P.M. Edition for July 9. Why did President Biden’s disastrous debate performance take many Democrats by surprise? Political reporter Andrew Restuccia explains the ways senior White House advisers tried to protect Biden’s image over the past year, as Democrats’ efforts to push the president off the ballot lose steam. Plus, a report from the Federal Trade Commission finds that pharmacy-benefit managers are raising costs, not easing them. Reporter Liz Essley Whyte explains. And the Federal Reserve’s Jerome Powell says his focus is shifting to the timing of interest-rate cuts. Francesca Fontana hosts.  Sign up for the WSJ's free What's News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices