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: The Fed won’t say the ‘R’ word
  </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-1jpu573{padding:20px 0 15px!important}}@media (max-width:480px){.css-1nu1ipb img{width:100%!important}}.css-5nb5nb:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-13ktpoc{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-1ukdnh3{padding-top:6px!important;padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-atnqj9{font-size:normal 12px!important}}@media (max-width:480px){.css-hpkdsj{font-size:normal 11px!important}}@media (max-width:480px){.css-fd883z{height:10px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-1q4lnbl{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:600px){.css-132hdgt{font-size:17px!important;line-height:25px!important}}@media (max-width:600px){.css-1rg59gv{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-27qc8p{padding-left:30px!important}}@media (max-width:480px){.css-11scvta{line-height:25px!important}}.css-1iyjcs6:hover{border-bottom:none!important}.css-14cwm9a:hover{border-bottom:none!important}.css-1vpmr0r:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-ge16ha{display:inline-block}}@media (max-width:480px){.css-g1j07a{border-right:1px solid #dcdcdc!important;padding-right:10px!important;margin-right:10px!important}}@media (max-width:480px){.css-5zpqw8{display:inline-block!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%252FY6JUoufmHGrQam3IGW6cpQ~~%252FAAAAAQA~%252FRgRkxP7iPVcDbnl0Qgpi3uJ54mKwK8zDUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1oH29w:N7bLEmeBVdKxC-olXUqquH1yIbEyms3UCceReSHhizw" 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">
   Plus, going after gunmakers via the F.T.C.
  </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 cellpadding="0" width="100%">
         <tbody>
          <tr style="width:100%">
           <td style="padding:15px 0 5px;border-bottom:1px solid #dcdcdc;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a alt="View in browser" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a alt="The New York Times" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              nytimes.com
             </a>
            </div>
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <span style="width:100%;text-align:center">
             <table align="center" border="0" cellpadding="0" cellspacing="0">
              <tr>
               <td align="center" colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220728/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
              <tr>
               <td height="10px">
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr id="_a11y-skip-ad-marquee" style="width:100%">
           <td align="center" class="css-1jpu573 e2w5h5p0" style="border-bottom:1px solid #dcdcdc;padding:19px 0 20px;width:100%;text-align:center" width="100%">
            <div class="css-1nu1ipb e2w5h5p2" style="margin-bottom:15px">
             <a alt="DealBook">
              <img alt="DealBook" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Femail-images%252FNew_Headers%252FNYT-Headers-F-DealBook%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oH29w:_6HRvz4gL4TPTHWeAx0NvUvHbM9zuPrTryymSAoVtqk" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             July 28, 2022
            </p>
           </td>
          </tr>
          <tr>
           <td height="20" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              Good morning. (Was this newsletter forwarded to you?
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Sign up here.
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              )
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <a style="-webkit-text-decoration:none;text-decoration:none">
            </a>
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-13ktpoc e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F07%252F28%252Fmultimedia%252F28db-fed%252F28db-fed-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oH29w:_6HRvz4gL4TPTHWeAx0NvUvHbM9zuPrTryymSAoVtqk" style="display:block;width:100%;height:auto;padding-top:5px"/>
               </td>
              </tr>
              <tr>
               <td align="left" class="css-1ukdnh3 esd8w5v1" style="text-align:left;width:100%;padding-top:8px;padding-bottom:15px;line-height:14px" width="100%">
                <span>
                 <span class="css-atnqj9 esd8w5v2" style="margin:0;font:normal 14px georgia,serif;color:#666">
                  We’re really, really, really not in a recession.
                 </span>
                 <span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Manuel Balce Ceneta/Associated Press
                 </span>
                </span>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td class="css-fd883z eagip7l0" height="20" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Powell keeps it sunny
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The Federal Reserve is continuing its aggressive campaign to cool inflation, even as the economy begins to slow. The U.S. central bank raised interest rates yesterday — this time by three-quarters of a percentage point — for the fourth time this year. Investors cheered the move, with the S&amp;P 500 rising nearly 3 percent by the end of the day. Futures markets suggest stocks will open slightly lower today. The Fed’s benchmark short-term interest rate is now as high as 2.5 percent, up from near-zero in March.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But the big question on many minds is whether the economy will slow too much. During a news conference yesterday, the Fed chair, Jerome Powell, was asked in every way possible whether he thought the economy was in, or headed toward, a recession. And every time, he answered: No, not at all.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Fed is more optimistic about a soft landing than Wall Street.
             </span>
             Powell said a recession wasn’t in his outlook, even though much of Wall Street sees one coming either by the end of this year or early next,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reports The Times’s Jeanna Smialek
             </a>
             . Instead, Powell said the labor market indicated that the economy, while slowing, remained strong. He added that the Fed planned to continue raising rates until the end of 2023.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;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;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220728/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-0" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              In part, the Fed can remain optimistic because the data about the economy is mixed.
             </span>
             Consumer confidence is plunging, while corporate profits continue to increase, and the unemployment rate remains low. Peter Coy, our colleague from Times Opinion who
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              writes a newsletter
             </a>
             about business and economics, noted that G.D.P. and gross domestic income — another measure of economic activity — should track relatively closely
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              but have recently diverged
             </a>
             . The gap between the two measures is at its widest since 1947.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Fed, though, is probably not a reliable recession messenger.
             </span>
             The central bank has said it can bring down inflation without sending the economy backward. Many question that. “A big part of leadership is to project confidence,” Michael Arone, a strategist at State Street Global Advisors, told DealBook. “I have always taken Fed-speak with a bit of salt, but when it comes to a recession, as I told my team this morning, a ton of salt.”
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              We’ll have a better view of the recession question this morning when the Bureau of Economic Analysis releases its first estimate of the economy’s second-quarter performance.
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Follow The Times’s live coverage of reactions to the G.D.P. numbers.
              </a>
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Spirit Airlines and JetBlue agree to merge.
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Their deal
             </a>
             was announced a day after Spirit and Frontier terminated their proposed agreement after monthslong talks. JetBlue will pay $33.50 in cash for Spirit shares, which closed at $24.30 yesterday. But antitrust regulators could derail the merger or demand stiff concessions.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;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;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220728/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-1" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Senator Joe Manchin, in a reversal, agrees to action on a climate and tax plan.
             </span>
             The West Virginia Democrat said he would support
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              including hundreds of billions of dollars for climate and energy programs
             </a>
             and tax increases in a package to subsidize health care and lower drug costs, less than two weeks after upending hopes for such a deal. It’s not clear what changed his mind.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Senate passes the CHIPS Act to bolster American chipmaking.
             </span>
             The bill would provide $280 billion to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expand U.S. manufacturing and technological abilities
             </a>
             , including $52 billion in subsidies and additional tax credits for companies that manufacture silicon chips domestically.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A Berkshire Hathaway-owned lending unit will pay $20 million to settle a redlining suit.
             </span>
             State and federal prosecutors accused Trident Mortgage of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              discouraging people in nonwhite neighborhoods of Philadelphia from applying for home loans
             </a>
             . The Justice Department called the settlement the second largest in its history.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Stellantis, maker of the Jeep, Peugeot and Fiat brands, reports a record profit.
             </span>
             The automaker said this morning that its profits rose by a third, to 8 million euros,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              buoyed by higher North American margins
             </a>
             . Automakers including
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Ford and General Motors
             </a>
             have also benefited from high prices for new vehicles, but inflation has pushed up the cost of materials and parts.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;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;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220728/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-2" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Exclusive: Using the F.T.C. to go after gunmakers
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             A new bill being introduced in Congress today seeks to use the powers of the Federal Trade Commission to limit the spread of guns. The bill would allow the F.T.C. to investigate gunmakers for deceptive advertising practices. That is something the agency is charged with doing for other industries, but has been forbidden from doing with gun manufacturers, which have long enjoyed extra protections from Washington.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              It is the latest front in the fight in Washington over gun control after the mass shooting in Uvalde.
             </span>
             The bill is being sponsored by Representative Tom Malinowski, Democrat of New Jersey, and Representative Robin Kelly, Democrat of Illinois and vice chair of the congressional Gun Violence Prevention Task Force. It calls for the F.T.C. to file a report to Congress in a year’s time identifying ads that are designed to appeal to those under 18, feature semiautomatic assault weapons or imply or encourage an illegal use of guns.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Gun control advocates have been calling for the F.T.C. to investigate gunmakers for years
             </span>
             ,
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             without success. The bill, which has a fair chance of passing in the House but is likely to face challenges in the Senate, could influence the F.T.C. to bring cases against gunmakers even if it does not become law. “This bill finally subjects the gun industry and its advertising practices to the oversight and scrutiny we apply to other industries, holds companies accountable for marketing to kids, and makes clear that there are consequences for deceptively hawking weapons of war to impressionable consumers,” Mr. Malinowski said in a statement.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-merger%252Fdealbook-icon-merger-articleLarge-v8.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oH29w:_6HRvz4gL4TPTHWeAx0NvUvHbM9zuPrTryymSAoVtqk" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Meta faces a new reality on acquisitions
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The F.T.C. yesterday sued Meta, the social media giant once known as Facebook, to block it from buying Within, a virtual reality start-up. It’s the first antitrust lawsuit against a tech behemoth since
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Lina Khan
             </a>
             took charge of the commission. It’s also the first to test one of the tenets of Khan’s new brand of antitrust enforcement, namely that the tech giants should be stopped not just from further consolidating their markets, but also from muscling into new ones.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The suit puts Khan on a collision course with Mark Zuckerberg
             </span>
             , Meta’s C.E.O. Zuckerberg has staked the future of the company on the growth of virtual and augmented reality, a transition that is looking more urgent
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              as its ad sales slump
             </a>
             . This suit could crimp his metaverse ambitions,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              write The Times’s David McCabe and Mike Isaac
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Meta said the case was “based on ideology and speculation.”
             </span>
             It’s also a risk for Khan. Regulators have traditionally focused on policing deals that combine two large companies already locked in competition. And courts have been hesitant to block mergers solely based on the idea that if no deal were done, the two companies would become competitors. But the F.T.C. claims in its suit that Facebook should be forced to win over customers on its own, rather than leverage its profit and dominant position in social networking in order to buy out competition in a new market.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              For Khan, just bringing the case could be seen as a win.
             </span>
             Suing Facebook begins to lay the groundwork for the reframing of competition law that she is pushing for. “It’s a riskier case, but one they think is worth bringing because if they succeed it will help bring the frontier of enforcement outward,” said William Kovacic, a former F.T.C. chairman.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “We are building up a tsunami of grain, producing more than we can export. We will still be sitting on crops that won’t get out.”
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Georg von Nolcken, chief executive of Continental Farmers Group in Ukraine.
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               The country’s farmers are skeptical
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              that a deal with Russia to resume grain exports will hold. Twenty million tons of grain are trapped in Ukraine, exacerbating a global hunger crisis.
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Crypto scammers infiltrate app stores
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Apple and Google are not crypto companies. But their app stores are gateways to crypto, and they are under fresh scrutiny after the authorities raised alarms about a rash of scams that have cost investors more than $40 million. Sherrod Brown, chairman of the Senate Banking Committee, sent letters yesterday to Sundar Pichai of Google and Tim Cook of Apple that were shared exclusively with DealBook, asking the chief executives to explain how their companies screened for scammers.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Cyber criminals create apps with the names and logos of legitimate businesses
             </span>
             to lure investors, the F.B.I. warned in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              an advisory
             </a>
             last week, citing such apps on Google Play and the Apple App Store. Brown believes the corporations should play an active part in policing these scams, writing that it’s “imperative that app stores have the proper safeguards in place.” The C.E.O.s have until Aug. 10 to explain their approval processes, security measures, reporting options for users and engagement with law enforcement.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The scrutiny for Apple and Google comes amid a crypto industry reckoning.
             </span>
             The digital asset crash has bankrupted companies, cost retail investors dearly and has lawmakers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              scrambling to draft legislation
             </a>
             . A blockchain executive visiting Washington told DealBook that the crash had everyone she talks to on Capitol Hill worried and more focused on action than ever before. Brown, a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              critic of crypto
             </a>
             even before the downturn, is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              holding a hearing on scams and risks in crypto today
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Subscribe Today
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Subscribe to The New York Times with this special offer.
             </a>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Deals
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Twitter is seeking a commitment that its trial with Elon Musk
               </a>
               will be completed in five days. (Reuters)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Deals in
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                European consumer goods and retail
               </a>
               have slowed amid rising inflation. (Reuters)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Three Republican Senate hopefuls who slam Big Tech
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                have deep ties to it
               </a>
               . (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The U.S. offered to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                swap a Russian arms dealer
               </a>
               for the basketball player Brittney Griner and another imprisoned American, Paul Whelan. (NYT)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Best of the rest
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The Alibaba founder Jack Ma reportedly plans to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                give up control of the fintech giant Ant Group
               </a>
               as it deals with heavy pressure from Chinese regulators. (WSJ)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Apple hired a top car-development manager
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                from Lamborghini
               </a>
               . (Fortune)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Sequoia will open its first U.S. office outside Silicon Valley,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                in New York City
               </a>
               . (The Information)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The back story of
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                McDonald’s decision to sell its 853 restaurants
               </a>
               in Russia. (Fortune)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “Rockstar Games
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Cleaned Up Its Frat-Boy Culture
               </a>
               — and Grand Theft Auto, Too” (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Beyonce’s new album, “
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Renaissance
               </a>
               ,” leaked 36 hours before it was scheduled to be released. (Variety)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               David F. Gallagher
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              contributed to today’s DealBook.
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Thanks for reading! We’ll see you tomorrow.
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             We’d like your feedback. Please email thoughts and suggestions to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              dealbook@nytimes.com
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
        <table border="0" cellpadding="0" cellspacing="0" height="6" width="40">
         <tbody>
          <tr>
           <td>
            <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_20220728%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" width="2"/>
           </td>
           <td>
            <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_20220728%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" width="2"/>
           </td>
           <td>
            <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_20220728%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" width="2"/>
           </td>
           <td>
            <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_20220728%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" width="2"/>
           </td>
           <td>
            <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_20220728%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1oH29w:ZYcGQlrH0hXePvLlNbNqEV9fLgdTGtZEO6Nbww2tT8U" width="2"/>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-tracking_unit-3" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:22px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span style="color:#000">
             , Founder/Editor-at-Large,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Vivian Giang
            </a>
            <span style="color:#000">
             , Deputy Editor,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @vivian_giang
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span style="color:#000">
             , Deputy Editor,
             <!-- -->
             Chicago
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Stephen Gandel
            </a>
            <span style="color:#000">
             , News Editor,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @stephengandel
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Jenny Gross
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @jggross
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             Washington D.C.
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @el72champs
            </a>
           </td>
          </tr>
          <tr>
           <td height="9" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             Need help? Review our
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              newsletter help page
             </a>
             <!-- -->
             or
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              contact us
             </a>
             <!-- -->
             for assistance.
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             To stop receiving these emails,
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              unsubscribe
             </a>
             <!-- -->
             or
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              manage
              <span class="css-ge16ha e28ago31">
               your email preferences
              </span>
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0">
            <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a class="css-g1j07a e28ago33" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <span class="css-5zpqw8 e28ago34" style="display:none">
              <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
               Get The New York Times app
              </a>
             </span>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:9px 0 8px">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
                 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1oH29w:jXtbXGtYKEQ9z5WBDTqmjEEjF5GtBOBGNxqhLKkieNo" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:8px 0">
            <p style="display:inline-block;font:12px/20px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:5px 0 7px">
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1oH29w:jXtbXGtYKEQ9z5WBDTqmjEEjF5GtBOBGNxqhLKkieNo" style="vertical-align:middle" width="150"/>
            </a>
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1oH29w:jXtbXGtYKEQ9z5WBDTqmjEEjF5GtBOBGNxqhLKkieNo" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p color="#999999" style="display:inline-block;font:12px/15px arial,sans-serif;color:#999;text-align:left;margin-bottom:0">
             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%252FdvwPAGu9KjKJTKggQzE7zA~~%252FAAAAAQA~%252FRgRkxP7iPlcDbnl0Qgpi3uJ54mKwK8zDUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1oH29w:N7bLEmeBVdKxC-olXUqquH1yIbEyms3UCceReSHhizw" width="1"/>
 </body>
</html>