🥊 Axios PM: RFK bows out

💎 Plus: Massive diamond | Friday, August 23, 2024

Open in app View in browser   Presented By PhRMA   Axios PM By Mike Allen · Aug 23, 2024 We made it! Today's newsletter, edited by Alex Fitzpatrick, is 469 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.     1 big thing: RFK bows out   RFK Jr. speaks in Phoenix today. Photo: Thomas Machowicz/Reuters Robert F. Kennedy Jr.'s suspension of his campaign and endorsement of former President Trump — announced this afternoon — won't help the Republican as much as the moves would have earlier, Axios' Erin Doherty writes. Kennedy averaged 15.5% in general election polls on July 1, per Nate Silver's model. Now Kennedy is around 4%. Why it matters: Kennedy's plunging relevancy, and bizarre news cycles, raise doubts about how many votes he can really move to Trump's column. ⚡ The latest: Kennedy said he's suspending, not ending, his independent presidential campaign — and will seek to remove his name from battleground-state ballots. His move followed conversations with Trump. 📊 Polling models predict a modest change following Kennedy's departure. According to FiveThirtyEight's G. Elliott Morris, Harris led Trump in their model by 3.3 percentage points earlier this week in a race with Kennedy. Without Kennedy, Harris led by 3.1 points. 🔮 What's next: Look for Dems to highlight Trump's new Kennedy alliance as a sign of weakness. A DNC memo said today: "Like RFK Jr., Donald Trump is at a low point and acting out of desperation." Go deeper.     2. Get ready for rate cuts   Photo illustration: Sarah Grillo/Axios. Photo: Win McNamee/Getty Images JACKSON HOLE, Wyo. — The Fed is poised to cut interest rates, in part to prevent any further job market cooling, Axios' Neil Irwin and Courtenay Brown report. In a much-anticipated speech in the Grand Tetons, Fed Chair Jay Powell said the central bank's fight to reduce inflation has largely succeeded — and he's now focused on the risks of a faltering job market. "The time has come for policy to adjust," Powell said. "[W]e do not seek or welcome further cooling in labor market conditions." 🍂 What's next: Powell's speech sets up a rate cut in mid-September, in the thick of the presidential race. Go deeper.     A message from PhRMA Price setting may mean fewer medicines in your Medicare plan     As a result of the Inflation Reduction Act (IRA): 89% of insurers have stated they expect to exclude more medicines from their Medicare prescription drug plans. 85% state they will likely use step therapy more often in the future. Learn more about how the IRA will impact patients.     3. Catch me up   Israeli tanks near Rafah, Gaza, in May. Photo: Saeed Qaq/SOPA Images/LightRocket via Getty Images 🇮🇱 President Biden asked Israeli Prime Minister Benjamin Netanyahu to pull his forces from part of the Egypt-Gaza border amid hostage-release and ceasefire talks. Go deeper. 🏡 RealPage, a property management software firm, ran an "unlawful scheme" to slash apartment rental competition, the DOJ alleges in a new suit. Go deeper. 😷 Free at-home COVID tests are returning at the end of September. Go deeper.     4. 💎 Righteous gemstone   Botswana President Mokgweetsi Masisi examines the diamond at a viewing ceremony yesterday. Photo: Monirul Bhuiyan/AFP via Getty Images The second-largest diamond ever found in a mine has been discovered in Botswana, in southern Africa. The massive, 2,492-carat gemstone is the biggest found since the Cullinan Diamond was discovered in South Africa in 1905. Unnamed sources close to Canadian mining operator Lucara — which owns the mine where the diamond was found — say it could be worth upward of $40 million, the Financial Times reports. "I am lucky to have seen it in my time," Botswana President Mokgweetsi Masisi said at a viewing ceremony. Go deeper.     A message from PhRMA The unintended consequences of government price setting in Medicare     If you depend on Medicare, the government price setting policies in the Inflation Reduction Act (IRA) could mean: Fewer prescription drug plans to choose from. Fewer medicines covered. Higher out-of-pocket costs. More frustrating insurance denials. See how the IRA could impact patients.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Advertise with us. Axios, PO Box 101060, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: