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).

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