Figuring out the Fed in the ‘say less’ era

Plus, small-cap vulnerabilities

FTAV’s further reading

European activists; US demographics; British plumbing; Apple icons; slop game guides; LinkedIn; black cars; and picky bits

Scottish Power calls on regulator to securitise bad UK energy debts

Household energy debts hit £4.8bn in the UK, adding more than £50 a year to the average bill

FT Alphaville’s AI Prediction World Cup: Post-group update: Predictions are predictably hard

Many stats; no learnings

EU and China buy time to avoid trade fight as Brussels demands deficit cuts

Also in this newsletter: Far-right petition pushes Meloni over mass deportation plan

EU must choose which sectors to protect or face exodus, warns Covestro chief

Comments come as Abu Dhabi-owned German group announces investments of up to €4bn in China and the UAE

FirstFT: How Elliott spawned a new army of activists

Also in today’s newsletter: corporate AI users’ staff hires and Maersk raises profit guidance

Analysts’ Views: hawkish Warsh fails to spur Fed rate rise predictions

Our June survey sees the Fed and Bank of England on hold with the ECB and Bank of Japan primed to raise again this year

Paul Singer’s activist hedge fund factory

Elliott Management alums have founded at least seven hedge funds since 2020

US Supreme Court blocks firing of Fed governor

Sonja Hutson talks to Ella Lee, Emily Herbert and Leo Lewis

Labour can reform welfare without ‘high noon’ showdown, says McFadden

Britain’s work and pensions secretary hopes a jobs-first drive to cut the benefits bill can avoid another backbench rebellion

Putin ties himself to ruling party as war fatigue bites

United Russia is campaigning with the president for the first time in nearly 20 years

France’s diverse football factory and the struggle for national unity

The French football federation hopes a World Cup win could soothe a divided nation

Car finance lenders say UK compensation scheme violates their human rights

Customer payouts on hold as groups including Volkswagen Financial Services and Crédit Agricole launch legal challenge

Elle — Legally Blonde prequel is sickly sweet and stifled by nostalgia

Executive produced by Reese Witherspoon, the show suffers from references to wittier, sharper teen movie classics

Is AI an exoskeleton for the mind?

Technology that helps people do things they couldn’t otherwise achieve can also lead to atrophy

What would multilateral ‘AI arms control’ look like?

Given the competition, it’s debatable whether a US-China safety deal is even possible

Magnificent Seven stocks shed $2.3tn in Wall Street tech rotation

Investors switch to soaring chipmakers benefiting from hyperscalers’ vast AI spending

Heavy corporate AI spenders add staff faster than peers

Study of 22,000 US companies challenges fears that generative AI will trigger broad job losses

Wildfarmed is turning regenerative agriculture into a brand

The grain business founded by Andy Cato of Groove Armada is going mainstream

Elliott’s acolytes: how Paul Singer’s hedge fund became a spinout factory

The vaunted investor has spawned a small army of new firms mirroring Julian Robertson’s ‘Tiger cubs’

The siren call of the nautical jewel

Take your accessories into the deep

The great wealth transfer rattling Wall Street

Tens of trillions of dollars are moving between generations — and younger heirs feel little loyalty to traditional advisers

An insider’s guide to the world’s best hotel shops

Grand stays around the globe where the retail experience is as beautifully considered as the rooms