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July 14, 2021
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Will he or won’t he use the “T” word? (“Transitory,” that is.)
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Assessing inflation in transit
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As everything from airline tickets to used cars, fresh fruit and lumber has gotten more expensive over the past several months, policymakers in Washington have repeatedly described the pop in prices as “transitory.” That word is losing its traction.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Inflation is running at a 13-year high
</span>
, according to the latest stats published yesterday. While the Biden administration continues to say that price increases
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
are temporary
</a>
, many inside the White House now believe that high inflation could be with us for a year or two. That is not, well, transitory, unless you are talking about a long trip.
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<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F07%252F14%252Fbusiness%252F14db-inflation%252F14db-inflation-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m3dwt:mgEtG7xNeFj1vmHRj0UU0af3nCFNUogfz9XdQMNMeNo" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Jay Powell, the Fed chair, is scheduled to testify in the House today and the Senate tomorrow. Should he call inflation transitory, expect blowback. Maybe he could try “persistently impermanent” or “enduringly ephemeral” instead.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Corporate executives are preparing for a longer spell of inflation.
</span>
Jamie Dimon of JPMorgan Chase told analysts on the bank’s earnings call yesterday that inflation was “a little worse than the Fed thinks.” On PepsiCo’s call, Hugh Johnston, the company’s C.F.O., said the food and beverage giant was
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
likely to raise prices soon
</a>
. “Is there somewhat more inflationary pressures out there? There is,” he said. “Are we going to be pricing to deal with it? We certainly are.”
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
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Inflation has long been seen as
</span>
<span style="font-style:italic;font-size:inherit;font-weight:700;font-family:arial,sans-serif">
the
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
economic villain. That view is changing.
</span>
For those who worry about growing inequality, inflation might actually be a salve, up to a point. A
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
2014 study
</a>
of developed economies found that as inflation rose, income inequality tended to shrink. Inflation could be as high as 13 percent, the research found, and still act as an equalizer, shifting the benefits of economic growth toward lower-income individuals.
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Wages often rise with prices,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
as they have in recent months
</a>
. What doesn’t rise with inflation are college loans and other debt. Reducing the burden of debt with higher incomes could help improve many Americans’ finances.
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Now might be a good time for modestly higher inflation,
</span>
said the Harvard economist Ken Rogoff, who called for higher inflation to reset the economy after the housing bubble burst. You should think of inflation like the weather, he told DealBook. If it hasn’t rained for a long time, a major downpour is probably not a worry. A little bit of singing in the rain might be warranted.
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Are you worried about inflation? If so, what are you doing about it? Let us know at
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dealbook@nytimes.com
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<span style="font-style:italic;font-size:inherit">
. Include your name and location and we may feature your response in a future newsletter.
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HERE’S WHAT’S HAPPENING
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Senate Democrats propose a $3.5 trillion infrastructure bill.
</span>
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The plan
</a>
, which would have to pass along party lines, addresses issues like climate change and Medicaid that a separate $600 billion bipartisan bill does not. The big question: Will Joe Manchin
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
come on board
</a>
?
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Deal makers take a victory lap.
</span>
Goldman Sachs and JPMorgan Chase reported
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
big increases
</a>
in their M.&A. advisory fees in the second quarter. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bank of America
</a>
followed suit in results out today.) Some analysts worry that the pace is unsustainable — particularly given a new focus in Washington on antitrust.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
What happened to REvil?
</span>
The Russian gang, which is accused of two big ransomware attacks this year,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
has gone offline
</a>
, perhaps because of pressure on Moscow to crack down on cybercrime. But those whose data is still being held ransom by REvil may be left in the lurch.
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Streaming services rack up Emmy nominations.
</span>
Netflix ran neck and neck with HBO for the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
most nominations
</a>
this year, while the top three nominated series — Netflix’s “The Crown” and Disney+’s “The Mandalorian” and “WandaVision” — were all on streaming platforms.
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Elon Musk thinks Tesla should make more than cars.
</span>
In his second day testifying in a shareholder lawsuit over the company’s $2 billion takeover of SolarCity,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Musk defended the deal
</a>
by expounding on his corporate ambitions. “The goal is not to be a car company,” he said.
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The S.E.C. takes a shot at a space SPAC
</h2>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The S.E.C. has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
brought one of its first major enforcement actions
</a>
targeting a SPAC since the start of the blank-check boom. The agency said yesterday it had reached a civil settlement with several parties involved in the planned merger of Momentus, a space transportation company, and the SPAC Stable Road Acquisition.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The announcement follows the S.E.C.’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
warning this year
</a>
about “untested, speculative, misleading or even fraudulent” financial forecasts published during SPAC mergers. It comes as the S.E.C. is considering
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
new rules
</a>
for SPACs and is looking into potential
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
conflicts at banks
</a>
.
</p>
</td>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The S.E.C. accused the takeover target of misleading claims and its acquirer of insufficient due diligence.
</span>
Momentus told investors that it had successfully tested its propulsion technology in space, when in fact the test had failed, the S.E.C. said. Stable Road repeated those statements in public filings pertaining to its deal. “The fact that Momentus lied to Stable Road does not absolve Stable Road of its failure to undertake adequate due diligence,” said Gary Gensler, the S.E.C. chairman.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The SPAC can still go ahead with the deal
</span>
, so long as the parties settling the agreement pay $8 million in penalties, forfeit certain founder shares and allow outside investors to get out of the deal before it is put to a shareholder vote.
</p>
</td>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“The more it shares about what happens on its platform, the more it risks exposing uncomfortable truths that could further damage its image.”
</h2>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
— Kevin Roose, The Times’s tech columnist, on
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Facebook’s “data wars.”
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Martin Shkreli wins — for now
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Activist investors had
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
hoped to persuade fellow shareholders
</a>
of the drug company Phoenixus to sever ties to its founder, the “Pharma Bro” Martin Shkreli, by voting out its board this week. They failed.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The activists’ candidates were handily defeated,
</span>
with an average of 70 percent of shares voted against them, according to a letter to investors. It was always a tough goal: Shkreli owns a roughly 44 percent stake in Phoenixus (originally known as Turing Pharmaceuticals), and is allowed to vote despite being imprisoned for securities fraud. “Allowing Martin to vote his forfeited shares is an incredible injustice,” Jason Aryeh, a leader of the dissident group that thinks the current board is too close to Shkreli, told DealBook.
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Phoenixus’s chairman and C.E.O., Averill Powers, was the only incumbent director to lose re-election — with 96 percent of shares voted against him. The company didn’t return a request for comment.
</span>
</li>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The activists are betting they may win later.
</span>
Aryeh said the group planned to call for another vote once a judge overseeing a creditor’s lawsuit against Shkreli formally appointed a receiver to take away his shares to settle his debts.
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<td align="center" style="width:100%;padding:0;line-height:1;text-align:center" width="100%">
<img class="css-17i7zb3 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F07%252F14%252Fbusiness%252F14db-vonderleyen%252Fmerlin_190477467_2c7d9c26-67a7-44e8-bf4c-4cfa46d248ab-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m3dwt:mgEtG7xNeFj1vmHRj0UU0af3nCFNUogfz9XdQMNMeNo" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0"/>
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<span class="css-14c9rv6 e1aggfhi2" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-2zlgwg e1aggfhi3" style="margin:0;font:normal 12px georgia,serif;color:#666">
Ursula von der Leyen has a plan.
</span>
<span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Christian Hartmann/Reuters
</span>
</span>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Europe’s carbon politics
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
The European Union will try to defy its reputation for being slow and indecisive today when officials unveil a plan to beat the rest of the world in cutting carbon emissions, The Times’s
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Jack Ewing
</a>
</span>
<span style="font-style:italic;font-size:inherit">
writes for DealBook from Frankfurt.
</span>
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The E.U.’s blueprint, branded “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Fit for 55
</a>
,” calls for its 27 members states to cut their output of greenhouse gases 55 percent by 2030, when compared with 1990 levels, by setting tougher targets for almost every industry, especially those blamed for contributing the most to global warming, like automakers, airlines, steel producers and energy firms.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The E.U.’s target is more aggressive than that of the United States, which committed to reduce emissions by
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
40 percent to 43 percent
</a>
over the same period, but behind that of Britain, which pledged a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
68 percent
</a>
reduction. China, the world’s largest emitter, has said only that it aims for
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
emissions to peak
</a>
by 2030.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
What’s in the plan:
</span>
Automakers will face pressure to phase out internal combustion engines sooner; airlines will be compelled to use synthetic fuels; steel makers will need to pay more for emissions credits; and electricity producers will be pushed to speed up the switch to wind, solar and hydropower. Most contentiously, a border carbon adjustment tax would impose tariffs on the emissions linked with products imported from outside the E.U.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Expect furious lobbying
</span>
as the plan makes its way through the legislative process in Brussels and national capitals, given how many interests are at stake. The plan could also meet resistance from major trading partners like the U.S. because it would penalize imports from countries seen as having lower environmental standards.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
There will also be cash.
</span>
E.U. governments will be able to draw on a fund worth 750 billion euros, or $890 billion, to make the transition to cleaner energy. Ursula von der Leyen, the president of the European Commission, has made the “European Green Deal” one of her top priorities and can draw on support from Europeans increasingly alarmed by wildfires, record hot summers, severe storms and other tangible evidence of the toll of climate change. The diplomatic cost of today’s move is seen as a small price to pay.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Broadcom has reportedly ended its effort to buy the analytics company SAS Institute. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
LeBron James’s entertainment company, SpringHill, is said to be weighing a sale at a valuation approaching $750 million. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Information
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Alex Rodriguez’s SPAC is reportedly in talks to merge with Panini, a maker of sports collectibles. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Norwegian Cruise Line sued Florida over the state banning companies from requiring customers to be vaccinated. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A judge blocked Maryland’s bid to cut off federal unemployment benefits two months early. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“Have you no shame?” President Biden made an impassioned speech yesterday on attempts to restrict voting access. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
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</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Crime and punishment
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Stephen Calk, a former Chicago bank chief, was convicted of bribery for pushing loans to the former Trump campaign manager Paul Manafort in hopes of getting a role in the Trump administration. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A unit of TIAA will pay $97 million to settle charges that it persuaded investors to move money from company retirement plans to higher-fee plans. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Apple is reportedly partnering with Goldman Sachs to create a “buy now, pay later” lending service. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Big news in the media world: Zenia Mucha, Disney’s much-feared chief brand protector, is stepping down. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Russell Capone, a former anticorruption chief in the Manhattan federal prosecutor’s office, is joining the law firm Cooley as a partner. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Cooley
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“As Virus Cases Speed Up, Seoul Tells Gym Users to Slow Down” (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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</tr>
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3 years, 11 months ago - nytdirect@nytimes.com
DealBook: Will it stay or will it go?
"Transitory" inflation could last a while.View in browser|nytimes.comContinue reading the main st...