True, Mr Brown is not stoking the speculation as coquettishly as he did last time. But neither is he squashing it—going only as far as to rule out a ballot in February or March.

CSAPR replaces the Clean AIR Interstate Rule (CAIR), issued in March 2005, and also the subject of lengthy litigation before the same court, which found in it "more than several fatal flaws".

The pilot phase of a rule aimed at granting American investors more choice and a better view of the market in share-trading took effect on March 5th and is to be phased in over the coming months.