HEX

File: D:/hMailServer/Data/sarahharvey.com/sue/30/{307084AC-E8F9-464C-9C8C-C2D7F8747ECC}.eml
Sender: FT@newsletters.ft.com
Date: Thu, 30 Jul 2026 13:00:20 +0000
Mime-Version: 1.0
Subject: The fight against inflation
From: White House Watch <FT@newsletters.ft.com>
To: sue@sarahharvey.com
H:reply-Path: bounces@newsletters.ft.com
Reply-To: whitehousewatch@ft.com
Message-Id: <20260730130020.8717e138a2843747@newsletters.ft.com>
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

<!doctype html> <html xmlns=3D'http://www.w3.org/1999/xhtml' xmlns:v=3D'urn=
:schemas-microsoft-com:vml' xmlns:o=3D'urn:schemas-microsoft-com:office:off=
ice'> <head> <title></title> <meta http-equiv=3D'Content-Type' content=3D't=
ext/html; charset=3Dutf-8'/> <meta name=3D'viewport' content=3D'width=3Ddev=
ice-width,initial-scale=3D1'/> <meta http-equiv=3D'X-UA-Compatible' content=
=3D'IE=3Dedge'/> <meta name=3D'color-scheme' content=3D'light dark'/> <meta=
 name=3D'supported-color-schemes' content=3D'light dark'/> <!--[if gte mso =
9]>
		<xml>
		<o:OfficeDocumentSettings>
		<o:AllowPNG/>
		<o:PixelsPerInch>96</o:PixelsPerInch>
		</o:OfficeDocumentSettings>
		</xml>
		<![endif]--> <style>a,body,table,td{-webkit-text-size-adjust:100%;-ms-tex=
t-size-adjust:100%}.appleLink a{color:#000;text-decoration:none}@media only=
 screen{a[href^=3Dsms],a[href^=3Dtel]{color:inherit;text-decoration:none}}a=
:link,span.MsoHyperlink{mso-style-priority:100!important}table,td{mso-table=
-lspace:0;mso-table-rspace:0}img{-ms-interpolation-mode:bicubic}</style> <s=
tyle>@media screen and (max-width:660px){.mobile-hide{display:none!importan=
t;height:0!important;margin:0!important;max-height:0!important;overflow:hid=
den!important;padding:0!important;visibility:hidden!important;width:0!impor=
tant}.show{display:block!important;overflow:visible!important;float:none!im=
portant;width:100%!important;height:auto!important;max-height:none!importan=
t;visibility:visible!important}.td{display:block!important}[owa] .td{displa=
y:block!important}.content-image-mobile{width:100%!important}}.td{display:b=
lock}.table{display:table;width:100%}@media screen and (max-width:479px){.m=
obile-full-width-image{width:100%!important}}@media screen and (min-width:6=
40px){.td{display:table-cell!important}.table{display:table!important;width=
:100%!important}.list-title-cell{padding:0 0 14px 0!important}.list-body-ce=
ll{padding:0 0 10px 0!important}.list-image{width:162px!important}.list-ima=
ge-cell{width:196px!important}.markets-data-item{width:260px!important}.sur=
vey-buttons{width:520px!important;min-width:520px!important}.survey-spacing=
{padding-right:20px!important;padding-left:20px!important}}</style> <!--[if=
 (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			.list-title-cell {
				padding: 0 0 14px 0 !important;
			}

			.list-image {
				width: 162px !important; /*This does not work*/
			}

			.list-image-cell {
				width: 196px !important; /*This does not work*/
				padding: 0 34px 22px 0 !important;
			}
		</style>
		<![endif]--> <link rel=3D'preload' as=3D'font' href=3D'https://www.ft.com=
/__origami/service/build/v3/font?font_format=3Dwoff2&font_name=3DMetricWeb-=
Regular&system_code=3Dorigami&version=3D1.12' type=3D'font/woff2' crossorig=
in=3D'anonymous'/> <link rel=3D'preload' as=3D'font' href=3D'https://www.ft=
=2Ecom/__origami/service/build/v3/fon=
t?font_format=3Dwoff2&font_name=3DMetric=
Web-Semibold&system_code=3Dorigami&version=3D1.12' type=3D'font/woff2' cros=
sorigin=3D'anonymous'/> <style>@font-face{src:url(https://www.ft.com/__orig=
ami/service/build/v3/font?font_format=3Dwoff2&font_name=3DMetricWeb-Regular=
&system_code=3Dorigami&version=3D1.12) format("woff2"),url(https://www.ft.c=
om/__origami/service/build/v3/font?font_format=3Dwoff&font_name=3DMetricWeb=
-Regular&system_code=3Dorigami&version=3D1.12) format("woff");font-family:M=
etricWeb;font-weight:400;font-style:normal;font-display:swap;mso-generic-fo=
nt-family:sans-serif;mso-font-alt:Arial}@font-face{src:url(https://www.ft.c=
om/__origami/service/build/v3/font?font_format=3Dwoff2&font_name=3DMetricWe=
b-Medium&system_code=3Dorigami&version=3D1.12) format("woff2"),url(https://=
www.ft.com/__origami/service/build/v3/font?font_format=3Dwoff&font_name=3DM=
etricWeb-Medium&system_code=3Dorigami&version=3D1.12) format("woff");font-f=
amily:MetricWeb;font-weight:500;font-style:normal;font-display:swap;mso-gen=
eric-font-family:sans-serif;mso-font-alt:Arial}@font-face{src:url(https://w=
ww.ft.com/__origami/service/build/v3/font?font_format=3Dwoff2&font_name=3DM=
etricWeb-Semibold&system_code=3Dorigami&version=3D1.12) format("woff2"),url=
(https://www.ft.com/__origami/service/build/v3/font?font_format=3Dwoff&font=
_name=3DMetricWeb-Semibold&system_code=3Dorigami&version=3D1.12) format("wo=
ff");font-family:MetricWeb;font-weight:600;font-style:normal;font-display:s=
wap;mso-generic-font-family:sans-serif;mso-font-alt:Arial}</style> <!--[if =
mso]>
		<style type=3D"text/css">
			.text-sans-serif {
				font-family: Arial, sans-serif !important;
			}
			.text-serif {
				font-family: Georgia, serif !important;
			}
		</style>
		<![endif]--> <!--[if (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			p {
				padding: 0px 0 10px 0 !important;
				margin: 0px 0 30px 0 !important;
			}
		</style>
		<![endif]--> <style>.body li::marker{font-weight:700!important}ul{color:#=
000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 0 =
20px;padding:0;list-style-type:square;clear:both}ul li p{margin:0 0 10px 24=
px;margin-left:24px!important;padding:0 0 18px 0!important}ol{color:#000;fo=
nt-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 26p=
x;padding:0;clear:both}ol li p{margin:0 0 10px 16px;margin-left:16px!import=
ant;padding:0 0 18px 2px!important}</style> <!--[if (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			li {
				margin: 0 0 0 0 !important;
			}
			ul li p {
				/* margin-bottom: 38px !important; */
			}

			ul {
				margin: 0 0 0 0 !important;
				clear: both;
			}

			ol {
				margin-left: 10px !important;
				clear: both;
			}
		</style>
		<![endif]--> <style>u+.body ol li p{padding-left:4px!important}</style> <=
style>u+.body a{color:#000;text-decoration:underline;font-size:inherit;font=
-family:inherit;font-weight:inherit;line-height:inherit}u+.body .footer-lin=
k a{color:inherit!important}a{color:#000;text-decoration:underline;font-siz=
e:inherit;font-family:Georgia,serif;font-weight:inherit;line-height:inherit=
}.link-fix div p a{font-size:18px!important}.footnote-link a{text-decoratio=
n:none!important}</style> <style>:root{color-scheme:light dark;supported-co=
lor-schemes:light dark}</style> <style>@media (prefers-color-scheme:dark){:=
root{background-color:#000}.dark-sides-background{background-color:#000}.re=
design-dark-header-links{color:#fff!important;background-color:#000!importa=
nt}.redesign-dark-header-links a{color:#fff!important}.redesign-dark-main-c=
ontent{background-color:#000!important}.dark-author{color:#fff!important}.d=
ark-job-title-redesign{color:#fff!important}.dark-thick-line-redesign{borde=
r-top-color:#fff!important;border-top-style:solid!important;border-top-widt=
h:4px!important}.dark-border-line-redesign{border-top-color:#fff!important;=
border-top-style:solid!important;border-top-width:1px!important}h3,h4{color=
:#fff!important}.dark-heading{color:#fff!important}.dark-body-text{color:#f=
ff!important}.dark-link{color:#fff!important}span,td{color:#fff}li,p{color:=
#fff!important}li a,p a{color:#fff!important}.dark-market-data{background-c=
olor:#000!important}.dark-market-data-heading{color:#fff!important}.dark-ma=
rket-data-name{color:#fff!important}.dark-market-data-value{color:#fff!impo=
rtant}.dark-newsfeed-title{color:#fff!important}.dark-newsfeed-summary{colo=
r:#fff!important}.link-fix a{color:#fff!important}.dark-survey-satisfaction=
{background-color:#2b2a29!important;color:#fff!important}.dark-fastchart{ba=
ckground-color:#000!important}.dark-htsi-ft{border-top:null!important}.dark=
-htsi-header{border-top:null!important;border-bottom:null!important}.dark-c=
ta-button{background-color:#444!important}.dark-cta-text{color:#fff!importa=
nt}.icon-book{background-image:url(https://d1e00ek4ebabms.cloudfront.net/pr=
oduction/uploaded-files/book-white-ec8d306c-a27d-4d4a-85f7-5a97aaef98db.png=
)!important;background-repeat:no-repeat;background-position:left;background=
-size:36px;float:left;width:36px;height:36px;margin-left:6px;display:inline=
-block}.icon-tick{background-image:url(https://d1e00ek4ebabms.cloudfront.ne=
t/production/uploaded-files/tick-white-2e49090d-8521-4e96-a871-dc41182ad493=
=2Epng)!important;background-repeat:no-=
repeat;background-position:left;backgr=
ound-size:36px;float:left;width:36px;height:36px;margin-left:6px;display:in=
line-block}.icon-gift{background-image:url(https://d1e00ek4ebabms.cloudfron=
t.net/production/uploaded-files/gift-white-7beac192-3651-4a9b-bd78-de1ac4b7=
e134.png)!important;background-repeat:no-repeat;background-position:left;ba=
ckground-size:36px;float:left;width:36px;height:36px;margin-left:6px;displa=
y:inline-block}.icon-bookmark{background-image:url(https://d1e00ek4ebabms.c=
loudfront.net/production/uploaded-files/bookmark-white-2a33ba20-8dc9-4698-9=
03a-9980a6f2491a.png)!important;background-repeat:no-repeat;background-posi=
tion:left;background-size:36px;float:left;width:36px;height:36px;margin-lef=
t:6px;display:inline-block}.icon-read{background-image:url(https://d1e00ek4=
ebabms.cloudfront.net/production/uploaded-files/newspaper-white-37096977-20=
67-41ee-8a9d-b635a0a6b2f2.png)!important;background-repeat:no-repeat;backgr=
ound-position:left;background-size:36px;float:left;width:36px;height:36px;m=
argin-left:6px;display:inline-block}.icon-arrow-right{background:url(https:=
//d1e00ek4ebabms.cloudfront.net/staging/uploaded-files/chevron-right-white-=
5913128c-6e86-46e5-ac77-ec69d89554ff.png)!important;background-repeat:no-re=
peat!important;background-position:right!important;background-size:36px!imp=
ortant;float:right;width:36px;height:36px;margin-right:4px}}@media (prefers=
-color-scheme:dark){.x_dark-sides-background{background-color:#000}.x_redes=
ign-dark-header-links{color:#fff!important;background-color:#000!important}=
=2Ex_redesign-dark-header-links a{color=
:#fff!important}.x_redesign-dark-main-=
content{background-color:#000!important}.x_dark-author{color:#fff!important=
}.x_dark-job-title-redesign{color:#fff!important}.x_dark-thick-line-redesig=
n{border-top-color:#fff!important;border-top-style:solid!important;border-t=
op-width:4px!important}.x_dark-border-line-redesign{border-top-color:#fff!i=
mportant;border-top-style:solid!important;border-top-width:1px!important}.x=
_dark-heading{color:#fff!important}.x_dark-body-text{color:#fff!important}.=
x_dark-link{color:#fff!important}.x_dark-market-data{background-color:#000!=
important}.x_dark-market-data-heading{color:#fff!important}.x_dark-market-d=
ata-name{color:#fff!important}.x_dark-market-data-value{color:#fff!importan=
t}.x_link-fix a{color:#fff!important}.x_dark-survey-satisfaction{background=
-color:#2b2a29!important;color:#fff!important}.x_dark-fastchart{background-=
color:#000!important}.x_dark-htsi-ft{border-top:null!important}.x_dark-htsi=
-header{border-top:null!important;border-bottom:null!important}.x_dark-cta-=
button{background-color:#444!important}.x_dark-cta-text{color:#fff!importan=
t}.x_icon-book{background-image:url(https://d1e00ek4ebabms.cloudfront.net/p=
roduction/uploaded-files/book-white-ec8d306c-a27d-4d4a-85f7-5a97aaef98db.pn=
g)!important;background-repeat:no-repeat;background-position:left;backgroun=
d-size:36px;float:left;width:36px;height:36px;margin-left:6px;display:inlin=
e-block}.x_icon-tick{background-image:url(https://d1e00ek4ebabms.cloudfront=
=2Enet/production/uploaded-files/tick-w=
hite-2e49090d-8521-4e96-a871-dc41182ad=
493.png)!important;background-repeat:no-repeat;background-position:left;bac=
kground-size:36px;float:left;width:36px;height:36px;margin-left:6px;display=
:inline-block}.x_icon-gift{background-image:url(https://d1e00ek4ebabms.clou=
dfront.net/production/uploaded-files/gift-white-7beac192-3651-4a9b-bd78-de1=
ac4b7e134.png)!important;background-repeat:no-repeat;background-position:le=
ft;background-size:36px;float:left;width:36px;height:36px;margin-left:6px;d=
isplay:inline-block}.x_icon-bookmark{background-image:url(https://d1e00ek4e=
babms.cloudfront.net/production/uploaded-files/bookmark-white-2a33ba20-8dc9=
-4698-903a-9980a6f2491a.png)!important;background-repeat:no-repeat;backgrou=
nd-position:left;background-size:36px;float:left;width:36px;height:36px;mar=
gin-left:6px;display:inline-block}.x_icon-read{background-image:url(https:/=
/d1e00ek4ebabms.cloudfront.net/production/uploaded-files/newspaper-white-37=
096977-2067-41ee-8a9d-b635a0a6b2f2.png)!important;background-repeat:no-repe=
at;background-position:left;background-size:36px;float:left;width:36px;heig=
ht:36px;margin-left:6px;display:inline-block}.x_icon-arrow-right{background=
:url(https://d1e00ek4ebabms.cloudfront.net/staging/uploaded-files/chevron-r=
ight-white-5913128c-6e86-46e5-ac77-ec69d89554ff.png)!important;background-r=
epeat:no-repeat;background-position:right;background-size:36px;float:right;=
width:36px;height:36px;margin-right:4px}}</style> <!--[if mso 16]>
		<style type=3D"text/css">
			@media (prefers-color-scheme: dark) {
				.dark-thick-line-redesign {
					border-top-color: #FFFFFF !important;
					border-top-style: solid !important;
					border-top-width: 4px !important;
				}

				.dark-border-line-redesign {
					border-top-color: #FFFFFF !important;
					border-top-style: solid !important;
					border-top-width: 1px !important;
				}
			}
		</style>
		<![endif]--> <!--[if IE]>
		<style type=3D"text/css">
			.ie {
				width: 740px !important;
				max-width: 740px !important;
				min-width: 740px !important;
			}
		</style>
		<![endif]--> <!--[if (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			.markets-data-layout-mobile {
				width: 100% !important;
				display: block !important;
				clear: both;
			}
		</style>
		<![endif]--> <!--[if (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			div.preheader-outlook table {
				mso-hide: all;
			}
		</style>
		<![endif]--> <!--[if mso 16]>
		<style type=3D"text/css">
			.outlook-explorer-width {
				max-width: 732px !important;
			}
		</style>
		<![endif]--> <!--[if (gte mso 9)|(IE)]>
		<style type=3D"text/css">
			.redesign-outlook-hide {
				display: none;
				mso-hide: all;
			}
		</style>
		<![endif]--> <style>@media (max-width:640px){body{padding:0 15px!importan=
t}}</style> <style>.story-list-image-cell{width:210px!important}.story-list=
-image{width:183px!important}@media screen and (max-width:479px){.story-lis=
t-image-cell{width:340px!important;min-width:100%!important;display:block!i=
mportant;padding-bottom:10px!important}.story-list-image{width:340px!import=
ant;min-width:100%!important;display:block!important}.story-list-text-cell{=
width:340px!important;min-width:100%!important;display:block!important;padd=
ing-bottom:10px!important}.story-list-body-text{width:340px!important;min-w=
idth:100%!important;display:block!important;padding:0 0 28px 0!important}}@=
media screen and (max-width:374px){.story-list-image-cell{width:280px!impor=
tant;min-width:100%!important;display:block!important;padding-bottom:10px!i=
mportant}.story-list-image{width:280px!important;min-width:100%!important;d=
isplay:block!important}.story-list-text-cell{width:280px!important;min-widt=
h:100%!important;display:block!important;padding-bottom:10px!important}.sto=
ry-list-body-text{width:280px!important;min-width:100%!important;display:bl=
ock!important;padding:0 0 28px 0!important}}</style> <style>.icon-book{back=
ground-image:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded-=
files/book-circle-small-8ff10396-fec6-44a0-aaa3-4c5076082e03.png);backgroun=
d-repeat:no-repeat;background-position:left;background-size:36px;float:left=
;width:36px;height:36px;margin-left:6px;display:inline-block}.icon-tick{bac=
kground-image:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded=
-files/tick-circle-cd25debc-ffc5-4250-9572-24c1b572f8b1.png);background-rep=
eat:no-repeat;background-position:left;background-size:36px;float:left;widt=
h:36px;height:36px;margin-left:6px;display:inline-block}.icon-gift{backgrou=
nd-image:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded-file=
s/gift-circle-d304927b-c439-4bcb-9075-794814b40eb8.png);background-repeat:n=
o-repeat;background-position:left;background-size:36px;float:left;width:36p=
x;height:36px;margin-left:6px;display:inline-block}.icon-bookmark{backgroun=
d-image:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files=
/bookmark-circle-5a64a9be-07ed-486c-9f26-8d6dfd5886a4.png);background-repea=
t:no-repeat;background-position:left;background-size:36px;float:left;width:=
36px;height:36px;margin-left:6px;display:inline-block}.icon-read{background=
-image:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files/=
newspaper-circle-28edce84-1f6d-43c0-9027-97d11a404886.png);background-repea=
t:no-repeat;background-position:left;background-size:36px;float:left;width:=
36px;height:36px;margin-left:6px;display:inline-block}.icon-arrow-right{bac=
kground:url(https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files=
/arrow-circle-v2-bcea2c16-1e9b-4cbb-93ea-9ed89ba9a16c.png);background-repea=
t:no-repeat;background-position:right;background-size:36px;float:right;widt=
h:36px;height:36px;margin-right:4px}</style> <style>@media screen and (max-=
width:374px){.cta-text{font-size:16px!important;padding-right:0!important;p=
adding-left:2px!important}}</style> </head> <body style=3D'margin:0;padding=
:0' class=3D'body'><img width=3D"1" height=3D"1" alt=3D"" src=3D"https://em=
ail.newsletters.ft.com/o/eJyMkDuOVDEQRVfTztzyp2yXAweEHQMLKFeV6Sf6M_j5DZrdI0=
ZCnRJe6ero6DAt_fGcH-2hv_ebrqXTSBsd6ghGmy-YwGdAZ_RO2-0iDVUIsCYL5IKFmsn2v1MD1=
eADDORsrq2ieC-lp5TYDfC1dqQUXOcYR2EyWwsuZFei89G54M5YfFEfkQJCLFBO4F5S-3msMz_v=
5rbt6yItp45DuZTQSbpzPmelwdm8zaccvNr-RvOnmW0_9ARup0nXK813_fikTP116CcoAHNIXiy=
zjxZ8iBbzcJZ7wVHAFYr8767yVR_ybbu_wnhvVjuOTU7xy3-VWZMeO_Hano-LtBGDUFZnS6BogX=
u2dYja2GssWBA7gzl2nd-PTZrGIQiJrHQgC1nI1uq7rXFQ4lqrgjfvLfwJAAD__1ezi18"> <!-=
-[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0" width=3D"732" align=3D"center"><tr><td><![endif]--> <table width=3D'100=
%' align=3D'center' border=3D'0' style=3D'margin:0' cellpadding=3D'0' cells=
pacing=3D'0' bgcolor=3D'#FFFFFF'> <tbody> <tr> <td align=3D'center' width=
=3D'100%'> <div style=3D'display:none;font-size:0;color:#fff;line-height:0;=
height:0;width:0;max-height:0;max-width:0;opacity:0;overflow:hidden;visibil=
ity:hidden;font-family:sans-serif' class=3D'preheader-outlook' classname=3D=
'preheader-outlook'>Plus, more economic fallout from an intensifying Iran w=
ar</div> <div style=3D'display:none;font-size:0;color:#fff;line-height:0;he=
ight:0;width:0;max-height:0;max-width:0;opacity:0;overflow:hidden;visibilit=
y:hidden' class=3D'preheader-outlook' classname=3D'preheader-outlook'> =E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0=E2=
=80=8C=C2=A0=E2=80=8C=C2=A0=E2=80=8C=C2=A0</div> <table width=3D'100%' bord=
er=3D'0' cellpadding=3D'0' cellspacing=3D'0' bgcolor=3D'#FFFFFF'> <tr> <td>=
 <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" width=3D"700" align=3D"center"><tr><td><![endif]--> <table width=3D=
'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' bgcolor=3D'#FFFFFF'=
 class=3D'redesign-dark-header-links' classname=3D'redesign-dark-header-lin=
ks'> <tr> <td> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspa=
cing=3D'0' style=3D'min-width:100%'> <tr> <td align=3D'center' valign=3D'to=
p' style=3D'padding:0'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cells=
pacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"right"><tr><td><![end=
if]--> <table width=3D'100%' border=3D'0' cellspacing=3D'0' cellpadding=3D'=
0' style=3D'max-width:640px' role=3D'presentation' class=3D'outlook-explore=
r-width' classname=3D'outlook-explorer-width'> <tr> <td style=3D'padding:10=
px 0 8px 0;font-size:12px;line-height:16px;font-family:MetricWeb,Arial,sans=
-serif;color:#000' align=3D'right'> <a href=3D'https://email.newsletters.ft=
=2Ecom/c/eJyMkbtuHDEMRb9m1MmgSI4ehQoDwQ=
Kuk3wAJVHeQfaVGY0X_vsgCwdO6ZLgJXEuTpWh=
r9f1PV_0vp10DF1Ny71w6mg0uxBndp4jGD3LcnppOWoTjmm2LICWkxdb_o6KktAh91i9OWY_k1B=
NHqSDlh5mhuCqQ65BKvVuloyAHgKBIwCEpxhcUEdRMDIFDhPDJ9T21MdTvZ7NKR_HuG0TPU94mP=
Bwv98_VhMe_stPdPggnujbV5gn9Ju-nvUyHictRJfAJSuRZpsAnRVCtT7MJA0ZRIM5Ldt4adnPJ=
XatIWCRVgCc9yq9enNbr22vI283WX-ZNW-7TgybrHI8yvqm749Kq_7e9fEIuVacXbO1OrLskGz0=
HWwtIfbAEITqv7i273ppP5bzpyXnzMj7vrSJnr-kaaxy2aSO5Xp5abkTNvEKNqCQ5Vq8Tb2ppZI=
oxBBjqWz2Tdef-9KyUm-RZ7GtsFj2TWxKrthEXeaaUlJ25i3jnwAAAP__sbC0HQ' style=3D't=
ext-decoration:none;color:#333;font-family:MetricWeb,Arial,sans-serif' targ=
et=3D'_blank' class=3D'redesign-dark-header-links' classname=3D'redesign-da=
rk-header-links'>All newsletters</a> <span style=3D'color:#d9d9d9;font-size=
:18px;line-height:16px;font-family:MetricWeb,Arial,sans-serif;padding:0 5px=
 0 5px'>|</span> <a href=3D'https://email.newsletters.ft.com/c/eJyMkklv4jwY=
xz8Nubnyltg--MBbigQCo5bQKLl5C3EW4M1Shnz6EdWMep3bs-nRT3_9rB79-do_5MXfh9aPo-8=
jJ0tDRYkjLxHjMUUJ5TDynQ7txknunaZcxIBqiAEViQbm2XqsBUaYltwmUSVj5ynBmnDijScGsg=
RbhziPuWNOIBwFiSFOICMQEQgxfOEMMY8I15hTwihbUPgDNbyU44u9dlErq3G8DQuyXOD1Aq_97=
c9mgdc333e6DZfmOX_iDs_isW1Ntr6Z102y6T5qtXq_K_z2UPO6LerPtqiLsE9dU9QnrFZnpLp8=
PqTLe9G9UTV_VptwP28uH488i-c8U1BnYjpm7-EQtt1-3jZ5WrT7V0j23du8Sz_qvM7HQ1Y0xRH=
Oed3Maj6Tw6oK-fwedq_LkHdrmONqWzx56nWjcNGp-vRrl53uKl2OamXv-weqDqkKu7Rq8rkNKv=
2vy9McHo5bEbVhGDdOJrHhpbeMYaOdgRAlidelTaJbf3WTHeVw030T9XKY_ILCQfe6qnT_5R_fO=
fb-_8l_P8LUWhwjB6xFBFCECeBJCYE1jJeMQqaJ_Xvu3dFfXBq6HzUQikY5TcEtyPKf3Bh7fRm0=
HcP1snGyJNjpxEPAsCaAWpMAUToPiBGEcca5sTSaBt-fpuCkJ6XjNNbAGaoBTZwGQiADBCl1bIU=
QnqLoS-LfAQAA__-pqONA' style=3D'text-decoration:none;color:#333;font-family=
:MetricWeb,Arial,sans-serif' target=3D'_blank' class=3D'redesign-dark-heade=
r-links' classname=3D'redesign-dark-header-links'>Read this in your browser=
</a> </td> </tr> </table> <!--[if (gte mso 9)|(IE)]></td></tr></table><![en=
dif]--> </td> </tr> </table> </td> </tr> </table> <!--[if (gte mso 9)|(IE)]=
></td></tr></table><![endif]--> <!--[if (gte mso 9)|(IE)]><table border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"center"><tr><=
td><![endif]--> <table width=3D'100%' border=3D'0' align=3D'center' cellpad=
ding=3D'0' cellspacing=3D'0' bgcolor=3D'#FFFFFF' class=3D'dark-sides-backgr=
ound' classname=3D'dark-sides-background'> <tr> <td align=3D'center' valign=
=3D'top' style=3D'padding:0'> <!--[if (gte mso 9)|(IE)]><table border=3D"0"=
 cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"center"><tr><td=
 style=3D"background-color: #FFF1E5;"><![endif]--> <table width=3D'100%' bo=
rder=3D'0' align=3D'center' cellpadding=3D'0' cellspacing=3D'0' style=3D'ma=
x-width:640px' role=3D'presentation'> <tr> <td style=3D'padding:0;backgroun=
d:url(https://images.ft.com/v3/image/raw/https%3A%2F%2Fip-ep-ftcom-manual.s=
3.amazonaws.com%2F94f14c1d-f279-47b0-b526-89cf4ee6a218?source=3Dspark-api&q=
uality=3Dhigh) #fff1e5;background-size:cover;background-position:left top'>=
 <table width=3D'100%' border=3D'0' cellspacing=3D'0' cellpadding=3D'0' sty=
le=3D'max-width:640px' role=3D'presentation'> <tr> <td align=3D'center' sty=
le=3D'padding:0;background-color:#fff1e5' class=3D'redesign-outlook-hide' c=
lassname=3D'redesign-outlook-hide'> <a href=3D'https://email.newsletters.ft=
=2Ecom/c/eJyMkc-OGyEMh59muLECw4A5cFipip=
Rz2wcw2GxGTTLpwGyUt6-abrXXvdnyH30_fZWG=
vK3bI1_l3s8yhmyKcys-NVCSbcTZ2-DRKLnQcj5yRmHymGbtyYD2KZAuf1sBSmDBN6xBnbKwSS7=
NJRJSQzAlMqZGtSCZVGhWSwYDwURnrDMGzAtGG8U6JEDvoo-TN59Q_aWNl7pe1Dmfxrj1yb1OcJ=
jgcL_fP0YTHPaub-t5GUv9V9TH5A4f4JP79hX0CUKXt4tcx_OEI9pkbNKEbtbJgNXkQHSIsyMGb=
0iiOi99HDmHuWCTGiMU4mKMDUGo1aBu28p7HbnfaPulttx3mbzptNHpRNu7PJ7JNvm9y_MR-Fph=
tqxrtU57C05jaEbXErFFbyK5-n9d-Ltc-cdy-ZRlrRp53xee3OuXbI2Nrp3qWNbrkXNzwBTE6Aj=
ktK8l6NRYtCvJRYyIpXq1d9l-7gtncY3Rz6S5eNI-MOmUbNHJNZprSkm8Ve8Z_gQAAP__L5-3CQ=
' target=3D'_blank' style=3D'text-decoration:none;border:none'> <img class=
=3D'mobile-full-width-image' classname=3D'mobile-full-width-image' alt=3D'W=
hite House Watch: Money and politics in the race for the White House' src=
=3D'https://images.ft.com/v3/image/raw/https://d1e00ek4ebabms.cloudfront.ne=
t/production/uploaded-files/White%20House%20Watch-Newsletters%20headers_MOB=
_638x525_-66bec854-38ac-4030-addd-47668a30698b.png?source=3Dspark-api&quali=
ty=3Dhigh' style=3D'display:block;width:100%;max-width:342px;border:0' widt=
h=3D'342'> </a> </td> </tr> </table> <!--[if (gte mso 9)|(IE)]></a></td></t=
r></table><![endif]--> </td> </tr> </table> <!--[if (gte mso 9)|(IE)]></td>=
</tr></table><![endif]--> </td> </tr> </table> <!--[if (gte mso 9)|(IE)]></=
td></tr></table><![endif]--> </td> </tr> </table> <table width=3D'100%' bor=
der=3D'0' cellpadding=3D'0' cellspacing=3D'0' bgcolor=3D'#FFFFFF' class=3D'=
dark-sides-background' classname=3D'dark-sides-background'> <tr> <td align=
=3D'center' valign=3D'top' style=3D'padding:0;max-width:640px' role=3D'pres=
entation'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" width=3D"700" align=3D"center"><tr><td><![endif]--> <tabl=
e width=3D'100%' border=3D'0' cellspacing=3D'0' cellpadding=3D'0' style=3D'=
max-width:640px' role=3D'presentation' bgcolor=3D'#FFFFFF'> <tr> <td class=
=3D'redesign-dark-main-content' classname=3D'redesign-dark-main-content' st=
yle=3D'padding:0 0 13px 0;padding-top:0!important;background-color:#fff'> <=
div> <table width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'0'=
> <tbody> <tr> <td style=3D'padding-top:38px;padding-bottom:24px' align=3D'=
left'> <table cellspacing=3D'0' cellpadding=3D'0' border=3D'0'> <tbody> <tr=
> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0" width=3D"500" align=3D"left"><tbody><tr><t=
d style=3D"padding: 4px 0 0 0;"><![endif]--> <table width=3D'100%' cellspac=
ing=3D'0' cellpadding=3D'0' border=3D'0'> <tbody> <tr> <td style=3D'padding=
:4px 0 0 0;text-align:left;font-family:MetricWeb,Arial,sans-serif;font-weig=
ht:500;font-size:20px;color:#000;line-height:24px' class=3D'dark-author' cl=
assname=3D'dark-author' valign=3D'middle'> <div style=3D'display:block;padd=
ing:0'> <a href=3D'https://email.newsletters.ft.com/c/eJyMkctqHTEMhp9mZudgS=
_Jt4UWgHMi67QPIlpwz9Nw648khb19ySMk2Owld-D--xkNfr-t7ueh9O-kYus5SeqXcYdbiYvLk=
AiU765mX04uUpMKUsjfEFgzlwKZ-tAqcwQH11MJ8LOwcRAiRHPlkAWsVkBArZN-hYpuXAhaCjWg=
dWgv2KUUX1WFiSISR4kT2K9T21MdTu57nUzmOcdsmfJ7gMMHhfr9_jiY4bGNV_iiq-NgcVSPBqi=
FQNDmQGPJePRMK9jDh4ZNpwh_foZogbPp61st4nEhMLluXDSf0JltwhhHUhOiRBciyxvm0bONFS=
vA1dW0xQmWp1roQlHsL8229yt5G2W68_pnXsu06kd145eOR1zd9f0Cv-nfXxyOg1sA7Ma05NOQA=
TQrdmlZj6pFsZGz_11V-6kV-Lecvj87No-z7IhM-f0vkWPmycRvL9fIipSMIB7UmAqOhVoPJXdR=
gzRhTTKk2mvdN19_7IkWxSyLPRiqxoSBscnbVZOzsW85Zyc1vBf4FAAD__y7Auzk' style=3D'=
text-decoration:underline;color:#000;font-family:MetricWeb,Arial,sans-serif=
;font-weight:500' class=3D'dark-author' classname=3D'dark-author' target=3D=
'_blank'> Abigail Hauslohner </a> </div> <div style=3D'padding:0'> <!--[if =
(gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" a=
lign=3D"left"><tbody><tr><td style=3D"padding: 2px 0 0 0;"><![endif]--> <sp=
an class=3D'dark-job-title-redesign' classname=3D'dark-job-title-redesign' =
color=3D'000000' style=3D'font-family:MetricWeb,Arial,sans-serif;font-weigh=
t:400;font-size:18px;line-height:22px'>US Foreign Affairs Correspondent</sp=
an> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </div>=
 </td> <td valign=3D'middle'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if=
 (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> <!--[if (gte mso =
9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"5=
00" align=3D"left"><tbody><tr><td style=3D"padding: 0 0 0 0;"><![endif]--> =
<table width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'0'> <tb=
ody> <tr> <td width=3D'57' style=3D'padding-bottom:0;padding-top:20px'> <ta=
ble width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'0'> <tbody=
> <tr> <td width=3D'57' height=3D'4' style=3D'font-size:0'> <div style=3D'b=
order-top-color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-si=
ze:0;display:block;padding:0;width:57px' class=3D'dark-thick-line-redesign'=
 classname=3D'dark-thick-line-redesign'>=E2=80=8C</div> </td> </tr> </tbody=
> </table> </td> <td>=C2=A0</td> </tr> </tbody> </table> <!--[if (gte mso 9=
)|(IE)]></td></tr></tbody></table><![endif]--> </td> <td align=3D'right' st=
yle=3D'vertical-align:top'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" align=3D"right"><tbody><tr><td align=3D"=
right" style=3D"padding-top: 0px; font-family: MetricWeb, Arial, sans-serif=
; font-weight: 400; font-size: 14px; line-height: 16px;">July 30 2026<![end=
if]--> <table width=3D'100%' cellspacing=3D'0' cellpadding=3D'0' border=3D'=
0'> <tbody> <tr> <td style=3D'padding-top:38px;text-align:right;font-family=
:MetricWeb,Arial,sans-serif;font-weight:400;font-size:14px;line-height:16px=
;white-space:nowrap' class=3D'redesign-outlook-hide' classname=3D'redesign-=
outlook-hide'> July 30 2026 </td> </tr> </tbody> </table> <!--[if (gte mso =
9)|(IE)]></td></tr></tbody></table><![endif]--> </td> <!--[if (gte mso 9)|(=
IE)]></td><![endif]--> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]><t=
able border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=
=3D"center"><tbody><tr><td style=3D"text-align: center; padding-top: 10px;"=
><![endif]--> <table cellspacing=3D'0' cellpadding=3D'0' border=3D'0' width=
=3D'100%'> <tbody> <tr> <td style=3D'margin:0;padding:0' class=3D'link-fix'=
 classname=3D'link-fix'> <p style=3D'color:#000;font-family:Georgia,serif;f=
ont-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:b=
oth'>Hello from Washington DC and welcome to White House Watch. Here=E2=80=
=99s what we=E2=80=99re looking at:</p><ul><li><p style=3D'color:#000;font-=
family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padd=
ing:0 0 18px 0;clear:both'>US borrowing costs hit 19-year high as Fed defie=
s inflation</p></li><li><p style=3D'color:#000;font-family:Georgia,serif;fo=
nt-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:bo=
th'>Oil prices surge after Trump says Iran will =E2=80=98get a beating=E2=
=80=99 for missile attack</p></li><li><p style=3D'color:#000;font-family:Ge=
orgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 1=
8px 0;clear:both'>Anthony Fauci invokes Fifth Amendment at fiery Senate hea=
ring</p></li></ul><p style=3D'color:#000;font-family:Georgia,serif;font-siz=
e:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>US=
 borrowing costs have hit their <a href=3D'https://email.newsletters.ft.com=
/c/eJyMkU1OJDsMgE9TtTNKHCdOFlkgoZZYvzcHcBKHLk13NVOVosXtRyBGbNnZ8o_8-asy9OW2=
vedV7_tFx9BtbrkXSh1nzZajJxsomlmvslyeW47ahGLyQGIQKAWB8pEqSkKL1GMN8zkzcTJcFH0=
h8kWTF1842Momcqx-XjIaDIadsc4YNA-RLat1UTCSY-KJzPdR-0MfD_V2nS_5PMbrPrnHCU8Tnu=
73-1dpwlO9rUPX8RGRaisaITjyQLEEiI0IfK2-mKKClSd32t9XQC-hWAmTe7IThi_OyT39hHTCs=
OvLVdfxOdI42mRsAonOQzJoQRwqBPZOGpIR5fmy7OO55eBL7FqZsUgrxtgQVHoN8-t2a0cdeX-V=
7fe85f3Qicwum5zPsr3p--cjNv1z6OcipFrR2wa1Wgdk0UEM3UAtHDuTYXH1X7u2_3Rt_y_Xb7f=
WziMfx9Im9_gjuWOTdZc6ltv63HJ32CSoAUZxQLUESL0puJIcR46xVJqPXbdfx9Kyut4ieYFWSI=
BCE0jJFkiui68pJSU7v2X8GwAA__-vIMFi' target=3D'_blank' data-msys-sublink=3D'=
content-c4eedbe8-6345-48b6-8d44-5cc5b0bea2c7'>highest level since 2007</a>.=
</p><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-he=
ight:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The Federal Rese=
rve on Wednesday held rates steady, a decision that underscored fears that =
the central bank will not be able to contain the inflationary shock from Do=
nald Trump=E2=80=99s Iran war.</p><div style=3D'width:500px;margin:0 auto;p=
adding-bottom:30px' class=3D'content-image-mobile' classname=3D'content-ima=
ge-mobile'><p style=3D'margin:0 0 4px 0;padding:10px 0 0 0;text-align:cente=
r'><a href=3D'https://email.newsletters.ft.com/c/eJyMkU1OJDsMgE9TtTNKHCdOFl=
kgoZZYvzcHcBKHLk13NVOVosXtRyBGbNnZ8o_8-asy9OW2vedV7_tFx9BtbrkXSh1nzZajJxsom=
lmvslyeW47ahGLyQGIQKAWB8pEqSkKL1GMN8zkzcTJcFH0h8kWTF1842Momcqx-XjIaDIadsc4Y=
NA-RLat1UTCSY-KJzPdR-0MfD_V2nS_5PMbrPrnHCU8Tnu73-1dpwlO9rUPX8RGRaisaITjyQLE=
EiI0IfK2-mKKClSd32t9XQC-hWAmTe7IThi_OyT39hHTCsOvLVdfxOdI42mRsAonOQzJoQRwqBP=
ZOGpIR5fmy7OO55eBL7FqZsUgrxtgQVHoN8-t2a0cdeX-V7fe85f3Qicwum5zPsr3p--cjNv1z6=
OcipFrR2wa1Wgdk0UEM3UAtHDuTYXH1X7u2_3Rt_y_Xb7fWziMfx9Im9_gjuWOTdZc6ltv63HJ3=
2CSoAUZxQLUESL0puJIcR46xVJqPXbdfx9Kyut4ieYFWSIBCE0jJFkiui68pJSU7v2X8GwAA__-=
vIMFi' target=3D'_blank'><img alt=3D'Kevin Warsh speaks at a podium with mi=
crophones, flanked by two US flags and dark curtains in the background.' sr=
c=3D'https://images.ft.com/v3/image/raw/https://d1e00ek4ebabms.cloudfront.n=
et/production/6f8f478b-b2db-4a61-8da7-e2c479910382.jpg?source=3Dspark-api&w=
idth=3D700&fit=3Dscale-down&bgcolor=3DFFFFFF' style=3D'margin:0;width:100%;=
max-width:500px;vertical-align:middle'></a></p><p style=3D'color:#4d4845;fo=
nt-family:MetricWeb,Arial,sans-serif;font-size:14px;font-weight:400;line-he=
ight:16px;margin:6px 0 0 0;padding:6px 0 0 0'>Kevin Warsh speaks at a press=
 conference after the Federal Reserve held interest rates in the face of in=
flationary pressures =C2=A9 AP</p></div><p style=3D'color:#000;font-family:=
Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0=
 18px 0;clear:both'>The 30-year Treasury yield jumped as much as 0.14 perce=
ntage points to 5.23 per cent following the Fed=E2=80=99s decision on Wedne=
sday, signalling worries among investors that surging oil prices triggered =
by the Middle East conflict could prompt a lasting bout of inflation. The m=
ove was the biggest since the fallout from Trump=E2=80=99s =E2=80=9Cliberat=
ion day=E2=80=9D announcement in April 2025.</p><p style=3D'color:#000;font=
-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;pad=
ding:0 0 18px 0;clear:both'>The decision to leave rates on hold, coupled wi=
th Warsh=E2=80=99s focus on market moves between meetings, unnerved some tr=
aders in the world=E2=80=99s biggest debt market.</p><p style=3D'color:#000=
;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px =
0;padding:0 0 18px 0;clear:both'>Petrol and diesel prices have shot higher =
since the Fed=E2=80=99s previous meeting in June as hostilities in Iran hav=
e flared up, and traffic through the Strait of Hormuz has slowed to a near =
trickle.</p><table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacin=
g=3D'0'> <tbody> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left"><tbody><tr><=
td style=3D"padding-top: 18px; color: #000000; font-family: MetricWeb, Aria=
l, sans-serif; font-size: 24px; font-weight: 500; text-align: left; line-he=
ight: 28px;" class=3D"dark-heading" className=3D"dark-heading"><![endif]-->=
 <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' ali=
gn=3D'left'> <tbody> <tr> <td style=3D'padding-bottom:18px;color:#000;font-=
family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align=
:left;line-height:28px' class=3D'dark-heading' classname=3D'dark-heading'> =
<h2 style=3D'color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:24=
px;font-weight:500;text-align:left;line-height:28px;margin:0' class=3D'dark=
-heading' classname=3D'dark-heading'>The latest headlines</h2> </td> </tr> =
</tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![en=
dif]--> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><table border=3D"0"=
 cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left" style=3D"=
Margin: 0 0 0 0;"><tbody><tr><td><![endif]--> <table width=3D'100%' border=
=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left' style=3D'Margin:0=
 0 10px 0;padding:0 0 10px 0'> <tbody> <tr> <td width=3D'57' height=3D'4' s=
tyle=3D'font-size:0;margin:0;padding:0 0 12px 0'> <div style=3D'border-top-=
color:#fcd0b1;border-top-style:solid;border-top-width:4px;font-size:0' clas=
s=3D'dark-thick-line-redesign' classname=3D'dark-thick-line-redesign'>=E2=
=80=8C</div> </td> <td height=3D'4' style=3D'font-size:0;margin:0;padding:0=
'>=E2=80=8C</td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></t=
r></tbody></table><![endif]--> </td> </tr> </tbody> </table><ul><li><p styl=
e=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;m=
argin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The US economy grew at an a=
nnualised rate of just 1.5 per cent in the second quarter of 2026, marking =
a sharp slowdown and <a href=3D'https://email.newsletters.ft.com/c/eJyMkctO=
JDsMhp8m2QUltnNbZIGEWmJ9zjyAkzh0abqrmaoULd5-BGLElqXli_z9X-MpL7ftvaxy3y8yp2y=
6l1EpD9BSXEyeXKBktVx5uTz3kqQzpewNsQVDObCpH6UAZ3BAI7Wgz6WmLFwhS6KBMTAE9Mn1hN=
236kLUSwELwUa0Dq0F-5Cii-IwMSTCSFGR_X5qfxjzod2u-lLOc77uCh8VnBSc7vf7V0vBqd3WK=
etUcIoJ-5DMhgKhoQrV1JCbYQriAXKPNio87e-rAc-hOg4Kn5yC8MWp8OknpArCLi9XWefnSo_J=
Zeuy4YTeZAvOMIKYED1yB7IsUV-WfT73EnxNQ1qMULlXa10IwqMF_brd-tFm2V95-623sh-iyO6=
88fnM25u8fwaxyZ9DPg8BtQbeddOaQ0MO0KQwrGk1phHJRsb2b1z6f7L2_5frt1vn9CzHsXSFjz=
-SOzded25zua3PvQyEzkGsicBoqNVg8uhisGaMKaZUG-ljl-3XsfQiOHoiz6ZX-pDT2eTsqsk42=
Lecs5DTbwX-BgAA__9U-MEL' target=3D'_blank' data-msys-sublink=3D'content-783=
dfe9a-4643-4b2b-b69c-a46e5229d707'>falling short of Wall Street expectation=
s</a></p></li><li><p style=3D'color:#000;font-family:Georgia,serif;font-siz=
e:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'><a=
 href=3D'https://email.newsletters.ft.com/c/eJyMkU1u3DAMRk8j7xRIpCxRCy0CBAN=
k3fYAFEVljM54UlvOILcvGqTINkuCP-D7nvDQl9v2Xla97xcdQ7eplV5D7jBp8Ynm4GMgN-mVl8=
tzK6SNA-XZBnZgQ45s679SgTN4CJ0kTuci3ScVrbPLuTYg9NCQe8xKLSn1aSngILqEzqNz4B4o-=
aQeiYECppBMcF9P7Q99PMjtOl3KeYzX3eCjgZOB0_1-_2wZOMltHboOAyeKHVPwsxUhZ4NytFUc=
WkqSo1RC34PB0_6-Wpg5Vs_R4JM3ED85DT59h9RA3PXlquv4WGmJfHY-WyacbXbgLSOojWlGbhA=
ca5ouyz6eW4lzpa6SElRu1Tkfo3KXOL1ut3bIKPsrb7-nreyHmuB23vh85u1N3z-C2PTPoR-HII=
jA7JsV8WiDB7QUu7NSE_UUXGKU_-Pafujafi7XL7feT6Mcx9IMPn5L7th43VnGclufW-kIjaM6m=
4DRBqnR5t7UYs2YKBFVCdOx6_brWFpR7I3CzLbVwDbExjZnX23GzrPknDX46a3A3wAAAP__7mXB=
yg' target=3D'_blank' data-msys-sublink=3D'content-86f37415-cc80-4ea6-bc03-=
87c96cb831f4'>US oil inventories</a> have fallen to a =E2=80=9Cprecariously=
 low=E2=80=9D level as the Iran war disrupts supply.</p></li><li><p style=
=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;ma=
rgin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Microsoft has signed <a href=
=3D'https://email.newsletters.ft.com/c/eJyMkUtu3DAMhk8j7xRIJK3HQosAwQBZtz0A=
RVEZozOe1JYzyO2LBimyzZLgA_z-T3joy217L6ve94uOodvUSq-UO0xafEwz-UDJTXrl5fLcStL=
GlPJsiR1YyoFt_VcqcAYP1JOE6VxEE2bwmFLstaK0KpFznoNKDa3O01LAQXARnUfnwD2k6KN6TA=
yJMFI05L6e2h_6eJDbdbqU8xivu8FHAycDp_v9_tkycJLbOnQdBk6NoxBFsFLRWaoJbEXwtiUQn=
-ZMPqvB0_6-Wpg5VM_B4JM3ED45DT59h9RA2PXlquv4WGkx-ex8tpxwttmBt4ygNsQZuQE51jhd=
ln08txLmmrpKjFC5Ved8CMpdwvS63doho-yvvP2etrIfasjtvPH5zNubvn8EsemfQz8OAYnA7Js=
V8WjJA9oUurNSY-qRXGSU_-Pafujafi7XL7feT6Mcx9IMPn5L7th43VnGclufW-kIjYM6G4HRkt=
Rgc29qsWaMKaZUhaZj1-3XsbSi2FuimW2rxJZCY5uzrzZj51lyzkp-eivwNwAA__-AHsGI' tar=
get=3D'_blank' data-msys-sublink=3D'content-da7c4472-cb30-4b82-b321-d82c185=
9419e'>$130bn in data centre leases</a> as it races to meet AI demand.</p><=
/li><li><p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;lin=
e-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Anthony Fauc=
i <a href=3D'https://email.newsletters.ft.com/c/eJyMkTtuHDEMhk8jdTIkknoVKgw=
YC7hOcgBKoryD7M46MxovfPsghgO3Lgk-wO__Gk95uW3vZZX7fpE5ZdO9jEp5gJbiYvLkAiWr5c=
rL5bmXJJ0pZW-ILRjKgU39VwpwBgc0Ugv6XFJGz7G2FIOVNKofiANSrHb00b3opYCFYCNah9aCf=
UjRRXGYGBJhpKjIfj21P4z50G5XfSnnOV93hY8KTgpO9_v9s6Xg1G7rlHUqOKFPzjVxJhFHQ-yz=
Yc7OON9C7R0IMyg87e-rAc-hOg4Kn5yC8Mmp8Ok7pArCLi9XWefHSo_JZeuy4YTeZAvOMIKYED1=
yB7IsUV-WfT73EnxNQ1qMULlXa10IwqMF_brd-tFm2V95-623sh-iyO688fnM25u8fwSxyZ9DPg=
4BtQbeddOaQ0MO0KQwrGk1phHJRsb2f1z6D1n7z-X65dY5PctxLF3h47fkzo3XndtcbutzLwOhc=
xBrIjAaajWYPLoYrBljiinVRvrYZft1LL0Ijp7Is-mV2FDobHJ21WQc7FvOWcjptwJ_AwAA__8Z=
ssFe' target=3D'_blank' data-msys-sublink=3D'content-35811ce1-84a7-4a59-aa9=
1-15c6bdd24392'>invoked the Fifth Amendment</a> at a fiery Senate hearing o=
n Covid-19 on Wednesday.</p></li><li><p style=3D'color:#000;font-family:Geo=
rgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18=
px 0;clear:both'><a href=3D'https://email.newsletters.ft.com/c/eJyMkUtu3DAM=
hk9j7xRIJPVaaBEgGCDrtgegRCpjdMaT2nIGuX3RIEW2WRJ8gN__NR76ctvey6r3_aJj6DZL6ZV=
yh1mLi8mTC5TsrFdeLs9SkgpTyt4QWzCUA5v6r1TgDA6opxbmc1GXpapwagLcrfos4tmDcGZAkH=
kpYCHYiNahtWAfUnRRHSaGRBgpTmS_ntof-nhot-t8KecxXvcJHyc4TXC63--frQlO7bYOXccEJ=
xskk1MxyWEwFJgMgzZDVJVdRd-wTnja31cDnkN1HCZ8chOET84Jn75DOkHY9eWq6_hYkZhcti4b=
TuhNtuAMI6gJ0SMLkGWN82XZx7OU4Gvq2mKEylKtdSEo9xbm1-0mRxtlf-Xt97yV_dCJ7M4bn8-=
8ven7RxCb_jn04xBQa-CdmNYcGnKAJoVuTasx9Ug2Mrb_4yo_dJWfy_XLrXPzKMexyISP35I7Nl=
53bmO5rc9SOoJwUGsiMBpqNZjcRQ3WjDHFlGqj-dh1-3UsUhS7JPJspBIbCsImZ1dNxs6-5ZyV3=
PxW4G8AAAD__2IbwoQ' target=3D'_blank' data-msys-sublink=3D'content-06d941ed=
-8136-46a4-a2ec-44bea1b35c3b'>Meta shares tumble</a> as Mark Zuckerberg def=
ends his strategy based on personalised bots.</p></li><li><p style=3D'color=
:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 =
10px 0;padding:0 0 18px 0;clear:both'>The Federal Reserve=E2=80=99s preferr=
ed inflation measure is <a href=3D'https://email.newsletters.ft.com/c/eJyMk=
Utu3DAMhk8j7xRIJK3HQosAwQBZtz0AJVIZozOe1JYzyO2LBimyzZLgA_z-r_HQl9v2Xla97xcd=
Q7dJSq-UO0xafEwz-UDJTXrl5fIsJakwpTxbYgeWcmBb_5UKnMED9dTCdC6-pYriQcRXahQjU4a=
OMSRxqUKalgIOgovoPDoH7iFFH9VjYkiEkaIh9_XU_tDHQ7tdp0s5j_G6G3w0cDJwut_vny0Dp3=
Zbh67DwKl2aggdbcRZLEUCy3MNNsyVHPXoWosGT_v7amHmUD0Hg0_eQPjkNPj0HVIDYdeXq67jY=
0Vi8tn5bDnhbLMDbxlBbYgzsgA51jhdln08SwlzTV1bjFBZqnM-BOXewvS63eRoo-yvvP2etrIf=
asjtvPH5zNubvn8EsemfQz8OAbUGsxfbmkdLHtCm0J1tNaYeyUXG9n9c5Yeu8nO5frn1fhrlOBY=
x-PgtuWPjdec2ltv6LKUjCAd1NgKjpVaDzV3UYs0YU0ypNpqOXbdfxyJFsUuima1UYktB2Obsq8=
3YeW45ZyU_vRX4GwAA__8UpsDr' target=3D'_blank' data-msys-sublink=3D'content-=
bf4c32f3-735d-4742-a5b6-65b404f70cc7'>set for an overhaul</a> that will eas=
e some of the pressure on policymakers.</p></li></ul><table width=3D'100%' =
border=3D'0' cellpadding=3D'0' cellspacing=3D'0'> <tbody> <tr> <td> <!--[if=
 (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
width=3D"700" align=3D"left"><tbody><tr><td style=3D"padding-top: 18px; col=
or: #000000; font-family: MetricWeb, Arial, sans-serif; font-size: 24px; fo=
nt-weight: 500; text-align: left; line-height: 28px;" class=3D"dark-heading=
" className=3D"dark-heading"><![endif]--> <table width=3D'100%' border=3D'0=
' cellpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td styl=
e=3D'padding-bottom:18px;color:#000;font-family:MetricWeb,Arial,sans-serif;=
font-size:24px;font-weight:500;text-align:left;line-height:28px' class=3D'd=
ark-heading' classname=3D'dark-heading'> <h2 style=3D'color:#000;font-famil=
y:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align:left=
;line-height:28px;margin:0' class=3D'dark-heading' classname=3D'dark-headin=
g'>What we=E2=80=99re hearing</h2> </td> </tr> </tbody> </table> <!--[if (g=
te mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> <tr> <td=
> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"700" align=3D"left" style=3D"Margin: 0 0 0 0;"><tbody><tr=
><td><![endif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cell=
spacing=3D'0' align=3D'left' style=3D'Margin:0 0 10px 0;padding:0 0 10px 0'=
> <tbody> <tr> <td width=3D'57' height=3D'4' style=3D'font-size:0;margin:0;=
padding:0 0 12px 0'> <div style=3D'border-top-color:#fcd0b1;border-top-styl=
e:solid;border-top-width:4px;font-size:0' class=3D'dark-thick-line-redesign=
' classname=3D'dark-thick-line-redesign'>=E2=80=8C</div> </td> <td height=
=3D'4' style=3D'font-size:0;margin:0;padding:0'>=E2=80=8C</td> </tr> </tbod=
y> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--=
> </td> </tr> </tbody> </table><p style=3D'color:#000;font-family:Georgia,s=
erif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;c=
lear:both'>Wednesday marked another angry day for Trump, as his now five-mo=
nth-old war in Iran <a href=3D'https://email.newsletters.ft.com/c/eJyMkU1u3=
DAMRk8j7xRIJC1RCy0CBANk3fYAlERljM54UlvOILcvGqTINkuCP-D7XpWhL7ftPa963y86hm5T=
y71Q6jBp9pFn8oHYTXqV5fLcMmsT4jRbEgeWUhBb_pUKksADda5hOucOVTzH1iM7LZWj-MKeELq=
j0KBPSwYHwUV0Hp0D98DRR_XIAkwYKRpyX0_tD3081Nt1uuTzGK-7wUcDJwOn-_3-2TJwqrd16D=
oMnAiUsYRoay9sKUi3ZXZqUWqMkbgqssHT_r5amCUUL8HgkzcQPjkNPn2H1EDY9eWq6_hYaZF9c=
j5ZYZxtcuCtIKgNcUZpQE40TpdlH88th7lw1xojFGnFOR-CSq9het1u7agj76-y_Z62vB9qyO2y=
yfks25u-fwSx6Z9DPw4B1Qqzb7ZWj5Y8oOXQna0lco_komD9P67th67t53L9cuv9NPJxLM3g47f=
kjk3WXepYbutzyx2hSVBnIwhaqiXY1JtaLAkjR-ZSaTp23X4dS8uKvTHNYlshsRSa2JR8sQm7zD=
WlpOSntwx_AwAA__-gLMG7' target=3D'_blank' data-msys-sublink=3D'content-42e8=
3b67-cfb8-46af-b50e-3ac77748ce38'>took another turn for the worse</a>.</p><=
p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:=
28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>=E2=80=9CWe=E2=80=99r=
e going to beat the fucking shit out of them.=E2=80=9D</p><p style=3D'color=
:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 =
10px 0;padding:0 0 18px 0;clear:both'>That was Trump=E2=80=99s declaration =
to Fox News on Wednesday morning, before the US launched a fresh round of s=
trikes against Iran. The president said that Iran had taken the US by =E2=
=80=9Csurprise=E2=80=9D on Tuesday, when it launched a volley of missiles a=
t US military facilities in the Middle East, ending a days-long pause in di=
rect hostilities.</p><p style=3D'color:#000;font-family:Georgia,serif;font-=
size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'=
>American forces launched a two-hour =E2=80=9Cheavy=E2=80=9D round of strik=
es on Wednesday night, according to the US military. It was their first dir=
ect attack on the Islamic republic in almost a week and led to a threat by =
Iran on Thursday morning to deliver a =E2=80=9Charsh response=E2=80=9D.</p>=
<p style=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height=
:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:both'>The price of Brent c=
rude, the international benchmark, traded around $92 a barrel on Thursday m=
orning, after rallying more than 8 per cent in the previous session. West T=
exas Intermediate, the US measure, was above $85.</p><table width=3D'100%' =
border=3D'0' cellpadding=3D'0' cellspacing=3D'0'> <tbody> <tr> <td> <!--[if=
 (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
width=3D"700" align=3D"left"><tbody><tr><td style=3D"padding-top: 18px; col=
or: #000000; font-family: MetricWeb, Arial, sans-serif; font-size: 24px; fo=
nt-weight: 500; text-align: left; line-height: 28px;" class=3D"dark-heading=
" className=3D"dark-heading"><![endif]--> <table width=3D'100%' border=3D'0=
' cellpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td styl=
e=3D'padding-bottom:18px;color:#000;font-family:MetricWeb,Arial,sans-serif;=
font-size:24px;font-weight:500;text-align:left;line-height:28px' class=3D'd=
ark-heading' classname=3D'dark-heading'> <h2 style=3D'color:#000;font-famil=
y:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;text-align:left=
;line-height:28px;margin:0' class=3D'dark-heading' classname=3D'dark-headin=
g'>Viewpoints</h2> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]>=
</td></tr></tbody></table><![endif]--> </td> </tr> <tr> <td> <!--[if (gte m=
so 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=
=3D"700" align=3D"left" style=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif]=
--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' =
align=3D'left' style=3D'Margin:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr>=
 <td width=3D'57' height=3D'4' style=3D'font-size:0;margin:0;padding:0 0 12=
px 0'> <div style=3D'border-top-color:#fcd0b1;border-top-style:solid;border=
-top-width:4px;font-size:0' class=3D'dark-thick-line-redesign' classname=3D=
'dark-thick-line-redesign'>=E2=80=8C</div> </td> <td height=3D'4' style=3D'=
font-size:0;margin:0;padding:0'>=E2=80=8C</td> </tr> </tbody> </table> <!--=
[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> </=
tbody> </table><ul><li><p style=3D'color:#000;font-family:Georgia,serif;fon=
t-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18px 0;clear:bot=
h'>FT=E2=80=99s editorial board weighs in on <a href=3D'https://email.newsl=
etters.ft.com/c/eJyMkTtuHDEMhk8jdTIkknoVKgwYC7hOcgBKoryD7M46MxovfPsghgO3Lgk=
-wO__Gk95uW3vZZX7fpE5ZdO9jEp5gJbiYvLkAiWr5crL5bmXJJ0pZW-ILRjKgU39VwpwBgc0Ug=
v6XGri4dG16ESgJY-21dQbjeBTkEZ6KWAh2IjWobVgH1J0URwmhkQYKSqyX0_tD2M-tNtVX8p5z=
tdd4aOCk4LT_X7_bCk4tds6ZZ0KTihZooRsbGreUENneHhrRuzWx-R8pqDwtL-vBjyH6jgofHIK=
wienwqfvkCoIu7xcZZ0fKz0ml63LhhN6ky04wwhiQvTIHciyRH1Z9vncS_A1DWkxQuVerXUhCI8=
W9Ot260ebZX_l7bfeyn6IIrvzxuczb2_y_hHEJn8O-TgE1Bp4101rDg05QJPCsKbVmEYkGxnb_3=
HpP2TtP5frl1vn9CzHsXSFj9-SOzded25zua3PvQyEzkGsicBoqNVg8uhisGaMKaZUG-ljl-3Xs=
fQiOHoiz6ZXYkOhs8nZVZNxsG85ZyGn3wr8DQAA___i88E4' target=3D'_blank' data-msy=
s-sublink=3D'content-3e9e7e69-08c5-4c31-af50-f7d057815946'>open-weight vers=
us closed</a> AI models.</p></li><li><p style=3D'color:#000;font-family:Geo=
rgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0 0 18=
px 0;clear:both'>James Fontanella-Khan on Zohran Mamdani=E2=80=99s <a href=
=3D'https://email.newsletters.ft.com/c/eJyMkctOJD0MhZ8mtQuKL5XLIgsk1BLr_58H=
cBKHLk13NVOVosXbj0CM2LKzdWzL53xVhr7ctve86n2_6Bi6TS33wqnjpBlCnBk8RzfpVZbLc8t=
Rm3BMs2VxaDl5seWjVZSEgNxj9dM5VwxBxCdP8lEAUIO5QVAIMFfXpiWjQ-8COSDn0D3E8KFSFI=
xMgYNh9_3U_tDHQ71dp0s-j_G6G3o0eDJ4ut_vX5LBU72tQ9dh8FSUgFOvNs2BLTsvNibnbPCYI=
lCPtXZDp_19tTiLLyDe0BMY9F8-DT39xKlBv-vLVdfxudJChOQgWYk02-QQrBCq9WEmachONEyX=
ZR_PLfu5xK41BCzSinPgvUqvfnrdbu2oI--vsv2etrwfatjtssn5LNubvn8GsemfQz8PIdeKMzR=
bK5BlQLLRd2drCbEHdkGo_hvX9p-u7f_l-s0WYBr5OJZm6PFHcMcm6y51LLf1ueVO2MSrswGFLN=
fibepNLZVEIYYYS-Xp2HX7dSwtK_UWeRbbCotl38SmBMUm6jLXlJIyTG8Z_wYAAP__cN_Akg' t=
arget=3D'_blank' data-msys-sublink=3D'content-be3149fc-9574-406a-8900-76298=
13f8ccf'>small-business push</a>.</p></li><li><p style=3D'color:#000;font-f=
amily:Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;paddi=
ng:0 0 18px 0;clear:both'>Trump=E2=80=99s ability to talk down oil prices <=
a href=3D'https://email.newsletters.ft.com/c/eJyMkTtuHDEMhk8jdTIkinoVKgwYC7=
hOcgBKpLyD7M46MxovfPsghgO3Lgk-wO__Ok15uW3vdZX7fpE5ZdNcR8MyQEt1KQd0EbPVcqXl8=
sw1CxPmEgySBYMlkmn_SgEq4ABH7lGfK_cRIEgZiOxti4MgDhihhyEyctFLBQvRJm-dtxbsQ04u=
ifOZIKNPmBTar6f2hzEf-u2qL_U85-uu_KOCk4LT_X7_bCk49ds6ZZ0KTjZ6kc5sHIRhECmZHLs=
1KQ-wkF3iJMqf9vfVQKDYHEXln5yC-Mmp_NN3SBXEXV6uss6PFU7ZFeuKoeyDKRacIQ9iYgqeGN=
CSJH1Z9vnMNYaWh_SUoBE3a12MQqNH_brd-Oiz7q-0_dZb3Q9RaHfa6Hym7U3eP4LY5M8hH4cAe=
4fg2PTuvEEH3uQ4rOkt5ZHQJvL9_7jwD1n553L9cuucnvU4Flb-8Vty50brTn0ut_WZ6_DAFMWa=
BOQN9hZNGSzGt-JTTjm3jvrYZft1LFzFD84YyHBDMhiZTCmumeIHhV5KEXT6rcLfAAAA__9VWMH=
2' target=3D'_blank' data-msys-sublink=3D'content-063eecdd-125f-44a7-86c0-7=
8f202817d7e'>is being tested</a>, writes Michael Haigh.</p></li><li><p styl=
e=3D'color:#000;font-family:Georgia,serif;font-size:18px;line-height:28px;m=
argin:0 0 10px 0;padding:0 0 18px 0;clear:both'>Janan Ganesh says populism =
<a href=3D'https://email.newsletters.ft.com/c/eJyMkc1OJDsMRp8mtQtKbFecLLJAQ=
i2xvncewEkcujTd1UxVihZvPwIxYsvS8o_8nVNl6Mtte8-r3veLjqHb1HIvlDpMmj3HmXyg6Ca9=
ynJ5bjlqE4pptiQOLKUgtnyUCpLAA_VYw3TOQOxKL53JtRQwuFlTc1FnBWLhPi0ZHATH6Dw6B-4=
hsmf1GAUiIRMbct9P7Q99PNTbdbrk8xivu8FHAycDp_v9_tUycKq3deg6DJxc9YkTsg0MYgnF2e=
JjsKn0VLjHWps3eNrfVwuzhOIlGHzyBsJXToNPP0lqIOz6ctV1fK40jj45n6xEnG1y4K0gqA08o=
zQgJ8rTZdnHc8thLrFrZYYirTjnQ1DpNUyv260ddeT9Vbbf05b3Qw25XTY5n2V70_dPEJv-OfTz=
EFCtMPtma_VoyQPaGLqztXD84M-C9d-4tv90bf8v12-33k8jH8fSDD7-SO7YZN2ljuW2PrfcEZo=
EdZZB0FItwabe1GJJyJFjLJWmY9ft17G0rNhbpFlsKySWQhObki82YZe5ppSU_PSW4W8AAAD__z=
BfwQQ' target=3D'_blank' data-msys-sublink=3D'content-0c197937-672a-43a0-b1=
86-9bf9b7f8ccd1'>will eat itself</a>. </p></li></ul> </td> </tr> </tbody> <=
/table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> <d=
iv style=3D'max-width:640px;margin-right:auto;margin-left:auto'> <!--[if (g=
te mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" wid=
th=3D"700" align=3D"center"><tbody><tr><td style=3D"padding: 0 0 0 0;"><![e=
ndif]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=
=3D'0' align=3D'center'> <tbody> <tr> <td height=3D'1' style=3D'margin:0;pa=
dding:5px 0 0 0;font-size:0'>=E2=80=8C</td> </tr> <tr> <td height=3D'1' sty=
le=3D'padding:0 0 20px 0;font-size:0'> <div style=3D'border-top-color:#000;=
border-top-style:solid;border-top-width:1px;font-size:0;margin:0 0 2px 0' c=
lass=3D'dark-border-line-redesign' classname=3D'dark-border-line-redesign'>=
=E2=80=8C</div> </td> </tr> <tr> <td> <!--[if (gte mso 9)|(IE)]><table bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"700" align=3D"left" s=
tyle=3D"margin: 0 0 0 0;"><tbody><tr><td style=3D"padding: 0 0 0 0; color: =
#000000; font-family: MetricWeb, Arial, sans-serif; font-size: 24px; font-w=
eight: 500; text-align: left; line-height: 28px;" class=3D"dark-heading" cl=
assName=3D"dark-heading"><![endif]--> <table width=3D'100%' border=3D'0' ce=
llpadding=3D'0' cellspacing=3D'0' align=3D'left' style=3D'margin:10px 0 20p=
x 0'> <tbody> <tr> <td style=3D'padding:0 0 6px 0'> <h3 style=3D'color:#000=
;font-family:MetricWeb,Arial,sans-serif;font-size:24px;font-weight:500;line=
-height:28px;margin:0' class=3D'dark-heading' classname=3D'dark-heading'>Re=
commended newsletters for you</h3> </td> </tr> </tbody> </table> <!--[if (g=
te mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> </tbody>=
 </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> =
<!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0" width=3D"700" align=3D"center" style=3D""><tbody><tr><td><![endif]--=
> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' al=
ign=3D'center' style=3D'margin:0'> <tbody> <tr> <td style=3D'padding:10px 0=
 0 0'> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'=
0' align=3D'left'> <tbody> <tr> <td align=3D'left' valign=3D'top' style=3D'=
margin:0 0 10px 0;padding:0 0 24px 0;width:126px' class=3D'list-image-cell'=
 classname=3D'list-image-cell'> <a href=3D'https://email.newsletters.ft.com=
/c/eJyMkUtuHD0MhE-j3smgKOq10MKAMcCs_z8HoCTK08i80lI78O2DDBzYSy-JKhKs-ipPeb1t=
7_kqv8dZ5pRtabkXSh0XySZER8ZThEUuvJ6PLUdpTDE5TQyoKXnW5e8oyAkNUo_VL6dsenTVVTI=
FigEq3sUovXrHLXrgtqwZAT0EC8YCIDzFYIIYGxkj2UBBEXw-NZ76fKq3y3LOpznvQ9lnhQeFB7=
l_KAoPX-wKD2Mvo25rEWW_KMc2lH1xnj2VANR9sgwWoHUuQRT6j5zKvnwnqUI_5PUi1_lYaSGaB=
CZpjtbpBGg0WxTtg7PckIAlLOd1zGPL3pXYpYaAhVsBMN4L9-qX-3Zre5153Hn7uWx57KIIBm98=
OvH2Ju-PIjb5tcvjEFKt6EzTtRqryaDV0XfQtYTYA0FgW__Zpf0n1_b_evlka8wy876vTdnnb8G=
dG18H17nerseWu8XGXkAHZKupFq9Tb6JtSTbEEGOptOxDth_72rLY3iI51q0Qa_KNdUqm6GQ7u5=
pSEjLLW8Y_AQAA__8yPcUO' target=3D'_blank' style=3D'text-decoration:none'> <=
img src=3D'https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files/=
SwampNotes_Revised-e3035d8e-3736-480a-930b-25d21ca4b583.jpeg' alt=3D'FT Swa=
mp Notes' style=3D'border-width:.5px;border-color:#e0e0e0;border-style:soli=
d;display:inline-block;width:110px' width=3D'162' class=3D'list-image' clas=
sname=3D'list-image'> </a> </td> <td style=3D'margin:0 0 10px 0;padding:0 0=
 18px 0' valign=3D'top'> <table width=3D'100%' border=3D'0' cellpadding=3D'=
0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td style=3D'margin:0;pad=
ding:0 0 6px 0;color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:=
20px;font-weight:500;text-align:left;line-height:24px' class=3D'list-title-=
cell dark-newsfeed-title' classname=3D'list-title-cell dark-newsfeed-title'=
>FT Swamp Notes</td> </tr> <tr> <td style=3D'color:#000;font-family:Georgia=
,serif;font-size:14px;line-height:18px;margin:0;padding:0 0 6px 0' class=3D=
'list-body-cell dark-newsfeed-summary' classname=3D'list-body-cell dark-new=
sfeed-summary'>Expert insight on the intersection of money and power in US =
politics. </td> </tr> <tr> <td style=3D'line-height:20px;margin:0;padding:0=
 0 6px 0' class=3D'list-title-cell' classname=3D'list-title-cell'> <a href=
=3D'https://email.newsletters.ft.com/c/eJyMkUtuHD0MhE-j3smgKOq10MKAMcCs_z8H=
oCTK08i80lI78O2DDBzYSy-JKhKs-ipPeb1t7_kqv8dZ5pRtabkXSh0XySZER8ZThEUuvJ6PLUd=
pTDE5TQyoKXnW5e8oyAkNUo_VL6dsenTVVTIFigEq3sUovXrHLXrgtqwZAT0EC8YCIDzFYIIYGx=
kj2UBBEXw-NZ76fKq3y3LOpznvQ9lnhQeFB7l_KAoPX-wKD2Mvo25rEWW_KMc2lH1xnj2VANR9s=
gwWoHUuQRT6j5zKvnwnqUI_5PUi1_lYaSGaBCZpjtbpBGg0WxTtg7PckIAlLOd1zGPL3pXYpYaA=
hVsBMN4L9-qX-3Zre5153Hn7uWx57KIIBm98OvH2Ju-PIjb5tcvjEFKt6EzTtRqryaDV0XfQtYT=
YA0FgW__Zpf0n1_b_evlka8wy876vTdnnb8GdG18H17nerseWu8XGXkAHZKupFq9Tb6JtSTbEEG=
OptOxDth_72rLY3iI51q0Qa_KNdUqm6GQ7u5pSEjLLW8Y_AQAA__8yPcUO' style=3D'color:=
#000;font-family:MetricWeb,Arial,sans-serif;font-size:16px;font-weight:500;=
text-align:left;line-height:18px;text-decoration:underline' data-msys-subli=
nk=3D'content-undefined' target=3D'_blank' class=3D'dark-newsfeed-title' cl=
assname=3D'dark-newsfeed-title'>Sign up here</a> </td> </tr> </tbody> </tab=
le> </td> </tr><tr> <td align=3D'left' valign=3D'top' style=3D'margin:0 0 1=
0px 0;padding:0 0 24px 0;width:126px' class=3D'list-image-cell' classname=
=3D'list-image-cell'> <a href=3D'https://email.newsletters.ft.com/c/eJyMkUt=
uHD0MhE-j3smQSOq10MKAMcCs_z8HoCTK08i80lI78O2DDBzYSy-JKhKs-ipPeb1t7_kqv8dZ5p=
RtabkXSh0WyTZER9ZTNItceD0fW47SmGJymtiApuRZl7-jACewQD1Wv5xyt6Z5Sc05RI5gxdWeq=
nSHrhN0t6wZDHgT0Fg0BsxTDDaIxcgQCQMFRebzqfHU51O9XZZzPs15HwqfFRwUHOT-oSg4fLEr=
OIy9jLqtRRR-UY5tKHzxkWx0hVxIQsm6XoN31TUF_iOnwpfvJFXgh7xe5DofKy1Em4xNmiM6nQx=
YzQiifXDIDciwhOW8jnls2bsSu9QQoHArxljvhXv1y327tb3OPO68_Vy2PHZRZAZvfDrx9ibvjy=
I2-bXL4xBQreBs07Va1GQBdfTd6FpC7IFMYKz_7NL-k2v7f718srV2mXnf16bw-Vtw58bXwXWut=
-ux5Y7Q2IvRARg11eJ16k00loQhhhhLpWUfsv3Y15YFe4vkWLdCrMk31inZohN2djWlJGSXtwx_=
AgAA__-ut8Sy' target=3D'_blank' style=3D'text-decoration:none'> <img src=3D=
'https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files/FTNewslett=
erHeroImage_Landscape_USTopStories-27973f7d-02ff-4f66-9383-657d21cace93.jpe=
g' alt=3D'US Top Stories' style=3D'border-width:.5px;border-color:#e0e0e0;b=
order-style:solid;display:inline-block;width:110px' width=3D'162' class=3D'=
list-image' classname=3D'list-image'> </a> </td> <td style=3D'margin:0 0 10=
px 0;padding:0 0 18px 0' valign=3D'top'> <table width=3D'100%' border=3D'0'=
 cellpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td style=
=3D'margin:0;padding:0 0 6px 0;color:#000;font-family:MetricWeb,Arial,sans-=
serif;font-size:20px;font-weight:500;text-align:left;line-height:24px' clas=
s=3D'list-title-cell dark-newsfeed-title' classname=3D'list-title-cell dark=
-newsfeed-title'>US Top Stories</td> </tr> <tr> <td style=3D'color:#000;fon=
t-family:Georgia,serif;font-size:14px;line-height:18px;margin:0;padding:0 0=
 6px 0' class=3D'list-body-cell dark-newsfeed-summary' classname=3D'list-bo=
dy-cell dark-newsfeed-summary'>The latest US news and opinion, from markets=
 to geopolitics. </td> </tr> <tr> <td style=3D'line-height:20px;margin:0;pa=
dding:0 0 6px 0' class=3D'list-title-cell' classname=3D'list-title-cell'> <=
a href=3D'https://email.newsletters.ft.com/c/eJyMkUtuHD0MhE-j3smQSOq10MKAMc=
Cs_z8HoCTK08i80lI78O2DDBzYSy-JKhKs-ipPeb1t7_kqv8dZ5pRtabkXSh0WyTZER9ZTNItce=
D0fW47SmGJymtiApuRZl7-jACewQD1Wv5xyt6Z5Sc05RI5gxdWeqnSHrhN0t6wZDHgT0Fg0BsxT=
DDaIxcgQCQMFRebzqfHU51O9XZZzPs15HwqfFRwUHOT-oSg4fLErOIy9jLqtRRR-UY5tKHzxkWx=
0hVxIQsm6XoN31TUF_iOnwpfvJFXgh7xe5DofKy1Em4xNmiM6nQxYzQiifXDIDciwhOW8jnls2b=
sSu9QQoHArxljvhXv1y327tb3OPO68_Vy2PHZRZAZvfDrx9ibvjyI2-bXL4xBQreBs07Va1GQBd=
fTd6FpC7IFMYKz_7NL-k2v7f718srV2mXnf16bw-Vtw58bXwXWut-ux5Y7Q2IvRARg11eJ16k00=
loQhhhhLpWUfsv3Y15YFe4vkWLdCrMk31inZohN2djWlJGSXtwx_AgAA__-ut8Sy' style=3D'=
color:#000;font-family:MetricWeb,Arial,sans-serif;font-size:16px;font-weigh=
t:500;text-align:left;line-height:18px;text-decoration:underline' data-msys=
-sublink=3D'content-undefined' target=3D'_blank' class=3D'dark-newsfeed-tit=
le' classname=3D'dark-newsfeed-title'>Sign up here</a> </td> </tr> </tbody>=
 </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> <!--[=
if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </div> <!--[if =
(gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" a=
lign=3D"center" width=3D"700"><tbody><tr><td style=3D"text-align: center; p=
adding-top: 30px; padding-bottom: 30px;"><![endif]--> <table align=3D'cente=
r' width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' style=3D=
'width:100%;max-width:640px;margin:8px auto 30px auto;padding-bottom:8px'> =
<tbody> <tr> <td style=3D'background-color:#f9f6f2'> <!--[if (gte mso 9)|(I=
E)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" width=3D"700"><tbody><tr><td style=3D"padding: 2px 10px 0 10px;" class=3D=
"dark-survey-satisfaction survey-spacing" className=3D"dark-survey-satisfac=
tion survey-spacing"><![endif]--> <table align=3D'center' border=3D'0' widt=
h=3D'100%' cellpadding=3D'0' cellspacing=3D'0' style=3D'width:100%!importan=
t;min-width:100%!important'> <tbody> <tr> <td align=3D'left' style=3D'paddi=
ng:16px 10px 0 10px' class=3D'dark-survey-satisfaction survey-spacing' clas=
sname=3D'dark-survey-satisfaction survey-spacing'> <table width=3D'100%' bo=
rder=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr>=
 <td> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" align=3D"left"><tbody><tr><td style=3D"padding-top: 0; color: =
#000000; font-family: MetricWeb, Arial, sans-serif; font-size: 24px; font-w=
eight: 500; text-align: left; line-height: 28px;" class=3D"dark-heading" cl=
assName=3D"dark-heading"><![endif]--> <table width=3D'100%' border=3D'0' ce=
llpadding=3D'0' cellspacing=3D'0' align=3D'left'> <tbody> <tr> <td style=3D=
'padding-bottom:18px'> <h3 style=3D'color:#000;font-family:MetricWeb,Arial,=
sans-serif;font-size:24px;font-weight:500;text-align:left;line-height:28px;=
margin:0' class=3D'dark-heading' classname=3D'dark-heading'>How satisfied a=
re you with White House Watch?</h3> </td> </tr> </tbody> </table> <!--[if (=
gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> <tr> <t=
d> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" align=3D"left" style=3D"Margin: 0 0 0 0;"><tbody><tr><td><![endif=
]--> <table width=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0'=
 align=3D'left' style=3D'Margin:0 0 10px 0;padding:0 0 10px 0'> <tbody> <tr=
> <td width=3D'57' height=3D'4' style=3D'font-size:0;margin:0;padding:0 0 1=
2px 0'> <div style=3D'border-top-color:#fcd0b1;border-top-style:solid;borde=
r-top-width:4px;font-size:0' class=3D'dark-thick-line-redesign' classname=
=3D'dark-thick-line-redesign'>=E2=80=8C</div> </td> <td height=3D'4' style=
=3D'font-size:0;margin:0;padding:0'>=E2=80=8C</td> </tr> </tbody> </table> =
<!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr=
> </tbody> </table> </td> </tr> <tr> <td style=3D'padding:0 10px 18px 10px;=
margin:0' class=3D'dark-survey-satisfaction survey-spacing' classname=3D'da=
rk-survey-satisfaction survey-spacing'> <p style=3D'color:#000;font-family:=
Georgia,serif;font-size:18px;line-height:28px;margin:0 0 10px 0;padding:0'>=
 Are you enjoying this newsletter? Please let us know how we can improve. C=
omplete our short survey and you could win =C2=A350 of book vouchers.* </p>=
 </td> </tr> <tr> <td align=3D'center' class=3D'dark-survey-satisfaction' c=
lassname=3D'dark-survey-satisfaction'> <!--[if (gte mso 9)|(IE)]><table bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" width=3D"520=
" style=3D"margin: 0 0 0 0;"><tbody><tr><td style=3D"padding: 0 0 0 0;"><![=
endif]--> <table border=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'=
center' style=3D'width:100%;min-width:100%;margin:0 0 10px 0' class=3D'surv=
ey-buttons' classname=3D'survey-buttons'> <tbody> <tr> <td style=3D'padding=
:0 4px 22px 4px' class=3D'survey-buttons' classname=3D'survey-buttons'> <ta=
ble border=3D'0' cellpadding=3D'0' cellspacing=3D'0' align=3D'center' valig=
n=3D'middle' style=3D'width:100%;min-width:100%'> <tbody> <tr> <td align=3D=
'center' valign=3D'top'> <a href=3D'https://email.newsletters.ft.com/c/eJyM=
kr9uGz0QxJ-G11Egl_8LFhYM-RM-wI2cuAyW5NK6-KRzjjwrfvtAhhO3rgguZn9YzEzGTk_z8hb=
PdGkT9U7LUGJNOlQYKErnjZZWezHQCcdpX6KngtoHwzUK4DpY5On6JcAAEnT12Q7HaLR2vgqTbA=
rZmWq8wAJQZUCpncrDGEGAFU4JqYQAsfFOOpLKI3itnHZMi8-j2qb2TZ5PwxSPvb80pm4Y7BjsL=
pfLphKVhPn5Q8NglxnskMHOpLvzb_Eofj4d5OF_OH43odwdmNrd_yP_eBj7REzdPh7HTgy2_81r=
u76P2PORgV0bLfvC1C2pWrw2yEvSyLUtyEOQiQdV0eQQAmnJwLY8L1eeZLDlDLb3c2ewbdjHVkc=
qDLZ4HeA0MbAfrjJ1-xVfr3R6OtG5v68U52UQMnD0yvAgQHJUQNw6o7CAFkhumMbW9yVak3yl7B=
wkLEkIaS1hzXZ4Weay5h7bCy7PwxLbSkyLhgsej7i80tu77Qv9WukdBDpnMLLwnKXiWoLi3lbBc=
3K-Oi0cqvxXTuVA5_Iwnj6bJOXQ47qOhambL1WpL3humPs4n_clVgUFLQnuABXXOVkeaiGuUlDO=
O-9T1sM1sW_rWOJXEhteI_wJAAD__0565PU' style=3D'text-decoration:none;display:=
block' target=3D'_blank'> <img src=3D'https://images.ft.com/v3/image/raw/ht=
tps%3A%2F%2Fip-ep-ftcom-manual.s3.amazonaws.com%2Fa3bacf07-5613-46b4-9e94-e=
36f012c6e42?source=3Dspark-api' style=3D'border:0 none;display:block' heigh=
t=3D'55' width=3D'55' alt=3D'Very Dissatisfied'> </a> </td> <td align=3D'ce=
nter' valign=3D'top' style=3D''> <a href=3D'https://email.newsletters.ft.co=
m/c/eJyMkk1vHC0QhH8N3FhBw_Bx4OBX1vpdRcplnfgYNXTjmXg_nBnGG__7aC0nvvqEkKpKrae=
qYufH8_yaT3xZDtw7z5JyKy41kJxNiIMz3kUt-YjTYUc5MqGLaVAONSiXPKpy_TJgAgOuxerlmJ=
tzmjlhqAWSL2CIdIpIqCmVyCinDBq8DlYbqzXoTQwmsLERITobXBBOfxy1bFrf1PNRHvLY-_Mi7=
I2ArYDt5XLZNGYqWJ_eNQK2VcAWBWyHcnf6rR_0z8e92X-B8fuQ6G4v7Pbrv-Qf91M_sLC3D-PU=
WcB__5_X5fo-YK-jAL8uPO9I2Fu2jaIbUFFxqJwnVCmZopJtONSUEjsjwC_1PF_zQIB_hybs7We=
wXc38eORTf7NQiCZpkxRGO6ikwSi0wMqHwSKB08hBHqal7yj7ocTGNQQoSEVr4z1jq14-z2daa8=
_LM85Pcs7LysLpBWccR5xf-PWN6sy_Vn4LAlcrDIZUrcYqZ8Cq6JtWtYTYgtMBbf0rZ9rzie6n4=
8dQjJE9r-tEwt58ail9xtOCtU_n045ys0DoWasAaJWrxavUiJUtyYYYYizVyWsh39aJ8mcKkS8Z=
_gQAAP__hHDb6Q' style=3D'text-decoration:none;display:block' target=3D'_bla=
nk'> <img src=3D'https://images.ft.com/v3/image/raw/https%3A%2F%2Fip-ep-ftc=
om-manual.s3.eu-west-1.amazonaws.com%2F57c23560-73cf-42a5-9678-0f95a0658bfd=
?source=3Dspark-api' style=3D'border:0 none;display:block' height=3D'55' wi=
dth=3D'55' alt=3D'Dissatisfied'> </a> </td> <td align=3D'center' valign=3D'=
top' style=3D''> <a href=3D'https://email.newsletters.ft.com/c/eJyMkk1PHD0Q=
hH-N5-aV3e3Pgw-8Qsu7ipTLknCM2nabmbAfZMbDhn8fLSLhysmyVFVqPVWFOj-e59d04sty4N5=
5Hmpq2cQGAyftgzXamaAGPtJ02NUUuJIJ0UpDCqSJjmS-fhkoggbTQnHDmJR1oLPFjL41LArROt=
1Mda4Fx74MUwIFTnlUGpUCtQlee9YYCIJBb7ww6uOoZdP6ppyPwyGNvT8vAm8EbAVsL5fLpjHXT=
OXpXSNgWwRsScDW5rvTb_Wgfj7u9f4LjN9trHd7gduv_5J_3E_9wAJvH8aps4D__j-vy_V9oF5G=
AW5deN5VgbeMrQZjSdZsSBpXScaos4zYyJYYIxstwC3lPF_zUIB7hybw9jPYrmZ-PPKpv1mqDzo=
qHSUFtDIq0JIQWDpvkSoYReyHw7T0XU3O5tC4eA-ZalZKO8fUihue53NdS0_LM81Pw5yWlYVRC8=
00jjS_8Osb1Zl_rfwWBKYUsLrKUjRKowFlcE3Jkn1o3ihPWP7Kue75VO-n48dQtB56WtepCrz51=
FL6TKeFSp_Op11NDaGSYyU9EEpTspOxVZaYI_rgQ8jFDNdCvq1TTZ8pZHhJ8CcAAP__xAfazw' =
style=3D'text-decoration:none;display:block' target=3D'_blank'> <img src=3D=
'https://images.ft.com/v3/image/raw/https%3A%2F%2Fip-ep-ftcom-manual.s3.eu-=
west-1.amazonaws.com%2Fe57c04b0-a883-4244-ad4d-ecd8c5eb97a4?source=3Dspark-=
api' style=3D'border:0 none;display:block' height=3D'55' width=3D'55' alt=
=3D'Neither'> </a> </td> <td align=3D'center' valign=3D'top' style=3D''> <a=
 href=3D'https://email.newsletters.ft.com/c/eJyMkk1vHC0QhH8N3FhBN8PHgYNfWet=
3FSmXdeJj1EDjmXg_nBnGG__7aC0nvvqEkKpKraeqUOfH8_yaTnxZDtw7z7Kmlm1sIDkZHwZrnA=
1a8pGmw66mwJVsiIOypEHZ6Ejl65eBIhiwLRQnx9TQe7KaiX314NgA2IGigeocMoKcEmhw2qM2q=
DXoTfDGs8FAECx664XVH0ctm9Y35XyUhzT2_rwIvBGwFbC9XC6bxlwzlad3jYBtEbAlAdsh351-=
6wf983Fv9l9g_D7EercXuP36L_nH_dQPLPD2YZw6C_jv__O6XN8H6mUU4NaF510VeMvYarADqZo=
tKesqqRhNVhEbDSXGyNYIcEs5z9c8K8C9QxN4-xlsVzM_HvnU3yzVBxO1iYoCDipqMIoQWDk_IF=
WwmtjLw7T0XU1uyKFx8R4y1ay1cY6pFSef53NdS0_LM81Pck7LysLqhWYaR5pf-PWN6sy_Vn4LA=
lsKDKaqUgwqawBVcE2rkn1o3mpPWP7Kue75VO-n48dQjJE9retUBd58ail9ptNCpU_n066mhlDJ=
sVYeCJUt2anYKivMEX3wIeRi5bWQb-tU02cKkS8J_gQAAP__vwzayQ' style=3D'text-decor=
ation:none;display:block' target=3D'_blank'> <img src=3D'https://images.ft.=
com/v3/image/raw/https%3A%2F%2Fip-ep-ftcom-manual.s3.eu-west-1.amazonaws.co=
m%2F5f440737-976d-490e-8d5f-c9e90880535a?source=3Dspark-api' style=3D'borde=
r:0 none;display:block' height=3D'55' width=3D'55' alt=3D'Satisfied'> </a> =
</td> <td align=3D'center' valign=3D'top'> <a href=3D'https://email.newslet=
ters.ft.com/c/eJyMkr1uGzEQhJ-G11Egl_8FCwuOHCFAGjlxGSzJpe9i_ThHnmW_fSDDiVtVi=
wVmPyxmJmOnx9P8Fo90bnvqneahxJp0qDBQlM4bLa32YqADTvttiZ4Kah8M1yiA62CRp8tKgAEk=
6OqzHcZIDgXIIIQj1CZLWxBt0VYmIwyFNEwRBFjhlJBKCBAr76QjqTyC18ppx7T4fKqtal_l02H=
Yx7H358bUDYMNg835fF5VopIwP31oGGwygw0y2Jh0d3wVD-L3407uvsH404Ryt2Nq8_0_-df91P=
fE1O3DOHVisP56WtplPmDPIwO7NJq3halbUrV4bZCXpJFrW5CHIBMPqqLJIQTSkoFt-TRfeIbBm=
jNYf3ntMx1o_8Zg3bBPrU5UGNgPQ5m6vcbSC5geD3Ts7yfFeRmEDBy9MjwIkBwVELfOKCygBZIb=
9lPr2xKtSb5Sdg4SliSEtJawZjs8z6ey5B7bM85PwxzbQkyLhjOOI84v9Pbu-Ex_FnoHgc4ZjCw=
8Z6m4lqC4t1XwnJyvTguHKv-TU9nRsdxPh88SSTn0uCxTYermqhb1GY8Nc59Ox22JVUFBS4I7QM=
V1TpaHWoirFJTzzvuU9XAJ68cylXhNWMNLhL8BAAD__9Pm5I8' style=3D'text-decoration=
:none;display:block' target=3D'_blank'> <img src=3D'https://images.ft.com/v=
3/image/raw/https%3A%2F%2Fip-ep-ftcom-manual.s3.eu-west-1.amazonaws.com%2Ff=
b761cf5-a108-4ecb-84f7-a69391a4c54e?source=3Dspark-api' style=3D'border:0 n=
one;display:block' height=3D'55' width=3D'55' alt=3D'Very satisfied'> </a> =
</td> </tr> <tr> <td valign=3D'top' style=3D'font-size:10px;font-family:Ari=
al,sans-serif;text-align:center;color:#000;padding:0;margin:0' class=3D'dar=
k-survey-satisfaction' classname=3D'dark-survey-satisfaction'>Very<br/>diss=
atisfied</td> <td valign=3D'top'>=C2=A0</td> <td valign=3D'top'>=C2=A0</td>=
 <td valign=3D'top'>=C2=A0</td> <td valign=3D'top' style=3D'font-size:10px;=
font-family:Arial,sans-serif;text-align:center;color:#000;padding:0;margin:=
0' class=3D'dark-survey-satisfaction' classname=3D'dark-survey-satisfaction=
'>Very<br/>satisfied</td> </tr> </tbody> </table> </td> </tr> </tbody> </ta=
ble> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td>=
 </tr> <tr> <td style=3D'padding:0 10px 0 10px;margin:0' class=3D'dark-surv=
ey-satisfaction survey-spacing' classname=3D'dark-survey-satisfaction surve=
y-spacing'> <!--[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0"=
 cellpadding=3D"0" align=3D"left"><tbody><tr><td style=3D"color: #000000; f=
ont-family: Georgia, serif; font-size: 18px; line-height: 28px; margin: 0 0=
 0 0; padding: 0 0 4px 0;"><![endif]--> <p style=3D'color:#000;font-size:16=
px;line-height:22px;font-family:Georgia,serif;margin:0 0 10px 0;padding:0 0=
 8px 0'> Your personal data will only be used for improving our newsletter =
programme and for the facilitation of the prize draw. For more information =
on your rights and how we use your data, please read our <a href=3D'https:/=
/email.newsletters.ft.com/c/eJyMkcuq2zAQQL_G2imMZmQ9FlpcKIGs237ASBolpk7i2nJ=
K_r40pNzt3c2bOZzCXc739Zlu8mebpXdZVU0t29hQSTI-jNY4G0DJlaf5VFOQyjbEUVsG1DY61v=
lfKsgRDdoWilOXJA0LQ2kMEGWMLnN2UPJIyDFXQ2pKCOjAExgCQDgEb7wYCozBkrd-sPD51HZo_=
VDuVzWnS-_LNtDHgMcBjxeZl3dvwOMsZ571sk4PLs8Bj-9IL_d5ehUGOr5BBvr2FZQB3Sbnq9z6=
a6X6YCKYqDnQqCOg0Uwo2vmRuKIFFq_maeunmtyYQ5PiPWauGcA4J9yKU8t6r3vpaVt4_aXWtO0=
yWNh45cuF14c8X6Sr_N7ldQhtKTiaqksxpK1B0sE10CX70LwFz1T-j0v9Lrf6Y7p-yjNG9bTvUx=
3o40v2-sq3jUuf7rdTTY2wshPQHpm0Ldnp2KpoypF88CHkYtW-yfpzn2oSajXYkXXNlrV1lXWMJ=
utIjccSYxRr1CPh3wAAAP__rMu8Sg' style=3D'text-decoration:underline;color:#00=
0' target=3D'_blank'>Privacy Policy</a>. <br/>* <a href=3D'https://email.ne=
wsletters.ft.com/c/eJyMkc1u2zAMgJ9GuimQSFk_Bx26Di467DIseQBKohqjiZPZcoO-_bCg=
Q689EvhI8MNXqPPLZXlPM9_WE_fOi6ypZRsbSE7Gh8EaZ4OWfKbp9FxT4Eo2xEFZ0qBsdKTyv5G=
BIhiwLRQnj8lpQMDQfMFCzZrBexvaUELQRiNUOSXQ4LRHbVBr0LvgjWeDgSBY9NYLqz-fWnet78=
rlLE_p2Pt1FfggYBQw3m63XWOumcrrByNgLAJGEjAOGa5zefpx2D88wbf18eev_eHxJnD8sBH4_=
Ss-AtzKL2ee-32l-mCiNlFRwEFFDUYRAivnB6QKVhN7eZrW_lyTG3JoXLyHTDVrbZxjasXJ63Kp=
W-lpvdLyKpe0biysXmmh45GWN36_6y78Z-P7IbClwGCqKsWgsgZQBde0KtmH5q32hOU_zvU3z3U=
_nT8LGiN72rapCnz4UsK-0LxS6dNlfq6pIVRyrJUHQmVLdiq2ygpzRB98CLlYua28HLapJsZWgx=
1I1WxJWVdJxWiyithoKDFGtka-JfgbAAD__82Nur4' style=3D'text-decoration:underli=
ne;color:#000' target=3D'_blank'>Terms and Conditions</a> apply. </p> <!--[=
if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif]--> </td> </tr> </t=
body> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tbody></table><![endif=
]--> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr></tb=
ody></table><![endif]--> </div> </td> </tr> </table> <!--[if (gte mso 9)|(I=
E)]></td></tr></table><![endif]--> </td> </tr> </table> <div> <table width=
=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' class=3D'dark-si=
des-background' classname=3D'dark-sides-background'> <tr> <td> <table width=
=3D'100%' border=3D'0' cellpadding=3D'0' cellspacing=3D'0' style=3D'min-wid=
th:100%'> <tr> <td align=3D'center' valign=3D'top' style=3D'padding:0'> <!-=
-[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0" width=3D"700" align=3D"center"><tr><td><![endif]--> <table width=3D'100=
%' border=3D'0' cellspacing=3D'0' cellpadding=3D'0' style=3D'max-width:640p=
x' role=3D'presentation' class=3D'outlook-explorer-width' classname=3D'outl=
ook-explorer-width'> <tr> <td height=3D'1' style=3D'padding:0 0 10px 0;font=
-size:0'> <div style=3D'border-top-color:#000;border-top-style:solid;border=
-top-width:1px;font-size:0;margin:0 0 2px 0' class=3D'dark-border-line-rede=
sign' classname=3D'dark-border-line-redesign'>=E2=80=8C</div> </td> </tr> <=
tr> <td style=3D'padding:8px 0 18px 0;font-size:12px;line-height:18px;font-=
family:Georgia,serif;color:#000' class=3D'link-fix' classname=3D'link-fix'>=
 <span class=3D'text-serif' classname=3D'text-serif'> <a href=3D'https://em=
ail.newsletters.ft.com/c/eJyMkb9OJD0QxJ_Gzryy2x7_CRzwCa3Y4LvkQEiXoLbdZkfMzi=
xjDyvu6U-suCMlarVUXeqqX8ZOz8v6Hme6tIl6p5WXWJMJFThF5fxglDVecjrhOB1K9FTQ-DAIg=
xKECRZF-lgJMIACU322_BglJVcoQcXkjc8UtFeJENxgSiHr-RhBgpVOS6WlBLnzTjlS2iN4o51x=
zMivp9qu9l1eTnyKx97PjekbBnsG-8vlsqtEJWF--dQw2GcGe2Swtwvah8M6_b4L4fX86_92Vnp=
xTO8f5ralpx___J_uxz4R07ePx7ETg__ulq19zEfs-cjAfsZn-vY7BTCwjZ5PNPfrSXFeBamCQK=
8HESQogRpIWDdoLGAkkuPT2PqhRDskXyk7BwlLklJZS1iz5ed1KVvusZ1xfeFrbBsxIxuueDzi-=
kbv135Wet3oagQmZxhUETkrLYwCLbytUuTkfHVGOtT5r5zKT5rL_Xj6Qq4U73HbxsL0zbeY9xXn=
hrmPy3wosWooaEkKB6iFycmKUAsJnYJ23nmfsuFbo_VhG0skXYs3A4qSDApjC4oQVBJBVxxyCIG=
M4m8R_gQAAP__-RDOAw' data-msys-unsubscribe=3D'1' style=3D'text-decoration:n=
one;color:#000;font-family:Georgia,serif' target=3D'_blank'>Unsubscribe</a>=
=C2=A0=E2=80=8C=C2=A0=E2=80=8C <a href=3D'https://help.ft.com/legal/ft-com-=
terms-and-conditions/?emailId=3D8eda4895-4a02-496a-b895-e2a92124f8c6&segmen=
tId=3Dd7819019-a835-9021-a32e-6753ad240ae7' style=3D'text-decoration:none;c=
olor:#000;font-family:Georgia,serif;white-space:nowrap' target=3D'_blank' d=
isable-tracking=3D'true'>Terms & Conditions</a>=C2=A0=E2=80=8C=C2=A0=E2=80=
=8C <a href=3D'https://help.ft.com/legal/financial-times-privacy-policy/?em=
ailId=3D8eda4895-4a02-496a-b895-e2a92124f8c6&segmentId=3Dd7819019-a835-9021=
-a32e-6753ad240ae7' style=3D'text-decoration:none;color:#000;font-family:Ge=
orgia,serif;white-space:nowrap' target=3D'_blank' disable-tracking=3D'true'=
>Privacy Policy</a>=C2=A0=E2=80=8C=C2=A0=E2=80=8C <a href=3D'https://help.f=
t.com/help/legal-privacy/cookies/?emailId=3D8eda4895-4a02-496a-b895-e2a9212=
4f8c6&segmentId=3Dd7819019-a835-9021-a32e-6753ad240ae7' style=3D'text-decor=
ation:none;color:#000;font-family:Georgia,serif;white-space:nowrap' target=
=3D'_blank' disable-tracking=3D'true'>Cookie Policy</a>=C2=A0=E2=80=8C=C2=
=A0=E2=80=8C <a href=3D'https://help.ft.com/faq/topic/newsletters?emailId=
=3D8eda4895-4a02-496a-b895-e2a92124f8c6&segmentId=3Dd7819019-a835-9021-a32e=
-6753ad240ae7' style=3D'text-decoration:none;color:#000;font-family:Georgia=
,serif;white-space:nowrap' target=3D'_blank' disable-tracking=3D'true'>News=
letter Help</a> </span> </td> </tr> <tr> <td height=3D'1' style=3D'padding:=
0;font-size:0'> <div style=3D'border-top-color:#000;border-top-style:solid;=
border-top-width:1px;font-size:0;margin:0 0 2px 0' class=3D'dark-border-lin=
e-redesign' classname=3D'dark-border-line-redesign'>=E2=80=8C</div> </td> <=
/tr> </table> <!--[if (gte mso 9)|(IE)]></td></tr></table><![endif]--> <!--=
[if (gte mso 9)|(IE)]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" width=3D"700" align=3D"center" style=3D"margin-top: 0;"><tr><td><![endif=
]--> <table width=3D'100%' border=3D'0' cellspacing=3D'0' cellpadding=3D'0'=
 style=3D'max-width:640px;margin:10px 0 0 0' role=3D'presentation' class=3D=
'outlook-explorer-width' classname=3D'outlook-explorer-width'> <tr> <td cla=
ss=3D'footer-link' classname=3D'footer-link' style=3D'font-size:12px;line-h=
eight:18px;padding:8px 0 20px 0;font-weight:400;font-family:Georgia,serif;c=
olor:#000'> <div class=3D'text-serif' classname=3D'text-serif'> <p style=3D=
'margin:0 0 10px 0;padding:0;font-size:12px;line-height:18px;font-weight:40=
0;font-family:Georgia,serif;color:#000'> =C2=A9 THE FINANCIAL TIMES LTD 202=
6. <span style=3D'white-space:nowrap'>All rights reserved.</span> </p> <p s=
tyle=3D'margin:0;padding:0;font-size:12px;line-height:18px;font-weight:400;=
font-family:Georgia,serif;color:#000'> You have received this email because=
 you have signed up from the Emails & Alerts page or by using a one-click s=
ign-up link from either an FT email or via <a href=3D'https://www.ft.com/?e=
mailId=3D8eda4895-4a02-496a-b895-e2a92124f8c6&segmentId=3Dd7819019-a835-902=
1-a32e-6753ad240ae7' style=3D'text-decoration:underline;color:#000;font-siz=
e:12px;line-height:18px;font-weight:400;font-family:Georgia,serif' target=
=3D'_blank' disable-tracking=3D'true'>FT.com</a>. This email was sent by a =
company owned by Financial Times Group Limited (FT Group), registered offic=
e at <span class=3D'appleLink' classname=3D'appleLink'>Bracken House, 1 Fri=
day Street, London EC4M 9BT</span>. Registered in England and Wales with co=
mpany number 879531. </p> </div> </td> </tr> </table> <!--[if (gte mso 9)|(=
IE)]></td></tr></table><![endif]--> </td> </tr> </table> </td> </tr> </tabl=
e> </div> </td> </tr> </tbody> </table> <!--[if (gte mso 9)|(IE)]></td></tr=
></table><![endif]--> </body> </html>=20