Inboxes List

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: Who gained from aid to Argentina?
  </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">
   .css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-r2ey6x{width:100%!important}}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-tmef31{padding:0 0 0!important}}@media (max-width:600px){.css-xsf469{width:100%!important;height:auto!important}}@media (max-width:600px){.css-1wuwhda{width:100%!important;padding:0!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-3vswge{padding-bottom:6px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FgrjATcuN2EaBuHpz4bDBEQ~~%252FAAAAARA~%252F19VkVh4bDutscY_wxPR42vxkb3mI2J4iXvvv29NdJUJjR5UxBOB0L_9bMaJmQTjMF4mwhcAb3ZWV2KwweEYD1Q~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NjAwOTkwMjcuNTkwNzA2Nn0:1v7C9z:RTJRFL2wXKOvQTYZdESnGGFmn_GtyrcJTzifPEwtaLc" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, another big investment in prediction markets.
  </div>
  <div>
   <!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="padding:15px 0 5px;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr aria-hidden="true">
               <td>
                <span style="text-align:center;line-height:0;font-size:0">
                 <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
                  <tbody>
                   <tr>
                    <td>
                     <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                      <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkxMjU5NX0:1v7C9z:6ul0Q--DV6PkR9Xupn9KKtgFwH1EoT6vzkJPLez9yNs" style="width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td height="10">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td class="css-tmef31" style="padding:8px 0 0;width:100%;text-align:center">
            <div style="margin-bottom:7px">
             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
              <img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fnewsletters%252Fpadded-logos%252FDealBook.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjAwOTkwMjcuNTkxMzk2Nn0:1v7C9z:t2lVuLYZhHWQRc1ed2qxR5A3-x1gUZJMyIsJsqzu3Wk" style="width:300px" width="300"/>
             </a>
            </div>
            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             October 10, 2025
            </div>
            <p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
             <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
              <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkxNTQ4N30:1v7C9z:oeuHeRzrIQFmdlKUJFbrRolZ2zB2lSxWlMf5FKe45Bk" style="max-width:600px;width:100%" width="600"/>
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. Andrew here. Keep your eyes on a corner of the market that hasn’t gotten enough attention: private credit. The bankruptcy of the auto parts maker First Brands Group is now hitting firms like Jefferies and UBS, which were among those that had lent money to the company. We’ve got more details about the dominoes that are now falling.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We’re also taking a look at the U.S. government’s multibillion-dollar bailout of Argentina — and questions it is raising.
         </span>
         <span>
         </span>
         <span style="font-style:italic">
          (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
         </a>
         <span style="font-style:italic">
          )
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td>
            <img alt="Treasury Secretary Scott Bessent, center, wearing a dark suit, white shirt and blue tie, looking to his left." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F10%252Fmultimedia%252F10db-newsletter-bessent-argentina-klpf%252F10db-newsletter-bessent-argentina-klpf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjAwOTkwMjcuNTkxNjkyfQ:1v7C9z:AUyXDF0tps6331aAphB62sLrZFZ6wD8OGXs1sHpFo7Q" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
            <span style="color:#666;font:normal 14px georgia,serif">
             Critics of the U.S. financial lifeline to Argentina said that it would help financiers with ties to Treasury Secretary Scott Bessent.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang/The New York Times
            </span>
           </td>
          </tr>
          <tr>
           <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>
          Pushback against a U.S. lifeline for Buenos Aires
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          America has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          finally come to Argentina’s rescue
         </a>
         <span>
          , as the Trump administration aims to stabilize the embattled South American country’s economy and help out Javier Milei, the Argentine leader and an ally of President Trump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But critics of the move note ties between investors in Argentinian assets and Trump officials, and they have raised concerns that the administration is extending the aid during the U.S. government shutdown.
         </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 details:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Treasury Secretary Scott Bessent said
         </a>
         <span>
          that the U.S. directly purchased Argentine pesos amid a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          run on the currency
         </a>
         <span>
          that forced Buenos Aires to spend billions of dollars to counteract it. Bessent added that the U.S. had also “finalized a $20 billion currency swap framework” with the Argentine central bank, though more information hasn’t been released.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bessent said that the move was in the U.S.’s strategic interest by creating a strong, stable Argentina to help “anchor a prosperous Western Hemisphere.” Others point out that the country has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          significant supplies of minerals
         </a>
         <span>
          like lithium and copper that are crucial for U.S. and global manufacturing.
         </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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkxODAzOH0:1v7C9z:qxOEIPgHdlbTsdUxKnIOWya6qWW2esmNWUQZ--epa-c" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkxOTA5NH0:1v7C9z:CCZWopVqMVyHC9uhKE-1gw_7BmKowT_wWizBU92gbSQ" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyMDY0MX0:1v7C9z:bLHnorosi4HHa6lH7LKfHR3WGDiEXMvdI3TNvS-fLfM" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The package comes as relief for big global investors who have made bets on Argentina,
         </span>
         <span>
          many of whom bought up government debt on the cheap in hopes that it will be repaid or renegotiated, The Times notes. Among them:
         </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">
                Funds at money managers including
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                BlackRock, Fidelity and Pimco
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . One Fidelity vehicle this summer credited returns from its Argentine bet with helping compensate for losses in other emerging-market countries.
               </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">
                Stan Druckenmiller
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who mentored Bessent at Soros Fund Management. His Duquesne Family Office was the second-largest investor in Argentina’s principal exchange-traded fund.
               </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">
                Robert Citrone,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                who founded Discovery Capital Management and who has claimed credit for persuading George Soros and Bessent to bet against the Japanese yen in 2013, 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">
                hugely profitable investment
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Citrone had been in touch with Bessent in the lead-up to Bessent’s announcement last month that the U.S. would help Argentina, arguing that a peso crash would hurt Milei politically, The Times reports.
               </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">
          The move has drawn political blowback for the Trump administration.
         </span>
         <span>
          While Bessent has argued that the U.S. wouldn’t bail out Argentina, skeptics said the move is exactly that. “It’s a country in crisis, it’s running out of dollars, and the U.S. is giving the country dollars,” Monica de Bolle, a senior fellow at the Peterson Institute for International Economics, told The Times. “That’s a bailout by definition.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A group of Democratic senators yesterday introduced legislation meant to prevent the Treasury Department from using a special fund to help Argentina. (It’s unlikely to pass.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It is inexplicable that President Trump is propping up a foreign government, while he shuts down our own,” said Senator Elizabeth Warren of Massachusetts, who helped draft the legislation. “Trump promised ‘America First,’ but he’s putting himself and his billionaire buddies first and sticking Americans with the bill.”
         </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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyMjk4fQ:1v7C9z:FPs_eS0nXwssqhRYVIfFMjznQsYjys_JogDkovDr5h4" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyNDYzN30:1v7C9z:YaNSValNcbKPx-uFUPhmxVL_gXB4Ex3pHfTmHwN3Gus" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyNTg2fQ:1v7C9z:FO2CFKKzn3B94rBiZ9FxoCQP40zZofGZCDzhbHAUTtI" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And as we’ve written before, American soybean farmers have grumbled about aid for Argentina, which has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold more than 2.5 metric tons
         </a>
         <span>
          of soybeans to China as Beijing halts its purchases from the U.S. (The Trump administration has said it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          offer help to American farmers
         </a>
         <span>
          .)
         </span>
        </p>
        <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">
          The Consumer Price Index report for September is coming out — at some point.
         </span>
         <span>
          The Bureau of Labor Statistics has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called back some workers
         </a>
         <span>
          to help release the data, despite the government shutdown, The Times reports. The move was tied to the annual process of adjusting Social Security benefits to account for cost-of-living changes; the report’s release date isn’t known but is likely before Fed policymakers meet to vote on interest rate changes at the end of the month.
         </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">
          Letitia James is the latest Trump foe to face federal charges.
         </span>
         <span>
          James, the New York attorney general,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was indicted
         </a>
         <span>
          on accusations of bank fraud and making a false statement, by the same handpicked federal prosecutor who is leading a similar case against James Comey, the former F.B.I. director. Critics of the move said it represented the further weaponization of the Justice Department by President Trump against his adversaries,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a list the president has said
         </a>
         <span>
          includes the investors George Soros and Reid Hoffman.
         </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">
          Zohran Mamdani maintains a big lead over Andrew Cuomo in the New York mayoral race.
         </span>
         <span>
          Mamdani, the Democratic nominee, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ahead of Cuomo by 13 points
         </a>
         <span>
          with a month before the election, according to a new poll by Quinnipiac University. It’s unclear how the findings will affect the plans of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          city’s business donors
         </a>
         <span>
          .
         </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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyNjg4M30:1v7C9z:BMpr1gUFlUCeNF5zPfdQh5blAulDRs7d-jzi4JzRC30" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyNzg5NH0:1v7C9z:BOfdlSDTRfNi6sR8UAbvuqKl4AHT4dpP7SBno2_nBLM" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkyODk1N30:1v7C9z:K9PgPBm1HaBhCHwosxhkA-GbL_vfFfwIY3BBgtYQDik" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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>
          <tr>
           <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>
          The fallout from a costly auto supplier’s bankruptcy
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          First Brands Group isn’t exactly a household name. But the auto parts maker’s bankruptcy filing late last month has led to a rapidly widening shock across the global financial community.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lenders and investors are tallying up what now looks like billions in losses, while
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          federal prosecutors
         </a>
         <span>
          are said to be getting involved as well.
         </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 happened:
         </span>
         <span>
          First Brands, which makes oil filters and windshield wipers, sought Chapter 11 protection last month after discovering accounting irregularities. What is emerging is a complicated web of off-balance-sheet debt — on top of $6 billion in balance-sheet debt — as the company repledged assets multiple times to different lenders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Raistone, a lender that worked extensively with First Brands and is calling for an independent court examiner, said that as much as $2.3 billion “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          simply vanished
         </a>
         <span>
          ” from First Brands’s books.
         </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">
          An array of financial firms has been hit.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jefferies
         </a>
         <span>
          disclosed that one of its asset-management units is owed $715 million from customers that bought First Brands products. A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          UBS fund
         </a>
         <span>
          disclosed to investors that about 30 percent of its portfolio was linked to the bankrupt manufacturer.
         </span>
        </p>
        <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">
          Raistone
         </a>
         <span>
          said it is owed at least $172 million. (One sign of how complicated this all is: Raistone is partly owned by a UBS fund.) And
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insurers including Allianz and AIG
         </a>
         <span>
          are preparing for a potential flood of claims related to First Brands, according to The Financial Times.
         </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">
          A big question:
         </span>
         <span>
          Does First Brands’s failure underscore just how frothy and complacent the credit markets have become, especially amid the boom in so-called private credit?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I suspect we’re going to see more of these things, like First Brands and others, when the cycle ultimately reverses,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jim Chanos
         </a>
         <span>
          , the prominent short seller, told The FT.
         </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>
          Exclusive: Kalshi’s big new fund-raising round
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s been an eventful week for prediction markets, the digital platforms where users can bet on nearly anything: political elections, N.F.L. games, the next pope and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest news comes from Kalshi, a big player in the field, which will announce today that it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised more than $300 million
         </a>
         <span>
          in new funding and will open to international bettors, Michael de la Merced is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The new round values Kalshi at $5 billion,
         </span>
         <span>
          up from a $2 billion valuation set in June, according to the data provider PitchBook. The round was led by Sequoia Capital and Andreessen Horowitz; other investors included Paradigm, CapitalG, Coinbase Ventures, General Catalyst and Spark Capital.
         </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 company and its industry have grown by leaps and bounds since last year,
         </span>
         <span>
          when prediction markets started to gain mainstream popularity after they correctly called the 2024 U.S. presidential election.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kalshi’s growth was supercharged by its allowing of sports bets on its platform — and especially after it began offering the complex wagers known as parlays that had previously been reserved for sports books. (That move
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          battered the stock prices
         </a>
         <span>
          of more traditional gambling sites like DraftKings.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kalshi has also benefited from a series of deals that allow
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          customers of brokerages
         </a>
         <span>
          like Robinhood and Webull to bet on contracts directly from those sites, just as easily as they can buy stocks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meanwhile, a chief rival, Polymarket, said this week that it would receive
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          up to $2 billion in investment
         </a>
         <span>
          from the Intercontinental Exchange, the owner of the N.Y.S.E.
         </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">
          Kalshi had more than $1 billion worth of trading volume this week.
         </span>
         <span>
          That puts it on track for $50 billion in volume on an annualized basis — and a huge jump from the roughly $300 million in annualized volume it had last year before it opened its election market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It also overtook Polymarket late last month as the market leader, with a share of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than 60 percent
         </a>
         <span>
          by the end of September, according to the data provider Dune. “We have not expected this level of growth,” Tarek Mansour, a Kalshi co-founder and its C.E.O., told DealBook.
         </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">
          Kalshi is growing internationally, too.
         </span>
         <span>
          Until now, the company operated only in the U.S., where it was the first platform to offer election-related contracts after a federal court took its side in a fight with the Commodity Futures Trading Commission.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kalshi will now operate in more than 140 countries, though only via its website and not also through online brokerages.
         </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 Kalshi still faces challenges.
         </span>
         <span>
          Among them:
         </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">
                Several states have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sued the company
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , arguing that it is essentially skirting their rules around sports gambling (and depriving them of taxes that sports books pay).
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fierce competition, both from sports books and other prediction markets.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
          Chart of the day
         </span>
        </h2>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Chart showing odds of the Nobel Peace Prize winner before María Corina Machado was announced as the recipient." class="css-xsf469" height="297" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F10%252Fbusiness%252F10db-newsletter-nobelchart%252F10db-newsletter-nobelchart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjAwOTkwMjcuNTkyOTkzNX0:1v7C9z:XMZMOK9jGfAZLrnoRgWGEd8h1dDFopaSWdn5ERnHtF0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Polymarket
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Speaking of prediction markets, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Polymarket betting contract
         </a>
         <span>
          on who would win the Nobel Peace Prize showed a surge of wagers on María Corina Machado, hours before the Venezuelan opposition leader was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          named the winner.
         </a>
         <span>
          The odds for President Trump winning — something he has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          campaigned strongly for
         </a>
         <span>
          — were consistently in single digits.
         </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>
          A golden debate
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Gold hit $4,000 for the first time on Tuesday after climbing more than 50 percent this year, setting off speculation about what is driving the rally.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are some of the latest theories:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                It’s a debasement trade
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . “Investors worried about the future of the dollar and other major currencies are piling into gold, bitcoin and other alternative assets,” David Uberti and Jack Pitcher reported 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">
                The Wall Street Journal
               </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Gold’s strength isn’t a comment on the dollar,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                according to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jonathan Levin of Bloomberg Opinion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                :
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The last few months have shown that the dollar continues to be as indispensable as ever. So while gold’s rally is noteworthy in its own right, there’s very little risk that the metal somehow portends a fading of the dollar’s dominance in the world.”
               </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">
                The debasement trade hasn’t shown up in bond markets
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which remain confident that inflation won’t run out of control,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                points out James Mackintosh
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in The Journal. “Gold is booming because central bank reserve managers worry about relying on an unpredictable U.S. in a crisis, plus its natural rise when rates fall, boosted by buyers trying to jump on to rising prices,” he writes.
               </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">
          We want to hear from you:
         </span>
         <span>
          What do you make of gold’s big rally?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Let us know
         </a>
         <span>
          .
         </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>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td 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>
             THE SPEED READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                parent company of the Los Angeles Times
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is seeking to sell stock to private investors, ahead of a potential I.P.O. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Qualcomm fell in premarket trading after China’s antitrust regulator said it 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">
                investigating the chip giant’s planned takeover
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of a car software maker ahead of a meeting between President Trump and President Xi Jinping. (Bloomberg)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Technology and artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “A Mystery C.E.O. and Billions in Sales:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Is China Buying Banned Nvidia Chips?
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Tesla Self-Driving Technology Breaks Traffic Laws.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Can the Feds Stop It?
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-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">
                “Why China Built 162 Square Miles of Solar Panels
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                on the World’s Highest Plateau
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A federal judge dismissed a defamation and harassment lawsuit
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                filed by the rapper Drake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                against his own record label, Universal Music, over a diss track by his label mate Kendrick Lamar. (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Correction: Yesterday’s newsletter misidentified Nvidia’s role in Reflection AI’s funding round. Nvidia had invested in the funding round but was not the lead investor.
         </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">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzMDkxNX0:1v7C9z:IkwOLNDgwf9HmDhfn2i8rcbsRo2D69st3jrCyJ-B9HU" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzMTg4fQ:1v7C9z:mJ_BbXka54zny5tJQZsg2iRxbhaxFnq9W3psldd2L00" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzMjg1M30:1v7C9z:Nc8oUblkgLmT4TIN_KC6YZvFrpBeMfBmC_PujfeXPO0" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzMzc5fQ:1v7C9z:MQi7JOJBotv0Eu4PFJn3uG-iw4P8ULVkzsFb9-G2h2E" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251010%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzNDcyMn0:1v7C9z:F65JZQVAl_4MO4hBJuYOmJwvpepQYPaCKZ83Gv4XEi4" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="15">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Danielle Kaye
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @danielledkaye
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             If you received this newsletter from someone else,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              subscribe here
             </a>
             .
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
             <a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NjAwOTkwMjcuNTkzNTYxNn0:1v7C9z:DrHrRf4JiuS3OZXEV0o6zHrg2BXvRqExUMhEk6V5Gmw" style="vertical-align:middle" width="25"/>
                </a>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NjAwOTkwMjcuNTkzNjUxfQ:1v7C9z:IGkGDpPIfZKL7lQqJHPpP15n-xDq4fwr_yECAN-CEVI" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
             <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NjAwOTkwMjcuNTkzNzM5N30:1v7C9z:JERFlIT1nRfR5zXPIOvWKYrRZ0PTf3J660q-b-c1JOI" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NjAwOTkwMjcuNTkzODYyfQ:1v7C9z:96ufZ2Q1614Hium_1Xq2GP6qZ8I69B1jSyfSkVcjLKk" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="color:#999;font:12px/15px arial,sans-serif;margin: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>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FEJ_G_snZa3f1Hm5ru4N5gQ~~%252FAAAAARA~%252Fy78IsarwLQTjbXWXmxk6XK6FdgcV2G5dwtfIrTycfF8ZVCpB17S9v3E237UGymMi2m9efi3icRvy5UWS670bNw~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NjAwOTkwMjcuNTkzOTY5Nn0:1v7C9z:iSZjR7o0IA2Ogt_pE92QxNT6ZJRpt4fwPqb8VxfRstM" width="1"/>
 </body>
</html>