The group is also is in talks to buy a stake in Europe’s largest second-hand fashion site Vinted at a €5bn valuation, the Financial Times has previously reported.

Partners Group led a consortium to acquire Techem in 2018 in a €4.6bn deal. Techem had previously been delisted by Macquarie immediately before the financial crisis.

Partners Group had $149bn in assets under management at the end of June. TPG has $229bn of assets under management.

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Representatives for Partners Group, TPG and GIC declined to comment.

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Iceland reveals exact dates you can book Christmas delivery slots ahead of festive period

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Iceland reveals exact dates you can book Christmas delivery slots ahead of festive period

ICELAND has revealed the exact date shoppers can book their Christmas delivery slots.

Securing a delivery slot during the festive period can be challenging for shoppers, so the popular supermarket chain has announced key dates for customers to watch out for to avoid disappointment.

Iceland have revealed their Christmas delivery slots

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Iceland have revealed their Christmas delivery slotsCredit: Alamy

The major retailer’s service enables shoppers to pre-book and pay for their Christmas dinner and other festive treats in advance, which will then be delivered to their door five days later.

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An Iceland spokesperson said: “At Iceland, we are committed to ensuring that our customers have access to convenient delivery options during the upcoming busy Christmas period.

“Delivery slots for Christmas will be made available to customers six days prior to the delivery date.”

Here are the key dates Iceland shoppers need to remember.

  • Slots available from 11/12/2024: Delivery on 16/12/2024
  • Slots available from 12/12/2024: Delivery on 17/12/2024
  • Slots available from 13/12/2024: Delivery on 18/12/2024
  • Slots available from 14/12/2024: Delivery on 19/12/2024
  • Slots available from 15/12/2024: Delivery on 20/12/2024
  • Slots available from 16/12/2024: Delivery on 21/12/2024
  • Slots available from 17/12/2024: Delivery on 22/12/2024
  • Slots available from 18/12/2024: Delivery on 23/12/2024
  • Slots available from 19/12/2024: Delivery on 24/12/2024

Iceland’s spokesperson said: “Please note that slot availability is specific to each store, and whilst we are still finalising details for our pre-book campaign, the table outlines when slots will be open for all customers.”

Unfortunately for shoppers, the budget supermarket chain will not be offering its click-and-collect service for Christmas bookings.

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The retailer’s spokesperson added: “For stores providing home delivery, slots will be made available daily up to and including the 24th of December 2024.

“We plan to also offer a final delivery slot on Christmas Eve between 2.30pm and 4.30pm, depending on the store.

“We’ll ensure that delivery availability across all stores is prioritized in order to ensure our customers can receive their groceries in time for Christmas.”

Iceland is not the only store to confirm their Christmas delivery slot dates.

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Ocado has told Smart Pass holders to look out for a text or email which will alert them the day before they go live this week.

Smart Pass Holders pay a set fee either monthly or annually to get free delivery slots, seven days a week.

We have asked Tesco, Sainsbury’s, and Asda when they are releasing their delivery slots this year and will update this story when we have heard back.

Morrisons will start taking bookings next month.

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Delivery Pass customers will be able to book their slots from October 2.

SUPERMARKETS MAKING CHRISTMAS MOVES

Plenty of supermarkets are already in full Christmas mode, launching toy sales and their festive menus.

Morrisons has unveiled its Christmas menu which comes with 30-day Matured Shorthorn Cote de Boeuf for £25 per kilo and Free Range Turkey Crown with Red Onion and Sage Stuffing for £8.50 a kilo.

Meanwhile, Tesco revealed its Christmas range this month, and it includes everything from pigs in blankets to decadent puddings.

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Asda has also released its festive menu, which includes a melt-in-the-middle pork pie and toffee apple mince pies.

Asda‘s Christmas range will be available at 1,000-plus stores across the UK.

And Iceland has unveiled its Christmas 2024 range which comes with a pigs in blankets Yorkshire pudding.

Tesco shoppers can also snap up toys for Christmas until November 3 across 270 stores, with up to 50% off and prices from £3.

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Money-Saving Tips from Gemma Bird: Save £2k Before Christmas

IF youre’ looking to save cash, you’ve come to the right place, as here, Gemma Bird has shared her top tips that’ll save you £2k before Christmas.

  • Set a budget: Track your spending and create a realistic budget.
  • Cut unnecessary costs: Cancel unused subscriptions and avoid impulse buys.
  • Meal planning: Plan meals to reduce grocery bills and avoid takeaways.
  • Sell unwanted items: Declutter and sell items online for extra cash.
  • Cashback and discounts: Use cashback sites and hunt for discount codes.
  • DIY gifts: Make personalised gifts to save money and add a personal touch.
  • Pick up a seasonal shift: A really easy way to pick up a bit of extra cash in the winter is to find yourself some seasonal work.

Follow these practical tips from Gemma Bird to boost your savings before the festive season!

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Time to act: Hublot’s special edition for rhino conservation

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Time to act: Hublot’s special edition for rhino conservation

With Indian rhino populations growing to 4,000 and black rhinos doubling in number over two decades, SORAI’s conservation work, backed by Hublot, makes a tangible impact.

Continue reading Time to act: Hublot’s special edition for rhino conservation at Business Traveller.

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Israel’s hammer blow to Hizbollah

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By assassinating Hizbollah leader Hassan Nasrallah, Israel has dealt a grievous blow to one of its most powerful foes. Over three decades, Nasrallah transformed the group, with Iranian backing, into the Middle East’s most heavily armed non-state actor and the dominant political force in Lebanon. His killing has severely wounded the movement, while underlining Israel’s military superiority over Iran’s so-called axis of resistance.

Many other senior Hizbollah figures have been killed in Israeli air strikes. But the relentless bombardment has wrought devastation on Lebanon, spreading fear and panic across the nation. More than 1,000 people have been killed in the past two weeks, and up to 1mn forced from their homes. As the bombs rain down, they fear what comes next. Many in Lebanon opposed Nasrallah and blamed Hizbollah for the crisis-ridden country’s ills. But Hizbollah also represents a large swath of Shia society in a fragile nation where Muslim and Christian sects coexist uneasily. Under Nasrallah, the movement was cohesive and disciplined. In his absence, many worry it might fragment or become more extreme.

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Israelis, too, should be wary. They celebrated the death of their foe, but having a failed state on their northern border, or a more extremist enemy bent on revenge, will not serve their security interests. Hizbollah has been battered, but it will not disappear. History has shown that when one militant leader is killed, another steps into the breach, often more radical than the former.

As Israel prepares to mark the grim anniversary of Hamas’s horrific October 7 attack, which killed 1,200 people and ignited the year of conflict, Israeli Prime Minister Benjamin Netanyahu should take his wins and chart a new course. He should embrace the diplomatic off-ramps that have been available for months to end the war in Gaza, secure the release of hostages, and halt the conflict with Hizbollah.

After pummelling Gaza for 12 months, Israel has killed many of Hamas’s senior leaders and severely depleted its military capacity. The offensive has left Gaza in ruins, and more than 41,000 Gazans have been killed, according to Palestinian officials. Hamas will not be able to control Gaza or repeat the atrocities of a year ago. On the northern front, Netanyahu’s stated aim is to ensure the safe return of 60,000 Israelis displaced by Hizbollah’s rocket fire, which began a day after the October 7 attack. But that will not happen as long as the conflict continues.

Worryingly, however, the chances of Netanyahu and his far-right government banking their military gains and choosing the path of diplomacy over yet more war appear as remote as ever. Since killing Nasrallah on Friday, Israel has continued to pound Lebanon, launched limited ground incursions across the border in a potential prelude to a land invasion, and struck Houthi rebels in Yemen. Netanyahu has also stepped up his belligerent rhetoric against Iran.

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The US and Israel’s other allies preach de-escalation but are unable or unwilling to rein in Netanyahu, whose political interests are served by keeping Israel locked in conflict. The Biden administration looks ever more impotent as the US election nears, despite the risk that Netanyahu could seek to drag Washington into a war with Iran.

Israel’s desire to restore its deterrent is one thing. But careering headlong into forever wars, giddy on its tactical success, with no clear strategy or end game, is not a recipe for long-term security and stability, for Israel or the region. The Middle East has witnessed its darkest year in decades. The killing and destruction must stop.

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Six ways to bag an incredible deal on your next trip to the theatre

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Six ways to bag an incredible deal on your next trip to the theatre

DO you need to stage a saving this week?

Now is the perfect time to book your next theatre trip, with new West End show tickets released for the winter season.

Now is the perfect time to book your next theatre trip, with new West End show tickets released for the winter season

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Now is the perfect time to book your next theatre trip, with new West End show tickets released for the winter seasonCredit: Getty

Use these tricks to plan your visit.

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EARLY BIRD: Many new shows offer discounted rates for early performances.

For instance, Titanique, a musical based on the Titanic film, starts in December with tickets from £16 for initial performances, rising to around £31 in January.

GO OFF-PEAK: Booking Monday or Tuesday shows often means cheaper tickets since most tourists visit on weekends.

READ MORE MONEY SAVING TIPS

Matinees outside school holidays also offer lower prices — check if your chosen production has this option.

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DISCOUNT DEALS: NHS staff can get 25 per cent off ATG tickets or 10 per cent off via LoveTheatre.co.uk.

Check healthservicediscounts.com for more offers.

If you have a railcard, you can claim discounts for theatre trips booked with train travel — check availability at DaysOutGuide.tixculture.com.

MORE THE MERRIER: Round up a few friends and book as a group to get money off your next theatre trip.

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For instance, booking ten-plus tickets for Mrs Doubtfire in the West End drops the price to £49.50 per ticket, down from around £57.50.

Girl power wows audience at West End Show

Many theatres offer group rates for 6 to 12-plus people if you check with the theatre directly.

LOTTERY WIN: Some major productions offer daily lotteries for discounted or even free tickets. Hamilton holds a regular lottery via the TodayTix app, where you can win tickets for £10.

Also, follow your favourite shows on social media, where competitions for free tickets are often posted.

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ACCESS FOR ALL: If you’re on low income or universal credit, many theatres offer heavily discounted rates.

National Theatre of Scotland’s Theatre for a Fiver programme gives access to £5 tickets, just check local theatre websites for more options.

  • All prices on page correct at time of going to press. Deals and offers subject to availability.

Deal of the day

Save £9 on a 1L bottle of Bailey’s when you use your Tesco Clubcard

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PLAN ahead for the festive season at Tesco, where a 1L bottle of Bailey’s, usually £22, is now £13 when you use your Tesco Clubcard.

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SAVE: £9

Cheap treat

Save £2.96 on a pair of Eyelash Emporium strip lashes

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TURN up the glamour in a pair of Eyelash Emporium strip lashes, usually £8.95, now £5.99 at Superdrug.

SAVE: £2.96

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What’s new?

DRINK pink this Breast Cancer Awareness month.

Get three cartons of Ocean Spray Pink Cranberry juice drink for £4 at Sainsburys (usually £1.85 each) and 5p from every carton will go to the Pink Ribbon Foundation.

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Keep your holiday glow when you use the Fenty Beauty Match Stix Shimmer for £25 from Boots

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KEEP your holiday glow when you use the Fenty Beauty Match Stix Shimmer, £25, or pick up a Gorgeous Glow Stick, £3.99.

Both at Boots.

SAVE: £21.01

Little helper

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GET five freezer favourites for £6, including McCain Wedges, Birds Eye Crispy Chicken and more, at Coop.co.uk. If you become a Co-op member for £1, it’s just £5, with access to more discounts.

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Save £50 on this cream statement accent chair at Homebase

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ADD a statement accent chair to your bedroom now – this cream one was £99, but is now £49, at Homebase.

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PICK up a new Lego City set at Smyths Toys and get up to 20 per cent off.

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Every Sun Savers code entered equals one Raffle ticket.

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The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

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Jay Powell signals ‘growing confidence’ in US economy’s soft landing

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Federal Reserve chair Jay Powell suggested he was increasingly confident that the US central bank would pull off a soft landing and signalled that interest rates would fall “over time” towards a level that no longer restrains growth.

Powell struck a positive note in comments on Monday about the health of the world’s largest economy, which has weathered the worst inflation shock in decades and high interest rates without a painful rise in job losses.

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The Fed chair was speaking publicly for the first time since the central bank earlier this month began its first easing cycle in more than four years with a larger-than-usual half-point cut, leaving rates at 4.75-5 per cent.

“That decision reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labour market can be maintained in an environment of moderate economic growth and inflation moving sustainably down to our objective,” he said at an event at the National Association for Business Economics.

Powell did not comment on the size of any cut when officials next meet in November, one day after the US presidential election. Rather, he stressed that if the economy evolved as expected, “policy will move over time towards a more neutral stance” — a level that neither stimulates nor restrains economic activity — with decisions made “meeting by meeting”.

Now that inflation has retreated and the economic backdrop has “set the table for further disinflation”, Powell said the Fed’s focus would be on safeguarding the labour market, which is still “solid” despite demand cooling meaningfully.

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“Our goal all along has been to restore price stability without the kind of painful rise in unemployment that has frequently accompanied efforts to bring down high inflation,” Powell said on Monday.

Traders in federal funds futures markets have priced in the possibility that the central bank will again opt for a large rate reduction in roughly six weeks’ time. But a majority believe it will return to a quarter-point cadence in the future.

In an interview with the Financial Times on Friday, Alberto Musalem of the St Louis Fed endorsed the central bank reverting to cutting rates “gradually” given concerns that the economy could react “very vigorously” to looser financial conditions. A half-point reduction would however remain on the table if the labour market weakened more than expected — something his colleague Raphael Bostic of the Atlanta Fed backed on Monday.

According to the latest “dot plot” of Fed officials’ individual projections, most policymakers expected the benchmark rate to fall by another half a percentage point over the course of the two remaining meetings of the year. Almost half of the 19 officials thought the Fed should do less than that.

Policymakers also expected the federal funds rate to fall another percentage point in 2025, ending the year between 3.25 per cent and 3.5 per cent. By the end of 2026, it was estimated to fall just below 3 per cent.

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