A stranded traveler in Castelnaudary. Photo: ERIC CABANIS/AFP/Getty Images

A showdown with rail workers is shaping up as a make-or-break moment for French president Emmanuel Macron, with “another wave of crippling transport stoppages” hitting France yesterday, per France 24. Rolling strikes are due to continue through June.

The backdrop: Macron is targeting France's state-owned railway company, citing job-for-life guarantees, automatic pay increases and early retirement as the sorts of “privileges” for economic insiders that need to be trimmed.

  • Why it matters: Because his proposal would only affect new hires, this particular fight is “more about symbols than substance for both sides,” the FT’s Anne-Sylvaine Chassany writes. But failure could scuttle Macron’s wider economic agenda, as a similar fight doomed Prime Minister Alain Juppé in the mid-1990s.
  • Where things stand: Public opinion on the strikes is narrowly in Macron’s favor. And while his popularity has slumped below 50%, Macron still commands a large parliamentary majority. As the Guardian notes, “the strikers believe momentum is on their side.”

Go deeper: Macron on how AI will shape the future, and threaten democracy.

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Biden says he will appoint commission on Supreme Court reform

Photo: Chip Somodevilla/Getty Images

Joe Biden told CBS' "60 Minutes" this week that if elected, he would put together a bipartisan commission to study the federal court system and make recommendations for reform.

Why it matters: Biden has come under pressure to clarify his position on court packing after some Democrats suggested expanding the court if Senate Republicans confirm President Trump's Supreme Court nominee Amy Coney Barrett.

Dion Rabouin, author of Markets
16 mins ago - Economy & Business

Wall Street still prefers bonds

Illustration: Aïda Amer/Axios. Photo: Sunset Boulevard/Getty Contributor

Investors' return on U.S. corporate bonds has been falling since its August peak, but buying has only accelerated, especially in investment grade bonds that are offering historically low yields.

The state of play: Since hitting its 2020 high on Aug. 4, the benchmark Bloomberg Barclays U.S. bond aggregate has delivered a -2.2% return. (For comparison, the S&P 500 has gained 3.9% during the same time period.)

2 hours ago - World

U.S.-Israeli delegation secretly visits Sudan

Photo: Artur Widak/NurPhoto via Getty Images

A joint U.S.-Israeli delegation traveled secretly on Wednesday to Sudan for talks on a possible announcement on "ending the state of belligerence" between the countries that could be released in the next few days, sources briefed on the trip told me.

The big picture: President Trump announced earlier this week he is ready to remove Sudan from the U.S. state sponsors of terrorism list once Sudan pays $335 million in compensation to American terror victims.