refers to the noun or pronoun immediately following or preceding the phrase eg. "sifting the sand, prospectors...."
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Inflation
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a continual increase in the price of goods and services
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heralding
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signaling, proclaiming, or announcing
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Pundits
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a person who knows a lot about a particular subject and who expresses ideas and opinions about that subject publicly (such as by speaking on television and radio shows)
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Jockeying
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to do something in an effort to get an advantage
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Primary
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A ballot vote in which citizens select a party's nominee for the general election.
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Protracted
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lasting a long time : continuing longer than necessary or expected; Extended in time; prolonged
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Caucus
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a meeting of members of a political party for the purpose of choosing candidates for an election
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Inconspicuously
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not very easy to see or notice
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Speculating
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to think about something and make guesses about it : to form ideas or theories about something usually when there are many things not known about it