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   DealBook: A call for leadership
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   Also, who stands to gain from the Klarna I.P.O.
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              nytimes.com
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            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             September 11, 2025
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          Good morning. Andrew here. I knew Charlie Kirk.
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          His assassination
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         <span style="font-style:italic">
          is a travesty, whether you agreed with his views or not. We had just been texting over the weekend. He was an unusual political activist: forceful and committed to his views, but uniquely open to hearing opposing perspectives — and even seeking them out, not only to better understand them but even to shift his own opinion.
         </span>
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         <span style="font-style:italic">
          We had a number of thoughtful debates. Kirk sent me a note on Sunday about the way he thought the “mainstream media” was underplaying the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          murder of a Ukrainian refugee
         </a>
         <span style="font-style:italic">
          in North Carolina. We went back and forth about it, and while he probably saw me as part of the mainstream media, it was a genuinely respectful dialogue. His appeal to many young people through social media makes his death a profound blow to a generation of his followers.
         </span>
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          There is a much bigger issue we need to confront as a nation: the rising level of targeted violence, whether against politicians like President Trump, corporate figures like the president of UnitedHealthcare or N.F.L. employees who may have been the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          intended victims of the Midtown Manhattan shooter
         </a>
         <span style="font-style:italic">
          this summer.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          All these attacks may seem unrelated, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          political and other targeted violence in America
         </a>
         <span style="font-style:italic">
          cannot be ignored. Something feels different about this moment — about the normalization of violence in our culture. The question is how to solve it. We often write about leadership in this newsletter; right now, we could use more of it. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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            <img alt="Larry Ellison, the co-founder of Oracle, is seen seated, wearing a dark suit and scarlet tie." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F11%252Fmultimedia%252F11db-ellison-lhkt%252F11db-ellison-lhkt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTc1OTI3NzAuOTM4MTY0fQ:1uwgAU:GKDJ55LimZLJRL-LQl2TQitwv0cG9cmS9wgIr9NMA1U" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Move over, Elon Musk: Oracle’s Larry Ellison briefly overtook him as world’s richest man yesterday.
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             Evan Vucci/Associated Press
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          A.I. oracle
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         <span>
          Shares in Oracle are climbing again in premarket trading this morning. The tech giant, which went public in the floppy-disk era of the 1980s, is nearing the trillion-dollar-valuation club on investor hopes that it’s the next darling of the A.I. trade.
         </span>
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         <span>
          The stock is on a tear, briefly crowning its 81-year-old co-founder, Larry Ellison, the world’s richest person yesterday. But some are wondering whether Oracle can sustain that investor exuberance.
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          How did this happen?
         </span>
         <span>
          Several analysts upgraded their views on Oracle after the company delivered a blowout outlook on Tuesday, saying it was poised to lock down
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hundreds of billions of dollars’ worth of contracts
         </a>
         <span>
          from customers of its artificial-intelligence infrastructure and cloud services.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI has signed one such deal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for roughly $300 billion
         </a>
         <span>
          , The Times reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The success of Oracle’s A.I. push surprised Wall Street.
         </span>
         <span>
          Typically, good news from one A.I. bellwether tends to lift others in the sector, but Oracle was in a league of its own yesterday. “It’s almost as if nobody believes anyone benefits besides Oracle,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jim Cramer
         </a>
         <span>
          of CNBC wrote on X.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Safra Catz, Oracle’s C.E.O., told analysts that its cloud infrastructure business would grow from $18 billion this fiscal year to $144 billion in four years. That would make company’s business comparable to that of its biggest rivals Amazon, Microsoft and Google.
         </span>
        </p>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But shares of most stocks in the Magnificent 7 group of A.I. behemoths actually fell in trading yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Is this a sign that investors’ fervor for A.I. is ebbing?
         </span>
         <span>
          Few on Wall Street are calling an end to the A.I. rally, but sky-high valuations are drawing tougher scrutiny.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Heading into this week’s earnings call, there were questions about how much Oracle’s expansion beyond its core database software business into A.I. infrastructure would dent its bottom line. Those concerns faded once the company delivered a “historic” outlook for the booking of new contracts, Tyler Radke, an analyst at Citigroup, wrote in an investor note yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oracle’s good fortunes are great for Ellison.
         </span>
         <span>
          He saw his net worth balloon by roughly $90 billion yesterday alone. (To put that in perspective, Paramount Global, the media conglomerate acquired by Ellison’s son, David, has a market capitalization of about $16 billion.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Ellison was a tick below his close friend, Elon Musk, on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg Billionaires Index
         </a>
         <span>
          . The wealth of Ellison, who has a roughly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          41 percent stake in Oracle
         </a>
         <span>
          , is closely tied to the company’s success.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the diverging share performance of Tesla and Oracle." class="css-xsf469" height="540" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F11%252Fbusiness%252F11db-chart%252F11db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTc1OTI3NzAuOTM4ODUyOH0:1uwgAU:4gKpfE7uxgxeiH_WQ1n47unVcctLvHScgy4PzmAcp8g" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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          </tr>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A Trump ally for the Fed moves a step closer to confirmation.
         </span>
         <span>
          The Senate Banking Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          advanced the nomination
         </a>
         <span>
          of Stephen Miran, a close economic adviser to President Trump, to a vote by the full chamber. That puts Miran nearer to taking a seat on the central bank’s Board of Governors in time for its rate-setting meeting next week, despite concerns that he is too close to the White House.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mexico plans 50 percent tariffs on Chinese car imports.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The move was
         </a>
         <span>
          buried in a list of proposed taxes the president sent to lawmakers. It comes as Mexico seeks to curry favor with the U.S., its most important trading partner, despite also being one of the biggest buyers for Chinese vehicles. In other trade news, officials in Japan and South Korea are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          feeling political heat
         </a>
         <span>
          over U.S. trade agreements.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          CBS News may give the commentator Bari Weiss an expansive role.
         </span>
         <span>
          Weiss may become editor in chief or co-president of the network
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as part of a potential deal
         </a>
         <span>
          to sell her Free Press media outlet to CBS News’s parent, Paramount Skydance, according to The Times. The discussions underscore how Paramount’s new owner, David Ellison, is moving to reshape its news division as the media sector faces pressure from the Trump administration.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Another boost for the I.P.O. market
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What a difference a few months makes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In April, the online payment processor Klarna paused its efforts to go public amid tariff-related shocks to the stock markets. Yesterday, on its stock’s first day of trading, the company saw its shares leap more than 14 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That should be good news for Klarna’s backers — and for the underwriters and public-market investors rooting for a comeback of the I.P.O. market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The I.P.O., by the numbers:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Klarna’s shares closed yesterday at $45.82, above the $40 at which it priced its I.P.O. That surpassed the $35-to-$37 per share the company had proposed in its prospectus.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Klarna, a 20-year-old company, is now valued at more than $17 billion. That’s more than it projected in its regulatory filings this month but still far below the $45 billion valuation it fetched in a 2021 fund-raising round led by SoftBank, which it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                slashed by 85 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the following year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Klarna raised $200 million for itself from the I.P.O., while selling shareholders — including the investment firms Sequoia, Silver Lake and Mubadala — reaped $1.1 billion.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Among the big winners:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anders Holch Povlsen
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a Danish clothing magnate who invested in Klarna in 2017 and now sits on a stake valued around $1.4 billion. He made an additional $250 million by selling shares in the I.P.O.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sequoia, one of Klarna’s earliest investors, which invested nearly $500 million in the company, earned $85 million from stock sales and still owns a stake valued at nearly $3.5 billion. (Mike Moritz, who was a rainmaker at Sequoia for years and who is on Klarna’s board, was on hand for the company’s ringing of the opening bell at the N.Y.S.E. yesterday, a rare move for him.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Atomico, the first European venture backer of Klarna, which first invested in the company 13 years ago.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Klarna’s success is the latest sign of a resurgence in I.P.O.s.
         </span>
         <span>
          About 144 offerings have been priced in the U.S. so far this year, up 53 percent year-on-year — and double the lows of 2022. Many of the biggest names that have gone public, including the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          design software maker Figma
         </a>
         <span>
          and the stablecoin issuer Circle, enjoyed triple-digit percentage-point pops in their first day of trading.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Klarna’s stock didn’t run as high, which may be a good thing in the longer term for those who bought in right after the I.P.O.; Circle’s and Figma’s shares are both trading well below their first-day prices.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Was it grace, or was it recklessness? In retrospect, I think it was recklessness.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Kamala Harris
         </a>
         <span style="font-style:italic">
          , in an excerpt from her forthcoming memoir, on Democrats’ deferring to Joe Biden on whether he should run for re-election. Harris adds that she believed Biden aides failed to defend her against right-wing attacks and helped fuel negative narratives: “Indeed, it seemed as if they decided I should be knocked down a little bit more.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Inflation watch
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump was quick to take
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a victory lap
         </a>
         <span>
          after the release of yesterday’s tepid Producer Price Index report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors welcomed the data, which showed that wholesale prices
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          declined last month
         </a>
         <span>
          , but a bigger test arrives this morning with the release of the Consumer Price Index. That comes as Wall Street and the Fed look for evidence of whether Trump’s trade war is accelerating inflation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Most economists still think that inflation will continue to rise.
         </span>
         <span>
          Trump doesn’t agree: There’s “no inflation!!!,” he wrote on social media yesterday after the P.P.I. release.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Here’s what to watch for:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Core C.P.I., which strips out volatile food and fuel prices, is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                expected to rise 0.3 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on a monthly basis, matching last month’s jump.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                On an annualized basis, core C.P.I. is seen rising by 3.1 percent. That’s unchanged from last month and still well above the Fed’s 2 percent target.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Analysts will watch for signs that tariffs are driving up the prices of crucial categories including food (especially beef), new and used cars, household furnishings and airline fares.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Some good news: Shelter inflation, which applies to rents and the costs of owning a home — a significant portion of a household’s budget — has climbed in recent years but should continue to show just moderate gains.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Today’s release will be the final significant data point to come out before next week’s Fed meeting.
         </span>
         <span>
          The central bank is widely expected to make its first rate cut in nine months, something Trump has loudly demanded.
         </span>
        </p>
        <table width="100%">
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           </td>
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            <span>
             THE SPEED READ
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                buy control of Starbucks’s China operations
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                . (Reuters)
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                Physical Intelligence
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                valued at in November
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                . (The Information, NYT)
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                “
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                After Israeli Strike on Qatari Soil” (NYT)
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                slowdown of U.S. population growth
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                in the coming decades, the Congressional Budget Office forecasts. (WSJ)
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