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• Donald Trump has posted a $175mn bond to postpone his near half-billion dollar fraud judgment, ending a stand-off that could have resulted in parts of his property empire being seized.

• Shares in Trump’s newly listed social media group sank more than 21 per cent after disclosing widening losses. [Free to read]

• Florida’s top court will allow a referendum to codify abortion rights in the state’s constitution, which could boost Democratic turnout.

• Companies are rushing to issue bonds to head off any market volatility in the final stages of the election.

• Former Democratic presidents Barack Obama and Bill Clinton have defended Joe Biden’s support for Israel’s war in Gaza.

• After a big fundraiser in New York last week, Biden held a daylong retreat for 175 of his biggest backers. (NYT)

Read, watch, listen and enjoy innovative digital journalism with the FT app.

When the FT’s James Politi recently interviewed Stephen Bannon, Donald Trump’s former political strategist repeatedly mentioned how close the ex-president was to Scott Bessent, founder of Key Square Group and former Soros Fund Management executive.

Bessent has been saying a Trump win would be good for markets. He is also viewed as a potential pick for Treasury secretary, or to succeed Federal Reserve chair Jay Powell in 2026.

Bannon said cabinet speculation was premature since Trump had a “pretty full plate right now” and was “superstitious” about the election. However, Bannon added that “he’s meeting a lot of people . . . he’s having dinners every night, he’s thinking about it”.

It’s more expensive than ever to be competitive in US politics. Federal election spending totalled $14.4bn in 2020, including $5.7bn for the presidential race, according to non-profit OpenSecrets. That’s more than double the cost of the 2016 race, and the 2024 race could cost even more.

As these figures balloon, one US Election Countdown subscriber recently asked why our elections are some of the most expensive in the world. (Click chart to expand.)

The simple answer is that money in politics matters: the candidate who raises the most funds in a presidential or congressional race typically wins.

At the end of February, the Biden campaign and the Democratic National Committee had more than twice as much cash on hand as Trump and the Republican National Committee. Democrats have been tapping their war chest to open offices in swing states as their affiliated groups are pouring money into ad buys. Meanwhile the RNC has fired staffers as the Trump campaign has taken the reins.

But shale baron and Trump supporter Harold Hamm thinks Biden’s money advantage won’t help. “We’ve seen all the money in the world not do some candidates any good,” Hamm told the FT’s Jamie Smyth. “People don’t believe in him.”

With the world watching the US presidential election, we want to know how you think the result will affect you and your country. Click here to share your thoughts.

• A second Trump presidency could bring unprecedented strain to the western alliance, potentially giving Russian President Vladimir Putin an opening to achieve the Kremlin’s geopolitical goals, posits Gideon Rachman.

• The crypto industry’s regulatory lobbying ahead of the election is remarkable, notes Gillian Tett.

• The FT editorial board tells us how religion became entwined with politics.

• Trump’s paper windfall following Truth Social’s stock market listing is the result of decades of devotion to furthering his personal brand, writes John Gapper.