Inboxes

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: Inflation comes for the housing market
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   @media (max-width:480px){.css-c5n1m4{padding:20px 0 15px!important}}@media (max-width:480px){.css-p8oerp{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-1ytstr3{padding-bottom:6px!important}}@media (max-width:480px){.css-u9v36b{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-kf37zi{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:600px){.css-16mzoch{width:100%!important;height:auto!important}}@media (max-width:480px){.css-1ux4czy{padding-bottom:0!important}}@media (max-width:480px){.css-9m6grc{padding-left:30px!important}}.css-13ccda7:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-13ccda7:hover{border-bottom:none!important}.css-irp95o:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-irp95o{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-aqjl7v:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-aqjl7v{display:inline-block!important}}.css-76jd1b:hover{-webkit-text-decoration:none!important;text-decoration:none!important}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252Fm7s539Z1i8k8VQ_M8CzFtw~~%252FAAAAAQA~%252FRgRn-6YBPVcDbnl0QgpmEAEhGWZG4mDZUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MTI5MjI4ODMuNzI0MzAyNX0:1rvFUR:ecYdRquZQzOCq0AfxOjOuBc0d7kimQ_zDYMQN9ONL_U" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, what’s next for regulators and A.I.?
  </div>
  <div>
   <!--[if mso | IE]>
      <table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
        <tr>
          <td>
    <![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td align="center" style="padding:15px 0 5px;text-align:center;width:100%" width="100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr>
               <td>
                <span style="width:100%;text-align:center">
                 <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
                  <tbody>
                   <tr>
                    <td colspan="2">
                     <a rel="noopener noreferrer nofollow">
                      <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI0OTg5NH0:1rvFUR:KWqZg2DWhGlb2pcgX6UIWfUe3B521LsNgcU-fjEBd3M" style="width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td style="height:10px">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td align="center" class="css-c5n1m4" style="padding:19px 0 20px;width:100%;text-align:center" width="100%">
            <div style="margin-bottom:15px">
             <a title="DealBook">
              <img alt="DealBook" class="css-p8oerp" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTI5MjI4ODMuNzI1MzkzOH0:1rvFUR:panWpi7cS6dPwCNjtWfZdipPWMzJnwP1TDBQ56OkAfY" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             April 12, 2024
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. Just in: JPMorgan Chase and Wells Fargo report better-than-expected revenue for the last quarter. Shares in JPMorgan fell in premarket trading, however, as its forecast on net interest income, an important gauge of growth, came in below Wall Street expectations. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
         </a>
         <span style="font-style:italic">
          )
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td>
            <img alt="A “sold” sign sits in front of a home under construction." class="css-1ytstr3" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F04%252F12%252Fmultimedia%252F12db-housing-phbt%252F12db-housing-phbt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTI5MjI4ODMuNzI1NjA2NH0:1rvFUR:fa_Kkzz-3Za3CvUhYpnsiL57atwmzJLdtZUYIHQ1Xw4" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
           </td>
          </tr>
          <tr>
           <td align="left" class="css-u9v36b" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px" width="100%">
            <span style="color:#666;font:normal 14px georgia,serif">
             Mortgage rates and housing prices are climbing again, a market dynamic that could bring strong economic headwinds during election season.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Matt Rourke/Associated Press
            </span>
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Housing gloom
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The higher-for-longer inflation predicament has hit the U.S. housing market like a thunderbolt. Home prices and mortgage rates are climbing again, dashing hopes that financing costs would fall this year and adding another economic question that could hang over the presidential election campaign.
         </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">
          More economists are paring their bets that the Fed will cut rates
         </span>
         <span>
          after the latest Consumer Price Index report.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Yesterday, Goldman Sachs forecast two rate cuts (instead of three) this year; Bank of America and Deutsche Bank
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shifted from two cuts to one
         </a>
         <span>
          . They all argue that sticky inflation will force the Fed to keep borrowing costs higher for longer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That would leave open the possibility that the Fed’s prime lending rates stays at, or close to, 5.5 percent, the highest in decades, through the spring and summer house-buying season. “March inflation figures were very bad, which also means bad news for interest rates,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lawrence Yun
         </a>
         <span>
          , an economist at the National Association of Realtors, said after the C.P.I. report.
         </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">
          Housing volatility typifies the paradoxical U.S. economy.
         </span>
         <span>
          The country is growing faster than many peers, but voters are zeroing in on inflation to explain their disapproval of President Biden’s handling of the economy. (Some DealBook readers in recent days have emailed to say that they’re strongly feeling the pain of housing inflation.)
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI1ODgzMn0:1rvFUR:OCqocXgkDqZO8lGAvBW7dPwZ6v8w2Wse33DrUIbdu-s" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </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">
          Biden is aware of the affordability problem.
         </span>
         <span>
          In the State of the Union address last month, he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposed
         </a>
         <span>
          $10,000 tax credits for first-time buyers and for homeowners who sell their “starter homes.” Also, a 6 percent agent’s commission fee — one of the world’s highest — is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          likely to go away
         </a>
         <span>
          after a landmark legal settlement.
         </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">
          Still, house prices are chugging higher
         </span>
         <span>
          . A dearth of new homes and a surge in demand for a more spacious dwelling that fits a work-from-home lifestyle have pushed the average price of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new home to $485,000
         </a>
         <span>
          — up from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $357,000 in 2021
         </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">
          Mortgage rates are climbing too.
         </span>
         <span>
          The average 30-year mortgage rate rose to roughly 6.9 percent this week,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Freddie Mac
         </a>
         <span>
          . That’s down slightly from highs reached last fall. But the rate on one of the most popular mortgages has nearly doubled in the past two years, a jump that coincides with the Fed’s aggressive effort to tamp down inflation.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="" class="css-16mzoch" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F04%252F12%252Fbusiness%252F12db-mortgages%252F12db-mortgages-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTI5MjI4ODMuNzI2MDc0N30:1rvFUR:eQ-CTbthHc8eCGfCBINxF9LoB1MohnmIpBZJQrPo04Q" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:15px;padding-bottom:30px;line-height:0" width="500"/>
           </td>
          </tr>
         </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">
          Watch the yield on 10-year Treasury notes.
         </span>
         <span>
          They have spiked again in recent weeks as Wall Street figures the Fed will keep rates elevated. Mortgage rates — plus rates on many types of consumer loans — tend to tick higher as yields climb.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2MjQxNH0:1rvFUR:HS3RioDiOpRkIJ1cv11Wp3e7QOzM9cZ6WK1MrGU49W8" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <tr>
           <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>
          </tr>
         </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">
          China is reportedly phasing American chips out of its telecoms system.
         </span>
         <span>
          The move is expected to focus on core chips embedded in infrastructure, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Wall Street Journal
         </a>
         <span>
          , and would hit Intel and Advanced Micro Devices hard. Beijing is also said to be weighing phasing out U.S. chips from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          government computers and servers
         </a>
         <span>
          , as part of a tit-for-tat trade war.
         </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">
          Regulators are reportedly investigating Morgan Stanley’s wealth management unit.
         </span>
         <span>
          Shares in the bank
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          fell more than 5 percent yesterday following a report in The Wall Street Journal that said multiple agencies, including the S.E.C. and the Treasury Department, were examining how it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vetted clients
         </a>
         <span>
          who were potential money-laundering risks. The Fed is said to be investigating the bank over a similar matter.
         </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">
          Apple reportedly plans to overhaul its Mac computers with speedy A.I. chips.
         </span>
         <span>
          The tech giant is working on new M4 processors designed to make the devices more adept at handling artificial intelligence,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg reports
         </a>
         <span>
          . The stock jumped on the news as investors hoped the update would boost Apple’s flagging personal computer business.
         </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">
          Taylor Swift songs return to TikTok.
         </span>
         <span>
          The megastar’s songs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have reappeared
         </a>
         <span>
          on the short-video app in recent days, ahead of the release of her new album next week. Swift is the only Universal Music artist whose tracks are on TikTok after the company pulled its content off the platform because of a fight over royalties.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2MzU5MX0:1rvFUR:p-tJs-EDRzokhZU9-tbI8A0zauZusKjcr90PxAkEWQc" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Europe signals a new target in A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As billions pour into artificial intelligence, Big Tech has been the primary beneficiary, measured in booming stock prices and partnerships with the start-ups leading the sector. But a fight is brewing over who controls the most transformative technology since the internet, and regulators are signaling they’re watching closely.
         </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">
          Europe’s top tech regulator reiterated that stance.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Margrethe Vestager
         </a>
         <span>
          , the European Commission’s executive vice president, told Bloomberg yesterday that antitrust officials were examining Big Tech’s A.I. investments. This new frontier, she said, needed to be “competitive.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The relationships are as much about money as they are about giving the start-ups access to Big Tech’s computing power and to data to train their large language models.
         </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 E.U.’s preliminary investigation into Microsoft’s $13 billion backing of OpenAI would wrap up soon, Vestager said.
         </span>
         <span>
          The tech giant has also invested in Mistral, a French A.I. start-up, and hired most of the team behind Inflection AI, including its founder
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mustafa Suleyman
         </a>
         <span>
          to run Microsoft’s consumer A.I. business.
         </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">
          Other American tech giants are spending big, too.
         </span>
         <span>
          Alphabet has invested $2 billion in the start-up Anthropic; its in-house A.I. unit DeepMind is also an industry leader. Amazon also has backed Anthropic, to the tune of $4 billion, and the chipmaker Nvidia has invested in dozens of start-ups, including Cohere.
         </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">
          U.S. regulators are looking at the overlapping interests and directors.
         </span>
         <span>
          The Justice Department is monitoring whether A.I. companies that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          share executives or directors
         </a>
         <span>
          are violating antitrust laws.
         </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">
          European officials and companies are worried about American dominance.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mistral
         </a>
         <span>
          was founded by a trio of former Google and Meta staffers, and is heavily backed by the French government, which views it as a European champion. Arthur Mensch, Mistral’s C.E.O., calls it an imminent threat that tech giants like Microsoft and Google could decide global standards. “These models are producing content and shaping our cultural understanding of the world,” he told The Times. “And as it turns out, the values of France and the values of the United States differ in subtle but important ways.”
         </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">
          Are A.I. chips the next area to come under scrutiny?
         </span>
         <span>
          The
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Amazon C.E.O. Andy Jassy noted in his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          annual letter to shareholders
         </a>
         <span>
          yesterday that customers were looking for alternatives to Nvidia, which dominates the sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Vestager refused to say whether the E.U. would investigate Nvidia next. But when asked if she worried about its chip dominance and whether it was a case of watch-this-space, Vestager responded: “Exactly.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Technically I did steal from him. It’s all over for me.”
         </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">
          Ippei Mizuhara
         </a>
         <span style="font-style:italic">
          . The interpreter for Shohei Ohtani has been charged with stealing $16 million from the baseball star to fuel a gambling addiction.
         </span>
         <span>
         </span>
         <span style="font-style:italic">
          Prosecutors say they have obtained texts that implicate Mizuhara in the “massive” fraud. One
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          reads
         </a>
         <span style="font-style:italic">
          : “I’m terrible at this sport betting thing huh? Lol.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The F.T.C. is set to move on noncompetes
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The F.T.C. is expected to finalize new rules on noncompete agreements this month, in a move that’s set to to spur a wave of litigation from companies worried the changes will drive up costs and reveal their trade secrets.
         </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 agency says noncompetes drive down wages and harm innovation.
         </span>
         <span>
          “You’re not really free if you don’t have the right to switch jobs or choose what to do with your labor,” the F.T.C.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          chair Lina Khan
         </a>
         <span>
          wrote in The Times last year. The agency says that such clauses apply to about a fifth of all workers and banning them could add nearly $300 billion to wages. California, Minnesota, Nebraska, North Dakota and Oklahoma have already banned the practice.
         </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">
          Use of noncompetes has exploded in recent decades.
         </span>
         <span>
          Advocates say they help businesses safeguard customer data and intellectual property, particularly for senior executives who join rival firms. Critics counter that they are also being applied to low-wage workers with little or no access to sensitive information and compromise their ability to change employers.
         </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 F.T.C. is under pressure to act quickly
         </span>
         <span>
          . It’s not clear whether the final law will be the total ban that was proposed last year. An F.T.C. spokesman declined to comment on the timing or substance of a final rule.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But any changes could be killed if Republicans win control of the Senate, House and White House under the Congressional Review Act. A rule reversal under the C.R.A. is rare but definitive and would bar the agency from trying to enact it again.
         </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 Chamber of Commerce plans to sue regardless.
         </span>
         <span>
          The group
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          says the proposal is too sweeping and the F.T.C. isn’t authorized to act on noncompetes. It plans to go to court even if the final version is narrower, to prevent a perceived regulatory power grab. “It doesn’t really matter what they finalize the rule to say,” Sean Heather, the chamber’s regulatory affairs expert, told an American Bar Association conference 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">
          Businesses have already helped kill a proposed state ban in New York.
         </span>
         <span>
          Gov. Kathy Hochul, a Democrat, vetoed a bill in December
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          after banks and big businesses
         </a>
         <span>
          that rely on the agreements pushed back. Hochul said the ban went too far.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <tr>
           <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>
              THE SPEED READ
             </span>
            </h3>
           </td>
          </tr>
         </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">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Cathie Wood’s Ark Venture Fund has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                taken a stake in OpenAI
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , saying the start-up is ushering in “a Cambrian explosion in artificial intelligence capability.” (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “KKR co-CEOs predict
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                revival in global IPO and takeover activity
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ” (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Salaries for bankers and traders are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                booming in India
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                as the country looks set to become a force in global finance. (Bloomberg)
               </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">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Mike Johnson, the House speaker, is set to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                travel to Mar-a-Lago today
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                to meet with Donald Trump to shore up party support as the threat of Johnson’s ouster looms. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “US airlines ask the Biden administration not to approve
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                additional flights between the US and China
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ” (AP)
               </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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Oakland plans to rename its airport “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                San Francisco Bay Oakland International Airport
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ” — and officials in San Francisco aren’t happy. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                William D. Cohan’s latest on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Leon Black
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the former Apollo executive and associate of Jeffrey Epstein, includes a candid interview about his longtime affair and the legal fight that followed. (Puck)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </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">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2NDY2fQ:1rvFUR:ufd9vS4WOvVHIB2iFc7ON52ZyePZnXlwC_1dqhDVlKc" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2NTg2Nn0:1rvFUR:yRn_hgQ1ZFjvJKH86BL673yz_gT2TswDN-70NlUNKAc" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2Njk3NH0:1rvFUR:hAUblZ6pf5Ixzh45b-hj8N9fE4gY8gjNoIdlEpDLlnU" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2ODIxNH0:1rvFUR:WjdaiYR0P96c_AnRwNSApprJIHLIClk1qH5IYbaNCnw" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240412%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTI5MjI4ODMuNzI2OTQ0fQ:1rvFUR:o5P6NF7wZ-goDrJiG640zl3EZhnMkWsutnTAjF5tMn4" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ravi Mattu
            </a>
            <span>
             , Managing Editor, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @ravmattu
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span>
             , Reporter, Washington D.C.
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @el72champs
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             . To opt out of updates and offers sent from The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              submit a request
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
             <a class="css-irp95o" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-aqjl7v" style="-webkit-text-decoration:underline;display:none;text-decoration:none;color:#286ed0">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a>
                 <img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTI5MjI4ODMuNzI3MDc0NH0:1rvFUR:3M6zfPynQwizH5tLP_DSPUizOp8EWrx39BZj6KcepzI" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666;line-height:20px">
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Change Your Email
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Privacy Policy
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#666;line-height:0">
             <img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTI5MjI4ODMuNzI3MTg1NX0:1rvFUR:nzmTDTil6wRnADZGKnlZwVETxuDx2HIjesFsA2zDWRk" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTI5MjI4ODMuNzI3Mjg0N30:1rvFUR:Pi420Pe0Cq7jenhcWwubCb0KC1Bk5x631Zn1k0Y505A" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#999">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]>
      </td>
    </tr>
  </table>
  <![endif]-->
  </div>
  <script>
   window&&window.parent.window!==window&&function(){const e=document;for(var t=e.querySelectorAll("a"),r=0;r<t.length;r++)t[r].onclick=function(e){e.preventDefault()},t[r].style.cursor="default";(e.referrer.match(new RegExp("https://(.*?).nytimes.com"))||e.referrer.match("https://nytimes.com"))&&window.parent.postMessage({tableHeight:e.querySelector("table").scrollHeight},e.referrer)}()
  </script>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FsodHdR3IHMMMB1twEWCIDA~~%252FAAAAAQA~%252FRgRn-6YBPlcDbnl0QgpmEAEhGWZG4mDZUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MTI5MjI4ODMuNzI3Mzk2N30:1rvFUR:RAmoVusbkCxiayhKj8nt-x8l2RhIOtRfQO5ZTp97Wsg" width="1"/>
 </body>
</html>