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Banque de France Governor Emmanuel Moulin told CNBC that France is “putting the house in order” and can bring its deficit down to 3% of GDP by 2029, despite political turmoil. France is under the EU’s excessive deficit procedure after a 5.1% deficit last year, and Moulin said what matters is passing a budget that sticks to the government’s 5% target. Yields on French government bonds (OATs) have hit multi-decade highs this year, but Moulin called the rise a global phenomenon and said he was confident in financial stability, citing well-capitalized banks and insurers. Prime Minister Sebastien Lecornu has submitted a draft 2027 budget targeting 54 billion euros in spending cuts, but it faces hurdles in the fractured National Assembly. Nationwide student protests, spreading from Paris, add to the political uncertainty.
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More than five million people have lost SNAP food assistance since the One Big Beautiful Bill passed, and the grocery industry is starting to feel the impact. Kroger announced on October 13 that it will lay off 3,000 corporate employees over three years, and CEO Greg Foran said some of that work will be partly automated with AI tools. According to Numerator, Kroger lost more than $12 billion in packaged goods spending to Amazon, Walmart and Costco over the past year, while lower-income shoppers cut their packaged goods spending by 5.2% and made 30 million fewer trips. The law shifted 75% of SNAP administrative costs to the states, and the Urban Institute projects 22.3 million of 42 million families will lose some or all benefits. Analysts warn that independent and rural grocers could close, creating more food deserts.
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Albertsons is suing Kroger for more than US$9 billion in damages over their failed merger, alleging Kroger breached its merger obligations after regulators blocked the deal. The dispute between the two grocers has escalated. Separately, Kroger plans to cut about 3,000 corporate roles over three years as it expands AI-driven operations.
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The article argues that for a $40,000 expense due in three years, preservation matters most, so money should sit in funds matched to the payment date. It names three Treasury funds: BILS (3–12 month T-bills, adjusted one-year return about 3.59%), VGSH (1–3 year Treasuries, 0.03% expense ratio) and STIP (TIPS under five years, principal adjusted with CPI, adjusted one-year return about 1.68%). It notes that funds have no maturity date and so do not guarantee a fixed amount on a fixed day, unlike individual Treasuries or CDs. Each fund can still lose value, and VGSH and STIP have recently trailed BILS because rate moves hit longer maturities harder.
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