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   DealBook: A jobs cliffhanger
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             July 2, 2026
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          Good morning. Andrew here,
         </span>
         <span>
          wishing you a happy early Fourth of July — and, more important, a happy 250th birthday to the U.S. Yesterday, I spoke with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brad Smith
         </span>
         <span>
          , Microsoft’s president, who was en route to Medora, N.D., to speak today alongside the prominent historian
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Doris Kearns Goodwin
         </span>
         <span>
          at the grand opening of the new Theodore Roosevelt Presidential Library.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Smith has been reflecting on the country’s trajectory as part of a passion project analyzing American history through the lens of innovation. (You can
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          watch the first video in the project here
         </a>
         <span>
          ). He reminded me that progress is always messy and that we shouldn’t fall for the illusion of inevitability.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While it’s easy to look back and think that things had to turn out the way they did, they weren’t preordained. Human agency matters: History is made through hard choices by people in specific moments. That’s worth remembering.
         </span>
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          We’ll be off for the next two days and back in your inbox on Monday. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Kevin Warsh, the Fed chairman, has left investors mostly guessing about where he and the central bank stand on interest rates.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anna Rose Layden for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A tough call
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 is a tick below record territory. Oil prices are at a four-month low, and economic growth is holding up. But investors are still bracing for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          today’s jobs report
         </a>
         <span>
          from the Bureau of Labor Statistics, scheduled for 8:30 a.m. Eastern.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          An unexpectedly perky job market has delighted the White House — but it has also put the Fed and its chairman,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          , in a bind.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A hotter-than-expected report today could further pressure the central bank to raise interest rates, perhaps
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as this month
         </a>
         <span>
          , which could anger
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          .
         </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">
          What to watch for:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Economists polled by Reuters forecast that employers
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                added 110,000 jobs last month
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , below the 172,000 added in May.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The unemployment rate is expected to stay at 4.3 percent.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Workers’ hourly earnings are expected to have climbed 0.3 percent year on year.
               </span>
              </li>
             </ul>
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        <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">
          There’s little consensus about today’s report.
         </span>
         <span>
          Some see the hiring number coming in as high as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          140,000 new jobs
         </a>
         <span>
          — partly due to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a World Cup effect
         </a>
         <span>
          — while economists at Citi expect just 25,000 new jobs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The futures market today foresees one to two rate increases this year, starting in September. But “a strong report would likely move markets closer to our call for three hikes in 2026,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Shruti Mishra, an economist at Bank of America, wrote to investors this week.
         </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">
          Where does the Fed stand?
         </span>
         <span>
          At the European Central Bank’s annual conference yesterday in Sintra, Portugal, Warsh was tight-lipped on rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But he offered two insights about inflation that have left investors guessing:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                He reiterated that the Fed was focused on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bringing inflation down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , closer to its 2 percent target, a comment that initially sent stocks lower and Treasury yields higher.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                But he also said that “inflation risks have come down” in recent weeks after
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                accelerating
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                during the war with Iran.
               </span>
              </li>
             </ul>
            </td>
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        <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 White House has a glass-half-full view.
         </span>
         <span>
          It would be “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a macroeconomic mistake to raise rates
         </a>
         <span>
          ” as the economy is in the midst of a productivity boom,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Hassett
         </span>
         <span>
          , a top economic adviser to the president, said on Fox News yesterday.
         </span>
        </p>
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           <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">
          Apple is said to be shopping for chips from blacklisted Chinese producers.
         </span>
         <span>
          It is in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          early negotiations
         </a>
         <span>
          with ChangXin Memory Technologies and Yangtze Memory Technologies, two suppliers on the Pentagon’s restricted list, Bloomberg reports.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tim Cook
         </span>
         <span>
          , Apple’s departing C.E.O., has reached out to Trump administration officials to mitigate any political fallout, Bloomberg adds.
         </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 S.E.C. is reportedly investigating trades connected to Susquehanna International Group.
         </span>
         <span>
          In a court filing this week, Susquehanna, the giant financial firm, said it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost more than $70 million
         </a>
         <span>
          on a trade that involved unknown parties’ making big bets on Chinese securities firms that were subsequently targeted by Beijing. The S.E.C.’s involvement, Bloomberg reports, suggests the suspicious trading has also caught the administration’s eye.
         </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">
          Google suffers two antitrust blows in Europe.
         </span>
         <span>
          The European Court of Justice
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          upheld a 4.1 billion euro fine
         </a>
         <span>
          ($4.7 billion) on the search giant today. Yesterday, a Swedish court ordered Google to pay Klarna, the fintech company,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          close to $2 billion in damages
         </a>
         <span>
          . The European authorities are increasingly scrutinizing U.S. tech giants on competition grounds, angering 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">
          SpaceX is said to be developing a handset powered by artificial intelligence.
         </span>
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prototype of the device
         </a>
         <span>
          , which would be slimmer than an iPhone, was shown off to some investors before the I.P.O. last month for SpaceX, the rocket and A.I. company, according to The Wall Street Journal. A.I. companies, including OpenAI, have been weighing the creation of hardware to change how people interact with their models.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260702%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5OTM0NzAuNjIxMjgyfQ:1wfG3C:_XKYV-8FjzTz0HY51m-e4W7pEsoVRvAi-5hEXjDWN4s" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
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                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260702%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5OTM0NzAuNjIxNDI4N30:1wfG3C:Bivx3BBGVMsbvLX_QX_skG6vsj6Mj2uI-snO_XcFByI" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260702%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5OTM0NzAuNjIxNTM4Mn0:1wfG3C:d4344ltUzYwbe7gZs9AHATpTT3hpfWWf9IdFA1N8C4A" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A large sign displaying the Meta corporate logo outdoors." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F02%252Fmultimedia%252F02db-meta-lhjv%252F02db-meta-lhjv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5OTM0NzAuNjIxNjM0N30:1wfG3C:13syT91S44kN2brBeVZqHAWvQ4hvQ5X6j-jnOuLxTOg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Meta may be looking for a new way to make money on artificial intelligence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The costs of Meta’s potential A.I. shift
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Like other hyperscalers, Meta has committed hundreds of billions of dollars to building out massive data centers and other artificial intelligence infrastructure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But its shares popped 9 percent yesterday on a report that it was weighing whether to rent out its excess computing power or to host A.I. models that customers pay for access to.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a sign that even the wealthiest tech giants are rethinking their businesses in the A.I. race.
         </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">
          Can Meta become a provider of cloud infrastructure?
         </span>
         <span>
          Right now, the company makes most of its money by selling ads on its social media platforms, like Instagram.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The changes it’s considering,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Bloomberg
         </a>
         <span>
          , suggest it’s eyeing more enterprise-focused businesses, too.
         </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">
                One option is to sell access to A.I. models that it hosts, including its homegrown Muse family of models as well as open-source ones.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Another is to rent out “bare metal” computing power, as CoreWeave, Nebius and SpaceX already do. (Shares in CoreWeave and Nebius plunged yesterday on the Bloomberg report.)
               </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">
          Both moves carry risks and complications.
         </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">
                Hosting A.I. models presupposes that customers want what Meta is offering. The current Muse model isn’t considered bleeding-edge (though a more advanced iteration is expected to debut this year), so would companies pay? Amazon and Microsoft both offer models from Anthropic and OpenAI.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Selling computing power requires striking a balance between selling excess capacity and meeting a company’s own needs. (A complicating factor: Google is reportedly already
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                capping Meta’s access
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to its Gemini models, delaying some of Meta’s projects.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The economics of the so-called neocloud business are dicey: CoreWeave’s adjusted operating income margin
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                barely broke even
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                last quarter, though the company says that’s temporary. (Might Meta fare better? Unlike CoreWeave, it would rent out capacity it was already building instead of building it speculatively.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta would also have to recruit sales representatives and make a back end to support these offerings.
         </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 bigger picture:
         </span>
         <span>
          Meta has been aggressive in committing money to create A.I. infrastructure. But unlike the aims of Amazon or Google, its current end goal for spending so much on A.I. — better optimization for its ad business — may no longer justify its huge spending plans.
         </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">
                In other A.I. news: OpenAI is reportedly considering giving the federal government
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a 5 percent stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to The Financial Times — if other labs do the same.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump standing on the back of a train car decorated with the presidential seal. " class="css-18ei5jy" height="330" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F02%252Fmultimedia%252F02db-trump-freedom250-hwcv%252F02db-trump-freedom250-hwcv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5OTM0NzAuNjIxNzM0Nn0:1wfG3C:cxrSftb1ouogk-EIAkrZi46-ZolttdmQ_MJX00aPCSI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump arriving in a Freedom 250-themed train on Wednesday for a dedication ceremony for the Theodore Roosevelt Presidential Library in Medora, N.D.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Andrew Harnik/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Ponying up for Freedom 250
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Micron, the chip maker whose stock has soared this year, is the latest corporate giant to throw its money behind Trump accounts. The program starts July 4 and is designed to provide saving accounts for children in the U.S.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Micron chose the figure —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a $250 million investment
         </a>
         <span>
          — to honor America’s semiquincentennial anniversary. It’s the largest corporate gift to the program so far and followed pledges for matching funds by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          companies including
         </a>
         <span>
          Bank of America, BlackRock, Coinbase and Nvidia.
         </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">
          America’s milestone has inspired a slew of corporate donations.
         </span>
         <span>
          One of the biggest beneficiaries has been Freedom 250, the Trump administration organization planning many celebrations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Critics have accused Freedom 250 of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          partisan bias
         </a>
         <span>
          .
         </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">
          But that hasn’t deterred corporations.
         </span>
         <span>
          The size of the donations are private, but those giving $1 million or more were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reportedly offered
         </a>
         <span>
          invitations to a “private Freedom 250 thank you reception.”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sponsors include
         </a>
         <span>
          :
         </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">
                Chevron
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Exxon Mobil
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lockheed Martin
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mastercard
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Oracle
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Palantir
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                United Airlines
               </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">
          Many of the donors have given to multiple Trump projects,
         </span>
         <span>
          including Chevron, Mastercard and Palantir, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a recent report
         </a>
         <span>
          by Citizens for Responsibility and Ethics in Washington.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260702%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5OTM0NzAuNjIxODM3fQ:1wfG3C:qC7BvG9eVPihCieymzrNyuNl0cdUBfWQPQ6h6ZXH7vE" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
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           </td>
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        <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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Taylor Swift and Travis Kelce sitting courtside at a basketball game. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F02%252Fmultimedia%252F02db-taylor-travis-cptz%252F02db-taylor-travis-cptz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5OTM0NzAuNjIyMjEwM30:1wfG3C:hoCDdJtjwXRVuIozto_BLeY_jsIDHsImy0-BeKoYvOE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              When Taylor Swift and Travis Kelce marry at Madison Square Garden this weekend, the guest list is expected to be filled with boldface names.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gregory Shamus/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tight security for Swift and Kelce
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The world’s most famous arena” is gearing up for the world’s most-watched wedding this weekend: that of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Taylor Swift
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Travis Kelce
         </span>
         <span>
          , who are hosting their friends and family at Madison Square Garden.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Expect a tight security cordon around the Garden, including hundreds of police officers. The nuptials are casting a spotlight on the extraordinary, and increasingly expensive, ways the wealthy and famous protect their gatherings.
         </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">
          What we know about the Swift events:
         </span>
         <span>
          The couple has invited about 100 people to the Infosys Theater inside the Garden today and as many as 1,000 guests tomorrow to cocktails, a wedding and a reception in the arena,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to The Times
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A cavalcade of stars have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reportedly been invited
         </a>
         <span>
          , including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Selena Gomez
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Emma Stone
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jason Kelce
         </span>
         <span>
          (of course) and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Patrick Mahomes
         </span>
         <span>
          . But will there be a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          castle
         </a>
         <span>
          ? Will pals, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ed Sheeran
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          perform
         </a>
         <span>
          ?
         </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">
          How extensive is the security?
         </span>
         <span>
          Experts including the private security contractor Melvin Key and the luxury event planners Michelle Rago and JoAnn Gregoli spoke with The Wall Street Journal about what goes into
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          protecting the weddings of the ultrawealthy
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Key, the D.C.-based security contractor, said ultraprivate weddings could have as many as three different security teams at work. These often include private agencies as well as local law enforcement. Private security tends to recruit from the military and police forces; they also hire retired agents from Israel’s Mossad or Shin Bet, he said.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The security costs for weddings could go up to $350,000, Rago said. Gregoli said she’d worked on weddings where the security bill hit $1 million, since it required securing a venue a week ahead. Boots on the ground cost money, but so does technology like drone surveillance and devices that scramble drone signals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Another planner, Sharon Sacks, told The Journal, “We’re not just wedding planners, we’re a SWAT team.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also worth noting: The permit for an extra-large event in New York City, including street closures, can cost as much as $66,000 a day, The Times adds.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                What about protecting fortunes
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                after
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the wedding? The Times explores what a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Swift-Kelce prenuptial agreement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                might look like.
               </span>
              </li>
             </ul>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                In I.P.O. news: Shares in Bending Spoons, the Italian buyer of AOL, Vimeo and other old internet properties,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                jumped 40 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in their debut yesterday; and the fintech company Plaid is reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                weighing a public offering
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (AP, Bloomberg)
               </span>
              </li>
             </ul>
            </td>
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        </div>
        <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">
                FedEx agreed to sell a logistics unit to CMA CGM, a French shipping group,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                for $1.4 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
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        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                The Trump administration
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                declined to renew the U.S.M.C.A
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ., the North American free-trade agreement, sowing corporate uncertainty. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Republican Senate candidates are increasingly relying
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                on their own super PACs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for funding. (NYT)
               </span>
              </li>
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        <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">
          Best of the rest
         </span>
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          <tbody>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The death rate in the U.S.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                fell last year
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to a record low of 689.2 deaths per 100,000 people. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meet the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Yoto Player
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a decidedly low-tech music and audiobook player catering to parents worried about kids’ screen time. (NYT)
               </span>
              </li>
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