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   DealBook: Where is the “off ramp”?
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   Also, Jamie Dimon’s tariff warning
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             April 7, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. It looks like another potentially disastrous day in the stock market, which means that investors are betting on a catastrophic future for the American and global economy. This is a truly self-inflicted disaster, based on ideology rather than economics.
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          Given the nearly unanimous view by most economists that the Trump administration’s efforts will create economic trouble, the big question this morning — one that has not been discussed enough — is whether all of the market carnage would actually create contagion in the real economy right now. Could investment firms or other companies actually blow up? Could such a failure hammer banks? Could all this rattle the private credit industry, which is the way so many American businesses get loans today?
         </span>
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          Then there’s the question of negotiating strategy. The more that U.S. markets fall, how much leverage will President Trump have negotiating with our trading partners? What is the off ramp from this fight? And if there isn’t one, how much further will the markets fall? (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             The S&amp;P 500 looks precariously close to plunging into a bear market today.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Karsten Moran for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          No letup in sight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Frenzied selling is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gripping global markets
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         <span>
          for a third straight session, with the S&amp;P 500 and Nasdaq futures deeply in the red, along with a clobbering in European and Asian stocks, as President Trump digs in on tariffs. A new wave of duties is set to take effect this week that could further upset global markets.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump continues to say he doesn’t care about the stock markets. But last week’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          greater than $5 trillion
         </a>
         <span>
          hit to the S&amp;P 500 may be weakening his hand as talks continue with U.S. trading partners. And business leaders — even those that had supported the president’s agenda heading into last week’s tariff announcement — are growing publicly anxious about whether Trump can manage to find an off ramp.
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          Here’s the latest:
         </span>
         <span>
          Crypto, oil, most commodities and the dollar are all lower. The S&amp;P 500 is on the brink of entering a bear market, defined as falling more than 20 percent from its mid-February highs. Analysts at Morgan Stanley warn that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          another drop of up to 8 percent
         </a>
         <span>
          is possible.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Cboe Volatility Index, Wall Street’s so-called fear gauge,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spiked this morning
         </a>
         <span>
          to a level last seen in the early days of the coronavirus pandemic.
         </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 Fed seems in no hurry to bail out investors.
         </span>
         <span>
          Jay Powell, the central bank’s chair,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signaled on Friday
         </a>
         <span>
          that the inflationary effects of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the significantly larger than expected
         </a>
         <span>
          ” tariffs have put the central bank in wait-and-see mode.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What will Trump do next?
         </span>
         <span>
          For now, the president said that despite the market plunges, he intends to stay the course. “I don’t want anything to go down, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sometimes you have to take medicine to fix something
         </a>
         <span>
          ,” he told reporters on Air Force One yesterday, returning from a golf-filled weekend in Florida.
         </span>
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               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
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           <td height="20">
           </td>
          </tr>
         </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Other Trump administration officials followed suit. “I see no reason that we have to price in a recession,” Treasury Secretary
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Scott Bessent
         </a>
         <span>
          said on NBC’s “Meet the Press” yesterday.
         </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 may be starting to losing support.
         </span>
         <span>
          Some Republicans, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Senator Ted Cruz
         </a>
         <span>
          , Republican of Texas, have voiced concern that tariffs could lead to the “terrible outcome” of a tit-for-tat trade war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bill Ackman
         </a>
         <span>
          , the billionaire investor and Trump supporter who initially backed the tariffs, warned that the next wave of retaliatory levies, set to take hold on Wednesday, would be the equivalent of “economic nuclear winter” that would destroy “confidence in our country as a trading partner.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The president is losing the confidence of business leaders
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          around the globe,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Ackman added.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          (The investor also took a jab at Commerce Secretary Howard Lutnick —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increasingly a target among some
         </a>
         <span>
          in the Trump orbit over how the tariffs fight is playing out — accusing him and his former firm, Cantor Fitzgerald, of being “long bonds,” and thus profiting when “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          our economy implodes
         </a>
         <span>
          .”)
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
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          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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           <td height="20">
           </td>
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        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Wall Street continues to sound a dire warning.
         </span>
         <span>
          The bear case broadly is that the tariffs will trigger a full-blown trade war that upends global commerce, ignites inflation and pushes the U.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          closer to recession
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bull case comes from Trump, who has long said that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trade wars are good, and easy to win
         </a>
         <span>
          . “Forget markets for a second,” he said. “We have all the advantages.”
         </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 more bad news could force Trump’s hand.
         </span>
         <span>
          “My base case is that Trump will need to back down over the coming days,” Mohit Kumar, an economist at Jefferies, wrote in a research note this morning. (Kumar added that Trump would do so “in a way that he can claim victory.”)
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A longtime Tesla bull gets bearish on the automaker.
         </span>
         <span>
          Dan Ives, an analyst at Wedbush Securities who had long championed Elon Musk’s car company,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slashed his target for its stock price
         </a>
         <span>
          to $315 from $550, citing tariffs and Musk’s polarizing role in the Trump administration. Musk publicly argued for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “zero-tariff situation”
         </a>
         <span>
          between the U.S. and Europe, while the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          market for used Teslas is booming
         </a>
         <span>
          as owners sell their vehicles, in many cases to protest Musk’s government work.
         </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">
          President Trump claims to have nearly struck a deal for TikTok.
         </span>
         <span>
          He told reporters on Air Force One this weekend that his administration had been close to clinching a deal with Beijing to bring in new, non-Chinese ownership of the video app —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          until China objected
         </a>
         <span>
          to his wave of tariffs and imposed retaliatory levies of 34 percent. Trump suggested that he could still reach an accord: “​​If I gave a little cut in tariffs, they’d approve that deal in 15 minutes, which shows you the power of tariffs,” he said.
         </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">
          Inflation data and a new earnings season are the big focus this week.
         </span>
         <span>
          The Bureau of Labor Statistics is set to release the Consumer Price Index report on Thursday; investors had been worried about inflation, even before the tariff barrage. Earnings calls should offer clues about how companies are adapting. Delta Air Lines reports on Wednesday. Major Wall Street firms including BlackRock, JPMorgan Chase and Morgan Stanley go on Friday.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Dimon’s warning on tariffs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With President Trump’s tariffs dominating the headlines, it was inevitable that Jamie Dimon would tackle the topic in his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest letter to JPMorgan Chase shareholders
         </a>
         <span>
          , published this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The wave of levies, Dimon writes, may be rooted in legitimate concerns. But the way the trade fight is playing out risks short-term pain and long-term damage to the global economic order, he adds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tariffs will “slow down growth,”
         </span>
         <span>
          though it’s too early to say a full-blown recession is coming, Dimon writes. While the U.S. economy had been “rather healthy and steady” for years, it had already begun weakening before Trump’s tariff announcement. (His own analysts
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warn that a recession
         </a>
         <span>
          is more likely than not this year.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dimon notes that there’s still a lot unknown about how the tariffs fight will play out, including how other countries will respond; the effects on consumers and investors’ confidence; what might happen to the dollar; and more.
         </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">
          In the short term, he writes,
         </span>
         <span>
          “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products. How this plays out on different products will partially depend on their substitutability and price elasticity.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dimon writes that inflation was already built into his global outlook, given high and “not sustainable” fiscal deficits, remilitarization across the world and a need for more infrastructure investment.
         </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 are longer-term implications,
         </span>
         <span>
          Dimon writes. Among them: whether America’s long-term economic partnerships suffer. The consequences could be severe:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Our long-term strategic goals should be crystal clear: to maintain the cohesion and strength of the Western world, including their economies. If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          A fragmenting of Europe and disruption to longtime alliances could force nations to seek out partnerships with the likes of Russia, Iran and China. “America First is fine, as long as it doesn’t end up being America alone,” Dimon writes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dimon’s words reflect the uncertainty dominating Wall Street,
         </span>
         <span>
          which has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bracing for more chaos
         </a>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          .
         </span>
         <span>
          Traders and hedge funds have been nursing losses. Deal-making — a business that bankers had hoped would pick up this year, with the prospect of deregulation and tax cuts under Trump — has instead stalled, with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          several big I.P.O.s
         </a>
         <span>
          having been postponed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dimon writes that JPMorgan, whose traders can profit off the market volatility, won’t necessarily suffer. But, he adds, “It is not particularly good for the capital markets.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Expect him to face more questions from analysts about his outlook when JPMorgan reports quarterly results on Friday.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Wall Street’s one of our biggest problems. They’re the ones that’s really standing up and pushing back against President Trump.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Senator Tommy Tuberville, Republican of Alabama,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          speaking on Fox News
         </a>
         <span style="font-style:italic">
          yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          when asked
         </a>
         <span style="font-style:italic">
          about the widespread market sell-off following President Trump’s sweeping tariff plan.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Americans who want to retire right now, the Americans who put away for years in their savings accounts, I think they don’t look at the day-to-day fluctuations.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          —
         </span>
         <span style="font-style:italic">
          Treasury Secretary
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Scott Bessent
         </a>
         <span style="font-style:italic">
          , speaking on NBC News’s “Meet the Press” yesterday about the tariffs’ hit to stocks.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “The army of millions and millions of human beings screwing in little, little screws to make iPhones — that kind of thing is going to come to America.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Howard Lutnick
         </a>
         <span style="font-style:italic">
          , the commerce secretary, arguing on CBS News’s “Face the Nation” that Trump’s economic policies would bring back domestic manufacturing jobs. (Worth noting: Little screws are a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          particular challenge
         </a>
         <span style="font-style:italic">
          for Apple.)
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Washington Post tech workers to unionize
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jeff Bezos, the founder of Amazon and the owner of The Washington Post, will soon have to contend with another union drive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Technology workers at The Post are forming a collective bargaining group to negotiate for greater job security, increased compensation and more flexibility toward remote work, Benjamin Mullin is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More than 300 workers are eligible to join the guild, and a majority have already signed union cards, said Luke Connors, a senior software engineer at The Post who is on the organizing committee. Connors said that the organizers planned to hand-deliver a formal request to company leaders to recognize the union on Monday morning. A company spokeswoman declined to comment.
         </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 is the first public union drive at the paper since it was purchased by Bezos in 2013.
         </span>
         <span>
          (The newsroom has been represented by a guild for decades.) Amazon has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fought efforts
         </a>
         <span>
          in the past to unionize its fulfillment centers..
         </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 organizing effort comes at a turbulent time for The Post.
         </span>
         <span>
          Changes to its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opinion section
         </a>
         <span>
          , including a decision to end its tradition of endorsing presidential candidates, have resulted in losses of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          thousands of subscribers
         </a>
         <span>
          and prompted the departure of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prominent journalists
         </a>
         <span>
          . The company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost more than $100 million
         </a>
         <span>
          last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Connors said he thinks The Post can afford to pay its tech workers more despite those setbacks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I don’t think we should lose sight of the fact that The Post is owned by the second-richest person in the world,” Connors said. “We haven’t been struggling with these problems of losing very large chunks of subscribers due to product decisions, but based on unforced errors made by our owner and the C.E.O.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Connors said that the push to organize its workers, which has been ongoing for more than a year, was accelerated by a decision announced by the C.E.O. Will Lewis to require employees to work from the office
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          , a longtime lieutenant of the media titan Rupert Murdoch. Well-known Post alumni have
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          Connors said tech workers at The Post want to begin negotiating a contract with the company as soon as possible. “Our salary range is completely dwarfed by what you see at the other major tech companies,” he said.
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                OpenAI has reportedly discussed
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                buying an A.I. device start-up
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                founded by Sam Altman, its C.E.O., and the former iPhone design guru Jony Ive. (The Information)
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                Large institutional investors are said to be looking for ways to
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                exit their battered and largely illiquid stakes
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                in private equity funds after last week’s market rout. (FT)
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                “Republicans Want to
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                Make the Trump Tax Cuts Last Forever
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                ” (NYT)
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                Between a Saudi-backed golf tournament and fund-raisers at Mar-a-Lago, President Trump and his family business
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                made money this weekend
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                despite the global financial turmoil. (NYT)
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                robust box-office performance of “A Minecraft Movie”
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                comes as relief to the embattled heads of Warner Bros. (NYT)
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                Alex Ovechkin of the Washington Capitals overtook a Wayne Gretzky record to become the
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                N.H.L.’s leading scorer
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                , with 895 goals. (The Athletic)
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