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. Hosted on Acast. See acast.com/privacy for more information.