Inflation Hits Lowest Level Since 2021: For Personal, Non-Commercial Use Only

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What’s Inflation Hits Lowest Level Since 2021

News CPI rose 5% in March,
but pickup in core prices
rose 5% last month from a year
earlier, down from February’s
6% increase and the smallest
indexes closed lower on
Wednesday, after giving up
gains made earlier in the day.
Consumer-price index, change from a year earlier
12%
keeps Fed hike on table gain since May 2021, the Labor Yields on 10-year and 2-year
10
Business & Finance Department said Wednesday. Treasurys declined. Core
for meeting in May Consumers saw lower prices Inflation remains elevated— services
last month for groceries, gaso- well above the 2.1% average in 8 +7.1%
.S. inflation eased in BY GWYNN GUILFORD line, medical care and utilities, the three years before the pan-
U March to its lowest level
in nearly two years, but un-
AND NICK TIMIRAOS and higher prices for shelter,
airline fares and vehicle insur-
demic and the Fed’s 2% target.
Core prices, an underlying
6 Core
+5.6%
derlying price pressures likely U.S. inflation eased in March ance, the department said. measure that excludes volatile 4
keep the door open for the to its lowest level in nearly two High inflation and a tight la- energy and food categories, in- Overall
Fed to consider another rate years, but underlying price bor market led Fed officials to creased 5.6% in March from a 2 +5%
hike at its May meeting. A1, A2 pressures likely keep the door signal they could raise interest Please turn to page A2
open for the Federal Reserve to rates at their next meeting de- 0 Core
 Yields on 10-year and goods
consider another interest-rate spite a higher likelihood the  Greg Ip: Labor crosscurrents
2-year Treasurys declined.
increase at its May meeting. economy would enter a reces- complicate rate path............. A2 –2
+1.5%
U.S. stocks fell, with the
The consumer-price index, a sion later this year, according  Officials signaled a potential 2019 ’20 ’21 ’22 ’23
S&P 500, Nasdaq and Dow
closely watched inflation gauge to minutes of the March 21-22 tightening next month......... A2
retreating 0.4%, 0.9% and Note: Core CPI refers to consumer-price index less food and energy. Core services refers to services
that measures what consumers gathering released Wednesday.  Treasurys end higher, while less energy services. Core goods excludes food and energy items.
0.1%, respectively. B10, B11
pay for goods and services, The three major U.S. stock stocks lose ground..... B10, B11 Source: Labor Department
 JPMorgan employees in-
ternally flagged Jeffrey Ep-
stein’s large cash withdraw-
als two years before he was
convicted of soliciting a mi-
nor for prostitution, accord-
Biden Makes the Rounds in a Trip to the Emerald Isle Emissions
ing to new court papers. B1
 Juul agreed to pay $462
Proposal
million to settle lawsuits filed
by six states and the District
of Columbia, resolving nearly
all of the pending litigation
Aims to
against the company. B1
Boost EVs
.
 Gojo, the maker of Purell
hand sanitizer, is seeking a
ly
buyer and is drawing in- BY KEN THOMAS
terest from some big names AND RYAN FELTON
in consumer products. B1
 The judge overseeing a
defamation case against Fox
News said he was likely to ap-
on WASHINGTON—Auto mak-
ers face steep challenges in
transitioning the nation to
electric vehicles to meet
point a special master to in-
tougher tailpipe emissions
us ,
vestigate whether the network

standards proposed by the Bi-
l
improperly withheld informa-

den administration on
e
tion during the litigation. B2
al a
Wednesday—with hurdles in-

 Warner Bros. Discovery cluding consumer sentiment,
introduced “Max,” its new supply-chain issues and an
ci on
streaming platform that will evolving network of public

combine HBO content with charging stations.
Discovery+ fare and eventu- The Environmental Protec-
ally feature new shows. B4 tion Agency’s emissions pro-
posal would apply to cars, sport-
er s
 Twitter has told the courts

utility vehicles and pickups in
that it has a new company
KEVIN LAMARQUE/REUTERS
the 2027 to 2032 model years,

name in a new state: X Corp.,
m er
with the goal of jump-starting

an entity incorporated in Ne-
EV sales and phasing out inter-
vada instead of Twitter’s pre-
nal combustion engines.
vious domicile in Delaware. B4
The proposal would be the
nation’s toughest-ever restric-
m rp
World-Wide tions on car pollution—and

SMILE: President Biden takes a selfie in Dundalk, Ireland, on Wednesday. During an earlier stop in Northern Ireland, he deliv- Please turn to page A4
ered a speech marking the 25 years since the Good Friday Agreement ended decades of civil conflict in the U.K. province. A18
 Auto makers face steep  Heard on the Street: EPA
challenges in transitioning can’t control EV plans........ B12
co Fo
the nation to electric vehicles

to meet tougher tailpipe emis-
U.S. Cracks Open Missteps, Powerful Critics

sions standards proposed by
the EPA, with hurdles in-
cluding consumer sentiment,
Bitcoin Anonymity Put Stop to EY Split Plan

supply-chain issues and a
still-evolving network of
public charging stations. A1
 The U.S. government is
treating the apparent dis-
closure of classified mate-
rial surrounding the war
Solving a $3.4 billion crypto heist from 2012 For months, Ernst & its plan to break up the that were deferred because of
Young’s top leaders character- 390,000-person firm into sepa- the proposed split.
in Ukraine as an insider’s shows the long reach of federal authorities
n-
ized their planned breakup of rate businesses, one that would “People have gone
leak, people familiar with
the firm as almost inevitable. look like a traditional auditor through…frustration, disap-
the matter say, but hasn’t
BY ROBERT MCMILLAN used the site to buy cocaine. All that was left were some and another that would focus pointment, fear, anger, that we
yet homed in on key sus-
pects for the breach. A1, A8 “I accidentally double- on consulting. On Wednesday, have not been able to move
no
James Zhong appeared to clicked the withdraw button By Jean Eaglesham, EY’s top executives pointed fin- forward,” Patrick Winter, EY’s
 The U.S.’s top hostage ne- have pulled off the perfect and was shocked to discover Alexander Saeedy gers, mostly at the U.S. opera- managing partner of the Asia
gotiator called on Russia to crime. that it resulted in allowing and Mark Maurer tion, in firmwide calls and ex- and Pacific region, said on a
allow American Embassy of- In December 2012, he me to withdraw double the pressed fear that the effort had call with partners. He added
ficials to visit detained Wall stumbled upon a software amount of bitcoin I had de- adjustments around the edges weakened it and encouraged ri- there also was a “sense of em-
Street Journal reporter Evan bug while withdrawing posited,” he later said in fed- and votes by partners in doz- val firms to poach its staff. barrassment for each of our
Gershkovich and pledged money from his account on eral court. After the first ens of countries. The firm spent $600 million partners in how they’re having
to find a way to secure his Silk Road, an online market- fraudulent withdrawal, Mr. They missed a brewing re- and more than a year working to deal with this news.”
release and that of another place used to hide criminal Zhong created new accounts volt at the firm’s biggest oper- on the split, executives said on Some of EY’s overseas lead-
American, Paul Whelan. A9 dealings behind the seem- and with a few hours of ation, where EY’s top leader internal webcasts Wednesday. ers warned Wednesday that ri-
 France’s Macron walked ingly bulletproof anonymity work stole 50,000 bitcoins and the architect of the Anna Anthony, a senior ex- vals could recruit its staff
a diplomatic tightrope on of blockchain transactions worth around $600,000, breakup had deep ties. A ecutive at EY’s U.K. arm, amid a broad shortage of audi-
Wednesday, seeking to calm and the dark web. Mr. court papers from federal handful of U.S. partners, prod- played down the spending on tors. There also was worry
a trans-Atlantic uproar over Zhong, a 22-year-old Univer- prosecutors show. ded by a vocal group of EY re- a call with partners, saying the that EY’s overseas operations
his recent remarks on Taiwan sity of Georgia computer-sci- Federal officials closed tirees, scuttled the deal. cost was offset by $400 mil- could sell off their consulting
ence student at the time, Please turn to page A10 EY abandoned on Tuesday lion that EY saved on projects Please turn to page A9
while also defending his push
for Europe to chart its own
course on foreign policy. A18
 A Memphis panel voted
Fake Snow and $864 in Sex Toys: Leak Investigation
to return Democratic former
state Rep. Justin Pearson to
Influencers Chase Tax Write-Offs
the legislature, less than a
week after he and another
i i i Focuses on Insiders
Democratic lawmaker were Field tests IRS; ‘I need an accountant
expelled by Tennessee’s Re- WASHINGTON—The U.S. Staff. Such documents are typi-
publican-led House. A6 that understands outrageous.’ government is treating the ap- cally briefed to senior-level de-
parent disclosure of classified cision makers at the Pentagon
 Suicide rates rose in the
BY SARAH E. NEEDLEMAN Now she has to prove to a material surrounding the war in in an environment protected
U.S. in 2021 after two
tax preparer—and the Internal Ukraine as an insider’s leak, from electronic surveillance
years in decline, federal
In recent weeks, Ali Spag- Revenue Service—that these and secured against leaks.
data showed, driven by
nola has been carefully compil- purchases qualify as bona fide By Byron Tau, The Federal Bureau of In-
more deaths among men in
ing receipts for thousands of business expenses. Sadie Gurman vestigation is using clues in
nearly every age group. A3
dollars worth of “I need an ac- and Aruna Viswanatha the images that have circu-
supplies, including countant that un- lated online in recent weeks to
CONTENTS Markets..................... B11 40 pounds of cot- derstands outra- people familiar with the matter aid its criminal investigation,
Arts in Review.... A13 Opinion.............. A15-17
Banking & Finance B10 Personal Journal A11-12 ton-candy sugar, geous,” says Ms. say, but hasn’t yet homed in on law-enforcement officials said.
Business News.. B3,6 Sports....................... A14 15,000 Lego pieces Spagnola, who’s on key suspects for a massive intel- Some of the documents would
Crossword.............. A14 Technology.......... B4-5 and a red baby her third bean coun- ligence breach that has exposed be accessible to several hun-
Equities....................... B7 U.S. News......... A2-4,6
Heard on Street. B12 World News. A8-9,18
grand piano. ter, after the first the challenges of safeguarding dred people, while others
Based in Los An- two couldn’t grasp sensitive U.S. information and would be restricted to a much
geles, Ms. Spagnola why, for instance, has tested ties with some of the smaller group, U.S. officials
> makes goofy music buying an elf suit U.S.’s closest allies. said. Focusing on the access to
and art videos to and enough fake The bulk of the more than Please turn to page A8
post online for a liv- File under ‘huh?’ snow to fill a van 60 documents, if genuine, ap-
ing. She’s looking to was essential.
HOW AI WILL CHANGE pear to originate from the Cen-  Russian military infighting
write off as many of the items Content creators say they YOUR HEALTH tral Intelligence Agency’s Oper- described in documents...... A8
s 2023 Dow Jones & Company, Inc.
All Rights Reserved as possible when she files her need to spend big to entertain R1-8 ations Center and the  U.S. fights the Kremlin’s
2022 tax returns. Please turn to page A10 Pentagon’s Joint Chiefs of disinformation efforts.......... A8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Thursday, April 13, 2023 * * THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Labor Crosscurrents Complicate Rate Path

By histori- and health and government Three-month annualized Average weekly hours worked done, and lower interest and three co-authors. (Immi-
cal standards, expanded at a 4.6% annual growth in payroll jobs per employed person rates? Probably not, which gration rebounded somewhat
the labor mar- rate in the three months brings us to the third factor in the past year.)
ket remains ended March—little changed 10% Private education, 38.0 hours in the labor market: supply.
leisure, hospitality
T
remarkably from a year earlier. This tells It is still constricted, which hird, people employed
and government
strong. Pay- us little about the underlying 8
is helping to sustain wage worked 0.6 fewer
roll growth last month state of labor demand. and inflation pressure. hours a week in the
clocked in above 230,000, Second, look at sectors less 37.5 To be sure, it’s less con- last quarter of 2022 than
more than double what was afflicted by Covid, and more 6 stricted than before. The la- just before the pandemic, a
once considered normal. The sensitive to the business cy- bor-force participation rate Brookings Institution study
unemployment rate, at cle. Employment in retail fell from 63.3% in February co-written by University of
3.5%, stayed near its lowest trade, construction, manufac- 4 37.0 2020 to 61.5% at the end of Maryland economist Katha-
in more than 50 years. turing and finance was grow- Total that year, but has since re- rine Abraham found. This is
Several crosscurrents are ing more than 4% annualized 2 covered to 62.6% in March. equivalent to 2.3 million
at work, and a closer look a year ago, but in the three Moreover, because the popu- fewer workers. Some of that
suggests the labor market is months through March 2023, 36.5 lation is aging, participation might be because of Covid
cooling quite rapidly. Yet it that had slipped to 0.7%. 0 Retail, manufacturing, would have fallen even with- health effects, and some
hasn’t cooled enough for the Other indicators point to construction and out the pandemic, and it’s might reflect people simply
Federal Reserve to conclude labor demand falling back: finance roughly where the Congres- wanting to spend less time
inflation will fall back to its The number of job vacancies –2 36.0 sional Budget Office, in early working, the study said.
2% target. So while labor de- has plummeted by 17% in the 2021 ’22 ’23 2019 ’20 ’21 ’22 2020, projected it would be Add it up and there sim-
mand hasn’t fallen to reces- past year. Last week, the La- Sources: Labor Department (payrolls); Katharine Abraham and Lea Rendell, Univ. of Maryland (hours) now. For people 25 to 54, ply isn’t as much labor for
sionary levels, it may still. bor Department revised participation is 83.1%, higher employers to draw on. Even
To understand why, it weekly data on new claims higher rates hadn’t really the coming year falling by 1% than in February 2020. if their need for labor has
helps to identify three dis- for unemployment, and they done much to tighten overall and economic growth lower This doesn’t mean the la- cooled, they must still pay
tinct forces: first, Covid-19 appear to have been trending financial conditions, such as by 0.44 percentage point. bor supply is fine. First, the up. Wage growth has slowed
and its aftermath; second, higher since January. Private the level of stock prices or The IMF still expects the loss of some retiring baby but not to levels consistent
the normal business cycle; surveys, such as by the Na- the availability of credit. U.S. economy to grow 1.6% boomers was expected, but with 2% inflation. The mod-
third, the supply of labor. tional Federal of Independent That changed in March this year but worries the that still leaves a hole that est 0.3% rise in hourly pay in
First, since the economy Business, show less hiring. when two regional banks banking stress will spread if employers must fill. Second, March was more like 0.4%
reopened after pandemic failed and deposits flooded central banks keep interest the U.S. population is 1.4 mil- when adjusted for the shift-
T
lockdowns of early 2020, his shouldn’t come as out of small and midsize rates high, or raise them fur- lion people smaller and the ing composition of jobs, ac-
employers have struggled to a surprise. The Fed be- banks. In its Global Financial ther. “A hard landing—par- labor force 900,000 smaller cording to independent ana-
fill vacant positions. gan raising interest Stability Report released ticularly for advanced econo- than would have been ex- lyst Riccardo Trezzi.
In fact some sectors are rates a year ago specifically Tuesday, the International mies—has become a much pected in 2019 because of The bottom line: While la-
so understaffed, their hiring to slow the economy and Monetary Fund said banks’ larger risk,” it said. Covid deaths and reduced bor demand may be weaken-
has been virtually impervi- cool a labor market it con- stock prices are strongly cor- Will the Fed head off that immigration, according to a ing, it will likely have to
ous to business conditions. sidered too tight. It has ac- related to their willingness risk by using the latest evi- study by Wendy Edelberg, weaken further, perhaps into
.
Total employment in leisure tually taken longer than ex- to lend, and their recent fall dence of weakening labor de- director of the Hamilton recessionary territory, for
and hospitality, education pected, in part because pointed to bank lending in mand to conclude its job is Project, a liberal think tank, the Fed to consider easing.
ly
Officials Signaled a Potential Tightening Next Month on
BY NICK TIMIRAOS roughly as likely to occur as New economic projections re- creases were slowing. emphasis on anecdotes and tighter financial conditions
not this year. leased then showed nearly all The rate outlook became surveys of credit conditions if such as higher borrowing costs,
us ,
Stubbornly high inflation Looking ahead, the minutes expected they would lift rates much more uncertain after they signal a pullback in lend- lower stock prices and a stron-
l
and tight labor markets led hinted at potential policy divi- one more time this year. Most banking-system stresses flared ing, which could call for forgo- ger dollar, which curb demand.
e
al a
Federal Reserve officials to sions, with some officials of them expected to hold rates last month, beginning March 9 ing an increase or raising rates “While the full impact of
signal they could raise interest pointing to greater risks of a steady after that, provided the when panicked depositors while signaling a pause, or this policy tightening is still
rates at their next meeting de- sharper-than-anticipated slow- economy grows little this year pulled money from Silicon Val- whether they place more making its way through the
ci on
spite a greater likelihood of a down and others highlighting and labor demand cools. ley Bank, which regulators weight on economic data that system, the strength of the
recession later this year. the prospect of firmer infla- closed the following day. Reg- might show less effect on credit economy and the elevated
The fallout from the fail- tion this year. ulators closed a second insti- availability but be more dated. readings on inflation suggest
ures of two midsize banks led Officials concluded that tution that also faced a run, Inflation moderated some- that there is more work to
Fed officials to consider skip- given the strength of price
Fed minutes show Signature Bank, on March 12 what last month, the Labor do,” San Francisco Fed Presi-
er s
ping a rate increase at their pressures and the demand for backing for a possible and intervened aggressively to Department said Wednesday. dent Mary Daly said in a
meeting last month, but they labor, “they anticipated that shore up confidence in the The consumer-price index rose speech Wednesday.
rate hike despite the
m er
concluded regulators had some additional policy firming banking system. 0.1% in March and by 5% over Philadelphia Fed President
calmed stresses enough to jus- may be appropriate” to bring chance of recession. Many Fed officials antici- the previous 12 months, the Patrick Harker said Tuesday
tify a quarter-point rate rise, inflation down to the central pated “there would be some smallest annual increase in he has long anticipated the
according to minutes of the bank’s 2% goal, the minutes tightening of credit conditions, nearly two years. But core central bank would need to
March 21-22 gathering re- said. They also said they and that would really have the prices, which exclude volatile raise the fed-funds rate above
m rp
leased Wednesday. would pay close attention to Over the past year, the Fed same effects as our policies food and energy items and 5% “and then sit there for a
For the first time since offi- bank lending conditions as has raised rates at its fastest do,” Fed Chair Jerome Powell which central bankers see as a while.”
cials began lifting rates a year they weigh their next move. pace since the early 1980s to said at a news conference better gauge of underlying in- Last year, supply-chain
ago, the Fed staff forecast pre- The latest rate rise brought combat inflation that jumped to March 22. “If that did not turn flation, rose 0.4% in March healing offered a compelling
sented at the meeting antici- the Fed’s benchmark federal- a 40-year high last year. Until out to be the case, in princi- and by 5.6% over the previous reason to think price growth
co Fo
pated a recession would start funds rate to a range between recently, officials had signaled ple, you would need more rate year, up from 5.5% in Febru- would slow. This year, the case
later this year due to banking- 4.75% and 5%. All 18 officials that they were likely to keep hikes.” ary. for inflation falling depends
sector turmoil, the minutes who participated in last lifting rates until they saw The question ahead of the The Fed fights inflation by more squarely on declines in
said. Previously, the staff had month’s meeting supported more conclusive evidence that Fed’s May 2-3 meeting is slowing the economy through the demand for labor and con-
judged a recession was the increase, the minutes said. economic activity and price in- whether officials place more raising rates, which causes sumer spending.
CORRECTIONS 
Inflation sures from shelter costs.
The CPI rose 0.1% in March
from the prior month, down
will pay close attention to
measures of economic activity,
including lending conditions
bank failures also will slow
growth this year, the Interna-
tional Monetary Fund esti-
David Cuevas, co-owner of
Digital Wardogs, an e-com-
merce company that sells AMPLIFICATIONS
Lowest sharply from February’s 0.4%
increase, while core CPI in-
creased 0.4%, down slightly
following banking-system
stress, as they weigh whether
to raise rates again at an early
mated Tuesday.
The labor market cooled
some in March, with hiring
products through Amazon.com
Inc., said that the profit mar-
gin is bigger on his business’s Three states in 2022 al-
Since 2021
n-
from 0.5%. May meeting. gains moderating and wage main product—shoe-spike at- lowed residents to upload
The Fed has raised interest “The inflation problem growth easing. Weekly jobless tachments for aerating their driver’s licenses or state
rates nine times over the past doesn’t get solved by itself—it claims, a proxy for layoffs, are lawns—because of the drop in ID cards to the Apple Wallet.
year to cool the economy and needs higher unemployment up from historic lows. And job shipping rates, but that infla- An April 4 Personal Journal
no
Continued from Page One tame inflation, which shot up to get there,” said Steve Blitz, openings have dropped—a sig- tion is eating into overall sales article about what people
year earlier, accelerating as the economy rebounded chief U.S. economist at TS nal that demand for workers is as consumers spend more on carry in their wallets incor-
slightly from 5.5% the prior from the pandemic during sup- Lombard. softening. Consumer spending, essential items and travel. rectly said the number was
month. Core inflation, which ply-chain disruptions and labor The economy started the the primary driver of growth, “They’re having to spend eight states in 2021.
economists see as a better pre- shortages. The benchmark fed- year with surprising strength, rose more modestly in February. more at the grocery store, so
dictor of future inflation, has eral-funds rate is now at a but it has shown recent signs Grocery prices declined in you’re not seeing as many of The U.S. stock market was
stayed stubbornly high in part range between 4.75% and 5%. of slowing. Tighter lending March from the prior month, them buying products,” Mr. closed Friday, April 7, for
because of inflationary pres- Officials have signaled they following two recent midsize marking the first one-month Cuevas said. “Being able to Good Friday. On Tuesday’s
drop since September 2020. take a trip rather than buying and Wednesday’s Markets Di-
Consumer-price index, Consumer-price index change, select items Egg prices, which soared last some object off Amazon is gest pages, the Nasdaq Com-
change from a month earlier* year because of an avian flu what I’m doing—and I think posite Index candle graph in-
FOOD ONE-MONTH* 12-MONTH outbreak, posted the biggest what a bunch of other people correctly displayed April 6’s
1.25%
Cereals, bakery products single-month drop since 1987. are doing as well.” open, high, low and close for
1.00 Gasoline and residential natu- Prices for goods have been April 7, rather than a blank
Dining out ral-gas prices also dropped. rising more slowly, a process space.
0.75 Groceries New auto prices rose but used called disinflation, but that has
Meats, poultry, fish, eggs auto prices fell. largely run its course, said Ber- Komusō Design’s website
0.50 Matt LeRoy and his wife, nard Yaros, an economist at is KomusoDesign.com. An Off
Fruits and vegetables Melanie, cut back on after- Moody’s. “At least in the near Duty article on Saturday
0.25 –5% 0 5 10 15
school care for their 6-year- term, a lot of the benefit we’ve about little luxuries incor-
0 ENERGY old son, and they are driving gotten from healing supply rectly said Komuso.com.
to visit family for spring break chains has played out, and we
Electricity instead of renting an Airbnb in can’t necessarily expect that to Readers can alert The Wall Street
–0.25 Journal to any errors in news articles
Core
Energy services the Poconos. Mr. LeRoy said be a major source of disinfla- by emailing [email protected] or
–0.50 they saved all of his annual tion going forward,” he said. by calling 888-410-2667.
Utility (piped) gas service
Overall bonus this year, rather than
–0.75 Fuel oil spending part of it on a home-
2020 ’21 ’22 ’23 Gasoline improvement project or pur- THE WALL STREET JOURNAL
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Major appliances sure, it’s 10 years old, but it
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THE WALL STREET JOURNAL. * * Thursday, April 13, 2023 | A3
U.S. NEWS
Pick of Fed Toxic Smoke From Industrial Fire Forces Thousands of Indiana Residents to Evacuate
Vice Chair
Proves
Tricky
For Biden
BY ANDREW RESTUCCIA
AND NICK TIMIRAOS
WASHINGTON—The White
House is working to secure the
support of key Capitol Hill al-
lies as officials deliberate over
whom to nominate for the No.
2 job at the Federal Reserve,
according to people familiar
with the matter, with Demo-
crats’ slim majority in the Sen-
ate hanging over the search.
Last month, some adminis-
tration officials privately iden-
tified Janice Eberly, a finance
professor at Northwestern
University, as the leading can-
didate for the Fed vice chair.
But Sen. Robert Menendez (D.,
N.J.), a senior member of the
Senate Banking Committee,
has continued to mount an ag-
gressive campaign to pressure
the White House to nominate a
MICHAEL CONROY/ASSOCIATED PRESS

Latino economist for the job.
At the same time, some pro-
gressive lawmakers, including
Sen. Elizabeth Warren (D.,
Mass.), a member of the com-
mittee and a critic of Fed Chair
Jerome Powell, have urged Mr.
.
Biden to nominate someone
who will work to shape opin-
ly
ion inside the central bank in UNSAFE AIR: Clouds of smoke filled the air Wednesday after fire engulfed at least six buildings in Richmond, Ind., that were being used to store a large amount of plastic,
favor of a less aggressive mon- local Fire Chief Tim Brown said. Thousands of residents were told to leave their homes. Authorities said the blaze, which started Tuesday, could smolder for several days.
etary policy.
The position became vacant
in February when President Bi-
on
Ticks, and Their Diseases, Spread Out
den selected then-Vice Chair
Lael Brainard to head his Na-
tional Economic Council.
us ,
While Ms. Eberly is still

l
seen by some administration

e
al a
officials as the best candidate, BY BRIANNA ABBOTT Percentage change in cases of Lyme disease from 2001 to 2020 lone star ticks that harbor the
the search has continued amid virus weren’t found until re-
Mr. Menendez’s push to nomi- People won’t stop mailing cently, Dr. Petersen said.
ci on
0% 200 400 600

nate a Latino economist. ticks to Griffin Dill. When Mary Black was told
Diversity is one of several They come in zip-lock bags, by an allergist that she should
factors the administration has plucked from pets, hikers and be tested for alpha-gal syn-
weighed from the start of what homeowners from across drome, she had never heard of
has become an increasingly Maine. Mr. Dill, manager of it. The 37-year-old nurse and
er s
thorny internal deliberation, the Tick Lab at the University Oklahoma resident had been
White House officials said. Mr. of Maine in Orono, said that New York experiencing repeated bouts
San Francisco Chicago
m er
Biden has pledged to improve there used to be a lull from of facial swelling, hives and
the diversity of the board, and around mid-December to joint pain since summer 2022
Washington
last year nominated two Black March. Now the ticks are Denver with no discernible explana-
economists who were subse- showing up year-round. tion. She was diagnosed in
quently confirmed by the Sen- More ticks are arriving Los Angeles February and is adjusting to
m rp
from farther north in the cutting out red meat and

state, and about two-thirds of other mammal products.
them are found around peo- Atlanta “I honestly feel the lack of
Sen. Menendez has ple’s homes. Mr. Dill tests the education is making a huge
pressured the White parasites for infectious dis- impact. My primary-care pro-
co Fo
eases including Lyme and vider had never heard of it,”

House to nominate a babesiosis, a flulike illness Houston Mrs. Black said. “If you look at
Latino economist. that can range from asymp- Note: For counties with at least Miami the map of where alpha-gal or
tomatic to life-threatening. one case in 2001 or 2020 the lone star ticks are, the line
Mr. Dill and his colleagues are Source: Centers for Disease Control and Prevention Carl Churchill/THE WALL STREET JOURNAL goes right through where I
also testing for diseases such live.”
ate. as Rocky Mountain spotted fe- “People get told there is no “As the climate changes, so researchers said. People are People should remove ticks
The White House has nar- ver that aren’t common in Lyme disease in West Virginia. does the habitat of where the building homes deeper into with tweezers and clean the
rowed its list of candidates af- Maine. Well, that is changed,” said Dr. ticks feel comfortable,” said the woods, increasing the bite area and their hands with
ter initially considering dozens “We wanted to make sure Aucott, director of the Johns Nicole Baumgarth, director of chances for tick encounters in soap and water or rubbing al-
of economists, the people said. we’re testing for the patho- Hopkins Lyme Disease Clinical the Johns Hopkins Lyme and backyards or playgrounds. cohol, the CDC says. Ticks can
A White House official said a gens we know are here and Research Center. Tickborne Diseases Research Shorter, warmer winters be flushed down the toilet or
final decision is expected in the ones that might be knock- Cases of tick-borne disease and Education Institute within have lengthened the time ticks put in a sealed container to be
n-
the coming weeks. ing on our doorstep,” Mr. Dill reported to the Centers for the Bloomberg School of Pub- can be active, as places includ- sent for testing.
Because Democrats have a said. The lab isn’t finding Disease Control and Preven- lic Health. “It is critical that ing New England and the up- The CDC doesn’t generally
13-12 majority on the Senate Rocky Mountain spotted fever, tion more than doubled in the we get a handle on the risk in per Midwest become hotter recommend antibiotics after
Banking Committee, any White he said, but there have been U.S. between 2004 and 2019, various parts of the country.” and wetter. Many ticks and tick bites to prevent disease.
no
House nominee would need increases in the prevalence of when some 50,800 cases were Regrowing forest in the mosquitoes need a warm, hu- People should consider talking
the backing of every Democrat Lyme and babesiosis over the reported. Lyme disease makes Northeast and the surging U.S. mid climate to thrive. to a doctor if Lyme or other
on the panel to advance to the past five years. up the majority of tick-related deer population, a main host “These are really good con- tick-borne diseases are com-
floor if Republicans uniformly Ticks are on the move in infections, CDC data show. for traveling ticks, have ditions for ticks to grow,” said mon where they live and
oppose the pick. If Sen. Me- the U.S., thanks in part to ex- Cases are also significantly helped drive the expansion, Lyle Petersen, director of the watch for symptoms including
nendez doesn’t support the panding deer populations and undercounted, with reported Division of Vector-Borne Dis- rashes, fatigue or fever.
nominee, the White House a warming, more hospitable cases of Lyme accounting for eases at the CDC. Some mosquito species and
would need to rely on at least climate. Some mosquito popu- less than 10% of the estimated Babesiosis, also carried by the disease they carry are also
GREGORY REC/PORTLAND PRESS HERALD/GETTY IMAGES
one Senate Republican on the lations and the diseases they yearly infections, according to the blacklegged tick, has be- on the move. The Aedes ae-
committee to cross the aisle. carry such as West Nile have the CDC. come more common across gypti mosquito, which is capa-
White House officials have also spread. The shift is ex- The tick that carries Lyme the Northeast. Some 16,400 ble of harboring viruses in-
canvassed an array of Latino posing more people to new in- disease, the deer tick or black- cases were reported across 37 cluding yellow fever and
candidates for both the Fed va- fectious disease threats. legged tick, lives throughout states between 2011 and 2019, dengue, has invaded cities in
cancy and other economic-pol- John Aucott has watched the eastern U.S. The number according to a March CDC re- the southern U.S. West Nile vi-
icy jobs, including a seat on the geographic expansion of of counties where blacklegged port. It was endemic in seven rus, carried by the culex mos-
the Council of Economic Advis- tick-borne diseases over the ticks are established has more states in the Northeast and quito, is endemic across the
ers and the top economist at past two decades reflected in than doubled in the past two Midwest in 2011. Now, Maine, country, after first being in-
the Treasury Department. Ben the patients who come to see decades, according to CDC re- New Hampshire and Vermont troduced in the late 1990s.
Harris, Treasury’s assistant him. When he arrived at Johns searchers. Lone star ticks, have been added to that list. Wearing long sleeves, using
secretary for economic policy, Hopkins University School of which can cause a red-meat More cases of alpha-gal bug spray, doing tick-checks
recently stepped down. Medicine, Lyme disease was allergy known as alpha-gal syndrome, the red-meat al- and showering soon after be-
While Ms. Brainard publicly mostly a coastal disease. Now, syndrome in people they bite, lergy, have also started ap- ing outdoors can help prevent
supported Mr. Powell’s inter- it is in eastern Ohio and West are moving up from the A deer tick. Tick-borne diseases pearing farther north in places tick and mosquito bites, the
est-rate increases last year, in Virginia, he said. Southeast. are on the rise in the U.S. including Long Island, where CDC says.
recent months she highlighted
considerations in setting pol-
icy that would have favored a
milder approach. The Fed vice
chair has often served as an
important policy surrogate for
Suicide Rates Saw Largest One-Year Increase in 2021
the Fed chair by helping to BY JULIE WERNAU been an indicator of a dearth in 2021 than in any year since gest drop in life expectancy in The National Suicide Pre-
shape the agenda for the cen- of intervention and treatment record-keeping began in the 2021, driven by Covid-19 and vention Lifeline switched last
tral bank’s rate-setting meet- Suicide rates rose in 2021 for mental health in the U.S., early 20th century, the data addiction-related illness. summer to a three-digit num-
ings. after two years in decline, fed- said Amanda Fialk, partner showed. About half of all sui- While the highest suicide ber, 988, for people to call for
An aide to Mr. Menendez eral data showed, driven by and chief clinical officer at cides involve a gun, according rates are for older people, sep- help with suicidal thoughts or
said the senator has provided more deaths among men in The Dorm, a treatment pro- to an analysis of federal data arate federal data showed that mental-health crises. Vibrant
a list of Latino candidates to nearly every age group. gram for young people strug- from Kaiser Family Founda- emergency department visits Emotional Health, the non-
the White House and has re- Suicides rates increased 4% gling with mental illness or tion. for people with suicidal ide- profit that administers the cri-
ceived assurances from admin- in 2021 from a year earlier to substance use. Suicide rates were highest ation was highest for adoles- sis line, said the number has
istration officials that they are 14.1 deaths per 100,000 peo- “People are in pain and for indigenous people, with cents, with girls ages 14 to 18 received more calls, texts and
being vetted. Mr. Menendez ple, the National Center for their symptoms are getting 42.6 deaths per 100,000 men the most likely to arrive at an chats and improved answer
and his office have declined to Health Statistics said on worse and worse,” she said. in 2021 compared with 28 per emergency room with suicidal rates since it went live.
reveal those candidates, and Thursday, the largest one-year Men die by suicide more of- 100,000 for the white men, the thoughts. From July to December
the senator hasn’t yet publicly increase in data collected from ten than women, though second-highest rate. Preg- “There’s an incredible 2022, Vibrant said 988 re-
said whether he would oppose 2001 to 2021. For men, the women report thoughts of sui- nancy-related mortality rates amount of stress for adoles- ceived more than 2.1 million
a non-Latino nominee or rate was 22.8 deaths per cide more often and make among indigenous people are cent girls,” said Mitch Prin- calls, texts and chats, about
would be satisfied if the ad- 100,000, roughly four times more nonfatal suicide at- two to three times those of stein, chief science officer for 892,000 more than the same
ministration taps Latino econ- that for women. tempts than men. white people. Indigenous peo- the American Psychological period the year before the
omists for other key positions. Suicide rates have long More men died by suicide ple also experienced the big- Association. transition.
A4 | Thursday, April 13, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.
U.S. NEWS
Senators Demand Answers in Soldier’s Death

‘Deep concern’ as Fort into Pvt. Basaldua Ruiz’s death, gated thoroughly to make sure Ruiz’s case, he said Fort Hood trial, to appoint juries, convene
and the senators urged Gen. it wasn’t murder, and to pro- doesn’t “tolerate harassment of initial hearings, grant immunity
Hood private had told Bernabe to ensure that the vide answers about any harass- any kind.” and clemency, and approve ex-
her family she was probe be “complete, thorough, ment she endured before she An attorney for Pvt. pert witnesses. Those decisions
and impartial.” died. “Especially for this 20- Basaldua Ruiz’s family mem- will be made by independent
being sexually harassed Persistent sexual assault and year-old young woman to have bers said they fully support the military prosecutors instead of
harassment in the military has told her parents that she was call for an independent investi- by commanders.
BY LINDSAY WISE drawn intense scrutiny from being harassed—that is just gation into the command cli- In December 2020, more
AND NANCY A. YOUSSEF Congress in recent years. The such a big red flag,” she said. mate and culture at Fort Hood. than a dozen soldiers were re-
2020 murder of Spc. Vanessa The senators’ letter noted “We remain reluctantly patient lieved of command at Fort
A bipartisan group of sena- Guillén, also 20, at Fort Hood that the 2020 review of Fort but skeptical, particularly given Hood after an independent re-
tors is pressing the command- led to a scathing report that Hood’s command climate after the Army’s sad history of doing view determined there was a
ing general of Fort Hood for an- detailed failures to protect Spc. Guillén’s death had criti- the right thing for its soldiers longstanding culture of sexual
U.S. ARMY
swers about the death of a troops at that installation and cized the installation’s sexual- and their families—especially harassment and assault at that
female Army private in March across the force from sexual harassment prevention and re- at Fort Hood,” said Ryan Guilds, base. The review had been
at the Texas military installa- harassment and assault. Pvt. Ana Basaldua Ruiz sponse programs as ineffective, legal counsel for the family. commissioned by the secretary
tion, where a past report found “Once again, Fort Hood has and found that Fort Hood al- “We will not rest until a com- of the Army in response to the
a “permissive” culture of sexual failed the young women who Elizabeth Warren (D., lowed a “permissive environ- prehensive and transparent in- slaying of Spc. Guillén by an-
harassment and assault. stand up to serve our country Mass.). The Pentagon declined ment” for sexual assault and vestigation surrounding Ana’s other soldier.
In a letter to Army Lt. Gen. and entrust themselves to the to comment, saying it would re- harassment. death takes place.” In their letter, the senators
Sean Bernabe, the senators ex- Army’s care,” the senators spond to the senators directly. During a news conference Over opposition from mili- brought up another recent case:
pressed “deep concern” about wrote. “The permissive envi- Fort Hood’s 1st Cavalry Division last month about Pvt. Basaldua tary-service leaders, Congress Pvt. Denisha Montgomery
the circumstances surrounding ronment identified years ago leadership announced Pvt. Ruiz’s death, Gen. Bernabe said recently approved sweeping Smith, 27, was serving in Ger-
the death of Pvt. Ana Basaldua has not been eliminated and Basaldua Ruiz’s death in March. Fort Hood would support the changes to the way the military many in August when the
Ruiz, saying the 20-year-old has claimed another victim,” Officials have so far provided Army Criminal Investigation Di- justice system handles certain mother of three was found
had told her family that she they wrote. few details except to say there vision’s investigation, which he serious crimes. dead in her barracks. An
was being sexually harassed by The letter was signed by were no indications of foul play. described as independent. Those changes would strip armed-forces medical examiner
peers and a superior while Sens. Kirsten Gillibrand (D., Ms. Gillibrand said in an in- While Gen. Bernabe said the commanders of their tradi- ruled her death a suicide, but
serving at Fort Hood. The Army N.Y.), Chuck Grassley (R., Iowa), terview that Pvt. Basaldua Army was aware of allegations tional authority to decide her family has pressed for more
is conducting an investigation Mazie Hirono (D., Hawaii) and Ruiz’s case needs to be investi- of harassment in Pvt. Basaldua whether to send such cases to details.
U.S. WATCH
Feinstein
HEALTH
EPA’s Drinking Water Rejects

Rule for PFAS Faulted
Authors of a new study say
Pressure
that the federal government is
To Resign
.
likely underestimating the ex-
tent of “forever chemicals” con-
ly
tamination in drinking water BY NATALIE ANDREWS
nationally.
Authors of the Natural Re- Longtime California Sen. Di-
sources Defense Council study,
published in the journal Science
of the Total Environment on
Wednesday, found 26 different
on anne Feinstein said she would
temporarily leave the Judiciary
Committee but not resign the
Senate, responding to pressure
types of PFAS in drinking water from some fellow Democrats to
us ,
in 16 states. Twelve chemicals, step down rather than serve

l
or nearly half of those detected, out the rest of her final term.
e
al a
aren’t included in the Environ- Mrs. Feinstein, who is 89

mental Protection Agency’s cur- years old, underwent treatment
rent monitoring. for shingles in February and has
ci on
The study identified four been absent from the Senate

cases where public water sys- since then, missing dozens of
tems wouldn’t be required to in- votes, and hasn’t provided a
stall treatment under regulations timeline for returning to Wash-
the EPA proposed last month, ington. In her statement
er s
despite higher levels of some Wednesday, she said she had in-
types of PFAS. In all, 30 out of tended to get back to the Capi-
CARLOS BARRIA/REUTERS
m er
44 water samples in the study tol in March but had been de-
contained PFAS. layed by medical complications.
In response to findings of the “I intend to return as soon as
NRDC study, the EPA said differ- possible once my medical team
ent test methods can be ex- advises that it’s safe for me to
m rp
pected to yield different results. travel,” she said. “In the mean-
The agency said it chose the RISE AND SHINE: The Bay Bridge was seen bathed in the morning sun Wednesday beyond California Street in San Francisco. time, I remain committed to the
methods for its monitoring pro- job and will continue to work
gram for a variety of reasons, in- FLORIDA in federal court in the Southern ment that prevented him from dent was using the judicial sys- from home in San Francisco.”
cluding that they can be used District of Florida, seeks more sharing confidential information, tem to harass and intimidate She said she told Senate
Trump Sues His
co Fo
consistently by labs across the than $500 million in damages. including about the business af- his client. Majority Leader Chuck
country. Ex-Lawyer Cohen Mr. Trump “has suffered vast fairs of the Trump Organization. “Mr. Cohen will not be de- Schumer (D., N.Y.) to tempo-
“In short, while there may be reputational harm as a direct re- “He’s lied to the judge. He’s terred and is confident that the rarily replace her on the Judi-
other PFAS present, EPA chose Donald Trump filed a lawsuit sult of Defendant’s breaches,” lied to the prosecutors. He’s lied suit will fail based on the facts ciary Committee, where her
to act decisively to propose reg- against Michael Cohen, alleging the lawsuit claims. to his employers. He’s lied to his and the law,” Mr. Davis said. “Is absence has held up progress
ulations for those PFAS for his former personal lawyer Beginning in 2006, Mr. Cohen own attorneys,” said Chris Kise, there anyone in America, aside on some judicial nominees. A
which the agency had sufficient breached his professional obliga- served as Mr. Trump’s personal a lawyer for Mr. Trump. “So at from a shrinking minority base spokesman said Mr. Schumer
information in order to reduce tions to the former president attorney and as counsel to his some point someone needs to of believers, who takes Mr. will “ask the Senate next week
PFAS health risks as soon as through his frequent podcasts, company, the Trump Organiza- hold this serial liar accountable.” Trump seriously when he files to allow another Democratic
possible,” the agency said. books and media appearances. tion, the lawsuit says. It alleges Lanny Davis, a lawyer for Mr. these frivolous lawsuits?” senator to temporarily serve
—Kris Maher The lawsuit, filed Wednesday that Mr. Cohen signed an agree- Cohen, said the former presi- —Corinne Ramey on the Judiciary Committee.”
New Rules
n-
ously called for half of all new Automotive Innovation, the in- In March, the average auto makers meet perfor- tect this planet,” Mr. Regan
vehicle sales to be electric- dustry’s top U.S. lobbying transaction price for an EV mance-based standards and said Wednesday.
powered by 2030. group. “How we get there, was $61,800, compared with comply through a broad array But high costs remain a ma-
Sought for Auto makers are already whether we have the neces- $45,600 for vehicles with in- of emission control technolo- jor factor for many buyers and
no
transitioning to EVs, but in- sary complementary condi- ternal combustion engines, ac- gies—mostly electrification, polls show mixed results in
dustry-group officials said tions in the marketplace and cording to J.D. Power, an in- administration officials said. consumer interest.
Emissions meeting the new goals will

hinge on a number of factors,
among them consumer appe-
in the industrial base to get us
there are, I think, critical con-
ditions that we need to con-
dustry-research firm.
“The ‘electrification of ev-
erything’ is not a solution. It’s
A separate proposal, cover-
ing medium-duty vehicles such
as box trucks and school
A Gallup poll released this
week found 12% of Americans
are seriously considering buy-
tite for EVs. tinue to examine as we go a road to higher prices and buses, is expected to electrify ing an electric car while 43%
Continued from Page One “There’s no question that’s through this rulemaking.” fewer choices,” said Sen. John nearly half of those vehicles of U.S. adults said they might
one of President Biden’s most where we’re going,” said John Republicans said many con- Barrasso (R., Wyo.). by the 2032 model year. consider buying an EV. The
aggressive moves yet to com- Bozzella, president and chief sumers can’t afford the higher Biden administration offi- The EPA estimated the ben- poll found 41% unequivocally
bat climate change. He previ- executive of the Alliance for price of EVs. cials said the tougher pollu- efits of the proposals would said they wouldn’t.
tion standards are needed to Major auto makers have
reduce the nation’s depen- been charging forward to shift
$7.5B
dence on fossil fuels that gen- their vehicle lineups to include
erate greenhouse gases. more battery-powered cars,
“Time and time again, I powered by the success of EV
think folks have bet against leader Tesla Inc., and tougher
the ingenuity of American Amount U.S. plans to spend to tailpipe-emissions standards
Got extra funds? workers and American indus-

try to continue to deliver
expand the charging network around the globe.
In 2021, General Motors
products that will help us lead Co., Ford Motor Co. and Jeep
This great rate lets you the world in the clean-energy
economy,” said White House exceed costs by at least $1
maker Stellantis NV jointly
agreed to target 40% to 50% of
save more so you can National Climate Adviser Ali
Zaidi in a call with reporters.
trillion, achieved through
lower vehicle-maintenance
their annual U.S. vehicle sales
to be electric by 2030, in line
During the past two years costs, savings on fuel and by with the administration’s goal
of Mr. Biden’s presidency, Mr. reducing emissions of green- at the time.
Zaidi said, the number of house gases. The revamped emissions
available EV models have dou- The proposal is expected to standards were set in motion
bled, as have the number of avoid 7.3 billion tons of car- in a 2021 executive order from
charging stations. At the same bon-dioxide emissions through Mr. Biden, which set a target
time, he said analyst projec- 2055, EPA administrator Mi- for electric vehicles, hydrogen-
5.15
14-MONTH CD tions for EVs were raised. chael Regan said, which the fuel cell and plug-in hybrid ve-
%
To help spur the transition, agency said was the equiva- hicles to make up 50% of U.S.
Open an the U.S. is planning to spend lent of eliminating all green- sales by 2030.
account today at $7.5 billion to expand the house-gas emissions from the The executive order called
synchronybank.com APY *
charging network as part of U.S. transportation sector for for the National Highway Traf-
the $1 trillion infrastructure four years. fic Safety Administration to
bill passed in 2021. Mr. Regan acknowledged complete new corporate aver-
no minimum balance And next week, the U.S.
plans to issue criteria for tax
concerns about the proposal
but said the industry would
age fuel economy targets for
model year 2027 and beyond
credits of up to $7,500 for con- have flexibility to achieve no later than July 2024.
*ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 4/12/23. APY is subject sumers who buy qualified EVs, them. “We’re giving the mar- A NHTSA spokeswoman
to change at any time without notice. Offer applies to personal accounts only. Fees a measure funded by last kets and the automobile indus- said the agency expects its
may reduce earnings. For CD accounts, a penalty may be imposed for early year’s Inflation Reduction Act. try and the private sector the CAFE rule to be proposed
withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of
interest in effect at that time. Visit synchronybank.com for current rates, terms and
The EPA’s proposal options to choose on how we soon. The agency expects its
account requirements. Wednesday, which is expected best move forward to reach proposed standards to align
to be finalized in the spring of these very, very, very ambi- with EPA’s emissions rules in
© 2023 Synchrony Bank
2024 following a public com- tious climate goals that we terms of net effect to the in-
ment period, is designed to let must reach if we are to pro- dustry, the spokeswoman said.
THE WALL STREET JOURNAL. Thursday, April 13, 2023 | A5
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U.S. NEWS
Texas-Mexico international bridges
Las Cruces Dallas
El Paso Bridge ownership
Ysleta Federal government
State of Texas
Fabens
City or county
Private
TEXAS Austin
Presidio Houston
Del Rio San Antonio
Eagle Pass
MEXICO
Laredo
U.S.-Mexico trade value, 2022
Gulf of Mexico
$200 $300 billion Non-commercial
$100 bridge Roma Progreso
$50
$10 Rio Grande City
Monterrey Brownsville
Hidalgo
ELIZABETH FINDELL/THE WALL STREET JOURNAL

Sources: Texas Department of Transportation (ownership); U.S. Census (trade value)
Emma Brown/THE WALL STREET JOURNAL
Texas Cities
Race to Expand
Border Bridges
A section of bridge under construction in Presidio, Texas. About $515 billion of trade went across Texas-Mexico bridges last year.
means that revenue from the problems and geopolitical un- cado imports and 26% of its im- Donna, a community of 16,000
tolls vehicles pay to cross stays certainties have led to a push ported strawberries and rasp- people in the Rio Grande Valley,
local, significantly bolstering to source more products re- berries in 2021, according to a opened a bridge that the city
Communities seek cut Trade is increasing in Presi- the budgets of low-income bor- gionally. Vehicles, machinery, city-commissioned report. had taken out a $30 million
dio and officials are hoping to der cities and counties. In Presi- electronics and fuel top the “We have to be prepared loan to build. But after basing
of fees from crossing keep it that way. Bridges across dio, which holds the only bridge list of goods that cross Texas for all this trade that’s com- its financial projections on rev-
international spans as the Rio Grande that serve as owned by the state of Texas, lo- bridges daily. ing,” Mr. Bazán said. enue from crossing commercial
international ports of entry be- cals are attempting to create a Several Texas bridges are at trucks, the city was unable to
U.S.-Mexico trade rises tween the U.S. and Mexico are local port authority to bring different phases of attempting Key permit elusive get federal support to build and
racing to expand amid growing revenue to the city and county. to expand, an often-tedious Meanwhile, Laredo, the staff a commercial customs in-
BY ELIZABETH FINDELL trade between the two coun- Some $515 billion of trade process that relies on federal state’s 800-pound trade gorilla, spection station.
tries, especially via Texas. went across Texas-Mexico government approvals begin- has been caught in what Bridge Donna leaders have spent
PRESIDIO, Texas— In a Judge Jose Portillo Jr., Pre- bridges last year, up from $401 ning with a presidential permit. Director Yvette Limon de- more than a decade seeking
.
parking lot above a sun- sidio County’s elected execu- billion in 2019 and accounting As cities compete to draw traf- scribed as a frustrating road- avenues to obtain commercial
bleached desert border town, tive, said he wants bridge traf- for 81% of trade from Mexico, fic across their own bridges, block of presidential permit traffic after the bridge’s debt
ly
Victor Carrasco examined a fic to be a windfall for the according to U.S. census data. they must also angle for federal procedures, which have forced them to greatly in-
used water tanker, picked up county—which has the third- Laredo, the country’s top land support of inspection facilities changed twice under the Trump crease property taxes. “I didn’t
secondhand in Houston and highest poverty rate of Texas’ port, was the crossing point for and customs inspectors. and Biden administrations. The think it was going to be that
bound for resale in Chihuahua.
Mr. Carrasco, from nearby
Ojinaga, Mexico, is one of a
growing number of transmi-
254 counties—as other bridges
have been for other communi-
ties. “They have money. They
have lobbyists,” Mr. Portillo
on 22% of trucks hauling goods
into the U.S. last year.
“All local cities are looking
to capture a bit of this trade,
In the Rio Grande Valley
cities of McAllen and Browns-
ville, projects are under way
to allow more commercial
city, which operates four
bridges, wants to add 10 lanes
to the commercial-only World
Trade Bridge, Ms. Limon said.
hard,” said Mayor Rick Mo-
rales. The bridge is now self-
sustaining through tolls on
passenger vehicles, he said.
grantes—people who buy up said of other international which is a consequence of the trucks to cross both directions The city applied for a presi- The city this month is issuing
us ,
old U.S. vehicles, machinery, bridges. “We haven’t been a growth,” said Daniel Covarru- and to speed their passage. dential permit for the project $80 million in bonds that will
l
electronics and household significant player, but we want bias, director of the Texas Cen- The city of Pharr, a neighbor last year, but was told its envi- allow it to start construction
e
al a
goods to resell in Mexico and to participate.” ter at Texas A&M International of McAllen, received a presiden- ronmental review needed to on an inspection station for
Central America—who are University, which analyzes the tial permit in 2020 to double its come first, she said. It is now commercial trucks, he said.
making Presidio their south- Toll revenue stays local state’s international trade. bridge’s capacity by building a lobbying to complete both con- Mr. Morales said he is con-
ci on
bound crossing point. The Although they serve as en- Dr. Covarrubias attributes second four-lane span. The city currently. Revenue from the fident U.S. Customs and Bor-
bridge connecting Ojinaga and tries to the U.S. manned by the the sharp increases in state expects to begin construction bridges contributed $77 million der Protection will staff the fa-
Presidio, a West Texas town of federal government, most of the imports and exports to the next year, Bridge Director Luis to Laredo’s $630 million bud- cility, though the agreement
3,300 people, is quieter than international bridges are built supply chain normalizing after Bazán said. Officials hope to cut get this fiscal year. hasn’t been finalized. “We’re a
those he has used to cross the and owned by the communities Covid disruptions. He said he crossing times on the bridge, a International bridges haven’t poor community,” he said.
er s
border before, he said, but new that surround them, and a few thinks the growth will con- top produce port that brought been an immediate boon to all “But we’re expecting this
lanes are under construction. are privately owned. That tinue, as pandemic supply in some 41% of the nation’s avo- cities. In late 2010, the city of bridge to be a game-changer.”
m er
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Glow Your
Own Way
CHENEY ORR/REUTERS
OUR 18KT GOLD NECKLACE

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Justin Pearson gestures after a vote for his reinstatement on Wednesday, days after he was expelled.
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Second Ousted Lawmaker

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A Memphis panel voted to he was organizing buses to on pushing for tighter gun re-
return Democratic former state take supporters from Memphis strictions. “What we have
Rep. Justin Pearson to the leg- to Nashville, the state capital. shown here in Memphis…is
islature, less than a week after Shelby County Commissioner that we do not speak alone.
he and another Democratic Mickell Lowery, the board’s We speak together. We fight
lawmaker were expelled by chairman, said he would work together.” He ended his speech
Tennessee’s Republican-led quickly to finalize paperwork to sustained applause, shout-
House of Representatives. to make the appointment offi- ing: “Let’s get back to work!”
Glossy and bright, our 18kt gold necklace from GOP leaders in the chamber cial. “We need to get that to Speaking Tuesday, Mr. Pear-
removed Mr. Pearson and fellow Nashville as soon as possible,” son said he was expelled de-
Italy shines with a graduation of 2.6-9mm beads. Democrat Justin Jones on April Mr. Lowery said. spite being sent to the legisla-
6, a rare punishment for speak- A spokesman for Tennessee ture by voters. “We got a
You'll love wearing this classic piece ing out of turn on the House problem going on in Tennes-
floor following last month’s see,” he said, adding later: “If
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Mr. Pearson said he racy, you will reach a point
75-23 majority in the House, would double down when you will not have it.”
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on pushing for tighter Republicans moved to expel
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Democrats and gun-control ad- a House session on March 30.
vocates have rallied around the GOP members said the trio had
lawmakers, dubbing them the broken rules about preserving
Tennessee Three. House Speaker Cameron Sex- order and displaying political
The Democratic-controlled ton previously said he planned messages after a school shoot-
Shelby County Board of Com- to seat whomever was chosen ing that left six dead. A 28-
missioners, in a special meet- by local officials. year-old suspect killed three
ing Wednesday afternoon, ap- Mr. Pearson is a 28-year-old students and three adults at a
pointed Mr. Pearson in an environmental activist and had private Christian school in
interim capacity until a special taken office earlier this year. Nashville on March 27; police
ORDER TODAY! election can be held. The vote He walked to the meeting killed the shooter at the scene.
was unanimous, 7-0. On Mon- Wednesday with supporters Ms. Johnson joined the pro-
To receive this special price and free shipping use offer code: BRAVE1 day, Nashville officials voted— gathered around him. After the test on the House floor, but she
also unanimously—to return vote, he thanked the commis- said she didn’t raise her voice
1.800.556.7376 or visit ross-simons.com/brave Mr. Jones to the Tennessee sioners for voting to reinstate or use a bullhorn to speak.
House; he was sworn in him. “Nashville thought they —Mariah Timms
Item #935155 shortly afterward. could silence democracy,” Mr. and Alyssa Lukpat
Mr. Pearson said on social Pearson said. He added that, contributed to this article.
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A8 | Thursday, April 13, 2023 * * THE WALL STREET JOURNAL.
WORLD NEWS
Kyiv Probes Video’s Authenticity Russian
Military
Footage purports to
show Kremlin forces
beheading a soldier;
Infighting
Moscow seeks proof Described
BY IAN LOVETT BY MATTHEW LUXMOORE
AND BOJAN PANCEVSKI AND JARED MALSIN
DNIPRO, Ukraine—Ukraine’s Leaked documents purport-

security service launched an in- ing to contain Pentagon pre-
vestigation into a video posted sentations depicted Russia’s
on social media that appears to military leadership as dis-
show Russian forces beheading tracted by infighting over the
a captured Ukrainian soldier. war in Ukraine and grappling
The video, which hasn’t with the outsize role played
been independently verified by there by the paramilitary Wag-
The Wall Street Journal, first ner Group.
appeared Tuesday evening on The Pentagon and Justice
social media and appears to Department last week launched
show a Russian soldier using a an investigation after pur-
knife to cut off the head of a ported U.S. Defense Depart-
screaming Ukrainian soldier. ment documents were posted
VLADYSLAV MUSIIENKO/REUTERS
“This is a video of Russia as online and amplified by Rus-

it is,” Ukrainian President Vo- sian, pro-Kremlin Telegram
lodymyr Zelensky said in a channels. The Wall Street Jour-
video posted to Twitter on nal wasn’t able to indepen-
Wednesday. “This is not an ac- dently authenticate the leaked
cident….This was the case in documents, but they contain
Bucha. Thousands of times,” he enough detail to give them
said, referencing the Kyiv sub- credibility.
urb where Ukrainian soldiers Ukrainian soldiers participated in a ceremony for Ukrainian Armed Forces at St. Michael’s Cathedral in Kyiv on Wednesday. In addition to indicating
discovered hundreds of bodies some military vulnerabilities
after Russian forces withdrew. Nazi Russian paramilitary against Ukrainians that ing thinly veiled threats by Rus- nations’ nuclear arsenals. on the Ukraine side, the docu-
The video elicited outrage unit, posted a still from the amount to war crimes, includ- sian President Vladimir Putin to The new missile was ments appear to paint a neg-
across Ukraine on Wednesday video on its Telegram channel ing killings, imprisonment, use nuclear weapons after in- launched from the Kapustin ative picture of the state of
morning, with citizens labeling with the caption, “You will be torture, sex crimes and the de- vading Ukraine. Yar test range in Russia’s Russia’s war effort and fraying
it an emblem of Russia’s cam- surprised how many of these portation of civilians. The show of nuclear southern Astrakhan region and cohesion at the top of its mili-
paign not only to seize land but videos will gradually pop up” Ukrainian forces also com- strength, which Moscow said hit a target in the Sary Shagan tary command, with one of the
to destroy Ukrainian identity. and a smiley face emoji. mitted “a small number of vio- was communicated to Wash- firing range in neighboring files detailing arguments be-
.
Mr. Zelensky said the images The video is the latest in a lations” of international law, ington in advance, comes as Kazakhstan with the required tween military leaders and a
should catalyze leaders around series of clips that have ap- the commission found, includ- Russian forces struggle to gain precision, said the Russian De- paramilitary commander that
ly
the world to help Ukraine de- peared to show Russians exe- ing the shooting and torture of ground in east Ukraine, with fense Ministry. The test was prompted President Vladimir
feat the Russians. “Action is re- cuting Ukrainian prisoners in Russian prisoners of war, a re- elite forces and mercenary part of broad exercises of Rus- Putin to personally intervene.
quired now,” he said. brutal ways. Kyiv also is inves- port said. groups engaged in bloody sia’s ground-based strategic According to one of the U.S.
Kremlin spokesman Dmitry
Peskov said that the video dis-
played horrible images but
that its authenticity must be
tigating video that appeared to
show the killing of a group of
surrendering Russian soldiers.
The United Nations last
on On Wednesday, Russia’s De-
fense Ministry said it conducted
a successful launch Tuesday of
a new advanced intercontinen-
house-to-house combat.
In February, Russia sus-
pended its participation in the
last remaining nuclear-arms
forces that started in March.
While there are few official
details about the capabilities of
the new system, Russian mili-
documents, Valeriy Gerasimov,
the chief of Russia’s General
Staff, reportedly ordered a
stop to munitions supplies for
established, according to state month said it had gathered ev- tal-missile system capable of control agreement with the tary commentators have said it the paramilitary Wagner
us ,
news agency TASS. idence of a range of atrocities carrying nuclear warheads to U.S., the New Start treaty that can simultaneously deliver Group on Feb. 12, at a time
l
The Rusich Group, a neo- that Russian forces committed targets across the U.S., follow- agreed to limits on the two multiple nuclear warheads. when its units were suffering
e
al a
significant losses in the cam-

paign to seize the city of
U.S. Battles Kremlin Disinformation Efforts

Bakhmut in eastern Ukraine
ci on
after months of heavy fighting.

Wagner founder Yevgeny
Prigozhin has used the force’s
BY MICHAEL R. GORDON veloping with the European battlefield presence to gain
AND DUSTIN VOLZ Union that includes the estab- sway with the Kremlin, pub-
er s
lishment of a common data- licly taking credit for victories

WASHINGTON—The State base of Internet Protocol ad- such as January’s seizure of
m er
Department is increasing ef- dresses and domain names Soledar north of Bakhmut and
forts to push back against the that traffic in disinformation. the capture of Severodonetsk
Kremlin’s disinformation cam- An effort also is under way last summer. But by late Feb-
paign even as Russian propa- to use software to trace Rus- ruary, he was vocally criticiz-
gandists have sought to exploit sian and Chinese narratives as ing Russia’s military leader-
m rp
the extensive leak of purported they migrate across borders so ship, attacking Mr. Gerasimov
classified information. the U.S. and its foreign part- and Russian Defense Minis-
In meetings this week in the ners can try to counter them. ter Sergei Shoigu for prevent-
Balkans, a senior U.S. envoy The longer-term effort would ing his fighters from getting
outlined proposals to help gov- see legal standards strength- the ammunition they need.
co Fo
ernments there strengthen their ened abroad to preclude disin- “There is simply direct op-
capability to ferret out Russian formation and U.S. support to position going on, which is
and Chinese disinformation foreign partners to develop the nothing more than an attempt
STEVO VASILJEVIC/REUTERS
sites on their territory so they in-house expertise to identify it. to destroy Wagner,” Mr. Prigo-
can call them out and, the U.S. U.S. economic sanctions against zhin said, saying the ammuni-
hopes, shut them down. malign actors that facilitate Rus- tion was sitting in warehouses
“With Secretary Blinken’s sian and Chinese disinformation but officials were preventing it
strong endorsement, we are also could be in the offing. from reaching his men.
going after the purveyors of Among the center’s initia- According to an image of the
Russian disinformation,” tives has been an effort to un- leaked document, which has no
James Rubin, the envoy, said U.S. envoy James Rubin outlined proposals to help Balkan nations ferret out disinformation sites. mask Russian intelligence visible publication date but is
during a stop in Pristina, Kos- agencies that used online pub- part of a batch dating to late
ovo, in a reference to Secre- paring a false-flag operation For years, the nearly 200- “We are massively behind,” lications to undermine confi- February, the Russian Defense
n-
tary of State Antony Blinken. that it could blame on Russia. strong office, which has an an- said Mr. Rubin, who was dence Western Covid-19 vac- Ministry in mid- to late Febru-
Moscow has long sought to “There is perhaps more so- nual budget of about $61 mil- named as a special envoy and cines. A Kremlin spokesman ary was struggling to counter
exploit the traditional affinity cial receptivity to the kind of lion, has published detailed coordinator of the Global En- denied the allegations. the claims by Mr. Prigozhin, a
between Serbian communities narratives that the Russians analyses to rebut Russian and gagement Center in December. The Global Engagement Putin ally, because the Kremlin
no
and the Russians, as well as are apt to put forth and per- Chinese attempts to manipu- Mr. Rubin has urged officials Center’s activities have drawn was making no moves to rein
lingering divisions over the haps less institutional capabil- late global opinion. Now it is in Montenegro to craft an in- the ire of Elon Musk, who him in and his high profile
breakup of Yugoslavia and ity to deal with it,” Daniel starting to target the machin- formation code of conduct that bought Twitter last year and made it difficult to dis-
North Atlantic Treaty Organi- Fried, who served as the top ery that transmits that disin- would enable the government has accused the center of en- credit the narrative he was ad-
zation interventions to protect State Department official for formation in foreign countries. to crack down on websites that gaging in censorship by seek- vancing on social media.
Kosovo and quell the ethnic Europe, said of the region. By its own account, the have been carrying Russian ing to influence social-media The document cited a Wag-
strife in Bosnia. “There’s work to be done. It State Department effort has a propaganda on the Ukraine content. A spokesman for the ner “affiliate,” Vladislav Andri-
Online news websites with doesn’t mean it’s hopeless.” long way to go. Like the U.S. war. The next day he offered center said that the office yevsky, as saying that Mr.
Facebook pages are one of the The push marks a departure military, the Global Engage- technical support to North identifies sources of disinfor- Prigozhin was ultimately
main ways people in the re- for the Global Engagement ment Center has shifted its fo- Macedonia to help it ensure the mation but doesn’t focus on called into a meeting with Mr.
gion receive news. The U.S. Center, the State Department cus from countering Middle troll farms that once dissemi- U.S. social-media accounts or Putin and Mr. Shoigu that was
has identified several that office led by Mr. Rubin that East militants to the “great nated Russian narratives in the tell them what to do. aimed at calming tensions be-
have echoed Russian disinfor- was established in 2016 to power” competition with Rus- country couldn’t re-emerge. A common criticism is that tween the two. Russia’s De-
mation, including claims by counter foreign propaganda sia and China, only to find itself The proposals are part of a the center has struggled to fense Ministry didn’t respond
one site that Ukraine is pre- and disinformation abroad. operating at a disadvantage. broader package the U.S. is de- find its footing in recent years. to a request to comment.
Government them. In addition, some classi-

fied documents contain invisi-
ble markings that can help
printed on secure printers.
There isn’t stuff lying around
on desks. It’s not a normal of-
pear to have been printed and
folded twice. In some images,
there are items clearly visible
defense officials said.
Investigators haven’t yet
definitively ruled out the pos-
by the news platform Semafor.
“That’s what happened here. It
included the Discord channel
In Search trace the origin of the docu-

ment, according to people fa-
miliar with the matter. Many
fice,” said Mr. Gerstell about
government workspaces.
Even a photograph of a
in the background, including a
hunting magazine, a knife and
a tube of Gorilla-brand glue.
sibility that the publication of
the documents was a foreign-
sponsored intelligence opera-
around Minecraft.”
Security controls around
classified documents have
Of Leaker classified workspaces also

have internal cameras to pre-
vent the theft of paper docu-
printed classified document
can give investigators impor-
tant clues about the material’s
All could be clues as to how
and by whom the documents
came to be initially posted
tion designed to look like a
leak, or that classified infor-
mation was somehow lost
proved vital to finding past
leakers. In 2017, the govern-
ment quickly identified Reality
ments, the people said. origins, said Joshua Skule, a within a small group of indi- through mishandling and later Winner, at the time a contrac-
Continued from Page One Glenn Gerstell, a former former senior FBI executive posted by people not autho- tor for the NSA, who printed
the more restricted documents general counsel with the Na- and now the president of the rized to access it. out top-secret material and
gives investigators a way to tional Security Agency, said a government contracting firm On Wednesday, Microsoft sent it to the Intercept, an on-
narrow the field of potential significant number of people Bow Wave.
The documents Corp. President Brad Smith line news organization. The
leakers, they said. might have access to these “The FBI will be conducting contain enough said his company’s “digital- government was able to deter-
The Defense Department types of documents, which are lab analysis from the evidence threat analysis team” has been mine that only six people had
has extensive procedures widely used to brief senior- they collected, which could
detail to give them spotting efforts by Russians in printed the document during
around the handling of classi- level policy makers around the lead investigators to other credibility. recent months to infiltrate on- the time it was on a classified
fied documents in both digital government. clues like type of paper, ink line communities around gam- computer network, and then
form and on paper, according “The CIA briefing goes to a and other items for follow up,” ing. In-game chats built into quickly narrowed the field of
to former intelligence commu- lot of people, including people Mr. Skule said. “This is tradi- popular videogames have been possible culprits to Ms. Win-
nity and Pentagon officials. on Capitol Hill. The Joint tional investigative work in ad- viduals on Discord, a social- used as a channel for covert ner, who later pleaded guilty
Printing classified documents Chiefs book goes to a signifi- dition to technical forensics.” media outlet popularized by communication by spies and to leaking the information.
nearly always generates a digi- cant number of senior military The Wall Street Journal videogame enthusiasts where terrorists in the past, accord- Ms. Winner, who served
tal trail of some kind, one that leaders,” Mr. Gerstell said. The wasn’t able to independently users chat about games, in- ing to people familiar with in- time in prison, said she leaked
investigators have been able documents are available in authenticate the documents, vesting and other topics in telligence operations. information to the media in
to follow in other cases of both digital and print form, he but they contain enough detail mostly private, invitation-only “It is the Wagner Group, it is hopes of turning public atten-
leaked documents. said, with significant security to give them credibility. De- groups called servers. Russian intelligence, and tion to what she saw as an im-
Government printers con- measures taken to protect the fense officials have said they That presentation, however, they’re just in part using this as portant issue.
nected to classified networks documents in either form. believe some of the documents could have been contrived by a place to get information into —Daniella Cheslow
keep detailed logs of all classi- “If you’re printing any of could be authentic. a sophisticated adversary to circulation,” said Mr. Smith, and Warren P. Strobel
fied documents printed on these reports out, they’re The leaked documents ap- throw off investigators, former speaking at a summit convened contributed to this article.
THE WALL STREET JOURNAL. * * Thursday, April 13, 2023 | A9
WORLD NEWS
Hostage Envoy Vows to Gain Prisoners’ Release

The U.S.’s top hostage nego- been visited by lawyers re- front and center in the admin-
tiator called on Russia to allow tained by Dow Jones & Co., the istration’s mind,” he said.
American Embassy officials to parent company of The Wall Mr. Carstens wouldn’t dis-
visit detained Wall Street Jour- Street Journal. cuss whether the administra-
nal reporter Evan Gershkovich Russia’s Deputy Foreign tion would negotiate Messrs.
and pledged to find a way to se- Minister Sergei Ryabkov com- Gershkovich’s and Whelan’s
cure his release and that of an- plained Wednesday, according cases together. His office
other American, Paul Whelan. to the state news agency doesn’t give priority to certain
TASS, that visas haven’t been cases of Americans who are
By Louise Radnofsky, issued to Russia’s foreign min- wrongfully detained overseas
KARIM JAAFAR/AGENCE FRANCE-PRESSE/GETTY IMAGES

Gordon Lubold ister, Sergei Lavrov, and a Rus- over others, he said.
and Ann M. Simmons sian delegation to attend U.N. Mr. Whelan’s siblings re-
Security Council meetings to cently have expressed concern
Roger Carstens, the special be held in New York this that their brother could be left
presidential envoy for hostage month. The State Department behind for a third time when
affairs, made the remarks during didn’t respond to a request for other Americans are freed, and
television interviews on ABC, comment about the visas. said any recurrence would be
CBS, NBC, CNN and MSNBC. Mr. Carstens declined to pro- “an unconscionable betrayal.”
Mr. Gershkovich hasn’t re- vide details about what U.S. ne- Moscow has dismissed the
ceived a visit from U.S. Embassy gotiators might be able or will- State Department’s designation
officials two weeks after he was ing to offer to secure Mr. of Mr. Gershkovich as being
detained while on a reporting Gershkovich’s release. “We’ve wrongfully detained as incon-
trip and accused of espionage. begun in earnest to start sketch- sequential. Kremlin spokesman
The Journal and Washington ing out what negotiations might Dmitry Peskov told reporters
vehemently deny the claim. look like,” he said on ABC. Roger Carstens says: ‘We’ve begun in earnest to start sketching out what negotiations might look like.’ Wednesday that “the American
“We have yet to have con- He said it isn’t clear, beyond side has obligations.…And
sular access to Mr. Gershkovich, anecdotal suspicions, that Rus- kovich and Whelan home. “We’ll cow. He has been held since late nificant offer on the table,” Mr. America must fulfill these obli-
and the Russians owe that by in- sia was emboldened to detain find a way and a path to bring 2018 on espionage charges that Carstens said on MSNBC. “We gations.” He didn’t elaborate.
ternational law and by consular Americans to negotiate for the both Paul Whelan and Evan he, his family and the U.S. have urge the Russians to take it.” Russia’s Foreign Ministry
convention,” he said on CNN. release of Russian prisoners home,” he said on MSNBC. denied. He was sentenced in Mr. Carstens said he spoke spokeswoman Maria Zakharova
Russian officials said they held in the U.S. And he focused Mr. Whelan is a corporate 2020 to a 16-year prison term. with Mr. Whelan, by phone on said Wednesday that the U.S.
wouldn’t succumb to pressure on recent successes in securing security executive from Michi- “I can’t get into the specifics, Monday, and they mostly “creating noise” over whether
from the U.S. as to when to the release of 26 Americans, and gan who the U.S. considers just as I was told by the admin- talked about Mr. Gershkovich’s there would be a prison swap for
grant consular access. He has pledged to bring Messrs. Gersh- wrongfully detained by Mos- istration recently, we have a sig- case. “Paul Whelan is still Mr. Gershkovich wouldn’t help.
Global Group Presses U.S., U.K. Expand Oligarch Sanctions

For Reporter’s Freedom BY IAN TALLEY Ukraine’s European allies
launched a major economic
eral sanctions and export con-
trols imposed on Russia for its
obscuring the assets, said cur-
rent and former U.S. officials.
.
BY PAUL VIEIRA while he was on a reporting as- WASHINGTON—The U.S. and pressure campaign against war against Ukraine, the United German authorities last
signment. He has been charged the U.K. expanded the West’s Russia in response to the inva- States and our allies and part- year searched the offices of an
ly
OTTAWA—A global coali- with espionage—an accusation economic sanctions encircling sion of Ukraine. But many of ners will continue to disrupt international bank as part of a
tion of democratic countries that both the Journal and Russia, targeting a major met- his most important assets evasion schemes,” said Brian money-laundering probe into
that champions press freedom Washington vehemently deny. als firm and scores of other weren’t. Western officials were Nelson, undersecretary of the Mr. Usmanov. And some of Mr.
has condemned Russia’s arrest
of Wall Street Journal reporter
Evan Gershkovich and called
on Moscow to immediately re-
Mr. Gershkovich was ac-
credited to work as a journal-
ist in Russia by the country’s
Foreign Ministry at the time
oncompanies in an effort to cut
off more of the international
assets and finance channels
connecting Moscow’s economy
concerned that sanctioning all
of the oligarch’s companies
could create turmoil in global
markets, some officials said.
Treasury for terrorism and fi-
nancial intelligence.
USM said the sanctions
against Mr. Usmanov, his family,
Usmanov’s dealings were run
through the offshore financial
haven, the Isle of Man, whose
corporate and banking secrecy
lease him from custody. of his detention. The 31-year- to global trade and finance. The U.S. also added dozens associates and his firms are laws have attracted investors
us ,
The executive arm of the old has worked as a reporter Notable among Wednesday’s of other firms based worldwide, “unfounded and unjust,” and seeking to keep their opera-
l
Media Freedom Coalition, a in Russia since 2017. additions to the U.K. and U.S. including in China, Turkey and they will challenge their legality. tions under the radar, some
e
al a
partnership of 51 countries The coalition said charges Treasury, State and Commerce the United Arab Emirates, that After putting Mr. Usmanov British lawmakers and finan-
from six continents, said in a against Mr. Gershkovich Department sanction and ex- officials say are helping supply on the sanctions list, U.S. au- cial-transparency analysts say.
statement released Wednesday should be dropped and his report control lists are a global Russia’s military and industrial thorities waited more than a “Even some of the countries
ci on
that Russia is using its author- lease expedited. It added that network of firms and associates base. The U.K.’s foreign secre- year to list the firms sepa- who have publicly opposed
ity to intimidate and harass Mr. Gershkovich is a widely re- of Alisher Usmanov, one of Rus- tary said it also sanctioned what rately. In addition to concerns Russia’s unconscionable war
journalists for their critical respected journalist “who has sia’s wealthiest oligarchs, in- he called financial fixers for the sanctions could cause col- are falling short on action to
porting in the country. spent years reporting on cluding metals and mining con- Russian oligarchs previously cut lateral damage in Western ensure that Russia can’t ex-
“The detention of journalists events in Russia with insight glomerate USM Holdings Co. off from international markets. markets, investigators needed ploit their companies and
er s
under the guise of espionage and integrity.” Mr. Usmanov was sanc- “As the Kremlin seeks ways time to comb through the banks to equip its military,”
charges is troubling and under- Canada and the Netherlands tioned in March 2022 when around the expansive multilat- thicket of corporate holdings said a senior Treasury official.
m er
mines the basic principles of are the coalition’s co-chairs. In

democracy and rule of law,” the addition to those two coun-
statement said. “It is impera-
tive that journalists are able to
tries, the statement was
signed by the U.S., U.K., Ger-
Country Music Star Brad Paisley Performs in a Kyiv Square
work independently and with- many, the Czech Republic, and
m rp
out fear of spurious charges Estonia, who also are mem-

being brought against them.” bers of the executive group.
The Federal Security Service, Meanwhile, in Germany,
Russia’s main intelligence and more than 40 of the country’s
security agency, detained Mr. media executives, publicists
co Fo
Gershkovich in the eastern city and journalism associations

of Yekaterinburg on March 29 sent an open letter on Wednes-
day to Russia’s ambassador in
Berlin demanding Mr. Gersh-
kovich’s immediate release.
“Journalism is not a crime,”
they said. The initiative, which
has been supported by nearly
all of Germany’s leading news
media, joins other Western
EFREM LUKATSKY/ASSOCIATED PRESS
governments, global news or-

ganizations, press-freedom ad-
vocates and human-rights
n-
groups in demanding the jour-

THE WALL STREET JOURNAL
nalist’s release.
The State Department has
designated Mr. Gershkovich as
no
“wrongfully detained.” His

case now shifts to a State De-
partment unit focused on ne- A SONG IN HIS HEART: The singer performed a new song, ‘Same Here,’ and a Ukrainian folk song Wednesday during a visit to
gotiating the release of hos- Ukraine’s capital with a delegation of U.S. senators. Mr. Paisley is an ambassador for United24, a fundraising platform for Ukraine.
WSJ journalist Evan Gershkovich tages and Americans classified
is being held on spying charges. as wrongfully detained abroad.
FROM PAGE ONE
EY Split and miscalculated the financial

hurdles a deal would face.
The idea was for the consult-
Sibio had held senior executive
positions at the firm before
moving up to a global role.
challenging. A tougher econ-
omy also has pressed on profit
margins leading to a round of
the time they should have
stopped it,” one person famil-
iar with the matter said.
will be forced to separate.
Mr. Di Sibio also has been
criticized by some within the
Stopped by ing firm to raise billions of dol-

lars by borrowing and selling a
stake in an initial public offer-
But a group of influential re-
tired U.S. partners, including
former top executives of the
cost cutting and questions
about ambitious targets set for
the new businesses.
EY’s U.S. leader Julie Boland
appeared to cement her sup-
port for the plan in December
firm for overseeing the planned
split while also planning to
lead the new consulting com-
Missteps ing. The money would go in part

to pay the partners who were
staying with the auditing firm,
firm, quickly banded together
to oppose the deal. They said it
would weaken the audit busi-
But the fundamental issue
that sank the deal was the U.S.
leadership’s inability to decide
by agreeing to head the new
audit-focused partnership. That
was taken as a sign she could
pany, and get a payout worth
tens of millions of dollars.
He wasn’t alone in pushing
while the consultants would get ness and criticized Mr. Di Sibio, how EY’s lucrative tax practice deliver the two-thirds vote the plan, however. Other se-
Continued from Page One stock in the new firm. who was in line to become chief should be divided up, even needed on her executive com- nior EY executives strongly
businesses on their own. As the biggest and most in- executive of the new consulting within the U.S., according to mittee to approve the split. backed the move and it isn’t
“Our competition is going to fluential part of the firm, the business. He had originally people familiar with the matter. Instead, Ms. Boland has clear what they will do next.
have a field day with poaching U.S. operation had an effective been scheduled to retire in June Mr. Di Sibio appeared confi- said she saw the September When the U.S. concerns earlier
our people,” Julie Teigland, the veto over the deal, which it due to age restrictions, but had green light as a move from the this year threatened to derail
leader of EY’s European region, used to try to extract more been given a two-year exten- feasibility stage to design, the deal, one contingency plan
said on a call with partners. “Cli- concessions for the auditors, sion to see the plan through. rather than a definite go- involved selling at least some
ents are really worried that before deciding to vote down The retired partners had a
‘Our competition is ahead for the plan. “The split of the non-U.S. consulting
we’re going to lose talent…based the plan. deep interest in the deal be- going to have a field and ensuing transaction…was business, likely to a private-
on the uncertainty that we’ve In the days after news of cause some of the proceeds one option, but never the only equity buyer.
had and the infighting.” the split emerged last spring, were intended to fund their
day with poaching option to maximize the poten- There also are question
Carmine Di Sibio, EY’s global Mr. Di Sibio talked about the pension plan. They also be- our people.’ tial of the firm’s operations,” marks over the future of Ms.
chairman and chief executive, complexity of getting partners lieved a breakup threatened Ms. Boland and other U.S. ex- Boland. She had taken over the
speaking on an internal web- in dozens of countries to ap- their legacy. The U.S. executive ecutives said in an internal U.S. firm shortly before the
cast, asked for time to let the prove the deal. EY, like all ma- committee rejected the deal on note after the deal failed. breakup plan was begun. She
dust settle. He took much of jor accounting firms, is made Friday without a full vote of dent of success almost until Some partners have privately is the daughter of a retired EY
the responsibility for the failed up of separate partnerships in the firm’s U.S. partners. the end, saying as recently as questioned why Mr. Di Sibio partner, and held talks with
breakup effort and it isn’t clear different countries that are af- The U.S. concern stemmed February that he saw “no tre- chose to try to split the firm the U.S. retired partners about
how long he will stay at EY. filiated with each other under in part from the worsening mendous hurdles” to getting now, when it has enjoyed a pe- their concerns.
He launched the breakup the EY brand. Each country economics of the deal. Rising the deal done. riod of record growth that took Typically, Mr. Di Sibio’s suc-
plan, dubbed Project Everest, has its own governance struc- interest rates increased the Though there was still in- its global revenue to $45 billion cessor would come from the
more than a year ago to free ture. In the U.S., a two-thirds cost of the billions of dollars ternal opposition, the firm’s in the year through last June. U.S. operation, but it is un-
EY’s consulting business from majority on the executive in debt the new consulting U.S. executives had joined Regulators worldwide have for likely that angry non-U.S.
widespread conflict-of-interest board was required to approve company was planning to take their overseas colleagues in years raised concerns about the partners would back a candi-
rules that prevented it from do- the deal, giving a small group on, while a nearly frozen mar- giving the deal the green light risk to auditor independence dacy from Ms. Boland. That
ing business for audit clients. of partners immense power. ket for initial public offerings in principle in September. from having consulting services could leave a power vacuum at
Mr. Di Sibio failed to anticipate The U.S. operation was seen made the proposed public sale “If they weren’t going to under the same roof, but there the top as the firm tries to
the potential U.S. opposition as a beneficiary and Mr. Di of a stake in the business more follow through on this, that’s are no signs any of the firms move ahead.
A10 | Thursday, April 13, 2023 THE WALL STREET JOURNAL.
FROM PAGE ONE
Bitcoin’s Government investigators

exploit a feature of bitcoin and
many other digital currencies:
ments. “At least upstairs in my
house, I was myself being on a
computer.”
Anonymity Every transaction is stored

forever in blockchain’s online
ledger and open for anyone to
Computers also provided a
financial escape. Mr. Zhong
was a cryptocurrency pioneer,
Is Breached see. Since Mr. Zhong’s heist,

authorities and private firms
have compiled the equivalent
who in 2009 was mining hun-
dreds of bitcoins a day. They
weren’t worth much at the
of a blockchain address book time. But by the time he was
Continued from Page One to aid the IRS, Federal Bureau in college, he converted some
Silk Road a year later on crim- of Investigation and state and of his digital wealth into
inal grounds and seized com- local authorities investigating $700,000 in cash. He wanted
puters that held its transac- cybercrimes. The blockchain- to have a “case full of money
tion records. The records analytics company Chainalysis like in the movies,” Mr. Zhong
didn’t reveal Mr. Zhong’s ca- Inc., based in New York, said it said, according to a psycholog-
per at first. Authorities hadn’t has mapped more than a bil- ical assessment filed with the
yet mastered how to track lion wallet addresses, separat- court. “He hoped the visual
people and groups hidden being out legitimate and ques- appeal of the cash would im-
hind blockchain wallet ad- tionable holdings and press a female into having sex-
dresses, the series of letters identifying the exchanges ual relations with him. He
and numbers used to anony- where the cryptocurrency is stated his plan did not work.”
mously send and receive cryp- converted to cash. For five years after the Silk
tocurrency. One elemental fea- “If there’s one thing the Road theft, Mr. Zhong sat on
ture of the system was the blockchain does really well, it his digital treasure. In 2017, he
privacy it gave users. preserves evidence perfectly,” embarked on a $16 million
Mr. Zhong moved the stolen said Jonathan Levin, one of spending spree, much of it
bitcoins from one account to the founders of Chainalysis. spent trying to win friends,
SASHA MASLOV FOR THE WALL STREET JOURNAL

another for eight years to When bitcoins are stolen, according to court papers and
cover his tracks. By late 2021, the criminal is now “like a guy his lawyer, Michael Bachner.
the red-hot crypto market had that robbed a bank in the Mr. Zhong gave away 258 bit-
raised the value of his trove to snow,” said Matthew Price, a coins, many of them on digital
$3.4 billion. He still lived in a former IRS investigator who devices each loaded with 50
modest house in Athens, Ga., now runs investigations for bitcoins and now worth close
and dressed in shorts and T- cryptocurrency exchange Bi- to $1.5 million. He hosted
shirts. He also had a lake- nance Inc. The criminal’s name friends on chartered planes
house getaway in Gainesville, might be unknown, he said, and boats, at sporting events
Ga., a Lamborghini sports car but digital breadcrumbs, like and in fancy hotels, according
and a $150,000 Tesla. footprints in the snow, remain to court papers and Clayton
In November 2021, federal for authorities to follow. Kemker, a former bond sales-
agents surprised Mr. Zhong Federal investigators have Michael Gronager, seated, and Jonathan Levin, founders of Chainalysis at their offices in New York. man who became Mr. Zhong’s
with a search warrant and used blockchain-tracing tech- business partner.
found the digital keys to his niques to shut down a child- popular online destination for currency exchanges has also In January, about 150 peo- Mr. Zhong made his big
crypto fortune hidden in a pornography website, disrupt buying and selling bitcoin. helped. Exchanges have ple gathered at a Palo Alto, mistake on Dec. 16, 2020, ac-
basement floor safe and a funding for terrorist organiza- They developed software to stepped up systems to identify Calif., community center to cording to court records and
popcorn tin in the bathroom. tions and, in the Justice De- monitor cryptocurrency trans- the parties they do business learn more about the new in- an analysis of his bitcoin
Mr. Zhong, who pleaded guilty partment’s largest-ever finan- actions, using state-of-the art with—under so-called know- vestigative tools, including a transactions by Elliptic. He
.
to wire fraud, is scheduled to cial seizure, retrieved $3.6 research, their own data your-customer requirements— Los Angeles County Sheriff’s combined crypto funds the IRS
be sentenced Friday in New billion from a New York couple crunching and dogged detec- and are more responsive to Department detective, a prose- had linked to the Silk Road
ly
York federal court, where charged with laundering the tive work. “It was really the law-enforcement inquiries. cutor from New York’s Queens thefts with legitimate funds he
prosecutors are seeking a proceeds of the 2016 hack of first time that it had been pos- A host of blockchain-analyt- district attorney’s office and a kept in a cryptocurrency ex-
prison sentence of less than cryptocurrency exchange Bit- sible to create a whole entity ics companies, including Ellip- police cybercrime investigator change.
two years.
Mr. Zhong’s case is one of
the highest-profile examples
of how federal authorities
finex. Each case adds more ac-
counts to the government’s
blockchain address book.
These advances make it dif-
on
view of something on the
blockchain,” Mr. Levin said.
Working from a San Fran-
cisco Airbnb, it took three
tic and CipherTrace, which is
owned by MasterCard Inc.,
have sprung up.
from Calgary, Alberta.
Conference organizer Erin
West, a Santa Clara County,
Calif., prosecutor, described
With Mr. Zhong’s Silk Road
link in hand, authorities went
to the bitcoin exchange that
handled the transaction. The
have pierced the veil of block- ficult for criminals to convert months for Mr. Levin, an econ- how her county recovered exchange gave IRS agents an
us ,
chain transactions. Private and their spoils to cash. After gov- omist, and Mr. Gronager, a more than $2 million in stolen IP address, 45.20.67.1, and Mr.
Federal authorities
l
government investigators can ernment officials publish wal- computer scientist, to learn funds last year an online scam. Zhong’s internet service pro-
e
al a
now identify wallet addresses let addresses connected to that Mt. Gox held fewer bit- have pierced the veil The scheme involved offshore vider confirmed that he had
associated with terrorists, crooks, no legitimate crypto- coins in reserve than it be- criminals befriending victims been using that address since
drug traffickers, money laun- currency exchange wants to do lieved. Today, Mr. Levin said,
of blockchain via text and persuading them 2016. A month later, federal
ci on
derers and cybercriminals, all business with them, fearing le- that kind of investigation transactions. to put money into phony agents searched Mr. Zhong’s
of which were supposed to be gal consequences. would take 30 seconds. All crypto investments. house and found the digital
anonymous. Last year, a group that U.S. told, thieves had stolen Chris Janczewski, a former storage devices that helped
Law-enforcement agencies, officials linked to North Korea 600,000 bitcoins. IRS agent and now the head of clinch the investigation.
working with cryptocurrency stole about $720 million by The work prompted Messrs. Ransomware victims world- global investigations at TRM The government seized
er s
exchanges and blockchain-ana- hacking two cryptocurrency Levin and Gronager to start wide paid at least $457 million Labs, told the story of his rise more than 50,000 bitcoins
lytics companies, have com- services—Harmony’s Horizon Chainalysis, which now flags last year to bitcoin addresses from auditing small-town tax from Mr. Zhong, which at the
m er
piled data gleaned from earlier Bridge and Sky Mavis’s Ronin risky sources of funds for controlled by criminals, ac- cheats to his work helping time were worth $3.36 billion.
investigations, including the Network. In February, the FBI more than 200 clients, includ- cording to Chainalysis. Ran- break up a global child-por- A DOJ spokesman declined to
Silk Road case, to map the published a list of wallet ad- ing the IRS, FBI and the Drug somware refers to hackers nography distributor. Like comment on the case.
flow of cryptocurrency trans- dresses linked to the $100 mil- Enforcement Administration, locking up a computer net- many pioneering blockchain Messrs. Zhong and Kemker
actions across criminal net- lion Horizon Bridge theft, ef- as well as banks and crypto- work by encrypting hard investigators, Mr. Janczewski had planned a real-estate de-
m rp
works worldwide. In the past fectively stonewalling hackers currency exchanges. The com- drives and demanding money said he was largely self-taught. velopment that was to encom-
two years, the U.S. has seized from withdrawing cash pany was recently hired by to reopen them. Blockchain- pass 340 apartments, 60,000
more than $10 billion worth of through legitimate exchanges. business partners and credi- tracking techniques have made feet of retail space and a roof-
digital currency through suc- tors of the failed cryptocur- it possible for federal officials Buying friends top bar in Memphis, Tenn. Mr.
cessful prosecutions, accord- rency exchange FTX. to recover more stolen funds, Mr. Zhong told people he Zhong pledged $42 million for
Bitcoin breakthrough
co Fo
ing to the Internal Revenue Blockchain analytics pro- which has contributed to a had been bullied growing up the project, which has since
Service—in essence, by follow- In a groundbreaking case, vide law-enforcement investi- slowdown in ransomware pay- in Georgia. As a high-school been abandoned.
ing the money. Instead of sub- Mr. Levin and his business gators with an important piece ments. The DOJ has seized junior, pranksters pulled down The partnership with Mr.
poenas to banks or other fi- partner Michael Gronager of the blockchain puzzle— about $40 million in ransom his pants while he was at a Zhong cost him his life sav-
nancial institutions, were brought in to investigate mapping the flow of crypto- payments as of November, said football game, according to ings, Mr. Kemker said. “He
investigators can look to the the 2014 collapse of Mt. Gox, a currency belonging to specific Eun Young Choi, the director court documents filed in his didn’t know how to navigate
blockchain for an instant cryptocurrency exchange that people and groups. Greater of the DOJ’s national crypto- defense. “I always hated the business world. He just
snapshot of the money trail. was once the world’s most regulatory scrutiny of cryptocurrency enforcement team. school,” he said in the docu- knew coding and tech.”
From left, James

Zhong in an
undated photo
n-
from his online

Foursquare page;
a computer
motherboard
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK (4)
no
that held some

of the digital
keys to Mr.
Zhong’s fortune;
the popcorn tin
where it was
found; some of
the cash seized
during a 2021
search of Mr.
Zhong’s house.
and lives on the road in an RV still opt to sniff out Fruity- vantage because their profes- bing sex toys at a building. He first creator client last year—
Tax Time Is with her husband and their
dogs, had gotten used to re-
cake’s footwear in the future.)
“He’s afraid of water so we
sion is so new, according
to Sima Gandhi, chief executive
says YouTube asked him to
take the prank video down, but
Mr. Matreselva—and his second
this year. “They present some
ceiving monthly payments from have to put shoes on him,” Ms. and co-founder of San Fran- that he still claimed $864 challenges,” he says.
Odd For Facebook for posting three to
four videos a day about the
Johnson adds. “Those are
pretty expensive.”
cisco-based Creative Juice, a
startup that provides funding
worth of dildos as a business
expense on his taxes. “Nobody
In St. Augustine, Fla.,
Tommy King, who makes You-
cross-country adventures of the
Influencers pooches, Peanut Butter Brickle
and Fruitycake. That has now
The creative-software com-
pany Adobe Inc. estimated in a
report last year that about 14
and financial services to such
workers. The tax code was
largely written “before the in-
asked me any questions about
it,” he says.
Paul Matreselva, who does
Tube and TikTok videos about
videogames from his bedroom,
became a full-time creator last
been cut, so she hopes the IRS million people in the U.S. earn ternet existed, let alone You- social-media posts about bet- year and says a tax expert he
Continued from Page One will allow her to deduct pet-re- money through posting social- Tube,” she says. ting on mixed-martial-arts consulted was “dumbfounded”
their followers—but making lated purchases she made last media content and have more Ms. Gandhi, who used to fights, is seeking a deduction when he handed over receipts
the math work is becoming year, such as the $200 she than 5,000 followers on their work for the U.S. Treasury De- for tickets to a December for $1,000 worth of outfits for
harder. Over the past year, big spent on costumes that she and main platform. partment, says many creators match in Orlando, Fla., that his avatar in the game “Fort-
social-media companies such as the dogs wore in the fall to re- Creators make money in a don’t realize they can deduct cost him around $3,000. nite” and fees for making it
Meta Platforms Inc., Snap Inc. enact a scene from the movie variety of ways, such as by even basic expenses including The tickets were prizes for perform dance moves.
and Pinterest Inc. ended or “The Sound of Music.” hosting advertisers, selling the cost of setting up a limited the first eight of his followers Mr. King says he ended up
scaled back cash bonuses for “We did an actual video on merchandise, charging sub- liability company and equip- to sign up to receive text mes- doing his own taxes last year.
viral posts, and soon ByteDance top of a mountain,” says Ms. scription fees—and, until re- ment such as microphones and sages with his betting tips. In addition to the “Fortnite”
Ltd.’s TikTok could be banned Johnson. cently, some also received reg- selfie sticks. “These things “It was a nice night out for goodies, he says he deducted
in the U.S. She’s confident the govern- ular payments from social- should be reasonable and nec- my subscribers,” says Mr. Ma- expenses such as $3,000 worth
So influencers are increas- ment will come through for her media companies for popular essary in the eyes of the IRS,” treselva, who adds he bought of computer parts and a $500
ingly testing the limits of what since she says she already posts. The livelihood has grown she adds. the most expensive seats avail- gaming chair to support his
expenses will pass muster with wrote off $100 she spent on tougher as tech companies re- Outside Las Vegas, 43-year- able. “We were right in front of 6’5” frame. “I’m a really big
the IRS. The livelihood is hard four shoes for Fruitycake—one duce spending over concerns old YouTube creator Thomas the cage sitting with celebrity guy and I need a nice chair,” he
to explain to Aunt Betty, let for each paw—after she ad- about a slowing economy. Jackson, who makes videos fighters.” says. “It was probably one of
alone Uncle Sam. opted him two years ago. (Of When it comes to filing re- about cars and various antics, Joe Honey, an accountant in the best investments of my
Rachael Johnson, who is 49 course, the government could turns, creators are at a disad- once live-streamed himself lob- Chattanooga, Tenn., got his setup.”
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, April 13, 2023 | A11
BY RACHEL WOLFE AND IMANI MOISE
W
e’re finally reck-
oning with our
expensive sub-
scription habits.
For two
straight quarters,
cancellations have outpaced new
subscriptions for digital member-
ships, food-of-the-month clubs and
a host of other purchases, accord-
ing to personal finance app Rocket
Money. Streaming services have
been particularly affected, with
cancellations for Netflix, Hulu and
HBO Max and others up 49% in
2022 from the previous year, ac-
cording to subscriber-measure-
ment firm Antenna.
“People are taking stock of
their subscriptions and trying not
FROM TOP: ILLUSTRATION BY DANIEL DIOSDADO; MIKE BLAKE/REUTERS

to make the same mistakes they
made in 2022 given that budgets
are getting a lot tighter,” said
Courtney Alev, consumer financial
advocate at Credit Karma.
The decision to cancel had been
building up for some time, finan-
cial analysts said. Even though in-
flation cooled last month to its
lowest level in nearly two years,
budgets continue to be squeezed
by higher prices.
About a third of respondents to
a December Credit Karma survey
said their biggest financial mistake
last year was paying for services
they never used. Americans were
also paying about $133 more than
the $86 they thought they were
paying for subscriptions each
month, according to a 2022 survey
People Grow Sick and Tired
.
from market research firm C+R
Research.
ly
Retiree John Ritzinger, 72 years
Of the Cost of Subscriptions

old, said canceling subscriptions
he never used would spare him
needing to penny pinch at the gro-
cery store.
First to go was the satellite ra-
dio in two cars he never drove,
on
Consumers are rethinking their streaming, membership and club deals—and so are companies
saving him $45 a month. Next, the
us ,
MotorTrend maga-
l
zines that lived in als after having to “I wasn’t really thinking of all Among them is Bark, which
e
al a
an unread stack on jump through the minor charges coming out of my was founded in 2011 as a monthly
the coffee table hoops to cancel account every month,” said the 27- box of dog treats and toys and has
and a $1,000 an- subscriptions as a year-old, who works for an aviation since expanded to sell a la carte.
ci on
nual, dining-only consumer. The consulting firm in Arlington, Va. The company recently laid off 12%
membership to his card will automat- One ScribeUp user, 46-year-old of its staff and said it would in-
local Dayton, Ohio, ically cancel sub- LaKisha Mosley, paid for a sub- vest more in nonsubscription
country club in fa- scriptions on a scription to health club aggregator products.
vor of ordinary res- user’s behalf if ClassPass for over four years with- “These are always difficult de-
er s
taurants. Stopping she doesn’t ac- out realizing it, adding up to over cisions, however, we believe that it
the $750-a-year tively choose to $5,000. was the right direction for the
m er
pest control service continue. “I can count on one hand the business, and it better aligns our
was more of a de- At one point, amount of times I actually logged cost structure with the current
bate with his wife. Ms. Chiang said in,” she said. economic environment and allows
“But if we get a she had to travel Ms. Mosley said she wasn’t able us to better focus on our highest
bad enough infes- from Los Angeles to get the money back, and that priorities, which are profitability
m rp
tation I figure we to New York to she expected ClassPass to let her and growing our consumables
just burn the end a monthly know when her subscription was business,” Chief Executive Matt
house down any- gym membership coming up for renewal, which Meeker said in an emailed state-
way,” he joked. after learning she never happened. She’s heartened, ment to The Wall Street Journal.
He’s putting off his call with People underestimate their total could only cancel in-person at the however, to see more companies HelloFresh said on its most re-
co Fo
the cable company to deactivate subscription bill for food and other gym where she signed up. starting to send alerts before a cent earnings call that it expects
the land line he always ignores deliveries and streaming services. When Dylan Kenney conducted charge comes up. its number of active customers to
and downgrade his package until an audit of his spending after too “When members sign up for decline in the first half of 2023, af-
he’s socked away enough patience Apps that help people take many months in a row of wonder- ClassPass, they are notified that ter dropping to 7.1 million in the
for an hourslong customer-ser- stock of their recurring payments ing where his paycheck was going their memberships automatically re- fourth quarter of 2022 from 8 mil-
vice call. such as Rocket Money and and hoping to save up for a house, new on the same day each month,” lion in the third quarter.
ScribeUp aren’t worried a new FTC he realized he was somehow pay- a company spokeswoman said, add- Evanston, Ill., restaurant Soul &
Taking on rule will cut into their user base. ing for two separate Amazon ing that ClassPass sends reminders Smoke launched a meat of the
subscription overload Over the past year about Prime accounts. when members haven’t used their month box in 2020, but recently
A new proposal from the Federal 70,000 people have downloaded Though he’s not trying to recoup accounts to book classes. made the decision to discontinue
Trade Commission could make it ScribeUp, a new service that pro- the money he lost, he did save $270 the offering amid waning interest.
simpler to break up with your vides a credit-card number to use a month by combining streaming Companies change “It made more sense to get rid
subscriptions. The consumer only for recurring payments. services with his partner and can- strategies of it and focus on the other things
n-
watchdog wants to require mer- Chief commercial officer Erica celing his weekly HelloFresh meal Some companies are shifting we were doing,” said co-owner
chants to make it as easy for cus- Chiang said she wanted to give box, which he said had him paying their business model to meet Heather Bublick, pointing to a new
tomers to cancel as it is to sign people a way to automatically $150 a month more for groceries changing consumer feelings about bricks-and-mortar location and
up, often with just a single click. opt-in, rather than out, of renew- than going to the store himself. subscriptions. live events.
no
Guilty Pleasures Help Ease Candace Darby, in hat, and

Ebony Foreman enjoying a
glass of wine at the
Travelers’ Stress at Airport

Atlanta airport before a
morning flight in January.
foods. Not so easy to do at

an airport, even for Ms. Pe-
CARRY ON bar stools ahead of early-morning less stressed and more titpain who likes an occa-
flights. The top concessionaire at comforted.” sional airport cheeseburger
DAWN sprawling Denver International Air- Candace Darby, a 31- but not fast food.
GILBERTSON port last year, based on airport rev- year-old content creator “I love that McDonald’s
enue statistics: the three from Atlanta, says she offers you apple slices in-
G
McDonald’s locations. (No. 2: Root doesn’t eat at Bojan- stead of fries, but who
rab-and-go fruit and yogurt. Down, a local favorite with a “fresh gles outside the airport smells fries and still orders
Protein boxes. Vegan hot from the Earth” menu.) but wolfs down its fried the apples?” she says.
dogs. “Travel is expensive and it’s a chicken, biscuits and “We’re triggered by all our
It’s not hard anymore to find treat,” says Debbie Petitpain, a di- potato wedges before a senses.”
healthy food options in airports, and etitian and spokeswoman for the morning flight at Harts- American Airlines Chief
more are on the way. Farmer’s Academy of Nutrition and Dietetics. field-Jackson Atlanta Executive Robert Isom
Fridge, the company behind those International Airport. says he favors yogurt and
salad vending machines that have Ms. Darby is also a fruit for breakfast, doesn’t
become a favorite of flight atten- fan of breakfast cock- drink coffee and swims the
dants, is expanding to 100 Hudson
‘When we’re making an tails in the terminal. chilly waters off Alcatraz
News airport shops. investment in a trip, Mimosas or wine help for a challenge. That
Don’t tell that to Bruce Spector, her “get the ball rolling doesn’t mean he avoids
though. The retired entrepreneur,
most of us don’t want to for relaxing.” airport treats.
70, who works out with a trainer feel deprived of anything.’ Before an 8 a.m. On visits to New York,
five days a week and eats clean at flight to Chicago in his new favorite is to pick
home, says the airport is his cheat March, she ordered an up half a Reuben and
zone. On a trip out of Texas’ Austin- espresso martini at Cat matzo ball soup from Ju-
Bergstrom International Airport in “When we’re making an investment Cora’s Kitchen, which nior’s deli at LaGuardia Air-
March, he bought a strawberry in a trip, most of us don’t want to she describes as “like morning cof- You might also find him at the port to bring to his hotel.
Sprinkles cupcake from a vending feel deprived of anything.’’ fee but a little bit better.” airport Panda Express counter or- Fast food isn’t off-limits. After
machine. It wasn’t his first one. Stress is another trigger driving Farmer’s Fridge Chief Executive dering orange chicken. meeting with Transportation Secre-
“Every time I go there it’s at us to the food court or bar for what Luke Saunders says he eats some- “I lived in China for a year. It’s tary Pete Buttigieg in Chicago in
least half empty, which means I’m nutritionist Stephanie McBurnett thing from one of his machines at not traditional Chinese food,” he December to showcase a new air-
not the only one doing this,” he calls self-soothing. least once a day. says. “But the [food] turnover is so craft mechanic training partnership,
says. “Is it the healthiest thing? No,” Even he indulges at the airport high, everything’s very hot and very he and a colleague grabbed
Airport treats are a travel ritual says Ms. McBurnett, nutrition edu- sometimes. On a trip through St. fresh.” McDonald’s before their late-night
CANDACE DARBY
for many of us, a stress reliever, va- cator for the nonprofit Physicians Louis Lambert International Airport When she coached clients on flight back to Dallas.
cation primer or break from meal Committee for Responsible Medi- with his family earlier this year, he healthy eating habits, Ms. Petitpain “A two cheeseburger meal with
prep. Witness the snaking lines at cine. “But people feel like these food ordered barbecue chicken pizza says she encouraged them to stay regular fries always hits the spot,”
airport fast-food joints and packed choices are aiding them in feeling from California Pizza Kitchen. away from places with tempting he says.
A12 | Thursday, April 13, 2023 NY THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
company’s job listings for phrases
ON THE
CLOCK
CALLUM
In a Worker vs. Bot Battle, that might inadvertently discourage
minority applicants, she adds.
Both scenarios feature AI in sub-
ordinate roles, but some view bots
BORCHERS
Humans Outsell AI
T
as future decision makers that need
human helpers for now. Resident
he Nanit baby monitor Home LLC, which sells mattresses,
uses a high-tech camera leans on artificial intelligence to
and software to Personal touch better at closing deals, but rising threat to jobs feared manage a roughly $200
track an infant’s million marketing budget.
sleep habits. It’s Why pay the likes of
like a $249 AI Don Draper to divine what
parent who stays up all customers want when a
night logging rollovers and computer can analyze their
breathing patterns, and shopping habits and set an
doesn’t need coffee the advertising strategy?
next morning. “You do need a person
So, imagine shoppers’ to watch over and make
surprise when they type a sure the machine is reading
question into the Nanit the data correctly,” says
website and get a response Chief Executive Ran Reske,
from a real person instead but he expects full automa-
of a chatbot. tion is coming. “We’ll prob-
“I have to reiterate: ably be able to get there. I
‘Hey, I am a human. My love AI. Let’s be extremely
name’s Brookelyn, and I’m clear about this. But it’s
real,’” says sales represen- not 100% there yet.”
tative Brookelyn Castro, Resident Home is a cli-
who takes one-on-one ent of Feel, the supplier of
video calls with customers live sales reps who chat
CLOCKWISE FROM TOP: ILLUSTRATION BY NICK MARABELLA FOR THE WALL STREET JOURNAL, ISTOCK (3); BRITTANY ARNOLD; BROOKELYN CASTRO
from her home in Florida. with online shoppers. This

Ms. Castro works on is largely because its ex-
commission through a periments with automated
third-party company called responses to customers’
Feel, a venture-backed questions have been un-
startup with an off-trend successful so far. Mr. Reske
pitch to retail clients: When algo- who browse her company’s web- Lately, however, several tech execu- says AI answers are usually on-
rithms and artificial intelligence site make purchases. When visitors tives and top AI researchers have point at first but seem increas-
can offer product (and parenting) speak with a sales rep, such as Ms. begun to talk openly about the ingly canned as chats progress, ul-
recommendations, human touch is Castro, that conversion rate is far prospect of job losses. timately turning off customers.
still the best way to close a sale. higher at 10% to 25%. The leading voices include Some human sales associates
Apple Inc. last month introduced a But even Feel is training bots to Tesla Inc. CEO Elon Musk and AI insist they don’t sense constant
similar service that allows online match the sales success of people— pioneer Yoshua Bengio, and pressure to outperform AI. They
shoppers to speak one-on-one with if they can. “Then it’ll be stupid to they’re calling for a six-month maintain that certain qualities are
people via video. continue having humans and paying pause in development to set safety simply irreplaceable.
Nanit Chief Executive Sarah for them,” says Oren Harnevo, Feel’s standards for the industry. “Humans crave other humans,
.
Dorsett says 1% to 3% of people co-founder and chief executive. “Should we automate away all and I think that interaction is al-
The stakes for people in sales, the jobs, including the fulfilling ways going to be something that AI
ly
as in many fields, are clear: Keep ones?” the group of researchers, will never come close to,” says Brit-
doing your job better than a bot which also features Apple co- tany Arnold, who sells fashion and
could do it—preferably a lot bet- founder Steve Wozniak, wrote in an home goods for some of Feel’s retail
ter—or risk replacement. on open letter last month. “Should we
develop nonhuman minds that
might eventually outnumber, out-
smart, obsolete and replace us?”
‘Humans crave other humans,’ says
Brittany Arnold, who sells fashion
and home goods.
clients. “I helped a lady mourn the
death of her service dog one day.”
That kind of personal touch—
and its ability to drive sales—is
The stakes in sales are Sam Altman—CEO of OpenAI, part of what attracts venture capi-
us ,
clear: Do your job better maker of the strikingly humanlike people officer of Kraft Heinz Co., talists like Scott Cohen. The partner
l
text generator ChatGPT—says a tells me the possible effects of AI at Aviv Growth Partners adds that
than a bot could do it
e
al a
moratorium is unnecessary. But he tools on her company’s 37,000 intuition influences his investment
or risk replacement. acknowledges his technology’s po- employees unnerve her. decisions, too, even as he predicts
tential to harm people’s careers. “It’s a growth opportunity, but AI will affect his own job.
ci on
Part of the solution, he recently that’s what’s keeping me awake at “I guarantee an artificial-intelli-
told The Wall Street Journal, could night—how to use them as a co-pi- gence program somewhere is mak-
AI proponents often claim that be a government-funded, universal lot, not an autopilot,” she says. ing investment decisions in start-
‘I have to reiterate: ‘Hey, I am a technology will make people more basic income that pays people re- Benign uses could include speed- ups,” he says. “I wouldn’t quite say
human.’ ’ says sales representative efficient and free them from drudge gardless of whether they work. ing translations in multilingual fac- we’re all on notice, but all of us
er s
Brookelyn Castro. work to do higher-level tasks. Melissa Werneck, global chief tories and scanning drafts of the need to be paying attention.”
m er
Adderall Shortage drinking more coffee and

m rp
tracking her schedule in a

daily planner. Sometimes she
Puts Lives on Hold forgets the planner at home.
Some providers are reluc-
tant to prescribe patients
co Fo
BY ALEX JANIN woke up and the prescrip- holdover stimulants given
P
tion bottle was empty. “My the drugs’ differences.
atients with attention- body was about to shut “Ritalin is like a tiny pinch
deficit hyperactivity down,” she says. to wake up and Adderall is
disorder and other con- Before starting on medi- like a punch in the face,
ditions treated with Adderall cation, Ms. Scola, 40, says they’re not the same drug,”
and similar stimulant medi- she battled regular, often says Dr. Gauri Khurana, a
cations are struggling to fill painful, sudden urges to psychiatrist and clinical in-
their prescriptions. sleep immediately. structor at Yale University
As of the week of April 10, “I felt like a lunatic zom- School of Medicine.
six pharmaceutical companies bie,” she says, recalling mid- Because stimulants are
that manufacture Adderall day naps in bathroom stalls controlled substances, pa-
and its generics reported to at work. tients face additional hurdles
n-
the Food and Drug Adminis- The day she ran out, she in trying to access them,
tration that some immediate- says she called 73 pharma- says Dr. Michael Ganio, se-
release formulations were un- cies. She started making a nior director of pharmacy
available or in shortage. plan to travel to Baja, Mex- practice and quality at the
no
The shortage is largely

thanks to manufacturing de-
lays and rising demand.
Since 2020, the government
has made it easier to get
these drugs through tele-
health appointments. There
was a 30% increase in
monthly prescriptions of Ad-
derall and its generics from
January 2018 to January
2022, according to health
analytics company IQVIA.
The struggle to find Ad-
derall, other stimulants or
generics is one in a series of
rolling drug shortfalls over
the past year, including of
amoxicillin and Ozempic. In
the case of Adderall, pa-
tients say not being able to
A February survey of independent pharmacy owners said
find the drugs can mean the
97% reported shortages of Adderall and its generics.
difference between being
able to work, sleep or per-
form daily tasks like shop- ico, if her search failed. She American Society of Health-
ping for groceries, or not. canceled appointments and System Pharmacists. The
Dr. Kathryn Boling, a fam- get-togethers, knowing she prescriptions can’t be trans-
ily medicine doctor with could no longer drive. ferred between pharmacies
Mercy Personal Physicians in As of Wednesday morn- and can’t be filled early.
Lutherville, Md., says she ing, she still hasn’t been able For those who have to
has combined smaller doses to fill the prescription. call around, mail-order phar-
or swapped drugs for an- A February 2023 survey macies, which tend to have
other stimulant. Doctors of independent pharmacy large inventories, and small
have been prescribing other owners said 97% reported independent pharmacies
stimulants such as Ritalin, shortages of Adderall and its may be patients’ best bets,
Concerta and Vyvanse, to generics, up from 89% when he says. Patients who lose
help tide over patients. the FDA declared the short- access to their medications
Lindsay Scola, a Los An- age in October, according to say the changes in their
geles-based writer and non- the National Community body and mind make the lo-
profit adviser, had her narco- Pharmacists Association. gistical barriers even more
lepsy relatively well under Layla Holloman, who has difficult to manage.
JENNY KANE/ASSOCIATED PRESS
control for years thanks in ADHD, says she started ra- “It feels like a program on
part to Ritalin. About three tioning her Adderall when your computer that freezes
months after the FDA an- she first started hearing and just hangs there forever
nounced a shortage of Ad- about the shortage last fall. until you force-quit,” says
derall, Ms. Scola started hav- Ms. Holloman, 24, ran out Wren Clements, a 23-year-
ing difficulty filling her of her medication on March old in Richmond, Va., who
prescription. 20 and says she hasn’t found says she regularly rations
But on April 7, Ms. Scola an alternative aside from her Adderall.
ARTS IN REVIEW
CULTURAL COMMENTARY
Rialto Pictures’
High-Caliber
RIALTO PICTURES (3)

Film Canon
BY PETER TONGUETTE Clockwise from top left: images the latter—attempting to contend
W
from ‘La Piscine’ (1969), ‘Christ with complex modern societies
ith the advent of Stopped at Eboli’ (1979) and ‘Army whose secrets, shadowy figures
streaming, film fans are of Shadows’ (1969) and bureaucratic systems practi-
akin to customers adrift cally invite conspiratorial thinking.
in a big-box store: They Even the films’ forms express the
.
have access to a seem- less” remains animated by boyish idea of individuals trying to make
ingly infinite variety of classic spunk—represented in its refer- sense of a confused larger world:
ly
films, but relatively little direction ences to American B-movies, Hum- Welles films Josef K. engulfed in a
about which aisle to peruse. phrey Bogart and William Faulk- pattern of symmetrically arranged
More than ever, then, viewers ner—but the film’s conclusion, in desks, while Coppola asks us to
are dependent on cultural gate-
keepers to help light the path. Crit-
ics have traditionally filled that
role, but for the past 25 years, the
on which Patricia (Jean Seberg) re-
solves her feelings for the outlaw
antihero Michel (Jean-Paul Bel-
mondo) by exposing his where-
scrutinize his soundtrack, again
and again, to find signs of a crime.
The series reflects Rialto’s pref-
erence for titles dating from world
distributor Rialto Pictures has pro- abouts to the police and thus as- cinema’s golden age of the 1930s
us ,
mulgated its own vision of film his- suring his demise, seems more through the 1970s, but it’s refresh-
l
tory. The company—led by co-pres- strangely fatalistic than ever. “Al- ing to encounter a number of more
e
al a
idents Bruce Goldstein, also the phaville,” too, looks different in recent English-language films, too.
founder, and Adrienne Halpern— light of Godard’s now-complete ca- Included here are Joe Dante’s “The
brings to theaters a carefully cu- reer: The filmmaker’s stylistic au- Howling” (1981), a humor-tinged
ci on
rated body of movies, many of dacity once held the promise of werewolf movie with a welcome
them newly restored. The Rialto youth but now must be seen as sense of its own horror-genre heri-
catalog constitutes its own canon. mestic debut in 2006, and Fran- lives on the Côte d’Azur—a cloud- part of a closed chapter in cinema. tage, and John Carpenter’s grim
In recognition of the signifi- cesco Rosi’s “Christ Stopped at less Eden that becomes a crime By bringing old movies back foretelling of the isle of Manhattan
cance of the distributor’s imprima- Eboli” (1979), a drama of rare so- scene during a murder-by-swim- into the conversation, a fresh the- as a literal cutthroat prison, “Es-
er s
tur, the Museum of Modern Art, ciological acuity set in isolated ming-pool sequence as dark, and as atrical run allows us to see them cape From New York” (1981). Both
from April 19 through May 22, will portions of Italy in the 1930s unlikely in its setting, as anything anew. The muddled state of post- are far less high-toned than many
m er
present “Rialto at 25,” a selection whose authentically epic dimen- in Hitchcock. Although commer- World War II Europe so deliriously of the surrounding films but de-
of its signature releases. Moviego- sions had been obscured in the de- cially successful in its day, the film evoked in Carol Reed’s “The Third serve inclusion thanks to their un-
ers are accustomed to organizing cades since its debut: The film was quickly forgotten until Rialto Man” (1949)—in which Harry Lime erring style.
movies according to director or was known to most audiences in revived its fortunes. (Orson Welles) dismisses peace- Regardless of epoch or genre,
country of origin, but this series severely abbreviated versions be- The series also features many loving nations by insisting that the films presented here are of uni-
m rp
demonstrates that a film being fore Rialto located and brought major works with high reputations Switzerland bequeathed nothing formly outstanding quality—it’s
brought out by Rialto confers a out a comprehensive 220-minute that have never been dependent on more to civilization than the hard to imagine any new movie
mark of quality. cut. (The company’s rerelease of any distributor’s intervention, such cuckoo clock—is relevant in light this summer leaving audiences
Organized by MoMA depart- Fellini’s 1957 Italian neorealist as Jean Renoir’s “La Grande Illu- of present-day global affairs, in- more rapt than the bit-by-excruci-
ment of film curator Dave Kehr, classic “Nights of Cabiria,” also to sion” (1937). Even so, we are re- cluding the war in Ukraine. ating-bit heist scene in Jules Das-
co Fo
the retrospective shows how many be shown, folded in largely unseen minded how a fortuitously timed Contemporary synchronicities sin’s dazzling “Rififi” (1955)—and,
movies have been given a fresh footage, too.) theatrical reissue can reveal new also abound in a pair of films that taken together, serve as a testa-
lease on life thanks to Rialto. Such In 2021, Rialto again emerged dimensions in old warhorses. seem to anticipate our own con- ment to Rialto’s discernment over
is the case with two of the best as an agenda-setter with its rere- For example, “Breathless” spiracy-minded age: Welles’s Kafka the past quarter-century.
films included here: Jean-Pierre lease of Jacques Deray’s sharp-as- (1960) and “Alphaville” (1965) are adaptation “The Trial” (1962) and
Melville’s staggering French Resis- cut-glass thriller “La Piscine” among director Jean-Luc Godard’s Francis Ford Coppola’s “The Con- Mr. Tonguette, a contributing
tance masterpiece “Army of Shad- (1969), revived again for the MoMA freshest, most ebulliently experi- versation” (1974), both of which writer at the Washington Exam-
ows” (1969), which had been un- series. The film stars Alain Delon mental works, but the French au- portray paranoid protagonists—An- iner, also writes frequently for The
able to secure distribution on and Romy Schneider as languid jet- teur’s death last September gives thony Perkins’s Josef K. in the for- American Conservative, National
these shores prior to Rialto’s do- setters passing the prime of their each an autumnal cast. “Breath- mer, Gene Hackman’s Harry Caul in Review, and The Spectator World.
n-
BY HEIDI WALESON OPERA REVIEW pears in a still more distant flashback,
A Composer’s One-Two Punch

forced by his strap-wielding, funda-
no
New York
A
mentalist cousin Blanche (Krysty
fter its huge success with the Swann) to hold cinder blocks above his
New York premiere of Terence head in order to drive out the devil. As
Blanchard’s “Fire Shut Up in Emelda, Ms. Moore was game, if not
My Bones” in 2021, the Metropolitan Terence Blanchard’s return to the Met tells the true story of a boxer entirely secure, in her rhythmic num-
Opera moved quickly to get Mr. bers in Act 1; she sounded more com-
Blanchard’s first opera, “Champion,” flect Emile’s dementia—the clipped, fortable in her dreamily lyrical Act 2
on the schedule; it opened on Mon- often rhyming, text, insistently set; aria, accompanied only by plucked
day. “Champion,” which had its pre- the flashes of clarity; the punctuation string bass, about her sad past.
miere at Opera Theatre of Saint by the boxing announcer and the bell; Mr. Groves brought humanity to
Louis in 2013, is tighter and less ab- and Emile’s frequently repeated line: Howie, especially in the scene where
stract than “Fire”; it is a propulsive “In my head, it happens fast. / Some- Emile’s early dementia becomes ap-
and percussive score firmly rooted in thing good / Turns into something parent. Stephanie Blythe had an all-
the composer’s jazz idiom. The pro- that don’t last.” too-brief bluesy cameo as Kathy Ha-
duction has been expanded to fill the Mr. Blanchard’s music gives the gen, the foul-mouthed proprietor of
Met’s much larger stage, and the or- story’s episodes a visceral intensity. the gay bar where Young Emile goes
chestra, under Yannick Nézet-Séguin, A Caribbean carnival call-and-re- looking for company and solace. A
supplies some lush effects, but it’s sponse chorus, accompanied only by distinctive moment for Brittany Re-
the rhythm quartet, led by drummer drums, dispatches Emile from his is- nee, as Emile’s wife, is an imploring
Jeff “Tain” Watts, that drives the land home to make his fortune in duet with Emelda, begging Young
evening. New York; an ensemble of overlap- Emile to come home as he goes to
ping voices urges Emile to “stay in Kathy’s bar for the last time (he is
the game” during the Paret fight. assaulted by gay-bashing thugs out-
Sometimes the vocal parts are more side). Other notables in the cast in-
The work’s score is rhythmic than melodic, as when cluded Chauncey Packer as the kind
propulsive, percussive Emile’s ambitious mother, Emelda Luis, Emile’s adopted son and care-
(Latonia Moore), narrates his trans- taker; and Eric Greene, playing both
and firmly rooted formation from gentle hat-maker to Benny Paret, who haunts Emile, and
in the jazz idiom. prizefighter in a speedy, rap-like ex- Paret’s son, who helps Emile find
travaganza, “Tarzan knows which peace at the end of the opera.
tree to climb.” Ryan Speedo Green in ‘Champion’ at the Metropolitan Opera As was the case with “Fire,” the
When he does write melodies, Mr. capacity opening-night crowd seemed
“Champion” is based on the true Blanchard’s style is unpredictable. unusually young, diverse and enthusi-
story of Emile Griffith, a champion The line of Young Emile’s musing James Robinson and Allen Moyer, splashy public moments and solo astic. The Met, noting how well pieces
boxer in the 1960s from the Virgin aria, “What makes a man a man,” is who directed and designed the origi- musings. Camille A. Brown, who cre- like “Fire” and “The Hours” did at the
Islands and a closeted bisexual. In a questioning and inconclusive, appro- nal production in St. Louis, have ef- ated the show-stopping step dance box office, has declared its intention
1962 title bout in New York, he killed priate for his unresolved question of fectively scaled up the show for the for “Fire,” supplies compact cameos to devote a substantial percentage of
his opponent, Benny Paret, who had whether love makes a man strong or Met with a large boxing ring and a here, like a group of boxers warming its season to contemporary works,
taunted him at the weigh-in with ho- weak. The skillful dramaturgy alter- big chorus. Montana Levi Blanco’s up and sparring at a gym. The fatal starting with 2023-24. With original
mophobic slurs. Michael Cristofer’s li- nates these types of scenes. In Act 2, eye-catching costumes encompass fight itself was staged with heart- voices like Mr. Blanchard’s to draw
bretto deftly outlines and deepens a fast-paced sequence has reporters St. Thomas carnival stilt-walkers, stopping verve. from, that should be no hardship for
the tale: The elderly Emile (Eric Ow- badgering Emile with the same banal New York drag queens and flashy Mr. Green and Mr. Owens, in splen- its audience.
KEN HOWARD/MET OPERA
ens), who suffers from dementia and questions—how does it feel to win 1960s nightclub denizens; Greg did voice, made a powerful team; one
is still haunted by both the killing the fight? To be the champ? To kill a Emetaz’s scene-setting projections could discern the deep-seated insecu- Ms. Waleson writes on opera for
and guilt about his sexual identity, man?—after each win. Then the and videos establish the crowd of rity both in the vibrant excitement of the Journal and is the author of
conjures up the turbulent odyssey of chaos retreats, and Howie Albert Madison Square Garden fight fans the younger Emile and in the pathos “Mad Scenes and Exit Arias: The
his younger self (Ryan Speedo (Paul Groves), Emile’s manager, ex- and Emile’s Long Island apartment of the older one. The roots of that in- Death of the New York City
Green). Structural fragmentation and pansively explains that “the truth complex; Donald Holder’s sensitive security are disturbingly explained by a Opera and the Future of Opera in
repetition in the piece poignantly re- don’t fit in a three-inch column.” lighting limns the difference between child Emile (Ethan Joseph), who ap- America” (Metropolitan).
SPORTS
Hockey’s Strange Coaching Switcheroo
In the last year of Cassidy’s ten-
ure in Boston, there was a wide-
spread feeling that the coach’s
hard-driving style and tendency to
criticize players publicly had alien-
Three of the NHL’s best teams are set to make Cup runs with coaches who were recently fired ated the team. Jake DeBrusk, a
young winger, requested a trade
BY LAINE HIGGINS amid frustrations with repeatedly
being held out of the lineup as a
W
hen Jim Montgomery was healthy scratch by Cassidy. In the
announced as the next offseason, DeBrusk rescinded his
head coach of the Boston request but has declined to say
Bruins last July, he was disarm- how much Boston’s coaching
ingly candid about his coaching change factored into his decision.
philosophy. “I don’t have any real, “It’s no secret that him and
original thoughts,” he said. Cassidy were kind of at wit’s end,”
And yet Montgomery has done Ferraro said of DeBrusk.
something very original in his first Bruins players say they have ex-
year with the Bruins: He has perienced a positive change under
coached them to National Hockey Montgomery, who favors a soft-
League-records 64 wins and 133 spoken tone and dad jokes.
points this season, with one game “I can notice right off the bat
left to play. The Bruins will head how good a communicator he is,”
into the NHL’s playoff marathon, Bruins defenseman Brandon Carlo
which begins next week, with the said last fall. “That’s something we
highest point total in the league really needed.”
this year and in history, having Coaches also make important
topped the 1976-77 Montreal Cana- personnel decisions regarding
diens’ 132-point season. three-man lines and defenseman
Montgomery is also at the cen- pairings. Tweaking offensive trios
ter of another remarkable feat this is a delicate ballet that can unlock
season. He’s part of a nationwide more goal-scoring opportunities if
coaching switcheroo among three done correctly. That appears to be
of the league’s best teams: Boston, what happened in Boston, where
the Vegas Golden Knights and the Cassidy had been perhaps under-
Dallas Stars. standably loath to tweak an entity
All three teams fell off last year so entrenched it was called the
after making playoff “Perfection Line.” Made up of Pa-
runs in recent years, Jim Montgomery, above, took over in Boston after Bruce trice Bergeron, David Pastrnak and
then fired their Cassidy was fired. Cassidy, left, is now the coach in Vegas. Brad Marchand, the trio has
coaches. Then all skated together for the better part
three hired a coach sion, just behind nized chaos,” ESPN analyst Ray of the past decade.
who had been re- the defending Ferraro said. But this year, Montgomery has
cently fired by one champion Colo- That isn’t to say that the person often moved DeBrusk onto the top
of the other two. rado Avalanche. wearing a suit and tie on the line and bumped Pastrnak to the
Here’s how it The coaching- bench has no impact—it’s just a second line with Czech country-
FROM TOP: CHARLES KRUPA/ASSOCIATED PRESS; FRED GREENSLADE/ASSOCIATED PRESS

.
worked: The Bruins go-round raises bit harder to measure. Foremost, men Pavel Zacha and David Krejci.
fired Bruce Cassidy the question, how how they boil down complicated The swap unleashed Pastrnak: He
ly
as their coach after much does a head schematics into concepts simple has scored 60 goals in 2022-23 af-
a season of growing coach really mat- enough for players to implement ter netting 40 last season.
discontent in the ter in hockey? them at split second’s notice on The Stars scooped DeBoer up a
locker room and a
first-round playoff
exit. So Cassidy
then was hired by
on Unlike football,
where the entire
game is a series of
set plays, much of
the ice is key.
“Those are the best coaches: the
ones that can communicate that
quickly and simply and directly to
little more than a month after the
Golden Knights let him go. Dallas
had a vacancy because it fired Rick
Bowness, the interim coach who
Vegas to replace Pe- the action on the the players,” Ferraro said. took the Stars to the Stanley Cup
us ,
ter DeBoer, who was ice develops or- Coaches also set the tone in the Final in 2020 following Montgom-
l
canned when the ganically. A bas- locker room, for better or worse. ery’s ouster. Bowness earned the
e
al a
Golden Knights failed to make the ity and subsequently working for ketball coach can draw up a Cassidy has Vegas on track to earn permanent job, then missed the
playoffs. the St. Louis Blues as an assistant, buzzer-beating play, but the fran- the top seed in the Western Con- 2021 playoffs and lost in the first
DeBoer, in turn, was hired by took Cassidy’s old gig in Boston, tic final seconds of a tied hockey ference in the playoffs, which be- round in 2022.
ci on
Dallas, replacing a coach who had completing the strange triangle. game can turn on a lucky bounce gin on April 17. It was exactly the As for Bowness? He’s now the
taken the reins after Montgomery It has worked out pretty well in regulation or a well-executed thing he was hired to accomplish. head coach for the Winnipeg Jets.
was fired midseason in December for everyone. The Bruins made his- slap shot in a shootout. Coaches His predecessor, DeBoer, was fired The fired coach he replaced, Paul
2019 for “unprofessional conduct” tory. Vegas sits atop the standings exert little control over either. last May when the Golden Knights Maurice, also landed on his feet.
related to alcohol abuse. Mont- in the Pacific Division with a “Everything looks great in prac- failed to make the postseason for He’s head coach of the Panthers.
er s
gomery, after receiving inpatient 49-22-9 record. The Stars are in tice where it’s all controlled, but the first time since their inaugural Both teams clinched spots in the
treatment at a rehabilitation facil- second place in the Central Divi- they drop the puck and it’s orga- 2017-18 campaign. playoffs on Tuesday.
m er
The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 25 Some
LeBron James Just Wanted a Chance
m rp
presidential
13 14 15 appointees
16 17 18
26 Sitting on
27 They’re in
At the Playoffs. Now He’s Got It.
front of BY ROBERT O’CONNELL single nadir. There were 164 Malik Beasley and Jarred
co Fo
19 20 21 22 stages game days during the Vanderbilt. They re-created,

AFTER A SEASON in which 2022-23 regular season, and overnight, the formula that
23 24 25 26 27
28 Jets or Sharks nearly nothing went accord- Los Angeles was outside the had worked throughout
29 Océano ing to plan for LeBron James, top-10 standing required for James’s career, giving him
28 29 30 31 32 Pacífico the crucial play on Tuesday Western Conference play-in one luxury running mate and
contents night did. qualification for 135 of them, a slew of defenders and
33 34 35 36 37 38 30 Child labor? With about 100 seconds according to Stats Perform. marksmen, to offer him space
31 Many a left in the Los Angeles Lakers’ Davis missed time with a on one end and apply the
39 40 41 42 Broadway overtime win over the Minne- foot injury; a supporting cast clamps on the other.
singer sota Timberwolves, James headlined by poor-shooting The refurbished team man-
43 44 45 46 35 Chasing drove hard to the rim, veered guard Russell Westbrook aged to go 8-5 during a stretch
away, and floated a pass to made little use of the open that James missed with a foot
47 48 49 50 37 Without help
forward Anthony Davis. Davis looks James created for them. tendon injury; it is 7-2 since
38 Action that
n-
snatched the ball under the In early February, James his return late last month. The
51 52 53 gets action, basket and, shouldering spoke publicly and hopefully advanced numbers are even
sometimes through a double-team, mus- of the chance to play with his rosier. Entering Tuesday’s
54 55 56 57 58 59 60 40 Landlocked cled home a layup to give the former teammate Kyrie Irving game, the Lakers had scored
no
nation Lakers a five-point lead. A few again; that opportunity disap- 4.6 more points per 100 pos-
61 62 63 64 65 66 between minutes later, they would win peared when the Dallas Mav- sessions than they have al-
South by six, escaping the NBA’s ericks traded for the All-Star lowed since the deal. Stretched
67 68 69 Africa and play-in tournament and earn- guard. over a full season, that would
Mozambique ing the seventh seed in the Just a few days after miss- amount to the best mark in
70 71 72 playoffs proper. ing out on Irving, though, the Western Conference, ac-
42 “That ___last
year!” “We went 2-10, the analyt- Lakers general manager Rob cording to Stats Perform.
45 Tenth of a ics said we had a 0.3 [%] Pelinka swung a more com- “There’s nobody that [the
GET A BIG REACTION | By Colin Ernst chance of making the postsea- prehensive deal—sending defense] can really just key
microjoule
Across 33 “The Morning 61 Crazy as ___ 8 Pioneer in son,” James said after the away Westbrook in a three- on,” James said after a win
48 Nurse, e.g. game, recapping the start of a team trade that yielded a trio over the Phoenix Suns last
1 Soldier’s Watch” writer 63 Give yourself this puzzle’s
50 Pyramids, calamitous campaign that saw of lesser-known but valuable week. “Can’t just key on AD,
station 34 Car accessory a timeout? theme
perhaps James and Davis sit out a rotation players, point guard can’t just key on me.”
5 Disney cooperative 67 Source of the 9 Comedian 51 “Becoming” combined 53 games and re- D’Angelo Russell and wings For fans who haven’t
character 36 Big word “kiwi” Margaret author quired a roster overhaul in stayed up late with the Lak-
who says supporter? 68 Widespread 10 Like a luxury Michelle February just to get the Lak- ers since early winter, Tues-
“Some people 39 With 69 Umbrella for mansion, 52 Diametrically ers to the play-in tournament. day’s game might have been a
are worth 41-Across, Mary Poppins, often opposite “That’s all you ask for, is a “Previously on” recap. Los
melting for” massive e.g. 11 Sentence chance, I guess.” LeBron Angeles came out listless and
53 Guitar
9 Letters on a reaction 70 Temple starter, in a fingerboard The Lakers have lately made James at one point in the third
cosmonaut’s found four chests way inlay their own luck. Including Tues- quarter trailed by 15 to a
spacesuit times in this 71 Incise day’s victory, Los Angeles has Minnesota team miss-
12 Suitor 57 Extra pizzazz
13 Domain puzzle won 10 of its last 12 games, es- ing two key figures,
72 Victor’s spurned by 58 Used to be
14 Green 41 See 39-Across tablishing its first extended one who was sus-
“Samson Juliet 59 Polo hot streak of the season pended after punch-
feature 43 Manners of and Delilah” 15 Deals with competitor and sending a warning to ing a teammate (cen-
15 Translator in moving co-star troublesome the rest of the Western ter Rudy Gobert) and
60 Spot
space 44 They precede Down laces Conference. another who injured him-
62 Places for
16 One whose spikes 1 You might 17 The floor, in a C-sections They are not the on- self punching a wall
talents are 46 Classic jazz read lines kids’ game 64 Fighting paper force that they (Jaden McDaniels).
slow to album “___ from one were predicted to be in This weekend, the Lak-
21 High return 65 Banned
develop and Louis” 2 Provide an October, when they ers will travel to Memphis
24 Prima propellant landed among to take on the Grizzlies. Los
18 Respectful 47 Flock holders address ballerina 66 Villainous the betting fa- Angeles’ first-round oppo-
rejection 49 Chance to 3 Spotted Pavlova chuckle vorites to repre- nent is in many ways its
19 Intelligence stretch, say 4 Something to
gathering? Previous Puzzle’s Solution sent the West in opposite: built around
51 Where caps keep on the Finals. But re- young stars instead of aging
20 Jan. honoree and gowns are someone else B O A R S J A V A N G A S
E A T E N A L O N E E G O cent form has icons, fresh off a season
22 Reaction to worn 5 “Now the full S T E V I E N I C K S N A P aligned, finally, with reputa- spent wire-to-wire near the
GARY A. VASQUEZ/USA TODAY SPORTS
details of 54 Shilling, in story comes S H E E P L E A L S M I T H tion. A team with a healthy top of the conference
last night’s slang out!” R E I O L E C U E S James and Davis, and with a standings. The Grizzlies
I N S E R T E D T A G S
exploits, 55 One might be 6 Shuttle T O W E N D S R E I N S new assortment of comple- will rightly be favored
perhaps tapped out location S L E P T U S A M E D E A mentary players surround- to advance, but James
23 Getaways, O I L E R F O R T E W S ing them, is one to be has gotten his wish
56 Guest vocalist 7 What one of T R I G C A R S E A T S
of a sort on Arcade the letters of taken seriously. and then some. The
S T R O A S K A P A
28 Bean in a dip 55-Across S H I N O L A F L O R I D A
If recent weeks have Lakers are still
Fire’s
G E E F O L D L A U N D R Y been the obvious peak alive, and their
32 Numbskull “Reflektor” stands for
T D S F O V E A S E I N E of the Lakers’ year, it odds keep get-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S A T S T O N Y E R D O S is hard to pick out a ting better.
OPINION
Is ‘Democracy’ a Dirty Word? BOOKSHELF | By Stephen Brumwell
It isn’t quite
true to say it
has become a
“The democracy which we
have worked hard to build,”
she said, is facing unprece-
mind of Taiwan’s President
Tsai and Ukraine’s democrati-
cally elected President Volod-
speaks regularly of achieving
another Yalta.
Those now pressuring
A Storm
conventional
belief in Re-
publican Party
circles that
dented challenges. “We once
again find ourselves in a world
where democracy is under
threat, and the urgency of
ymyr Zelensky is “sell out.”
Will the Americans and West-
ern Europeans find a way to
sell us out?
Ukraine to negotiate to get the
war over need to explain why
Mr. Putin won’t violate any
deal, as Stalin did. Mr. Putin
Of Stuarts
WONDER
the U.S. no keeping the beacon of freedom It’s hard not to notice the will pocket Donetsk and Cri-
LAND
longer sup- shining cannot be under- most ardent support for mea and over time absorb or
The Blazing World
By Daniel
ports demo- stated.” She then cited the fa- Ukraine comes from the East- seize more territory. Is it be- By Jonathan Healey
Henninger
cratic move- mous words of Ronald Reagan, ern European democracies yond imagining that Mr. Putin (Knopf, 492 pages, $38)
I
ments in whose ideas on foreign policy nearest Ukraine—Poland, the would eventually murder Mr.
other countries. But it could and economics are also losing Czech Republic, Slovakia, Ro- Zelensky and Ukraine’s other n England you are never far from a pub. Ironically, the
get there. You don’t hear many favor in some conservative cir- mania, Lithuania, Estonia and democrats? country’s most popular pub name, “The Red Lion,” com-
Republicans these days em- cles, that freedom “must be Latvia. It is an irony that just as memorates the heraldic arms of its old enemy, Scotland.
bracing democracy as a wor- fought for and defended con- the Republican Party is abjur- The enduring presence of the ruddy lion rampant on so
thy goal for other nations, lest stantly by each generation.” ing “democracy building” (or many hostelry signboards recalls the efforts of England’s
other conservatives accuse President Tsai surely appre- Republicans need to whatever euphemism will be first Stuart monarch, James I—who was already reigning
them of committing the U.S. to ciated the statements of sup- proposed for the party plat- as James VI of Scotland—to stamp his personal authority
the waste of resources—Iraq, port for Taiwan, but she saw decide if their support form in Milwaukee next year), throughout his kingdoms.
Afghanistan—that they deride how the world adopted Hong for Taiwan and Mr. Putin and China’s Xi Jin- James had inherited the English and Irish thrones upon
as “democracy building.” Kong’s fight for freedom in ping are actively engaged in the death of the childless Elizabeth I in 1603, and felt he
So it was revealing to see 2019 and then let it sink into Ukraine is real or not. democracy destruction from needed to reinforce his position. His father, Henry Stuart,
these factions unite behind China’s antidemocratic em- Ukraine to Taiwan and beyond. had been murdered in 1567, when James was still an infant;
last week’s visit to the U.S. by brace. How steadfast is all this Resolving the U.S.’s future his mother, Elizabeth’s cousin, Mary Stuart “Queen of Scots,”
Taiwan’s President Tsai Ing- support? The Cold War may exist to- commitment to freedom is was executed for treason 20 years later. James’s insecurities
wen. Support for Taiwan’s in- She is aware of what has day mainly as historical narra- largely an internal Republican were swiftly vindicated when he narrowly escaped being
dependence against an inva- happened to Ukraine, a nation tives on various websites, but debate. Joe Biden will talk a blown sky high by the pro-Catholic “Gunpowder Plot” of 1605.
sion by China may be the only steadily losing favor among for Ukraine’s neighbors, what good game, but it’s ultimately In popular memory, James and his Stuart successors have
significant political issue on Republicans only a year after is likely very much alive is just talk. Democrats, should been overshadowed by the
which bipartisan agreement the beginning of its war to re- what happened at Yalta in they retain power, will never more glamorous Tudors who
exists. pel Russia’s invasion. What- 1945. Meeting with Joseph increase national-security preceded them. Historians, by
Look closely, though, and ever Florida Gov. Ron DeSan- Stalin in the Crimean resort spending sufficiently to defend contrast, have long debated
you will see daylight between tis’s real views on Ukraine, his town, Franklin D. Roosevelt Taiwan or other emerging the significance of the century
President Tsai and some of her comment that its war with and Winston Churchill effec- threats. Nothing can stop the over which the Stuarts pre-
Republican enthusiasts. Re- Russia is a “territorial dis- tively consigned the nations of Democrats’ upward spending sided. Jonathan Healey’s “The
publican support for defending pute” sits as one pole of con- Eastern Europe to 40 years of trajectory on entitlements and Blazing World” makes a con-
Taiwan against China is posi- servative sentiment. In his life under communist rule. climate subsidies. vincing argument that the tur-
tioned almost wholly as a Tuesday interview with Tucker Stalin said he would allow free With the odor of a Yalta bulent era qualifies as truly
commitment that would be in Carlson, Donald Trump said, elections in the areas liberated sellout drifting through the “revolutionary,” not simply be-
the U.S. “national interest.” “They’ve taken the military from the Nazis, but of course Republican Party, the time is cause of its cascading political
In her remarks at the Rea- that I’ve rebuilt and they’ve he lied. These countries, all now to start debating where upheavals, but in terms of far-
.
gan Library, where she met given it all to Ukraine.“ self-determining democracies the GOP leadership or its pres- reaching changes within society.
with House Speaker Kevin And not just in the U.S. It is now, don’t want to see that idential candidates stand on The author, a professor at
ly
McCarthy, President Tsai ac- clearly the view of France’s happen again. But Vladimir the expressed desire of Taiwan Oxford University, delivers a
knowledged “our shared inter- President Emmanuel Macron Putin wants it on the table. and Ukraine for help to pre- clearsighted narrative of 17th-
ests,” but she seemed to think and Germany’s Chancellor Olaf Writing in the National In- serve their democracies. At century England, deftly integrating original and insightful
the relationship was also
about defending Taiwan’s de-
mocracy, which has existed as
a functioning reality only since
Scholz that Ukraine needs to
negotiate with Russia over Cri-
mea and the Donetsk region.
One has to believe that a
on
terest in 2020, Mr. Putin re-
ferred to “the principles of
peaceful development, laid
down at the Yalta and San Fran-
the least, give these countries
time to prepare for whether
the U.S. is realistically going to
be there for them, or not.
analysis of underlying social phenomena and expressing his
enthusiasm in brisk, wryly humorous and occasionally
bawdy prose. As England’s Stuart epoch unfolded following
the “Jacobean” prelude under James I, Mr. Healey writes,
the late 1990s. phrase constantly on the cisco conferences of 1945.” He Write [email protected]. the increasingly “absolutist” rule of his son Charles I was
us ,
overthrown after a bloody confrontation with Parliament.

l
This led to the king’s execution (1649) and the monarchy’s

e
al a
Odd Times Call for Unconventional Wisdom replacement by a short-lived republic under the formidable
“Lord Protector,” Oliver Cromwell.
The Restoration of the exiled Charles II in 1660 ushered
ci on
By Karl Rove him politically. In the short Ted Kennedy in 1980 or Presi- Iowa Democratic Party’s Jef- in a quarter-century of relative political stability, but the
I
run, that appears right. The dent George H.W. Bush with ferson-Jackson Dinner that accession of his openly Catholic and overly authoritarian
n his 1958 book, “The Af- charges brought against Mr. Pat Buchanan in 1992. That’s left attendees impressed. younger brother James in 1685 provoked a reaction that
fluent Society,” economist Trump by Manhattan District probably true. But what if Mr. Team Obama will tell you their heralded the “Glorious Revolution” of 1688, when the Protes-
John Kenneth Galbraith Attorney Alvin Bragg were Biden overcame a real chal- candidate won the nomination tant Dutch ruler William of Orange was invited to oust him,
er s
assailed what he called “con- criticized by legal experts on lenge—not Marianne “Crystals because he had time to get and reign jointly with his wife, James’s eldest daughter, Mary.
ventional wisdom,” his caustic the right and left as convo- and Woo-Woo” Williamson but better. What if Mr. DeSantis Now “constitutional” monarchs reliant upon parliament’s
m er
term for “beliefs that are at luted, shaky, unsupported and a formidable governor or sen- excels at self-improvement, cooperation, they ruled as William III and Mary II.
any time assiduously, solemnly likely to fail. But what if spe- ator? If he rose to the mo- too? Then he should up his Besides tracing developments that still resonate on both
and mindlessly traded be- cial counsel Jack Smith ob- ment, Mr. Biden wouldn’t only game soon. sides of the Atlantic—for example, the emergence of political
tween the conventionally tains an indictment of Mr. secure the Democratic nomi- Conventional wisdom is parties defined by distinct ideologies and of a powerful
wise.” Today, we’re constantly Trump for either or both of nation but also ease doubts that much of the Republican press capable of shaping public opinion—“The Blazing
m rp
bombarded by news of the lat- the federal cases he’s investi- about his fitness among swing presidential field are third-tier World” embraces episodes of high drama equal to any asso-
est high jinks of candidates gating, and they are far stron- voters who might leave him in wannabes. But there are suc- ciated with the Tudors. There are conspiracies, battles and
and officeholders, and for each ger than Mr. Bragg’s? A signif- the general election if there’s a cessful governors, senators, executions aplenty, plus apocalyptic scourges of pestilence
new political drama there’s icant number of Trump decent Republican candidate. cabinet officials and business and fire in 1665-66. One sensational incident is commemo-
new conventional wisdom on supporters may conclude that Conventional wisdom leaders among them who rated in another familiar English pub name, “The Royal
co Fo
what it means. But what if they’ve had it. points to Mr. Biden seeking re- could do surprisingly well. Oak”: In 1651, after his defeat at the Battle of Worcester
much of it is wrong? election despite a lack of en- Maybe we’re past the point during a third and final spasm of civil war, Charles II mir-
Conventional wisdom on thusiasm among Democrats. where a novice can surprise aculously escaped the ensuing Cromwellian manhunt by
the debt-ceiling fight says that If the obvious were (Only 25% of them in a March and win a party’s nomination, hiding amid the spreading branches of an oak tree at
Speaker Kevin McCarthy and 20 Monmouth Poll preferred as Wendell Willkie did in 1940 Boscobel in Shropshire, on the Welsh border.
House Republicans are on the always true, Hillary he run again.) But what hap- and Mr. Trump did in 2016.
defensive, while Democrats Clinton would have pens if he doesn’t? Democrats But then maybe not.
belittle their attempt to get have a deep bench. And reset- This isn’t to say, as Gal- England’s 17th century had battles,
President Joe Biden to negoti- won in 2008 and 2016. ting the board on their side braith did, that conventional
ate with the GOP. Maybe. might cause the GOP to do the wisdom is necessarily shallow
conspiracies and executions aplenty—
But would voters really pre- same, jolting Republicans into or wrong. The problem, rather, plus scourges of pestilence and fire.
fer that Mr. McCarthy bow to It’s conventional wisdom realizing just how weak Mr. is that our politics seem to be
Democratic demands and sim- among many Democrats and Trump might be in the general in a period when the system is
n-
ply raise the debt ceiling? Or journalists that Mr. Biden against a fresh Democratic so fractured, the process so The Stuart dynasty’s early decades were marked by wide-
would they rather take the should declare for re-election face. broken, public attitudes so spread concern about rocketing crime rates and plummeting
speaker’s proposal to pair that now. But what if getting him Conventional wisdom says jumbled and fragile, that the morals. As Mr. Healey observes: “Everywhere, people seemed
with cuts in nondefense dis- on the campaign trail makes it Florida Gov. Ron DeSantis is unconventional and unex- to swear, blaspheme and drink too much.” In 1606, Parlia-
no
cretionary spending, the re- clear how much age has taken faltering, hampered by fre- pected can win out. ment passed legislation that helpfully defined drunkenness
covery of unspent Covid relief its toll? Being seen as presi- quent missteps and a wooden Every election season has as the condition “where the same legs which carry a man
money, and a requirement that dent rather than a candidate campaigning style. But what if surprises. Our current tumul- into a house cannot bring him out again.” Ten years later,
able-bodied people receiving for three or four more months Mr. DeSantis learns from his tuous era could produce more despite previously using alehouses as a place for self-
welfare either work or look for allows him to duck scrutiny. early stumbles? Other nomi- shocks to conventional wis- promotion, King James railed against their proliferation as
work? Still suffering from the Now in his eighth decade, Mr. nees have shown an ability to dom than normal. the very root of evil and vice.
inflation caused by excessive Biden needs that. get better. Sen. Hillary Clinton Mounting opposition to the policies of Charles I generated
spending, voters might con- Longstanding conventional led the April 18, 2007, Fox Mr. Rove helped organize a steady flow of pamphlets, culminating in an “explosion of
clude some deficit reduction is wisdom holds that as the in- News poll with 41% to Sen. Ba- the political-action committee print” in 1641, on the cusp of war with Parliament. Jour-
better than none. cumbent, Mr. Biden would be rack Obama’s 20%. But Mr. American Crossroads and is nalists, chasing sensation, gleefully reported the antics of
Conventional wisdom also weakened if he had serious Obama got better and turned author of “The Triumph of outlandish new religious groups, including the naked
says that Donald Trump’s legal primary opposition, à la Presi- on the afterburners with a No- William McKinley” (Simon & “Adamites.” Channeling the widespread sense of “a world
problems have strengthened dent Jimmy Carter with Sen. vember 2007 speech at the Schuster, 2015). turned upside down,” hack writers invented female radicals
with provocative names like “Penelope Punk” and “Ruth
Rakehell.” Meanwhile, the circulation of news—especially
I Came, I Sawed, I Conquered through regular “news-sheets” that first emerged in London
in 1620—broadened political discussion beyond the estab-
lished elite. Significantly, Mr. Healey looks to this culture of
By Mark Naida home economics and metal- by high schoolers. passage it was for their par- rising literacy to give voices to “middling” and more humble
B
working. We spent the first half of ents and grandparents. Many folk previously absent from the written record.
efore Mr. Bolster handed The school backed up to each class learning how to use schools have phased the pro- During the warfare of the 1640s, a prevailing mood of
back the assignment, he acres of corn fields, and many the shop tools without maim- gram out as vocational train- crisis helped to fuel brutal witch-hunts in England’s eastern
told us that the whole of the students came from ing ourselves. The discussion ing has diminished in impor- counties, led by the execrable Matthew Hopkins, the so-called
class had failed. The previous farming families. Teachers always ended up on the topic tance in American schools. Witchfinder General. Yet a spirit of scientific inquiry encour-
day he’d passed out rulers and didn’t plan lessons for Nov. 15, of how much blood had to be But as I work on projects aged growing skepticism toward outmoded superstition,
a sheet of paper printed with knowing that many kids would mopped off the shop floor af- around my home, I find my- while increasing economic stability reduced crime and the
lines of varying lengths. The skip school on the first day of ter a student had lopped off self recalling the adages capital punishment that attempted to curb it.
task was simple enough: Mea- firearm deer-hunting season. the tip of his thumb. (“Measure twice, cut once,” Under the Stuarts, foundations were laid for a sprawling
sure the lines and write down Our teacher stressed the “Know safety, no injury. No empire. Although the establishment of Jamestown in 1607
their lengths. importance of wearing safety safety, know injury”) and and Plymouth in 1620 led to thriving American colonies,
We wondered how we all Lessons from wood goggles, especially when giving thanks for the time other imperial ventures failed: When Charles II agreed to
could have failed such an easy shop came in handy working a lathe. He made sure spent learning how to fix and wed Portuguese princess Catherine of Braganza in 1661, her
assignment. But not a single we understood how not to pull construct. dowry included the city of Tangier. For 22 years a belea-
student had written whether when I needed a table. the drill press through our Prices for patio furniture guered garrison defended Stuart England’s North African
the measurements were in hands and how kickback are astronomical, and my wife outpost against the local “Moors” before it was abandoned.
inches or centimeters. This works with a table saw. To and I figured we could build In 1685, at the Battle of Sedgemoor in Somerset, hardened
was seventh-grade wood shop; And more than a few students demonstrate the shop’s new- our own and save thousands Tangier veterans were instrumental in crushing the rebellion
details mattered here. (nearly all boys) would find est tool, a SawStop table saw, of dollars. We found a simple of Charles’s illegitimate son, James Duke of Monmouth,
I was lucky enough to at- ways to spend as much time he showed a video of someone plan and made an outdoor against his uncle James II. But revulsion at the savage
tend middle school in a rural as possible in the shop. touching a hot dog to the sofa ourselves out of 2x4s. We repression of Monmouth’s erstwhile supporters helped
Michigan district where the The projects the teachers whirring blade, causing the built an outdoor table that pave the way for the Glorious Revolution that soon after
curriculum wasn’t obsessed tasked us with were achiev- blade to drop safely into the seats 12 after that. Because of cost James II his crown. Henceforth, in what Mr. Healey
with college preparation. The able: a tic-tac-toe board, a body of the machine and leav- that class I took nearly 15 rightly identifies as a fundamental transformation, Britain’s
high school had courses in jewelry box, a bird house. But ing only a nick on the hot dog. years ago, we knew how to monarchy became dependent upon the will of Parliament to
small-engine repair and weld- scattered around the shop But, Mr. Bolster warned, none start. an extent that would have been utterly unthinkable to
ing basics. In the seventh were engineered marvels, in- of the other tools have such a James II’s namesake grandfather.
grade, the elective options cluding a scale replica Ferris feature. Mr. Naida is an assistant
were home economics and Wheel with a small motor in- For students today, wood editorial features editor at the Mr. Brumwell’s books include “White Devil: A True Story
wood shop. In the eighth, side to make it rotate, built shop is no longer the rite of Journal. of War, Savagery, and Vengeance in Colonial America.”
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Biden Remakes the Auto Industry Drop the Climate and Focus on Your Day Job
T
he U.S. auto industry is nominally still pri- competitive against conventional gasoline-pow- David Barker’s op-ed “The Fed’s The Fed-driven fantasies linking
vately owned, but it is slowly becoming ered cars and light trucks serving the mass Climate Studies Are Full of Hot Air” climate change to low economic
(April 10) prompts me to recall Fed- growth are outdone by activist health
a de facto state-directed utility. That’s the market,” the report noted.
eral Reserve Chairman Jerome Pow- researchers who believe climate-
meaning of the Environmental Reasons include higher ell’s admission about “transitory in- change action is more important than
Protection Agency’s proposed His new car rules are prices and insurance costs, a flation.” Last summer, Mr. Powell said delivering quality care to medical and
new vehicle-emissions stan- a de facto order to battery range that typically in surprising self-criticism: “We now psychiatric patients. My own work
dards Wednesday that will tops off at 250 miles and long understand better how little we un- has shown how researcher-activists
force-feed the production of make and buy EVs. charging time. Even rapid derstand about inflation.” use the same statistical sleights of
electric vehicles, whether or chargers take 20 to 30 min- Clearly, with this important discov- hand as Federal Reserve economists
not consumers want them. utes, which most people don’t ery, the time and intellectual resources to demand root-and-branch reform of
The EPA is using its authority under the want to spend while driving children to soccer of the Fed’s 400 economists would be healthcare to reduce the carbon out-
Clean Air Act to regulate tailpipe pollutants. But or baseball games. much better spent improving the un- puts involved.
make no mistake this isn’t about clean air. This EVs now appeal mainly to the affluent who derstanding of the complex inflation It is deeply troubling that it is nec-
phenomenon rather than writing su- essary to say this, but healthcare sys-
is about forcing auto makers to produce more live in urban areas and don’t travel long dis-
perficial studies on climate change. tems must focus on caring for pa-
EVs that consumers will have no choice but to tances. Tesla accounted for 64% of the U.S. EV The Fed has no underlying compara- tients. Imposing unrealistic climate
buy since there will be few gas-powered vehi- market last year. Traditional car makers can tive advantage in climate studies. By goals on hospitals and medical practi-
cles left. make more EVs to meet the EPA standards, but trying to appear politically correct, it tioners will harm patients without
i i i if consumers don’t buy them, the companies only further erodes its credibility. improving the climate, however much
The EPA lacks the legal authority to mandate will have to buy compliance credits from Tesla ISTVAN DOBOZI they make advocates feel like righ-
EVs, but it will do so indirectly by setting CO2 or other luxury EV makers. Sarasota, Fla. teous crusaders.
emissions standards for 2027 through 2032. Tesla has raked in $4.8 billion over the last Mr. Dobozi was a lead economist ANDREW AMOS, M.D.
The standards are so strict that auto makers three years from such credit sales. All this ex- at the World Bank. Thuringowa Central, Australia
must electrify their fleets to meet them. Under plains why auto companies are kvetching.
the proposed rules, EVs would account for “EPA’s proposed emissions plan is aggressive
about two-thirds of light-duty vehicle sales in by any measure,” the auto maker lobby said.
2032, up from a mere 6% or so last year. “This requires a massive, 100-year change to Can Cities Be Fixed When So Many Have Fled?
The EPA mandate is even more aggressive the U.S. industrial base and the way Americans Regarding Allysia Finley’s “You were. They are now controlled by the
than President Biden’s August 2021 executive drive.” That may be an understatement. Can’t Throw the Bums Out if You’ve teachers-union machine through its
order, which set a goal of 50% EV sales in 2030. While the rules don’t dictate the specific cars Voted With Your Feet” (Life Science, friends on the school board, all Dem-
EPA says at least 20 countries have announced or models that must be made, the Administra- April 10): The American federalist ocrats of course, and especially hun-
plans to phase out internal-combustion engine tion is remaking a major industry in a way that system was designed to allow states gry for increased tax revenue.
cars in the coming decades, so its proposal is is unprecedented in a free-market economy. to experiment as creative policy labo- LARRY DEYOUNG
no big deal. This is Chinese-style central planning, as auto ratories. They can try different paths Devon, Pa.
“In February 2023 the European Union gave makers answer first to their political overlords of governance and see which suc-
ceeds. I say that citizens who vote A more vexing problem than peo-
preliminary approval to a measure to phase out rather than consumers and investors.
with their feet are part of the inputs ple fleeing progressive-leaning cities
sales of ICE passenger vehicles in its 27 member The auto companies might deserve sympathy to those policy experiments. Let the is that residents are eschewing big-
countries by 2035,” EPA says. It conveniently if their executives hadn’t become political sup-
.
politicians and voters who remain city municipal elections altogether.
ignores that the European Union last month plicants. In addition to lobbying for subsidies, have their unfettered way and feel The turnout in Chicago’s mayoral and
ly
walked back the ban amid concerns about its they intervened to defend the Administration’s the full effect of their decisions. city-council elections was around
enormous costs. recent emissions standards against a legal chal- JAY BLOSSER35%. Given the high-stakes challenges
Auto makers such as Ford and Stellantis have lenge by GOP state attorneys general. They sold Morganton, N.C. confronting Chicago, that’s pathetic.
on
recently announced layoffs owing to rising EV themselves out to the government for subsidies,
costs. They are shifting investment to EVs from and now they are pleading for more subsidies
internal-combustion engines, meaning fewer to meet its mandates.
The issue isn’t confined to the ur-
ban core. I observe that many people
have fled Philadelphia for a “safer”
Elections in America’s other largest
cities have fared no better. In New
York’s 2021 mayoral election, the
turnout was 23%. In Houston the in-
gas-powered cars for sale with higher prices. Democrats and auto makers say EVs are the
environment with “better” schools in cumbent mayor was re-elected in
us ,
Gas-powered cars are subsidizing EVs, which future, but then why does the government have
the suburbs without making any con- 2019 with only 19% turnout. In Los
l
aren’t profitable though they cost 10% to 40% to subsidize and mandate them? The govern- nection between the causes and the Angeles this past November, 45% of
e
more than alternatives. ment didn’t have to force Henry Ford to make
al a
effects of the problems in the city. As registered voters turned out to choose
The EPA nonetheless says its rules are feasi- his Model T, nor consumers to buy Apple’s a 22-year resident of Chester County, I a new mayor, but it was also an elec-
ble because of the Inflation Reduction Act’s iPhone. The left’s problem is that current EV note that those refugees don’t vote as tion for federal and state offices.
ci on
(IRA) subsidies. A recent Goldman Sachs report technology and costs limit their appeal. suburbanites did but as residents of One can conclude that the majority
estimates that electric-vehicle consumer and The Administration’s coercive EV transition Philadelphia do: uniformly Democrat. of registered voters in our largest cit-
battery-production tax credits alone could cost is being done in the name of reducing CO2 emis- We have seen our township and ies simply don’t care enough about
taxpayers $523 billion over 10 years. sions, but it will have almost no effect on the county turn from well-run Republican who is charged with providing public
Even with the IRA subsidies, the Energy In- climate. Climate has become the political cudgel entities into Democratic strongholds safety, quality education, economic
er s
formation Administration last month forecast to remake entire industries and coerce Ameri- with an insatiable hunger for in- vitality and the rest.
creased tax revenue. The schools are JACK MODZELEWSKI
that EVs will make up only 15% of sales in 2030 cans to do what progressives want. They don’t
m er
no longer the exemplars they once Chicago

and 19% by 2050. While EVs are becoming more believe Americans are enlightened enough to
popular in the luxury class, they “remain less make their own choices.
Why Not Hold Leaders to a Higher Standard?
Harvard Has a Free Speech Moment
m rp
Holman Jenkins, Jr., begins his col- correct response, or should the soci-
C
umn “Pro-Biden Prosecutorial Discre- ety move forward and hold our
onservatives are so few at American free speech list. Mr. Pinker and Ms. Madras action” (Business World, April 5) by ask- elected officials to a higher standard?
universities that the battle to restore re- knowledge the school has had “cases of disinvita- ing, “How many politicians since Only God knows.
spect for free and open debate will have tion, sanctioning, harassment, public shaming, [1787] have paid off mistresses? Only NANCY GIFFORD HUMPHREYS
co Fo
God knows. The numbers must be in Doylestown, Pa.

to be led by what used to be and threats of firing and boy-
the thousands.”
known as traditional liberals. Fifty professors cotts for the expression of dis- These thousands of good old boys “In your heart you know he’s
Well, maybe there’s hope. On form an alliance on favored opinions.” were—and still are—given carte right.” This was Barry Goldwater’s
Wednesday Harvard Univer- The academic freedom blanche for immoral and even criminal motto in 1964, but it could well be
sity said it’s forming a new academic freedom. group includes former Harvard behavior involving women. Is this the Donald Trump’s in 2024. As Daniel
faculty-led Council on Aca- president and Treasury Secre- Henninger points out in “The Target-
demic Freedom dedicated to tary Larry Summers, former ing of Donald Trump” (Wonder Land,
the free exchange of ideas as a cornerstone of dean of the Harvard Faculty of Medicine Jeffrey Silicon Valley Bank Needed April 6), despite facing favorable de-
“reason and rational discourse.” Flier, law professor Jeannie Suk Gersen, econo- mographics, high inflation, a poor
A Real Board of Directors economy, a weak foreign policy and a
In an op-ed for the Boston Globe, Harvard mist Gregory Mankiw, social ethics professor
professors Steven Pinker and Bertha Madras Mahzarin R. Banaji and Islamic intellectual his- Aaron Klein’s well-written op-ed disliked incumbent, Mr. Trump is
on the history of federal deposit in- likely unelectable. That is because the
write that “an academic establishment that sti- tory professor Khaled El-Rouayheb, among oth-
n-
surance (“Why FDR Limited FDIC election will be more about him than
fles debate betrays the privileges that the na- ers across the ideological spectrum. Coverage,” April 10) fails to identify Mr. Biden’s record.
tion grants it.” Free speech, they write, is also This is progress, but the message will have governance as one of the culprits in Worse, like Goldwater, Mr. Trump
essential to human progress. Intellectual ortho- to spread across the school’s administration Silicon Valley Bank’s failure. Boards is likely to pull down the party. The
doxy “is bound to provide erroneous guidance and especially the student body. Students at
no
of directors have a duty to be inde- same unelectable candidates will

on vital issues like pandemics, violence, gender, many colleges these days operate like Red pendent, possess moral authority and hang on to his coattails during the
and inequality.” Guards in China’s Cultural Revolution. Being un- understand the business they over- primaries, then lose in the general.
The professors note that although they are woke is socially punished. Breaking that culture see. SVB directors were neither inde- The good candidates will have an up-
comfortable with expressing controversial or un- of conformity will take reinforcement across pendent nor did they have knowledge hill battle in swing states. Mr. Hen-
orthodox views, others on campus are not. Ten- the institution. of the banking business. ninger should really say, “We have
Regulators, whose role is to ensure met the enemy and he is us.”
ure no doubt helps. But the diversity, equity and There’s ample reason to be skeptical, and
the safety and soundness of the bank- JON LINKER
inclusion bureaucracy is powerful at Harvard we’ll believe it when we see it. But if Harvard’s ing system, should exercise their au- Houston
and the school ranks 170 out of 203 in the Foun- faculty is recommitting the school to the bed- thority to remove directors who lack
dation for Individual Rights and Expression’s rock principles of university life, hear, hear. these three traits, just as regulators
who are asleep at the switch should Heroes of Our Democracy
be held accountable.
The Price Is Still Wrong Shareholders are also critical to
If a Republican lawmaker had used
a bullhorn on the House floor last
I
good governance. They have a direct
year to rile up protesters in the
s inflation over? That was the temporary creases less food and energy, and that housing duty to express their views annually,
House gallery and prevent Speaker
market sigh of relief you heard Wednes- and rent increases are already moderating. That but, unfortunately, few individual
Nancy Pelosi from conducting pro-
day morning as the feds reported that the should help in the coming months, but then en- shareholders do because of a massive
ceedings (“Who’s Undemocratic in
information gap. Governance is bro-
consumer price index for ergy prices are rising again Tennessee?” Review & Outlook, April
ken in many venues in America, in-
March rose a mere 0.1%. The Inflation has fallen from and may offset that. cluding certain elements of the bank-
8), would Mrs. Pelosi and President
White House chimed in with Mr. Biden also boasted that Biden have praised the Republican
a statement from President
its peak, but ‘core’ wages are “now higher than
ing industry, as is plainly clear now.
representative for conducting a
DONALD E. POWELL
Biden in Ireland claiming prices remain sticky. they were 9 months ago, after Amarillo, Texas
peaceful protest and furthering dem-
credit and noting that “infla- ocratic principles?
accounting for inflation.” Mr. Powell was chairman of the
JAMES SOBIERAJ
tion has now fallen by 45% There’s that convenient date- FDIC, 2001-05.
Hinsdale, Ill.
from its summer peak.” picking again. Real wages are still down 0.7%
Our readers understand that you can use sta- from March 2022, and they are down since the
tistics to prove just about any point as long as President took office. The average American When to Use an Exclamation
you pick the right comparative dates. Why did hasn’t had a raise after inflation over the course Priscilla Jensen’s review of “An Ad-
Pepper ...
inflation surge in the first place starting in au- of his Administration. mirable Point: A Brief History of the And Salt
tumn 2021? The White House would prefer not This is the real inflation story. A price level Exclamation Mark!” by Florence Haz-
THE WALL STREET JOURNAL
to mention that. that rises 5% instead of 9.1% isn’t deflation. It rat (Bookshelf, April 7) reminds me of
Mr. Biden is right that inflation has fallen is disinflation, which means prices are still ris- something the novelist D. Keith Mano
from its monthly 1.2% peak last June, and its ing, only not as fast as they were. The overall wrote in National Review in 1975:
“The exclamation point may be used
more than 9% peak on 12-month basis. But standard of living is lower and Americans are
only in dialogue and then only if the
prices are still rising at a 5% 12-month rate, still paying more for nearly everything. person speaking has recently been
which will not strike most Americans as a tri- Equity markets took in all of this and sold off disemboweled.”
umph. So-called core prices, less food and en- later on Wednesday after the Federal Open Mar- EDGAR ISAACS
ergy, rose 0.4% for the month, the fourth month ket Committee minutes from its last meaning Salisbury, Md.
in a row at that pace or higher. That’s 5.6% on reported that the Fed staff now expects a “mild
12-month basis. Service prices less energy are recession” this year. That will have the Fed
Letters intended for publication should
up 7.1% over 12 months, with transportation ser- doves calling for the central bank to stop raising be emailed to [email protected]. Please
vices up 13.9%. rates. But the March inflation numbers suggest include your city, state and telephone
This is what economists mean when they say that getting inflation to the Fed’s target of 2% number. All letters are subject to
inflation is “sticky.” Optimists say that the shel- from 5% will be a lot harder than it was getting editing, and unpublished letters cannot “Show him that he is a microscopic
be acknowledged.
ter index accounted for 60% of the price in- to 5% from 9%. Inflation isn’t over. blip in the expanding universe.”
OPINION
‘Net Zero’ Will Mean a Mining Boom

By Daniel Yergin amount of copper, as it Minerals Security Part-
C
is the “metal of electrifi- nership, which aims to
alifornia made a stunning cation.” The report con- diversify mineral supply
decision last year—that by cludes that translating chains. Some aspects of
2035 all new cars sold in the 2050 net zero goals the massive Inflation
the state must have at into the equipment and Reduction Act aim at
least 2½ times as much technologies that will be building up mineral sup-
copper as conventional cars today. needed—electric-vehi- ply and processing ei-
That’s not literally what the mandate cle batteries and charg- ther in the Americas or
said, of course, but it’s the practical ing stations, offshore like-minded countries.
effect of ordering all cars to be elec- wind, onshore wind, so- But rejiggering the
tric in the next 12 years. “Big lar panels, battery stor- mineral supply chains
Shovel” will compete with “Big Oil” age, etc.—adds up to a won’t be easy. Copper
as mining ramps up to supply the doubling of the need for production has fallen by
vast increase in a wide range of min- copper by the half in the U.S. in recent
erals that energy transition requires. mid-2030s. decades, and dependence
But getting everything that will be World copper produc- on imports continues to
needed will be tough. tion is highly concen- grow. Getting permits
ANITA SNOW/ASSOCIATED PRESS

The drive toward energy transi- trated geographically, for new projects is diffi-
tion will increase demand for lith- more so than oil produc- cult, subject to repetitive
ium, cobalt and other minerals many tion. Three countries— and lengthy reviews by
times over. An offshore wind project the U.S., Saudi Arabia, regulatory agencies and
uses nine times the minerals of a and Russia—produce recurrent challenges in
natural-gas-fired power plant of the 40% of world crude-oil courts. And costs for
same generating capacity. supplies. Two countries mining and processing in
mine about 40% of the U.S. tend to be con-
world’s copper sup- The Lavender copper mine near Bisbee, Ariz., was abandoned in 1974. siderably higher than in
But political instability plies—Peru, where the other countries.
government is in disarray after the “Let’s be honest about that.” halts new investment. As a result, There will be countervailing
will make it difficult to president was impeached and ar- As the years pass and a project output won’t increase to the degree forces to those that would constrain
obtain all the minerals rested, and Chile, whose government begins, much can go wrong, espe- that rising mineral prices would supply. Despite these challenges, ris-
is struggling between its populist cially without a stable government suggest. ing prices will be a powerful signal
electric cars will need. agenda and the need for economic and policies. Though the rise in min- The quest for net zero emissions for innovation. Companies and in-
growth. eral prices will stoke investment and will face similar challenges with vestment will seek to increase out-
This instability is a particular therefore new supply, it will also other commodities, where the put from existing mines as well as to
As countries roll out targets for problem for mineral extraction be- stoke populist interest in changing growth in demand will be much develop new technologies, substitute
“net zero” carbon emissions by cause developing a major new mine the government contracts that set greater. Seventy percent of cobalt, materials, and recycling on a much
2050, it’s becoming clear how diffi- takes 15 to 20 years or more. That’s the rules for mining operations—a critical for electric-vehicle batteries, larger scale. In fact, funding is al-
cult it will be to source this huge in- partially because of the sheer challenge the late economist Ray comes from the Democratic Republic ready flowing into those areas, but
crease in minerals. The U.S. and Jap- amount of planning, logistics and Vernon described as the “obsolesc- of the Congo, where large mining op- the impact won’t appear overnight.
anese governments, the European construction required. A good part ing bargain” that could constrain erations coexist with small, hand- One of the leading wind and solar
Union and a host of multilateral or- of the time is also taken up by the mineral supplies. dug mines in which both adults and developers in the U.S. summed up
.
ganizations have issued alarming re- arduous process of negotiating and Let’s say a company invests $6 children work. the issue recently: “The single big-
ports about the magnitude of the obtaining permits, which shifting billion to develop a new mine. The There’s a further complication— gest challenge for renewables going
ly
challenge. The International Mone- government policies and regulatory government and executives cele- about 60% of the world’s lithium is forward is how supply chains
tary Fund warns that striving to complexity slow down. The huge $7 brate at a banquet with toasts and processed in China, and 47% of cop- evolve.” It’s becoming clear that
achieve net zero by 2050 will “spur billion Ouy Tolgoi underground mine little flags on the table, but a few per is smelted there. By comparison, there is a very big gap, not easily
unprecedented demand for some of
the most crucial metals,” leading to
price spikes that “could derail or de-
lay the energy transition itself.”
on
in Mongolia, which just went into years later a populist regime is the U.S. processes 4% of world cop-
operation, will be the fourth-largest elected. The new government, not- per. Once the U.S. had more than a
copper mine in the world. Getting ing that the price of the commodity dozen copper smelters; now it has
there entailed many years and a is going up and seeing an opportu- two.
closed, between aspirations for en-
ergy transition and the availability
of the minerals needed to implement
those goals.
Consider a recent S&P Global multitude of delays, and even now nity to profit, demands a renegotia- With great-power competition in-
us ,
study on copper. Much of the energy the project is far from finished. “It’s tion of the contract and an in- tensifying, many nations are con- Mr. Yergin is vice chairman of
l
transition is predicated on electrify- not been a smooth ride,” Jakob creased share of revenue. The cerned about having too heavy a de- S&P Global and author of “The New
e
al a
ing as much as possible, as fast as Stausholm, CEO of Rio Tinto, the company replies that it’s protected pendence on China. The U.S. has Map: Energy, Climate and the Clash
possible. That will require a huge mine’s operator, told the press. by the sanctity of its contract and taken the lead in establishing the of Nations.”
ci on
A New American Grand Strategy to Counter Russia and China

By John Bolton strong strategic hand in nuclear obese welfare state nor massive in- and expansion, with new ones with Russia, we must aim to split
er s
T
weapons and energy. China’s nu- come-redistribution schemes pro- forged to face new threats. Good al- the Russia-China axis. Moscow’s de-
he post-Cold War era is over. clear weapons remain critically detect us from foreign adversaries. lies are critical force-multipliers, a feat could unseat Mr. Putin’s re-
m er
This brief interregnum follow- pendent on Russia for highly en- Higher levels of economic growth, test not all our current “allies” gime. What comes next is a govern-
ing the Soviet empire’s defeat riched uranium, and Moscow’s grip freed from crushing tax and regula- meet. We should pursue José Maria ment of unknowable composition.
proved an illusory holiday from re- on Europe’s civil nuclear-power in- tory burdens, will underlie the nec- Aznar’s proposal to take the North New Russian leaders may or may
ality and is now rapidly disappear- dustry is firm. essary military buildup. Atlantic Treaty Organization global, not look to the West rather than
ing before expanding or newly America’s next president will Twenty years ago we rightly inviting Japan, Australia, Israel and Beijing, and might be so weak that
m rp
emerging threats. History often fails take office in 2025, the 75th anni- thought in terms of “full-spectrum others committed to NATO defense- the Russian Federation’s fragmenta-
to arrange itself conveniently for versary of NSC-68, Harry S. Tru- superiority.” With the advent of spending targets to join. Efforts like tion, especially east of the Urals,
our understanding, especially for man’s foundational document of U.S. cyberwarfare, hypersonic weapons, the Proliferation Security Initiative isn’t inconceivable. Beijing is un-
those alive when its tectonic plates Cold War strategy. With less than drone capabilities in every physical against weapons of mass destruc- doubtedly eyeing this vast territory,
shift. By any standard, however, his- two years before Inauguration Day, domain and more, today’s spectrum tion, from which Russia recently which potentially contains incalcula-
co Fo
tory is now moving rapidly. presidential candidates should be withdrew, need reinvigoration. We ble mineral wealth. Significant por-
Xi Jinping certainly thinks so. He thinking in grand-strategy terms, must address the unease our Middle tions of this region were under Chi-
told Vladimir Putin after their re- for both campaign policy statements The U.S. and its allies East friends feel about American re- nese sovereignty until the 1860
cent Moscow summit: “Right now and their incipient administrations. solve and, consistent with long- Treaty of Peking transferred “outer
there are changes—the likes of Given the Sino-Russian axis and ac- can’t afford to drift standing U.S. policy, exclude Mos- Manchuria,” including extensive Pa-
which we haven’t seen for 100 companying rogue-state outriders aimlessly as history’s cow from regional influence, along cific coast lands, to Moscow. Rus-
years—and we are the ones driving like Iran and North Korea, any seri- with Beijing. sia’s uncontrolled dissolution could
these changes together.” For China’s ous contemporary reincarnation of tectonic plates shift. Emerging Indo-Pacific security provide China direct access to the
communists, that century started NSC-68 will be as daunting and hard efforts like the Quad (India, Japan, Arctic, including even the Bering
with the 1927 onset of civil war to swallow as the original. Australia and America) and Aukus Strait, facing Alaska.
against Chiang Kai-shek’s Kuomint- To get the ball rolling, here are is even broader. Key sectors like na- nuclear-powered-submarines can be Obviously, any modern-day
ang, culminating victoriously in three critical elements for any plau- tional missile defense have lan- enhanced and replicated. An Asian NSC-68 would include far more, but
1949 when Mao Zedong established sible course of strategic thinking: guished. Politicians have ignored NATO isn’t imminent, but there is the gravity and scope of the strate-
n-
the People’s Republic of China and First, Washington and its allies our aging nuclear stockpile and the enormous room for innovative alli- gic task ahead are ample motivation
famously declared that “the Chinese must immediately increase defense inevitable need to resume some un- ances with like-minded states, in- to launch the debate. You can bet
people have stood up!” budgets to Reagan-era levels rela- derground testing to ensure our nu- cluding more South Korea-Japan- Beijing and Moscow are thinking
Mr. Putin similarly proclaimed tive to gross domestic product and clear deterrent’s safety and reliabil- U.S. cooperation. Most urgently, about it.
no
that “an era of revolutionary sustain such spending for the fore- ity. Nor can we omit massive Washington and its European and
changes” is under way globally, but seeable future. Federal budgets need increases in the defense-industrial Asian allies should provide Taiwan Mr. Bolton is author of “The
not as exuberantly as Mr. Xi. Mr. substantial reductions to eliminate base and logistical and transporta- much more military aid and embed Room Where It Happened: A White
Putin is clearly the junior partner as deficits and shrink the national tion resources, the unheralded but Taipei into collective-defense struc- House Memoir.” He served as the
the Beijing-Moscow relationship debt, so higher military spending basic instruments of defense. tures with other states opposing president’s national security ad-
shifts from “entente” to “axis.” necessitates even greater reductions Second, America’s collective-de- Beijing’s hegemonic aspirations. viser, 2018-19, and ambassador to
Nonetheless, the Kremlin holds a domestically. So be it. Neither the fense alliances need improvement Third, after Ukraine wins its war the United Nations, 2005-06.
I Helped Make Corporations Woke, and I Regret It

By Gregory T. Angelo I correctly assumed, would push the company would take if it failed of Americans agree. A recent Jour- historically make social progress all
I
waffling Republicans to vote for the to support the bill was worth the nal poll found that 63% of respon- but impossible.”
sat in the Washington office of legislation. cost of losing an edge in hiring. dents wished that companies Overcoming self-silencing re-
a major airline’s head of govern- What business did airlines and Months later, ENDA passed the Sen- wouldn’t take public stands on polit- quires turning against the forces
ment relations, where we were hotel chains have weighing in on ate with the votes of 14 Republicans. ical and social issues. that brought us here. American con-
joined by the top lobbyist for one of gay-rights legislation? None. In fact, (It never made it through the Corporate activism turns off consumers need to call CEOs out for the
America’s largest hotel chains. It doing so could even be bad business, House.) sumers and exposes C-suite hypoc- chasm between their sermonizing
was 2013, and I was president of the as the lobbyist explained: “We al- If the gay-rights movement in the risy. Companies demand “equity” in and the scant public support for it.
gay conservative group Log Cabin ready have a longstanding LGBT U.S. didn’t ignite the trend of cor- America while profiting from hu- Decent Americans must unite and
Republicans. I had come to secure nondiscrimination policy, which ac- porations taking stands on cultural man-rights abuses in China. Or un- deliver an unequivocal message: If
corporate support for the Employ- tually puts us at a competitive ad- issues, it was definitely a prime ac- derwriting abortions for employees you want to get political, run for of-
ment Non-Discrimination Act, which vantage as a more appealing em- celerant. And I was there writing fice—otherwise, focus on the bottom
would have banned discrimination ployer for gay people.” op-eds that declared corporate line.
on the basis of sexual orientation. “But count us in,” the hotel rep backing for gay causes was “a sign The politicization of My own efforts are no longer
Pressure from leading corporations, sighed. Avoiding the public flogging of success.” spent in boardrooms with executives
It was also completely unneces- everything is too high a and lobbyists. Instead, I have been
sary. Market forces organically price for the gay-rights rallying grass-roots activists so we
shaped a culture in which almost ev- can take on corporations’ double
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ery American now believes in equal advances of the 2010s. standards and push them back to
Rupert Murdoch Robert Thomson job opportunities for gay people. neutrality.
Executive Chairman, News Corp Chief Executive Officer, News Corp And we’d have same-sex marriage in We’re putting companies such as
Emma Tucker Almar Latour all 50 states today with or without while maintaining anemic maternity- Walmart and American Express on
Editor in Chief Chief Executive Officer and Publisher
379 major corporations filing friend- leave policies. Or issuing proclama- defense for subjecting employees to
Liz Harris, Managing Editor DOW JONES MANAGEMENT: of-the-court briefs with the Supreme tions of “antiracism” by all-white propaganda and discrimination.
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; Court. executive teams. We’re supporting student organiza-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
The trend I helped begin, I now Institutions’ obsequiousness to tions that would otherwise be de-
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, realize, was a disaster. In the past left-wing causes has also had a platformed at schools such as Emory
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
three years, major U.S. corporations chilling effect on public discourse. University, and we’re playing a role
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; have weighed in on everything from An August 2022 Populace study in Facebook’s rule-making process.
Emma Moody, Standards; Shazna Nessa, Visuals; abortion and Black Lives Matter to found an alarming prevalence of Holding corrupt institutions ac-
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, election laws—even as the American self-silencing as Americans conceal countable is penance for my part in
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief public overwhelmingly wishes they or misrepresent their private views getting America into this mess.
Paul A. Gigot
Marketing Officer wouldn’t. A 2021 report by the to avoid conflict and assure col- These days, I’m committed to get-
Editor of the Editorial Page Brunswick Group found that 63% of leagues they hold the approved ting us out of it.
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
corporate executives felt “unequivo- opinion. Self-silencing “destroys so-
New York, N.Y., 10036 cally” that companies should speak cial trust,” Populace co-founder Mr. Angelo is president of the
Telephone 1-800-DOWJONES out on social issues, while only 36% Todd Rose notes. “And it tends to New Tolerance Campaign.
A18 | Thursday, April 13, 2023 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Biden Extols Northern Ireland Accord

President emphasizes following the U.K.’s decision to
quit the EU: where to locate a
link between peace, new customs border between
economic opportunity, Britain and the bloc. One idea
was a border dividing Northern
with eye on trade issue Ireland, still a part of the U.K.,
with Ireland, an EU member.
BY CATHERINE LUCEY The U.S., Irish and British
governments all worried that a
BELFAST—President Biden trade border cutting the island
offered optimism for Northern of Ireland in two might stoke
Ireland in comments marking renewed violence. The Good
25 years since the Good Friday Friday Agreement was built on
Agreement ended decades of the premise that goods and
civil conflict in the fractious people could flow freely.
British province, declaring Rather than risk renewed
that “peace and economic op- violence, former U.K. Prime
portunity go together.” Minister Boris Johnson agreed
Mr. Biden spoke at Ulster in 2019 to a sea border, essen-
University on Wednesday at tially keeping Northern Ireland
the start of a four-day tour in the EU common market, un-
PATRICK SEMANSKY/ASSOCIATED PRESS

that will include stops in Ire- like the rest of the U.K. But af-
land. He emphasized the im- ter an outcry from unionists in
portance of the so-called Northern Ireland, who felt cut
Windsor Framework recently off from mainland Britain, Mr.
negotiated by British Prime Johnson switched gears and
Minister Rishi Sunak. The pact soon began trying to rewrite
is seen on both sides of the terms of the EU deal, sparking
Atlantic as a crucial step for- concern in Washington.
ward in addressing political Mr. Biden didn’t see the is-
tensions in Northern Ireland sue as a trade problem in an-
sparked by Britain’s departure ‘To sustain the peace, unleash this incredible economic opportunity, which is just beginning,’ Mr. Biden said in Belfast on Wednesday. other country but as a threat
from the European Union. to the Good Friday Agreement.
“It’s up to us to keep this land, where he plans to con- people of Northern Ireland and dissident Irish republicans Protestant unionists who favor In February, Mr. Sunak and
going, keep building on the nect with distant relatives and is accountable to them…is go- since the peace deal. remaining in the U.K. The deal the EU reached a modified
work that has been done every celebrate his Irish heritage. ing to draw even greater op- Mr. Biden called it “a hard resolved the issue by stipulat- agreement called the Windsor
day for the last 25 years,” Mr. Political tensions in the re- portunity in this region.” reminder that there will al- ing that when a majority of Framework that kept the bor-
Biden said. “To sustain the gion persist. Pro-U.K. unionist “I hope the assembly and ways be those who seek to de- people in the province want der along the Irish Sea but re-
peace, unleash this incredible politicians in Northern Ireland the executive will soon be re- stroy, rather than rebuild.” reunification, a referendum duced customs checks.
economic opportunity, which are refusing to re-enter a stored,” he said. The 1998 Good Friday will be called. Polls show that
is just beginning.” power-sharing assembly in the He also referenced the at- Agreement, which was negoti- while support for reunification
Before his remarks, Mr. Bi- province that was a pillar of tempted murder in February ated with U.S. help, largely is growing, it still falls short Watch a Video
.
den met with Mr. Sunak and the peace deal. Mr. Biden said of Detective Chief Inspector ended three decades of civil of a majority. Scan this code
greeted the province’s political Northern Ireland’s leaders must John Caldwell in Omagh, conflict in Northern Ireland Since taking office, Mr. Bi- for a video on
ly
leaders. His time in Northern determine their future, but ar- Northern Ireland, who local between mostly Catholic Irish den has led an unusual private President
Ireland was brief. After the re- gued: “An effective devolved police say was the most senior nationalists who want to see and public campaign aimed at Biden’s visit to
marks, he was heading to Ire- government that reflects the officer targeted by suspected Irish reunification and mostly resolving an issue that arose Northern Ireland.
on
Macron Reassures on Taiwan Saudi-Led Push for Syria’s
us ,
l
BY NOEMIE BISSERBE
Readmission Faces Hurdles
e
al a
AND STACY MEICHTRY
PARIS—French President
ci on
Emmanuel Macron walked a BY BENOIT FAUCON rived in Saudi Arabia on a previ- United Nations on Monday
diplomatic tightrope Wednes- AND SUMMER SAID ously unannounced visit to meet that it supports the implemen-
day, seeking to calm a trans- his counterpart, Saudi Foreign tation of a U.N. resolution that
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
Atlantic uproar over his recent A Saudi-led push to bring Minister Prince Faisal bin Far- requires a road map to free
remarks on Taiwan while also Syria back into the Arab fold is han Al Saud, in the first trip to elections in Syria, a spokes-
er s
defending his push for Europe facing resistance from some of the kingdom by Syria’s top dip- man for the ministry said.
to chart its own course on for- its allies, according to Arab of- lomat in more than a decade. The Arab League doesn’t
m er
eign policy. ficials, in a setback to the king- In a joint statement issued have executive powers; it
Flanked by Dutch Prime Min- dom’s efforts to lead a broader late Wednesday, the two sides was founded in 1945 as a tool
ister Mark Rutte, Mr. Macron geopolitical realignment under said the foreign ministers dis- for the region’s states to fight
spoke at a news conference in way in the Middle East. cussed the necessary steps to European colonialism and as-
Amsterdam at the end of a two- Riyadh’s latest plan was to find a comprehensive political sert themselves as a unified
m rp
day visit to the Netherlands invite Damascus to an Arab resolution to the Syrian crisis political power. While a simple
that was largely overshadowed League summit that Saudi that would achieve national majority would be enough to
by a trip the French president Arabia is hosting on May 19. reconciliation and contribute readmit Syria to the Arab
made to China last week. The move was designed to to the return of Syria to the League, only a consensus
Shuttling between meetings demonstrate Crown Prince Arab fold. would be binding for all mem-
co Fo
with Chinese leader Xi Jinping French President Emmanuel Macron, center, Dutch Prime Minister Mohammed bin Salman’s dip- Saudi Arabia and Syria bers and provide the legiti-
as China prepared to conduct Mark Rutte, left, and Taco Dibbits, director of the Rijksmuseum lomatic clout as rivals re-es- were also beginning the pro- macy needed to lobby the in-
military exercises around Tai- in Amsterdam, chatted in front of a Rembrandt painting there. tablish ties with Syria and cess to resume consular ser- ternational community over
wan, Mr. Macron told Politico countries such as China and vices and flights between the lifting sanctions.
and French daily Les Echos China” policy, under which tary superpowers of the U.S. Russia challenge the U.S. for two countries, according to Some of the countries op-
aboard his presidential plane France, the U.S. and other coun- and China. Only by developing influence in the volatile re- the statement. posing Syria’s readmission
on Friday that taking cues tries that have bilateral rela- its own military might as well gion. Saudi Arabia, the United At least five members of have doubled down on their
from the U.S. on tensions be- tions with China agree not to as industrial and foreign pol- Arab Emirates and some other the Arab League, including demands, including calls that
tween Taiwan and China recognize Taiwan diplomatically. icy, Mr. Macron says, can the Arab states are rekindling ties Morocco, Kuwait, Qatar and Damascus accept Arab troops
would be “the worst thing” for “That’s a position that has European Union become au- with the government of Syrian Yemen, are refusing to readmit to protect returning refugees,
Europe. Criticism swelled on always been in line with the tonomous enough from the President Bashar al-Assad. Syria into the group, the Arab crack down on illicit drug
both sides of the Atlantic as role of an ally,” Mr. Macron U.S. to shape its own destiny. Syria’s readmission to the officials say. Even Egypt, smuggling and ask Iran to stop
lawmakers and diplomats said. “But it’s exactly on this The fallout from Mr. Ma- Arab League would legitimize which has rekindled ties with expanding its footprint in the
n-
questioned whether France point that I must insist on the cron’s three-day trip to China, building ties with Mr. Assad, a Syria in recent months and is nation, the Arab officials said.
was wavering in its support importance of strategic auton- however, has exposed just how decade after the Syrian leader a staunch Saudi ally, is push- Saudi Arabia is trying to
for the U.S. and Taiwan at a omy. Being allied doesn’t mean far Mr. Macron and Europe are was ostracized for his brutal ing back, they added. overcome the resistance. It
time when Washington is being a vassal.” from attaining that goal. Mr. crackdown on opponents and These countries want Mr. has invited ministers from the
no
sending billions of dollars in Behind Mr. Macron’s use of Macron found himself squeezed plunging the country into civil Assad to first engage with the Gulf Cooperation Council, as
weapons and aid to Ukraine. the term “strategic autonomy” between the foreign-policy im- war. Engineered by Riyadh, it Syrian political opposition in a well as Egypt, Iraq and Jor-
On Wednesday, Mr. Macron lies a grand Gallic ambition: peratives of two actual super- would also help bolster Prince way that would give all Syri- dan, to meet in Jeddah on Fri-
sought to reassure Western al- To build Europe into what Mr. powers: China’s push to assert Mohammed’s influence in Da- ans a voice to determine their day to discuss ties with Syria,
lies by reaffirming France’s sup- Macron describes as a “third itself with Taiwan and the Biden mascus and the wider region. future, the officials said. Qatar’s Foreign Ministry
port for Taiwan’s status quo as pole” capable of contending administration’s efforts to con- On Wednesday, Syrian For- Egyptian Foreign Minister spokesman Majed al-Ansari
well as its backing of the “One with the economic and mili- tain Beijing. eign Minister Faisal Mekdad ar- Sameh Shoukry told the said Tuesday.
WORLD WATCH
NORTH KOREA CANADA UNITED KINGDOM
Regime Launches Central Bank Keeps Harry to Attend
Ballistic Missile Main Rate Unchanged Coronation Solo
North Korea fired a ballistic The Bank of Canada kept its Prince Harry will attend his
missile on Thursday, nearly a main interest rate unchanged for father’s coronation, Buckingham
week after the country’s military a second straight decision, say- Palace said Wednesday, ending
stopped responding to calls on ing it was persuaded by recent months of speculation about
TAUSEEF MUSTAFA/AGENCE FRANCE-PRESSE/GETTY IMAGES
an inter-Korean military hotline data that inflation and economic whether the prince would be
and days after leader Kim Jong activity are set to slow quickly welcome after leveling charges
Un vowed to strengthen the mil- in the coming months. of racism and media manipula-
itary’s capabilities. Bank of Canada Gov. Tiff tion at the royal family.
The missile was launched at a Macklem said interest rates His wife Meghan, the Duch-
lofted trajectory around 7:20 a.m. could remain elevated for a pro- ess of Sussex, will remain at the
from an area near North Korea’s longed period to ensure the cen- couple’s home in Southern Cali-
capital of Pyongyang, traveling tral bank achieves its target of fornia with their two young chil-
for more than 600 miles before 2% inflation, adding that market dren, Prince Archie and Princess
landing in waters east of the Ko- expectations for a rate cut later Lilibet, the palace said. A state-
rean Peninsula, according to this year appear misguided. ment from the couple’s repre-
South Korea’s military. Japan In its policy announcement on sentatives confirmed the news.
sent out an alert warning resi- Wednesday, the Bank of Canada The May 6 coronation coin-
dents in the country’s northern- held its target for the overnight cides with their son’s fourth birth-
most island of Hokkaido to take rate at 4.50%. In March, Canada’s day. While the announcement
shelter but later said the missile central bank became the first FAITH: Muslims prayed Wednesday as a relic of the Prophet Muhammad was displayed at the should silence the “will he or
didn’t land in Japan’s territory or major developed-world monetary Hazratbal shrine in Srinagar, India. They were marking the martyrdom day of the caliph Ali. won’t he” debate in the British
its exclusive economic zone. authority to officially pause on media, it won’t end the royal soap
Japan’s Defense Ministry said further rate increases, arguing it MEXICO Obrador said Wednesday that he Federal prosecutors said that opera swirling as King Charles III
it was possibly an intercontinen- wanted time to assess how a won’t dismiss the official. Mr. Garduño was remiss in not prepares for his coronation.
tal ballistic missile, and South rapid rise in borrowing costs was Immigration Chief The decision to keep Fran- preventing the disaster in Ciudad Harry and Meghan stoked
Korea’s military said it was a filtering through the economy. Faces Charges in Fire cisco Garduño as head of the Juárez despite earlier indications their critique of the royal family
medium- or longer-range ballistic The Bank of Canada said it Mexican Immigration Institute of problems at his agency’s de- in a Netflix series about their de-
missile. South Korea condemned expects inflation to cool to 3% Mexico’s immigration head appeared to conflict with the tention centers. The president decision to step back from royal
the North’s missile launch, calling by midyear from 5.2% as of Feb- will face criminal charges in a federal Attorney General’s Office fended Mr. Garduño, saying “his duties three years ago, followed
it a serious provocation that ruary, based on its assessment fire that killed 40 migrants in a announcement late Tuesday to work is good in general” despite by Harry’s decision to reveal fam-
harmed peace and stability. of recent data. detention center last month, but charge Mr. Garduño in connec- “the misfortune” at the center. ily secrets in his memoir “Spare.”
—Jiyoung Sohn —Paul Vieira President Andrés Manuel López tion with the blaze. —Associated Press —Associated Press
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Purell Sanitizer Maker Seeks Deal JPMorgan

Staffers
Gojo hires JPMorgan, tries Inc. has hired JPMorgan It couldn’t be learned who is Gojo invented Purell, an product for hospitals and
draws interest from

others in consumer
Chase & Co. to run an auction,
according to people familiar
with the matter. With about $1
in the mix.
The Akron, Ohio, company
benefited from a surge in de-
ethyl-alcohol-based hand
cleaner that dries on its own,
in 1988. The company, which
medical practices as well as
for offices, schools, factories
and businesses trying to oper-
Flagged
products industry
billion of annual sales, the
company could be valued at
around $3 billion, the people
mand during the pandemic—it
generated $370 million in rev-
enue in 2018, according to
also makes dispensers and
other cleaners, sold the brand
in 2004. It changed hands
ate safely. U.S. sales of hand
sanitizer experienced a more-
than 330% surge in the 12
Epstein
BY LAUREN THOMAS said, assuming there is a deal. market-research firm IBIS- again before Gojo reacquired months ending April 1, 2021. BY KHADEEJA SAFDAR
The process is at an early World—as interest in protect- full control in 2010 from John- Gojo has scaled up produc- AND DAVID BENOIT
The maker of Purell hand stage. ing against infection exploded. son & Johnson. tion capacity, adding a factory
sanitizer is seeking a buyer The company’s bankers are “Because of our many Business-to-business sales and a warehouse—it previ- JPMorgan Chase & Co. em-
and drawing interest from so far focused on selling the strengths, others have always account for the majority of the ously had just one of each— ployees internally flagged Jef-
some big names in consumer business to industry players been interested in buying the company’s overall revenue. and restructured its supply frey Epstein’s large cash with-
products. rather than private-equity company,” a Gojo spokes- Cleaners during the pan- chain, all with the expectation drawals two years before he
Family owned Gojo Indus- firms, some of the people said. woman said. demic became a must-have Please turn to page B2 was convicted of soliciting a
.
minor for prostitution, accord-
ing to new court papers filed
ly
Juul to LVMH Sales Rebound in China, Boding Well for Luxury Goods Wednesday.
A JPMorgan risk-manage-
ment team in 2006 noted that
Pay $462 on Epstein “routinely” made cash

withdrawals of $40,000 to
$80,000 several times a
Million month, the U.S. Virgin Islands

said in an amended lawsuit
us ,
against the bank. At the time,

l
To Settle Epstein was pulling more than

e
al a
$750,000 a year in cash from

the bank, according to the
Lawsuits lawsuit.
ci on
Epstein was first charged

with a sex crime in 2006. He
BY JENNIFER MALONEY pleaded guilty to solicitation
of prostitution with a minor in
Juul Labs Inc. agreed to 2008 and spent about 13
er s
pay $462 million to settle law- months in prison. JPMorgan

suits filed by six states and continued providing services
m er
the District of Columbia, re- to Epstein until 2013, when it

solving nearly all of the pend- says it closed his accounts. Ep-
ing litigation against the em- stein died in jail of an appar-
battled e-cigarette maker. ent suicide in 2019 while
The deal includes New York, awaiting trial on federal sex-
m rp
California, Illinois, Massachu- trafficking charges.

setts, Colorado and New Mex- The U.S. Virgin Islands sued
ico, all of which had sued Juul, Please turn to page B10
alleging the company mar-
keted its vaping products to
co Fo
underage users.
IBM
BENOIT TESSIER/REUTERS
“Juul lit a nationwide pub-

lic-health crisis by putting ad-
dictive products in the hands
of minors and convincing
Please turn to page B2
Considers
WELL HEELED: The conglomerate that owns Louis Vuitton, Dior, Celine and other labels reported a sharp rise in quarterly sales as Weather
Law Firm demand picked up. Models presented creations by Maria Grazia Chiuri for Dior during Paris Fashion Week in February. B3
Ties Pay to Unit Sale

BY LAURA COOPER
AI Can Write, but Can’t Beat Market

n-
AND LAUREN THOMAS

Office Time International Business
BY CHIP CUTTER BY GREGORY ZUCKERMAN such as placing trades and modeling could change that in veloped algorithms to turn in- Machines Corp. is exploring a
no
managing risk. But investors the years ahead,” said Jonathan vesting decisions over to their sale of its weather operation,
Office no-shows are on no- Where is Wall Street’s AI haven’t made much progress Larkin, a managing director computers. according to people familiar
tice: Attendance may become revolution? relying on AI to tackle their with Columbia Investment He and other quants have with the matter, as the tech-
part of the pay equation. Almost every industry, from biggest challenge: beating the Management Co., which man- spent years using machine nology company seeks to
Bosses have tried many dif- architecture to entertainment, market. While some see Chat- ages the $13 billion endowment learning, a type of AI. They streamline its business.
ferent tactics to repopulate is testing generative artificial GPT as a way to boost sales for Columbia University and in- have built trading models that An auction of the business
workplaces, from free pizza intelligence, hoping to profit and research efforts, the invest- vests in various funds. can extrapolate from past data is at an early stage, the people
and bagels to live in-office en- from a technology that can pro- ing results using AI haven’t Wall Street had a head start to identify patterns and de- said, and there may not be a
tertainment. Many others duce writing, images and art been especially impressive. in AI. Four decades ago, mathe- velop profitable trades, with deal. Should there be one, pri-
wrote terse memos and office much like humans. “Progress in applying AI to maticians-turned-quants in- limited human intervention. vate-equity is most likely the
policy reminders, or threat- Wall Street has long used investing has been limited, cluding Jim Simons, founder of But few firms have found buyer in a deal that could be
ened termination. automated algorithms for tasks though innovations in language Renaissance Technologies, de- Please turn to page B11 Please turn to page B2
Now, at least one promi-
nent employer is trying a dif-
ferent approach, vowing that
staffers’ pay could be affected
if employees don’t comply
INSIDE The 60-40 Investment Strategy Is Back
with existing in-office atten-
dance requirements. BY HARDIKA SINGH Annual return for a portfolio in 60% stocks and 40% bonds
The law firm Davis Polk &
30%
Wardwell LLP, whose clients The classic 60-40 invest-
include some of Wall Street’s ment strategy is working again
biggest banks and other com- after a disastrous 2022. 20
panies, has told staffers that Americans planning for re-
those who don’t adhere to the tirement have been advised for
firm’s policy to spend at least decades to diversify their hold- 10
three days a week in the office BUSINESS NEWS ings between stocks and bonds.
could see their bonuses re- Fast delivery It was a dependable way of in- 0
duced. The shift reflects a de- vesting that worked for mil-
sire among the firm’s leaders
isn’t always shoppers’ lions of people.
to see associates in the office top priority, online Last year’s tandem declines –10
on Tuesdays, Wednesdays and retailers find. B3 in stocks and bonds blindsided
Thursdays. many of the strategy’s follow-
–20
Other firms are playing ers who were counting on
hardball, too. On Wednesday, bonds to help cushion their 1990 ’95 2000 ’05 ’10 ’15 ’20 ’23
the operating committee of portfolios when equities had a Note: Stocks data note total return for the S&P 500, bond data note the Bloomberg U.S. Aggregate bond index. 2023 is through April 11.
JPMorgan Chase & Co. issued bad year. Source: Dow Jones Market Data
a memo telling managing di- The Federal Reserve’s ag-
rectors—among the company’s gressive bid to raise interest money invested in U.S. stocks individual investors who didn’t 2008 financial crisis and
most senior employees—that rates to tame inflation rattled and 40% in the Bloomberg U.S. stray from the 60-40 invest- missed out on the market’s re-
they would now be required in everything from stocks and Aggregate bond index has ment mix during last year’s bound by waiting more than
offices five days a week. The bonds to oil and bitcoin. Yet by gained 5.9% in 2023 as of Tues- turmoil. two years on the sidelines. He
company also reminded other HEARD ON the end of last year, the clouds day, according to Dow Jones Scott Owen, a 74-year-old didn’t want to repeat the mis-
employees on hybrid sched- THE STREET began to part. Stocks rallied Market Data, building on a retiree living in Ponte Vedra, take.
ules that attendance is ex- alongside bonds, boosted by 5.3% advance in the fourth Fla., said he briefly considered “That probably cost me a lot
pected three days a week at a
The EPA has only hopes that the Fed was nearing quarter. Last year, the portfolio paring his stock exposure last of money,” Mr. Owen said. “At
minimum. so much control over an end to its tightening cam- fell 16%, its worst year since year but opted not to. The for- that time, I panicked—I didn’t
“Most of you are following EV plans. B12 paign. 2008. mer mechanical engineer sold know where the market was
Please turn to page B2 A portfolio with 60% of its The recovery emboldened shares at a loss during the Please turn to page B10
B2 | Thursday, April 13, 2023 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Adobe........................A10
ADT............................B10
Gojo Industries...........B1
I Renaissance
R
Technologies.............B1
Judge in Defamation Case Blasts
Fox News on Evidence Disclosures
International Business
Alphabet .............. B5,B11 Machines...................B1 Rivian Automotive ... B12
Amazon.com..........B3,B5 Itochu ........................ B12 S
American Airlines.....B11
Apollo Global J Snap..........................A10
Management...........B10 JPMorgan Chase.........B1 Stellantis.............A4,B12
Stryker ...................... B12 BY ERIN MULVANEY Fox News and parent company network’s lawyers for the be- Wednesday said that no rele-
Apple...........................B5 Juul Labs.....................B1
Sumitomo..................B12 Fox Corp. for airing false alle- lated disclosure and said Fox vant documents were withheld
B K
T WILMINGTON, Del.—The gations that it engaged in News had a credibility prob- from Dominion and said Mr.
Berkshire Hathaway.B12 KKR..............................B6
Boston Scientific......B12 Target..........................B6 Delaware judge overseeing a election fraud, said informa- lem in his courtroom. Murdoch’s officer title at Fox
L Tesla.....................A4,B12 defamation case against Fox tion improperly withheld by “Omission is a lie,” the News was honorific. Mr. Mur-
ByteDance...................B5
LVMH Moët Hennessy Triton International..B11 News said he was likely to ap- Fox News included certain judge said. doch isn’t involved in deci-
C Louis Vuitton............B3 Twitter ........................ B4 point a special master to in- broadcasts worked on by a The judge didn’t specify a sion-making on Fox News’s
CommonSpirit Health.B5 M U vestigate whether the network since-terminated producer, timeline for when he might broadcasts, Mr. Webb said.
E Man FRM .................. B11 United Parcel Service.B3 improperly withheld informa- Abby Grossberg, who recently appoint a special master, and Judge Davis noted that he
Edwards Lifesciences Marubeni...................B12
...................................B12 V tion during the litigation, with sued the network. She alleged he didn’t say what potential has previously asked for a list
Medtronic..................B12
EquiLibre Technologies Meta Platforms.....B2,B5 Voleon Capital possible sanctions against the that she faced sexism at Fox penalties Fox might face. of all officers at Fox News, and
...................................B11 Management...........B11
Mitsubishi.................B12 company to follow. News and was coerced into Fox Corp. and News Corp, the network hadn’t provided
Ernst & Young ............ A1 Volkswagen...............B12
Mitsui........................B12 Superior Court Judge Eric providing misleading deposi- the parent of The Wall Street that to him.
F-G N W
Davis imposed one penalty tion testimony in the Domin- Journal, share common own- “It’s been represented that
FedEx...........................B3 Walmart......................B6
Ford Motor .......... A4,B12
Numerai.....................B11
Walt Disney................B2 right away, saying plaintiff Do- ion litigation. Fox denies the ership. [Mr. Murdoch] isn’t an offi-
Fox...............................B2 Q Warner Bros. Discovery minion Voting Systems was allegations. The trial is scheduled to be- cer,” the judge said.
General Motors...A4,B12 Qualtrics......................B2 .....................................B4 entitled to conduct new depo- The voting-machine com- gin Monday, with jury selec- Dominion declined to com-
sitions of Fox News witnesses, pany also said it only learned tion to start today, Thursday. ment beyond comments made
at Fox’s expense, to compen- this week that Mr. Murdoch Dominion is seeking $1.6 bil- by its lawyers during the hear-
INDEX TO PEOPLE sate for the potential with-
holding of relevant evidence
was a corporate officer at Fox
News. Had Fox disclosed that
lion in damages. Its case cen-
ters on allegations that Fox
ing.
A Fox spokeswoman said
by the network. information sooner, Dominion defamed Dominion by airing the network didn’t improperly
A Foehrenbach, Jens....B11 Misra, Priya...............B10 The judge said Fox News could have obtained more of segments on Fox News and withhold information from Do-
Anthony, Anna............A1 Guiony, Jean-Jacques Musk, Elon..................B4 may also face sanctions for its Mr. Murdoch’s communica- Fox Business in which guests, minion and produced addi-
.....................................B3 O
B last-minute disclosure that Ru- tions during the discovery and sometimes hosts, claimed tional materials when it be-
H Ooton, Carletta.........B10
Blitz, Steve.................A2 pert Murdoch is an officer of process, the company said. Mr. the company helped rig the came aware of them. She also
Boland, Julie...............A9 Haider, Asad ............. B12 P-Z
Holz, Jared................B12 the network, with the formal Murdoch is the chair of Fox 2020 presidential election said Mr. Murdoch has been
Bonanno, Frank.........B12 Persson, Anders........B10
Buffett, Warren........B12 J title of executive chairman at Corp. and his role with the against former President Don- listed as executive chairman of
Schlanger, Todd ........ B10
C Jindel, Satish..............B3 Sibio, Carmine Di........A9 Fox News. parent company was previ- ald Trump. Fox News for several years in
L Staley, Jes.................B10 Judge Davis said he was ously disclosed. Whether he Fox News denies it defamed filings to the Securities and
Cohen, David...............B5
Cuevas, David.............A2 Larkin, Jonathan.........B1
Teigland, Julie.............A9 concerned that Fox’s lawyers has control over the content Dominion and says the com- Exchange Commission. Fox
Wexner, Leslie..........B10 made “misrepresentations to Fox News produces has been a pany hasn’t suffered the kind said a Dominion lawyer asked
D-G Loewengart, Mike.....B11
Wu, Laura Behrens.....B3
Dewey, Richard.........B11 M Yaros, Bernard............A2
the court,” a situation he de- point of contention in the Do- of financial harms it is claim- Mr. Murdoch about his title
Dimon, Jamie..............B2 McAuliffer, Jon.........B11 Zaslav, David .............. B4 scribed as “very serious.” minion case. ing. during Mr. Murdoch’s deposi-
Erdoes, Mary.............B10 McMillon, Doug...........B6 Zuckerberg, Mark ....... B2 Dominion, which is suing Judge Davis criticized the Fox attorney Dan Webb on tion.
Pay Tied ees that the firm planned to

think about reviews in “a more
.
comprehensive way going for-
To Time ward,” Mr. Barr said. That is
ly
because it sees benefits from
the mentorship, training and
In Office on professional development that

occurs in person, he said.
“When you’re working in a
profession where apprentice-
Continued from page B1 ship is part of the craft, I just
your hybrid models, but there don’t believe it can be done
us ,
are a number of employees digitally,” he said. “So we feel

l
who aren’t meeting their in- really strongly about it.”

e
al a
office attendance expectations, After a firmwide town-hall

and that must change,” the meeting in March, soon after
memo said. the policy revision that noted
ci on
The JPMorgan memo notes a lack of in-office attendance

that managers will need to en- could impact bonus pay-
sure attendance requirements ments, some employees asked
are met. In cases where em- questions.
ployees aren’t following re- A small number of employ-
ANDREW HARRER/BLOOMBERG NEWS
er s
quirements, managers will ees might wish the policy were

take “appropriate performance otherwise, Mr. Barr said,
m er
management steps, which though it is also meant to cre-

could include corrective ac- ate fairness in the office
tion,” the memo noted. among those who are consis-
JPMorgan’s operating com- tently coming in.
mittee, which wrote the “I said, ‘Look, I’m not apol-
m rp
memo, is made up of a top ogizing for this conclusion,’ ”

level of executives from across he said. “I think this is a really
the bank and the inner man- Nationally, a number of offices remain sparsely populated, particularly on Mondays and Fridays, executives and HR advisers say. fundamental part of our abil-
agement group of Chief Execu- ity to be a premier law firm.
tive Jamie Dimon. companies have ramped up U.S. cities has remained near in-office time. Until recently, many execu- There are a lot of things about
co Fo
The moves by Davis Polk in-office expectations. Walt 50% for weeks, according to Mark Zuckerberg, CEO of tives had been loath to push this institution that are spe-
and JPMorgan signal a new Disney Co. now asks employ- data from Kastle Systems, a Facebook parent Meta Plat- too hard on office attendance, cial, and you cannot replicate
willingness by companies to ees to spend four days a week security firm that monitors ac- forms Inc., said in a note to fearing workers could quit in a them digitally.”
treat attendance as a perfor- on-site. The software maker cess-card swipes. staff last month that the com- hot hiring market. As the He said it is possible other
mance measure. Qualtrics began requiring Some human-resources ex- pany had seen early signs that economy begins to soften, employers will consider tying
“We’re very focused on hav- employees to work from of- ecutives say they are still as- those who had started at the though, many executives say compensation to an in-office
ing our team in at the same fices four days a week earlier sessing what to do with empty company in person and then attrition is down and they feel policy, and predicted that it
time,” said Neil Barr, chair and this year. campuses or half-filled floors, shifted to remote, or who had more emboldened to push for would be successful at his
managing partner of Davis Nationally, a number of of- considering whether to con- remained in person, per- changes. firm.
Polk. “The expectation is that fices remain sparsely popu- solidate space further or formed better than those who At Davis Polk, the firm has “People got the message,”
you come to the office and you lated, particularly on Mondays change office policies again. joined remotely. emphasized the importance of he said. “We think it will
support the culture of the firm and Fridays, executives and Other leaders who em- He didn’t share details on offices for some time. In an- work.”
by being here in person.” human-resources advisers say. braced remote work say they how the company judged per- nual performance appraisals —David Benoit
n-
A range of high-profile Office occupancy in 10 major see value in some additional formance. last year, leaders told employ- contributed to this article.
Juul Agrees IBM from IBM.

no
The deal was part of a push

by IBM to use its cloud infra-
To Settle Explores structure to provide accurate

weather forecasts and help
companies control costs. The
Lawsuits Unit Deal business issues more than 25

billion forecasts a day, accord-
ing to the company’s website.
A sale of the weather unit
Continued from page B1 Continued from page B1 would be a part of a push by
them that it’s harmless,” New valued at more than $1 billion, IBM to streamline its opera-
York Attorney General Letitia the people said. tions as the once-dominant
James said. “Today they are IBM agreed to buy the busi- company’s shares languish
paying the price for the harm ness in 2015, purchasing the near levels they traded at
they caused.” Weather Co.’s business-to- more than 20 years ago.
Juul denied wrongdoing. business, mobile and cloud- IBM is in the middle of a
MICHAEL M. SANTIAGO/GETTY IMAGES
The company reached the based businesses, including yearslong makeover, focusing
brink of bankruptcy last year Weather.com, which provides on transforming itself into a
and is embroiled in a dispute weather forecasts around the hybrid-cloud and artificial-in-
with federal regulators over globe. The deal price at the telligence business. In recent
whether its products can be time was pegged at more than years, it has spun off or di-
sold in the U.S. $2 billion. vested itself of businesses in-
Meanwhile, Juul has been The Weather Channel cluding Kyndryl Holdings Inc.,
working to resolve its legal li- wasn’t part of the deal but a big player in information-
abilities—a task it has nearly agreed to license weather- technology infrastructure and
completed. The company said forecast data and analytics data-center management.
it settled with 47 states and Juul drew criticism for fueling a surge in underage vaping with its sleek vaporizers and hip marketing.
territories; a trial is under way
in a case brought by Minne-
sota.
“With this settlement, we
agreed to pay $1.7 billion in a
deal to resolve more than
5,000 lawsuits.
activities.
The settlement also re-
quires Juul to conduct regular
forts related to e-cigarettes.
Juul in 2018 soared to the
top of the e-cigarette market
Purell according to Nielsen. That fol-
lowed a 67% drop for the same
period ending in 2022. (The
are nearing total resolution of
the company’s historical legal
challenges and securing cer-
Juul secured new financing
from a group of early inves-
tors to help cover the cost of
checks of retail stores to en-
sure that it is complying with
age restrictions on tobacco
and drew criticism from regula-
tors and school administrators,
who blamed the company’s
Owner figures don’t include sales to
businesses and other institu-
tions.)
tainty for our future,” a Juul
spokesman said.
Juul in September agreed
the latest settlement, accord-
ing to people familiar with the
matter.
purchases.
The company a few years
ago voluntarily stopped the
sleek vaporizers, fruity flavors
and hip marketing for fueling a
surge in underage vaping.
Eyes Sale Competition also increased
as companies—from local dis-
tilleries like the maker of
to pay at least $438.5 million The Wall Street Journal re- marketing practices that the The company since then has Tito’s vodka to major con-
in a settlement with 33 states ported that Juul last year se- agreement bars it from using. been trying to regain the trust Continued from page B1 sumer-products companies
and Puerto Rico. cured an equity investment Juul added that it already con- of regulators and the public. that demand for hand sani- such as Procter & Gamble
And in December, Juul from a group of early inves- ducts compliance checks of re- Underage vaping in the U.S. tizer will remain exponentially Co.— jumped at the chance to
tors that included two Juul di- tail stores. has declined since 2019, when higher than before the pan- produce sanitizer during the
rectors to fund the $1.7 billion New York said its share of the federal minimum age to demic. pandemic.
Watch a Video settlement in December. the settlement money would purchase tobacco products It hasn’t quite panned out Some businesses have
Scan this code The latest legal agreement support underage smoking rose to 21 from 18, and Juul is that way. found themselves with too
for a video on bars Juul from depicting peo- cessation programs. California no longer among the e-ciga- U.S. sales of hand sanitizer much of the product, which
Juul Labs’ ple under 35 in its marketing said its share of the settle- rette brands preferred by chil- dropped 32% for the 52 weeks typically expires in two years,
settlement and funding youth education ment would fund research, ed- dren and teens, according to ended April 1, compared with and have gone to extra
agreement. campaigns or school-related ucation and enforcement ef- federal survey data. the same period a year before, lengths to unload it.
THE WALL STREET JOURNAL. Thursday, April 13, 2023 | B3
BUSINESS NEWS
Luxury Rebound in China Boosts LVMH Sales

BY NICK KOSTOV Officer Jean-Jacques Guiony LVMH segment revenue in the first quarter listed company in Europe. It all its products.”
told analysts on Wednesday. helped its chief executive and Watches and jewelry labels
2023 2022 Change
PARIS—LVMH Moët Hen- After a difficult period in controlling shareholder, Ber- performed strongly, with sales
nessy Louis Vuitton SE re- 2022, Mr. Guiony said consum- Fashion & nard Arnault, compete with up 11%, LVMH said.
ported a sharp rise in quar- ers were returning to LVMH’s leather goods 17.6% Elon Musk for the title of the Traffic in Sephora stores in
terly sales driven by a rebound stores and the company’s in- world’s richest person. North America, Europe and the
in China and strong demand ternet business was picking Selective One area of uncertainty has Middle East helped push up
for its clothing, handbags and up. He said the company ex- retailing 30.3 been China, which was the sales at the selective retail divi-
jewelry in Europe and Japan. pects strong fashion and jew- world’s largest luxury market sion, which clocked 30% sales
The figures are an early in- elry sales this year in main- Watches & before Covid hit. Consulting growth in the quarter. The DFS
jewelry 10.7
dication that high-end shop- land China, though cautioned firm Bain & Co. estimated Chi- travel retail business benefited
pers in China are once again that cosmetics would take a nese consumers accounted for from the recovery of interna-
Perfumes &
boosting makers of luxury bit more time to recover. cosmetics 11 between 17% and 19% of global tional travel, the company said.
goods now that Beijing eased LVMH reported revenue of luxury spending last year. Aside from China, investors
Covid-19 restrictions. Persis- €21.04 billion, equivalent to Wine & They accounted for a third of have questioned whether con-
tent disruption in China was a $23.1 billion, for the three spirits 3.4 global spending on luxury sumers in the U.S. and Europe
major headache in recent months to March 31, a rise of goods in 2018, Bain said. will continue splurging on lux-
years for the luxury industry, 17% from the year-earlier pe- €0 billion €2 €4 €6 €8 €10 Fashion and leather goods, ury goods amid economic un-
which had come to rely on riod. The company said there Note: €1 = $1.099 Source: the company the company’s largest division, certainty in those regions.
spending by Chinese shoppers had been a “significant re- booked an 18% rise in quar- LVMH said U.S. sales rose
at home and abroad over the bound” in sales in Asia after pear to confirm that LVMH is LVMH has ridden a surge in terly sales to €10.73 billion. 8% in the first quarter, lagging
past two decades. the lifting of health restric- making the most of sustained demand for luxury goods in The company said Louis Vuit- behind the 24% growth rate in
LVMH registered “some tions. It didn’t disclose profit demand in Europe and Amer- recent years, boosting sales of ton, its largest brand, had an Europe and 34% growth
pretty nice pickup in China, figures. ica while “reaping the benefit its dozens of brands. The excellent start to the year, logged in Japan. Sales rose
which bodes well for the rest Luca Solca, an analyst at of a rapid and strong rebound growth cemented LVMH’s po- while Dior “continued to per- 14% in the rest of Asia, which
of the year,” Chief Financial Bernstein, said the figures ap- in Chinese spend.” sition as the most valuable form remarkably well across includes China.
Fast Delivery Isn’t Always

Shoppers’ Top Priority
BY LIZ YOUNG E-commerce sales as a share launched in 2019, have dou-
of all U.S. retail sales bled since 2020 as customers
Julia Belkin does plenty of look to receive fewer deliver-
18% 4Q 2022
shopping online, ordering ies, Amazon said.
14.7%
goods from kitchen sponges to Amazon helped set the pace
MICHAEL NAGLE/BLOOMBERG NEWS

workout apparel, but she’s not 15 for online delivery speed after
.
buying into the e-commerce it rolled out its Prime mem-
push to get orders into con- bership in 2005 with an offer
ly
12
sumers’ hands in the fastest of free delivery within two
way possible. days, eventually adding same-
“If it’s something like home 9 day delivery of some items.
décor, furniture, if it’s a really
good bargain, I will wait as
long as it takes,” said Ms. Bel-
kin, a 28-year-old content
6
on Other retailers rushed to
play catch-up. That quickened
the search for faster paths to
last-mile delivery, such as Amazon packages moving through a slower, grouped-shipping option have doubled since 2020.
marketer in Brookline, Mass. 3 drone delivery. FedEx Corp.
us ,
That kind of patience re- and United Parcel Service Inc. year earlier, according to e- next-day shipping anymore,” down to 22% from 29% last
l
flects what may be the fastest- 0 rolled out accelerated shipping commerce shipping services Ms. Behrens Wu said. “People year. Shipping cost grew in
e
al a
growing trend in online com- options that include Sunday provider Popout Inc., which tend to be fine with two- to importance as 41% of respon-
2017 ’18 ’19 ’20 ’21 ’22
merce: Consumers who are deliveries and same-day op- does business as Shippo. three- day shipping, even five- dents chose that option, up
more willing to wait—and tions. But last summer FedEx Laura Behrens Wu, co- to eight-day shipping.” from 33% in 2022.
ci on
Source: U.S. Census Bureau via St. Louis Fed

more reluctant to bear the cut back on some of its Sun- founder and CEO of Shippo, ShipStation, owned by ship- Satish Jindel, president of
costs of getting basics in has become more popular over day deliveries, citing moderat- said supply-chain disruptions ping-services company Auc- ShipMatrix Inc., which ana-
hours rather than days. the past few years. Consumers ing package volumes. and product shortages during tane Inc., said its recent sur- lyzes package-shipping data,
A service Amazon.com Inc. choosing slower shipping can A recent survey found fewer the pandemic left consumers vey of online shoppers found said its surveys of shoppers
offers that allows customers get a credit of up to $1.50 per e-commerce shoppers pre- more anxious about getting fewer people ranked delivery have found people don’t open
er s
to designate a day of the week order. Packages shipped ferred same- or next-day deliv- their orders. Now, online speed as the most important and use 85% of what they or-
to receive all their deliveries through that service option, ery, down to 10% from 18% a shoppers are “not expecting factor in placing an order, der online for several days.
m er
m rp
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B4 | Thursday, April 13, 2023 * *** THE WALL STREET JOURNAL.
TECHNOLOGY & MEDIA
Musk Renames
Twitter X Corp.
BY ALEXA CORSE app,” and reiterated that
“Twitter is an accelerant.”
Twitter has told the courts Some corporate-law spe-
that it has a new company cialists say they still have
name in a new state: X Corp., some questions about the
an entity incorporated in Ne- company’s structure. Another
HBO/ASSOCIATED PRESS
vada instead of Twitter’s pre- entity called Twitter Inc. was

vious domicile in Delaware. recently registered in Nevada,
While the platform on us- with Mr. Musk as its presi-
ers’ phones and computers dent, according to a filing, and
still bears the name Twitter, some observers said it wasn’t
“Twitter Inc. has been merged exactly clear how that entity
Among the new shows Warner Bros. plans are a prequel to ‘Game of Thrones,’ Above, a scene from the final episode of the show. into X Corp. and no longer ex- related to X Corp. One law
ists,” according to a legal fil- professor said it could be an
Warner’s Max Service to Add

ing last week informing a Flor- entity that Mr. Musk could use
ida federal court of the change for Twitter if he wanted at
in a case where Twitter is a some future point or a way to
party. X Corp. is a privately keep anyone else from trying
held company incorporated in to use the name.
New ‘Game of Thrones’ Series Nevada, Twitter’s lawyers

said.
The company’s principal
place of business remains San
Francisco, where Twitter has
Moving the company to Ne-
vada from Delaware has
broader business implications,
according to corporate-law
specialists.
BY JOE FLINT the works for Max is a televi- “The Conjuring” movies, as fare from the Warner Bros. an- headquarters, according to the Compared with Delaware,
sion series based on the “Harry well as “The Penguin,” star- imation library, as an advan- filing. X Corp. has a parent Nevada’s laws grant more dis-
Warner Bros. Discovery Potter” books by J.K. Rowling, ring Colin Farrell as the iconic tage as it tries to distinguish company named X Holdings cretion and protection to a
Inc. introduced “Max,” its new who will also be an executive “Batman” villain. itself in a crowded streaming Corp., the filing shows. The company’s management and
streaming platform that will producer. Warner Bros. re- The company didn’t dis- marketplace. “It’s the place ev- company also recorded the officers, said Zohar Goshen, a
combine HBO content with leased all the theatrical movies close premiere dates for many ery member of the household merger in Delaware filings. professor of transactional law
Discovery+ fare and will even- in the “Harry Potter” franchise, of the new shows. can go to,” he said. The changes, included in le- at Columbia Law School. Twit-
tually feature new shows in- and creating new content The combination of HBO Streaming services are go- gal and business filings in re- ter is now “a private company
cluding a “Harry Potter” series based on her works has been a Max and Discovery+ to create a ing through growing pains as cent weeks, garnered attention controlled by one person so
and a new “Game of Thrones” priority for Mr. Zaslav. one-size-fits-all service was a content costs continue to rise in recent days as the docu- they can make that move,” he
prequel. The plan is to create a se- motivating factor for the 2022 while subscriber growth slows. ments circulated online and said.
The launch of the service, ries that could run as long as merger between entertainment Many, including Netflix Inc., media outlets including Slate Delaware is a popular home
which will go live on May 23, is a decade based on Ms. Row- giant WarnerMedia and reality- are seeking new sources of wrote about them. The filings for companies, with roughly
part of Chief Executive David ling’s books, the company said. programming factory Discovery revenue and scrutinizing pro- prompted a flurry of online two-thirds of Fortune 500
Zaslav’s strategy to rely heavily Ms. Rowling said that “Max’s Inc. The tagline for Max is “The gramming budgets. speculation that it was part of companies domiciled in the
.
on the company’s well-known commitment to preserving the One To Watch.” Warner Bros. Discovery, a grand vision that owner Elon state, according to its secre-
intellectual property. Just as integrity of my books is im- Max’s pricing will remain which has more than 96 million Musk has tweeted about, tary of state.
ly
Walt Disney Co. has done with portant to me,” adding that a identical to HBO Max’s—$9.99 global subscribers across its which is using his acquisition Nevada has for years tried
new “Star Wars” and Marvel series will allow for a new “de- a month for the ad-supported streaming platforms, recently of Twitter to help create “X, to present itself as an alterna-
series on its Disney+ service, gree of depth and detail.” version, and $15.99 for the ad- decided to keep Discovery+ the everything app.” tive to Delaware for compa-
Warner Bros. Discovery is bet-
ting that new content based on
old franchises will drive inter-
est in the service.
Other projects being created
for Max include a new “Game
of Thrones” prequel called “A
Knight of the Seven Kingdoms:
on free version—but Max will
have an additional $19.99-a-
month tier, allowing up to four
programs to be streamed a the
available as a standalone ser-
vice in an effort to avoid risk-
ing a chunk of the app’s 20 mil-
lion subscribers who might not
Twitter responded with an
auto-reply poop emoji to an
email inquiry from The Wall
Street Journal about the rea-
nies looking for a home, said
Benjamin Edwards, a law pro-
fessor at the University of Ne-
vada, Las Vegas. But Delaware
“This is our rendezvous The Hedge Knight.” This is the same time by different people. want to pay the higher price. son for the change. remains more popular, he said,
us ,
with destiny,” Mr. Zaslav said second prequel inspired by Existing HBO Max subscribers Beyond these franchises, On Tuesday, amid retweets for several reasons, including
l
in detailing the new service on “Game of Thrones” following will transition to the new plat- the company said it had re- from Mr. Musk about SpaceX, the reputation of its Court of
e
al a
the Warner Bros. lot Wednes- “House of the Dragon,” which form when it launches. cruited comedy creator Chuck his rocket company, and Twit- Chancery and that many busi-
day. “It’s streaming’s version is a big hit for HBO. Mr. Zaslav cited the broad Lorre to make a new sitcom ter’s legacy blue check marks, ness lawyers and investors
of must-see TV.” Warner Bros. Discovery also array of content on Max, infor Max that will be derived the billionaire tweeted an “X” tend to be familiar with Dela-
ci on
Among the new content in announced a series based on cluding plenty of children’s from “The Big Bang Theory.” without any other context or ware law.
details. Mr. Musk’s history “The Delaware Chancery
with the letter goes way back: Court offers a docket that
His former online banking moves quickly with a sophisti-
ADVERTISEMENT startup, X.com, later became cated judiciary,” Mr. Edwards
er s
PayPal after a merger with an- said.

The Marketplace other firm. Mr. Musk often re-
m er
fers to one of his children as

To advertise: 800-366-3975 or WSJ.com/classifieds
X.
The billionaire also has
CLASS ACTION BUSINESS OPPORTUNITIES other business ventures in Ne-
vada. Tesla Inc., the electric-
m rp
vehicle maker where he is also

chief executive, operates a
SALE / MERGE
JUSTIN SULLIVAN/GETTY IMAGES
UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK plant near Reno, Nev. The Bor-
24MM plus Industrial Service and ing Co., Mr. Musk’s tunneling
x
engineering company. East Coast.
CITY OF STERLING HEIGHTS POLICE & : Civil Action No. 1:20-cv-10041-PKC company, has a project in Las
Steel Mill-Power Plant- Papermill - mining
co Fo
:
FIRE RETIREMENT SYSTEM, Individually
: Site and shop machining / mechanical-electrical
Vegas.
and on Behalf of All Others Similarly Situated, CLASS ACTION
: / steel fabrication / specialized welding / HVAC In an interview with the
Plaintiff, : SUMMARY NOTICE OF PROPOSED Owner and critical personnel British Broadcasting Corp. late
:
:
SETTLEMENT OF CLASS ACTION to stay in place. Seamless / long term Tuesday, Mr. Musk said about
vs. customers / no interruption
: the name change: “My goal is
RECKITT BENCKISER GROUP PLC, : [email protected] to create X the everything Elon Musk’s firm is now X Corp.
RAKESH KAPOOR, and SHAUN THAXTER, :
:
:
NPR to Quit Twitter

Defendants.
:
x NOTICE OF SALE
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED RECKITT BENCKISER GROUP PLC (“RECKITT”
After Label Dispute

OR THE “COMPANY”) AMERICAN DEPOSITARY SHARES (“ADSs”) DURING THE PERIOD FROM
JULY 28, 2014 THROUGH APRIL 9, 2019, INCLUSIVE, AND WERE DAMAGED THEREBY (“CLASS” OR NOTICE OF PUBLIC SALE
“CLASS MEMBERS”) PLEASE TAKE NOTICE THAT Rail Holdings, LLC
n-
(“Secured Party”), will conduct, through its agent,

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ Hilco Streambank (“Agent”), a public sale of the
THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. below described property in accordance with the
provisions of Article 9 of the Uniform Commercial
YOU ARE HEREBY NOTIFIED that a hearing will be held on July 19, 2023, at 2:00 p.m., before the Honorable Code as follows:
Description of Property to be Sold: Substantially
P. Kevin Castel at the United States District Court, Southern District of New York, Daniel Patrick Moynihan United States
all of the personal property of Toadfish, LLC BY STU WOO from corporate sponsorships, it
Courthouse, 500 Pearl Street, New York, NY 10007, to determine whether: (1) the proposed settlement (the “Settlement”)
no
of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”)1 for $19,600,000 in cash should
(“Debtor”) as described more fully in that certain says, along with dues and fees
Credit Agreement dated as of August 19, 2021
be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation should (as amended by that certain First Amendment to National Public Radio said it paid by its member stations.
be entered dismissing the Litigation with prejudice; (3) to award Lead Counsel attorneys’ fees and expenses out of the Credit Agreement dated as of November 15, 2021,
Forbearance Agreement dated June 16, 2022 and
would back away from Twitter Some NPR journalists said
Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is
discussed below) and to award Lead Plaintiff reimbursement of its time and expenses pursuant to 15 U.S.C. §78u-4(a)(4) that certain Second Forbearance Agreement and in a dispute with the social-me- they would be leaving Twitter
Second Amendment to Credit Agreement dated as of
in connection with its representation of the Class, and, if so, in what amounts; and (4) the Plan of Allocation should be October 20, 2022, and as may be further amended, dia company over how its ac- along with their organization.
approved by the Court as fair, reasonable, and adequate. restated, supplemented or otherwise modified from counts are labeled on the plat- “NPR is saying goodbye to
time to time) and Pledge and Security Agreement
There exists the possibility that the Court may decide to conduct the Settlement Hearing by video or telephonic dated August 19, 2021 between Debtor and Secured form. Twitter and so am I,” Leila
conference, or otherwise allow Class Members to appear remotely at the hearing, without further written notice to the
Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Class Members
Party, as assignee of Woodforest National Bank
(collectively, the “Loan Documents”), including (A) (i)
The independent public Fadel, host of NPR show
must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website, allAccounts,(ii) all Money,(iii) all Chattel Paper,(iv) all broadcaster said Wednesday “Morning Edition,” wrote on
Copyrights, (v) all Copyright Licenses, (vi) all Deposit
www.ReckittSecuritiesSettlement.com, before making any plans to attend the Settlement Hearing. Updates regarding the
Accounts, (vii) all Documents, (viii) all Equipment, that it would no longer actively the platform Wednesday.
Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote
appearances at the hearing, will be posted to the Settlement website, www.ReckittSecuritiesSettlement.com. Also, if the
(ix) all Fixtures, (x) all General Intangibles, (xi) all maintain its flagship @NPR Twitter has upended its la-
Goods, (xii) all Instruments, (xiii) all Inventory, (xiv)
Court requires or allows Class Members to participate in the Settlement Hearing by remote means, the information for all Investment Property, (xv) all Letter-of-Credit Twitter account or any other beling system for verified ac-
accessing the hearing will be posted to the Settlement website, www.ReckittSecuritiesSettlement.com. Rights, (xvi) all Patents, (xvii) all Payment Intangibles,
(xviii) all Patent Licenses, (xix) all Software, (xx) all
official NPR accounts, and that counts since Elon Musk took
IF YOU PURCHASED OR ACQUIRED RECKITT ADSs FROM JULY 28, 2014 THROUGH APRIL 9, 2019, Supporting Obligations, (xxi) all Trademarks, (xxii) it was de-emphasizing Twitter over the platform last year. The
INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. all Trademark Licenses, (xxiii) all books and records
related to the foregoing Collateral, and (xxiv) all across the organization. company has said it wants to
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Accessions; and (B) all Proceeds of any and all The move comes after Twit- provide people with more con-
Claim and Release form (“Proof of Claim”) by mail (postmarked no later than July 7, 2023) or electronically of the foregoing. Secured Party has a first priority
(no later than July 7, 2023). Your failure to submit your Proof of Claim by July 7, 2023, will subject your claim to rejection security interest in the Property. The Property will ter recently began labeling text about certain profiles.
and preclude your receiving any of the recovery in connection with the Settlement of this Litigation. If you purchased or
be sold free and clear of Secured Party’s lien in the
Property. A complete description of the Property
NPR’s account as “US state-af- In an interview with the
acquired Reckitt ADSs from July 28, 2014 through April 9, 2019, inclusive, and do not request exclusion from the Class, may be obtained by accessing a virtual data room filiated media.” It later changed British Broadcasting Corp.
you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, maintained by the Agent. Capitalized terms used
the Judgment, whether or not you submit a Proof of Claim. but not defined herein shall have the respective the label to “government- Tuesday, before NPR’s an-
meanings ascribed to them in the Loan Documents. funded media.” nouncement, Mr. Musk ad-
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights Date, Hour and Place of Sale: May 4, 2023 at
thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well 12:00 p.m. E.T. Qualified bidders may attend the sale NPR said Twitter had re- dressed complaints about the
as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary at the law offices of Rogers Townsend, LLC, 205
King Street, Suite 201, Charleston, S.C. or virtually
fused repeated requests to re- labels from organizations in-
Notice) and other Settlement documents, online at www.ReckittSecuritiesSettlement.com, or by writing to: through video conference. The deadline to submit a move what it said was an inac- cluding NPR and the BBC itself.
bid is May 2, 2023 at 12:00 p.m. E.T.
Reckitt Securities Settlement No Warranties: The property will be sold at curate label that didn’t He said he would change those
Claims Administrator this disposition “AS IS, WHERE IS,” “WITH ALL accurately capture its gover- labels to say “publicly funded.”
c/o Gilardi & Co. LLC FAULTS,” “WITHOUT WARRANTIES WHATSOEVER,
P.O. Box 8040 EXPRESS OR IMPLIED, INCLUDING, WITHOUT nance structure. It also said the The labels are just one of the
San Rafael, CA 94912-8040 LIMITATION, A WARRANTY RELATING TO TITLE,
CONDITION, POSSESSION, QUIET ENJOYMENT,
label directed Twitter users to changes Mr. Musk has made at
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. MERCHANTABILITY, CORRECTNESS OF an explanation that implied Twitter since taking over. In
DESCRIPTION, FITNESS FOR ANY PARTICULAR
Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel: PURPOSE.” government involvement over the BBC interview, Mr. Musk
ROBBINS GELLER RUDMAN & DOWD LLP
Participation in Public Sale: Potential bidders its content. said the past six months had
interested in obtaining information regarding the
Ellen Gusikoff Stewart Property, requirements for participation in the “We believe this label is in- been a “roller coaster” but that
655 West Broadway, Suite 1900 auction, access to the videoconference platform
and the terms of the sale may contact the Agent:
tended to call in question our his overhaul of the social-media
San Diego, CA 92101 Gabe Fried ([email protected]) or Richelle editorial independence and un- platform could allow the com-
Telephone: (800) 449-4900 Kalnit ([email protected]).
Only qualified bidders will be able to bid on dermine our credibility,” NPR pany to be cash-flow positive
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION
SUCH THAT IT IS POSTMARKED BY JUNE 28, 2023, IN THE MANNER AND FORM EXPLAINED IN THE
the Property at the auction. Lender is a qualified said, adding that if it continued as soon as this quarter.
bidder and may credit bid all or a portion of its
NOTICE. ALL CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A secured claim for the Property. tweeting, every post would Mr. Musk said in the inter-
TIMELY PROOF OF CLAIM. Cancellation of Public Sale & Reservation of
Rights: The Secured Party reserves the right to
carry what it said was a mis- view that when he took over
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF continue, postpone, adjourn, cancel, or delay the leading label. Twitter in October, it was on
ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED date or time of the sale with or without notice and
for any reason. Twitter’s guidelines say the track to generate $3 billion in
33% OF THE $19,600,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $600,000 AND AN AWARD
TO LEAD PLAINTIFF NOT TO EXCEED $10,000 IN CONNECTION WITH ITS REPRESENTATION OF THE CLASS. Dated: April 13, 2023, Rogers Townsend, LLC, company adds the designation annual revenue. But it had $6
/s/ Michael H. Weaver, Attorneys for Secured Party,
ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ 1221 Main Street 14th Floor, Columbia, S.C. 29201, for government-controlled billion in annual expenses, in-
COUNSEL BY JUNE 28, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. (803) 771-7900. news sources. NPR says on its cluding $1.5 billion in debt ser-
website that less than 1% of its vicing.
DATED: MARCH 16, 2023 BY ORDER OF THE COURT budget comes from federal Mr. Musk quickly slashed
grants, including from the gov- jobs. He said Twitter now has
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK THEMARKETPLACE ernment-supported Corpora- about 1,500 employees, down
(800) 366-3975 | wsj.com/classifieds
1
The Stipulation can be viewed and/or obtained at www.ReckittSecuritiesSettlement.com. © 2023 Dow Jones & Company, Inc.
tion for Public Broadcasting. from just under 8,000 when he
All Rights Reserved. Most of NPR’s revenue comes took over.
TECHNOLOGY WSJ.com/Tech
Attack Sparks Hospital Wages Lawsuit

BY CATHERINE STUPP than-usual wages in December, paid wages, $500,000 in late nies. A cyberattack on UKG After a cyberattack, compa- Ms. Ernst’s paystubs started to
apparently to recoup the higher payment penalties and Inc.’s Kronos timekeeping sys- nies need to reassure employees show the correct number of
A group of nurses in Oregon payments, she said. The forfei- $800,000 in damages. tem in late 2021 affected pay- about what happened, even if working hours again in Decem-
is suing one of the largest hos- tures were probably “enough A spokesman for Common- ment services at many of its they don’t know all the details, ber, several weeks after the ran-
pital operators in the U.S., al- that I could have bought gro- Spirit declined to comment on customers. Ascension Health said Ian Carleton Schaefer, a somware incident, she said.
leging they were underpaid af- ceries for a week,” she said. the lawsuit. “We want to reit- Alliance in St. Louis and one partner at law firm Loeb & Loeb CommonSpirit met several
ter a ransomware attack in CommonSpirit, in the after- erate our commitment to en- of its hospitals last year LLP and chair of its New York times with the Oregon Nurses
October. math of the October cyberat- suring all employees are paid agreed to pay $19.7 million to labor and employment practice. Association but rejected the
Chicago-based Common- tack, shut down some technol- accurately. We are grateful to settle disputes over employee Mr. Schaefer said he isn’t in- union’s request to allow an in-
Spirit Health hasn’t paid ogy systems at many of its our employees for their com- volved in the nurses’ case. dependent audit of staff pay-
nurses their full wages at its hospitals across the country, mitment and for their efforts “Cybersecurity and data se- ments since the cyberattack,
Mercy Medical Center in Rose- including patient and opera- in continuing to provide high curity is an employment is- said Kevin Mealy, the union’s
burg, Ore., tional systems. The nonprofit quality patient care through-
Payments to around sue,” he said. “When it really communications manager. The
CYBERSECURITY and St. An- chain runs more than 140 hos- out this situation,” he said. 2,000 staff were comes down to hitting people union has asked Common-
thony Hospi- pitals and 2,000 healthcare fa- CommonSpirit said last in their wallets and their live- Spirit to correct inaccurate
tal in Pendleton, Ore., after Oc- cilities in 21 states. week that personal informa-
impacted by the lihoods, understanding what is payments to nurses in several
tober, according to a suit filed Payments to around 2,000 tion for more than 623,000 in- system outages. going to be done, and when, is cases, but the updated pay-
March 15 in Oregon county nurses and other staff mem- dividuals was exposed during really important.” ments have often been wrong,
court. Some employees haven’t bers at the two Oregon hospi- the incident, including Social For CommonSpirit’s nurses, Mr. Mealy said. “It becomes
been paid for the accurate num- tals were affected by the cyber- Security numbers and diagno- the focus of the lawsuit isn’t the harder and harder to untangle
ber of hours they worked and attack, said Richard Myers, an ses. Patients filed several law- wages following the Kronos in- technology outage, but the it the further we go,” he said.
paid time off is being calculated attorney from law firm Bennett suits over the data breach. The cident. At Honda Motor Co.’s chain’s actions afterward that
WSJ PRO
incorrectly, the filing said. Hartman Attorneys at Law LLP cyberattack has so far cost U.S. subsidiary, also a Kronos resulted in staff receiving re-
Larae Ernst, an emergency- who represents the nurses. If CommonSpirit $150 million in client, four employees sued duced wages, Mr. Myers of Ben-
room nurse at Mercy Medical, the court certifies the suit as a lost revenue, business inter- the auto maker last year for nett Hartman said. Ms. Ernst
said CommonSpirit claims it class action, those employees ruption and other expenses, allegedly failing to properly said CommonSpirit told her she
overpaid her because a cyberat-
tack in October led to an outage
will receive notice and a
chance to opt out of the law-
the company said in a regula-
tory filing in February.
track their hours and pay
them appropriately. Honda has
owes around $3,200 in overpaid
wages and the company hasn’t
CYBERSECURITY
in its timekeeping system. Com- suit. The suit seeks $1.5 mil- Payroll problems followed denied the allegations. The provided any record of her wsj.com/pro/cybersecurity
monSpirit paid Ms. Ernst lower- lion, including $200,000 in un- cyberattacks at other compa- case is continuing. hours to substantiate its claim.
Digital Ad Revenue Rose in ’22, but Rate of Growth Weakened

BY MEGAN GRAHAM U.S. digital ad revenue, executive at the IAB, a digital In 2018, those top 10 publish-
annual change advertising trade group. ers and platforms made up 75.9%
Digital ad revenue in the 35%
Digital ad sales got a boost of total digital ad revenue.
U.S. rose 10.8% to $209.7 bil- from factors including the Research firm Insider Intelli-
lion last year as marketers growth of so-called retail media gence said in March that Alpha-
30
.
continued to spend in online networks, in which consumer bet Inc.’s Google, Meta Plat-
channels despite slower eco- businesses such as grocery and forms Inc. and Amazon.com
ly
nomic growth, market uncer- 25 big-box chains offer advertisers Inc. siphoned 60.6% of digital
tainty and mass layoffs at big ways to reach consumers using ad budgets in the U.S. in 2022,
technology companies, accord- 20 their retailer data. down from 61.6% in 2021.
ing to a report from the Inter-
active Advertising Bureau and
PricewaterhouseCoopers LLP.
on 15
Retail media will make up
one-quarter of global online ad-
vertising spending by 2025, and
Those giants of online ad-
vertising are facing new pres-
sure from ByteDance Ltd.’s
CHRIS HELGREN/REUTERS
But the increase was smaller 10

10.8% will drive 45% of the growth in TikTok and other challenges.
than the 35% leap logged in online ad spending between Social-media ad revenue
us ,
2021—when marketers, includ- now and then, Morgan Stanley grew 3.6% in 2022, a slowdown
l
5
ing a flood of new businesses, analysts said last week. in growth from 39.3% a year
e
al a
competed to reach consumers For the first time since earlier, according to the new
spending more time and money 0 2016, the market share of the IAB report, as privacy protec-
online—as well as the 12.2% Companies have continued to advertise online despite fears of a 2017 ’18 ’19 ’20 ’21 ’22 top 10 companies in the IAB tions affected companies in the
ci on
climb in 2020. slowdown. A Coca-Cola digital billboard in New York City. Source: IAB/PwC Internet Ad Revenue Report report has declined. sector in particular.
In addition to broader eco- Ten digital publishers and “Social media, of all the dif-
nomic uncertainty, which led pling with evolving privacy players say have made it think the strongest growth that platforms contributed 76.8% of ferent kinds of [media] types
some companies to draw back regulation and increased con- harder to target messages and we had seen in 15 years—we total digital ad revenue in 2022, that we looked at, was the
on marketing budgets in the sumer privacy protections measure their efficacy. were expecting certainly a slowdown from 78.6% in 2021, ac- most adversely affected in
er s
last part of 2022, the online from companies such as Apple “Coming off of 2021, which down or reduced growth in cording to the IAB, which 2022” as a result of tech plat-
ad business has been grap- Inc., which some industry was extraordinary growth—I 2022,” said David Cohen, chief doesn’t identify the companies. form policies, Mr. Cohen said.
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B6 | Thursday, April 13, 2023 THE WALL STREET JOURNAL.
BUSINESS NEWS
Walmart to Close Four Chicago Stores Envision

Bondholders
Country’s largest
retailer by revenue
Hire Lawyers
signals some pullback As Deadline
from large cities
BY SARAH NASSAUER
Looms
BY ALEXANDER SAEEDY
Walmart Inc. is closing
four stores in Chicago after Bondholders of KKR & Co.’s
earlier closing several others Envision Healthcare Corp.
in urban areas, a sign that the have hired law firm White &
company is retreating from Case LLP as the physician
stores it hoped would attract staffing company faces a
new shoppers but that lag be- looming payment deadline on
hind the profits of rural and its unsecured bonds, according
suburban locations. to people familiar with the
Earlier this year, the coun- matter.
try’s largest retailer by reve- Envision has a bond inter-
nue closed a store in Washing- est payment coming due Sat-
ton, D.C., near the White urday and investors are con-
House, two stores in Portland, cerned about whether it will
Ore., and didn’t reopen a store pay because it is in technical
in Atlanta after a fire. default, these people said. The
The pullback in urban bondholder group, which
SCOTT OLSON/GETTY IMAGES
stores is significant because formed recently, has said it

Walmart tried for years to find represents a majority of the
a profitable way to do busi- company’s outstanding bonds,
ness in those markets, seeing according to these people.
them as an opportunity to KKR and Envision declined
grow beyond its base of shop- to comment.
pers in suburbs, smaller towns Envision issued $1.2 billion
and rural areas. The pullback in urban stores is significant because Walmart for years tried to find a profitable way to do business in those markets. of unsecured bonds due in
“Collectively our Chicago 2026 in connection with its $6
stores have not been profit- these neighborhoods will cre- So far this year, Walmart its operations, which include in e-commerce fulfillment cen- billion purchase by KKR in
able since we opened the first ate barriers to basic needs for has said it plans to close 19 Walmart and Sam’s Club stores ters as online sales slow com- 2018. Those bonds were re-
one nearly 17 years ago,” said thousands of residents.” stores, with some of those clo- and its distribution centers. pared with earlier in the pan- cently quoted at around 4
Walmart on Tuesday. “These The spokesman for Walmart sures happening outside large Walmart has reported demic and it fulfills more e- cents on the dollar, according
stores lose tens of millions of declined to comment. cities. It typically closes a strong sales throughout the commerce orders from store to market-data platform Solve,
dollars a year, and their an- Inside Walmart, top execu- handful of stores each year as Covid-19 pandemic and in re- inventory than in past years. indicating that investors ex-
nual losses nearly doubled in tives debated how to grow in- part of regular real-estate cent quarters as shoppers Walmart executives have said in pect significant impairment.
.
just the last five years.” side urban centers profitably planning. This year, Walmart pressured by rising prices turn recent weeks that the overall Envision has been in nego-
Walmart is keeping four for decades, according to peo- is being particularly aggres- to the retailer for lower-cost number of U.S. employees at the tiations with some of its other
ly
Chicago stores open and hopes ple familiar with the situation. groceries and other essential company will likely stay the creditors after missing a
the closure of the others will One sticking point has been items. The company has same, but job types will change. March 31 deadline to report
help it keep those open long- that some top executives, in- worked to cut costs in recent The company is adjusting fourth-quarter financial re-
The stores have
term, the company said. A
spokesman for Walmart said
there was no single cause for
the increase in losses and that
cluding Chief Executive Doug
McMillon, believe product
prices should be largely the
same at every Walmart store
on
lagged behind rural
and suburban
quarters as consumers shift
spending toward necessities
and cut expenditures on items
that generally carry higher
staffing to better prepare for
the future and is helping
workers find jobs at other lo-
cations, said the spokesman.
sults, triggering a technical
default under the company’s
loans, The Wall Street Journal
previously reported.
theft wasn’t a driving factor. regardless of location, said locations in profit. profit margins such as cloth- The first Walmart store in The company hasn’t cured
us ,
“We think closing these some of these people. ing and home goods. Chicago opened in 2006. That its default or reported its
l
sites gives us the best chance That stance is, in part, why “Customers are still spend- location continues to operate, fourth-quarter results, accord-
e
al a
to help keep the remaining Walmart never opened a store ing money,” said Mr. McMillon and Walmart has built others, ing to the people familiar with
four stores open,” he said. in New York City. Many other sive, as the company is re- during an analyst presentation including smaller-format sites the matter. The company con-
The closures sparked criti- retailers that expanded in urban viewing “our fleet of stores as in February. “It’s obviously not that primarily sell groceries. tracts with hospitals to pro-
ci on
cism from Chicago Mayor Lori areas, such as Target Corp., sales and performance have as clear to us what the back For the closing sites, the vide them with an array of
Lightfoot. “I’m incredibly dis- charge different prices for some normalized postpandemic,” half of the year looks like.” company said it would work medical professionals and has
appointed that Walmart, a products depending on the cost said the company spokesman. Over the past year, Walmart with local leaders to find build- struggled since the Covid-19
strong partner in the past, has of doing business in a region As of Jan. 31, the company has cut some corporate staff ing-reuse options. Employees pandemic started and many
announced the closing of sev- and the competitive landscape. operated more than 4,700 Wal- and closed three technology at affected stores will be paid patients have avoided going to
er s
eral locations,” she said. “Un- The spokesman for Walmart mart stores in the U.S. and em- hubs. In recent weeks, the com- through Aug. 11 and can trans- the hospital for nonemergency
ceremoniously abandoning declined to comment. ployed 1.6 million people across pany has cut thousands of jobs fer to other locations. care.
m er
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MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33646.50 t 38.29, or 0.11% Trailing P/E ratio 22.36 19.21 4091.95 t 16.99, or 0.41% Trailing P/E ratio * 18.12 24.91 11929.34 t 102.54, or 0.85% Trailing P/E ratio *† 26.34 32.71
High, low, open and close for each P/E estimate * 17.81 18.07 High, low, open and close for each P/E estimate * 18.54 19.97 High, low, open and close for each P/E estimate *† 25.72 25.62
trading day of the past three months. Dividend yield 2.08 2.05 trading day of the past three months. Dividend yield * 1.69 1.40 trading day of the past three months. Dividend yield *† 0.85 0.71
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
Current divisor 0.15172752595384

34400 4175 12100
65-day moving average 33800 4100 11800
33200 4025 11500
Session high 32600 3950 11200

DOWN UP
t
Session open Close

32000 65-day moving average 3875 65-day moving average 10900
Close Open
t
Session low 31400 3800 10600
Bars measure the point change from session's open

30800 3725 10300
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 802,365,338 8,452,926
Industrial Average 33895.43 33593.32 33646.50 -38.29 -0.11 35160.79 28725.51 -2.7 1.5 14.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 286,137,411 4,882,511
Transportation Avg 14440.97 14174.77 14220.17 -140.61 -0.98 15640.70 11999.40 -4.2 6.2 22.0 Most-active issues in late trading Decl. volume* 510,653,671 3,133,282
Utility Average 977.31 965.80 968.68 -2.35 -0.24 1071.75 838.99 -8.7 0.1 8.5 Volume After Hours Issues traded 3,134 318
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41337.87 40822.71 40870.03 -189.26 -0.46 45125.57 36056.21 -9.1 6.1 13.3 Advances 1,380 139
SPDR S&P 500 ETF Trust SPY 7,389.0 407.69 -0.37 -0.09 408.21 407.24
Barron's 400 932.11 920.65 921.64 -3.85 -0.42 1023.82 825.73 -7.9 0.1 16.6 Declines 1,617 160
iSh 0-3M Treasury Bd SGOV 7,171.3 100.37 0.02 0.02 100.37 100.35
Unchanged 137 19
Nasdaq Stock Market Ford Motor F 5,050.7 12.65 -0.02 -0.16 12.71 12.64 New highs 57 5
Nasdaq Composite 12134.50 11916.54 11929.34 -102.54 -0.85 13643.59 10213.29 -12.6 14.0 13.5 Finl Select Sector SPDR XLF 4,180.7 32.24 -0.03 -0.09 32.45 32.24 New lows 28 10
Nasdaq-100 13071.98 12833.31 12848.35 -115.80 -0.89 14217.29 10679.34 -9.6 17.4 16.0 Invesco QQQ Trust I QQQ 3,298.2 312.77 -0.27 -0.09 331.61 291.59 Closing Arms† 1.44 0.70
Apple AAPL 3,273.7 159.98 -0.13 -0.08 167.04 159.92 Block trades* 4,019 89
S&P
.
Intel INTC 3,108.5 31.99 -0.03 -0.09 32.06 31.96
500 Index 4134.37 4086.94 4091.95 -16.99 -0.41 4462.21 3577.03 -8.0 6.6 13.6 Nasdaq NYSE Arca
ly
Vangd Interm-Term Trea VGIT 2,825.1 60.22 -0.01 -0.02 60.25 60.19
MidCap 400 2519.91 2483.37 2485.42 -13.91 -0.56 2726.61 2200.75 -6.0 2.3 16.1 Total volume*4,909,770,894 310,425,305
SmallCap 600 1181.90 1161.85 1163.24 -9.14 -0.78 1315.82 1064.45 -10.0 0.5 16.1 Percentage gainers… Adv. volume*1,609,661,012 106,201,473
ADC Therapeutics ADCT 386.5 2.12 0.10 4.95 2.12 2.00 Decl. volume*3,250,559,887 202,387,287
Other Indexes
Russell 2000
NYSE Composite
Value Line
1803.19 1772.39 1773.70 -12.90
15668.36 15485.50 15500.93 -19.99
561.35 552.59 553.03 -3.94
-0.72
-0.13
-0.71
on 2038.19 1649.84
16761.35 13472.18
634.20 491.56
-12.4
-6.7
-11.9
0.7
2.1
3.1
12.5
11.7
12.4
Cerus
Wallbox
Outfront Media
CERS
WBX
OUT
102.9
165.2
95.5
2.92
3.64
16.59
0.13
0.15
0.63
4.66
4.30
3.95
2.92
3.64
16.59
2.79
3.49
15.91
Issues traded
Advances
Declines
Unchanged
4,760
1,666
2,818
276
1,771
738
1,004
29
NYSE Arca Biotech 5393.01 5330.56 5336.85 -13.84 -0.26 5644.50 4208.43 1.3 1.1 4.1
Hudson Pacific Properties HPP 115.2 6.30 0.23 3.79 6.30 6.07
New highs 80 36
us ,
NYSE Arca Pharma 881.71 869.90 876.64 6.74 0.77 884.84 737.84 1.4 1.0 12.7 ...And losers New lows 192 9
l
KBW Bank 82.94 80.94 81.49 -0.63 -0.77 121.20 78.06 -31.1 -19.2 2.7 276.8 7.00 -1.31 8.39 6.75 Closing Arms† 1.19 1.20
e
Sportsman's Warehouse SPWH -15.76
al a
PHLX§ Gold/Silver 141.36 138.81 140.30 1.26 0.91 167.76 91.40 -16.3 16.1 12.6 BigBear.ai BBAI 832.1 2.72 -0.36 -11.69 3.11 2.64 Block trades* 35,400 1,541
PHLX§ Oil Service 83.39 81.70 82.72 0.54 0.66 93.94 56.08 -1.5 -1.4 42.9 Rent the Runway RENT 257.3 2.93 -0.22 -6.98 3.34 2.52 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 3140.72 3049.87 3052.52 -56.90 -1.83 3230.86 2162.32 -2.1 20.6 24.0 Harley-Davidson HOG 66.3 36.25 -1.11 -2.97 37.40 34.20 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.98 18.25 19.09 -0.01 -0.05 34.75 17.87 -12.5 -11.9 -22.9 Valley National Bancorp VLY 95.2 8.25 -0.24 -2.83 8.49 8.25 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

er s
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er
World MSCI ACWI 647.83 –0.52 –0.08 7.0 Guardforce AI GFAI 31.12 14.63 88.72 46.40 3.81 -31.2 VBI Vaccines VBIV 3.27 -1.38 -29.68 50.40 2.97 -93.5
MSCI ACWI ex-USA 302.54 1.36 0.45 7.5 Tessco Technologies TESS 8.79 4.09 87.02 8.79 4.03 43.5 Cutera CUTR 19.44 -7.63 -28.19 70.18 18.47 -71.9
MSCI World 2795.48 –1.59 –0.06 7.4 Bullfrog AI Holdings BFRG 6.13 1.82 42.23 9.50 2.47 ... Brenmiller Energy BNRG 1.83 -0.52 -22.13 17.33 0.86 ...
MSCI Emerging Markets 993.58 –2.67 –0.27 3.9 Freight Technologies FRGT 2.87 0.71 32.87 31.51 1.34 -87.7 ContextLogic WISH 7.95 -1.86 -18.94 63.90 7.86 -87.5
m rp
Americas MSCI AC Americas 1554.23 –5.657 –0.36 6.7 Triton International TRTN 83.34 20.33 32.26 83.52 48.64 35.1 InflaRx IFRX 4.10 -0.88 -17.67 7.25 0.78 120.4
Canada S&P/TSX Comp 20454.32 32.47 0.16 5.5 Rosecliff Acqn I Cl A RCLF 13.60 3.10 29.52 14.85 9.75 38.9 Allakos ALLK 3.60 -0.72 -16.67 8.73 2.54 -35.8
Latin Amer. MSCI EM Latin America 2296.18 30.986 1.37 7.9 Babylon Holdings BBLN 7.37 1.25 20.42 97.25 4.61 -91.4 Eos Energy Enterprises EOSE 2.61 -0.52 -16.61 3.40 0.96 -18.2
Brazil BOVESPA 106889.71 675.95 0.64 –2.6 Pulse Biosciences PLSE 4.86 0.75 18.25 4.90 1.18 30.6 NaaS Technology ADR NAAS 8.93 -1.58 -15.03 22.45 2.75 62.4
Chile S&P IPSA 3178.23 27.43 0.87 0.2 Dragonfly Energy DFLI 3.73 0.55 17.30 28.75 2.54 -62.9 Nouveau Monde Graphite NMG 4.36 -0.67 -13.32 6.99 3.38 -32.1
co Fo
Mexico S&P/BMV IPC 54333.12 –271.51 –0.50 12.1 Cardio Diagnostics Hldgs CDIO 3.00 0.39 14.94 10.25 0.80 -69.7 Mayville Engineering MEC 12.40 -1.90 -13.29 16.66 5.95 45.9
EMEA STOXX Europe 600 462.38 0.59 0.13 8.8 Silo Pharma SILO 2.41 0.31 14.52 12.23 1.71 -78.6 Skillsoft SKIL 1.76 -0.26 -12.87 6.65 1.03 -68.8
Eurozone Euro STOXX 459.00 0.02 0.004 12.0 Scilex Holding SCLX 14.80 1.80 13.85 16.90 2.87 45.5 Cirrus Logic CRUS 89.28 -12.54 -12.32 111.15 61.94 16.3
Belgium Bel-20 3801.69 –15.44 –0.40 2.7 Horizon Acqn II Cl A HZON 11.31 1.26 12.54 11.31 9.86 14.0 AgileThought AGIL 2.59 -0.36 -12.20 5.65 2.58 -47.8
Denmark OMX Copenhagen 20 2020.58 21.59 1.08 10.1 Chart Industries GTLS 126.02 13.62 12.12 242.59 101.44 -29.0 PepGen PEPG 9.72 -1.28 -11.64 20.00 4.32 ...
0.09 14.3 Meihua Intl Medical Techs MHUA 4.84 0.52 12.04 45.49 2.60 -50.4 Cuentas CUEN 4.57 -0.59 -11.43 21.45 1.95 -74.0
France CAC 40 7396.94 6.66
Germany DAX 15703.60 48.43 0.31 12.8
Israel Tel Aviv 1740.41 … Closed –3.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27629.34 103.83 0.38 16.5 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 759.54 –3.78 –0.49 10.2
Norway Oslo Bors All-Share 1381.59 8.81 0.64 1.4 National CineMedia NCMI 366,220 7920.2 0.44 114.60 2.57 0.10 Banyan Acquisition Cl A BYN 3,517 7368 10.41 -0.05 10.45 9.89
ProShares UltraPro QQQ TQQQ 172,729 -4.2 26.13 -2.65 50.84 16.10 Horizon Acqn II Cl A HZON 885 4749 11.31 12.54 11.31 9.86
South Africa FTSE/JSE All-Share 77740.69 –249.85 –0.32 6.4
n-
0.44 Tesla TSLA 149,466 -12.3 180.54 -3.35 364.07 101.81 Fifth Wall Acqn III Cl A FWAC 1,863 2994 10.20 -0.20 10.23 9.70
Spain IBEX 35 9278.70 41.00 12.8
0.13 ProSh UltraPro Shrt QQQ SQQQ 144,611 4.2 31.69 2.62 69.55 29.18 Triton International TRTN 12,389 2674 83.34 32.26 83.52 48.64
Sweden OMX Stockholm 844.97 1.08 8.1
Mullen Automotive MULN 136,569 -44.4 0.11 -4.00 2.53 0.09 Metals Acquisition MTAL 2,739 2588 10.23 0.10 10.30 9.65
Switzerland Swiss Market 11231.99 –33.31 –0.30 4.7
Turkey BIST 100 5146.11 21.86 0.43 –6.6 Bed Bath Beyond BBBY 120,466 40.8 0.28 -10.74 30.00 0.28 Logistics Innovation A LITT 2,236 1943 10.16 0.10 10.97 9.68
no
U.K. FTSE 100 7824.84 39.12 0.50 5.0 American Airlines Group AAL 96,645 305.9 13.00 -9.22 21.42 11.65 Mirum Pharmaceuticals MIRM 5,637 1717 23.51 -5.92 30.55 17.32
U.K. FTSE 250 19002.73 46.68 0.25 0.8 Pear Therapeutics PEAR 88,262 3400.1 0.12 4.32 6.74 0.10 Global Partner II Cl A GPAC 261 1714 10.35 ... 10.85 9.79
Creative Medical Tech CELZ 86,534 3426.9 0.88 80.79 3.12 0.33 ROBO Gl Hlthcr Tech HTEC 183 1678 30.11 -0.64 35.82 25.65
Asia-Pacific MSCI AC Asia Pacific 162.29 0.20 0.12 4.2
SPDR S&P 500 ETF Trust SPY 85,624 -4.8 408.05 -0.41 450.01 348.11 National Instruments NATI 35,267 1634 57.68 9.70 57.99 29.81
Australia S&P/ASX 200 7343.90 34.01 0.47 4.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3327.18 13.61 0.41 7.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20309.86 –175.38 –0.86 2.7
0.39 –0.7
Scan this code
India S&P BSE Sensex 60392.77 235.05
Japan NIKKEI 225 28082.70 159.33 0.57 7.6 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3286.12 –11.70 –0.35 1.1 and track most-active stocks,
South Korea KOSPI 2550.64 2.78 0.11 14.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15932.97 19.09 0.12 12.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1592.67 –4.43 –0.28 –4.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004265 23447 –0.8
CREDIT MARKETS Argentina peso .0047214.2106 21.2 Europe
Brazil real .2033 4.9183 –6.9 Czech Rep. koruna .04710 21.230 –5.9
Canada dollar .7440 1.3442 –0.8 Denmark krone .1475 6.7791 –2.4
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001247 802.04 –5.4 Euro area euro 1.0993 .9097 –2.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000225 4451.84 –8.18 Hungary forint .002936 340.64 –8.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007343 136.19 –3.8
A consumer rate against its New car loan Mexico peso .0553 18.0732 –7.3 Norway krone .0957 10.4449 6.5
benchmark over the past year 5.00% Uruguay peso .02587 38.6550 –3.3 Poland zloty .2363 4.2327 –3.3
Bankrate.com avg†: 6.92% 28% Asia-Pacific Russia ruble .01215 82.311 11.6
t
First Savings Bank of Hegewisch 4.75% 4.00 WSJ Dollar Index Sweden krona .0967 10.3416 –0.9
Australiadollar .6694 1.4939 1.8
Tradeweb ICE 1.1158 .8962
s
7.00% Chicago, IL 773-646-4200 14 Switzerland franc –3.1
China yuan .1455 6.8748 –0.3
Prime rate Wednesday Close 3.00 Turkey lira .0518 19.3147 3.3
t
Colonial Savings, FA 5.49% Hong Kong dollar .1274 7.8500 0.6

t 6.00 One year ago 0 Euro Ukraine hryvnia .0271 36.9500 0.3
.01220 81.965 –0.9
t
India rupee
Garland, TX 972-495-4032 2.00 s UK pound 1.2485 .8010 –3.1
New car loan Indonesia rupiah .0000674 14837 –4.7
5.00 First Command Bank 5.49% 1.00 –14 Japan yen .007510 133.16 1.6 Middle East/Africa
Fort Worth, TX 888-763-7600 s Kazakhstan tenge .002210 452.46 –2.2 Bahrain dinar 2.6524 .3770 –0.01
4.00 Frost Bank 5.49% 0.00 –28 Yen Macau pataca .1236 8.0910 0.5 Egypt pound .0324 30.8995 24.8
Malaysia ringgit .2266 4.4125 0.2 Israel shekel .2725 3.6698 4.1
Houston, TX 800-513-7678 1 3 6 1 2 3 5 7 10 20 30 2022 2023
3.00 New Zealand dollar .6215 1.6090 2.2 Kuwait dinar 3.2650 .3063 0.1
Third Coast Bank, SSB 5.50% month(s) years
M J J A S ON D J FMA Pakistan rupee .00347 287.950 27.0 Oman sul rial 2.5976 .3850 –0.01
Humble, TX 281-446-7000 maturity Philippines peso .0181 55.145 –1.0 Qatar rial .2731 3.662 –0.1
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7531 1.3279 –1.0 Saudi Arabia riyal .2666 3.7512 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007558 1323.08 4.8 South Africa rand .0543 18.4313 8.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031047 322.09 –12.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.75-5.00 4.75-5.00 0.25 l 5.00 4.75 Taiwan dollar .03276 30.529 –0.4
Yield (%) 52-Week Total Return (%) Thailand baht .02928 34.150 –1.4 WSJ Dollar Index 95.66 –0.46–0.48 –0.93
Prime rate* 8.00 8.00 3.50 l 8.00 4.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.25 5.21 1.04 l 5.25 4.03 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2167.210 3.740 3.620 4.560 2.620 –2.030 –4.050
Money market, annual yield 0.49 0.48 0.07 l 0.49 0.17
Five-year CD, annual yield 2.76 2.78 0.49 l 2.79 1.88 U.S. Treasury Long, Bloomberg 3387.570 3.720 3.640 4.570 2.930 –9.400–11.219 Commodities
30-year mortgage, fixed† 6.96 6.75 5.12 l 7.41 3.27 Aggregate, Bloomberg 2022.110 4.320 4.200 5.210 3.190 –2.018 –2.848 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.20 6.03 4.34 l 6.53 2.95 Fixed-Rate MBS, Bloomberg 1999.410 4.450 4.290 5.380 3.300 –2.222 –3.256
Jumbo mortgages, $726,200-plus† 7.04 6.81 5.10 l 7.44 3.28 DJ Commodity 1024.83 5.27 0.52 1251.61 967.84 -15.83 -2.28
High Yield 100, ICE BofA 3260.681 7.768 7.890 8.753 6.109 0.087 4.499 Refinitiv/CC CRB Index 275.73 1.00 0.37 329.59 254.03 -10.53 -0.73
Five-year adj mortgage (ARM)† 5.65 5.66 3.48 l 5.82 2.18
Muni Master, ICE BofA 576.905 2.801 2.869 3.936 2.419 3.008 0.643 Crude oil, $ per barrel 83.26 1.73 2.12 122.11 66.74 -20.13 3.74
New-car loan, 48-month 6.92 6.92 3.98 l 6.92 2.66
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 789.917 7.610 7.579 9.159 6.331 –2.702 0.070 Natural gas, $/MMBtu 2.093 -0.093 -4.25 9.680 1.991 -70.09 -53.23
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 2010.90 6.10 0.30 2022.20 1623.30 1.51 10.51
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, April 12, 2023
Metal & Petroleum Futures July 187.00 189.50 185.80 188.50 .05 63,816 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
May 24.65 24.85 s 23.92 24.05 –.32 213,600 months.
Open High hi lo Low Settle Chg interest
July 23.91 24.14 s 23.18 23.34 –.34 357,762
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
April 4.0105 4.0785 3.9990 4.0845 0.0600 2,830 July 40.01 41.00 s 40.00 41.00 1.50 1,373 Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 10.3250
May 4.0295 4.0880 3.9840 4.0810 0.0615 92,952 March'24 39.01 39.40 s 39.01 39.35 .34 1,825
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.7600
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 94.350 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 9.1350
April 2005.20 2025.70 2005.20 2010.90 6.10 823 May 82.69 83.17 82.04 82.45 –.30 53,075 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.850 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.6000
May 2010.00 2034.10 2007.00 2015.70 5.70 1,958 July 82.82 83.10 82.06 82.39 –.52 64,369 BMI Lithium Carbonate, EXW China, =99.2%-v,w 30875
Metals Food
June 2019.10 2043.90 2015.70 2024.90 5.90 403,271 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. BMI Lithium Hydroxide, EXW China, =56.5% -v,w 44225
Aug 2037.10 2061.90 2034.40 2043.30 6.00 32,312 May 282.40 283.05 274.90 278.10 –6.80 6,250 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6004 Beef,carcass equiv. index
Oct 2056.30 2078.40 2053.60 2061.70 6.30 9,733 July 265.25 266.20 260.85 264.40 –4.35 2,918 Engelhard industrial 2020.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5402 choice 1-3,600-900 lbs.-u 274.11
Dec 2074.10 2096.00 2070.60 2079.70 6.40 23,771 Handy & Harman base 2008.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 745 select 1-3,600-900 lbs.-u 258.63
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman fabricated 2229.10 Broilers, National comp wtd. avg.-u,w 1.3540
April ... ... ... 1452.60 12.30 1 LBMA Gold Price AM *2001.50
Fibers and Textiles Butter,AA Chicago-d 2.3750
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Cheddar cheese,bbl,Chicago-d 158.00
June 1443.50 1468.00 1433.50 1455.90 12.30 11,468
June 142-220 143-240 141-060 142-030 –20.0 1,413,005 LBMA Gold Price PM *2002.70 Burlap,10-oz,40-inch NY yd-n,w 0.7550
Platinum (NYM)-50 troy oz.; $ per troy oz. Krugerrand,wholesale-e 2100.45
Cheddar cheese,blk,Chicago-d 178.25
Sept 143-000 144-020 141-210 142-140 –21.0 20 Cotton,1 1/16 std lw-mdMphs-u 0.8170
... ... ... 1018.00 22.40 8 Maple Leaf-e 2150.70
Milk,Nonfat dry,Chicago lb.-d n.a.
April Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Cotlook 'A' Index-t *96.15 Coffee,Brazilian,Comp-y 1.9769
July 1005.50 1034.00 1004.10 1027.50 22.40 56,692 June 132-130 133-150 131-150 132-050 –7.0 1,179,731 American Eagle-e 2150.70 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.3503
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 132-090 133-160 131-250 132-090 –7.0 92 Mexican peso-e 2593.10 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.2250
April 25.165 25.585 s 25.165 25.404 0.273 25 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1973.20
Grains and Feeds Flour,hard winter KC-p 22.40
May 25.185 25.825 s 25.175 25.458 0.272 85,559 115-145 116-080 115-080 115-225 10.5 4,271,161 Austria phil-e 2110.50
June Hams,17-20 lbs,Mid-US fob-u n.a.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 116-055 117-000 116-015 116-150 11.0 4,132 Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 72.36
May 81.44 83.53 s 81.28 83.26 1.73 212,825 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 25.5000 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u 0.9401
June 81.38 83.38 s 81.21 83.09 1.60 305,667 June 109-280 110-157 109-225 110-037 11.2 4,446,504 Handy & Harman base 25.2100 Corn,No. 2 yellow,Cent IL-bp,u 6.5500 Pork loins,13-19 lb MidUS-u 0.9306
July 81.00 82.91 s 80.87 82.65 1.51 260,226 Sept 110-100 110-312 110-082 110-207 11.5 62 Handy & Harman fabricated 31.5130 Corn gluten feed,Midwest-u,w 199.2 Steers,Tex.-Okla. Choice-u n.a.
Sept 79.73 81.44 79.61 81.21 1.33 159,694 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA spot price *£20.1200 Corn gluten meal,Midwest-u,w 620.1 Steers,feeder,Okla. City-u,w 236.50
Dec 77.59 79.13 77.45 78.95 1.22 208,526 June 103-095 103-188 103-057 103-127 5.1 2,531,928 (U.S.$ equivalent) *25.0550 Cottonseed meal-u,w 368
Dec'24 71.58 72.89 71.43 72.76 1.11 87,828 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Coins,wholesale $1,000 face-a 22685 Hominy feed,Cent IL-u,w 212 Fats and Oils
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 95.1725 95.1750 95.1725 95.1725 ... 464,888 Other metals Meat-bonemeal,50% pro Mnpls-u,w 443 Degummed corn oil, crude wtd. avg.-u,w n.a.
May 2.6679 2.7234 2.6489 2.7031 .0349 70,306 May 95.0100 95.0350 94.9950 95.0100 ... 339,235 LBMA Platinum Price PM *1001.0 Oats,No.2 milling,Mnpls-u 3.6575 Grease,choice white,Chicago-h 0.4850
June 2.6212 2.6746 2.6067 2.6600 .0370 60,692 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Platinum,Engelhard industrial 1025.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.50 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 99-135 99-170 98-175 98-255 .5 9,193 Palladium,Engelhard industrial 1460.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.5774
May 2.8525 2.8943 s 2.8152 2.8727 .0075 100,434 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2268.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 476.00 Tallow,bleach;Chicago-h 0.5100
June 2.7905 2.8286 s 2.7569 2.8144 .0134 78,757 Jan 95.3850 95.3875 s 95.3850 95.3875 .0000 30,466 Copper,Comex spot 4.0845 Soybeans,No.1 yllw IL-bp,u 14.9700 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 95.0300 95.1050 94.9600 95.0550 .0300 1,628,365
May 2.221 2.229 2.069 2.093 –.093 279,636 Eurodollar (CME)-$1,000,000; pts of 100% KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
June 2.373 2.384 2.241 2.267 –.084 118,782 April 94.7525 94.7850 94.7400 94.7525 … 143,488 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
June 94.6950 94.7800 94.6350 94.7250 .0400 575,676 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/11
July 2.590 2.600 t 2.458 2.489 –.082 191,566
Sept 95.0650 95.1800 95.0000 95.1150 .0700 596,180 Source: Dow Jones Market Data
Sept 2.625 2.630 t 2.504 2.526 –.080 116,732
Dec 95.4350 95.5700 95.3550 95.4800 .0750 549,233
Oct 2.710 2.721 t 2.589 2.619 –.075 106,758
Jan'24 3.775 3.796 t 3.686 3.713 –.062 77,905
Currency Futures Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Japanese Yen (CME)-¥12,500,000; $ per 100¥
Corn (CBT)-5,000 bu.; cents per bu.
April
June
.7486
.7555
.7539
.7610
.7466
.7535
.7514
.7584
.0032 637
.0032 168,606
Tracking Bond Benchmarks
May 651.00 658.50 648.75 656.00 5.00 342,892 Canadian Dollar (CME)-CAD 100,000; $ per CAD
July 626.00 630.50 624.25 627.75 … 432,150 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
April .7432 .7448 .7415 .7446 .0020 405
Oats (CBT)-5,000 bu.; cents per bu. June .7434 .7456 .7422 .7454 .0020 160,199 highs and lows for different types of bonds
May 340.00 340.00 334.50 335.75 –4.50 2,229 British Pound (CME)-£62,500; $ per £ Total Total
July 336.75 336.75 331.25 331.75 –4.00 1,546 April 1.2446 1.2496 1.2402 1.2490 .0067 2,478 return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.2448 1.2515 1.2418 1.2507 .0067 212,273 close return (%) Index Latest Low High close return (%) Index Latest Low High
May 1497.50 1510.50 1491.00 1504.25 7.00 208,077 Swiss Franc (CME)-CHF 125,000; $ per CHF
July 1471.25 1477.50 1465.00 1472.25 1.00 230,652 June 1.1157 1.1267 s 1.1153 1.1249 .0093 37,841 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybean Meal (CBT)-100 tons; $ per ton. Sept 1.1257 1.1366 s 1.1254 1.1352 .0093 370 3.2
458.10 463.20 455.30 460.20 2.40 108,611 2022.11 3.6 U.S. Aggregate 4.320 3.190 5.210 1999.41 Mortgage-Backed 4.450 3.300 5.380
May Australian Dollar (CME)-AUD 100,000; $ per AUD
July 455.00 460.00 452.20 457.40 2.40 149,452 April .6650 .6724 .6645 .6700 .0047 495 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1967.63 3.2 Ginnie Mae (GNMA) 4.510 3.310 5.370
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .6672 .6742 .6667 .6717 .0046 157,971
May 54.89 54.89 53.50 54.00 –.89 112,711 Mexican Peso (CME)-MXN 500,000; $ per MXN 2991.31 4.1 U.S. Corporate 5.080 3.930 6.130 1177.47 3.2 Fannie mae (FNMA) 4.440 3.300 5.390
.
July 55.00 55.00 53.69 54.16 –.85 151,654 April ... ... ... .05519 .00024 20
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2871.32 3.1 Intermediate 5.000 3.630 6.050 1800.07 3.0 Freddie Mac (FHLMC) 4.420 3.300 5.370
ly
June .05429 .05477 .05421 .05455 .00026 259,358
May 17.04 17.60 17.03 17.55 .60 3,629 Euro (CME)-€125,000; $ per € 6.2 Long term 576.91 3.7 Muni Master 2.801 2.419 3.936
Sept 15.18 15.44 15.18 15.15 .05 2,955 April 1.0919 1.1003 1.0912 1.0998 .0087 1,670
4035.46 5.250 4.470 6.370
Wheat (CBT)-5,000 bu.; cents per bu. June 1.0956 1.1043 1.0954 1.1037 .0087 747,073 584.91 4.6 Double-A-rated 4.410 3.440 5.320 413.79 3.9 7-12 year 2.404 2.325 3.794
May 673.00 683.75 673.00 679.50 5.50 144,037
Index Futures 794.76 4.2 Triple-B-rated 5.360 4.200 6.440 463.38 4.7 12-22 year 3.299 2.905 4.428
July
May
July
683.25
868.75
848.50
692.00
Wheat (KC)-5,000 bu.; cents per bu.
881.75
862.75
682.75
861.00
843.75
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
687.00
863.50
846.25
3.00 145,362
–4.75
–3.75
53,810
67,924
June
Sept
on
Mini DJ Industrial Average (CBT)-$5 x index
33881
34125
Mini S&P 500 (CME)-$50 x index
34119
34369
33760
34025
33813
34067
–39
–47
89,779
475
High Yield Bonds ICE BofA
482.99
443.85
4.2 High Yield Constrained 8.467 6.508 9.623
5.6 Triple-C-rated 15.045 10.422 16.916
437.13
Global Government J.P. Morgan†
536.79
6.0 22-plus year
2.9
4.020 3.423 5.131
Global Government 2.830 1.840 3.250

April 201.850 203.500 s 201.625 202.225 .125 4,608
June 4137.50 4177.75 4113.50 4119.00 –17.50 2,229,978
us ,
May 207.675 209.400 s 207.675 208.575 .750 21,564

Sept 4173.25 4213.25 4149.75 4155.25 –18.00 12,989 3260.68 4.7 High Yield 100 7.768 6.109 8.753 786.78 3.0 Canada 3.060 2.570 3.780
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
l
April 172.325 174.325 s 172.300 174.275 1.975 12,880 June 2516.00 2542.50 2498.00 2500.30 –14.80 39,425 420.41 3.6 Global High Yield Constrained 8.610 6.617 9.945 339.55 2.0 EMU§ 3.158 1.405 3.490
e
June 163.925 165.050 s 163.700 164.850 .900 146,408
al a
Sept ... ... ... 2517.20 –13.60 ...

Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index 317.97 2.9 Europe High Yield Constrained 7.411 4.687 8.508 630.00 1.7 France 3.000 1.280 3.310
April 72.975 73.150 72.025 72.300 –.750 19,832 June 13073.75 13241.75 12937.75 12952.25 –122.50 233,981
June 87.825 89.125 87.125 87.550 –.300 95,346
U.S Agency Bloomberg Fixed Income Indices 450.44 1.6 Germany 2.410 0.710 2.760
Sept 13226.75 13380.00 13080.50 13092.25 –125.25 3,166
ci on
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index 1733.85 2.5 U.S Agency 4.260 2.640 5.080 282.96 1.9 Japan 0.830 0.530 1.060
May 386.10 389.80 384.10 387.50 2.30 2,093 June 1798.20 1822.00 1782.70 1784.90 –13.40 488,007
Milk (CME)-200,000 lbs., cents per lb. Sept 1835.00 1836.50 1799.30 1800.60 –13.60 3,134 1531.31 2.2 10-20 years 4.250 2.580 5.100 486.69 1.5 Netherlands 2.700 0.930 3.000
April 18.65 18.75 18.56 18.66 .04 3,931 Mini Russell 1000 (CME)-$50 x index
May 17.91 18.40 17.91 18.24 .33 5,019 June 2276.80 2279.80 2253.20 2255.20 –10.40 7,678
3396.04 6.4 20-plus years 4.400 3.410 5.240 799.36 2.1 U.K. 3.710 1.820 4.690
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 2626.20 3.6 Yankee 4.830 3.580 5.840 789.92 2.8 Emerging Markets ** 7.610 6.331 9.159
May 2,978 2,998 s 2,941 2,954 –31 45,450 June 101.80 101.84 101.12 101.17 –.71 32,481
er s
July 2,892 2,910 2,860 2,866 –37 143,160 Sept 101.54 101.54 100.93 100.92 –.71 590 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Coffee (ICE-US)-37,500 lbs.; cents per lb. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 188.90 191.35 187.60 190.25 –.25 41,232 Source: FactSet
m er
Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
m rp
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Inventories, imports and demand for the week ended April 7. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 3.875 U.S. 2 3.970 t l 4.056 4.586 2.387
and demand data are available monthly only. 3.500 10 3.419 t l 3.433 3.694 2.724
3.250 Australia 2 2.932 s l 2.898 3.378 2.186 -105.1 -112.7 -22.7
Inventories, 000s barrels Imports, 000s barrels per day
1.750 10 3.256 s l 3.233 3.595 3.087 -16.6 -19.5 31.0
co Fo
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 2.926 s l 2.834 3.189 0.141 -105.7 -119.1 -227.3
2.000 10 2.875 s l 2.815 3.003 1.296 -54.8 -61.3 -148.1
Crude oil and
petroleum prod 1,234,656 ... 1,226 1,151 1,237 1,243 8,468 ... 9,058 7,951 8,344 8,507 2.500 Germany 2 2.801 s l 2.708 3.087 0.077 -118.2 -131.7 -233.6
Crude oil 2.300 10 2.366 s l 2.313 2.504 0.791 -105.6 -111.5 -198.6
excluding SPR 470,549 -600 470 422 474 463 6,193 ... 7,144 5,995 6,209 6,359
2.500 Italy 2 3.312 s l 3.251 3.571 0.467 -67.1 -77.4 -194.7
Gasoline 222,245 ... 223 233 225 239 813 ... 713 439 718 777
Finished gasoline 15,617 -1,700 14 16 15 21 149 ... 80 76 108 151 4.400 10 4.211 s l 4.157 4.317 2.411 78.9 72.9 -36.7
Reformulated 22 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 -0.043 s l -0.047 -0.034 -0.081 -402.6 -407.1 -249.5
Conventional 15,595 ... 14 16 15 21 149 ... 80 76 108 151 0.500 10 0.466 s l 0.454 0.393 0.244 -295.7 -297.4 -253.3
Blend. components 206,628 ... 209 217 210 217 664 ... 633 363 610 626
0.000 Spain 2 3.042 s l 2.970 3.260 0.444 -94.1 -105.4 -196.9
Natural gas (bcf) 1,830 ... 2 1 2 2 ... ... ... ... ...
3.150 10 3.413 s l 3.361 3.495 1.795 -1.0 -6.7 -98.3
Kerosene-type
0.625 U.K. 2 3.503 s l 3.483 3.637 1.510 -48.0 -54.1 -90.3
n-
jet fuel 38,977 ... 38 35 38 39 137 ... 134 72 138 139

Distillates 112,445 -500 113 111 115 128 233 ... 115 154 179 148 4.250 10 3.564 s l 3.542 3.639 1.804 14.1 11.4 -97.3
Heating oil 7,331 ... 6 7 7 10 0 ... 2 0 1 1 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 105,115 ... 107 104 108 59 233 ... 114 154 178 147
Residual fuel oil 30,810 ... 29 28 30 32 90 ... 106 358 109 213
Corporate Debt
no
Other oils 278,326 ... 272 262 272 276 897 ... 724 817 863 746
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,604,231 ... 1,597 1,712 1,608 1,871 -203 ... -2,111 -1,036 -2,258 -134
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg MassMutual Global Funding II MASSMU 4.150 4.88 Aug. 26, ’25 87 –8 n.a.
National Australia Bank NAB 2.990 5.91 May 21, ’31 249 –7 n.a.
Total petroleum Dow DOW 7.375 4.71 Nov. 1, ’29 123 –6 138
4250
product 19,055 ... 20,599 18,771 20,039 18,268 Coca–Cola KO 2.125 3.87 Sept. 6, ’29 40 –6 37
Five-year average
t
Finished for each week 3250 ArcelorMittal MTNA 4.550 4.98 March 11, ’26 130 –6 146
motor gasoline 8,936 ... 9,295 8,736 9,084 8,355 Spirit Airlines SAVE 4.100 6.11 April 1, ’28 263 –6 n.a.
Kerosene-type 2250 Barrick International ABXCN 6.350 5.37 Oct. 15, ’36 198 –5 208
t
Amphenol APH 4.750 4.49 March 30, ’26 78 –5 81
jet fuel 1,524 ... 1,693 1,603 1,567 1,337 Natural gas, 1250
Distillates 3,763 ... 4,240 3,484 3,923 3,670 lower 48 states …And spreads that widened the most
Residual fuel oil 87 ... 335 534 157 229 250 John Deere Capital … 4.150 4.25 Sept. 15, ’27 74 12 68
Propane/propylene 975 ... 1,301 829 1,100 ... A M J J A S O N D J F M DCP Midstream DCP 6.750 5.91 Sept. 15, ’37 249 10 n.a.
Other oils 3,770 ... 3,736 3,586 4,209 ... 2022 2023 Walt Disney DIS 3.800 4.28 March 22, ’30 87 8 94
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Procter & Gamble PG 1.200 3.94 Oct. 29, ’30 51 8 48
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
CVS Health CVS 6.250 4.54 June 1, ’27 107 7 115
Medtronic MDT 4.375 4.53 March 15, ’35 107 7 n.a.
Exchange-Traded Portfolios | WSJ.com/ETFresearch Sumitomo Mitsui Financial SUMIBK 5.520 5.00 Jan. 13, ’28 152 7 148
Closing Chg YTD Credit Suisse CS 5.000 6.22 July 9, ’27 272 6 290
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Closing Chg YTD SPDR S&P Div SDY 123.50 –0.49 –1.3 High-yield issues with the biggest price increases…
Wednesday, April 12, 2023 TechSelectSector XLK 146.75 –0.57 17.9 Bond Price as % of face value
ETF Symbol Price (%) (%)
Closing Chg YTD UtilitiesSelSector XLU 69.66 –0.10 –1.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 50.56 0.10 1.5 VanEckGoldMin GDX 34.92 0.98 21.8
CnsmrDiscSelSector XLY 143.54 –1.55 11.1 iSh1-3YTreaBd SHY 82.14 0.11 1.2 VangdInfoTech VGT 374.58 –0.60 17.3 QVC QVCN 4.850 16.80 April 1, ’24 89.750 2.00 85.750
iShRussMC IWR 69.33 –0.46 2.8 VangdSC Val VBR 156.88 –0.73 –1.2
CnsStapleSelSector XLP 75.24 –0.45 0.9
224.15 –0.40 6.5
Global Marine GLBMRN 7.000 12.34 June 1, ’28 80.125 1.13 78.250
DimenUSCoreEq2 DFAC 25.35 –0.39 4.4 iShRuss1000 IWB VangdExtMkt VXF 137.61 –0.74 3.6
EnSelSectorSPDR XLE 86.53 0.07 –1.1 iShRuss1000Grw IWF 240.74 –0.58 12.4 VangdDivApp VIG 154.63 –0.26 1.8 Occidental Petroleum OXY 7.200 6.02 April 1, ’28 105.000 1.00 n.a.
iShRuss1000Val IWD 153.22 –0.29 1.0 VangdFTSEAWxUS VEU 54.06 0.30 7.8
FinSelSectorSPDR XLF 32.27 –0.22 –5.6
iShRussell2000 IWM 175.84 –0.73 0.8 VangdFTSEDevMk VEA 45.83 0.57 9.2 Bath & Body Works BBWI 5.250 6.00 Feb. 1, ’28 96.920 0.92 95.700
HealthCareSelSect XLV 133.92 0.03 –1.4
iShS&P500Grw IVW 63.72 –0.39 8.9 VangdFTSE EM VWO 40.39 –0.76 3.6
IndSelSectorSPDR XLI 99.58 0.33 1.4 Ford Motor F 7.450 6.41 July 16, ’31 106.591 0.84 105.750
iShS&P500Value IVE 151.11 –0.41 4.2 VangdFTSE Europe VGK 62.30 0.79 12.4
InvscQQQI QQQ 313.04 –0.88 17.6
InvscS&P500EW RSP 144.20 –0.48 2.1
iShSelectDiv DVY 118.55 –0.48 –1.7 VangdGrowth VUG 244.59 –0.61 14.8 Liberty Interactive LINTA 8.500 41.09 July 15, ’29 28.250 0.75 n.a.
iSh7-10YTreaBd IEF 99.74 0.29 4.1 VangdHlthCr VHT 245.80 –0.07 –0.9
iShCoreDivGrowth DGRO 50.32 –0.18 0.6
iShShortTreaBd SHV 110.22 0.01 0.3 VangdHiDiv VYM 106.49 –0.27 –1.6
Telecom Italia Capital TITIM 6.000 7.62 Sept. 30, ’34 87.770 0.52 86.250
iShCoreMSCIEAFE IEFA 67.80 0.67 10.0
iShCoreMSCIEM IEMG 48.89 –0.63 4.7
iShTIPSBondETF TIP 110.59 0.04 3.9 VangdIntermBd BIV 77.00 0.18 3.6 Venture Global Calcasieu Pass VENTGL 4.125 5.77 Aug. 15, ’31 89.250 0.50 88.650
iSh20+YTreaBd TLT 106.89 –0.10 7.4 VangdIntrCorpBd VCIT 80.32 0.07 3.6
iShCoreMSCITotInt IXUS 62.61 0.22 8.2 23.46 3.3
0.15
iShCoreS&P500 IVV 409.93 –0.37 6.7
iShUSTreasuryBd
JPMEquityPrem
GOVT
JEPI 54.67 0.13 0.3
VangdLC
VangdMC
VV
VO
186.15
209.24
–0.37
–0.44
6.9
2.7
…And with the biggest price decreases
iShCoreS&P MC IJH 247.62 –0.57 2.4 JPM UltShIncm JPST 50.24 0.04 0.2 VangdMC Val VOE 134.12 –0.43 –0.8
iShCoreS&P SC IJR 95.24 –0.82 0.6 WeWork WEWORK 7.875 63.25 May 1, ’25 40.776 –2.23 51.750
ProShUltPrQQQ TQQQ 26.13 –2.65 51.0 VangdMBS VMBS 46.80 0.36 2.8
iShCoreS&PTotUS ITOT 90.01 –0.45 6.1 SPDRBbg1-3MTB BIL 91.58 0.02 0.1 VangdRealEst VNQ 82.72 –0.48 0.3 United Airlines Holdings UAL 4.875 6.70 Jan. 15, ’25 97.018 –0.56 97.083
iShCoreTotalUSDBd IUSB 46.23 0.11 2.9 SPDR DJIA Tr DIA 336.61 –0.09 1.6 VangdS&P500ETF VOO 374.91 –0.40 6.7
iShCoreUSAggBd AGG 99.93 0.12 3.0 SPDR Gold GLD 187.19 0.49 10.3 VangdST Bond BSV 76.59 0.22 1.7 Dish DBS … 5.875 16.64 Nov. 15, ’24 85.500 –0.50 86.750
iShESGAwareUSA ESGU 89.88 –0.42 6.1 –0.43 75.000
SPDRPtfDevxUS SPDW 32.57 0.62 9.7 VangdSTCpBd VCSH 76.27 0.12 1.4 Bausch Health BHCCN 11.000 17.74 Sept. 30, ’28 77.000
iShEdgeMSCIMinUSA USMV 73.67 0.04 2.2 SPDRS&P500Value SPYV 40.55 –0.42 4.3 VangdShtTmInfltn VTIP 47.81 –0.08 2.4
iShEdgeMSCIUSAQual QUAL 123.70 –0.51 8.5 SPDRPtfS&P500 SPLG 47.99 –0.35 6.7 VangdShortTrea VGSH 58.50 0.12 1.2 Sprint Capital … 6.875 5.13 Nov. 15, ’28 108.375 –0.39 108.600
iShGoldTr IAU 38.19 0.53 10.4 SPDRS&P500Growth SPYG 55.21 –0.40 9.0 VangdSC VB 187.21 –0.67 2.0
iShiBoxx$InvGrCpBd LQD 109.56 –0.21 3.9 SPDR S&P 500 SPY 408.05 –0.41 6.7 VangdTaxExemptBd VTEB 51.06 0.27 3.2
Occidental Petroleum OXY 6.450 5.67 Sept. 15, ’36 107.245 –0.26 106.299
iShJPMUSDEmBd EMB 85.98 0.29 1.6 SchwabIntEquity SCHF 35.37 0.60 9.8 VangdTotalBd BND 74.05 0.11 3.1 Telecom Italia Capital TITIM 7.200 8.27 July 18, ’36 91.500 –0.25 91.500
iShMBS MBB 95.12 0.23 2.6 SchwabUS BrdMkt SCHB 47.57 –0.46 6.2 VangdTotIntlBd BNDX 48.78 0.02 2.8
iShMSCIACWI ACWI 91.35 –0.16 7.6 SchwabUS Div SCHD 73.23 –0.42 –3.1 VangdTotIntlStk VXUS 55.82 0.27 7.9 Howmet Aerospace HWM 5.900 5.31 Feb. 1, ’27 101.990 –0.14 102.250
iShMSCI EAFE EFA 72.59 0.64 10.6 SchwabUS LC SCHX 48.15 –0.41 6.6 VangdTotalStk VTI 203.01 –0.42 6.2
iSh MSCI EM EEM 39.39 –0.71 3.9 SchwabUS LC Grw SCHG 64.20 –0.56 15.6 VangdTotWrldStk VT 92.18 –0.14 6.9 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCIEAFEValue EFV 49.65 0.69 8.2 SchwabUS SC SCHA 41.30 –0.63 2.0 VangdValue VTV 139.78 –0.16 –0.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 108.58 0.25 2.9 SPDR S&PMdCpTr MDY 453.66 –0.57 2.5 WisdTrFRTrea USFR 50.35 0.02 0.2 Source: MarketAxess
THE WALL STREET JOURNAL. * Thursday, April 13, 2023 | B9
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Garmin GRMN 98.28 -0.31 s LibertyBraves C BATRK 35.06 -0.27 PenskeAuto PAG 140.00 -1.59 T.RowePrice TROW 110.41 -2.50 UBS Group UBS 21.27 0.32 W.P.Carey WPC 72.69 -1.00
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Gartner IT 320.25 4.04 LibertySirius C LSXMK 29.12 -0.06 Pentair PNR 53.17 -0.27 TaiwanSemi TSM 86.87 -2.37 UDR UDR 40.41 -0.34 WPP WPP 58.50 0.71
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four GenDigital GEN 17.61 -0.16 LibertySirius A LSXMA 29.23 -0.07 s Penumbra PEN 277.28 -9.37 TakeTwoSoftware TTWO 119.68 -0.71 UGI UGI 35.03 -0.31 Wabtec WAB 99.62 0.14
that include primary market trades as well as quarters. Generac GNRC 100.14 -1.32 LifeStorage LSI 144.55 -0.87 PepsiCo PEP 182.56 -0.36 TakedaPharm TAK 16.62 0.08 U-Haul UHAL 61.01 0.16 WalgreensBoots WBA 35.69 -0.62
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. GeneralDynamics GD 229.24 0.97 EliLilly LLY 369.05 5.01 PerformanceFood PFGC 60.75 -0.66 Tapestry TPR 41.29 0.45 U-Haul N UHAL/B 53.72 0.63 Walmart WMT 149.34 -0.73
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing GeneralElec GE 94.10 0.19 LincolnElectric LECO 160.21 -0.17 PerkinElmer PKI 134.34 0.15 TargaResources TRGP 76.12 -0.20 US Foods USFD 37.20 -0.32 WarnerBrosA WBD 14.06 -0.87
Nasdaq ISE. standards GeneralMills GIS 87.01 -0.05 s Linde LIN 359.35 1.10 PetroleoBrasil PBR 11.75 0.18 Target TGT 163.51 -6.07 UWM UWMC 5.25 0.05 WarnerMusic WMG 31.66 -0.32
The list comprises the 1,000 largest companies lf-Late filing GeneralMotors GM 34.62 -0.79 Littelfuse LFUS 254.99 -2.51 PetroleoBrasilA PBR.A 10.48 0.21 TeckResourcesB TECK 43.00 -0.30 Uber UBER 30.59 -0.53 WasteConnections WCN 142.42 2.39
based on market capitalization. q-Temporary exemption from Nasdaq Genmab GMAB 39.12 0.12 LiveNationEnt LYV 69.90 -0.28 Pfizer PFE 41.37 -0.42 TeledyneTech TDY 439.37 1.62 Ubiquiti UI 261.23 -2.85 WasteMgt WM 165.50 2.36
Underlined quotations are those stocks with requirements. Genpact G 45.11 -0.01 LloydsBanking LYG 2.44 0.01 PhilipMorris PM 98.79 0.15 Teleflex TFX 261.55 -4.95 UiPath PATH 16.17 -0.35 Waters WAT 303.27 1.09
large changes in volume compared with the t-NYSE bankruptcy Gentex GNTX 27.45 -0.15 LockheedMartin LMT 488.10 0.26 Phillips66 PSX 106.03 -0.43 Ericsson ERIC 5.80 -0.03 UltaBeauty ULTA 523.13 -3.62 Watsco WSO 313.51 2.93
issue’s average trading volume. v-Trading halted on primary market. GenuineParts GPC 166.62 1.25 Loews L 56.59 -0.29 PinnacleWest PNW 79.83 -0.22 TelefonicaBras VIV 8.14 0.17 Unilever UL 53.43 0.11 WebsterFin WBS 37.03 -0.43
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Gerdau GGB 5.17 0.04 LogitechIntl LOGI 57.03 0.35 Pinterest PINS 27.74 -0.45 Telefonica TEF 4.46 0.04 UnionPacific UNP 198.73 -0.17 WellsFargo WFC 39.19 -0.18
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GileadSciences GILD 82.16 -0.38 Lowe's LOW 199.77 -1.57 PioneerNatRscs PXD 225.10 4.71 TelekmIndonesia TLK 28.90 0.05 UnitedAirlines UAL 41.44 -2.88 Welltower WELL 74.63 0.29
previous closing price was $2 or higher. or securities assumed by such companies. GlobalPayments GPN 105.21 -0.65 Lucid LCID 8.13 -0.33 PlainsAllAmPipe PAA 13.03 0.03 TempurSealy TPX 37.62 -0.79 UnitedMicro UMC 8.33 -0.08 WescoIntl WCC 136.94 0.54
GlobalFoundries GFS 66.06 -1.64 lululemon LULU 363.54 -2.27 PlainsGP PAGP 13.63 -0.05 Tenaris TS 29.18 0.14 UPS B UPS 189.85 -2.60 WestPharmSvcs WST 358.77 3.96
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Globant GLOB 157.40 0.41 LyondellBasell LYB 97.21 1.75 PlanetFitness PLNT 76.74 -2.39 TencentMusic TME 7.39 -0.17 UnitedRentals URI 376.07 5.52 WesternDigital WDC 38.00 -0.37
changes in the closing prices from 4 p.m. the previous day. GlobeLife GL 107.33 -0.04 Polaris PII 106.81 -3.26 TenetHealthcare THC 62.82 0.66 US Bancorp USB 35.40 -0.13 WesternMidstrm WES 27.15 0.19
GoDaddy GDDY 76.15 -0.57 M N PolestarAuto PSNY 3.77 -0.07 Teradyne TER 101.48 -0.80 UnitedTherap UTHR 225.80 -0.50 Westlake WLK 117.55 1.67
Wednesday, April 12, 2023 Net Net GoldFields GFI 14.88 0.16 Pool POOL 333.90 -11.92 Tesla TSLA 180.54 -6.25 UnitedHealth UNH 521.19 0.22 WestRock WRK 30.18 -0.32
GoldmanSachs GS 330.24 2.87 M&T Bank MTB 116.34 -1.85 Primerica PRI 172.35 0.21 TetraTech
Stock Sym Close Chg Stock Sym Close Chg TTEK 143.02 1.79 UnitySoftware U 28.91 -1.89 Weyerhaeuser WY 30.58 -0.29
Net Grab GRAB 2.99 0.01 MGM Resorts MGM 42.98 -0.38 PrincipalFinl PFG 75.33 -0.23
TevaPharm TEVA 9.36 -0.11 UnivDisplay OLED 148.70 -2.58 WheatonPrecMet WPM 50.77 1.22
Stock Sym Close Chg Graco GGG 70.66 0.39 MPLX MPLX 34.65 0.02 ProcoreTech PCOR 52.76 -2.71
TexasInstruments TXN 177.55 -2.32 UniversalHealthB UHS 134.08 1.53 Whirlpool WHR 133.95 -0.07
Bilibili BILI 20.29 -1.45 Curtiss-Wright CW 177.08 0.91 MSCI MSCI 530.83 1.16 Procter&Gamble PG 151.07 0.41
Bio-Techne TECH 81.22 3.42 Grainger GWW 655.38 6.98 TexasPacLand TPL 1735.90 -68.28 UnumGroup UNM 39.86 0.20 Williams WMB 30.33 0.16
A B C Bio-RadLab A BIO 476.83 4.82 D E F GraphicPkg GPK 24.84 -0.40
s MagellanMid MMP 55.40 0.34 Progressive PGR 148.15 -0.47 s
TexasRoadhouse TXRH 111.04 -1.45 VF VFC 21.57 -0.60 Williams-Sonoma WSM 117.98 -1.52
GpoAeroportuar PAC 193.58 0.43 MagnaIntl MGA 53.68 0.14 Prologis PLD 122.81 0.14 Textron
ABB ABB 34.45 0.58 Biogen BIIB 285.79 2.10
DCP Midstream DCP 41.89 0.05 ManhattanAssoc MANH 153.01 0.22 PrudentialFin PRU 84.84 -0.57
TXT 67.67 -0.65 VICI Prop VICI 32.80 -0.06 WillisTowers WTW 237.20 0.36
BioMarinPharm BMRN 97.96 0.12 GpoAeroportSur ASR 304.00 -3.71 ThermoFisher TMO 579.35 2.97 VailResorts MTN 237.24 -5.80 WillScotMobile WSC 41.39 0.74
ADT ADT 6.80 -0.12 DTE Energy DTE 113.72 -0.19 Guidewire GWRE 77.28 -0.13 ManulifeFinl MFC 18.93 0.06 Prudential
AECOM ACM 82.21 0.44 BioNTech BNTX 125.81 -0.53
Danaher DHR 249.97 0.09
PUK 28.67 0.23 ThomsonReuters TRI 130.21 1.20 Vale
MarathonOil MRO 25.62 -0.49 PublicServiceEnt PEG 63.59 -0.06 VALE 16.24 -0.18 Wipro WIT 4.50 -0.06
BlackKnight BKI 55.38 -1.41 HCA Healthcare HCA 272.38 0.79 3M MMM 104.37 -0.19 ValeroEnergy VLO 133.72 -2.99 Wolfspeed WOLF 56.13 -2.58
AES AES 25.31 -0.04 Darden DRI 151.74 -1.74 HDFC Bank HDB 69.76 1.16 MarathonPetrol MPC 130.22 -1.97 PublicStorage PSA 313.15 -0.90
BlackRock BLK 665.97 -3.71 Toast TOST 17.75 0.09 ValmontInds VMI 299.64 2.31 WoodsideEnergy WDS 22.90 -0.08
Aflac AFL 65.98 0.27 DarlingIngred DAR 59.02 -0.47 HF Sinclair DINO 46.34 -1.62 Markel MKL 1327.80 11.04 PulteGroup PHM 59.75 -0.01
Blackstone BX 82.61 -0.79 Toll Bros TOL 59.47 -0.03 VeevaSystems VEEV 176.66 -0.24 Workday WDAY 191.74 -4.24
AGCO AGCO 124.78 0.93 Datadog DDOG 66.84 1.99 MarketAxess MKTX 337.59 -0.78 PureStorage PSTG 25.75 -0.44
AMC Ent AMC 5.34 -0.09 Block SQ 62.74 -3.68
DaVita DVA 83.29 -1.43
HP HPQ 29.66 -0.28
Marriott MAR 161.47 -2.41 Qiagen
TopBuild BLD 199.08 0.75 Ventas VTR 44.29 -0.05 s WW Ent WWE 102.78 -0.09
BlueOwlCapital OWL 10.71 -0.26 HSBC HSBC 35.09 0.10 QGEN 46.20 -0.02 Toro TTC 104.16 0.49 VeriSign VRSN 212.60 -1.09 WynnResorts WYNN 106.06 -1.92
Ansys ANSS 316.49 -4.92 s DeckersOutdoor DECK 457.77 0.54 H World HTHT 47.54 Marsh&McLen MMC 170.08 0.88 Qorvo
Boeing BA 212.34 0.02 -2.03 QRVO 93.52 -1.58 TorontoDomBk TD 59.89 -0.55 VeriskAnalytics VRSK 192.17 0.72 XP XP 12.92 0.62
APA APA 39.64 -0.28 Deere DE 384.39 3.56 Haleon HLN 8.83 0.06 MartinMarietta MLM 346.06 -0.14 Qualcomm
BookingHldgs BKNG 2547.25 -19.22 QCOM 120.27 -3.30 TotalEnergies TTE 64.06 0.40 Verizon VZ 39.20 -0.25 XcelEnergy XEL 71.04 ...
ASE Tech ASX 7.52 -0.11 DellTechC DELL 41.87 0.27 Halliburton HAL 33.59 -0.14 MarvellTech MRVL 39.53 -0.56 QualtricsIntl XM 17.97 0.05
ASML ASML 654.66 -5.11 BoozAllen BAH 96.62 0.40 ToyotaMotor TM 136.44 -1.15 s VertexPharm VRTX 326.37 1.54 XPeng XPEV 9.91 -0.58
DeltaAir DAL 33.74 -0.84 HartfordFinl HIG 70.84 0.25 Masco MAS 48.39 -0.10
BorgWarner BWA 48.07 0.37 QuantaServices PWR 165.00 1.27 TractorSupply TSCO 232.64 -7.36 Viatris VTRS 9.82 -0.09 Xylem XYL 103.49 0.76
AT&T T 19.77 0.08 DentsplySirona XRAY 40.51 -0.26 Hasbro HAS 51.30 -1.11
s Masimo MASI 191.16 2.09
BostonProps BXP 51.58 -2.43 QuestDiag DGX 142.47 -1.41 TradeDesk TTD 60.02 -1.49 Vipshop VIPS 14.49 -0.46 YPF YPF 12.54 0.13
AbbottLabs ABT 102.56 -0.73 DescartesSystems DSGX 80.40 0.10 HealthcareRealty HR 19.76 -0.38 MasTec MTZ 90.47 0.06
s BostonSci BSX 51.11 0.38 Tradeweb TW 70.72 -0.07 Visa V 227.81 -0.64 Yum!Brands YUM 131.98 0.41
AbbVie ABBV 162.36 0.98
AcadiaHealthcare ACHC 74.20 -0.21 BoydGaming BYD 63.54 -0.98
DeutscheBank DB 10.54 0.04 HealthpeakProp PEAK 21.53 -0.46
t
Mastercard MA 361.78 -2.35
MatchGroup MTCH 34.38 -1.72
R S TraneTech TT 174.90 3.86 Vistra VST 24.55 -0.14 s YumChina YUMC 63.43 -0.93
DevonEnergy DVN 54.54 0.24 Heico HEI 169.06 0.17 TransDigm
Accenture ACN 283.76 -1.45 BristolMyers BMY 70.21 0.18
DexCom DXCM 114.82 -0.22 Mattel MAT 17.43 -0.37 RBC Bearings RBC 221.82 0.97
TDG 745.43 6.61 VMware VMW 124.02 -0.09 ZTO Express ZTO 28.23 -0.46
BritishAmTob BTI 35.45 -0.08 Heico A HEI.A 133.93 0.04 TransUnion TRU 62.67 -0.76 Vodafone ZebraTech ZBRA 301.41 -2.62
ActivisionBliz ATVI 84.95 -0.14 Diageo DEO 185.42 1.46 HenrySchein HSIC 82.17 -3.05 McCormickVtg MKC.V 86.30 1.54 s RELX RELX 33.06 0.42 VOD 11.42 -0.01
Adobe ADBE 369.89 -1.22 Broadcom AVGO 616.70 -4.87 Travelers TRV 173.84 0.29 VoyaFinancial VOYA 73.76 0.83 Zillow C Z 45.74 0.96
DiamondbkEner FANG 145.01 -0.16 Hershey HSY 258.61 -0.53 McCormick MKC 85.89 -0.22 R1 RCM RCM 14.99 -0.19
AdvanceAuto AAP 121.34 -0.84 BroadridgeFinl BR 145.53 1.48 s Trimble TRMB 49.11 -0.56 VulcanMatls VMC 167.32 0.75 Zillow A ZG 44.75 0.94
Dick's DKS 137.68 -1.39 Hess HES 146.17 1.37 McDonald's MCD 285.30 0.82 RPM RPM 81.89 0.21
AdvDrainageSys WMS 80.99 0.24 BrookfieldAsset BAM 32.12 0.28 Trip.com TCOM 35.26 -1.82 ZimmerBiomet ZBH 131.59 0.21
DigitalRealty DLR 92.80 -1.04 HessMidstream HESM 29.17 -0.42 McKesson MCK 362.56 -3.61 RalphLauren RL 118.25 -2.17
AdvMicroDevices AMD 92.33 -1.70 Brookfield BN 32.06 0.14
DiscoverFinSvcs DFS 99.15 -1.25 HewlettPackard HPE 15.98 -0.07 Medtronic MDT 80.81 -0.19 RangeResources RRC 27.02 -0.32
TruistFinl
Twilio
TFC 33.21 -0.49
TWLO 58.13 -0.91
W X Y Z Zoetis
ZoomVideo ZM
ZTS 171.45 0.24
67.49 -2.51
Aegon AEG 4.46 0.01 BrookfieldInfr BIP 34.65 -0.05 Disney DIS 97.94 -2.48 MercadoLibre MELI 1256.04 -29.02 RaymondJames RJF 92.08 -0.55
BrookfieldRenew BEPC 33.41 -0.08 Hilton HLT 138.36 -3.39 TylerTech TYL 359.01 1.53 WEC Energy WEC 98.15 -0.35 ZoomInfoTech ZI 22.52 -0.52
AerCap AER 55.50 1.53 DocuSign DOCU 54.48 -2.62 Hologic HOLX 83.73 0.19 Merck MRK 113.75 1.26 RaytheonTech RTX 101.52 1.80
AgilentTechs A 138.36 -0.16 Brown&Brown BRO 58.48 -0.43 TysonFoods TSN 61.58 -0.47 WEX WEX 183.33 0.21 Zscaler ZS 105.87 -0.09
DolbyLab DLB 84.45 0.18 HomeDepot HD 290.44 -3.33 MetaPlatforms META 214.00 0.15 RealtyIncome O 61.92 -0.18
agilon health AGL 27.73 0.13 Brown-Forman A BF.A 63.51 -0.70 DollarGeneral DG 216.24 -2.38 MetLife MET 60.01 -0.11 RegalRexnord RRX 132.90 -0.58
Brown-Forman B BF.B 62.56 -0.67 HondaMotor HMC 26.44 -0.08
AgnicoEagleMines AEM 57.72 0.93 DollarTree DLTR 150.17 -2.90 Honeywell HON 193.23 1.04 Mettler-Toledo MTD 1533.44 6.07 RegencyCtrs REG 59.99 -0.74
AirProducts APD 287.17 1.84 s Bruker BRKR 81.32 1.43 MicrochipTech MCHP 79.23 -1.32 RegenPharm REGN 820.43 0.79
DominionEner D 57.89 -0.19 HorizonTherap HZNP 109.68 0.15
Airbnb ABNB 112.42 -1.83
AkamaiTech AKAM 81.18 0.46
s BuildersFirst BLDR 92.93 0.56
Bunge BG 94.53 -0.69
Domino's
Donaldson
DPZ 326.44
DCI 63.23
-6.00
0.57
HormelFoods HRL 40.22
DR Horton DHI 98.86
-0.12
-0.91
MicronTech MU
Microsoft
61.96 -1.61 RegionsFin
MSFT 283.49 0.66 ReinsGrp
RF 18.33 -0.17
RGA 137.36 1.93
Dividend Changes
Albemarle ALB 201.70 -0.01 BurlingtonStrs BURL 188.94 -8.76 DoorDash DASH 60.10 -2.82 MidAmApt MAA 149.15 -1.09 RelianceSteel RS 246.17 -3.21
CACI Intl CACI 305.29 2.24 HostHotels HST 16.11 -0.29
Albertsons ACI 20.64 -0.23 Dover DOV 147.12 0.19 HowmetAerospace HWM 43.41 0.75 Middleby MIDD 138.41 -0.42 RenaissanceRe RNR 207.06 1.32 Amount Payable /
Alcoa AA 39.64 -0.99 CBRE Group CBRE 69.84 -0.62 Dow DOW 56.89 0.70 MitsubishiUFJ MUFG 6.42 -0.05 s RentokilInit RTO 37.26 0.53 Company Symbol Yld % New/Old Frq Record
CDW CDW 188.09 -0.41 Hubbell HUBB 226.77 2.24
Alcon ALC 70.53 0.85 Doximity DOCS 34.01 -1.19 HubSpot HUBS 413.66 4.81 MizuhoFin MFG 2.89 ... Repligen RGEN 179.70 9.31
AlexandriaRlEst ARE 121.52 -1.52 CF Industries CF 77.06 -0.50 s DrReddy'sLab RDY 60.05 1.31 Mobileye MBLY 41.37 -0.92 RepublicSvcs RSG 136.98 1.92 Increased
CGI GIB 98.56 0.69
Humana HUM 532.05 -1.71
Alibaba BABA 93.84 -5.92 DraftKings DKNG 18.53 -0.22 Moderna MRNA 155.56 0.31 ResMed RMD 222.18 -0.99 Procter & Gamble
AlignTech ALGN 332.25 -6.75 CH Robinson CHRW 94.73 -0.96 JBHunt JBHT 175.47 -0.05 PG 2.4 .9407 /.9133 Q May15 /Apr21
Dropbox DBX 20.80 0.04 HuntingtonBcshs HBAN 11.32 -0.08 MohawkInds MHK 97.83 -2.29 RestaurantBrands QSR 66.56 -0.41
Allegion ALLE 101.55 0.22 CME Group CME 191.74 0.16 DukeEnergy DUK 99.41 0.06 HuntingIngalls HII 210.53 1.36 MolinaHealthcare MOH 296.05 1.82 RexfordIndlRealty REXR 56.59 -0.92 Tanger Factory Outlet SKT 4.5 .245 /.22 Q May15 /Apr28
AllegroMicro ALGM 44.82 -0.54 CMS Energy CMS 61.44 -0.29 DuPont DD 70.83 0.15 MolsonCoorsB TAP 54.27 0.22 RioTinto RIO 69.43 -0.18
HyattHotels H 109.32 -1.87
AlliantEnergy LNT 54.74 -0.32 CNA Fin CNA 39.28 0.40 Dynatrace DT 41.25 -0.26 ICICI Bank IBN 21.76 0.10 MolsonCoorsA TAP.A 62.00 0.10 RitchieBros RBA 58.66 0.13 Stocks
Allstate ALL 116.08 -0.02 CNH Indl CNHI 14.41 0.23 EMCOR EME 154.77 -0.15 monday.com MNDY 132.80 -0.01 Rivian RIVN 14.19 -0.55 ContextLogic WISH 1:30 /Apr12
CRH CRH 48.56 0.82 ICL Group ICL 6.42 -0.16
AllyFinancial ALLY 26.37 -0.82 ENI E 30.21 0.01 IdexxLab IDXX 470.90 -7.23 Mondelez MDLZ 70.21 -0.10 RobertHalf RHI 73.94 -1.57
AlnylamPharm ALNY 202.89 0.08 CSX CSX 30.16 -0.15 EOG Rscs EOG 122.31 0.63 MongoDB MDB 226.21 14.69 Robinhood HOOD 10.01 0.05 Foreign
CVS Health CVS 74.92 -1.37 ING Groep ING 12.62 0.07
Alphabet A GOOGL 104.64 -0.71 EPAM Systems EPAM 289.99 -4.33 Invesco IVZ 16.13 -0.19 MonolithicPower MPWR 465.89 -18.75 Roblox RBLX 45.20 -0.86
Alphabet C GOOG 105.22 -0.90 s CadenceDesign CDNS 212.18 -1.71 MonsterBev MNST 52.47 0.19 RocketCos. RKT 9.51 -0.41
Compania de Minas ADR BVN 1.0 .073 SA May11 /Apr24
EQT EQT 32.65 -0.77 IQVIA IQV 197.99 -1.70
Altria MO 44.83 -0.26 CAE CAE 23.99 -0.06 EastWestBncp EWBC 53.24 -0.13 Moody's MCO 298.18 -1.14 Rockwell ROK 281.12 2.60
CaesarsEnt CZR 44.12 -1.80 ITT ITT 83.15 0.44 Special
Amazon.com AMZN 97.83 -2.09 EastGroup EGP 162.57 -2.03 IcahnEnterprises IEP 52.17 0.12 MorganStanley MS 85.47 0.38 RogersComm B RCI 48.86 0.15
.
Ambev ABEV 2.97 0.06 CamdenProperty CPT 103.91 -0.64 EastmanChem EMN 83.01 0.60 Morningstar MORN 204.00 0.07 Roku ROKU 60.47 -3.50 Mexco Energy MXC ... .10 May15 /May01
Icon ICLR 208.57 -1.88
Amcor AMCR 11.02 0.03 Cameco CCJ 25.33 0.01 Eaton ETN 162.22 3.42 Mosaic MOS 46.76 -0.14 Rollins ROL 39.17 0.47
IDEX IEX 221.86 1.45
ly
Amdocs DOX 96.05 0.57 CampbellSoup CPB 55.36 -0.43 s MotorolaSol MSI 285.72 2.22 RoperTech Sources: FactSet; Dow Jones Market Data
eBay EBAY 42.78 -0.72 IllinoisToolWks ITW 232.35 1.79 ROP 442.48 3.77
Ameren AEE 89.97 -0.20 CIBC CM 42.93 0.09 Ecolab ECL 164.25 -0.89 NICE NICE 224.05 1.40 RossStores ROST 102.89 -2.24 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Illumina ILMN 226.88 -0.88
AmericaMovil AMX 21.43 0.13 CanNtlRlwy CNI 120.76 1.88 Ecopetrol EC 11.56 0.06 NIO NIO 9.01 -0.51 RoyalBkCanada RY 98.10 0.24
ImperialOil IMO 55.27 0.53
AmerAirlines AAL 13.00 -1.32 CanadianNatRscs CNQ 59.70 0.39 EdisonIntl EIX 73.07 0.26 Incyte INCY 73.94 -0.23 NOV NOV 18.72 0.22 RoyalCaribbean RCL 61.58 -1.86 spin-off.
AEP AEP 94.26 -0.08 CanPacRlwy CP 77.07 0.67 EdwardsLife EW 82.92 0.72 NRG Energy NRG 35.76 0.08 RoyalGold RGLD 140.25 1.82
Infosys INFY 17.07 -0.38
AmerExpress AXP 159.29 -2.54 CapitalOne COF 95.69 -2.74 ElbitSystems ESLT 175.18 s NVR NVR 5590.22 12.21 RoyaltyPharma RPRX 36.11 -0.42
AmericanFin AFG 122.31 0.16
AmHomes4Rent AMH 32.38 0.08
AIG AIG 51.32 0.12
AmerTowerREIT AMT 211.26 0.88
AmerWaterWorks AWK 150.82 -1.24
AmericoldRealty COLD 28.29 0.33
CardinalHealth CAH 79.15 -0.80
Carlisle
Carlyle
CarMax
Carnival
Carnival
CSL 210.60 -0.16
CG 29.73 -0.38
KMX 68.58 -3.63
CCL
CUK
9.62 -0.42
8.70 -0.40
ElectronicArts EA 126.13
ElevanceHealth ELV 492.99
EmersonElec EMR 83.64
Enbridge
Endeavor
EnergyTransfer ET
ENB 39.70
EDR 23.86
on
12.62
-0.68
0.45
3.31
-0.80
0.09
-0.06
0.06
IngersollRand IR
Ingredion
Intel
56.42
INGR 101.56
InspireMedical INSP 238.17
Insulet PODD 316.29
INTC 32.02
InteractiveBrkrs IBKR 81.39
0.82
0.01
-1.74
2.29
-0.33
1.11
s
NXP Semi
Nasdaq
NXPI 170.22 -1.66 RyanSpecialty RYAN 41.62 -0.25
NDAQ 54.89 0.54 Ryanair
NationalGrid NGG 71.76 0.63 SAP
RYAAY 92.97 -1.15
SAP 127.11 0.57
NatlInstruments NATI 57.68 5.10 S&P Global SPGI 342.79 0.88
NatlRetailProp NNN 42.82 -0.43 SBA Comm SBAC 261.67 -2.33 Company SYMBOL
NatWest NWG 6.81 0.04 SEI Investments SEIC 57.43 -0.14
IPO Scorecard
Performance of IPOs, most-recent listed first
Wed's
% Chg From
Offer 1st-day Company SYMBOL Wed3s
% Chg From
Offer 1st-day
ICE ICE 107.09 0.96
Ameriprise AMP 304.96 -0.91 CarrierGlobal CARR 43.86 0.34 EnphaseEnergy ENPH 196.03 NetApp NTAP 66.40 -0.20 SK Telecom SKM 20.08 -0.14 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
us ,
-0.85 InterContinentl IHG 67.63 -0.22

AmerisourceBrgn ABC 165.42 -1.13 CaseysGenStores CASY 223.25 0.36 NTES 88.04 -0.96 SS&C Tech SSNC 57.24 -0.14 Golden Heaven Grp Hldgs 4.01
Ametek AME 138.53 1.51 Catalent CTLT 64.25 -1.19
Entegris ENTG 72.09 -4.40 IBM IBM 128.54 -1.88 NetEase 0.2 ... Hitek Global 4.56 –8.8 –18.0
l
Entergy ETR 110.08 -0.36 IntlFlavors IFF 92.55 -0.28 Netflix NFLX 331.03 -7.18 Saia SAIA 272.39 0.87 GDHG April 12/$4.00 HKIT March 31/$5.00
Amgen AMGN 249.50 -1.93 Caterpillar CAT 220.50 -0.10 EnterpriseProd EPD 26.83 0.16 Neurocrine NBIX 102.96 -0.26 Salesforce CRM 190.32 1.43
IntlPaper IP 36.47 -0.07
e
Amphenol APH 78.11 -0.09 Celanese CE 109.66 0.78 19.51 0.32 ARB IOT Grp 4.00 ... 3.9 Shengfeng Development 4.61 15.3 14.7
al a
Envista NVST 38.59 -0.63 Interpublic IPG 37.45 0.18 NewFortressEner NFE 30.79 -0.04 Samsara IOT
AnalogDevices ADI 187.29 -2.12 CelsiusHldg CELH 86.07 -0.82 Equifax EFX 195.59 -4.99 NewOrientalEduc EDU 36.24 -1.21 Sanofi SNY 55.80 0.58 ARBB April 5/$4.00 SFWL March 31/$4.00
Intuit INTU 435.09 -2.41
s AngloGoldAsh AU 26.97 0.23 Cemex CX 5.66 0.14
Equinix EQIX 711.04 4.51 NYTimes A NYT 39.20 -0.24 SareptaTherap SRPT 137.68 -1.42
IntuitiveSurgical ISRG 261.77 -1.00
AB InBev BUD 63.38 -1.73 CenovusEnergy CVE 18.06 0.03 Equinor EQNR 29.38 0.38 InvitatHomes INVH 31.96 0.04 Newmont NEM 49.71 -0.21 Sasol SSL 13.53 -0.26 Ispire Technology 7.52 7.4 –0.4 Chanson Intl 1.20 –70.0 –51.0
Centene CNC 67.18 -0.18 NewsCorp A NWSA 17.30 -0.30 Schlumberger SLB 51.98 0.84 ISPR April 4/$7.00 CHSN March 30/$4.00
ci on
AnnalyCap NLY 19.18 0.03 Equitable EQH 25.25 0.25 iQIYI IQ 6.57 -0.17
AnteroResources AR 23.88 -0.45 CenterPointEner CNP 30.67 0.04 EquityLife ELS 66.03 -0.88 NewsCorp B NWS 17.47 -0.25 SchwabC SCHW 51.92 0.21 Millennium Grp Intl
IridiumComm IRDM 59.36 -0.61 2.00 –50.0 –37.7 Hongli Grp 3.54 –11.5 1.1
Aon AON 321.76 0.86 CentraisElBras EBR 7.12 0.26 EquityResdntl EQR 59.81 -0.46 NexstarMedia NXST 174.97 -2.48 Sea SE 81.30 -0.73
IronMountain IRM 54.15 0.67
MGIH April 4/$4.00 HLP March 29/$4.00
s ApellisPharm APLS 79.70 0.05 CeridianHCM CDAY 66.52 -1.66 ErieIndemnity A ERIE 234.89 -1.16 ItauUnibanco ITUB 5.20 0.13 NextEraEnergy NEE 78.59 0.25 Seagate STX 66.38 -0.50
ApolloGlbMgmt APO 62.58 -0.55 CharlesRiverLabs CRL 201.47 -0.95 Nike NKE 123.66 0.36 Seagen
EssentialUtil WTRG 44.28 -0.64 SGEN 205.20 0.22 Multi Ways Hldgs 8.10 224.0 –8.7 Trailblazer Merger I 10.12 1.2 0.1
Apple AAPL 160.10 -0.70
ApplMaterials AMAT 113.16 -3.22
CharterComms CHTR 343.28 -15.24
CheckPoint CHKP 132.82 2.02
EssexProp ESS 211.02 -0.39 J K L NiSource NI 28.66 0.02 SealedAir SEE 46.21 -0.68 MWG April 3/$2.50 TBMCU March 29/$10.00
EsteeLauder EL 247.05 5.30 Nokia NOK 4.87 -0.02 Sempra SRE 153.95 -0.80
Aptargroup ATR 118.39 -0.66 Chemed CHE 555.84 -2.18 Etsy ETSY 100.16 -3.48 JD.com JD 36.95 -3.06 Nomura NMR 3.75 -0.03 SensataTechs ST 46.75 -0.25
Aptiv APTV 104.19 -0.78 CheniereEnergy LNG 153.01 0.71 EverestRe RE 365.60 2.32 JPMorganChase JPM 128.50 -0.02 Nordson NDSN 216.77 -0.09 ServiceCorp SCI 71.46 -0.64 Sources: Dow Jones Market Data; FactSet
er s
Aramark ARMK 35.02 -0.56 CheniereEnerPtrs CQP 47.52 -0.29 Evergy EVRG 62.10 -0.47 Jabil JBL 83.44 0.32 NorfolkSouthern NSC 206.32 0.50 ServiceNow NOW 471.43 1.61
ArcelorMittal MT 29.32 0.14 ChesapeakeEner CHK 79.05 0.18 EversourceEner ES 79.77 -0.48 JackHenry JKHY 151.61 -1.78 NorthernTrust NTRS 88.91 -1.03 Shell SHEL 61.38 0.60
ArchCapital ACGL 70.23 1.22 Chevron CVX 169.82 0.60 JacobsSolns J 114.35 0.50
ArcherDaniels ADM 81.11 -0.28 ChewyA CHWY 34.39 -1.19
ExactSciences EXAS 64.91
Exelixis EXEL 19.49
-1.87
JamesHardie JHX 21.99 0.25 s
NorthropGrum NOC 472.77 4.50 SherwinWilliams SHW 225.78 -0.50
Novartis NVS 96.47 0.67 ShinhanFin SHG 26.14 -0.22 Borrowing Benchmarks
m er
-0.59
AresMgmt ARES 81.65 1.10 Chipotle CMG 1695.77 -18.29 Exelon EXC 43.08 -0.18 JazzPharm JAZZ 144.05 -2.60 s NovoNordisk NVO 163.52 5.15 ShockwaveMed SWAV 248.59 -2.46
arGEN-X ARGX 379.69 4.90 Chubb CB 199.23 1.15 Expedia EXPE 89.34 -2.45 JefferiesFin JEF 30.57 -0.88 Novocure NVCR 64.17 -1.31 Shopify SHOP 45.30 0.52 wsj.com/market-data/bonds/benchmarks
AristaNetworks ANET 161.41 1.80 ChunghwaTel CHT 40.42 0.29 ExpeditorsIntl EXPD 109.77 0.71 J&J JNJ 163.92 -0.35 NuHoldings NU 4.42 -0.15 SimonProperty SPG 109.51 -0.65
ArrowElec ARW 118.39 -0.35 Church&Dwight CHD 89.76 -0.83 ExtraSpaceSt EXR 163.42 -1.26 JohnsonControls JCI 57.37 0.70 Nucor NUE 147.66 -1.06 SiriusXM SIRI 3.98 -0.08
ChurchillDowns CHDN 253.64 -2.34 JonesLang
AspenTech AZPN 244.34 6.84
Assurant AIZ 117.17 -2.37 Ciena CIEN 51.35 -0.18
ExxonMobil XOM 115.23
F5 FFIV 144.25
-0.12
-1.50
JLL 134.90 -2.19
JuniperNetworks JNPR 33.76 0.12
Nutrien NTR 72.21 -1.09 SkechersUSA SKX 48.50 -0.20
nVentElectric NVT 42.90 0.73 Skyworks SWKS 107.89 -2.55 Money Rates April 12, 2023
s AstraZeneca AZN 73.76 1.58
m rp
Cigna CI 260.77 -5.71 FMC FMC 122.50 1.73 KB Financial KB 35.31 -0.50 NVIDIA NVDA 264.95 -6.74 SmithAO AOS 66.02 0.46
Atlassian TEAM 158.55 -4.33 CincinnatiFin CINF 110.43 -0.56 s FTI Consulting FCN 202.99 0.22 KBR KBR 56.57 0.31 Smith&Nephew SNN 29.75 0.50 Key annual interest rates paid to borrow or lend money in U.S. and
AtmosEnergy ATO 115.90 -0.47 Cintas CTAS 453.94 3.68 FactSet FDS 411.72 5.67 KE Holdings BEKE 17.15 -0.90 O P Q Smucker SJM 154.31 -1.34
Autodesk ADSK 193.16 -4.62 CiscoSystems CSCO 50.11 -0.51 FairIsaac FICO 684.43 5.47 KKR KKR 51.29 -0.21 Snap SNAP 10.62 0.06 international markets. Rates below are a guide to general levels but
Autoliv ALV 88.92 -0.33 Citigroup C 46.92 -0.28 KLA KLAC 370.14 -7.77 OGE Energy OGE 38.60 0.07
ADP ADP 215.61 0.40 CitizensFin CFG 29.38 -0.03
Fastenal FAST 52.56 -0.10
Kanzhun BZ 17.28 -1.11 ONEOK OKE 66.25 -0.18
Snap-On SNA 237.93 2.05 don’t always represent actual transactions.
FederalRealty FRT 97.03 -1.35 Snowflake SNOW 139.66 0.47
AutoZone AZO 2598.89 39.35 CleanHarbors CLH 140.89 2.49 KarunaTherap KRTX 178.22 -3.47 s OReillyAuto ORLY 877.35 6.31 Week —52-WEEK—
Avalonbay AVB 170.09 -0.21 ClearwayEnergyA CWEN.A 30.29 0.09
FedEx
Ferguson
FDX 229.47 -2.06
Kellogg K 68.37 -0.01 s OakStreetHealth OSH 38.85 0.04
SOQUIMICH SQM 76.59 0.39 Inflation Latest ago High Low
FERG 127.48 1.49 SolarEdgeTech SEDG 284.96 -3.39
Avangrid AGR 40.41 -0.39 ClearwayEnergyC CWEN 31.57 0.09 s KeurigDrPepper KDP 35.21 -0.04 OccidentalPetrol OXY 64.84 0.47 March index Chg From (%)
Ferrari RACE 276.63 2.41 Sony SONY 89.44 0.53
co Fo
Avantor AVTR 21.29 -0.25 Cleveland-Cliffs CLF 18.03 -0.32 KeyCorp KEY 12.05 -0.20 Okta OKTA 75.96 -2.27
AveryDennison AVY 177.19 -0.95 Clorox CLX 157.23 -1.88
FidNatlFin FNF 35.51 0.14
OldDomFreight ODFL 340.06 0.07
Southern SO 72.12 0.29 March Federal funds
FidNatlInfo FIS 55.31 -0.69 KeysightTech KEYS 157.69 1.52 SoCopper SCCO 77.39 -0.14 level Feb. '23
AvisBudget CAR 184.87 -10.17 Cloudflare NET 63.04 2.34 FifthThirdBncp FITB 26.39 -0.14 KimberlyClark KMB 136.73 0.74 OldRepublic ORI 25.27 0.18
SouthwestAir LUV 32.24 -0.47
'22 Effective rate 4.8500 4.8500 4.8500 0.3400
AxaltaCoating AXTA 30.50 0.05 Coca-Cola KO 62.69 0.11 KimcoRealty KIM 18.97 -0.32 Olin OLN 57.83 0.23 High 5.1500 5.1500 5.1800 0.3400
FirstCitizBcshA FCNCA 976.65 -6.55 Splunk SPLK 90.06 -0.74
AxonEnterprise AXON 222.22 -1.79 Coca-ColaEuro CCEP 59.39 0.10 KinderMorgan KMI 17.82 -0.07 OmegaHealthcare OHI 28.02 -0.21 U.S. consumer price index
BCE BCE 47.03 0.16 Cognex CGNX 48.37 -0.18
FirstHorizon FHN 17.86 0.19
KinrossGold KGC 5.16 0.02 Omnicom OMC 93.59 0.02
Spotify SPOT 130.92 -0.36 Low 4.8100 4.8100 4.8500 0.3000
FirstIndRlty FR 51.12 -0.93 StanleyBlackDck SWK 78.11 -0.59 All items 301.836 0.33 5.0
BHP Group BHP 62.39 -0.32 CognizantTech CTSH 60.28 -1.41 FirstSolar FSLR 207.89 -2.14 KinsaleCapital KNSL 317.64 4.11 OnHolding ONON 29.32 -0.55
Stantec STN 58.96 0.69
Bid 4.8200 4.8300 4.8300 0.3200
BILL BILL 74.80 -2.40 CoinbaseGlbl COIN 67.84 -2.35 FirstEnergy FE 41.46 -0.39 Knight-Swift KNX 56.57 -0.05 ON Semi ON 76.46 -0.76
Starbucks SBUX 105.60 -0.14 Core 305.476 0.48 5.6 Offer 4.8700 4.8700 4.8700 0.3400
BJ'sWholesale BJ 74.78 -1.35 ColgatePalm CL 76.05 0.03 Philips PHG 18.64 -0.07 OpenText OTEX 38.77 0.07
Fiserv FISV 114.49 -0.34 StateStreet STT 78.21 -0.37
BP BP 40.20 0.34 Comcast A CMCSA 37.64 -0.74 s FiveBelow FIVE 213.10 -4.08 KoreaElecPwr KEP 7.08 0.13 Oracle ORCL 93.90 -0.07
SteelDynamics STLD 106.57 -1.44 International rates Treasury bill auction
Baidu BIDU 136.40 -0.29 t CommerceBcshrs CBSH 55.44 -0.37 FleetCorTech FLT 213.99 KraftHeinz KHC 39.28 0.03 Orange ORAN 12.60 0.09
-1.89 Stellantis STLA 18.40 0.15
BakerHughes BKR 29.25 0.10 SABESP SBS 10.42 0.19 Flex FLEX 21.48 0.04 Kroger KR 47.32 -0.64 Orix IX 83.76 1.15
Steris STE 193.51 -1.85 Week 52-Week
4 weeks 4.440 4.600 4.640 0.205
Ball BALL 50.75 -1.64 ConagraBrands CAG 37.62 -0.29 LKQ LKQ 56.31 -0.16 OtisWorldwide OTIS 80.73 0.96 s 13 weeks 4.980 4.780 4.980 0.785
Floor&Decor FND 96.41 -2.29 Stevanato STVN 27.30 0.72 Latest ago High Low
BancoBilbaoViz BBVA 7.23 0.14 Confluent CFLT 24.38 1.01 LPL Financial LPLA 196.76 1.49 Ovintiv OVV 38.44 -0.87
FomentoEconMex FMX 93.64 -0.63 STMicroelec STM 49.69 -0.51 26 weeks 4.795 4.705 4.970 1.220
BancoBradesco BBDO 2.49 0.11 ConocoPhillips COP 107.53 0.78 L3HarrisTech LHX 199.62 0.71 OwensCorning OC 98.04 -0.03
s Stryker
FordMotor F 12.67 -0.20 SYK 290.10 -0.43
BancodeChile BCH 19.57 0.17 ConEd ED 98.69 -0.42 Fortinet FTNT 67.19 0.19 LabCorp.ofAmerica LH 230.30 -2.46 PDD PDD 67.02 -3.69
SumitomoMits SMFG 8.17 ...
Prime rates
BancSanBrasil BSBR 5.57 0.08 ConstBrands A STZ 226.42 -1.74 Fortis FTS 44.68 0.01 LamResearch LRCX 497.07 -10.44 s PG&E PCG 16.96 0.14
SunComms SUI 139.88 -1.92 U.S. 8.00 8.00 8.00 3.50 Secondary market
BcoSantChile BSAC 18.41 0.47 ConstellationEner CEG 76.81 -0.61 Fortive FTV 66.83 1.78 LamarAdv LAMR 100.82 -0.46 PNC Fin PNC 119.70 -2.61 SunLifeFinancial SLF 47.61 0.22
BancoSantander SAN 3.79 0.06 Cooper COO 372.88 0.94 LambWeston LW 108.17 0.13 s POSCO PKX 75.08 0.61 SuncorEnergy SU Canada 6.70 6.70 6.70 2.70 Fannie Mae
FortuneBrands FBIN 58.24 -0.40 32.60 0.29
BanColombia CIB 27.49 0.56 s Copart CPRT 76.14 0.40 FoxA FOXA 33.73 -0.46 LandstarSystem LSTR 178.96 0.45 s PPG Ind PPG 138.01 -1.29 Suzano SUZ
Japan 1.475 1.475 1.475 1.475
BankofAmerica BAC 28.48 -0.23 CorebridgeFin CRBG 16.00 0.06 LasVegasSands LVS 55.88 -0.05 PPL PPL 28.66 -0.17 SynchronyFin SYF 29.53 -0.32
8.55 0.08 30-year mortgage yields
n-
FoxB FOX 31.01 -0.46

BankofMontreal BMO 90.04 0.61 Corning GLW 34.74 -0.24 Franco-Nevada FNV 155.27 1.41 LatticeSemi LSCC 90.40 -1.55 PTC PTC 126.39 0.38 Synopsys SNPS 376.52 -2.88 Policy Rates 30 days 5.744 5.506 6.812 4.321
BankNY Mellon BK 45.83 0.09 Corteva CTVA 61.79 0.86 Lear LEA 134.46 -0.81 Paccar PCAR 72.11 1.08 Sysco
BankNovaScotia BNS 50.61 0.08 CoStar CSGP 68.59 -0.21
FranklinRscs BEN 26.42 -0.74
LegendBiotech LEGN 50.50 -0.06 PackagingCpAm PKG 142.19 -1.05
SYY 74.83 -3.49 Euro zone 3.50 3.50 3.50 0.00 60 days 5.744 5.509 6.988 4.390
FreeportMcM FCX 41.12 -0.01
Barclays BCS 7.59 0.03 Costco COST 489.35 -9.30 Leidos LDOS 92.68 0.40 PalantirTech PLTR 8.33 -0.28 T U V Switzerland 2.00 2.00 2.00 0.00
FreseniusMed FMS 21.85 -0.48
BarrickGold GOLD 19.63 0.21 CoterraEnergy CTRA 25.76 -0.20 FullTruck YMM 7.05 -0.43
Lennar B LEN.B 90.15 -0.19 PaloAltoNtwks PANW 195.28 2.47 Britain 4.25 4.25 4.25 0.75 Other short-term rates
Bath&BodyWks BBWI 36.37 -1.46 Coty COTY 12.09 0.25 Futu FUTU 47.56 -2.30
Lennar A LEN 105.39 -0.11 PanAmerSilver PAAS 19.07 0.15 TC Energy TRP 41.99 0.74 Australia 3.60 3.60 3.60 0.10
no
BaxterIntl BAX 42.67 -0.22 Coupang CPNG 15.13 -0.32 LennoxIntl LII 247.10 4.28 ParamountA PARAA 25.42 -0.79 TD Synnex SNX 92.85 -0.80 Week 52-Week
BectonDicknsn BDX 253.85 0.87
BeiGene BGNE 254.88 2.92
Credicorp
Crocs
BAP 130.17 0.91
CROX 126.19 -1.88
G H I LiAuto LI 23.80 -0.03
LibertyBroadbandA LBRDA 78.92 -3.48
ParamountB PARA 22.13 -0.75 TE Connectivity TEL 125.38 -0.35 Overnight repurchase
ParkerHannifin PH 324.52 6.54 Telus TU 21.02 0.08
Latest ago high low
BentleySystems BSY 41.71 -0.12 CrowdStrike CRWD 135.00 5.14 GE HealthCare GEHC 81.75 1.16 LibertyBroadbandC LBRDK 78.64 -3.38 Paychex PAYX 108.41 -0.97 Ternium TX 41.84 0.14 U.S. 4.82 4.91 4.91 0.25
Berkley WRB 62.84 -0.26 CrownCastle CCI 133.75 -0.76 s GFLEnvironmental GFL 34.95 0.36 LibertyGlobal C LBTYK 20.19 -0.37 PaycomSoftware PAYC 294.21 -1.70 TFI Intl TFII 115.07 -1.04 Call money
BerkHathwy A BRK.A 4835002700.00 CrownHoldings CCK 76.94 -2.17 GSK GSK 37.71 0.36 LibertyGlobal A LBTYA 19.25 -0.37 Paylocity PCTY 190.37 -0.72 TIM TIMB 13.31 0.40 U.S. government rates 6.75 6.75 6.75 2.25
BerkHathwy B BRK.B 314.55 0.85 CubeSmart CUBE 48.19 -0.29 Gallagher AJG 198.27 1.48 LibertyFormOne C FWONK 73.71 0.37 PayPal PYPL 73.50 -0.08 TJX TJX 76.70 -1.64
BerryGlobal BERY 58.08 0.23 Cullen/Frost CFR 103.82 -0.97 GameStop GME 22.26 -0.43 LibertyFormOne A FWONA 66.30 0.26 Pearson PSO 10.35 0.01 T-MobileUS TMUS 149.51 -0.44 Discount
BestBuy BBY 73.17 -2.08 Cummins CMI 232.82 2.97 Gaming&Leisure GLPI 51.10 -0.14 s LibertyBraves A BATRA 36.40 -0.14 PembinaPipeline PBA 33.51 0.03 TPG TPG 29.02 0.04
Commercial paper (AA financial)
5.00 5.00 5.00 0.50 90 days 5.01 4.87 5.09 0.81
Notes on data: Libor

New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
U.S. prime rate is the base rate on corporate One month 4.94571 4.89014 4.94571 0.55414
loans posted by at least 70% of the 10 largest Three month 5.25129 5.21100 5.25129 1.04429
BroadCapital BRAC 10.61 0.3 elfBeauty ELF 86.17 1.7 GoldenHeaven GDHG 4.58 0.2 U.S. banks, and is effective March 23, 2023.
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American BrookdaleSrUn BKDT 62.32 4.4 EnelChile ENIC 2.74 3.0 GoldenbridgeRt GBRGR 0.51 7.0 Six month 5.34200 5.29214 5.49986 1.55157
Bruker BRKR 82.08 1.8 EnsignGroup ENSG 100.30 -1.0 GoldenbridgeAcqn GBRG 11.50 0.7 Other prime rates aren’t directly comparable;
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest One year 5.36643 5.19957 5.88071 2.22157
session. % CHG-Daily percentage change from the previous trading session. BrunswickNts2048 BCpA 26.77 5.0 Eyenovia EYEN 4.32 2.0 GoldenbridgeAcqn GBRGU 10.85 0.3 lending practices vary widely by location;
BuildersFirst BLDR 94.79 0.6 FSD Pharma HUGE 2.10 6.3 GreenBrickPtrs GRBK 35.93 0.3 Discount rate is effective March 23, 2023.
CadenceDesign CDNS 216.33 -0.8 FTI Consulting FCN 204.47 0.1 GrowthforGoodA GFGD 10.76 ...
Secured Overnight Financing Rate is as of April Secured Overnight Financing Rate
Wednesday, April 12, 2023 CarrolsRestr TAST 3.37 5.9 Fanhua FANH 9.54 0.1 GrAeroportuario OMAB 91.73 -0.3
CitigrpCapXIIIPf CpN 29.30 0.5 FederatedHermes FHI 42.39 -0.3 GuardforceAIWt GFAIW 1.00 120.3 11, 2023. DTCC GCF Repo Index is Depository 4.80 4.83 4.87 0.26
52-Wk % 52-Wk % 52-Wk % Copart CPRT 76.69 0.5 Ferrari RACE 278.20 0.9 Harmonic HLIT 15.89 -0.3 Trust & Clearing Corp.'s weighted average for
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CoreMoldingTech CMT 19.08 1.2 FifthWallIII A FWAC 10.23 -0.2 HorizonII A HZON 11.31 12.5 overnight trades in applicable CUSIPs. Value Value 52-Week
CraneNXT CXT 47.06 3.2 FiveBelow FIVE 220.19 -1.9 HorizonAcqnII HZON.U 11.28 10.9 Latest Traded High Low
AlamosGold AGI 13.58 1.4 BcoSantMex BSMX 6.98 -0.4 IVERICbio ISEE 28.53 0.3 traded is in billions of U.S. dollars. Federal-funds
CrossAmerPtrs CAPL 23.20 6.3 GFLEnvironmental GFL 35.90 1.0
Highs AngloGoldAsh
ApellisPharm
AU
APLS
27.49 0.9 BioPlusAcqnUn
81.30 0.1 bleuacaciaA
BIOSU
BLEU
10.51 0.1
10.75 0.1
Cvent CVT 8.46 0.1 GaleraTherap GRTX 2.90 4.1 Intapp INTA 45.70 2.0 rates are Tullett Prebon rates as of 5:30 p.m. ET.
DTCC GCF Repo Index
ARBIOT ARBB 4.28 -2.4 Daktronics DAKT 5.87 0.3 GalianoGold GAU 0.71 3.1 JacksonAcqn RJAC.U 10.34 0.2
AstraZeneca AZN 74.12 2.2 BlueSafariRt BSGAR 0.81 15.2 Lantheus LNTH 87.74 -1.0 Sources: Federal Reserve; Bureau of Labor
AcademySports ASO 69.02 3.0
AvidBioservices CDMO 20.74 -0.7 BostonSci BSX 51.69 0.7
DeckersOutdoor DECK 462.92 0.1 GenieEnergy GNE 16.46 2.7
LatAmGrowthA LATG 10.99 -0.2 Statistics; DTCC; FactSet; Treasury 4.822 8.500 4.916 0.239
Accolade ACCD 15.45 1.0 DigitalHealth DHAC 11.46 0.3 GeospaceTech GEOS 8.69 2.5
AhrenAcqnA AHRN 10.45 ... AvitaMedical RCEL 16.21 -0.6 BostonSciPfdA BSXpA 123.82 0.8 DrReddy'sLab RDY 60.45 2.2 GoGreenInvtsWt GOGN.WS 0.72 ... Continued on Page B10 Tullett Prebon Information, Ltd. MBS 4.879 48.500 4.960 0.294
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
GrowthCompanyK6 17.48 -0.17 13.6 SrsGlobal 13.37
+0.05 8.3 Lord Abbett I R2020 NA ... NA PrmcpAdml r 140.17 -0.62 7.1 Welltn 39.76 -0.01 4.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. InflPrBdIndInsPr 9.38 ... 4.0 SrsGroCoRetail -0.14 13.3 BdDebentr
15.60 7.00 +0.01 2.3 R2025 NA ... NA RealEstatAdml 117.16 -0.66 1.3 WndsrII 39.14 -0.12 5.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 45.38 +0.32 10.2 SrsIntlGrw +0.08 10.4 ShtDurInc p
15.74 3.86 ... 2.0 R2030 NA ... NA SmCapAdml 89.70 -0.62 2.4 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 23.45 -0.14 12.6 SrsIntlVal 10.80
+0.08 7.7 Metropolitan West R2040 NA ... NA SmGthAdml 75.18 -0.52 6.8 ExtndIstPl 257.55 -1.90 3.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 26.75 -0.13 3.2 TotalBond +0.01 3.8 TotRetBdI
9.58 9.32 +0.02 NA Putnam Funds Class A STBondAdml 10.04 +0.02 2.3 IdxIntl 17.90 +0.05 7.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 18.00 -0.07 7.1 Fidelity SAI TRBdPlan 8.74 +0.02 NA PutLargCap p 28.80 -0.06 2.4 STIGradeAdml 10.11 +0.02 2.4 MdCpGrAdml 82.52 -0.36 6.9
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SeriesBondFd 9.13 +0.01 3.8 TotalBd 9.07 +0.01 3.9 MFS Funds Schwab Funds STIPSIxAdm 23.97 -0.02 2.4 MdCpVlAdml 69.48 -0.30 -0.3
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 12.10 +0.07 11.4 U.S.TreBdIdx 8.94 +0.02 3.9 IIE 31.34 +0.14 11.4 1000 Inv r NA ... NA TotBdAdml 9.76 +0.01 3.8 SmValAdml 67.43 -0.46 -0.6
SerLTTreBdIdx 6.26 -0.01 7.7 First Eagle Funds MFS Funds Class I S&P Sel NA ... NA TotIntBdIdxAdm 19.51 -0.02 3.4 TotBd2 9.64 +0.01 3.7
SmCpIdxInstPrem 21.97 -0.16 1.2 GlbA 62.02 +0.05 7.0 GrowthI 145.23 -0.42 9.5 TSM Sel r NA ... NA TotIntlAdmIdx r 29.94 +0.08 7.7 TotIntlInstIdx r 119.74 +0.32 7.7
Wednesday, April 12, 2023 TMktIdxInstPrem 112.98 -0.52 6.6 Franklin A1 ValueI 47.20 -0.07 -0.8 TIAA/CREF Funds TotStAdml 98.79 -0.45 6.5 TotItlInstPlId r 119.76 +0.31 7.7
Net YTD Net YTD Net YTD TotalMarketIndex 14.24 -0.06 6.7 IncomeA1 2.31 ... 3.7 Neuberger Berman Fds EqIdxInst 28.93 -0.13 6.6 TxMCapAdml 211.00 -0.87 7.0 TotSt 98.78 -0.45 6.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 12.64 +0.04 7.9 FrankTemp/Frank Adv LCVal Inst 43.41 -0.02 0.9 IntlEqIdxInst 21.03 +0.14 10.1 TxMIn r 14.71 +0.09 9.2 VANGUARD INSTL FDS
American Century Inv CorBdInst 10.15 +0.02 3.7 IntlCoreEq 14.68 +0.08 8.8 USBdIdxInstPrem 10.48 +0.02 3.7 IncomeAdv 2.29 ... 3.7 Northern Funds VANGUARD ADMIRAL USGroAdml 114.86 -0.85 13.4 BalInst 41.46 -0.09 5.5
Ultra 62.79 -0.44 13.8 BlackRock Funds IntSmCo 18.61 +0.08 7.0 Fidelity Freedom FrankTemp/Franklin A StkIdx 43.52 -0.18 7.0 500Adml 377.64 -1.56 7.1 ValAdml 54.51 -0.11 0.2 DevMktsIndInst 14.73 +0.09 9.3
Growth A 109.85 -0.28 7.5 Old Westbury Fds BalAdml 41.45 -0.09 5.5 DevMktsInxInst 23.02 +0.13 9.3
American Funds Cl A HiYldBd Inst 6.81 +0.01 4.3 IntSmVa 20.30 +0.13 8.0 FF2020 13.48 ... 5.6 WdsrllAdml 69.45 -0.20 5.0
AmcpA 32.84 -0.16 9.2 BlackRock Funds A LgCo 27.90 -0.11 7.1 FF2025 12.42 -0.01 6.0 RisDv A 85.73 -0.02 3.8 LrgCpStr 15.47 -0.03 6.1 CAITAdml 11.43 +0.01 3.4
WellsIAdml 60.06 +0.02 2.2
ExtndInst 104.36 -0.77 3.8
Guggenheim Funds Tru Parnassus Fds CapOpAdml r 155.83 -0.78 6.7 GrwthInst 125.91 -0.78 15.0
AMutlA 48.99 -0.02 1.6 GlblAlloc 17.16 +0.01 4.2 US CoreEq1 31.21 -0.13 5.2 FF2030 15.54 -0.01 6.2 WelltnAdml 68.65 -0.01 4.1
TotRtnBdFdClInst 23.95 +0.04 4.4 ParnEqFd 50.00 -0.15 6.7
DivAppIdxAdm 41.96 -0.11 2.3 InPrSeIn 9.78 ... 4.0
BalA 29.63 -0.03 3.4 BlackRock Funds III US CoreEq2 28.29 -0.12 4.6 FF2035 13.42 -0.01 6.7
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NEcoA 47.67 -0.20 9.6 MunicipalBond 9.95 +0.01 3.4 DoubleLine Funds GroCo 25.81 -0.24 14.7 John Hancock IncomeFd 10.47 +0.03 2.9 ITIGradeAdml 8.61 +0.02 4.5 TgtRe2030 33.19 -0.03 5.8 TotBdInst2 9.64 +0.01 3.7
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Artisan Funds Dimensional Fds 500IdxInstPrem 142.02 -0.59 7.1 OTC 14.55 -0.10 13.4 LgCpGwth 47.71 -0.31 6.7 HelSci NA ... NA MuIntAdml 13.72 +0.01 3.5 TgtRe2060 41.44 -0.06 6.7 WCM Focus Funds
IntlVal Inst 42.95 +0.18 11.3 5GlbFxdInc 9.99 ... 1.6 Contrafund K6 18.70 -0.04 11.2 Puritn 21.51 -0.04 5.4 JPMorgan R Class LgCapGow I NA ... NA MuLTAdml 10.94 +0.01 4.5 TgtRet2055 45.00 -0.06 6.7 WCMFocIntlGrwIns 21.66 +0.11 10.2
Baird Funds EmgMktVa 27.79 +0.07 5.4 ExtMktIdxInstPre 65.45 -0.48 3.9 SAIUSQtyIdx 16.66 -0.02 8.8 CoreBond 10.45 +0.02 NA MidCap NA ... NA MuLtdAdml 10.82 ... 2.0 TgtRetInc 12.74 ... 4.5 Western Asset
AggBdInst 9.88 +0.01 3.7 EmMktCorEq 21.39 -0.05 6.3 FidSerToMarket 13.47 -0.06 6.7 SrsEmrgMkt 16.42 -0.13 5.1 CorePlusBd 7.35 +0.01 NA NHoriz NA ... NA MuShtAdml 15.68 ... 1.3 WellsI 24.79 ... 2.2 CorePlusBdI NA ... NA
B10 | Thursday, April 13, 2023 * * THE WALL STREET JOURNAL.
BANKING & FINANCE
Treasurys Gyrate, End Higher Apollo

Extends
Early rally after pushed down Treasury yields U.S. two-year Treasury note Expected federal-funds rate* ing two-thirds odds that the
inflation report loses

steam, resumes after
over the last month—espe-
cially on shorter-term govern-
ment borrowing, where rates
Wednesday
4.10% 5.5%
Fed raises rates again in May by
a quarter of a percentage point
to 5% to 5.25%, but only about a
Push for
release of Fed minutes
closely reflect how investors
expect the Fed to set mone-
tary policy. 4.05
5.0
One month ago 1-in-20 chance that rates will
continue rising in June.
It is a bet informed by slow-
Diverse
BY MATT GROSSMAN
Cooling inflation figures

But though headline infla-
tion fell in March, Wednes-
day’s data also brought indica- 4.00
4.5
4.0
ing inflation and the possibil-
ity that March’s banking dis-
tress could make it harder for
Suppliers
sparked an early Treasurys tions that important parts of businesses and households to BY LAURA KREUTZER
rally that faded later Wednes- the economy are continuing to One week ago borrow in the months ahead,
day, underscoring investors’ experience sustained price in- 3.5 April 11 denting economic growth. Apollo Global Management
uncertainty about how the creases. 3.95 Business surveys, for in- Inc. is doubling down on sup-
data might shape the Federal The two-year Treasury 3.0 April 12 stance, have signaled that it plier diversity across its pri-
Reserve’s next moves. note’s yield finished Wednes- has already gotten more diffi- vate-equity portfolio, which in-
Yields, which fall when bond day at 3.970%, down from 3.90 Five-minute intervals 2.5 Monthly cult for companies to find new cludes major companies such
prices rise, dropped sharply af- 4.056% on Tuesday. Earlier in loans. Investors are also grow- as security services provider
7 a.m. noon 3 p.m. April 2023 ’24 ’25
ter Labor Department figures the day, the two-year yield had ing concerned that commercial ADT Inc. and digital media
showed the consumer-price in- fallen as low as 3.88%. The *As implied by derivatives markets Sources: Tullett Prebon (Treasury); FactSet (rate) landlords will struggle to fi- company Yahoo Inc.
dex rose last month less than benchmark 10-year yield de- nance their buildings if banks The private-equity firm
economists had expected. But clined to 3.419% from 3.433% last month after hovering equal, push up assessments of pull back on lending. wants to increase spending with
yields quickly recovered most Tuesday. around zero over the preced- how much shares are worth. “The effects of the bank suppliers and vendors owned or
of that ground later in the “I think we’re whipsawing ing half year. Some Treasury investors distress are the main reason managed by women and minori-
morning as traders parsed be- so much because we have two Factors like those weighed took encouragement from why expectations have shifted ties, raising total outlays by
low-the-surface figures show- pretty different economic sce- on bond prices as investors signs in the inflation data that away from another hike be- companies held in its portfolio
ing that inflation persisted in narios in front of us, both scoured the data, forcing them price increases for consumers yond May,” said Anders Pers- to $2 billion by the end of 2025.
key categories, investors and equally plausible,” said Priya to consider that the Fed might are slowing. The headline in- son, head of global fixed in- The move comes after the New
analysts said. Misra, global head of rates yet have to maintain a more flation figure showed that come at Nuveen. “Now, add to York firm surpassed an original
Short-term yields then re- strategy at TD Securities. hawkish stance later this year, prices rose 0.1% last month that how we’re seeing some $1 billion goal two years early
sumed their decline in the af- On the one hand, a dropoff Ms. Misra said. compared with February. That light at the end of the tunnel and as similar efforts pick up
ternoon after notes from the in banks’ lending could exacer- “Within two hours this was down from 0.4% a month from the inflation numbers.” steam across the U.S. economy.
Fed’s latest meeting pointed to bate the effects of the Fed’s morning, you saw the sellers earlier and lower than the Mr. Persson said that con- “At the fundamental level,
central bankers’ concerns that previous rate increases, showing up in the bond mar- 0.2% increase that economists trary to prevailing bets in fu- supplier diversity drives sup-
bank distress could help spark quickly slowing the economy. ket,” she said. had predicted. tures markets, he doesn’t ex- ply-chain competitiveness, it
a recession later this year. On the other hand, the in- Treasury yields help set After the data’s release, pect the Fed to start cutting helps unlock innovation and it
Slowing inflation and the crease in core CPI, which ex- borrowing costs for everyone traders maintained bets that rates aggressively later this can help create access to new
potential fallout from recent cludes food and energy prices, from homeowners to corpo- any interest-rate increase at summer. Even so, he thinks markets and deliver socioeco-
bank tumult have combined to was still at 0.4% in March rate-finance chiefs. They are the Fed’s May meeting will be yields will continue to fall nomic impact locally,” said Car-
depress Wall Street’s projec- month over month—roughly a also a key input into many the central bank’s last for the through the end of this year. letta Ooton, an Apollo operat-
tions about how high interest 5% rate if annualized. Core stock investors’ models, where foreseeable future. —Eric Wallerstein ing partner and head of ESG
rates will stay. That has goods inflation accelerated lower yields, all else being Wall Street is now estimat- contributed to this article. for private equity. She leads the
.
firm’s efforts to implement en-
vironmental, social and corpo-
ly
Bank Staff cate crimes such as money
laundering. JPMorgan, the U.S.
Virgin Islands says, had infor-
Miley Cyrus, a minor at the
time.
Ms. Erdoes and a JPMorgan
and Epstein’s personal interac-
tions.”
Mr. Staley has said he never
The compliance officer also
said that Epstein had spon-
sored accounts and credit
rate governance commitments
across portfolio companies.
Apollo defines diverse sup-
Flagged mation that could have flagged

Epstein’s alleged crimes to law
enforcement sooner.
on spokeswoman declined to
comment. The bank previously
has said Ms. Erdoes wouldn’t
knew about Epstein’s alleged
crimes. His lawyer has de-
clined to comment about the
cards for two 18-year-olds in
2004, one of whom was named
regularly in media reports
pliers as businesses 51% or
more owned or controlled by a
historically underrepresented
Epstein Lawyers have questioned

several JPMorgan employees
overrule the bank’s compliance
officials to protect a customer
allegations in the JPMorgan
lawsuit.
about Epstein’s “escapades,”
according to the filing. That
group, such as women or mi-
norities, according to Ms. Oo-
us ,
so far in this case, including and “has only one recollection In 2010, JPMorgan compli- woman had received $450,000 ton. It requires that a supplier
l
Mary Erdoes, its head of asset of formally meeting with [Ep- ance officials decided that Ep- from Epstein, the complaint be certified as diverse either
e
al a
Continued from page B1 and wealth management. Her stein “should go,” according to said. through a third party, such as
JPMorgan late last year in a deposition hasn’t been re- the Wednesday filing, and Epstein deposited hundreds the National Minority Supplier
Manhattan federal court, say- leased publicly, but Wednes- raised questions about Ep- of thousands of dollars into Development Council, or
ci on
ing the bank facilitated Ep- day’s court filing sheds light
A suit alleges stein’s behavior. the accounts of one known vic- through a government agency.
stein’s alleged sex trafficking. on its contents. Epstein pulled over A senior compliance official tim and another unnamed “re- Apollo officially launched its
The suit alleges the financier Ms. Erdoes said in a deposi- in 2011 voiced concerns about cruiter” after he pleaded guilty program in 2022 with a goal of
used the bank to pay his vic- tion that JPMorgan executives
$750,000 a year in extending Epstein a loan in rein 2008, the U.S. Virgin Islands reaching $1 billion in spending
tims with cash and wire trans- knew as far back as 2006 that cash from the bank. lation to a modeling agency claimed in its amended law- with diverse suppliers by the
er s
fers, transactions that should Epstein was accused of paying that had been accused of suit. end of 2024. It surpassed that
have been concerning to the cash to have underage girls bringing underage girls into The compliance department target late last year.
m er
bank. Another lawsuit filed by and young women brought to the U.S. flagged other payments Ep- “We got to a little over $1.1
an unnamed woman who ac- his home, according to the fil- stein], which was the day she According to court papers, stein made to women, the suit billion,” Ms. Ooton said. “We
cused Epstein of sexual abuse ing. fired him as a client.” the official noted that Epstein says. One official referred to roughly doubled our spending,
also accuses the bank of failing The filing alleges that Ep- The bank has denied that it was no longer managing retail Epstein as a “Sugar Daddy!” and we did it very quickly.”
to monitor his transactions. stein’s behavior was so widely aided Epstein and has sought billionaire Leslie Wexner’s The bank, according to Ms. Ooton said Apollo laid
m rp
The cases are running together known at the bank that his in- to shift the focus to former ex- money and questioned court papers, was told the the groundwork for the pro-
in Manhattan federal court. terest in girls was the subject ecutive Jes Staley. In a lawsuit whether he had any clients at cash was being used for fuel gram by measuring and map-
Banks are required to file of jokes. In 2008, the filing against Mr. Staley last month, all. “I would like to know if in and landing fees for Epstein’s ping spending with suppliers
suspicious-activity reports on says, Ms. Erdoes received an JPMorgan said the former ex- fact he is managing anyone’s private planes. Yet withdraw- across its private-equity portfo-
sizable cash withdrawals and email asking whether Epstein ecutive “affirmatively misrep- money at this point or is it all als continued while Epstein lio, which includes more than
co Fo
transactions that could indi- was at an event with pop star resented the true facts of his his money,” the official wrote. was in prison, the filing said. 20 companies.
60-40 Annual performance of stocks and bonds

40%
S&P 500 Bloomberg U.S. Aggregate
their stock exposure has ticked
down but remains above his-
torical averages. The respon-
Strategy 30
20
dents had about 65% of their
portfolios in stocks, 15% in
bonds and 20% in cash.
Is Back 10
0
Still, Todd Schlanger, a se-
nior investment strategist at
Vanguard, said he expects the
60-40 strategy to work well for
n-
Continued from page B1 the next decade, pointing to

–10
going.” lower stock valuations and at-
JOSEPHINE TEISTER
For decades, investors have –20 tractive bond yields. Mr. Sch-
relied on the 60-40 investment langer forecasts the annualized
no
mix to generate stable returns, –30 10-year median return for a

earning an average 9.3% annu- globally diversified 60-40
ally through the end of 2022, –40 strategy at 5.4%.
according to DJMD, which re- 1990 ’95 2000 ’05 ’10 ’15 ’20 ’23 Mark Teister switched to a “60-40 is used as a bell-
viewed data going back 35 Note: Data note total return. 2023 is through April 11. Source: Dow Jones Market Data more conservative approach. wether,” Mr. Schlanger said.
years. An investor who put “That strategy we believe is an
$10,000 in a 60-40 portfolio in 2008 and the short-lived mar- a traditional 60-40 strategy in mains hot and the banking cri- $750 billion of equities this enduring one.”
1988 would have a principal ket panic brought by the onset late 2021. He bought funds sis that erupted in March ap- year, with investors instead pil- Leslie Hollon, 68, retired in
worth more than $180,000 of the Covid-19 pandemic. holding dividend-paying com- pears to be contained—all of ing into yield-bearing assets 2022 as a pastor in San Anto-
now, after accounting for an That didn’t happen in 2022. panies and value stocks, along which could propel the Fed to such as money-market funds nio. His 60-40-style portfolio
annual rebalance. An index that largely holds with securities that mitigate keep raising rates. and bonds. fell about 15% last year,
Behind 60-40’s success: The Treasurys, highly rated corpo- the risk of higher bond yields. Plus, stocks remain expen- That is a contrast from the prompting him to withdraw
S&P 500 tends to rebound after rate bonds and mortgage- If the market stabilizes, he sive historically, and strategists start of 2020 through less money to put toward his
steep declines and investors backed securities fell 13%, post- hopes to revert to the 60-40 warn that valuations will likely mid-2022, when they were net living expenses. Despite the de-
who buy the dip are often ing its worst year on record, mix. be crunched in the event of a buyers of $1.7 trillion in equi- clines, Dr. Hollon said he is
richly rewarded. The bench- while the S&P 500 declined “I’ve got to have something recession. The S&P 500 is trad- ties. Households own almost confident in his investing ap-
mark stock index has gained 18%. that protects me from doing ing at 18.2 times its expected 40% of the total U.S. equity proach and expects bonds to
about 7.5% this year, including Individual investors close to something stupid,” said Mr. earnings over the next 12 market, making them impor- make a comeback this year.
dividends, and bonds have retirement were the hardest hit Teister, who used to work as months, down from 21.6 at the tant drivers of financial mar- “It was encouraging that
clawed back some of their because their portfolios didn’t an executive at a coffee firm. start of 2022 but above the 10- kets. there’s resilience in 60-40, and
value. have time to recover from the There is no guarantee that year average of 17.5. Meanwhile, a March survey the resiliency was showing in
Bonds helped offset some of losses. the 60-40 strategy will keep Investors have pared their from the American Association still a very tumultuous mar-
the pain of the previous market Mark Teister, a 66-year-old working, and the market’s tra- stock exposure in light of the of Individual Investors found ket,” said Mr. Hollon, who
crises, including the bursting retiree in Glenview, Ill., said he jectory is especially difficult to recent tumult in markets. that investors have increased hopes to continue using his re-
of the dot-com bubble in 2000, switched to a more conserva- predict. The economy is still Goldman Sachs expects their bond exposure to the tirement funds to travel with
the global financial crisis of tive investment approach from humming along, inflation re- households to be net sellers of highest level since 2021, while his wife.
New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
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Continued From Page B9 52-Wk % 52-Wk % AtaraBiotherap ATRA 2.32 -8.9 CommerceBcshrs CBSH 55.12 -0.7 FranklinStProp FSP 1.28 -3.8 KwesstMicroSys KWE 2.08 -4.2 1895Bancorp BCOW 7.66 -1.2 TompkinsFin TMP 62.10 -1.1
AudioCodes AUDC 10.92 -4.8 CommScope COMM 5.50 -5.3 FreelineTherap FRLN 0.39 1.0 Kidpik PIK 0.54 -7.5 OPT 3.46 -3.4 Transphorm TGAN 3.32 -5.1
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
AuroraMobile JG 0.41 -14.4 CommBkSys CBU 48.16 -1.8 FuelCell FCEL 2.29 -5.7 KronosBio KRON 1.22 -3.9
Opthea
OrganiGram OGI 0.58 -12.4 TritonIntlPfdA TRTNpA 23.51 -5.9
Stock Sym Hi/Lo Chg Penumbra PEN 287.59 -3.3 VistaEnergy VIST 22.04 0.9 BCB Bancorp BCBP 11.38 -2.6 ContextLogic WISH 7.86 -18.9 FulcrumTherap FULC 2.25 -9.6 LakelandFin LKFN 58.04 -2.6 OrionBiotechWt ORIAW 0.01 -69.1 TritonIntlPfdB TRTNpB 22.61 -8.7
PerpetuaRscs PPTA 5.16 3.0 WestrockCoffeeWt WESTW 2.70 -7.1 ByndCannasoft BCAN 2.00 2.2 ContraFect CFRX 1.00 -4.7 FVCBankcorp FVCB 9.99 -2.9 Lannett LCI 0.66 -8.3 Ouster OUST 0.46 -4.4 TritonIntlPfdC TRTNpC 20.31 -14.8
LibertyBraves A BATRA 36.71 -0.4 9.64 -0.3
Potbelly PBPB Winmark WINA 335.99 1.2 BankofButterfield NTB 25.04 -1.8 Crexendo CXDO 1.48 -5.7 GMedInnov GMVD 0.52 -6.0 Latham SWIM 2.26 -7.0 PCB Bancorp PCB 13.26 -2.3 TritonIntlPfdD TRTNpD 20.30 -11.6
LibertyBraves C BATRK 35.59 -0.8 PLX 2.60 3.8
ProtalixBio WW Ent WWE 103.97 -0.1 BankwellFin BWFG 23.12 -1.0 Cutera CUTR 18.47 -28.2 GasLogPtrsPfdB GLOPpB 20.03 -4.7 LionElectric LEV 1.68 -2.9 PacificPremBncp PPBI 22.31 -2.8 TritonIntlPfdE TRTNpE 17.33 -14.7
LibertyRscsA LIBY 10.55 0.1 PLSE 4.90 18.2
PulseBiosciences XponentialFit XPOF 32.25 -2.5 BeamrImaging BMR 1.53 -2.4 CyclerionTherap CYCN 0.27 -9.8 GermanAmBncp GABC 31.82 -1.4 LionElectricWt LEV.WS 0.12 -22.3 PeapackGladFinl PGC 27.57 -0.5 TutorPerini TPC 5.34 -5.1
Limbach LMB 18.01 -1.2 PHYT 10.72 0.4 64.70 -1.4 BBBY 0.28 -10.7 GEVO 1.20 -3.2
PyrophyteAcqn YumChina YUMC BedBath DISH Network DISH 8.02 -9.4 Gevo LordstownMotors RIDE 0.52 -3.6 PioneerBancorp PBFS 8.91 -0.6 22ndCentury XXII 0.61 -4.8
Linde LIN 362.85 0.3 RELX RELX 33.20 1.3 BensonHillWt BHIL.WS 0.05 9.1 GilatSatellite GILT 4.75 -2.0
DLH Holdings DLHC 10.33 -2.4 LucyScientific LSDI 0.83 17.6 PitneyBowesNt43 PBIpB 13.76 -6.7 TwinVee VEEE 1.47 -5.1
MSG Sports
MagellanMid
MSGS
MMP
199.56
55.46
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0.6
RadNet
ReataPharm
RDNT
RETA
27.70
98.52
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Lows BiodexaPharm
Biolase
BDRX
BIOL
0.24
0.24
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DZS DZSI 7.10 -4.5 GlobusMaritime GLBS
GoldenHeaven GDHG
1.01
3.60
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0.2
Lulu'sFashion LVLU 1.90 -4.9 PLxPharma PLXP 0.08 -27.8 TwistBiosci TWST
USCB Financial USCB
12.66
9.66
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-1.0
Masimo MASI 192.55 1.1 DAVIDsTEA DTEA 0.42 -7.1 Lumentum LITE 45.19 -3.1 PolarityTE PTE 0.35 -8.8
RedRobin RRGB 15.89 -4.6 ADS-TEC ADSE 2.23 -5.0 BladeAir BLDE 2.75 -7.4 GoldenbridgeAcqn GBRG 9.99 0.7 UnitedGuardian UG 8.78 -10.2
MaxeonSolar MAXN 29.78 -0.1 DesignTherap DSGN 4.90 -1.4 MVB Financial MVBF 18.70 -1.1 PolyPid PYPD 0.38 -2.2
RemitlyGlobal RELY 17.85 -1.0 Adtran ADTN 10.58 -7.9 BlueSafariA BSGA 6.70 -4.7 GranitePointMtg GPMT 4.62 -1.5 UnivestFin UVSP 22.29 -1.4
McDonald's MCD 286.79 0.3 DimeCommBcshs DCOM 20.97 -2.4 MastechDigital MHH 8.69 -7.2 PreferredBankLA PFBC 50.35 -1.4
ReneoPharm RPHM 7.45 10.4 AST Space Wt ASTSW 1.31 -7.7 bluebirdbio BLUE 2.78 -6.7 GreeneCnty GCBC 20.82 -0.4 UplandSoftware UPLD 3.85 -3.8
MeritageHomes MTH 120.73 0.6 0.09 -1.1 DunxinFinl DXF 0.03 -10.4 MatchGroup MTCH 34.33 -4.8 PremierFinl PFC 19.58 -1.7
RentokilInit RTO 37.41 1.4 Adamis ADMP BogotaFinl BSBK 8.74 -9.5 HarborCustomPfdA HCDIP 3.59 -4.6 urban-gro UGRO 1.50 -5.2
MetalSkyStarRt MSSAR 0.22 6.3 Addentax ATXG 0.86 -3.7 E-HomeHousehold EJH 0.06 -12.5 MercantileBank MBWM 28.57 -0.6 PrestoAutomation PRST 1.24 -3.9
RosecliffAcqnIA RCLF 14.85 29.5 BrookfieldDTLAPf DTLAp 0.72 -8.9 HarborCustomWt HCDIW 0.02 -26.7 UTime UTME 0.79 -0.3
MotorolaSol MSI 287.42 0.8 AdvantageSolns ADV 1.37 -4.8 EagleBancorp EGBN 31.50 -2.4 Meridian MRBK 11.85 -0.3 Pulmatrix PULM 2.71 -4.9
RosecliffAcqnI RCLFU 14.20 31.0 Bumble BMBL 17.18 -7.2 HeritageFin HFWA 19.84 -1.9 Uxin UXIN 1.65 -12.7
NVR NVR 5655.00 0.2 AegleaBioTherap AGLE 0.16 -26.2 EditasMedicine EDIT 6.33 -5.2 MetaMaterials MMAT 0.35 -7.3 PurpleInnovation PRPL 2.21 -4.3
SchultzeSpacII SAMAU 10.41 0.4 CF Bankshares CFBK 18.75 -1.3 Hesai HSAI 11.36 -4.9 Vacasa VCSA 0.81 -7.0
NatlInstruments NATI 57.99 9.7 AevaTech AEVA 0.92 -9.8 1847Holdings EFSH 0.48 -3.7 micromobility.com MCOM 1.80 -8.5 QCR Holdings QCRH 42.14 -1.5
SiriusPoint SPNT 9.68 10.0 CIIGCapPtrsII CIIG 9.26 -2.6 Hongli HLP 3.03 5.0 ValensSemicon VLN 2.57 -3.7
NewJerseyRscs NJR 55.84 -1.0 DTC 8.62 3.8 AgileThought AGIL 2.58 -12.2 3.69 -5.6 EnantaPharma ENTA 36.42 -5.6 9.43 -2.6 MidPennBancorp MPB 24.40 -1.2 Quantum-SiWt QSIAW 0.13 -16.3
SoloBrands Caesarstone CSTE HopeBancorp HOPE ValleyNatlPfdA VLYPP 18.59 -0.9
NorthAmConstr NOA 18.33 1.7 SQSP 33.31 1.1 Akoya AKYA 6.74 -6.5 CALB 17.78 -2.7 Enviva EVA 23.66 -4.6 HZON.WS 0.00 -99.4 MidlandStBncp MSBI 20.20 -0.7 Quantum-Si QSI 1.47 -7.5
Squarespace CaliforniaBncp HorizonII Wt ValleyNatlPfdB VLYPO 20.08 -2.4
Novartis NVS 97.00 0.7 Stevanato STVN 27.30 2.7 AlphaTauMed DRTS 2.75 10.1 CambridgeBncp CATC 62.04 -1.6 EucratesBioWt EUCRW 0.00 -96.9 HubCyberSecurity HUBC 1.05 -0.9 MidWestOneFin MOFG 22.57 0.4 RBB Bancorp RBB 14.05 -3.2 Vaxart VXRT 0.56 -2.3
NovoNordisk NVO 164.93 3.3 Stryker SYK 294.07 -0.1 AltoIngred ALTO 1.30 -2.3 CamdenNational CAC 34.25 -1.2 EvansBancorp EVBN 32.06 0.9 Hyliion HYLN 1.53 -13.3 MillenniumGrpIntl MGIH 1.98 -4.8 ReToEcoSol RETO 0.25 8.5 Veradigm MDRX 12.36 -2.7
OReillyAuto ORLY 882.13 0.7 TPGPaceBenII YTPG 10.01 ... AmbacFinWt AMBC.WS 0.03 -55.4 CanFiteBiopharm CANF 1.52 -6.3 FarmerBros FARM 3.22 -3.5 IF Bancorp IROQ 15.25 -0.1 MineralysTherap MLYS 12.76 0.2 SES AI SES 2.56 -3.7 VerbTech VERB 0.10 -6.3
OakStreetHealth OSH 38.87 0.1 TesscoTech TESS 8.79 87.0 AmerantBncpA AMTB 19.43 -1.4 CanopyGrowth CGC 1.51 -1.3 FaZeWt FAZEW 0.04 -23.5 IGM Biosci IGMS 9.74 -2.2 MiromatrixMed MIRO 1.29 -14.0 SangamoTherap SGMO 1.35 -6.8 Veru VERU 0.98 -1.0
OcuphirePharma OCUP 5.74 5.0 TexasRoadhouse TXRH 113.20 -1.3 AmNtlBcsh AMNB 29.39 0.6 CaraTherap CARA 4.25 -4.3 FinInstitutions FISI 18.00 -1.2 Ideanomics IDEX 0.09 -9.8 Momentus MNTS 0.47 -3.7 Sentage SNTG 1.44 -6.6 VirginOrbit VORB 0.07 -34.8
Ohmyhome OMH 6.17 -3.3 Tingo TIO 1.43 -13.8 AmerisBancorp ABCB 33.31 -2.3 CatalystBncp CLST 11.23 -2.3 FirstBancshares FBMS 23.90 -3.2 iMediaBrands IMBI 0.36 -19.4 MustangBio MBIO 2.82 -9.0 ShoreBancshares SHBI 13.41 -0.5 WM Tech MAPS 0.63 -2.9
OilDriAmerica ODC 43.12 3.4 TioTechA A TIOA 10.61 ... AmpioPharm AMPE 0.19 ... CathayGenBncp CATY 32.63 -1.4 FirstInternetBncp INBK 15.50 -5.5 IndependentBank INDB 61.82 -1.6 NantHealth NH 1.52 -2.1 SilenceTherap SLN 5.54 -5.7 WestamericaBncp WABC 40.53 -1.4
Opera OPRA 10.80 1.5 TriPointe TPH 26.14 0.3 AppHarvestWt APPHW 0.06 -7.9 CenturyTherap IPSC 2.81 -7.9 FirstMerchants FRME 30.22 -2.9 IndLogistics ILPT 2.42 -2.7 NetSolTech NTWK 2.44 1.6 SingularGenomics OMIC 1.00 -9.1 WeTrade WETG 0.18 -7.2
PG&E PCG 17.01 0.8 TritonIntl TRTN 83.52 32.3 AppliedUV AUVI 0.74 -5.4 CeptonWt CPTNW 0.03 -26.0 FirstMerchDep FRMEP 23.00 1.2 Infobird IFBD 0.51 -9.6 NeuBaseTherap NBSE 0.16 1.6 Sonder SOND 0.51 -11.4 WeWork WE 0.48 -13.4
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PPG Ind PPG 141.36 -0.9 VertexPharm VRTX 327.98 0.5 Arrival ARVL 0.11 -4.8 ChinaPharma CPHI 0.31 -5.2 ForesightAuto FRSX 0.34 -7.4 InterPrivateIV Wt IPVIW 0.00 -95.7 OceanFirstFin OCFC 17.19 -1.7 Swvl SWVL 1.06 1.9 WorldwideWebb WWACU 9.33 -0.8
PatriotTransport PATI 9.28 1.5 VikingTherap VKTX 18.44 0.2 AspenAerogels ASPN 6.05 -6.1 CivistaBcshrs CIVB 16.10 -1.8 FormulaSys FORTY 62.05 -2.9 Investar ISTR 13.16 -2.0 OfficePropIncm OPI 8.29 -4.9 TioTechA Wt TIOAW 0.00 -76.8 Yunji YJ 0.34 2.8
THE WALL STREET JOURNAL. * * * * * Thursday, April 13, 2023 | B11
MARKETS
Stocks Fall on Cloudy

Outlook for Rates
GENE J. PUSKAR/ASSOCIATED PRESS

Early optimism on closely watched measure of in- Shares in Triton Interna-
flation, rose 5% last month, the tional jumped $20.33, or 32%,
consumer prices dims Labor Department said to $83.34 after the shipping-
as investors wrestle Wednesday. The report showed container leasing company
inflation is continuing to pull agreed to be bought by Brook-
with Fed’s next move back from its multidecade high field Infrastructure. The deal
hit last June. That should, in values Triton’s common stock Shares of American Airlines fell 9.2% to $13 after the carrier lowered its quarterly revenue guidance.
BY WILL HORNER many investors’ eyes, keep the at about $4.7 billion.
AND AKANE OTANI Federal Reserve on course to American Airlines shares Index performance Wednesday AUCTION RESULTS
Dow Jones Industrial Average Here are the results of Wednesday's Treasury
finish its interest-rate-increase slipped $1.32, or 9.2%, to $13 0.75% S&P 500 auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
Stocks slipped, giving up campaign within the year. after the company cut its Nasdaq Composite difference between that price and the face value.
gains from earlier in the ses- But inflation also remains guidance for revenue for the 17-WEEK BILLS
sion. well above prepandemic lev- first quarter. 0.50 Applications $97,892,364,500
Stocks began the day higher els. The central bank itself Bonds pared much of their Accepted bids $36,833,108,500
after data showed inflation hasn’t ruled out further rate earlier gains. The yield on the " noncompetitively $772,080,200
0.25 " foreign noncompetitively $100,000,000
eased to its lowest level in increases. Nearly all 18 offi- 10-year U.S. Treasury note fell Auction price (rate) 98.353833
nearly two cials who participated in the to 3.419% from 3.433% Tuesday. (4.980%)
WEDNESDAY’S years in Fed’s meeting last month pro- Yields fall as bond prices rise. 0 Coupon equivalent 5.148%
MARKETS March. They jected that the central bank Bitcoin prices edged lower, Bids at clearing yield accepted
Cusip number
96.32%
912797GG6
then lost would likely raise interest hovering around $30,000 after
–0.25 The bills, dated April 18, 2023, mature on Aug. 15,
steam in the afternoon, ending rates one more time this year. Tuesday’s advance. 2023.
the session around their lows Wednesday’s consumer infla- The pan-continental Stoxx NINE-YEAR, 10-MONTH NOTES
for the day. tion report “keeps the Fed on Europe 600 edged up 0.1%, –0.50 Applications $77,468,793,600
The S&P 500 fell 16.99 track for another rate hike while France’s CAC 40 rose Accepted bids $34,046,008,600
" noncompetitively $50,524,800
points, or 0.4%, to 4091.95, while trying to strike a delicate 0.1% to a record, boosted by
while the Nasdaq Composite balance,” said Mike Loewengart, shares of luxury brands. –0.75 " foreign noncompetitively $0
Auction price (rate) 100.365768
lost 102.54 points, or 0.9%, to head of model portfolio con- Early Thursday, Japan’s (3.455%)
11929.34. The Dow Jones In- struction at Morgan Stanley Nikkei was up 0.1% but Hong –1.00 Five-minute intervals Interest rate 3.500%
Bids at clearing yield accepted 66.26%
dustrial Average gave up 38.29 Global Investment Office. Kong’s Hang Seng Index was 10 a.m. 11 noon 1 p.m. 2 3 4 Cusip number 91282CGM7
points, or 0.1%, to 33646.50. Corporate news drove down 0.4%. S&P 500 futures The notes, dated April 17, 2023, mature on Feb. 15,
The consumer-price index, a swings in some stocks. rose 0.1%. Source: FactSet 2033.
Technology “theory-first” approach where

they first establish a hypothesis
of why a certain anomaly might
who now is the co-founder of
Voleon Capital Management
LP, a hedge fund that relies on
alter strategies, new leaders
make radical decisions and eco-
nomic and political environ-
tive of financial-technology com-
pany Proven, also notes that in-
vesting is “adversarial,” or it
launched in the past few years
built around machine learning
and other AI approaches.
Can’t Beat exist, and they form a model machine learning. “We don’t ments shift abruptly—making it entails competing with rivals ea- San Francisco-based quant
.
around that,” said Mr. Larkin. have unlimited amounts of data harder to make trades using ger to take advantage of any hedge fund Numerai used ma-
One big problem: Investors to help us run models of unlim- models reliant on historic, mistake. That makes it harder to chine-learning techniques to
ly
Market rely on more limited data sets
than those used to develop the
ChatGPT chatbot and similar
ited size.”
Just as important, market
data are “noisier” than lan-
long-term data trends. invest using AI than it is to use
these approaches for natural
language, image classification or
score gains of 20% last year,
the firm said. Also last year,
three senior staffers at Deep-
Continued from page B1

success turning all of their op-
erations over to machines,
language-based AI efforts. Chat-
GPT, for example, is a model
with 175 billion parameters that
uses decades—and sometimes
on
guage and other data, making it
harder to use it to explain or
predict market moves. In other
words, earnings, share momen-
‘Progress in
applying AI to
self-driving cars.
“There’s a reason firms like
Renaissance and D.E. Shaw still
employ so many Ph.D.s,” said
Mind Technologies, the artifi-
cial-intelligence subsidiary of
Google parent Alphabet Inc.,
caused a buzz by leaving to
quants say. They haven’t en- centuries—of text and other tum, investor sentiment and
investing has been Mr. Dewey, who added humans start a machine-learning fund
us ,
joyed dramatic advances with data from books, journals, the other financial data only partly limited.’ are still essential in markets that called EquiLibre Technologies,
l
self-learning or reinforcement internet and more. By contrast, explain stock moves, and the are noisy and subject to human- based in Prague.
e
al a
learning, which entail training hedge funds and other investors rest is unaccountable “noise.” behavior feedback loops. “When There are too few firms fo-
computers to learn and develop generally train their own trading As a result, machine-learning it comes to investing, it’s still cusing on machine learning and
strategies on their own. Indeed, systems using pricing and other models can identify correla- While ChatGPT has proved hard to turn everything over to other AI methods to determine
ci on
Renaissance and others rely on market data. tions in various market data impressive, it regularly makes the machines.” whether big returns are possi-
advanced statistics rather than “The circumstances are dif- but prove incapable of predict- the kinds of obvious errors that Still, there are signs that in- ble, said Jens Foehrenbach,
cutting-edge AI methods, say ferent” when it comes to in- ing future stock moves. would cost investors’ money vestors are becoming more com- chief investment officer of Man
people at the firms. vesting, said Jon McAuliffe, a Unlike languages, markets and jeopardize reputations. fortable relying on AI. Voleon is FRM, which invests more than
“Most quants still take a former D.E. Shaw executive can change quickly—companies Richard Dewey, chief execu- among a group of hedge funds $20 billion in hedge funds.
er s
m er
ADV ERTISEMEN T
m rp
co Fo
Member Voices
The Wall Street Journal CMO Network connects the decision-makers behind the world’s most influential
brands to discuss what — and who — is driving today’s trends and chart the path forward.
What priorities rise to the top When faced with a new challenge, What shifts do you see happening
n-
for you in your role as CMO what’s your decision-making in marketing and advertising in
during times like this? process, and where do you turn for the next ive years?
trusted information or advice?
no
Staying focused on our team’s A successful brand lives in the minds

purpose and the outcomes needed I am a constant reader of all things and hearts of people. To achieve
to achieve it has been a key success current, and all points of view. I seek that, I see brands becoming more
factor throughout my career. Always to understand multiple perspectives, personal, authentic, trustworthy
understanding why we are here — for intentionally trying to learn from and human. However, we must also
yourself, your teammates and those them, even when they seem acknowledge the increasing pace of
around you — and then ensuring contradictory. I have experienced information distractions and opposing
Vito Mabrucco what and how we execute helps to that consideration of all perspectives perspectives. It will not be easy for a
achieve that. It may sound simple, (other than the unethical) informs the brand to build trust while dealing with
Global Chief but having a clear purpose with decision-making process and results this information low and multiple
articulate goals keeps us all engaged in better outcomes. points of view. Which brings it back to
Marketing Oficer, and committed to success. purpose — if your purpose is authentic
NTT Corporation . When engaging with new social and true, and you live up to it, then
What are the biggest challenges platforms, what traditional rules your brand and organization will
around ROI, and what do you of advertising and marketing are succeed in cutting through the noise
consider the most effective ways you emphasizing? Minimizing? and be relevant for a long time.
of measuring it?
I have challenged our team and our What are you most proud of
While pure ROI as an outcome is partners to be more creative about in your current role?
not easy to apply in marketing, how we communicate and deliver
Membership is by invitation: the concept of outcomes-based important messages and content. Our purpose at NTT is to contribute
[email protected] measurement should still apply. The The typical approaches start to to a better future for people and
idea is to make plans for actions that become easy to do, and so we do the planet, knowing that we need
will have an impact on the ultimate them more often. That is human to also be a proitable business to
Read the extended version: goal. Often marketing teams nature. However, a person’s ability achieve that. We believe that it is
CMONetwork.wsj.com/ measure activities, leading to a false to absorb and retain information possible to do both, and our 150-
membervoicesnttcorporation sense of accomplishment. While is becoming so complex and year history is proof of that. My role
activities and actions are necessary, time-consuming that we need to is simple, but not easy — telling the
they are not suficient to reach the start thinking of new methods of rest of the world why we’re here
successful outcomes expected of engagement. They probably already and what we’re capable of.
marketing. Measuring activities exist in some small examples; we just I am proud to be part of a team
versus outcomes is a trap that hurts need to identify them and tune them that helps create a better future
marketing organizations’ credibility. to our needs. for society.
The Wall Street Journal news

organization was not involved
in the creation of this content. © 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ7970
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Buffett’s Japan Bet Is Paying Off Big

The celebrated stock picker has focused his lens on some apparently humdrum Japanese stocks, which turned out to do very well
Warren Buffett’s bet on stodgy creased its stakes in November. Partly that is because many of company sitting on a tasty positive Share-price performance since
Japanese trading companies has Mr. Buffett’s investments in these companies own a large port- carry. Berkshire Hathaway first
made him a small fortune. Inves- Itochu and its peers originally folio of investments in mining and And there may indeed be other disclosed its investment
tors should take note of the vener- raised a few eyebrows. The compa- energy, which benefited from ris- similar opportunities. Japan’s
250%
able stock picker’s renewed vote of nies are rather old-fashioned for an ing commodity prices during the Topix index trades at 13.3 times
confidence in the country. era where markets are dominated past year. Mitsui has a 6% stake in expected earnings, slightly below Marubeni
In an interview with the Japa- by flashy tech companies. They are Brazilian miner Vale. its 10-year average of 14.8 times, Mitsui & Co.
nese publication Nikkei on Tuesday, essentially conglomerates that in- But the stocks look like Mr. Buf- according to S&P Global Market 200
Mitsubishi
Mr. Buffett said he intends to vest in all sorts of things, from min- fett’s classic value plays. Currently, Intelligence. That compares with Sumitomo
boost Berkshire Hathaway’s investing to retail. But Mr. Buffett com- on average, they trade around 18.9 times for the S&P 500. Many Itochu
ment in the country’s stocks. He pared them to his own company in their book value and at six times companies are sitting on net cash 150
said he raised the company’s exist- Tuesday’s interview: “They are re- their earnings. and their stocks are trading below
ing stake in five Japanese trading ally so much similar to Berkshire. They reliably generate strong book value. Corporate governance
companies: Itochu, Marubeni, Mit- They own a lot of different things.” cash flow, and like many other has also gradually improved: 100
sui, Mitsubishi and Sumitomo that And so far, the market has vin- Japanese companies, they are in- Shareholder activism is rising,
operate in the import and export dicated Mr. Buffett’s faith. Share creasingly returning that cash to which is one reason companies are
business, domestic wholesale and a prices of the five have more than shareholders through dividends returning more cash to investors. 50
cornucopia of other sectors. doubled on average since August and buybacks. The companies’ av- Mr. Buffett’s bargain hunting in
Mr. Buffett noted he is consider- 2020, when Berkshire first dis- erage dividend yield is around 3%. Japan has already yielded impres-
ing other opportunities in Japan. closed its investments. Japan’s Considering that Berkshire issued sive results during a wild period 0
Berkshire Hathaway has been in- benchmark Nikkei stock index and bonds in Japanese yen in Decem- for markets. Investors could do
2021 ’22 ’23
vesting in the five trading compa- the S&P 500 returned around 20% ber with an average interest rate much worse than following his
nies since August 2020 and in- over the same period. of 1.1%, that probably leaves the lead. —Jacky Wong Source: FactSet
For Regional Banks, Surviving

Won’t Be the Same as Thriving
.
ly
JUSTIN SULLIVAN/GETTY IMAGES
The acute phase of this banking
crisis might have passed. But the
chronic phase might be just be-
ginning.
on
ing is that many lenders, particu-
larly smaller ones, can simply no
longer count on the cheap, stable
deposits they have grown accus-
data. That borrowing fell later in
the month, but there still has been
a sizable net shift among small
banks from deposits to borrowing
Earnings season for lenders tomed to in recent years. The over the past few weeks.
us ,
starts Friday. It might be the most flood of money into higher-yield- Other banks might have raised
l
consequential series of quarterly ing money-market funds should be their deposit rates, or looked for
e
al a
bank reports in years, since perhaps setting off alarm bells. deposits from possibly higher-cost Regulations aren’t the only reason for EV investments. Tesla is another factor.
the early days of the pandemic in “Initially people wanted to move outside sources such as deposit
2020, or the financial crisis in money out of certain banks for networks. Some might experience a
EPA Has Only So Much
ci on
2008. One obvious question will be safety reasons. But it also reminded shift in their share of deposits that
which banks had deposit outflows them they were getting nothing on pay zero interest to ones that do.
Control Over EV Plans

and which had inflows in the panic that cash,” says Frank Bonanno, Banks can offset higher funding
that followed the collapse of Silicon managing director at StoneCastle costs by charging more for loans.
Valley Bank and Signature Bank last Cash Management, which works But they could then face questions
er s
month. But that is far from all. with banks seeking deposits and about the quality of those loans.
Outside of a couple of lenders customers seeking places to put That will particularly be the case
m er
that have made special disclosures cash. “After the fear went away, the in commercial real estate. Banks Why are traditional car makers which comes with higher particulate
under intense market scrutiny, greed factor came in.” might have an opportunity to refi- investing hundreds of billions of dol- but lower carbon emissions. That
such as Western Alliance and Banks might have eased their nance struggling offices or apart- lars in electric vehicles—a technol- left makers with little choice but to
PacWest, banks won’t have given deposit-outflow problems by re- ment buildings at higher rates— ogy that promises better environ- embrace EVs as a way to hit regula-
updates since their last quarterly placing lost customer money with but investors will be wary of mental than financial returns? tory targets. These have tightened
m rp
reports. Even showing steady de- other forms of funding, such as throwing good money after bad. Regulation is part of the answer, but since. The European Union is moving
posits won’t be enough: The ques- advances from Federal Home Loan Investors should be prepared not from Washington. to a ban of gas engines by 2035, al-
tion will also be what banks had to Banks or the Federal Reserve’s for volatility. Yes, banks in the S&P The Environmental Protection beit with a carve-out negotiated by
do to buy stability—and what that borrowing facilities. But this can 1500 index are overall trading at a Agency proposed new emissions Germany for those driven with car-
will cost them going forward. be much more expensive than de- steep discount, about 8 times for- rules on Wednesday for model years bon-neutral synthetic fuels. The U.K.
co Fo
Many banks, particularly re- posits. It also can be limited in ward earnings, according to Fact- 2027 through 2032. While the rules is targeting a ban in 2030, with an
gional lenders, make the majority size, as banks need to post eligible Set data. They have rarely traded are based on tailpipe output of exception for plug-in hybrids.
of their money by taking in depos- collateral, and time, as it comes lower this century. Yet it is possi- harmful gases, and manufacturers In the U.S., investors are probably
its at low rates and lending at with term periods. ble the market might still be can choose to meet them with what- right to ignore the EPA. For starters,
higher rates. So paying higher Banks’ funding that includes overly optimistic. U.S. banks are ever technologies they like, one pos- federal-level emissions rules have
rates to keep depositors happy, or these sources surged last month. coming out of a period of huge sible course would involve EVs ac- become politicized: Tougher stan-
borrowing money from the govern- Domestic banks outside the top 25 profitability, having earned over counting for roughly two-thirds of dards laid out by the Obama admin-
ment at premium rates, might stop largest by U.S. assets added more half a trillion dollars collectively total light-vehicle sales in the 2032 istration were overturned under
a run. But it could also hobble a than $300 billion in borrowing in over the past two years, according model year, the EPA said. President Trump, only to be revived
bank’s earnings for a while. the week ended March 15, accord- to Federal Deposit Insurance Corp. This might be more than most under President Biden. The confu-
The worrisome scenario unfold- ing to weekly Federal Reserve data. Earnings might just have fur- mass-market makers are targeting sion is one reason the industry is
ther to fall than in the past. now. In 2021, when President Biden more focused on rules laid out in
Total small domestic banks’ holdings, change from the previous week On the positive side, some re- tightened the EPA rules for the California, which like Europe vowed
n-
ports might show that paper losses model years through 2026, General to ban the gas engine by 2035.
$300 billion
narrowed on banks’ bond portfolios Motors, Ford and Stellantis agreed Regulations aren’t the only reason
Securities Cash Deposits Borrowing because of falling market yields to a “shared aspiration” to make EVs for EV investments. Traditional auto
200 since the crisis. However, the prob- 40% to 50% of their output in 2030. makers have to worry about losing
no
lem of being locked into still rela- And unlike the EPA’s calculations, business to Tesla, Rivian and other
100 tively low yields for a long time re- those numbers included plug-in hy- innovators. Whereas emissions stan-
mains. Banks with the flexibility to brids, making them easier to hit. dards drove EV adoption in Europe,
sell down some of those portfolios But U.S. auto stocks haven’t the competitive factor has arguably
0 could pay off expensive govern- moved much since reports of the been more important in Tesla’s
ment funding and preserve their new EPA rules emerged over the home market. Subsidies have been
–100 earnings potential in the future— weekend. Is this a mistake, given the influential in China and are likely to
though likely at a cost to their cost of accelerating EV investments? become so in the U.S. after last
earnings today, as losses on the After all, stricter emissions rules year’s Inflation Reduction Act.
–200
sales are reflected in net income. have had a decisive impact in Eu- Across the world, EV sales are
March 1 15 29 The best medicine can still be a rope. When Volkswagen’s diesel spurred by sticks, carrots and com-
Note: Small banks are below top 25 in domestic assets. Dates are week ending. Not seasonally adjusted. bitter pill to swallow. fraud was uncovered in 2015, con- petition. In the U.S., the EPA isn’t in
Source: Federal Reserve —Telis Demos sumers turned away from the fuel, the driver’s seat. —Stephen Wilmot
Medical-Device Makers Gain Amid Return to Normalcy

Medical-device makers’ stocks pressure in Washington, device strategist at Mizuho, says strong
are basking in the good times. makers are relatively insulated revenue growth means the high
That is a marked shift from the from policy risk, says Asad Haider, multiples shouldn’t be big deter-
turbulence of recent years, when a senior healthcare strategist at rents for investors.
device makers contended with in- Goldman Sachs. “We would argue both could
flationary pressures and a drop in Shares of Boston Scientific, Ed- post in-line quarters or even miss
medical procedures as hospitals wards Lifesciences and Stryker by a tad and few investors would
faced staffing shortages and many are all up more than 10% or more be compelled to sell or alter their
patients deferred surgery during so far this year. The iShares U.S. respective views,” he writes.
the pandemic. While the industry Medical Devices ETF has risen A miss across the board doesn’t
was far from the only sector to be 3.7% this year, compared with a 1% seem likely anyway. A recent Need-
JOHN KEEBLE/GETTY IMAGES
affected by Covid-19, it suffered gain for the NYSE Arca Pharma- ham analysis of Google search
more than large-cap healthcare ceutical Index and a 2.2% decline trends revealed that searches in the
peers such as drugmakers and infor the iShares U.S. Healthcare U.S. for 20 elective medical proce-
surers. Those industries were rela- Providers ETF. dures were at 115% of pre-Covid
tively immune to the pandemic’s “These stocks have become ex- levels. Additionally, a Raymond
economic shocks, with insurers ac- pressions of improving procedure James note citing KaufmanHall data
tually benefiting from a decline in volumes and cost pressures not recently pointed to a 7% increase in
surgical procedures. getting any worse,” says Mr. Stryker shares are up more than 10% this year, trading at a multiple above 25. operating-room minutes in Febru-
Now, that picture is starting to Haider. He added that some compa- ary compared with last year.
reverse, and device makers are nies, such as Boston Scientific, also tions. JPMorgan estimates the pected to continue showing a Medical-device makers are still
looking more resilient than their are benefiting from a new product broad electrophysiology market to healthy return to normal as hospi- working through some of the after-
healthcare counterparts. Not only cycle. One example of a growth be worth $8 billion in annual sales. tal procedures bounce back. shocks of the pandemic, including
have cost pressures such as parts area for Boston Scientific as well as Many of the top large-cap de- A big caveat is that industry persistent inflation in things such
shortages started to abate, but competitors such as Medtronic is a vice makers reported relatively names are expensive, with investor as costlier electronic components.
procedure volumes are rebounding technology known as pulsed-field rosy fourth-quarter earnings while favorites such as Boston Scientific But as long as business increasingly
as Covid-19 restrictions loosen ablation, a new method for treating issuing 2023 guidance that was and Stryker trading at more than feels like the pre-Covid normal, in-
worldwide. And while pharma and irregular-heart-rhythm conditions above analyst expectations. First- 25 times forward earnings. But vestors are likely to remain positive
insurers continue to face political that could help minimize complica- quarter earnings reports are ex- Jared Holz, a healthcare-equity on the sector. —David Wainer
Thursday, April 13, 2023 | R1
THE
HEALTH
ISSUE
A LOOK AHEAD FROM THE WALL STREET JOURNAL.
.
ly
New VR on
Therapy
us ,
l
AI technology
e
al a
creates scenes to
help people
ci on
confront their
fears R8
er s
m er
m rp
co Fo
n-
no
In Your Face,
Artificial
Intelligence
Clues toYour Health

How facial recognition could diagnose stroke and other diseases R2
PLUS
Joint replacements that will tell your doctor how they’re doing R5
Solving a bottleneck for cutting-edge drugs R7
NICOLAS ORTEGA
R2 | Thursday, April 13, 2023 THE WALL STREET JOURNAL.
THE FUTURE OF EVERYTHING | HEALTH
in identifying individuals with 47,000 users, including geneticists,
.
CAN FACIAL RECOGNITION darker skin, leading to false arrests. neurologists, pediatric specialists
ly
Facebook shut down its facial-recog- and researchers. The benefit is early
nition program in 2021, citing con- detection, according to FDNA
DIAGNOSE STROKE AND on cerns over users’ privacy.
Despite these concerns, research-
spokesman Erik Feingold.
In Boston, researchers at Massa-
OTHER DISEASES? ers are hoping to use artificial intel-

ligence to identify early signs of the
risk of stroke and other neurological
chusetts General Hospital and MIT
are using facial recognition to iden-
tify and track ALS, a progressive
us ,
conditions before they happen, and neurodegenerative disease that af-

Changes in features, movements may predict diagnose the event after it has oc- fects nerve cells in the brain and spi-
l
e
curred. nal cord, which leads to deteriora-
early signs of serious conditions By Eric Niiler
al a
When a patient has a stroke, tion of muscles affecting movement,

blood flow to the brain is blocked, speech and eventually breathing.
P
ci on
which can destroy or damage areas The team is working with Every-
atients at Johns Hopkins that affects the muscles. And a Flor- of the brain, including those that thingALS, a nonprofit patient group
Hospital who are suspected ida-based startup has developed a control memory, speech and various that is part of a foundation set up to
of having a stroke might get tool to help pediatricians diagnose facial muscles. speed diagnosis and potential cures
an unusual request from rare genetic conditions by analyzing “Can we leverage the face as a for the disease. The group is the
er s
physicians: Can we film your images of children’s facial features. sort of decodable window on what’s brainchild of Indu Navar, a tech en-
face? The doctors’ goal is to identify Some medical experts say that happening inside the body?” says trepreneur whose pursuit of a faster
m er
stroke patients by facial character- these technologies won’t be ready for Dr. Stevens. ALS diagnosis is a personal one.
istics instead of waiting for brain widespread use until doctors and In the Johns Hopkins study, re- In 2016, her husband Peter Co-
scans or blood tests, helping speed their patients can assess how facial- searchers take video images when hen, a former Amazon executive,
both treatment and recovery. recognition algorithms make deci- patients who are either already ad- felt his ankle getting weak and had
m rp
The Johns Hopkins team is train- sions with patient data so that hu- mitted to the hospital or just arriv- some difficulty walking. A chiro-
ing a computer algorithm to recog- mans can better trust their outcomes. ‘The face is ing are suspected of experiencing a practor told him to see a neurolo-
nize changes in the patients’ fea- “The problem is getting people to act probably one stroke. gist, who told him to see if it went
tures, such as the paralysis of on the data and trust the data,” says The videos are uploaded to a da- away, or was the result of a viral in-
certain facial muscles or unusual Ken Stein, chief medical officer of of the most tabase that is used to train the algo- fection. “It took us two years to get
sophisticated
co Fo
eye movements, that might indicate Boston Scientific, a biomedical firm rithm. Researchers have enrolled diagnosed,” Ms. Navar says. “He
damage to the brain from a stroke that uses AI algorithms in its heart about 120 of a planned 400 patients continued to deteriorate, and we
as opposed to seizures, severe mi- monitors to predict the risk of heart
signaling in the preliminary study and hope to were told ‘let’s wait and see.’ ’’
graines or anxiety disorders. failure in some patients. systems train the stroke-detection algorithm Mr. Cohen was finally diagnosed
“The face is probably one of the So far, the most successful appli- in the to improve its accuracy. In a prelimi- with ALS and died in 2019 at the
most sophisticated signaling sys- cations of artificial intelligence in nary study of 40 patients who had age of 52, Ms. Navar says. In the
tems in the universe,” says Robert medicine are when a physician uses universe.’ already been diagnosed by a physi- last weeks of his life, Ms. Navar and
David Stevens, director of precision an AI software program that can in- Dr. Robert David Stevens, cian, the algorithm was 70% accu- her husband talked about how to
medicine and chief of the division terpret images—say X-rays or other Johns Hopkins rate in diagnosing whether or not a improve ALS diagnosis through im-
of informatics, integration and in- kinds of scans—and the physician School of Medicine patient had a stroke. aging technology and artificial in-
novation at the Johns Hopkins can say immediately whether they Dr. Stevens says the team is also telligence. She even filmed him
School of Medicine. “Maybe we agree or disagree, Dr. Stein says. In examining a person’s vital signs walking in hopes of understanding
n-
could actually measure what’s hap- those cases, the AI acts as a backup such as blood pressure and heart the disease’s progression.
pening and then leverage advanced for the doctor’s diagnosis. rate by analyzing how a directed “We want to find better ways to
70%
analytical techniques and artificial As AI tackles health conditions source of light reflects off the skin measure symptoms and better ways
intelligence to process large that have multiple causes—such as of their faces. “Everybody’s face is to tell if a drug is working,” says Er-
PHOTO ILLUSTRATION BY NICOLAS ORTEGA; JOHNS HOPKINS UNIVERSITY (STEVENTS)
no
amounts of information and gener- heart disease, cancer or dementia— actually oscillating in color very im- nest Fraenkel, a professor of biologi-
ate new insights.” computer scientists who develop perceptibly that can be detected cal engineering at MIT who is work-
Early research efforts point to a the algorithms will have to work with a camera,” says Dr. Stevens. ing with EverythingALS.
future in which facial scans, per- closely with doctors to explain how
The accuracy “Using a very simple algorithm you He and his colleagues have devel-
haps embedded in a smartphone the AI makes its decisions that lead of an algorithm can infer the heart rates, you can oped an algorithm to analyze video of
camera or even a bathroom mirror, to its diagnosis, he notes. in diagnosing infer how regular that heart rate is, ALS patients to track facial move-
might monitor our general health First developed in the early 1970s, the oxygen level in the blood, and ments, measure the space between
while picking up signs of long-term facial-recognition technology took whether or not even infer the blood pressure.” the lips (an early indicator of possible
neurological ailments such as de- off in the early 1990s when a team at a patient had a Florida-based biotech firm FDNA diagnosis) and changes in speech pat-
mentia. Some researchers believe MIT translated facial images into a has developed a software program terns. The group has recruited 1,000
algorithms might even be used to series of numbers that could be un- stroke, in a that aims to use facial recognition volunteers in the past 18 months. The
track how well a treatment or drug derstood by a computer. In recent preliminary to diagnose rare genetic conditions team is trying to determine if it can
is working by detecting changes in decades, Pentagon-funded research in young children. The Face2Gene tell whether new ALS drugs in clini-
a person’s face. to improve facial-recognition tech-
Johns Hopkins platform allows a doctor to upload cal trials are working or not.
Meanwhile, other researchers at nology has been widely adopted by study using scans of a patient’s face to a smart- Despite the promising early re-
the Massachusetts Institute of Tech- police to identify criminal suspects. video images phone app and then get a recom- sults, the use of artificial intelligence
nology are looking at facial recogni- However, civil-rights groups have mendation on whether the image today is more of a tool than a cure,
tion to diagnose the progression of raised concerns that some facial rec- of the face might indicate one of 1,500 condi- Dr. Fraenkel says. “Early diagnosis is
amyotrophic lateral sclerosis, or ognition programs are biased be- tions or syndromes associated with tough, but there’s strong evidence
ALS, a degenerative nerve disease cause they have been less accurate facial features. The platform has that it’s going to work eventually.”
FORWARD LOOKING Do-It-Yourself Ultrasounds Researchers at Massachusetts Institute of Technology and

Eric Topol, Scripps Research University of California, San Diego have also been develop-
Technologies
Translational Institute ing different ultrasound technologies that use patches to
capture ultrasound imaging over a period of time, not just
To Improve
In the future, ultrasound imaging could be done from in distinct snapshots, Dr. Topol says. “It’s pretty exciting
home as easily as we deposit a check from a cellphone, because then you could get like a week’s worth of continu-
Your Health says Eric Topol, a cardiologist and founder and director
of the Scripps Research Translational Institute.
ous imaging. This isn’t just lying in a bed. You want to see
how an organ is working under real-life circumstances.”
Probes linked to a phone or tablet will allow patients to Currently the patches need to be linked up to comput-
Medical experts on take an ultrasound image themselves, Dr. Topol predicts. ers with wires, but researchers envision de-
ILLUSTRATION BY KYLE HILTON
That could let patients share their results directly with vices that can be used at home.
coming innovations for their medical practitioners from wherever they are, A challenge Dr. Topol foresees in
health and wellness without having to travel to a hospital. harnessing these technologies is ensur-
By Ariana Perez-Castells AI will help ensure accuracy, Dr. Topol says. But ing the probes and patches can deliver
he warns that the interpretation should have over- high-resolution results while still mak-
sight from a human as well. ing them affordable. Continues 
THE WALL STREET JOURNAL. Thursday, April 13, 2023 | R3

bats age. “We found as they
age, they increase their abil-
ity to repair their DNA,” said
Dr. Teeling, who is also a
founding adviser of Paratus.
WHY WE A breakthrough by Dr.
Zwaka is helping virologists
MAY WANT and bat biologists accelerate
their research. Intrigued
TO BE when he learned in early
2020 that the new pandemic
MORE LIKE virus could be linked to a
BATS
bat, the stem-cell researcher
decided to put his expertise
to work to create bat “plu-
ripotent” stem cells. This in-
volves reprogramming skin
or blood cells back into stem
cells that, like embryonic
cells, can become any kind
The flying mammals of cell. They could be used
carry viruses without ill to make different types of
effects, rarely get cancer, bat tissue for lab studies.
Scientists had failed pre-
and live long lives. We’re viously to make these cells
trying to learn from A cave from bats. At his lab a few
them. By Betsy McKay nectar bat
pollinates
blocks from a makeshift hos-
pital in Central Park where
a tree doctors were caring for
Covid-19 patients, Dr. Zwaka
and his colleagues extracted
cells from bat tissue that a
researcher in Spain had
shipped to them, and spent
T
months trying different reci-
o many people, bats are a naviruses that infect humans, though pes until they found one that turned
terrifying menace, vam- they haven’t yet been found to carry them into pluripotent stem cells.
pirish carriers of dangerous the Covid-19 virus itself. The cells from Dr. Zwaka’s lab are
viruses—including, likely, Bats are one of the most diverse a step forward for researchers, said
an ancestor to Covid-19. groups of animals on the planet, Vincent Munster, a virologist at the
But to researchers and biotech making up more than 22% of mam- NIAID who is studying the effects of
investors, they are a miracle mammal species, according to bat conser- certain viruses on them. “These novel
mal that could help prevent pan- vationists. They range in size from tools will allow us to do very detailed
.
demics and reveal blockbuster treat- the inch-long bumblebee bat to fruit mechanistic studies,” he said.
ly
ments for deadly human diseases or bats with wing spans of up to 6 feet. The large, round bat stem cells
to slow aging. Spooky as they seem, they are impor- the researchers produced look very
Bats are infected with viruses that tant to the environment, eating mos- different from other mammalian
kill humans but don’t usually get
sick. They rarely get cancer. They are
the only mammal that can truly fly
and have extraordinarily long
on quitoes and beetles, pollinating
plants and reseeding forests.
Their ability to get infected and
not usually become sick might be
cells. They have tiny vesicles that
contain virus-like structures, and
many genes that activate when a vi-
rus infects a cell, Dr. Zwaka said.
us ,
lifespans—some the human equiva- linked to adaptations they made Many viral genes are integrated into
lent of more than 200 years, taking over millions of years as they trans- their genome.
l
e
body size into account. formed into flying mammals, said “They seem to be genetically
al a
“These are really fascinating bio- Dr. Wang. Some bats fly five to wired to support viruses,” he said.
logical creatures,” said Thomas eight hours a night, he said, their He and his team are creating bat
ci on
Zwaka, a stem-cell researcher at the hearts accelerating to more than brain and lung “organoids”—artifi-
Icahn School of Medicine at Mount 1,000 beats a minute and their bod- cially grown clusters of cells that ex-
Sinai. He is among a group of scien- ies burning lots of calories. hibit properties of full organs—as
tists who are going to bat to decode “The biological pressure and well as blood from the stem cells.
the winged mammals’ superpowers. stress is incredible,” he said. While continuing to study viral infec-
er s
While the Covid-19 pandemic ex- Some species eat their body tion, they plan also to examine how
posed health risks from bats, it has weight in insects every day; others bat tissues respond to cancer genes,
m er
also made finding out how they lap up 1½ times their weight in nec- how bat stem cells age, and how hi-
crush viral infections and avoid can- tar. Only three species drink blood. bernation helps bats, Dr. Zwaka said.
cer and other diseases more urgent, Bats naturally limit inflammation, Paratus is collaborating with aca-
the scientists said. Mammals have Above, a bioreactor which occurs from stress or signs of demic and government scientists to
m rp
similar genomes, meaning it is possi- used to create ‘or- danger. That includes DNA damage learn more about bats’ physiology,
ble insights from one could be ap- ganoids’ from bat caused by the demands of flight or a and amassing and analyzing data
plied to another. stem cells; left, fro- viral infection, according to research from genome sequences, stem cells,
Bats are “not that different from zen cells stored in liq- Dr. Wang and his colleagues con- and other sources. The company is
a human, but the things they can do uid nitrogen at Dr. ducted. Humans become ill when comparing bat cells and human cells
co Fo
we can only dream of,” said Linfa Thomas Zwaka’s lab; their inflammatory responses kick to understand the differences in re-
FROM TOP: MERLIN TUTTLE/SCIENCE PHOTO LIBRARY; DYLAN NELSON FOR THE WALL STREET JOURNAL (2); ORE HUIYING FOR THE WALL STREET JOURNAL
Wang, professor in the emerging dis- below, Dr. Linfa Wang into overdrive to fight off a virus, sponse to stressors. It is also com-
eases program at Duke-NUS Medical of Duke-NUS Medical but bat immune systems have a paring data between bat species—
School in Singapore, who has studied School in Singapore more measured response, tolerating long-lived bats compared with short-
bats for nearly three decades. the invader. lived bats, bats that get cancer and
Paratus Sciences Corp. is putting “We humans really evolved with those that don’t, and bats that live
$100 million into researching bats to our intelligence, with our brain de- on protein-heavy diets of insects
target new drugs that could com- velopment,” he said. “But in terms of compared with those that live on
1,000
bat viruses as well as, potentially, the immune system, I want to be a fruit and nectar, said Deborah Sli-
cancer, diabetes, aging and other bat.” He’s now expanding his bat re- petz, Paratus’s chief scientific officer,
conditions. Dr. Zwaka is a founder search to metabolic disease and a former drug hunter at Merck & Co.
and Dr. Wang is a founding adviser other aspects of the bat’s physiology. “How do they handle a massive
number of
n-
to the biotech company. Bats’ immune systems and re- glucose load that would cause any
Working in labs in New York and beats per sponse to inflammation also could of us to have metabolic issues?”
Singapore, the new company has help them fight off aging, said Emma she said. “There may be unique in-
identified some promising drug tar- minute that Teeling, a zoologist at University Col- sights into that to understand how
no
gets to address inflammation—which some bats’ lege Dublin who has spent the past we might control diseases such as
plays a role in many diseases—and tists said. The study of bat biology decade studying how long-lived wild diabetes.”
aims to have its first product in five is in its infancy. Only a few labs in hearts can
years, said Phil Ferro, president and the world have colonies of live bats reach as
head of global operations. “What for research. “We are in a very pio-
we’re doing is using the extreme neering state at the moment,” said
they fly five
physiology of mammals to guide us Maya Weinberg, a bat researcher in to eight
to more effective and efficient drug the Yovel bat lab at Tel Aviv Univer-
discovery,” he said. sity in Israel.
hours a
The National Institute of Allergy Searching for human disease night
and Infectious Diseases is funding cures or treatments in animals has a
studies into the immune systems of long history. Scientists have probed
bats, which it said could lead to ther- dog DNA, snake venom and shark an-
apeutics for inflammation and infec- tibodies for insights and treatments.
tious diseases. And a consortium of What makes bats stand out are their
researchers has a project under way many superpowers, including har-
called Bat1K to sequence the ge- boring viruses without getting ill.
nomes of all 1,462 living bat species. They can carry Ebola, Nipah—a
Finding a cure for Covid-19 or deadly virus carried by fruit bats
cancer in bats might be a long shot that sickens pigs and people in parts
and could take years, some scien- of Asia—and viral ancestors to coro-
Transporting blood from a donation site to where it is The project was started with the goal of aiding soldiers
needed on the battlefield isn’t easy, says Kerri Dugan, who lose blood in battlefield situations, but a blood substi-
the director of the Biological Technologies Office at tute could eventually be used in civilian settings as well, Dr.
the Defense Advanced Research Projects Agency, part Dugan says. In 2020, the country’s blood supply was dan-
of the U.S. Department of Defense. It’s challenging to gerously low as the pandemic shut down donation sites.
ILLUSTRATION BY KYLE HILTON; ISTOCKPHOTO (ICON)
access a constant supply and keep the blood refriger- Successful development of a blood substitute could de-
ated as it travels. crease the country’s dependence on donations, she says.
A BLOOD “What if instead, you had a dehydrated powder, One of the challenges is, the substitute has to have
SUBSTITUTE that when you add water to it, it provides all the
qualities that you need from whole blood in an
three crucial characteristics of blood to be viable, Dr.
Dugan says. It needs to raise blood pressure, de-
Kerri Dugan, emergency situation?” says Dr. Dugan, who has a liver oxygen, and have the ability to stop bleed-
U.S. Department doctoral degree in molecular biology. ing. She says there’s no blood substitute that
of Defense A few months ago, she and her team em- can do all this yet.
barked on a four-year program to research and “If you have just one of those three pieces,
develop a substitute for blood that can be it doesn’t fulfill all the needs of whole blood,”
shelf-stable and made at scale. she says. 
‘When
students see
patients
begin to
reverse their
diabetes,
it’s an eye-
opener,’ says
Dr. Jennifer
Rooke.
year plan to transform

medical education pub-
lished last year in the
journal Academic Medi-
cine. “Our social obliga-
tion is to make the world
better for patients and
families, and when de-
signing medical school
curriculum we have to
start from that position:
What is necessary to pre-
pare doctors for medicine
in the 21st century?” Dr.
Lucey says.
There may be room for
adjustments to fit more
into curricula, since much
of what used to require
memorization is now ac-
cessible to doctors on mo-
bile devices, says Dr.
MEDICAL SCHOOLS EMBRACE Richard Safeer, chief medical direc-
.
tor of employee health at Johns Hop-
ly
kins Medicine and an assistant pro-
A PUSH FOR ‘LIFESTYLE MEDICINE’ on fessor at the university’s medical

school and its Bloomberg School of
Public Health. “The skills clinicians
need to help patients learn how to
New curricula incorporate subjects like nutrition, exercise and social breathe to lower stress or optimize
the likelihood of getting a good
connections in a bid to reduce chronic illness By Laura Landro
us ,
night’s sleep require time in medical

education, but knowing the side ef-
l
A
e
fects of a drug is now a tap on your
6
al a
n ounce of prevention by the year 2060 among Black and society founded in 2004 by a group cellphone screen.”
may be worth a pound of Hispanic populations, which have of physicians that is funded by dues At the University of South Caro-
ci on
cure, but medical schools historically had poor access to qual- of about 9,900 members. lina School of Medicine Greenville,
have traditionally given ity care. The Centers for Disease The society promotes six “pillars courses on the musculoskeletal sys-
little weight to instruc- Control and Prevention cites chronic of care”: a plant-dominant diet that tem can include instruction on how
tion on how to help patients live diseases as leading drivers of the in 10 adults limits processed foods and added a sedentary lifestyle leads to muscle
healthier lives. nation’s $4.1 trillion in healthcare in the U.S. sugar and salt; exercise; restorative loss during aging. The study of can-
er s
The future could look different as costs. And while the U.S. healthcare sleep; stress management; avoidance cer can cover the role obesity and
schools and residency training pro- system has traditionally paid doc- have a of risky substances; and positive so- associated inflammation play in
m er
grams have begun to embrace a field tors to treat disease rather than chronic cial connections. “We think lifestyle risks for breast and colon cancer.
known as lifestyle medicine, weaving prevent it, the opportunity to re- medicine will be the wave of the fu- Electives include nutrition educa-
teaching on nutrition, exercise and duce costs is spurring new reim- disease, ture, and we hope every medical tion with cooking classes in a test
other healthy behaviors into the core bursement models from Medicare, according to student and every doctor regardless kitchen co-taught by a chef.
m rp
curriculum of medical education. private insurers and employer of specialty would understand the Michelle Troup, a second-year
This new push aims to provide doc- health plans that offer clinicians in-
the Centers power of these six pillars,” says Dr. medical student at Greenville, re-
tors with tools to tackle chronic but centives to prevent disease. for Disease Beth Frates, an assistant clinical cently completed her dermatology,
often preventable conditions such as A new generation of medical stu- professor at Harvard Medical School musculoskeletal and rheumatology
heart disease, stroke and diabetes dents is helping fuel the change. Re-
Control and and president of the society. exam. In addition to basic science
Prevention
co Fo
that affect six in 10 adults in the U.S. search has shown that even though Changes in medical education and diagnostic material, it covered
“Incorporating lifestyle medicine many students come in to medical may face significant hurdles. Under- such issues as how to counsel pa-
into medical-school curricula can school believing lifestyle factors are graduate medical programs are of tients about the role of core strength
resolve the inadequacies that exist important, they later feel ill-prepared necessity already jam-packed with and physical therapy in treating back
in preparing physicians for the to engage on the topic with patients. the basic building blocks of biomed- pain and the importance of strength
growing challenge of chronic dis- Now, student-led lifestyle-medicine Instructor Casey ical science, organ systems, pharma- training for women concerned about
ease,” says Jennifer Trilk, professor interest groups are active at more Wiley and Elise Kao, cology, anatomy, immunology and bone loss.
of biomedical sciences and director than 100 campuses across the coun- a second-year other requirements students must “We learn these lifestyle medicine
of lifestyle-medicine programs at try, and more than 200 residency medical student, in master to pass licensing exams. interventions alongside pharmacol-
the University of South Carolina programs include lifestyle-medicine the culinary-medicine A spokesperson for the National ogy, pathology and physiology,” she
School of Medicine Greenville, curriculum, according to the Ameri- elective at Greenville. Board of Medical Examiners says the says. “The art of medicine is having
which in 2017 became the first med- can College of Lifestyle Medicine, a exams evolve with the field of medi- a human interaction about what we
n-
ical school in the U.S. to incorporate cine and must cover a broad array of can do to get you to your healthiest
more than 80 hours of lifestyle- competencies while maintaining a state based on the goals you have for
FROM TOP: PHOTO ILLUSTRATION BY KYLE BEAN FOR THE WALL STREET JOURNAL; JENNIFER TRILK
medicine training over four years of reasonable length. The exams have yourself.”
undergraduate education. included lifestyle and preventive-care The clinics and direct patient care
no
A number of U.S. medical schools items since the 1990s, and nutrition that come with later medical-school
have begun to adopt lifestyle medi- content was added in 2013. years and residency training are key
cine or embed some of it in their Federal agencies and medical or- parts of lifestyle-medicine education.
programs. Among them are those of ganizations have been calling for At Morehouse School of Medicine, a
Brown University, Harvard Univer- enhancing lifestyle and preventive- fourth-year preventive-medicine elec-
sity, Stanford University, the Univer- medicine curricula for more than a tive includes a two-week rotation in
sity of Oklahoma, historically Black decade. There is also new pressure Morehouse Health’s Optimal Health
colleges and universities including to educate medical students about and Wellness Clinic, which provides
Morehouse School of Medicine, and avoiding bias, addressing healthcare services to a predominantly Black pa-
schools of osteopathic medicine. inequities and providing culturally tient population in Atlanta. Preven-
The approach is part of a broader responsive care. Critics contend that tive-medicine residents do an eight-
movement to improve health and all the added instruction would week rotation.
close gaps on racial disparities in come at the expense of rigorous The experiences show them how
healthcare, as research points to the training. to guide patients toward dietary, ex-
benefits of healthy behaviors in pre- But the Covid-19 pandemic and so- ercise and other lifestyle changes
venting, treating and even reversing cial-justice movement have put medi- that improve health, says Dr. Jenni-
common chronic diseases. A study cal education at an “inflection point,” fer Rooke, assistant professor in the
published in the Journal of the says Catherine R. Lucey, executive department of community health and
American College of Cardiology last vice chancellor and provost of the preventive medicine. “When students
year projected an increasing preva- University of California, San Fran- see patients begin to reverse their di-
lence of heart disease and diabetes cisco and co-author of a proposed 10- abetes, it’s an eye-opener.”
Artificial intelligence is likely to have a growing role At USAID, Dr. Gawande and his team are already using
in interpreting our medical tests and scans, says Atul computer-aided detection to combat tuberculosis in
Gawande, assistant administrator for global health countries across the world, from Nigeria to Vietnam, us-
at the U.S. Agency for International Development. ing a portable X-ray system in a backpack that is able to
“We have proof that double readings of mammo- provide a reading of the X-ray it produces. In the future,
grams in the U.S. are able to be more accurate and he says, we could see more applications of this computer-
have more sensitive detection of cancers—fewer aided detection across various different diseases, and it will
COMPUTER-AIDED misses—but it is challenging and expensive to have be more common for AI to support doctors making di-
DIAGNOSIS two different readings,” says Dr. Gawande, who

is a surgeon and writer. If an AI tool was
agnoses.
“From a clinician point of view, you can un-
Atul Gawande, able to provide an initial screening to accom- derstand ways in which this could be better for
U.S. Agency for pany an expert radiologist read, the double clinicians who are doing very routine kinds of
International Development reading could become a more commonplace screenings and, have the detection help alleviate
and accurate method for doing mammograms, that burden, especially where we have shortages of
he says. “I suspect that could spread to other clinicians,” he says. “I can also see ways that clini-
things as well.” cians can be threatened by it.” 
‘SMART JOINTS’ THAT WILL data transmission requires very little

action by the patient because the
sensors automatically send data to
TALK TO YOUR DOCTOR the base station when nearby.

People who may be exposed to
radiation therapy, particularly on
their lower limbs, shouldn’t get the
smart knee because the radiation
Knee implants with embedded sensors transmit data. The tech could can shorten battery life or
come to artificial hips, shoulders and spinal implants. By Peter Loftus cause failure of other compo-
nents, the company says. And
height can be a factor in deter-
I
mining good candidates for the
n coming years, your new artifi- objectively know how a patient’s smart knee, as the tibia must
cial joints will tell the doctor how truly doing after their surgery,” says be long enough to accommo-
they’re doing. Dr. Yair Kissin, an orthopedic sur- date the sensor extension.
Already, a “smart knee” from geon and sports medicine specialist Raymond Schmitt received Per-
medical-device maker Zimmer Bi- at Hackensack University Medical sona IQ implants when he got both
omet Holdings Inc., introduced in Center in Hackensack, N.J. ‘We’ve never of his knees replaced last year, three
2021, comes with built-in sensors Zimmer, based in Warsaw, Ind., months apart. The 62-year-old from
developed by Canary Medical Inc. one of the biggest makers of tradi- had the Washington Township, N.J., who re-
that can wirelessly transmit a slew tional artificial joints, developed its ability to cently retired as a letter carrier for the
of data about how the replacement smart knee, Persona IQ, in collabo- U.S. Postal Service, was experiencing
knee is working. ration with Canary Medical, of
objectively pain in both knees for several years
The details about your gait are Carlsbad, Calif. The sensor device know how a before deciding to get them replaced.
sent daily to your orthopedic doctor, extends about two inches from the patient’s Dr. Kissin of Hackensack Univer-
who can track your step counts, end of the tibia portion of the artifi- sity Medical Center recommended
range of motion and other metrics cial knee. It contains electronics, ac- truly doing Mr. Schmitt receive the new smart
in the months and years after sur- celerometers and gyroscopes to after their knees. He agreed, saying “as long as
gery. Doctors tracking the informa- track the movement of the knee, the knee is put in properly, I don’t
tion can reassure patients who are and is powered by a battery that
surgery.’ care if it’s got a transmitter or not.”
hitting recovery milestones. Or, if can last 10 years or more. Dr. Yair Kissin, Mr. Schmitt sometimes tracks the
the performance measures fall The sensors are encased in a cyl- orthopedic surgeon data on his phone, but not too often
short, a doctor may intervene to inder-shaped device that is more because he knows Dr. Kissin also re-
avoid having a patient stuck with an than two inches long. When the bat- ceives it and would tell him if there
underperforming artificial knee, tery runs out, the artificial knee can was a problem. He said Dr. Kissin has
such as ordering a change in the pa- told him during follow-up visits that
tient’s physical-therapy regimen. his metrics are on track.
That’s just the beginning, say Dr. Kissin said he noticed that
doctors and medical-device engi-
neers. They predict sensors will be
How a ‘Smart Knee’ Works What it tracks: daily step counts and walking dis-
tance suddenly declined for one of his
added to artificial hips, shoulders, patients a few months after surgery.
and spinal implants. And they envi- Dr. Kissin called the patient, who said
.
sion uses beyond orthopedics, such he was just taking a break from his
ly
as tracking whether a brain aneu- recovery and having a relaxing week-
rysm is about to burst, and whether end at home. Dr. Kissin said being
implanted hearing aids or vision de- Femur able to access the data remotely
vices need to be fine-tuned.
“Using sensors to get data from a
on Femoral Range of motion
could spare patients from having to
make in-person follow-up visits.
Standard knee replacement parts
patient, you can have thousands of The sensors don’t improve the
component
data points to analyze and figure performance of the artificial knee.
us ,
out exactly what’s going on with a Zimmer and Canary caution that the
patient,” says Edward Harvey, a mobility information also isn’t in-
l
e
trauma surgeon and professor of Patella tended to replace clinical decision-
al a
medicine at McGill University in (Kneecap) making. The data instead are in-
Montreal. Dr. Harvey runs a lab that Patellar tended as an adjunct to more
ci on
develops implanted sensors, includ- established ways of gauging knee

ing one to temporarily assess mus-
component performance, like seeing how far a
cle damage in trauma patients. Step count per day and patient can bend or extend the leg.
Zimmer’s orthopedics rivals are Spacer average steps per minute But it is possible that further
also getting into the market. John- studies could demonstrate clinical
er s
son & Johnson is developing a sen- benefits. If, for example, data from
sor-equipped version of its surgical the knee signal that a patient can’t
m er
trauma plates, which are implanted bend or extend the new knee as far
devices used to stabilize bone frac- as expected, a doctor could order a
tures while they’re healing. The more aggressive physical-therapy
“smart plate” could potentially tell Tibial regimen. That could help avert a
m rp
a surgeon whether a fracture site is component buildup of scar tissue down the line
healing, a J&J spokeswoman said. Tibia that requires more intensive and
Some types of implanted medical Stride length costly interventions, says Canary
devices, such as pacemakers and Medical Chief Executive Bill Hunter.
other cardiac devices, have had Canary is exploring ways to use
co Fo
data-transmission capabilities for machine learning to analyze data

years. They can track battery life and spot signs of trouble. “We can
and features of the device itself, as Extension start to give the physicians some
well as signs of new heart prob- sort of early-warning system as to
lems in the patient, like heart-
containing whether or not there’s a problem,”
rhythm disorders. tracking Dr. Hunter says.
But orthopedic implants typi- sensors Distance traveled and It’s possible that the data could in-
cally haven’t had such smart fea- average walking speed form new algorithms that detect infec-
tures. An artificial knee is im- tions, loosening or stiffness of the
planted in people who have knee joint, says Zimmer’s Ms. Teplitsky. Or-
Source: Canary Medical Brian McGill/THE WALL STEEET JOURNAL
pain caused by osteoarthritis, when thopedic surgeons say
cartilage thins out and bones con- the ability for a smart
n-
verging at the knee grind against knee to detect loosening

each other. Most artificial knees function as a standard implant, and infections would be
are made of plastic and metal, and without data capability. the most useful features
are attached to the ends of the The sensors transmit data about of future versions, ac-
no
thigh, shin and kneecap bones. walking speed, stride length and cording to a survey by
About one million total knee re- other metrics via radio waves to a analysts at Stifel invest-
placements are performed in the home-base station, a box the size of ment bank.
U.S. each year. a small notebook that can be kept Canary is working
Patients undergo physical ther- on a nightstand. The box connects on different versions of
apy in the weeks following knee re- to a computer. its sensor device that
placements, and are encouraged to The information is sent automat- would fit into artificial
gradually become more active to re- ically to physicians via an online hips and shoulders, in
build strength around the new knee. dashboard, as well as to patients partnership with Zim-
Doctors usually monitor prog- who can track it with an app on mer, Dr. Hunter says.
ress with in-person checkups, pa- their phones. Cadence is displayed “Most every major
tient self-reporting and, if neces- as average steps per minute, walk- medical device should
sary, imaging procedures to gauge ing speed is shown as meters per provide some sort of
how a new joint is functioning. second, and functional range of mo- feedback to the clini-
Sometimes that can omit useful in- tion is shown in degrees. cian,” Dr. Hunter says.
formation, like whether a patient is The smart knee generates objec- “Ten years from now,
ZIMMER BIOMET (2)
taking fewer steps each day than tive data that doesn’t rely on pa- we’ll think it’s crazy
they’re supposed to. Or, patients tients’ memories, says Liane that major medical de-
may simply report incorrect infor- Teplitsky, president of global robot- vices didn’t provide
mation to the doctor. ics and technology and data solu- any type of feedback to
“We’ve never had the ability to tions at Zimmer Biomet. And the Patients track data from the Persona IQ implant (at top) with an app. the doctor.”
The smartphone could become the central device for tion and occasionally lets those patients in to see it. But
most health-and-wellness needs, says Karen DeSalvo, during the pandemic, she says, the way patients relate to
the chief health officer at Alphabet Inc.’s Google. their medical information and seek care started to shift
“This is already in people’s pockets. If it’s already that power dynamic. “What we started to see during
part of your life, how do we enable it so that it’s help- the pandemic was this explosion of consumers saying,
ing your health, which is a critical part of life?” says Dr. you’re going to open the door and share my mammo-
DeSalvo, who is an internist. gram results with me—but what if I could actually have
THE DOCTOR IN Among her team’s efforts at Google is an AI sys- the mammogram, have the image? What if I could get
YOUR POCKET tem that has been trained on large language models—
the type of technology that drives ChatGPT—to
a second read on that because I had an app on my
phone that would allow that to happen?” she says.
Karen DeSalvo, provide answers to medical questions, as a Getting doctors to trust data patients may provide on
Google possible building block for future health- their phones could be a challenge, she says. Patients
care applications. may also have privacy concerns. “What people
Greater reliance on phones could bring want to know is that they have a choice about
far-reaching positive changes, she says. Now, whether their phone is a tool for their health,”
the healthcare system holds patient informa- Dr. DeSalvo says. 

part by its particle size and aerody-
namic properties as well as the type
of inhaler. The link to the circula-
tory system involves a network of
air-carrying tubes ending in mil-
lions of one-cell-thick sacs called al-
veoli that move oxygen and carbon
dioxide in and out of the blood-
stream. The smaller the particle, the
deeper the drug tends to go into
this network.
But there is a limit. If a particle
is smaller than about a micrometer,
more of it might be exhaled than
deposited in the lungs. Depending
on their targets, drugs are designed
to stick to, penetrate or evade vari-
ous mechanisms in the lungs—such
as the protective mucus barrier—
that work to clear contaminants
from the airways, drug-delivery ex-
perts said.
Inbrija, an inhalable version of
the Parkinson’s drug levadopa, is in-
haled into the deep lungs and
quickly enters the bloodstream
thanks to its design, said Ron Co-
hen, president and CEO of its devel-
oper Acorda Therapeutics Inc. Cre-
ated using a spray-drying technique,
the powdered drug is made of mi-
croscopic particles that resemble
crumpled balls of paper with a lot of
surface area, Dr. Cohen said. The
FDA approved Inbrija in 2018.
“It is extremely light and gets ab-
sorbed extremely quickly,” Dr. Co-
Beyond Asthma: that can be dosed in smaller incre-

ments, said Dr. Jennifer Goldman, a
professor of pharmacy practice at
Massachusetts College of Pharmacy
hen said.
Pulmatrix Inc. is using spray-dry-
ing and other particle-engineering
techniques to develop potential in-
Designing Inhaled and Health Sciences.

MannKind said its inhaled insu-
halable drugs for migraines and
aspergillosis, a fungal infection.
.
lin acts faster than injectable meal- Alexza Pharmaceuticals Inc., which
Drugs to Fight
ly
time insulin and precise dosing makes an inhaled drug that treats
wasn’t a problem in clinical trials. agitation associated with schizo-
‘We’re The company said it is enrolling phrenia and bipolar disorder, is ex-
More Diseases on pushing the

boundaries
children aged 4 to 17 for a pediatric
trial for Afrezza.
At the University of Delaware,
ploring other inhalable treatments
including one that could stop epi-
leptic seizures. Alexza has devel-
of delivery.’ biomolecular engineer Catherine oped an inhaler that turns a solid
us ,
Vaccines, chemotherapy, other medicines could be Philip Santangelo, Fromen is exploring ways to design drug into vapor using rapid heating.
professor of biomedi- custom inhalers. Using 3D-printed Researchers at The University of
l
delivered via the lungs By Dominique Mosbergen

e
cal engineering at lungs and also a robot lung made Texas MD Anderson Cancer Center
al a
Emory University from plastic tubes and inflatable are exploring an inhaled version of
T
containers, Dr. Fromen is developing the chemotherapy drug gemcitabine
ci on
reatments for asthma have cluding some cancers. Oncologists computational models to customize for patients aged 10 to 50 with tu-
long been delivered at the University of California, Davis inhalers based on how deeply peo- mors that have spread to the lungs
through the airways. Now are investigating an inhaled immu- ple breathe and how diseased their from other parts of the body.
researchers are developing notherapy for cancer that would lungs are. “Patients are happy because they
inhalable therapies to tar- boost the ability of special immune “My lungs are different from don’t lose their hair and are avoid-
er s
get a wider range of ailments from cells in the lungs to fight disease. your lungs,” she said. ing other systemic side effects,”
cancer to diabetes. Nanomedicine researchers at A drug’s path from the lungs into said Dr. Najat Daw, a pediatric on-
m er
Constantly exposed to the outside Johns Hopkins University are devel- the bloodstream is determined in cologist at MD Anderson.
world as we breathe, the lungs are a oping an inhalable gene therapy that
first line of defense against infection. aims to cure cystic fibrosis, a genetic
They also provide a direct pathway condition that damages the lungs
m rp
to the circulatory system as they and digestive system. Cystetic Medi- Take a Deep Breath
send oxygen to the blood. Research- cines Inc. is making an inhalable ver- Inhalable drugs and vaccines can be deployed in different ways. In one method, researchers target the
ers hope that delivering medicines sion of amphotericin B, an antifungal,
lungs directly, using nanomedicine and other technologies to get treatments to tumors, microbes or
directly to the lungs can exploit to treat the disease. Amphotericin B’s
immune cells. Another approach is to send drugs through the alveoli, tiny air sacs deep in the lungs, to
those characteristics and make drugs usually severe side effects are re-
reach the bloodstream quickly.
co Fo
that are more efficient and effective duced when the drug is targeted to
than oral or injectable therapies— the lungs, where it can change the
and maybe easier to take. way some cells function to counter- 1 Localized delivery: 2 Pathway to bloodstream:
They are harnessing technologies act the disease, the company said. Here, nanoparticles carrying an Through the alveoli, medicine can
Inhalable device
ranging from nanomedicine to gene- People have been inhaling medi- immunotherapy drug or vaccine reach systemic circulation rapidly.
editing tools to particle engineering cines for millennia. A papyrus scroll target a lung immune cell. In this example, an insulin
to improve how medicines interact dated to around 1554 B.C., discov- molecule is shown passing
with the lungs, targeting lung dis- ered with an Egyptian mummy de- through the wall of an alveolus
eases such as cystic fibrosis and scribed patients inhaling vapor from into a capillary.
lung cancer, as well as less-obvious herbs heated on hot bricks.
conditions including schizophrenia, Inhalable medicines have come a LUNG EPITHELIUM ALVEOLI
migraines and Parkinson’s disease. long way.
n-
“We’re pushing the boundaries of Exubera, launched in 2006 by

delivery,” said Philip Santangelo, a Pfizer Inc., was one of the first inhal-
professor of biomedical engineering able drugs the Food and Drug Ad-
at Emory University. ministration approved for a disease
no
Respiratory diseases that spread not specific to the lungs. It was Nanoparticle
through the air are a key target. Dr. shown in clinical trials to be as effec- aerosol carrier
Santangelo and colleagues are devel- tive as other insulin products but pa- Mucus
oping inhalable drugs that use an tients and doctors were hesitant to barrier Nanoparticle
PHOTO ILLUSTRATION BY LIZ DESOUSA FOR THE WALL STREET JOURNAL
RNA-editing tool known as CRISPR- use it, drug-delivery experts said, Alveolus
passes through
Cas13 and messenger RNA to kill vi- partly because of safety concerns barrier
ruses such as Covid-19, influenza and and it required a bulky inhaler that Alveolar wall Detail below
respiratory syncytial virus or RSV. resembled a bong. Pfizer stopped
Using nebulizers that dispense medi- marketing Exubera in 2007. The com- Insulin passes
cine as mist via a mask, they have pany said that while the drug was through lining
tested the delivery of some of the safe and effective, it hadn’t met cus-
medicines on rhesus monkeys, cows, tomer or financial expectations.
Immune cell
horses and pigs. The tests in pigs Afrezza, an inhalable insulin from
showed that getting the drugs to the MannKind Corp. that the FDA ap-
lungs reduces the severity and spread proved in 2014, is administered with
of infections, Dr. Santangelo said. an inhaler about the size of a ref-
“If you want it in the lung, we eree’s whistle. Afrezza isn’t recom-
thought we should get it into the mended for smokers and people with
Capillary wall Capillary Red blood cells
lung,” he said. lung conditions like asthma, and
Researchers are also applying there may be less dosing flexibility
that logic to other conditions, in- compared with injectable insulins Source: Catherine A. Fromen, University of Delaware Jemal R. Brinson/THE WALL STREET JOURNAL
“People have been dreaming about robots they could People might not want to wear a device that signals their
wear on their bodies since the advent of machines,” says age, he says. But perceptions are changing. “The culture
Steve Collins, associate professor of mechanical engineer- seems to be really shifting around these technologies,
ing and director of the Biomechatronics Laboratory at maybe through popular media sci-fi. People find this high-
Stanford University. tech stuff kind of cool,” he says.
“It’s only been in the last decade actually, that we’ve The boot is being tested in laboratory trials, as his team
had any exoskeletons or prosthetic limbs that demonstra- figures out how to improve balance and potentially reduce
A ROBOTIC bly improve any aspect of human performance. But we have joint pain. It could become a consumer device that people
BOOT hit that tipping point recently,” says Prof. Collins. “The near
future looks really exciting.”
pay for out of pocket, or an approved medical device
that could be covered under insurance, he says.
Steve Collins, He’s been developing a wearable robotic boot “In order to actually help people, these tech-
Stanford University that gives the user a personalized “push” to help nologies have to be commercially viable,” Prof.
them walk with less effort. The device could al- Collins says. He hopes that proving this technol-
low aging people experiencing a decline in mobil- ogy works for a large market would encourage com-
ity to continue to live at home, and enjoy socializ- panies to invest in building such exoskeletons for
ing in the ways they’re used to. smaller patient populations with physical disabilities. 
TRAINING
ease Type C, and others.
“Doctors are trained to see pa-
tients in the clinic. They are not
DOCTORS FOR trained in how to open a trial or how

to navigate a contract or how to de-
THE DRUGS
liver drugs through intrathecal pro-
cedures,” says Dr. Berry-Kravis. “We
will train them. The doctors will get
OF TOMORROW
those skills. They will be ready to go
out and mimic what we are doing.”
Many doctors recognize that de-
livering cutting-edge drugs to pa-
tients is not only a science but also
Cutting-edge therapies are coming—but require an art, she says. “There are little
techniques involved when giving in-
special skills to deliver By Amy Dockser Marcus fusions.” When inserting the needle
for an infusion into a patient’s lower
A
back, direct it toward the brain, for
major obstacle looms tleneck is having enough people instance. Put patients head-down to
for the drugs of the fu- trained to give them.” let gravity help pull the drug to the
ture. Not enough doc- That’s bringing new efforts to brain, she adds, or in some cases use
tors know how to ad- address the problem. larger volumes in order to push
minister them. Kite, owned by Gilead Sciences more drug to the brain.
For just one rare neurodevel- Inc., runs a qualification program Hospitals often don’t have enough
opmental disorder, known as An- that takes around six months for space and support staff to rapidly
gelman syndrome, clinical trials doctors and centers interested in enroll people, or doctors and special-
are testing four cutting-edge administering the company’s CAR ists to administer the drugs, says Dr.
therapies. Twenty more research T-cell cancer therapy, Yescarta. Berent-Weisse, who helped devise
programs are under way and The therapy, which received Food the idea for a training program
could yield treatments ready to and Drug Administration ap- based on her own experiences and
move into human testing in the proval last year for second-line after speaking with doctors about
next several years, according to treatment of adults with a type of some of the obstacles they were fac-
Allyson Berent-Weisse, chief sci- lymphoma, involves re-engineering in enrolling patients.
entific officer of the Foundation ing patients’ cells and must be One of the trials already under
for Angelman Syndrome Thera- stored at minus 150 degrees Cel- Dr. Elizabeth Berry-Kravis, a pediatric neurologist at Rush University way at Rush for Angelman syndrome
peutics, or FAST, and the mother sius (minus 238 degrees Fahren- Medical Center in Chicago, administers an enzyme-replacement therapy. involves GTX-102, an ASO therapy
of a child with the disorder. heit) until it is ready to be used. being developed by Ultragenyx Phar-
These promising therapies in- If the reengineered cells don’t maceutical Inc. Dr. Berent-Weisse is
clude antisense oligonucleotides, stay frozen during transport and hands-on training in how to give speak and can cause seizures and a paid consultant to Ultragenyx.
or ASOs, which affect how pro- if they aren’t thawed in water the treatment. The surgeons must severe sleep disturbance. Emil Kakkis, the CEO of Ultrage-
teins inside cells are made, Crispr whose temperature is constantly administer Luxturna through a The techniques will apply to nyx, says the company has struggled
gene editors that can cut, rewrite, monitored to remain “not too hot single injection into the back of other neurodevelopmental disor- to find enough sites that have doc-
or replace faulty genes, and other and not too cold”— called the each eye, under the retina. “Given ders, which often use similar tors and specialists, like pharmacists
.
novel approaches. “water bath” method–the therapy the one-time nature of gene ther- treatments. After a year of prac- and anesthesiologists, who know
ly
But there’s a hitch. Some of can’t be infused into the patient, apy, Spark is committed to pro- tice and hands-on experience, the how to open trials and prepare and
these drugs, as well as therapies says Deidre Hobbs, vice president viding the resources necessary to doctors can go back to their own administer GTX-102. “It is smart to
in development for other condi- of quality at Kite. deliver safe and effective treat- centers and train others, says Al- set up training now so there will be
tions, are administered through
lumbar punctures, which aren’t a
routine part of doctors’ daily
practices. They may involve infu-
“We have groundbreaking sci-
hematology patients, but if we

on
ence that can change the lives of
can’t get it to these patients, the

ment to patients,” a company
spokesperson said.
FAST, set up in 2008 by par-
ents hoping to hoping to find a
ana Newhouse, FAST’s president
and the mother of a son with An-
gelman syndrome.
The training program will be
a society of doctors in the future
who can someday utilize these
drugs,” said Dr. Kakkis.
FAST is also considering opening
LYNDON FRENCH FOR THE WALL STREET JOURNAL
us ,
sions of a gene packaged inside science is lost,” says Warner Bid- cure for Angelman syndrome, run by Elizabeth Berry-Kravis, a a training center at Yale School of
the shell of a virus, which can lead dle, ad interim head of Kite and which affects children and adults, pediatric neurologist at Rush Uni- Medicine. As part of that effort, Yale
l
e
to potential immune complica- global head of commercial. is providing $5 million to estab- versity who will also serve as the will send someone to take part in
al a
tions and can require close moni- Spark Therapeutics Inc., a lish a center at Rush University director of the new center, called the inaugural program at Rush, ac-
toring of patients. Some drugs member of the Roche Group and Medical Center in Chicago, where the Rush Pediatric Neurosciences cording to Yong-Hui Jiang, chief of
ci on
need to be stored in special condi- maker of a gene therapy called doctors will receive training on F.A.S.T. Center for Translational medical genetics and a professor at
tions, which can take complicated Luxturna, which the FDA ap- how to run clinical trials and de- Research. Dr. Berry-Kravis is ad- Yale School of Medicine.
planning and coordination that proved in 2017 to treat an inher- liver therapies. The disease, ministering novel therapies to pa- Exciting new treatments are
few doctors have experienced. ited retinal disease that can lead caused by the loss of a function- tients with neurodevelopmental ahead, Dr. Jiang tells families who
“The bottleneck used to be the to blindness, designated special ing copy of the gene UBE3A that disorders including Angelman seek his help. When it comes to deliv-
er s
science and finding drugs,” says centers where retinal surgeons makes an important protein in the syndrome, fragile X syndrome, ering them, he acknowledges, “We
Dr. Berent-Weisse. “The new bot- receive instruction manuals and neurons, leaves patients unable to Batten disease, Niemann-Pick dis- are all learning together right now.”
m er
m rp
co Fo
n-
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no
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Artificial
intelligence
could help
more quickly
and cheaply
create a range
of scenarios.
Artificial intelligence could help

more quickly and cheaply create a
range of scenarios and better graph-
ics, companies and researchers said.
At some point, clinicians or re-
searchers could ask for an alteration
in a simulation, and AI will be able
to update it on the spot, said Eran
Orr, founder and chief executive offi-
cer at XRHealth. “In therapeutic set-
tings, that will be very powerful.”
Scenarios for PTSD where clini-
cians change details with a computer
are getting closer to home, said Al-
bert “Skip” Rizzo, director for medi-
cal virtual reality at the University of
Southern California, who developed
Bravemind around 2003. The head-
sets, which used to be big and cost
some $20,000, are getting lighter
and less expensive.
Dr. Rizzo said he is de-
signing a system for the
HOW AI COULD HELP VA for patients to practice

visiting places such as a
crowded restaurant or
YOU CONFRONT YOUR marketplace, aiming to

provide the headsets for
DEEPEST FEARS use at home. Researchers

in Ukraine are updating
the Bravemind software to
.
make it relevant to fighters
ly
Doctors explore ways to personalize virtual-reality and civilians there, he said.
When a patient con-
therapies for PTSD, phobias By Brianna Abbott fronts a traumatic event,
on a clinician should still be
V
present at least virtually,
irtual reality can help peo- Afghanistan to treat veterans who Dr. Rizzo said.
ple see their favorite band spent time during U.S. wars there. Paula Edwards, 58, said
us ,
perform, hang out with Clinicians can adjust the time of day she has PTSD after three
friends or relax on a beach and the surrounding streetscape decades as a public affairs
l
e
without leaving home. It is based on patient guidance and send officer in the U.S. Army, a
al a
also pushing some people to speak in manufactured smells such as diesel job that included meeting
front of crowds or revisit war zones, fuel and burning rubber wafting grieving families and
ci on
processing fears or traumatic memo- over to a patient with a fan. sometimes sending people
ries for the sake of their health. “We have to retrain your brain on missions from which
Hospital and university clinics for that every time you smell diesel fuel they didn’t return. She
years have helped people with post- or see someone who looks such as said she uses a meditation
traumatic stress disorder and pho- your perpetrator, that dangerous app to help calm down.
er s
bias by using virtual reality to im- thing isn’t going to happen to you She tried virtual reality as
merse them in simulations that help again,” said Dr. Beidel, who is a clin- a part of her volunteer
m er
them reckon with the problem. It is ical psychologist. work testing projects at
a virtual version of the longstanding Over the years, patients also re- the Orlando VA and said
technique called exposure therapy, quested scenarios that Dr. Beidel that she would prefer it to
in which people confront memories didn’t have, from a swimming pool her meditation app if she
m rp
or fears, such as seeing spiders or to the halls of a high school in Park- could use it at home.
getting into an elevator, with a ther- land, Fla., where a shooter killed 17 “I thought it was a
apist to overcome the feeling of be- people in 2018. “We were being great option that many
FROM TOP: PHOTO ILLUSTRATION BY SABATO AND JOSHUA VISCONTI FOR THE WALL STREET JOURNAL; UCF MARKETING; RAHUL PATEL; UCF MARKETING (RENDERING)
ing under threat. pushed,” she said. people could benefit

A limited number of virtual-real- Dr. Beidel and her colleagues from,” said Ms. Edwards,
co Fo
ity scenarios are available, and pulled images of objects including who is retired and lives in
many patients must go to a special- buildings, people or cars from the in- Orlando.
ized clinic for such care. Now re- ternet and took their own photos for At Queen’s University
searchers are aiming to make im- programmers to replicate in new Belfast in the U.K., Paul
mersive VR-based therapy more simulations. She and her team plan Best is creating more per-
personal and bring it into people’s to develop a service that would cre- A UCF research staff the World Trade Center. sonal virtual-reality scenarios at low
homes. “It is a tool that in the ate VR scenarios for other clinicians. member, top, and a Virtual-reality therapy for pho- cost. His team is taking photographs
hands of therapists can be very Interest in virtual reality to treat VA medical-center bias, anxieties and PTSD can help of everyday places and re-creating
powerful,” said Deborah Beidel, di- psychological disorders dates to the patient, above, use alleviate symptoms and works about them virtually. They plan to pull ar-
rector of a research clinic for post- 1990s, when researchers found that immersive treatment as well as other techniques includ- chival news footage to re-create his-
traumatic stress disorder at the exposure therapy using a simulation technologies; below, ing traditional exposure therapy, torical events that took place in Ire-
University of Central Florida. could help college students who a rendering of a bar studies suggest. Virtual reality land to treat people who developed
n-
Dr. Beidel’s clinic uses a VR-based were afraid of heights. Psychologists made for VR could have advantages including PTSD after violence there.
program called Bravemind that in- in New York used it to help patients headsets by UCF treating patients in a safer environ- Virtual reality is excellent at
cludes 14 scenarios set in Iraq and with PTSD after the 9/11 attack on ment and helping some manage sounds and locations but worse at
their own care, advocates said. animating motion, researchers said.
no
“It is a lot easier to multiply Dr. Best and others said that the
headsets than mental-health pro- graphics are getting better and
viders,” said Anne Bailey, director of don’t need to be perfect to elicit an
clinical technology innovation for emotional response. “If you see
the Department of Veterans Affairs. someone who has a fear of spiders
Dr. Bailey’s VA Immersive team is and something that looks such as a
starting a pilot to send a virtual-real- spider, they’ll jump. It is kind of the
ity headset home with veterans for same with trauma,” Dr. Best said.
an eight-week course to address “It just needs to be close enough.”
chronic pain. Companies including Others want to get more imagi-
XRHealth Inc. and BehaVR Inc. offer native. If a person has problems
virtual-reality treatment at home and making eye contact, for instance,
in clinics to patients with problems clinicians could develop eye-based
including stress, anxiety and pain. scenarios that aren’t possible in re-
In 2022, the Food and Drug Ad- ality, said Daniel Freeman, a profes-
ministration granted a breakthrough- sor of clinical psychology at the Uni-
device designation to a BehaVR- versity of Oxford and a founder of
owned product called gameChange, Oxford VR, a VR mental-health com-
the company said, which provides pany that combined with BehaVR.
automated therapy for patients with “Let’s put a thousand eyes in
agoraphobia. there looking at you,” he said.
Devices that provide on-the-spot treatments for all this data and then giving it to people isn’t enough. It’s
health issues, similar to an insulin pump for diabetes, important to also think about interventions.”
are on the horizon, says Pattie Maes, professor of Such devices for immediate treatments could be de-
Media Technology at the Massachusetts Institute of veloped to treat various ailments, she says. They could
Technology Media Lab. measure data on your physical and mental health and
Her team has been at work designing wearable help you live at your optimal level.
devices that use electronic and audio stimulation to Prof. Maes sees anxiety treatment as a theoretical
ON-THE-SPOT help people fall asleep and get better rest. One de- application. “Maybe they will have a device that based
INTERVENTIONS vice simulates the sensation of rocking to help
people fall asleep.
on their physiological readings tells [people]—or may
not even tell them—that they are getting anxious,
Pattie Maes, “If a system tells you night after night but that somehow stimulates them to breathe in a
Massachusetts Institute of that your sleep score is low, it actually isn’t different way or [do] something to be able to deal
Technology very helpful, because it makes you more with that anxiety moment better, ” she says.
anxious about the fact that you’re not sleep- This doesn’t mean we won’t need doctors any-
ing well. It could potentially make your sleep more, she says. “I think that doctors will be involved in
worse,” Prof. Maes says. “I think just measuring maybe prescribing these types of digital solutions.”

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What’s Inflation Hits Lowest Level Since 2021

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