Sunday, February 4, 2024

January Jobs Report hits a milestone

Another blockbuster report from the US Dept of Labor was released on Friday with the monthly Jobs Report, this time with an eye popping 350,000 nonfarm jobs, far exceeding the expectations of most economists who were predicting 185,000 and an unemployment rate of 3.8, instead of 3.7 percent.

The fact the high numbers were spread across the board, in nearly all job categories made for another banner report and showed, as previously reported, that the US economy has regained nearly all the jobs lost with the pandemic, after a nearly 14 percent loss in employment since in those early days.


The news was not so good that the Federal Reserve will cut interest rates, as Chair Jerome Powell has indicated after the recent Federal Open Market Committee meeting, but his caution is legendary as a data driven leader; but, some, including him, are hoping that will change in May, while others are not so sure.


He has said, “I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting.”


Standouts for January were professional and business services, a rather catch all term, say some, for a clutch of businesses, tech excepted, leading at 74,000, followed by health care at 70,000, which as we’ve seen has rapidly caught up with the pandemic losses.


The figure that was most watched, especially by Powell, was the wage increase of 0.6 percent, reaching a figure of 4.6 percent, that The New York TImes in their report, attributed to the plethora of white collar jobs, and their higher salaries.


Retail after some conservative holiday hiring was flat at 45,200.


“I think everyone is surprised at the strength,” said Sara Rutledge, an independent economics consultant. “It’s almost like a ‘pinch me’ scenario,” to the Times.


For President Biden who has faced criticism on inflation figures, despite a sizeable decrease, down to 3.1 percent in November, but now faces an increase in 3.4 percent, mostly attributable to increasing housing costs, this is not welcome news; but, the huge increase in employment is bound to be a boon to his reelection effort.


The low unemployment rate of 3.7 is notable, and “The fact that that’s been below 4 percent for two years running now is just a very clear and reliable signal that this is not just a tight labor market, but a reliably and persistently tight labor market,” said Jared Bernstein, chair of the White House Council of Economic Advisers.


“America’s economy is the strongest in the world. Today, we saw more proof,” said Biden in a statement.


Perhaps too strong? 


“There is simply no way that 350,000 job gains in a month is consistent with a further cooling of the labor market. This elevates the risk that nominal wage growth will not fall back to levels consistent with reaching the inflation target on a sustained basis, particularly as the labor force participation rate refuses to rise any further,” Brian Coulton, Fitch Ratings economist, wrote in a Friday commentary, as reported by The Hill.


Wages increased by 0.8 percent to $34.55, :doubling the monthly pace of headline inflation in December.” But, that does exceed the  stated goals of 3.5 percent growth to hit the Fed’s 2 percent inflation target.


In the area of consumer confidence, whose dollars drive the US economy, perception, as the old adage states, is one tenth of the law, and that confidence has grown according to the University of Michigan Consumer Sentiment Index,as high and this softening is real, according to Consumers Director, Joanne Hsu who wrote, “Consumer sentiment confirmed its early-month reading, surging 13% to reach its highest level since July 2021, reflecting improvements in the outlook for both inflation and personal incomes.”


Still some Americans are complaining about high costs, much of which may be attributed to the lingering effects of supply shortages, but as stated before, most of the pinch is felt in housing, especially in urban coastal areas. And, in contrast, polls show that, “Just 28 percent of Americans rated the economy as excellent or good, according to a Pew Research consumer survey of 5,140 adults from January 16th to the 21st, released Sunday,” according to The Hill.


Tacking high employment with increasing wages may be a delight to politicians, consumers, and some economists, but the delicate balancing act for the Federal Reserve is not over yet.









Monday, January 22, 2024

Trump leads New Hampshire as Haley tries hard


Fresh from the Iowa Caucus the three Republican presidential candidates vying for the presidential nomination lined up in order, Donald Trump Nikki Haley and Ron DeSantis all ready to face the voters and brave more frigid temperature to wind the hearts and minds, but most importantly the votes needed to secure the top spot.

Trump is basking in the glow of his expected victory in Iowa, as the declared front runner and his supporters have done their utmost best to say, game over and that all the contenders need to do is pack up and go home. But, Haley who scored the second sport in Iowa, has not given up the fight, despite trailing DeSantis by 2 points in Iowa. In her determined and often ladylike way she has seemingly mastered the art of retail politics: an eternal smile, a sincere handshake and a mastery of quick witted repartee, whose one liners could put her as the lead in a local comedy café.


A memorable line when asked about Henry McMaster’s support and appearance with Trump, Haley quipped: “I’m sorry, is that the person I ran against for governor and beat? Just check it.”


DeSantis, has faced an uphill battle against the juggernaut of Trump supporters , all sporting their red MAGA baseball caps, and proclaiming victory.  In what some have deemed an inconsistent campaign where his often wooden like demeanor has held him aloof form voters, despite earning some bona fide cultural credentials as governor of Florida: the Parental Rights Act dubbed the “Don’t Say Gay” bill, creating havoc at the liberal New College of Florida, railing against Critical Race Theory (erroneously believed to be taught in grammar and high schools) and waving the rhetorical banner that Florida “is the place where woke goes to die,” was having a connection problem with GOP voters, and this despite having his wife Casey, an attractive and articulate former TV news anchor, humanizing him in appearances; but, all to no avail, so much so that on Sunday dropped out of the race, and has pledged to vote for Trump.


Earlier, he had said that he was in the race to stay and swatted questions about his sagging polls, and low votes. But, now game over, and the ground has been conceded to Haley and Trump.


With the field narrowing to a two person race, many are now saying that Haley does not have a chance, that she has not connected with voters, and that her dependence on undeclared voters in New Hampshire, and the educated class might give her a boost. There is a roughly 50/50 split between registered Republicans and undeclared (independent) voters.


The slugfest is now present with Trump mocking, mispronouncing and misspelling her given name, Nimarata, as “Nimbra”, getting a responsive guffaw from his base, but also showing the same racial dog whistles, this time for her Southeast Asian heritage, that he has always done, since 2016.


Haley on the other hand, after he said that she was responsible for security on Jan. 6th and thus allowing the violent insurrection that overtook the Capitol, in 2021 had to eat some shoe leather, since she was not in office and not in Washington, D.C. The confusion, as the media has pointed out, is that Trump confused Haley with Nancy Pelosi, the former Democratic Speaker of the House.


She pounced on that, not name calling, but questioning his mental fitness for office, a point well taken, and she cited her aging parents, saying “that I love dearly” but that mental decline is inevitable for older people. Trump is 77  years old.


Rising in defense of the former president, GOP officials said that the two names began with the letter “N”, a weak and implausible explanation, but Haley poking at the soft underbelly of Trump placed a doubt in voters minds about the wisdom of electing a senior citizen an appeal to younger voters such as herself, at the much younger age of 52.


Continuing the theme of age, she also took a bipartisan swipe when she told those gathered at an appearance, “The reality is that he was confused. He was confused the same way that Joe Biden was going to start World War II. He was confused the same way that he said he ran against President Obama.”


She then topped off her remarks by telling those assembled, “Do we really want to have two presidential candidates in their 80’s?”


Senior moments aside, the latest polls show her between 34 and 36 percentage points, with Trump holding a commanding lead in the 50’s.


The Washington Post/Monmouth University poll has Trump, as of Monday, at 52 percent and Haley at 34 percent.


Her hope, and it is just a hope, is that she could win enough undeclared voters to boost her numbers, but that might be a Hail Mary pass on this political field. Some have also noted that she might try to hang in and win enough votes in her home state of South  Carolina, but FiveThirtyEight.com has her polling there at 25 percent to Trump at 61 percent.


Larry Sabato, director of the Center for Politics at the University of Virginia, told CNN: “if [Haley] loses on Tuesday, it almost certainly marks the end of her run.”






Monday, January 15, 2024

Iowa Primary: By the numbers for the GOP candidates

The late Tim Russert, host of NBC’s Meet the Press, was famous for his small whiteboard detailing the numbers needed to win the presidential primaries and elections; and, as the country heads into Monday’s Iowa Caucus, as their “first in the nation status”, the Republican Party begins the process of choosing its presidential nominee, we fondly remember that white board. And, while former President Donald Trump is the foregone winner, in the mind of most of his supporters, nipping at his heels,say some, is former U.N. Ambassador Nikki Haley, and Florida Governor Ron De Santis in a bid for that nomination.

In an election that seemingly began in earnest, almost two years ago, the stakes are high for many Americans, those wanting Trump to regain the Oval Office, and those that want Joe Biden to remain. Battle lines have been drawn, and the stalwarts are not shy about which of the two they want to see as president.


Lest those supporters get ahead of themselves, the American democracy has a process, primaries and caucus dominate, after the decades old conventions that used to be the stuff of mid century televised conventions, but which the GOP still uses.


It really is now a numbers game and the various polls require an examination of the numbers, and as many a political wag has noted, issues don’t matter, numbers do, so let’s take a closer look.


In an ABC average Trump “leads national primary polls with 60 percent of the vote . . . His closest rivals are 50 percentage points behind,with DeSantis polling “in a distant second place with 12 percent of the vote,  roughly tied with former Ambassador Nikki Haley.”


Trump then gains a 9 in 10 chance of winning the nomination they noted, with official selection being held at the Republican convention in July, where the delegates elected by contest across the country, and US territories will cast nominee ballots.


The electorate for the GOP has a cross section of populations, moderates, evangelical voters aside, and this is where some issues are significant to gain the needed delegates, as ABC noted 1,215 out of 2,429.


Issues that dominate are immigration, for asylum seekers, cultural issues such as transgender rights, hormone replacement for minor children, LGBT rights, and Critical Race Theory, all of which face mountains of disinformation.


Wedged into the battle for votes are abortion, and the anti woke ideologies that have been called out in Florida by DeSantis, who at one point was seen by some voters as a kinder and gentler version of Trump, but now Haley seems to be making that claim.


For Iowa there are 40 delegates at stake and both she and DeSantis need 22, and 26 to gain delegate majorities. One factor facing both of them is the severe winter weather that has brutalized much of the Midwest and which may keep voters away from the voting booths to avoid exposure to sub zero temps. Yet, Iowans are known to be hearty souls, but with single digit temperatures and sub zero wind chills, how much will that hold?



Using proportionality both the former ambassador and the governor need to get 55 and 65 percent of the vote, say pollsters, admitting that these are high numbers to reach.


In a recent examination by The Hill and citing an interview with DeSantis by CNN by Jake Tapper, he asked in lieu of sagging poll numbers whether his 3rd place standing might force him to drop out.


“CNN’s Jake Tapper asked DeSantis whether he would drop out of the race if he came in third place in Iowa, pointing to a recent NBC News/Des Moines Register/Mediacom that shows the Florida governor trailing former President Trump and former U.N. ambassador Nikki Haley with 16 percent of support in the state. DeSantis said on “State of the Union” that he predicted he would “do well” in the race in Iowa.”


“And so these are folks who are very motivated. Our voters are very motivated. We have spent a lot of time in Iowa because we’ve gone door to door getting people to commit to caucus to us,” DeSantis said.”


Trump, ignoring the debates in favor of his preferred town halls, ABC pollsters said he needed 53 of the 197 Super Tuesday delegates, needing 27 percent.


Taking the math further, with his commanding lead, in an all state vote, the former president would score 2,120 delegates of a possible 2,287, nearly 97 percent they noted.


It’s no secret that Trump is knee deep in legal battles, taking official documents after he left the White House, paying of porn star Stormy Daniels to keep her silent about their encounter, inflating the values of his properties to score bigger and better loans,  etc.,all of which in another era might be held against him, but now only serve two things: to give him the profile of a martyr, to his many supporters, and free publicity to enhance just that.


With his larger than life personality,  and love of publicity, we get it, but what worries his competitors is will they get it, those numbers needed to remove him from front runner status?


Aided by Fox news, Trump seems unbeatable in another round of debates with President Biden, so some poll watchers and handlers are thinking of a mano mano battle in November.


What startled many political watchers was former New Jersey  Gov. Chris Christie dropping out of the race on Wednesday, making some wonder if Haley can capture those votes for him. 


A closer look: Christie had about 11.5 percent of poll numbers in New Hampshire according to The Hill/Decision Desk HQ polling index and Haley “is polling 11 percentage points behind” Trump, so her team is probably chomping at the bit to get those votes.


She seems to have put her blunder about the causes of the Civil War behind her, though Christie had some ribald Jersey humor in his criticism of her ignorance, which she later tried to backtrack, and that seems to have worked. But the folks at the Hill have deemed this a fight between two moderates, now minus one. DeSantis seems to hang in there, but having lost the support of Trump, a long time ago, and with his aggressive stance, will siphon off delegate votes from the MAGA crowds is a central question.


The New York TImes columnist Nate Cohn says not, but notes thee is precedence for potential winds citing, “there's a lot of precedence for surging candidates to keep gaining, especially over a contest’s final days. With Mr. Trump at just 42 percent of the vote, there’s no reason to think her path is closed off.”


What remains at stake are not only Christie’s supporters, but the “never Trump” crowd, the moderates, the independents, suburban Republican college educated mothers, and those that might take a back seat in Iowa, even though Trump does hold substantial leads.


As expected Trump did win the Iowa Caucus with the support of rural, white, non college educated people, many of whom identified as Evangelicals, with 51 percent of the vote, along with 21 percent for De Santis, and 19 for Haley.


Voter turnout out was lighter than for previous caucuses, with 110,000 voters, of the nearly 752,000 registered Republicans, which many are attributing to the severe winter weather and deep snowfalls, as well as some voter apathy, but in the end Trump won 20 delegates, 8 for De Santis, and 7 for Haley.


Updated Jan. 19, 2024 at 9:40 a.m. CST



Saturday, January 6, 2024

December 2023 Jobs Explosion


Strong, steady, and resilient are some of the adjectives used to describe the U.S. economy in the recent December Jobs Report from the U.S. Dept. of Labor on Friday. It exceeded expectations with 216,000 non farm jobs, when 170,000 were expected, and whatever adjective those reading the report used, weak was not one of them.

Added to that figure was the unemployment rate of 3.7 and wages that showed an average hourly increase of 0.4 percent bringing a total of 4.1 percent  and fueling the goods news was that despite inflation, these high wages allowed many people to say ahead of inflation, which reached 3.1 percent; and, consumer spending, the traditional driver of the American economy became the bellwether for December.


A grace note: those wages totaled 4.3 percent for 2023, “the third highest level since 2008,” said The Washington Post.


This report also put to rest those Cassandra-like predictions of recession that populated the national media, only to be slayed.


Reaching historic standards, the unemployment figure is the largest stretch that we have seen since the mid 1960s, noted The Hill in its coverage.


Notable, and not surprising, was the rejoicing from the Biden administration, as he ramps up his reelection bid for a second term in the White House, and to note 14 million jobs have been created on his watch.


While the term Bidenomics might not mean much to Joe, or Jane Average, higher wages to meet, and exceed inflationary prices do.


“Wages and consumer confidence are up, the economy is growing, and in 2024 President Biden and Democrats will keep working to lower costs and get working families more breathing room,” said House Budget Committee member Brendan Boyle (D.Pa) in a call to reporters.


Even as far back as October Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, told usbank.com that the increases he saw then was because “consumer spending remains strong, which is driving the surprising level of growth we’ve seen.”


Taking a closer look at the numbers we do see that labor force participation edged slightly downwards to 62.5 percent, from 62.8, with a total figure of 700.000, one that the Federal Reserve Board will be closely watching.


The winners were health care climbing to 38,000, government to 52,000, and retail to 17,000 giving a solid showing to the holiday season.


On the losing side was transportation and housing down to 23,000, attributable, in part to higher interest rates, and  perhaps a pattern of vehicular sales tilted to SUVs rather than sedans.


Despite the good news, some economists noted that the total number of jobs for 2023 was 2.7 million, contrasted to the two prior years that surged after the pandemic, with gains in rehiring, but the records show that, 2015 excepting, these are still very strong numbers.

 

For Jerome Powell and the members of the Federal Reserve Board, the slowing of wages,coming down from those hot years, is welcome news. And, this concern is warranted since wages this healthy could lead to a broader spectrum pushing prices upward  that might lead to another round of inflation


It is important to note, as is the custom, December's numbers will be revised, probably downward, and reflected in the January report.


Finally, the cut for interest rates, anticipated for March, will probably not be seen until May in a survey of many economists, given that Powell is known to be data driven.







Monday, December 25, 2023

Israel Hamas War Generates Worldwide Protests


As the Israel Hamas war continues, well past the Oct. 7 attack on Israel by Hamas initial public sympathy  has turned away from Israel and toward Palestine as their casualties have mounted in excess of 20,000, far beyond the collateral definitions common to wars. While those boundaries have expanded so have the protests, and in America’s largest cities, Chicago to name one, have had sit-ins, demonstrations, and speeches condeming the killings nearly every week, some even on the same day.

While to a large extent these protests have been by Palestinian Americans, and their supporters, there have been many by Jews, as well, giving a multi shaded dimension to what could easily be seen as one dimensional, pointing to a complexity that might have become lost in the shuffle of social media, and press coverage.

On a recent weekend on Chicago’s posh Michigan Avenue, we noticed a truck emblazoned with multi-colored letters detailing the deaths of children in Gaza, with the tagline of “enjoy your weekend.”


In a curious manner the passengers on our bus studiously avoided looking at it, or each other; but., it’s no secret that the war has galvanized opinions on both sides, and people are becoming circumspect in both their speech, and manner.


That protests have notably taken a hold on college campuses, while not surprising, has taken hold in student populations that have heretofore tolerated uneasy, but tolerant alliances, such as the one at George Washington University with its large Jewish and Arab population, which earlier took the form of a projection on one of the walls of the Gelman Library.


As The Washington Post reported: “Students for Justice in Palestine (SJP) at GWU projected multiple images on the Estelle and Melvin Gelman Library on Oct. 24, the GWU statement on Tuesday said. Jewish student groups among others have objected to the images, which were in the form of slogans, and described them as potentially antisemitic. One of the projections, according to photographs, was the phrase “Divestment from Zionist genocide now.” Others included “Glory to our martyrs” and the slogan “Free Palestine from the river to the sea.”


The group faces a 90 day suspension.


The most salient, and recent, media explosion occurred when three of the nation’s most prestigious universities had their presidents appear before the U.S. Senate, angrily grilled by New York Republican Elise Stefanik, and fellow Republican Kevin Kieley, who asked a hypothetical question principally of Claudine Gay of Harvard,


Jonathan Chait, writing for New York Magazine said in a recent piece:


“The question posed was whether anti Semitiic demonstrations would be allowed within university policies. All three answered well within the parameters of the question, but were berated, when they did.”

 

Most importantly, he noted that, “The job of a college president involves constantly apologizing and promising to do better. This week, several elite college presidents’ object of their groveling was Congress, which subjected them to a series of largely impossible queries about antisemitism on campus at a hearing everybody agrees went quite poorly for them.”


The question to Gay was,  “If you were talking to a prospective student’s family, a Jewish student’s family right now,” asked Kiley, “could you look them in the eye and tell them that their son or daughter would be safe and feel safe and welcome on your campus?”


She replied, “We are absolutely committed to student safety.” Kiley noted acidly that Gay had dodged the question, that he repeated it but received the same answer.”


“And it is true that she failed to answer the question — because there’s no good answer. If Gay says Jewish students would feel absolutely safe on campus, she is denying the problem. If she says they wouldn’t, she is telling Jewish students they shouldn’t come to Harvard.”


Segueing to one significant note Chait added, “So what does it mean to make Jewish students feel safe on campus? One way would be to crack down on anti-Israel rhetoric that might make many Jews feel threatened. That would be consistent with the methods universities have sometimes employed to protect other minority groups. But it would also be deeply illiberal.”


“A more limited and defensible response would be to police conduct. When mobs of students disrupt classes and make it hard for students to walk around campus without being screamed at (or shoved), that creates an intimidating atmosphere.”


While it is not our intention to go into the details of university policies, it is easy enough for the careful reader, or listener, to discern that politics have co opted the protests on college campuses, and Stefanik and others have gone beyond the parameters of student safety and rights to attack elite liberal colleges.


An acolyte of former president Donald Trump, Stefanik seemed to take a wicked delight as the chief questioner, even at the expense of attacking her own alumnus, Harvard.


Let’s end this discussion to quote Chait who said that “The presidents’ efforts to deflect every question about genocide of the Jews into a legalistic distinction between speech and conduct may have sounded grating, and Stefanik’s indignant replies may have sounded like moral clarity. But on the whole, they were right to focus on the distinction between speech and conduct, and Stefanik was wrong to sneer at it. A better criticism would be that colleges are failing to protect Jewish students by refusing to enforce rules of conduct. But that is different from, and in some ways the opposite of, the point Stefanik chose to stand on.”


Lost in these political theatrics are some of the facts, notably the death toll of fleeing Gazans with no safe place to hide (85% of whom have been displaced), and, many of whom are children, sick with typhus and dysentery, forced to drink contaminated water, in the absence of fresh, to merely survive; 360,000 is the latest figure to date. And Israeli captives are still being held by Hamas.


Add to the charges of rape and sexual mutilation by Hamas against Israeli hotages are the equally disturbing images of captured Palestenian men, in hiding, and forced to strip to their underwear, often blindfolded, and forced to kneel in the streets, or herded into the back of military convoy trucks, the rage, on both sides increases exponentially.


While few would support the horrors of war, with its wide ranging repercussions, it’s also apparent to many observers, us included, that this is a wide ranging, and multifaceted response that is generating more and more anger, giving less and less support to Israel.


If disingenuous responses, like that of Stefanik, loom large in the public consciousness then the background of calls for a cease fire are becoming engendered, even as the United Nations tries to negotiate a resolution to do just that.


As the New York Times reported:


“United Nations and other aid workers warned on Saturday that a new U.N. Security Council resolution calling for stepped-up aid for Gaza’s embattled civilians would fail to stop the spiraling humanitarian crisis because it did not demand a full halt to the fighting.


“The resolution called on the U.N. Secretary General to appoint a special coordinator for aid to Gaza and establish a mechanism to speed up aid delivery in consultation with all relevant parties.”


“But without a cease-fire to accompany the stepped-up assistance, aid officials said they cannot address the insufficient food and fuel entering the territory, the collapse of Gaza’s commercial sector, frequent communications disruptions, or the inability of relief workers to reach many areas because of intensive Israeli airstrikes and ground operations.”


“Right now, we cannot deploy humanitarian aid. It’s impossible,” said Guillemette Thomas, the medical coordinator for Doctors Without Borders in Jerusalem. “People need to be able to get food and water without the fear of being bombed or killed or shot at any moment. We need to be able to move within the strip to access people,” she added.


“The only thing that would be helpful is a cease-fire.”


The questions, and these assertions, fueling the frustration of those advocating for a cease fire are based on what they see as intransigence by Israel against any, and all, attempts at lessening the constraints that have led to the starvation and suffering of millions of Gazans.


Again from the Times: “Nor did the resolution immediately undo any of the snarls that have limited aid entering Gaza, including a stringent inspection system by the Israeli authorities, who say they want to prevent the entry of weapons or other goods that could benefit Hamas’s military operations.”


“Human Rights Watch this week accused the Israeli government of “using starvation of civilians as a method of warfare,” which it called “a war crime.”


“Israeli officials said after the vote that they would still screen all goods entering Gaza, a process that U.N. officials and aid agencies have criticized as cumbersome and slow.”


“The resolution maintains Israel’s security authority to monitor and inspect aid entering Gaza,” Israel’s ambassador to the United Nations, Gilad Erdan, said after the vote.


“Last week, after significant international pressure, Israel opened its main cargo crossing into Gaza and began letting aid in. That crossing, Kerem Shalom, was open for the first time since the war began for major aid shipments.”


Facing criticism by Israeli citizens, some of whom blame Benjamin Netyanhu for the Oct. 7 attack, there are also those who feel that he is not doing enough to free the hostages, a political maelstrom that might engulf future efforts by the Israeli government to end the fighting. And, added to the shooting of three Israeli hostages who escaped and walking shirtless down the road and waving white flags, the prime minister faces multiple accusations that he is doing more harm, than good, and not freeing current hostages.


For the United States, a long time, and staunch, ally of Israel, the country, as well as President Biden who is up for reelection and facing low polls, is becoming ensnared in a near cataclysm of criticism, and is being urged to force Israel for a permanent cease fire.


Illinois Congresswoman and Senator Dick Durbin recently faced off screaming mobs outside their homes, as demands for a cease fire, and the pain of area residents, who have relatives in Gaza became too close to ignore.


All of these protest seem to no avail despite pleas from the Biden administration to stop the seemingly indiscriminate attacks on civilians, and as of Christmas Day, an offer by the Egyptian government for a temporary cease fire, and future governance of the Gaza Strip, as reported by ABC News:


“Israel and Hamas on Monday gave cool public receptions to an Egyptian proposal to end their bitter war. But the longstanding enemies stopped short of rejecting the plan altogether, raising the possibility of a new round of diplomacy to halt a devastating Israeli offensive in the Gaza Strip.”


“The Egyptian plan calls for a phased hostage release and the formation of a Palestinian government of experts to administer the Gaza Strip and occupied West Bank, according to a senior Egyptian official and a European diplomat familiar with the proposal.”


Perhaps the most poignant note of all comes in an OpEd piece for The Washington Post by Queen Rania of Jordan, who wrote, in part: “Since Oct.7, the vast majority of casualties in Israel, the West Bank and the Gaza Strip have been civilians. Whether killed, kidnapped or unjustly detained, each person leaves an unfillable void. There is no difference between the pain Palestinian and Israeli mothers feel over the loss of a child.”