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Last Chance To Get These Discounted Switch Gems In Nintendo's eShop 'Indie Sale' (North America)
Every game we scored 9/10+
US rate futures raise rate hike odds in December after jobs data
U.S. interest rate futures on Friday increased the chances that the Federal Reserves will raise interest rates by the December policy meeting after a blockbuster payrolls number for May, which sharply exceeded market expectations.
This Is Belgium’s Last Shot: World Cup Group G Preview
12 years ago, Belgium was anointed the future of the World Cup. Now, in 2026, their golden generation has one final chance.
Seahawks still considered frontrunners to win Super Bowl LXI
The Seahawks were named by Fox Sports as one of three teams that have the best chance to win the Super Bowl next season.
Hunter Biden could mount a successful White House bid given recent Democrat picks: Trump
Trump says Hunter Biden could mount a successful 2028 presidential bid, comparing his chances to controversial Democratic candidates from Maine and Texas.
Bob Jones grad/Vandy AD Candice Storey Lee named Sports Business Journal Athletic Director of the Year
From the halls of Bob Jones High School in Madison, Dr. Candice Storey Lee has become one of the most influential and successful women in college sports. Now, she is one of the most successful people in college athletics. Lee, Vanderbilt’s vice chancellor for Athletics and University Affairs and athletic director, was recently honored as […]
'Priority to keep my place in the team'
Northern Ireland defender Ruairi McConville says the friendlies against Guinea and France are a chance "to impress Michael O'Neill and show him what you can do".
Paris match a chance to grow rugby league
Wigan Warriors' trip to Paris to face Catalans Dragons will be a perfect stage to showcase rugby league to a wider audience, says Oliver Partington.
A Summer Without Sunderland? Not a Chance
For anyone missing their Sunderland fix, we haven’t got too long to wait until we can watch our favourite players in action again…
Marvin Harrison Jr. gives concerning answer regarding Jacoby Brissett situation
GLENDALE – In his first chance to talk to the media this offseason, Arizona Cardinals wide receiver Marvin Harrison Jr. revealed plenty about the relationship, or lack there of, with quarterback Jacoby Brissett.
5 things to watch in Tuesday's primaries in California, Iowa and beyond
Democrats are banking on a rare chance to regain ground in Iowa, a rural state that has repeatedly eluded them in recent years. Republicans, meanwhile, are grappling with a New Jersey congressman whose unexplained absence could put their already slim majority at risk.
Warriors get $15 million LeBron James free agent update
The Golden State Warriors should feel more confident about their chances of landing a Los Angeles Lakers aging star this summer.
UT Martin business grad has sights set on dental school
Austin Dunagan is a fourth-generation UT Martin graduate, a line that includes Chancellor Emeritus Nick Dunagan and current geosciences professor Dr. Stan Dunagan.
Explainer: Everything you need to know about the 'Protect College Sports Act,' including whether bill has chance to pass
Senior dean of the College, dean of Physical Sciences to step down next June
The senior dean of the UCLA College and dean of the Division of Physical Sciences will step down in June 2027, Executive Vice Chancellor and Provost Darnell Hunt announced Tuesday.
New Jersey Democrats pick opponent in district where US Rep. Tom Kean Jr. has been absent
Democrats testing their chances in a right-leaning New Jersey battleground district are picking their nominee in a House primary to take on Republican incumbent Tom Kean Jr., who’s been absent for months from Congress as he deals with an unspecified medical issue
Iowa Democrats hoping to flip a US Senate seat are torn over which of 2 hopefuls has the best shot
Iowa Democrats say they want to vote in Tuesday's U.S. Senate primary for the candidate who gives the party its best chance to flip a Republican-held seat in November.
Kingsport Parks and Rec hosts third annual e-sports training camp for youth
Kingsport children who want to sharpen their gaming skills or try out new titles will have a chance to do it in person this summer through an e-sports training
NFL Network: Russell Wilson accepts offer to join CBS Sports, putting pause on playing career
Free-agent QB Russell Wilson has an accepted an offer to join CBS Sports for its Sunday pregame show despite having a chance to suit up as a backup in 2026, NFL Network Insider Ian Rapoport reported Monday.
Join the Scientific American Summer Reading Challenge
Fill your bingo card with fascinating science stories, discoveries and ideas all summer long for a chance to win prizes
New York Jets Flight Connections 06/01/26
It’s Monday, Jets fans, and your daily links are below. Michael Nania – Jets’ Geno Smith named ‘unluckiest’ QB of 2025 season Michael Nania – Adonai Mitchell reveals the ‘Bad MF’ of the NY Jets Paul Esden Jr. – 6-Foot-7 Jets Pass Catcher Is Getting ‘Real Chance’ to Make Team: Insider Nick Faria – Garrett […]
Women's College World Series: UCLA's offensive juggernaut runs out of juice at crucial juncture
The most dangerous hitting lineup in softball had its chance on Sunday, but it was bested by one of the best pitching groups in the game.
Science reveals the one simple habit that keeps couples together for life
You probably did something small for your partner today. Maybe you made coffee before they woke up, or handled an errand they forgot about. And chances are, it went completely unnoticed. We tend to assume that love is sustained by grand gestures – the vacations, the surprise gifts, the big declarations. But what if the...
Opinion: In a tense political atmosphere, the Bishop-Schuerch campaign is a breath of fresh air
Alaska voters have a chance to reward candidates who can work beyond party lines.
KOCO 5 Sports on Thunder’s chances for Game 7 against Spurs
It’s all on the line for the Oklahoma City Thunder and the San Antonio Spurs as they’re set to compete to show who’s the best in the West in the final game of the Western Conference Finals Saturday night.
21st annual Jefferson County Mental Health Awareness Walk held Saturday
The Jefferson County Mental Health Awareness Walk enters its 21st year. For the first time it’s on a Saturday, giving more people a chance to come out.
Delta Communities Must Plan for the Future They Want
Everyone has a plan. The farmer decides months before the first warm day of spring which crops will go in the ground, how many acres each will take, and what inputs will be needed to give each row its best chance. The retailer studies last year’s numbers and plans which products to stock before the […]
Ivey encourages Alabama small businesses to compete in national America 250 pitch contest
Gov. Kay Ivey encourages Alabama small businesses to join the America 250 pitch contest for a chance to win $1 million.
Sajid Javid says backing Liz Truss to lead Tories was his ‘biggest political mistake’
Former chancellor also tells Hay festival ‘good riddance’ to Tory MPs defecting to Reform
The chance for history awaits Arsenal
Arsenal are back in the Champions League final for the first time in 20 years and are on the cusp of a historic double. After lifting the Premier League title after a 22-year wait last week there had been a suggestion that this match against Paris St-Germain (17:00 BST kick-off) is something of a free hit. Arsenal fans have travelled to Budapest in their thousands such is the magnitude of this match.
These Producers Built a Business Working With First-Time Directors. It Paid Off Big With ‘Obsession’
Tea Shop's James Harris and Mark Lane are the prime movers behind Curry Barker's hit movie, and they pride themselves on taking a chance on newcomers.
I regret to inform you that ‘Steph Furry,’ the sports predicting corgi is a FRAUD
With all eyes on Game 7 of the NBA Western Conference Final between the Thunder and Spurs we’re looking for insight — the deep, analytic analysis that will tell us whether Oklahoma City has a chance to go back-to-back and potentially start or dynasty, or if Victor Wembanyama will punch his first ticket to the […]
Pam Bondi will face a closed-door questioning from House lawmakers over the Epstein files
The transcribed Bondi interview will give lawmakers a chance to dig for information on the Trump administration's handling of the Epstein files and other related matters, including the prison sentence of Epstein's former girlfriend and confidant, Ghislaine Maxwell.
Bondi to face closed-door questioning from House committee over Epstein files
Lawmakers to have fresh chance to dig for information on Trump’s administration’s handling of issue by grilling former attorney-general
Cardiac emergency survivors, advocates encourage ‘Smart Heart Act’ inclusion in state budget
The bill would require that every school have automated external defibrillators (AEDs), which increase the chance of surviving a heart attack.
SEC breakaway would be a ‘draconian step’ in college sports — but it’s not being ruled out
Why are SEC people actually talking about this, what are the chances it could happen, and to what extent?
A Skeptic’s Guide to Whether Texas Democrats Can Actually Win This Year
Democrats always proclaim Texas is in play. This year Republicans actually agree.
Breaking down Democrats’ chances to beat Ken Paxton in Texas
It’s a question that has been asked for a very long time now: Can Democrats finally end their decades-long statewide losing streak in Texas?
Summer Movie Series brings family entertainment to Lima Amphitheater
Families in Lima will have the chance to enjoy free outdoor movies this summer during the Park After Dark Movie Nights series at the Greater Lima Region Amphitheater. Organizers say
Rob McElhenney talks 'football,' giving World Cup fans chance to win free car
Rob McElhenney dishes on soccer, how the cultures of Wrexham and Necaxa have shaped his growth and appreciation for the sport ahead of the World Cup.
Germany Politics
German Chancellor Friedrich Merz attends the cabinet meeting at the chancellery in Berlin, Germany, Wednesday, May 27, 2026. (AP Photo/Markus Schreiber)
Germany Politics
German Chancellor Friedrich Merz attends the cabinet meeting at the chancellery in Berlin, Germany, Wednesday, May 27, 2026. (AP Photo/Markus Schreiber)
100% chance of Slingshot sightings on Haywood roads
An onslaught of three-wheeled slingshots will take to the roads of Haywood County this week as the annual Slingshots in the Smokies festival descends on Maggie Valley from May 28-30.
UC Davis Researcher Explores How Brain Development Shapes Teen Mental Health
Amanda Guyer, professor in the Department of Human Ecology and a faculty researcher at the Center for Mind and Brain, is helping uncover how brain development influences the way children and adolescents respond to social and emotional challenges. She is this month’s guest on Face to Face With Chancellor May.
Ready for takeoff: A draft EIS for Sea-Tac has 31 projects, including a new terminal
Now is your chance to help guide future development at Seattle Tacoma International Airport, including a possible second terminal with 19 gates.
Former head nurse turns business owner after moving to America
One long time restaurant manager finally got a chance to own her own restaurant. Yaqui Dai, who owns Gotcha Smokehouse Bar-B-Que said it’s been difficult, but her dreams have been fulfilled.
How this age of extreme gerrymandering is transforming American politics
Politicians, no longer content to leave elections to chance, are working to choose their voters as often as every two years.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Territory Days gives small business owners a chance to grow dreams into careers
Small business owners at Territory Days say the annual festival is about more than sales. Vendors from across Colorado Springs say the event gives them a chance to grow their businesses, connect with customers and pursue long-term dreams of owning storefronts while showcasing years of hard work to thousands of visitors.
‘Grantchester’ final season to Williamsburg Regional Library
WILLIAMSBURG — Fans of British television and PBS Masterpiece will have a chance to see the premiere episode of the final season of Grantchester ahead of its broadcast during a free community screening next month. WHRO Public Media is hosting a screening premiere event Tuesday, June 2, at the Williamsburg Regional Library with two viewing […]
University commencement isn't the place for politics
The purpose of a commencement ceremony isn't political persuasion, writes Daniel Diermeier, chancellor of Vanderbilt University.
News4Jax goes on ride along with AmeriPro Health first responders for National EMS Week
News4Jax got the chance to do a ride along with a Jacksonville emergency services agency on May 22 to get a real-time look at how just seconds can make a difference.
Mets cut Craig Kimbrel: Assessing veteran reliever's Hall of Fame chances with his MLB future unclear
Kimbrel was designated for assignment Friday, and the end of his impressive career is near... will he make it to Cooperstown one day?
Chance photo leads scientists to rediscover plant missing from the wild for nearly 60 years
"It's one of these situations where everything had to fall into place and there was a bit of good fortune involved."
Dodgers had scoring chances vs. Brewers
Being down 4-0 after the first inning put a damper in the series opener on Friday night in Milwaukee, but the Dodgers offense at least nominally threatened for most of their 5-1 loss to the Brewers. The Dodgers batted 22 times with at least somebody on base on Friday, compared to 15 plate appearances with […]
Who has the better chance of inheriting Trump’s Maga movement: Vance or Rubio?
Analysts say the American vice-president and secretary of state are trying to prove loyalty without becoming political liabilities.
West Ham v Leeds: Key stats and talking points
West Ham need to beat visitors Leeds to have any chance of avoiding relegation. Two years after parting company with manager David Moyes despite finishing ninth in the league, West Ham need a favour from his current side Everton if they are to avoid relegation. The Hammers must beat Leeds and hope Tottenham slip up against Everton or they will be relegated from the Premier League for the third time after 2002-03 and 2010-11.
UNO will soon launch a search for its next leader as it joins the LSU System
UNO, set to rebrand as LSU New Orleans, will launch a national search for a permanent chancellor after it joins the LSU System.
Apple Could Reverse Controversial Clear Case Design With iPhone 18 Pro
Images of third-party clear cases for the iPhone 18, iPhone 18 Pro, and iPhone 18 Pro Max suggest there is a chance Apple may revert back to a more familiar MagSafe ring design, and away from the controversial opaque white panel introduced on last year's iPhone 17 Pro cases. The images have been circulating on Chinese social media and were spotted by MyDrivers.
May 31: "Stadium Sling Bag Giveaway" presented by the Rich Entertainment Group, as Bisons host IronPigs (1pm)
GET MY TICKETS Everyone needs a good companion when they head out to the ballpark, and Sunday, May 31st is a great chance for you to get a new stadium essential. Before the Bisons game against the IronPigs at 1:05 p.m., we'll be hosting a Stadium Sling Bag Giveaway, presented
Young scientists show off projects at St. James the Apostle School
Students at Saint James the Apostle School in Carmel had the chance to delve deeply into a project of interest for the school’s annual Science Fair.
President Daniels in WSJ op-ed: Get the federal science money flowing
JHU president, University of Kansas chancellor urge federal agencies to release congressionally appropriated funds to fuel America's research engine
Britain Politics
Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves visit a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease
Rachel Reeves tells foul-mouthed Reform UK heckler good manners matter
Chancellor wins support from Conservative Mel Stride, while Farage says he’d ‘like to buy man a pint’
SpaceX warns that Grok's NSFW AI is risky business
SpaceX listed the chance that Grok could generate "potential nonconsensual or exploitative imagery" as a risk factor in its pre-IPO paperwork.
But the melody keeps haunting me: Reds 9, Phillies 4
Aaron Nola and the bullpen didn’t give the Phillies a chance
Crooked Letter Sports: Another championship, another 40-win season, but does Southern Miss have a chance for a national seed?
Today’s Crooked Letter menu has several flavors: college baseball, the Ferriss Trophy, Aaron Rei’s much-deserved PGA Championship victory, another remembrance of Charlie Rugg, the NBA phenom named Wemby and much, much more.
Germany Politics
German Foreign Minister Johann Wadephul attends the cabinet meeting at the chancellery in Berlin, Germany, Wednesday, May 20, 2026. (AP Photo/Ebrahim Noroozi)
Clyde Best documentary honors a pioneer who helped shape the sport in Portland and abroad
As the soccer world looks ahead to the FIFA World Cup, Portland fans will get a chance to celebrate one of the most influential figures in Timbers' history with
Peltola Debuts First Television Ad in High-Profile Alaska Senate Contest
Democrats face an uphill battle to win the Senate. They see in Mary Peltola, the first Native Alaskan elected to Congress, their best chance to unseat Senator Dan Sullivan.
Nicole Wertheim, Philanthropist and Champion for Public Health, Dies at 82
Join us in remembering Nicole Wertheim, a visionary whose transformative gift ignited a movement at UC San Diego. From founding our school of public health to receiving the Chancellor’s Medal, her legacy of spirit and generosity will inspire students and shape a healthier world for generations.
GOP Rep. Thomas Massie defiant as Trump seeks to oust him in primary: "I'm going to win"
Massie said the president is worried about his preferred candidate Ed Gallrein's chances in the Kentucky race.
Heart health screenings deliver lifesaving impact
Two weeks after her father suffered a stroke, Courtney Barclay, 46, jumped at the chance to get a free blood pressure check while grocery shopping in Carlisle. “With everything going on with my dad…
Could Aday Mara fill Hawks’ longstanding need in the middle?
As the NBA Draft approaches, the Atlanta Hawks may have a chance to address one of their biggest long-term needs by selecting one of the fastest-rising prospects in the class: Aday Mara. Mara has rapidly become one of the fastest-rising names in this year’s draft class following an impressive NCAA Tournament run and eye-opening performances at the NBA Combine. Atlanta’s need at center has become increasingly clear over the past few seasons.
TEEMA global science park plan takes shape with Mexico leading
The Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) is moving ahead with its global science park strategy, and Mexico's Sonora has emerged as the leading candidate for an early launch, TEEMA chairman Young Liu said before the group's 27th general assembly on May 15, 2026. Liu said Sonora has the strongest chance of becoming the first site because talks began earliest there and field inspections have already been carried out three times, putting it well ahead of other candidate locations.
Analysis: Brighton face nervy final day
Brighton travelled to Leeds United knowing a win would secure European football for only the second time in their 124-year history. Leeds - playing with freedom after securing another year of top-flight football - made their life extremely difficult in the first half. Veltman's shot was blocked by Jaka Bijol and a swerving effort from Gross that needed Darlow to save were the only times they threatened before Van Hecke spurned the gilt-edged chance to put them in front in the 44th minute.
Max Verstappen: Red Bull F1 driver plans Nurburgring 24 Hours return after reliability costs his team chance at win
Max Verstappen was on course for a remarkable win on debut at the Nurburgring 24 Hours but his car suffered a problem when in contention for victory in the closing hours of the race; watch the Canadian Grand Prix Sprint weekend from this Friday, live on Sky Sports F1
'Slot is dreaming' - fans on boss' comments
Melinda: Yes, I believe we have to give Slot chance to right his wrongs in the window and I believe he will do better. Nothing against Arne Slot, I just think he isn't the man for the job. Segie: Slot is dreaming if he thinks the new transfer window is going to change things for Liverpool.
MRN BUSINESS SPOTLIGHT: ONE Event Venue
Today on Business Spotlight brought to you by Bank of Springfield, Crissie Caccamo sits down with Garrett Riley, the new owner of ONE Event Venue, to talk about what this new ownership means for the future of the venue and to give viewers a chance to get to know Garrett a little better. ONE Event...
Cassidy Fights to Hang on in Louisiana Race as Trump-Backed Challenger Advances
Senator Bill Cassidy was in a fierce battle on Saturday for a chance to defend his seat from Representative Julia Letlow, who was backed by President Trump.
Virginia Beach Neptune Wine Festival gives small businesses a chance to grow their reach
Small businesses at the Virginia Beach Neptune Wine Festival say the event offers visibility, new customers, and growth in a tough economy.
Jackie Tohn reveals she underwent double mastectomy after health scare
Jackie Tohn is opening up about a health scare and procedure she underwent after learning she had an 85% chance of getting breast cancer.
Lemonade Day offers children chance to learn business skills and money management
Children will sell lemonade and other self-made items around Dickinson County
New bipartisan Senate bill backed by White House set to be NCAA's best chance yet for college sports reform
A bipartisan Senate bill backed by the White House offers the NCAA its best chance to secure antitrust protection and codify rules
A ‘Man With No Country,’ Cassidy Fights for Political Future
Senator Bill Cassidy, targeted by President Trump, is walking a political tightrope as he battles other Republicans for the chance to seek a third term.
2026 Phillies Draft Preview Jared Grindlinger, LHP/OF
I always like to start previews with my favorite prospect. That’s often someone the Phillies have no chance at, but not this year. A reclassicification of draft eligibility made this year’s mystery box my favorite, most intriguing option. Grindlinger is a left handed Outfielder and Pitcher and is a potential 1st/2nd rounder in both roles. […]
New Nationals Head of Business Operations Jason Sinnarajah teases a ballpark tuneup
I had the chance to speak with Jason Sinnarajah, who talked about the attendance, beer prices and a stadium refresh
Jackie Tohn Opens up About Her Health Scare With Breast Cancer
Jackie Tohn opens up to TODAY's Jenna Bush Hager and Sheinelle Jones about her recent health scare where she learned she has an 85 percent chance of developing breast cancer and her decision to undergo a double mastectomy. She also discusses the third season of "Nobody Wants This" and facing off against Macaulay Culkin on "Celebrity Jeopardy."
Germany Politics
A girl protests during German Chancellor Friedrich Merz's speech at a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday,
Germany Politics
German Chancellor Friedrich Merz, second right, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026.
Germany Politics
German Chancellor Friedrich Merz, center, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026. (AP
Germany Politics
German Chancellor Friedrich Merz, center, attends a discussion with young people during a congress of the German Catholic people the "Deutscher Katholikentag" in Wuerzburg, Germany, Friday, May 15, 2026. (AP
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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