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   DealBook: Trump’s World Cup intervention
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             July 6, 2026
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          Good morning. Andrew here.
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         <span>
          Trump accounts are now live. As we previewed in a
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scoop in May
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          , a major shift in the investment program just took place, allowing executives to donate shares that could be held by program participants. It remains unclear how the Treasury Department decided on the move without congressional approval.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Under guidance by the I.R.S., the Trump accounts explicitly define an “eligible investment” strictly as “any mutual fund or exchange traded fund.” However, Treasury officials may be leaning on a catchall provision that is included in the statute. It allows for investments that meet “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          such other criteria as the secretary determines appropriate
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         <span>
          .”
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gwynne Shotwell
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          , the president and C.O.O. of SpaceX, and her husband, appear to be among the first to
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          take advantage of the new rule
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          , donating essentially more than two million shares. That would be worth at least $320 million based on the company’s current stock price. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              FIFA has reversed the suspension of Folarin Balogun, left, a U.S. soccer player, making him eligible for the U.S. World Cup game against Belgium tonight.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Martin Meissner/Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Seeing red
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a fair bet that the U.S.-Belgium World Cup soccer game tonight will be talked about for years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To the delight of sponsors, broadcasters and oddsmakers, the biggest stars appear set to play and the buzz is sky-high, even by World Cup standards. In a twist that has sent shock waves through the soccer world and beyond, FIFA yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reversed the suspension
         </a>
         <span>
          of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Folarin Balogun
         </span>
         <span>
          , the top scorer on the U.S. team, after he had received a red card last week that would have disqualified him from tonight’s showdown.
         </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">
          It’s not a done deal.
         </span>
         <span>
          The Royal Belgian Football Association
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is appealing
         </a>
         <span>
          Balogun’s reinstatement, The Athletic reports, citing anonymous sources.
         </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">
          There is precedent for such decisions
         </span>
         <span>
          , as
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cristiano Ronaldo
         </span>
         <span>
          fans
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          can attest
         </a>
         <span>
          to. But what sets this apart is how
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          , with the help of a soccer-loving hedge fund manager, asked FIFA to get Balogun back on the pitch. As The Times reports:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Shortly after Mr. Balogun’s red card, senior Trump administration officials, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Lutnick
         </span>
         <span>
          , the commerce secretary, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Andrew Giuliani
         </span>
         <span>
          , the executive director of the White House task force on the World Cup, engaged lawyers to help the U.S. Soccer Federation try to appeal, despite FIFA’s rules against such appeals, according to two of the people familiar with the call.
         </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">
          The fallout:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The decision flipped the odds on betting sites. The U.S. team is now the slight favorite to win the game on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Kalshi
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Polymarket
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It’s also become a diplomatic, erm, football, with
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                UEFA
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the European soccer federation, and Brussels
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                crying foul
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump thanked FIFA on social media for “reversing a great injustice,” a message that the White House X account
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reposted
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with a boisterous “USA-USA-USA” reference.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The decision has been greeted with
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dark humor
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on social media and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                roars of protest
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from Europe, where trade and diplomatic relations with the Trump administration and the E.U. were already strained.
               </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">
          The controversy puts Trump’s relationship with FIFA’s president in the spotlight.
         </span>
         <span>
          Trump called the president,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gianni Infantino,
         </span>
         <span>
          last week after the red card and appealed for a review, The Times reports. A reminder: Infantino has built a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cozy relationship with Trump
         </a>
         <span>
          , presenting him with the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inaugural “FIFA Peace Prize”
         </a>
         <span>
          in December and renting space for the soccer organization in New York at Trump Tower.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          FIFA
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          is expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bring in nearly $9 billion
         </a>
         <span>
          in tournament revenue this year, though host cities
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          may end up in the red
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It also puts attention on a hedge fund magnate
         </span>
         <span>
          and major donor to U.S. Soccer.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Goodwin
         </span>
         <span>
          , a French-born founder of Diameter Capital Partners, helped bankroll the salaries of U.S. Soccer coaches, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mauricio Pochettino
         </span>
         <span>
          . (He recruited
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ken Griffin
         </span>
         <span>
          , the billionaire investor, to put up money too, he recounted in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a 2025 podcast interview
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          According to The Times, Goodwin informed Trump officials about unsubstantiated accusations that the referee who gave Bagolun the red card was involved in match fixing in Brazil. Trump mentioned that in his call with Infantino.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Gianni Infantino, FIFA’s president, holding a phone to his head, is seen watching a game with Howard Lutnick, the Commerce Secretary, and others." class="css-18ei5jy" height="381" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F06%252Fmultimedia%252F06-infantino-gptq%252F06-infantino-gptq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODMzNDE0MTUuODg2ODE2fQ:1wgiZD:Iy8O00dlbC_QVfJFWdl9-ZExeFx5Jx27qEvvEYStROg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Gianni Infantino, FIFA’s president, with a phone, at a World Cup game last week. Howard Lutnick, the commerce secretary, is to his left.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Carlos Barria/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </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">
          Oil prices slip as traders eye a surge in supply.
         </span>
         <span>
          Brent crude, the international benchmark for oil, dropped this morning, after the oil producing cartel known as OPEC Plus announced yesterday that it would modestly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increase production
         </a>
         <span>
          . Some analysts forecast
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a sharp drop in prices
         </a>
         <span>
          , a move that could take pressure off central bankers battling inflation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chip stocks are again in focus.
         </span>
         <span>
          SK Hynix, the South Korean chip maker, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to begin trading in the U.S. this week
         </a>
         <span>
          , part of a $29 billion listing that would rival Saudi Aramco’s 2019 I.P.O. in size. And tomorrow, Samsung is expected to report a major bump in preliminary quarterly operating profit to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          around $55 billion
         </a>
         <span>
          . The performance of chip makers is increasingly driving the artificial intelligence trade.
         </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">
          Merger talks heat up in the chemicals sector.
         </span>
         <span>
          Solstice Advanced Materials, which spun out of Honeywell last year, is in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          talks with Element Solutions
         </a>
         <span>
          for a tie-up to create a chemicals giant worth around $27 billion, The Financial Times reports. Shares of Element, which makes products chip makers use, have been booming lately.
         </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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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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           </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>
          Crypto falls, Trump still wins
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Cryptocurrencies are extending their modest rebound this morning, with Bitcoin trading around $63,000. But there’s little joy for traders in more volatile memecoins, including those connected to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          and his family.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Three tokens — the $TRUMP memecoin, which the president has promoted on social media; $Melania, a coin tied to the first lady; and $WLFI, a token sold by World Liberty Financial, a Trump family crypto business — are under pressure again this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Their protracted slump continues to heap scrutiny on the president’s push into crypto, which has enriched him and his family and cost investors billions.
         </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 tally:
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Roughly a million people who bought Trump’s memecoin, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          began trading
         </a>
         <span>
          shortly before his inauguration last year,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have lost money
         </a>
         <span>
          through the end of June, The Times reports, citing data from cryptocurrency analytics firm Nansen.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How much? About $3.8 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Trump has done fine.
         </span>
         <span>
          His crypto profit last year was $636 million, padding his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          business earnings of roughly $2.2 billion
         </a>
         <span>
          over the same period, according to financial filings revealed last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Eric Lipton and David Yaffe-Bellany of The Times note:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The odds were always in his favor. Mr. Trump profited whether the price of his memecoin went up or down. He collected returns whenever anyone traded the tokens, as he repeatedly pushed his followers to do, using his Truth Social account to promote the coin.
         </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">
          Governance watchdogs are alarmed.
         </span>
         <span>
          One government ethics expert called Trump’s gains, which are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          extraordinary for a sitting president
         </a>
         <span>
          , an “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exploitation of public power for private financial gain
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors are irritated, too.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nicholas Pinto
         </span>
         <span>
          , an avid crypt trader who lost money on the $TRUMP memecoin, told The Times that Trump “is leveraging the power of being president to launch currencies, when he seems trustworthy in the public’s eye.” He added: “It is kind of incredible. It is almost a legal scam.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president, who has also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bet heavily on the tech and other stocks
         </a>
         <span>
          , has played down the furor. “You know ⁠why ​I’m profiting? Because the ​stock market’s going up, everybody’s profiting,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he said last week
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The recent attention has failed to lift the Trump memecoin trade.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the steep rise and steady fall of a crypto memecoin tied to President Trump." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F06%252Fbusiness%252F06db-chart%252F06db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODMzNDE0MTUuODg3NTQyN30:1wgiZD:pijvunli9GDAr8i0OuPFIJsEakCnZ8RbIXTylgwqe3M" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <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%">
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           </td>
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            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I think the demand for philosophers with A.I. training is, if anything, outstripping the supply right now. It’s an area I encourage students to go into.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          David Chalmers
         </span>
         <span style="font-style:italic">
          , a philosophy and neural science professor at N.Y.U., on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          upsurge in hiring of philosophy majors
         </a>
         <span style="font-style:italic">
          by artificial intelligence labs. One,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Amanda Askell
         </span>
         <span style="font-style:italic">
          of Anthropic, helped write a 23,000-word constitution that plays a key role in the “moral formation” of the company’s Claude model.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A man is shown pouring a bottle of water on his friend's head. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F06%252Fmultimedia%252F06db-heatwave-bctq%252F06db-heatwave-bctq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODMzNDE0MTUuODg4MzA0NX0:1wgiZD:_T4K0ZZ-ER9-VBQaQzkM1ljdi5eLFXLpBexnpt47BMM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Trying to cool off on the National Mall during Fourth of July celebrations in Washington.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Joe Raedle/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Fireworks
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Temperatures are forecast to dip today in parts of the Northeast, but the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          relief is expected to be short-lived
         </a>
         <span>
          . That’s after a blistering heat wave over the holiday weekend disrupted several events tied to America’s 250th birthday celebration.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This offers a powerful reminder of how intense heat can affect the economy.
         </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 weather upended many Fourth of July festivities:
         </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">
                An Independence Day parade in Washington
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                was canceled
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Saturday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Great American State Fair was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                temporarily suspended
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , with officials citing the extreme heat.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ’s speech on the National Mall
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                was delayed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                by a stormy forecast.
               </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">
          Triple-digit temperatures spiked up and down the Eastern Seaboard,
         </span>
         <span>
          with some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          185 million people under heat alerts
         </a>
         <span>
          over part of the long weekend. The extreme weather caused
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spot electricity prices to surge
         </a>
         <span>
          more than 240 percent in New England and to double in New York City. Storms roiled parts of the Midwest and the Northeast, leaving some 1.3 million people without power.
         </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">
          Commuters and holiday travelers were affected.
         </span>
         <span>
          NJ Transit and Amtrak
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had to cancel
         </a>
         <span>
          or delay trains last week when 72 million people
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were expected to travel
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deadly temperatures have slammed Europe,
         </span>
         <span>
          too,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          where wildfires are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raging again
         </a>
         <span>
          . Analysts at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ING
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Allianz
         </a>
         <span>
          have been calculating the economic effect of repeated heat waves on the continent. The numbers are staggering.
         </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">
          Extreme heat costs the U.S. economy on average $100 billion annually,
         </span>
         <span>
          according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new study
         </a>
         <span>
          by Vivid Economics and the Atlantic Council, a nonpartisan research group. That is approximately the combined annual budgets of the Department of Homeland Security and the Department of Housing and Urban Development.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A notable takeaway from the report:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The current figure of $100 billion in annual losses in the United States is purposefully conservative. It focuses solely on worker productivity and how heat chips away at it, and doesn’t factor in issues like heat’s effects on tourism, infrastructure, health care costs and energy costs. The losses will increase as climate change worsens — to approximately $200 billion by 2030 and $500 billion by 2050.
         </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
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <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">
                Shares in easyJet soared in London this morning after the low-cost airline agreed in principle to a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $6.9 billion takeover bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from Castlelake, the investment fund’s fifth offer. (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">
                Uber is said to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                pausing most of its expansion in Europe
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as it pushes to acquire its biggest rival on the continent, Delivery Hero. (FT)
               </span>
              </li>
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          Politics, policy and regulation
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “What
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Happened in Fuel Markets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                When Trump Lifted the Century-Old Jones Act” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The battle for control of the Senate is playing out in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                World Cup ads
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , with groups aligned with
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Senator Susan Collins
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Republican of Maine, as well as her campaign, emerging as big spenders. (Politico)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
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             <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">
                Call it the “zombie Congress”: Rebellious and departing Republican lawmakers are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                not showing up
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                or blocking measures, threatening President Trump’s agenda. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “It Failed in France. It Would Be a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Disaster in California
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” (NYT Opinion)
               </span>
              </li>
             </ul>
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