Blackbeard

The Federal Reserve is ready to cut interest rates, confident that inflation is easing to normal levels and wary of any more slowing in the job market.

“The time has come for policy to adjust,” Fed Chair Jerome H. Powell said Friday, in his most anticipated speech of the year. “The direction of travel is clear.”

Powell did not specify a timeline, or forecast how much Fed leaders were preparing to lower rates. But his remarks came as close as possible to teeing up a cut at the Fed’s next policy meeting in mid-September. Rates currently sit between 5.25 and 5.5 percent, where they have remained since July 2023. The open question now is whether officials will opt for a more aggressive cut next month — a half-point instead of a more typical quarter-point.

On the final, and most anticipated, night of the four-day Chicago convention, Harris, 59, promised to chart a "New Way Forward" as she and Trump, 78, enter the final 11 weeks of the razor-close campaign.

After days of protests from Palestinian supporters who were disappointed at not getting a speaking spot at the convention, Harris delivered a pledge to secure Israel, bring the hostages home from Gaza and end the war in the Palestinian enclave.

"Now is the time to get a hostage deal and a ceasefire deal done," she said to cheers. "And let me be clear, I will always stand up for Israel's right to defend itself and I will always ensure Israel has the ability to defend itself."

"What has happened in Gaza over the past 10 months is devastating. So many innocent lives lost, desperate hungry people fleeing for safety over and over again. The scale of suffering is heartbreaking," she said.

They said tens of thousands of protesters would be here. They claimed they would “shut down the DNC for Gaza.” Like the Chicago riots during the 1968 Democratic convention, their demonstrations would snarl the city, shake the party and doom the candidacy of “Genocide Joe.”

Then came Kamala Harris — and the protest fizzled.

Organizers anticipated there would be 30,000 to 40,000 protesters on hand for Monday’s kickoff. But only a few thousand showed up; police estimated 3,500

In December 2022, early into what he now describes as his political journey, Senator Chris Murphy of Connecticut gave a speech warning his fellow Democrats that they were ignoring a crisis staring them in the face.

The subject of the speech was what Mr. Murphy called the imminent “fall of American neoliberalism.” This may sound like strange talk from a middle-of-the-road Democratic senator, who up until that point had never seemed to believe that the system that orders our world was on the verge of falling. He campaigned for Hillary Clinton against Bernie Sanders during the 2016 primaries, and his most visible political stance up until then was his work on gun control after the Sandy Hook shooting.

Thoughtful but prone to speaking in talking points, he still comes off more like a polished Connecticut dad than a champion of the disaffected. But Mr. Murphy was then in the full flush of discovering a new way of understanding the state of the nation, and it had set him on a journey that even he has struggled sometimes to describe: to understand how the version of liberalism we’d adopted — defined by its emphasis on free markets, globalization and consumer choice — had begun to feel to many like a dead end and to come up with a new vision for the Democratic Party.

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Mr. Murphy is a team player and has publicly been fully supportive of Ms. Harris, but he also wants Democrats to squarely acknowledge the crisis he believes the country is facing and to offer a vision to unmake the “massive concentration of corporate power” that he thinks is the source of these feelings of helplessness and hopelessness. Only by offering a “firm break” with the past, he believes, can Democrats compete with Republicans like JD Vance, who, with outlines like Project 2025, have a plan to remake American statecraft in their image and who are campaigning on a decisive break with the status quo.

Academics, think tanks and magazines are buzzing with conversations about how to undo the damage wrought by half a century of misguided economic policies. On the right, that debate has already spilled out into the public view. But on the center-left, at least, very few politicians seem to be aware of this conversation — or at least willing to talk about it in front of voters.

Since 2008, Congress, with bipartisan support, has spent billions on rental aid for unhoused veterans and cut their numbers by more than half, as overall homelessness has grown. Celebrated by experts and managed by the Department of Veterans Affairs and the Department of Housing and Urban Development, the achievement has gained oddly little public notice in a country in need of broader solutions.

Progress in the veterans program has slowed as rising rents displace more tenants and make it harder to help them regain housing. But while homelessness among veterans rose last year, the increase was smaller than other groups faced. Admirers say the program’s superior performance, even in a punishing rental market, offers a blueprint for helping others and an answer to the pessimism in the debate over reducing homelessness.

As concerns about returning service members grew during wars in Afghanistan and Iraq, Congress in 2008 revived a pilot program, called HUD-VASH, that pairs vouchers from the housing department with case management from the veterans department. Voucher holders pay 30 percent of their income for rent, while the federal government covers the rest up to a local ceiling.

After expanding the program every year, Congress has created about 110,000 vouchers, meaning veterans have much shorter waits for rental aid than other homeless groups. The vouchers cost more than $900 million a year.

“The fundamental reason why homelessness among veterans has fallen so much is that Congress has provided resources,” Mr. Kuhn said.

Notably, the rental aid comes with no conditions: Services like drug treatment or mental health care are offered but not required. That approach, called Housing First, once enjoyed bipartisan support but has recently drawn conservative critics who say it promotes self-destructive behavior.

After last week’s debate disaster, some Democrats are trying to circle the wagons to protect President Biden, noting that Barack Obama lost his first debate as an incumbent president, too.

But this one doesn’t pass the smell test. Mr. Obama wasn’t 81 years old at the time of his debate debacle. And he came into the debate as a strong favorite in the election, whereas Mr. Biden was behind (with just a 35 percent chance of winning).

A 35 percent chance is not nothing. But Mr. Biden needed to shake up the race, not just preserve the status quo. Instead, he’s dug himself a deeper hole.

Looking at polls beyond the straight horse-race numbers between Mr. Biden and Donald Trump — ones that include Democratic Senate candidate races in close swing-state races — suggests something even more troubling about Mr. Biden’s chances, but also offers a glimpse of hope for Democrats.

President Biden’s policy agenda is incredibly popular, much more popular than his opponent’s. But Biden the man? Not so much.

The question now is whom to blame for the approval gap between the president and his agenda: voters, the media or Biden himself.

Democrats have long argued that their policies are more popular than those of Republicans. In a recent blind test conducted by YouGov, that was unmistakably true. The polling organization asked Americans what they thought about major policies proposed by Biden and Donald Trump without specifying who proposed them. The idea was to see how the public perceived ideas when stripped of tribal associations.

Biden’s agenda was the winner, hands down.

Of the 28 Biden proposals YouGov asked about, 27 were supported by more people than opposed them. Impressively, 24 received support from more than 50 percent of respondents.

The frequency and magnitude of extreme wildfires around the globe has doubled in the last two decades due to climate change, according to a study released Monday.

The analysis, published in the journal “Nature Ecology & Evolution,” focused on massive blazes that release vast amounts of energy from the volume of organic matter burned. Researchers pointed to the historic Australia fires of 2019 and 2020 as an example of blazes that were “unprecedented in their scale and intensity.” The six most extreme fire years have occurred since 2017, the study found.

The latest insight comes from a study on butterflies in the Midwest, published on Thursday in the journal PLOS ONE. Its results don’t discount the serious effects of climate change and habitat loss on butterflies and other insects, but they indicate that agricultural insecticides exerted the biggest impact on the size and diversity of butterfly populations in the Midwest during the study period, 1998 to 2014.

A major expansion underway inside Iran’s most heavily protected nuclear facility could soon triple the site’s production of enriched uranium and give Tehran new options for quickly assembling a nuclear arsenal if it chooses to, according to confidential documents and analysis by weapons experts.

Inspectors with the International Atomic Energy Agency confirmed new construction activity inside the Fordow enrichment plant, just days after Tehran formally notified the nuclear watchdog of plans for a substantial upgrade at the underground facility built inside a mountain in north-central Iran.

Iran also disclosed plans for expanding production at its main enrichment plant near the city of Natanz. Both moves are certain to escalate tensions with Western governments and spur fears that Tehran is moving briskly toward becoming a threshold nuclear power, capable of making nuclear bombs rapidly if its leaders decide to do so.

A federal judge blocked most of a law championed by Florida Gov. Ron DeSantis (R) that strictly limited transgender health care for adults and banned it completely for children.

In his decision, U.S. District Judge Robert L. Hinkle rejected a common mantra of the DeSantis administration, saying that “gender identity is real,” and that the state cannot deny transgender individuals treatment.

“Florida has adopted a statute and rules that ban gender-affirming care for minors even when medically appropriate,” Hinkle wrote. “The ban is unconstitutional.”

More efficient manufacturing, falling battery costs and intense competition are lowering sticker prices for battery-powered models to within striking distance of gasoline cars.