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DealBook: Reason for hope?
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June 11, 2025
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Good morning. Andrew here. We are hearing that the trade talks with China may be bearing fruit — or at least aren’t at an impasse. We’ve heard positive spin before, so we will wait to hear whether both sides say the same thing before any sort of victory can be declared.
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We’re also watching key C.P.I. data this morning. And we’re examining new challenges to the latest trend in finance: funds sponsored by private equity that target retail investors. Good luck! (Was this newsletter forwarded to you?
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Treasury Secretary Scott Bessent and other U.S. negotiators say they’ve made progress in trade talks with China.
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Toby Melville/Reuters
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But will Trump and Xi approve?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For the second time in recent weeks, U.S. negotiators are hailing a truce in the Trump administration’s trade clash with China after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
marathon talks in London
</a>
<span>
wrapped up yesterday.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, jittery business leaders and investors have plenty of questions: What’s been gained? (The full details haven’t been released). Did the talks break new ground, or is this just a reset to what was agreed at the last meeting, in Switzerland? Perhaps most important, will this détente hold — and result in more deals?
</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 latest:
</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">
Commerce Secretary Howard Lutnick, one of the U.S. negotiators, said progress was made in getting Beijing to relax export controls on vital rare earth minerals. “We do absolutely expect that the topic” will be resolved, he told reporters. (Hours later, a major Chinese rare earths magnet producer said it had received approval to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
begin some exports
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including to the United States.)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Lutnick added that some of the retaliatory trade measures that Washington had imposed on Beijing would be dialed back “in a balanced way.”
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
President Trump and Xi Jinping, China’s leader, will now be briefed on the discussions: “Once the presidents approve it, we will then seek to implement it,” Lutnick said.
</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">
Is a breakthrough possible?
</span>
<span>
Both countries face challenges. The trade war has already begun to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
affect China’s exports
</a>
<span>
, while a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
variety of American industries
</a>
<span>
have been hit hard by the rare earth export limits.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And fears are growing that the longer tariffs remain in place, the higher the risk of inflation accelerating (more on that below) and growth being hobbled. The World Bank has projected a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rapidly slowing global economy
</a>
<span>
amid the trade fight, and Bloomberg reports this morning that some Hong Kong pension fund managers could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sell their Treasuries holdings
</a>
<span>
if the U.S. credit rating deteriorates further.
</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">
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<tr>
<td height="20">
</td>
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</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">
There’s plenty of reason for caution.
</span>
<span>
A reminder: At the conclusion of last month’s talks, Treasury Secretary Scott Bessent, one of the chief U.S. negotiators, said “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
substantial progress
</a>
<span>
” had been made in the negotiations. That momentum quickly faded after both sides
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
accused each other
</a>
<span>
of violating the terms of that agreement.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Among those likely to stay cautious amid the uncertainty is the Fed. The futures market this morning was pricing in just one rate cut this year, down from nearly four in April.
</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 there other trade deals in the pipeline?
</span>
<span>
The U.S. and Mexico are reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
close to a deal
</a>
<span>
to cap some of the tariffs placed on Mexican steel imports, according to Bloomberg. Separately, talks between Brussels and Washington are said to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
moving slower than expected
</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">
A federal appeals court yesterday
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
granted the Trump administration’s request
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to keep in place its far-reaching reciprocal tariffs, and set a July 31 date for arguments.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Congress moves closer to passing major crypto legislation.
</span>
<span>
The GENIUS Act, a stablecoin bill that has the Trump administration’s support, is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
up for a key procedural vote
</a>
<span>
in the Senate as soon as today. That comes as the CLARITY Act, another crypto-focused bill,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cleared a similar hurdle
</a>
<span>
in the House, helping drive a rally in digital assets this morning.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</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">
Mike Bloomberg endorses Andrew Cuomo for New York City mayor.
</span>
<span>
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
billionaire former mayor called
</a>
<span>
Cuomo a “candidate whose management experience and government know-how stand above the others.” A prominent donor to Democratic candidates and causes, Bloomberg had been reluctant to endorse mayoral candidates at the primary level. A Democratic primary vote — in which Cuomo faces strong competition from Zohran Mamdani, a democratic socialist — is set for June 24.
</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">
Scott Bessent emerges as a potential Fed chair.
</span>
<span>
Advisers have been pushing the White House
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to tap Bessent
</a>
<span>
, the Treasury secretary, to succeed Jay Powell as the central bank’s leader when his term ends next year, according to Bloomberg. That could put him up against Kevin Warsh, a former Fed official long considered a front-runner for the post; President Trump said last week that he would name a successor to Powell “very soon.”
</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">
Medicare could be spared major cuts, Republican senators suggest.
</span>
<span>
They appear to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
backing away from significant changes
</a>
<span>
to the program as they hunt for savings to prepare Republicans’ domestic policy bill, key to Trump’s domestic agenda, for a wider vote. But 38 House Republicans have warned Senator John Thune, the majority leader, that they want to see “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
enforceable spending reductions
</a>
<span>
” to match any new tax cut pledges.
</span>
</p>
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</td>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
An exception to inflation
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
New inflation data from the Bureau of Labor Statistics this morning will be the latest test of how quickly, and by how much, President Trump’s trade war is bolstering consumer prices. Economists have warned that a lull in recent months is likely to give way to a surge, though it might still take several more months for the full fallout to appear in the data.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But there’s one area where Trump’s policies have contributed to a dip in prices: airfares, Danielle Kaye writes.
</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">
Airline prices have fallen for three consecutive months.
</span>
<span>
In April, fares fell 2.8 percent from the previous month —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the biggest drop of any category
</a>
<span>
within the Consumer Price Index that month. The decline is partly a result of sluggish demand; economic anxiety and concern about tariff-driven price increases have prompted many Americans to rethink their travel plans.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“It’s certainly the tariffs and the uncertainty of the larger economic environment,” Henry Harteveldt, a travel industry analyst at Atmosphere Research Group, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He added that Americans’ concerns about job security were also playing a role: Consumers whose household incomes are below $150,000 are being hit particularly hard, and are the most prone to pulling back on travel plans.
</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">
“This is not recessionary by any means, but a little more caution,”
</span>
<span>
Samuel Tombs, the chief U.S. economist at Pantheon Macroeconomics, told DealBook. He pointed to falling hotel room prices as another sign of a drop-off in tourism.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
International travelers are wary, too. Fear of detentions at the border and deportations are most likely contributing to an “elevated level of anxiety” among foreigners who might otherwise travel to the country, said Torsten Slok, the chief economist at Apollo Global Management.
</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">
Soft airfares can offset some inflation.
</span>
<span>
But their relatively small weight in the broader C.P.I. index means the dip probably won’t have a meaningful effect on overall inflation rates, Slok said. Economists largely expect prices to inch higher over the next six months.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Pantheon analysts predict that a modest 0.5 percent uptick in airfares took place in May. But Tombs said they could fall again if tariff-fueled price increases arrive in earnest later this summer.
</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">
Airlines have been reeling.
</span>
<span>
As Trump began his trade war, Delta Air Lines, Southwest Airlines and American Airlines all
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
downgraded their revenue forecasts
</a>
<span>
for the first quarter.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<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="Elon Musk bows his head while holding a microphone." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F11%252Fmultimedia%252F11db-musk-qtlj%252F11db-musk-qtlj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDk2NDMzMzIuNjQxMzk1OH0:1uPK9k:MlI5xBwK8pKMKSr3tCLIdaVNXJtkZ3hzpUqL1Wg2XHI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Elon Musk, in a more pensive moment.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Jim Vondruska 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>
“I regret some of my posts about President @realDonaldTrump last week. They went too far.”
</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">
Elon Musk
</a>
<span style="font-style:italic">
on X. The billionaire appears to be continuing to back down from his explosive flame war with President Trump last week, in which he claimed credit for getting the president re-elected and suggested that Trump was in files related to Jeffrey Epstein. Supporters of Musk’s businesses have worried about potential retribution from the Trump administration.
</span>
</p>
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<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Warning signs grow for private funds
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The hottest pitch among big institutional investors in recent years has been retail: opening up the world of sophisticated private equity, debt and real estate investing to individual investors, with the promise of better returns than public markets.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But new reports underscore the potential risks — just as one of the oldest and most sophisticated investors in the industry is trying to pare back its exposure.
</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">
Private market funds have been underperforming,
</span>
<span>
according to State Street’s latest private equity index, The Financial Times reports.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The index
</a>
<span>
, which tracks cash flows from private equity, private debt and venture capital funds, returned 7.08 percent last year, versus the S&P 500’s total return of 25 percent.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
This was no blip. The public stock index has bested the State Street index every year since 2022, The F.T. notes.
</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">
That adds to the risks of retail investors jumping into private funds,
</span>
<span>
according to a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
new report by Moody’s
</a>
<span>
. Unlike traditional funds, which ask for money from their investors only when it’s needed, vehicles aimed at individual investors are already holding huge sums of cash, potentially driving their managers to rush into deals to put that money to work.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Moreover, individual investors probably aren’t prepared for the increased risks that come with investing in private equity or debt, as well as other features of these funds, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
opaque ways of valuing their assets
</a>
<span>
and limits on withdrawals. That could lead to problems for the industry,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Moody’s analysts write
</a>
<span>
:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
If that happens, and consumers are hurt, this could lead to reputation loss, heightened regulatory scrutiny and higher costs. In addition, any misalignment of liabilities and assets can jump to the surface during times of market stress — with systemic implications when this stress spreads across multiple funds with similar strategies. In such a situation, there would be more limited liquidity access across the system — further hurting asset prices.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Meanwhile, Yale is trying to shed up to $6 billion worth of stakes in private funds,
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Times reports
</a>
<span>
. That’s driven in part by uncertainty over federal grants under the Trump administration. But Yale (and other universities and endowments) have also been stung by investment firms’ struggles to sell their holdings, yielding cash for their backers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A representative for the Yale endowment told The Times that the school remained committed in the long term to private equity. But it may be telling that while Wall Street is courting Main Street to buy in, the university — which was among the first schools to bet heavily on the industry — is seeking to step back, at least for now.
</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>
THE SPEED READ
</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">
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-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">
Disney’s Bob Iger says the entertainment giant
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
is unlikely
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to follow moves by Comcast and Warner Bros. Discovery in separating content, streaming and television channel businesses. (CNBC)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Brown & Brown agreed to buy rival Accession Risk Management 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 $9.8 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in a sign of further consolidation among insurance brokerages. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Blackstone’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">
Steve Schwarzman
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
said that his firm planned to invest $500 billion in Europe over the next decade. (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">
Politics, policy and regulation
</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">
A proposed tax on some foreign investors’ U.S. holdings included in the House’s domestic policy bill,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
known as Section 899
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, is getting pushback in the Senate amid opposition from Wall Street
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
and conservatives
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Bloomberg, Cato Institute)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Who will run the so-called Department of Government Efficiency
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
now that Elon Musk and his close adviser, Steve Davis, have left? (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">
“U.S. Agencies Tracked
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Foreigners Traveling to See Musk
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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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>
</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">
“What might
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
help Pope Leo fix troubled Vatican finances?
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
His American-ness.” (America Magazine)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Mark Guiducci
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, Vogue’s 36-year-old creative director, has been named Vanity Fair’s top editor. (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">
X, Musk’s social network, has reportedly adopted a strategy for winning back advertisers:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
threatening to sue them
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WSJ)
</span>
</li>
</ul>
</td>
</tr>
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Thanks for reading! We’ll see you tomorrow.
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;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>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;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>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;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>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
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1 month, 1 week ago - nytdirect@nytimes.com
Also, investors brace for resurgent inflation.View in browser|nytimes.comJune 11, 2025Good mornin...