The Intelligence: Fed reckoning

America’s central bank left rates untouched, to widespread market delight. Why is this economic cycle confounding expectations so much, and how to bring it to a gentle end? We look at the modern fortunes of Vodafone, a once-mighty telecoms firm that is slimming down to get healthier (11:21). And why Britain’s system for protecting its historic buildings from change…needs to change (16:10).Please take a moment to respond to our listener survey.Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.Podcast transcripts are available upon request at podcasts@economist.com. We are committed to improving accessibility even further and are exploring new ways to expand our podcast-transcript offering.

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Get a daily burst of illumination from The Economist’s worldwide network of correspondents. Our reporters dig past the headlines to get to the stories beneath—and to stories that aren’t making headlines, but should be. A unique perspective on the issues and events shaping your world.Sign up for Economist Podcasts+ at http://www.economist.com/podcastsplus-intelligence.If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription.For more information about Economist Podcasts+, including how to get access, please visit our FAQs page at https://myaccount.economist.com/s/article/What-is-Economist-Podcasts