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What’s Economy
News Heads
Business & Finance Toward
 The U.S. economy, which
weathered false recession
Uncertain
alarms in 2023 and 2024, is
entering an uncomfortable
summer as businesses warn
that shifting trade policies
Summer
are interfering with their abil- Firms freeze hiring
ity to plan, leading to hiring
and investment freezes. A1 and investments to
 Wall Street’s worst fears deal with shifting
that escalating tariffs could Trump tariff policies
sink the global economy
have receded, but anxieties
BY NICK TIMIRAOS
about inflation remain. B1
 “Ballerina,” the action The U.S. economy, which
JAE C. HONG/ASSOCIATED PRESS

thriller distributed by Lions- weathered false recession

gate, made its debut at No. alarms in 2023 and 2024, is
2, earning $25 million at the entering another uncomfort-
weekend film box office. B2 able summer.
Job growth held steady in
 The trade in dolls made
May, with the economy adding
in China and exported to
139,000 jobs. The unemploy-
the U.S. remained undercut
Members of the California Highway Patrol confronted protesters on Highway 101 in downtown Los Angeles on Sunday. ment rate has stayed in a tight
by Trump’s tariffs as manu-
range, between 4% and 4.2%,
facturers looked toward the

Police, L.A. Protesters Clash

over the past year.
expiration of a temporary
But there are cracks be-
reduction in the duties im-
neath the surface. Businesses
posed on Beijing. B3
are warning that constantly

.
 A Chinese-owned com- shifting trade policies are in-

After Trump Mobilizes Guard terfering with their ability to

ly
pany is halting construction
of an electric-vehicle battery plan for the future, leading to
plant in South Carolina, in hiring and investment freezes.
part because of U.S. tariffs Policy uncertainty has un-
and a potential loss of federal
subsidies for clean energy. B3
 Food- and beverage-con-
Highway blocked,
cars burned; governor
on thoroughfares. Some people in
the crowds threw rocks at po-
lice and set cars on fire.
until Trump got involved,”
Newsom said in a post on X
that attached the letter from
protests over the past three
days, saying the city had been
“invaded and occupied.” He
folded against the backdrop of
an economy with slower job
growth and a cooling housing
market. Compared with last
tainer maker Stanley 1913 is
denounces federal Also in the downtown area, David Sapp, the legal affairs said he would work with the year, the Federal Reserve is
us ,

broadening its focus from

National Guard troops secretary in his office, to De- Department of Homeland Se- more reluctant to cut interest
l

Utah to Europe and beyond military response equipped with firearms and fense Secretary Pete Hegseth. curity and others in his ad- rates because officials are wor-
e
as it develops a raft of prod-
al a

plastic shields guarded a fed- “This is a serious breach of ministration to “take all such ried about new inflation risks.
ucts in new categories. B6
LOS ANGELES—Immigra- eral building from a swelling state sovereignty—inflaming action necessary to liberate John Starr, the owner of
 The SEC is considering tion protesters and local and crowd that got more vocal as tensions while pulling re- Los Angeles.” UltraSource, an importer and
ci on

loosening longstanding rules California state police en- the afternoon wore on. Hun- sources from where they’re ac- Newsom said that Trump’s manufacturer of meat-pro-
that restrict private-equity in- gaged in clashes Sunday after dreds of city police officers tually needed.” order to send in the National cessing technology in Kansas
vestments to institutions and National Guard troops were dispersed the crowd with rub- Roughly 300 National Guard was intended to “man- City, Mo., said he is hunkering
wealthy people, another step in mobilized by President Trump ber bullets. Guard soldiers arrived in Los ufacture a crisis. He’s hoping down—no hiring, no more
its plans to broaden access to in response to earlier demon- The chaotic scenes followed Angeles early Sunday after for chaos so he can justify capital spending—until he has
er s

a fast-growing asset class. B9 strations. two days of skirmishes over Trump said he would deploy more crackdowns, more fear, clarity on tariffs.
federal immigration opera- some 2,000 troops to the city. more control.” The company is waiting for
m er

By Ben Fritz, tions that Trump cited in his The troops were deployed to Los Angeles Mayor Karen suppliers in Europe to finish
Marc Vartabedian decision to send in the Califor- protect federal agents and Bass said the immigration work on $20 million in orders
World-Wide and Ginger Adams Otis nia National Guard over Gov. property, officials said. raids that sparked the first it placed before 10% tariffs
Gavin Newsom’s objections. As the soldiers stationed protests on Friday left com- took effect on April 9. That
California Highway Patrol Newsom, a Democrat, said themselves at federal facilities munities in fear. “Deploying means he faces a $2 million
m rp

 Immigration protesters in
Los Angeles clashed with lo- officers pushed protesters off he had formally requested that in L.A., the war of words be- federalized troops on the levy if tariffs stay at that level.
cal and California state police Highway 101 in Los Angeles, the Trump administration re- tween the Trump administra- heels of these raids is a cha- “How am I supposed to pay
after National Guard troops using flash-bangs and tactical scind the National Guard de- tion and California officials Please turn to page A7 this?” Starr said. “That could
were mobilized by President positioning, after a crowd of ployment and return the escalated. wipe out profits for a year.”
Trump in response to earlier hundreds of people spilled troops to his command. Trump, a Republican,  Trump faces little restraint Whether the economy again
co Fo

demonstrations. A1, A7 onto one of the city’s main “We didn’t have a problem painted a dark picture of the on troop use........................ A7 Please turn to page A2

 A monthslong legal saga

entered a new phase after
the Trump administration
repatriated Kilmar Abrego
Garcia to face criminal
An Open
And Shut Colleges Propose
charges that he took part in
an international smuggling
ring with gang ties. A3
Victory Spending Increases
 Trump warned former right-
hand-man Elon Musk to stay
out of the midterm elections,
ONE FOR THE
BOOKS: Spain’s
Carlos Alcaraz held To Limit Tax Hike
n-

threatening “very serious con- the French Open

sequences” if he backed Dem- trophy at the
ocrats in the campaign. A5 Roland-Garros BY JULIET CHUNG schools’ investment income,
Complex in Paris AND RICHARD RUBIN up from the current 1.4% rate.
 Some of the nation’s
no

on Sunday after The plan could add hundreds

wealthiest universities hope overcoming Italy’s Some of the nation’s of millions of dollars to many
to avoid a huge potential tax Jannik Sinner in wealthiest universities are schools’ annual tax bills. The
increase by pitching a plan hoping to avoid a huge poten- White House said recently
THIBAUD MORITZ/AFP/GETTY IMAGES

the longest-ever
to Congress to spend more French open final. tial tax hike by pitching an al- that the tax increase would
of their own money. A1 A day earlier, ternative plan to Congress: a create accountability for
 Simmering Republican American Coco pledge to spend more of their “woke, elitist universities.”
anger over Harvard’s links Gauff won the own money. Now, nearly two dozen
to China gained traction, fo- women’s singles The current version of schools, including many of the
cusing on a 2023 training final in Paris, her President Trump’s tax bill, Please turn to page A6
event in Kunming co- second Grand which passed the House last
hosted by one of the uni- Slam title. A14 month, includes a hefty, 21%  Trump turns focus to
versity’s professors. A6 annual tax on the wealthiest Harvard’s China ties............ A6

 Israel is putting more

women soldiers into combat
roles, helping to relieve the mil- Trump-Musk Split Unleashes
Kennedy Center Gets INSIDE
itary’s acute personnel short-
age after 20 months of war Emotion and Unsolicited Advice
against Hamas in Gaza. A8
 Taiwan embarked on a mis-
sion to purge any allies of Bei-
i i i

Relationship experts aren’t surprised to see

MAGA Makeover
jing from its civil service in an
escalating battle against China’s Americans internalizing the divorce
influence on the island. A8 ‘Common sense’ programming and
 Died: Dick Beattie, 86, star BY ANN-MARIE ALCÁNTARA debt and Elon and Trump’s
gold-tier fundraiser; ticket sales down
private-equity lawyer. A3 friendship, I would choose WORLD NEWS
The U.S. added millions of their friendship!” When the curtain rises in performances during his first More Israeli women fill
marriage counselors to its pay- Kanye West posted, the John F. Kennedy Center term will stride into an insti-
JOURNAL REPORT rolls last week. “Broooos please noooooo…We Opera House for a perfor- tution he has bent to his
a gap in troops for
Investing Monthly: At least that’s what it love you both so much”—com- mance of “Les Misérables” will. combat units after 20
Beware the 401(k) seemed like. plete with a people-hugging this week, President Trump New leaders Trump in- months of war. A8
The rapid unraveling of the emoji. is scheduled to be sur- stalled have dropped pro-
hierarchy trap. R1-6 bromance between Elon Musk On Trump’s Truth Social, grams with whiffs of woke-
and Donald Trump awakened many want the fighting to By Jessica Toonkel, ness, threatened to go after
VERTICAL AEROSPACE

CONTENTS Markets........................ B9 the relationship expert in ev- stop. One user wrote, “You are Erich Schwartzel and artists who boycott it and
Arts in Review..... A13 Opinion................ A15-17
Business & Finance...B2 Personal Journal A11-12
eryone as fans of the two men destroying our hope and our John Jurgensen asked employees to take part
Business News....B3,6 Sports.......................... A14 took to social media to break morale. This is so painful.” The in a group prayer session.
Capital Account...... A4 Technology................ B4 down the breakup and offer plea to reconcile echoed far rounded by supporters who A Trump appointee on the
Crossword................ A14 U.S. News............... A2-7 unsolicited advice on how they and wide. Television host Andy have paid up to $2 million to Kennedy Center board has
Heard on Street B9,10 World News........ A8-9
can patch things up. Cohen went further, offering to watch the musical with him. suggested building a marina
Some expressed heartbreak. host a reunion on his show. A coup de théâtre earlier next to it on the Potomac BUSINESS & FINANCE
> “Them coming together was It’s no surprise to see this year put the president River, so that visitors can Meme stocks made
one of the most encouraging Americans internalizing a di- and his deputies in charge of pull up their boats and listen
things we have seen in a world Please turn to page A10 programming, fundraising to music. Kennedy Center of-
Jason Mudrick a fortune.
of negativity and competitive- and staff at the famous cul- ficials have discussed speak- Now he’s betting on
s 2025 Dow Jones & Company, Inc.
ness,” wrote one X user. “If I  Trump warns Musk about tural center. Now, a president ing to Mideast countries such flying taxis. B1
All Rights Reserved had to choose between more playing politics................... A5 who skipped Kennedy Center Please turn to page A10
 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 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH
Export Controls to Lead U.S.-China Talks SOUTH
BY LINGLING WEI Since the talks in Geneva in gage and back off the magnet the sidelines of a multilateral Officials at the Treasury
Powerful Storms
AND GAVIN BADE May, trust between the two restrictions.” meeting in South Korea. Department and the Office of Kill at Least Two
sides has eroded as each ac- For Beijing, the addition of At the center of the flare-up the U.S. Trade Representative, Two people were killed by
Export controls—a major cuses the other of undermining Commerce Secretary Howard in tensions is what the Trump the people said, were upset by falling trees and tens of thou-
concern for industries world- the agreement reached there to Lutnick to the U.S. negotiating administration has said is the Huawei warning, put out sands were left without power
wide—are moving to the top pause sky-high tariffs. team is a welcome signal. The China’s violation of the Geneva by the Commerce Depart- as severe storms rolled
of the agenda of trade talks inclusion of Lutnick, the cabinet agreement. During the talks ment’s Bureau of Industry and through the South over the
between the U.S. and China on member who oversees export there, He removed a final stick- Security, which oversees ex- weekend.
Monday. Optimistic tone controls, suggests Trump is ing point by agreeing to U.S. port controls. The bureau The storms downed trees
The trade war between Trump nonetheless sought willing to put the topic on the demands that China resume didn’t go through the regular and power lines and brought
Washington and Beijing has in to strike an optimistic tone be- table for discussion with the rare-earth exports. Yet since interagency process before is- heavy rainfall, hail and gusty
recent weeks veered away fore Monday’s negotiations, Chinese delegation, led by Vice then, Beijing has dug in its suing the notice, the people winds as they pushed through
from tariffs, focusing instead saying on Friday that talks with Premier He Lifeng, a trusted Xi heels, slow-walking approvals said. the region. Nearly 150,000
on each country’s restrictions Beijing were “very far ad- aide. U.S. negotiators are led by of licenses to export the miner- Then, in response to Bei- people across southern states
on material or products the vanced.” He had described a Treasury Secretary Scott Bes- als. jing’s slow-rolling rare-earth from Texas to South Carolina
other side desperately needs. phone call with Xi on Thursday sent and include U.S. Trade approvals, the bureau sent out were without power Sunday
When President Trump’s as “very good” and said “there Representative Jamieson Greer, letters and notices to compa- morning, according to power-
negotiators sit down with their should no longer be any ques- who sat opposite Beijing’s bar- Blaming Washington nies in a variety of industries, outage.us.
Chinese counterparts in Lon- tions respecting the complexity gainers during Trump’s first- China has blamed the U.S. informing them that their ex- Mississippi Gov. Tate
don, the U.S. side is set to of rare-earth products.” term trade war with China. for the breakdown, seeing a isting licenses to sell to China Reeves said one person was
press Xi Jinping’s representa- In a goodwill gesture, Senior Chinese officials in warning against the use of were being suspended or re- killed in Lafayette County
tives to speed up exports of China’s Ministry of Commerce the past few years have often some artificial-intelligence voked, people familiar with the when a tree fell on a vehicle.
rare-earth minerals and mag- on Saturday said it has ap- complained about not having chips from China’s Huawei matter said. The moves ha- Multiple tornado warnings
nets containing them as they proved a number of export li- an effective channel of commu- Technologies as a renewal of ven’t been publicly announced were issued across northern
agreed to in Geneva in May. censes for rare-earth-related nication with Washington— U.S. aggression, and complained by the Commerce Department. Mississippi on Saturday.
The Chinese team, on the other products, citing rising global whether during the Biden ad- to Washington that it under- Some analysts point out Georgia Gov. Brian Kemp
hand, will push Washington to demand driven by such indus- ministration or the current one mined the trade deal. that it would be hard for the said one person was killed in
remove recent restrictions on tries as robotics and new-en- —over export controls, an issue American negotiators ex- administration to walk back Georgia on Saturday night. A
the sale of jet engines and a ergy vehicles. Beijing sees as essential to its plained to their Chinese coun- measures specifically aimed at spokesperson for the Georgia
variety of technology and “Up until the phone call, technological and industrial terparts that the warning was a protecting national security— Emergency Management said
other products to China. both sides were spiraling to- ambitions. restatement of U.S. policy, The the traditional purpose of ex- the fatality occurred in Banks
The stakes are high for the ward uncontrolled supply-chain Most recently, people famil- Wall Street Journal has re- port controls. County when a tree fell on a
global economy, as trade re- warfare,” said Jimmy Goodrich, iar with the matter said, a se- ported. Privately, even some ad- vehicle.
strictions imposed by the two a China and technology expert nior member of He’s negotiat- ministration officials were  China tariffs are taking a The National Weather Ser-
governments are disrupting and senior adviser to Rand. “I ing team, Li Chenggang, again taken aback by the warning, toll on dolls........................... B3 vice said a confirmed EF-1 tor-
the worldwide flow of goods, think the administration played raised the issue with Greer people close to the White  Chinese owner halts U.S. nado damaged multiple homes
raw materials and components. this card to get China to re-en- when the two met in May on House said. battery plant........................ B3 and injured one person Friday
in the city of Van Buren in
western Arkansas.
Another round of severe
weather was expected to push

.
through the southern Plains

ly
and the South into Monday.
The highest risk for severe
weather is in southwest Okla-
homa and northern Texas.
on TENNESSEE
—Associated Press

Pet Zebra on Lam

us ,

Is Finally Captured
l

A runaway pet zebra that

e
al a

was on the loose for more

than a week in Tennessee and
ci on

became an internet sensation

in the process was captured
Sunday, authorities said.
Ed the Zebra was captured
safely after being located in a
pasture near a subdivision in
KATIE CURRID FOR WSJ (2)

er s

the Christiana community in

central Tennessee, the Ruth-
m er

erford County Sheriff’s Office

confirmed.
“Ed was airlifted and flown
by helicopter back to a wait-
John Starr, above left, owner of UltraSource, said he is waiting for clarity on tariffs. Above right, UltraSource employees preparing customer shipments. ing animal trailer,” the sher-
m rp

iff’s office said.

Economy’s Home sellers outnumber buyers by nearly 500,000

2.75 million
Borrowing rates
Average 30-year mortgage rate
said they are confident
Trump’s approach will im-
prove trading relationships.
Ed arrived in Christiana on
May 30, the sheriff’s office
said. His owner reported him

Uncertain
10-year Treasury note yield
“In order to get another coun- missing the next day.
Effective federal-funds rate
co Fo

2.50 try to eat the burden of the The zebra was spotted and
8% tariffs, we have to have a cred- filmed running along Inter-

Summer 2.25

2.00
6
ible threat to move our supply
chains across the border…It
can take some time to make
state 24, forcing deputies to
shut the roadway. But Ed es-
caped into a wooded area.
Sellers
that threat credible,” Stephen There were several sight-
Continued from Page One 4 Miran, chairman of the presi- ings posted to social media,
bends, rather than breaks, 1.75 dent’s Council of Economic and Ed was filmed trotting
Buyers
turns on how the U.S. con- Advisers, said in an interview. through a neighborhood.
sumer handles the latest cur- 2
1.50 Steel and aluminum tariffs, —Associated Press
veball—this time from Presi- which Trump last week raised
dent Trump’s desire to 1.25 0 to 50% from 25%, could boost
reorder America’s trading re- domestic metal producers CORRECTIONS 
n-

lationships and reduce reli- 2013 ’15 ’20 ’25 2022 ’23 ’24 ’25 while squeezing profits for
ance on imported goods. For
months, the president has an-
Rates of hiring and firing for private-sector
workers as a share of employment*
Ratio of job openings
to unemployed workers
carmakers, can manufacturers,
and companies such as Titan
AMPLIFICATIONS
nounced one large tariff in- Steel. Hutton, the steel com-
6% 2.0 openings
no

crease after another, at times March 2020, layoff rate jumped pany’s president, said custom- The Tesla Cybertruck has
wavering from escalation to to 10% and came back to 1.8% in May. ers have been understanding a windshield that measures
5 That same month, hiring rate jumped to 7.1%.
temporary resolution. about some price increases nearly 6 feet by 6 feet. A Page
“Where this goes all de- 1.5 because his competitors have One article on Saturday about
Hiring rate
pends on what Trump decides 4 also raised prices. problems for the vehicle in-
to do next, and candidly, even “It feels like we’re mud- correctly said the windshield
Trump doesn’t know what 3 1.0 dling through,” he said. “No- was nearly 6 square feet.
Trump will do next,” said Layoff rate body—neither us, nor our cus-
Christopher Thornberg, found- 2 tomers, nor our overseas Readers can alert The Wall Street
Journal to any errors in news articles
ing partner at Beacon Eco- 0.5 supplier—is in any position to by emailing [email protected] or
nomics in Los Angeles. 1 do any long-term thinking.” by calling 888-410-2667.
Economists largely agree The Fed aggressively raised
that for the U.S. economy to 0 0 rates in 2022 and 2023, but the THE WALL STREET JOURNAL
slide into recession, the Amer- 2001 ’05 ’10 ’15 ’20 ’25 2017 ’20 ’25 economy was insulated because
(USPS 664-880)
ican consumer needs to falter. *Seasonally adjusted
many households and busi- (Eastern Edition ISSN 0099-9660)
“As long as the consumer is Sources: Redfin (home sellers); Freddie Mac, Treasury Department, Federal Reserve, Macrobond (borrowing rates); nesses had already refinanced (Central Edition ISSN 1092-0935)
doing OK, it’s not going to Labor Department (hiring and firing rates in private sector, job openings) at ultralow rates during the (Western Edition ISSN 0193-2241)
change our world,” said Ric pandemic. Later, the economy Editorial and publication headquarters:
1211 Avenue of the Americas,
Campo, chief executive of Cam- firm. Then competitors might spring sales season has been a elevated as investors around benefited from an unexpected New York, N.Y. 10036
den Property Trust, a Houston- say, ‘Well, listen, we have to bust. The U.S. market now has the world pay more attention boom in capital spending on Published daily except Sundays and general
based developer and owner of do the same,’” said Gregory nearly 500,000 more sellers to how governments will fi- artificial intelligence. legal holidays. Periodicals postage paid at
58,000 apartment homes. Daco, chief economist at con- than buyers, according to real- nance rising deficits. Any pullback could be New York, N.Y., and other mailing offices.
Most economists think the sulting firm EY. estate brokerage Redfin. That Any sudden and sustained abrupt. “It’s very rare that Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett
prospects of a recession are Bill Hutton, president of Ti- is the largest gap since its tally rise in borrowing costs could you have a technology shock Rd., Chicopee, MA 01020.
higher than they were at the tan Steel, a Baltimore-based began in 2013. Home prices spill over to the stock market. of this sort that doesn’t lead All Advertising published in The Wall
beginning of the year but distributor and processor of could fall 1% this year, said Lofty asset prices have sup- to overbuilding,” said Jason Street Journal is subject to the applicable
lower than in April and early mostly imported steel for Redfin economist Chen Zhao. ported business investment Thomas, chief economist at rate card, copies of which are available
from the Advertising Services Department,
May, when tariffs on China products such as paint cans, “The market has been at and high-income consumer private-equity manager Car- Dow Jones & Co. Inc., 1211 Avenue of the
had been increased by 145%. said he is going to “err on the rock bottom for the last 2½ spending. lyle Group. Americas, New York, N.Y. 10036. The
The U.S. agreed to roll back side of caution” when it comes years and there was some For many companies, the One tailwind—declines in Journal reserves the right not to accept
an advertiser’s order. Only publication of
the tariff increase to 30% last to reducing the size of his hope that we’d get a little bit uncertainty triggered by energy prices—could help off- an advertisement shall constitute final
month. Most other nations face workforce. Having worked so of a turnaround this year. And Trump’s sudden and seem- set some of the inflationary acceptance of the advertiser’s order.
10% tariff increases, with hard to staff up, he said, he is it’s just actually been worse ingly arbitrary announce- impulses from tariffs. Letters to the Editor:
higher rates on dozens of coun- “very, very leery of making as- than expected,” said Zhao. ments of tariffs has upended While the president often Fax: 212-416-2891; email:
tries paused until early July. sumptions that, ‘Oh, we can • Third, financial-market the outlook for sales this year. gets undue credit for what [email protected]
Three risks loom large. dial up or down our workforce shocks or abrupt sentiment Starr, at UltraSource, orders goes right or wrong in the Need assistance with your subscription?
By web: customercenter.wsj.com;
• First, the U.S. labor mar- at a moment’s notice.’ ” changes remain a wild card. equipment that has months of economy, this time could be By email: [email protected]
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equilibrium where companies finally push back against ris- interest rates by 1 percentage ucts are made to customer “The economy has a lot of (1-800-568-7625)
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By email: [email protected];
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tled to find three or four years Delinquency rates on con- Officials paused rate cuts eat the cost of the tariff. just calms down, you could WSJ back issues and framed pages:
ago. Like a beach ball that sumer debt have been on the this year amid concerns that “I have to take action now,” see this expansion going an- wsjshop.com
shoots skyward after being rise for a year, raising fears that tariffs might create new infla- Starr said. “We’re going to be other two, three years, hon- Our newspapers are 100% sourced from
held underwater, joblessness deteriorating finances for low- tion risks. Longer-term bor- very careful about any cash estly,” said Thornberg of Bea- sustainably certified mills.
can quickly jump once compa- income borrowers could lead to rowing rates, which aren’t set expenditure just because we con Economics. “Then again, if
nies decide demand is too soft a more pronounced slowdown by the Fed and which influ- need that cash to pay the tar- he keeps rocking the boat, you GOT A TIP FOR US?
to keep those workers. in consumer spending. ence many borrowing costs iff.” can blow it up by the begin- SUBMIT IT AT WSJ.COM/TIPS
“It starts with one large For the housing market, the such as mortgages, have been White House officials have ning of next year.”
 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.

THE WALL STREET JOURNAL. * * * * * * Monday, June 9, 2025 | A3

U.S. NEWS

Summer ‘Maybe Happy Ending’ Definitely a Winner at the Tonys

Electric
Bills Set
To Climb
BY RYAN DEZEMBER

Americans can expect to

pay more to stay cool this
summer thanks to forecasts for
above-average temperatures
across the country and natu-
ral-gas prices that are heading
into air-conditioning season
37% higher than last year.

CHARLES SYKES/INVISION/AP(2), THEO WARGO/GETTY IMAGES (SNOOK AND MALONE)

On average, Americans
should count on their electric-
ity bills in June, July and Au-
gust rising 4% from last year,
mostly due to more expensive
natural gas, according to the
Energy Information Adminis-
tration. That would bring the
nationwide summertime aver-
age to $186 a month, up from
$180 last year and $148 four
years ago, the EIA said.
New England—where a
dearth of gas pipelines keeps
energy prices among the high-
est in the country—should see
the biggest jump in monthly
bills, up 6.7% from last year, to
about $200. The Pacific Coast
is among the few places where
lower bills are expected, down HOT BOTS: ‘Maybe Happy Ending,’ about robots exploring what it means to be human, won best musical at the Tony Awards on Sunday. Above, its stars Helen J.
1% from last summer, to an av- Shen and Darren Criss performed at the New York gala. Insets, from top: Sarah Snook, best actress for ’The Picture of Dorian Gray,’ in which she plays all 26 roles;
erage of $176. Jak Malone, best featured actor in ‘Operation Mincemeat,’ where he portrays a woman; Natalie Venetia Belcon, best featured actress in ‘Buena Vista Social Club.’

.
Summer has become a big

Abrego Garcia Saga Enters New Phase

second season for natural gas.

ly
The most gas gets burned in
winter, in furnaces and boilers
for heat as well as in power
plants. But the amount of gas
burned to generate electricity
during the summer has surged
in recent years, even as renew- Government seeks
on
middleman in an international Trump and Attorney General suaded that he wouldn’t be a
ables have proliferated. gang-affiliated ring that Pam Bondi—demonizing flight risk or a danger to other
us ,

More gas than ever was to convict him in U.S. smuggled guns and people, Abrego Garcia, to argue that people. Abrego Garcia has no
l

burned generating electricity after his return from moving thousands of migrants has tainted any potential jury known convictions in the U.S.,
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last summer, which was one of through the country for nearly pool. held a full-time job as a sheet
the hottest on record. Over the El Salvador prison a decade. “Every time Bondi speaks, metal apprentice and has a
course of the year, power The government has said she does give ammunition to wife and children in the U.S.
ci on

BY MARIAH TIMMS
MURRAY OSORIO PLLC/ASSOCIATED PRESS

plants accounted for 41% of he faces a sentence of up to 10 the defense,” said Laurie Lev- “DOJ is obviously going to
U.S. natural-gas consumption, AND SADIE GURMAN years in prison per person he enson, a Loyola Law School push hard to keep him locked
up from 40% the year before, transported if convicted. professor and former federal up. It would be an embarrass-
according to the EIA. To keep When the Trump adminis- “This is a very, very, very prosecutor. ment to them if he gets bond,”
the lights on during the hottest tration brought Kilmar Abrego serious allegation,” said David The evidence prosecutors said John Fishwick, a former
er s

stretches, more of the less-effi- Garcia back to the U.S. to face Raybin, a longtime Nashville, have presented so far is heav- U.S. attorney.
cient part-time power plants— criminal charges that he was a Tenn., defense attorney. ily reliant on the testimony of Abrego Garcia entered the
m er

known as peakers—are fired key player in an international The indictment relies heav- co-conspirators whose credi- U.S. illegally as a teenager, but
up, which boosts gas consump- smuggling ring with gang ties, ily on information from six bility the defense will un- a judge has since ruled he
tion further. it marked the end of one chap- unnamed co-conspirators to doubtedly try to challenge. At can’t be deported to his home
Natural-gas futures ended ter in a monthslong legal saga. underpin its claims that Kilmar Abrego Garcia. least one of the co-conspira- country, citing the threat of
Friday at $3.784 per million The government said the Abrego Garcia regularly trans- tors was incarcerated for gang violence to his family. If
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British thermal units, up 9.8% Maryland man mistakenly de- ported men, women and chil- his pretrial detention. smuggling and deported, only he is acquitted, the govern-
on the week. Wall Street fore- ported to a prison in El Salva- dren in unsafe conditions for Former prosecutors said to return to the U.S. at a later ment could seek to remove
casters generally think they dor was a violent gang mem- profit and that he was abusing the conspiracy charge he faces date. him to a third country but
have higher to climb. ber. It had presented limited women he was transporting. is rarely brought and usually Another factor that could would need to find one willing
Energy trading firm EBW evidence for that claim. On Prosecutors also cite traffic- reserved for the most-prolific work in his favor: At least one to take him.
co Fo

Analytics said it expects prices Friday, the government pro- camera images, cellphone data human-smuggling kingpins. veteran career prosecutor, A Maryland federal judge in
above $4 in the heat of August, vided new details supporting and financial records. Lower-level cases are typically who had been head of the April ordered the Trump ad-
when power demand peaks and its allegations, but it also The indictment alleges only dispensed with through civil criminal division of the U.S. ministration to facilitate
liquefied national gas export faces new hurdles to securing one specific instance of in- enforcement, such as deporta- attorney’s office in Nashville, Abrego Garcia’s return. Dep-
facilities currently undergoing a conviction. volvement in the conspiracy— tion. resigned over the indictment. uty Attorney General Todd
maintenance are expected to President Trump said in an a traffic stop in Tennessee in Defense attorneys will Defense attorneys could high- Blanche told reporters Friday
resume full operations. interview with NBC News on 2020 that didn’t result in an likely argue that Abrego Gar- light his resignation to cast he believed the government is
Morgan Stanley analysts are Saturday that while it hadn’t arrest—although the govern- cia was targeted for political doubt about the Trump ad- now in compliance but added,
even more bullish, predicting been his decision to bring ment might continue to build reasons after the Trump ad- ministration’s motives for “We don’t know about this.”
prices above $5 during the sec- Abrego Garcia back, prosecut- out its case. ministration accidentally de- bringing it, former prosecu- Judge Paula Xinis has
ond half of the year. “Supply is ing him on the new charges Prosecutors also allege ported him and then refused tors said. granted a motion by Abrego
not on track to keep pace with “should be a very easy case.” Abrego Garcia solicited nude to bring him back, despite ju- Prosecutors are trying to Garcia’s lawyers to seek sanc-
demand growth,” they wrote He is charged with involve- photographs from a minor be- dicial orders including from paint Abrego Garcia as a vio- tions against the government.
n-

in a note. ment in a conspiracy to un- ginning in 2020, although they the Supreme Court. lent gang member with a his- On Friday, the government
Many analysts, traders and lawfully transport unauthor- haven’t brought charges re- His lawyers could point to tory of domestic abuse, but a said it would seek to have the
producers believe the gas mar- ized immigrants. The lated to this accusation, ac- statements by senior offi- judge could still decide to re- case dismissed because of his
ket is at an inflection point. Af- indictment alleges he was a cording to a motion seeking cials—including President lease him on bond if per- return.
no

ter a two-year glut that de-

pressed prices, the market

Private-Equity Lawyer Was ‘the One You Called’

faces competing demand from
mushrooming LNG export ter-
minals and power producers
that will lift gas prices.
A newly commissioned LNG-
export terminal in Plaque- BY MIRIAM GOTTFRIED time. current Education Depart-
mines Parish, La., has started Beattie earned his clients’ ment. Beattie was also an au-
out sucking up more gas than Behind every private-equity trust by being more than their thor of Title IX, the landmark
expected. That is causing con- buyout is a cadre of lawyers. lawyer. KKR co-founder Henry law barring sex discrimination
cern about what will happen Behind some of the biggest Kravis first met Beattie while by educational institutions
when power plants along the buyouts was Dick Beattie. working at Bear Stearns, and that receive federal funds.
same pipelines increase their Beattie, who ended his ca- the two became friends. Beat- He served on the New York
own gas consumption this reer as senior chairman of law tie’s daughters, Lisa and Nina, City Board of Education and
summer, said Oren Pilant of firm Simpson Thacher & Bart- babysat for Kravis’s three led Simpson Thacher in litiga-
energy-data firm East Daley lett, was among the first at- children. Over the years, the tion that won funding parity
Analytics. “This is putting torneys to rec- two men would go fly fishing for underserved children in
ASTRID STAWIARZ FOR WSJ

stress on gas supply in the OBITUARY ognize private in Alaska and horseback rid- the city. Beattie was founder
Southeast,” he said. DICK equity’s poten- ing at Kravis’s Colorado and chairman of the nonprofit
Consumers have since got- BEATTIE tial. He rode ranch. New Visions for Public
ten some relief ahead of sum- 1939-2025 the industry’s When Kravis’s eldest son, Schools, dedicated to improv-
mer. Drillers have ramped back explosive Harrison, was killed in a car ing the city’s public schools.
up, setting daily production re- growth, be- accident in Colorado in 1991, Beattie also served as spe-
cords in May. Meanwhile, mild coming one of the country’s Beattie was the first person Dick Beattie died on Saturday at the age of 86. cial envoy to Cyprus under
spring weather meant stock- top mergers-and-acquisitions he called. former President Bill Clinton
piles were replenished, easing lawyers and shaping Simpson Instead of merely offering make Simpson Thacher into at the University of Pennsyl- and was a member of numer-
prices. Thacher into a private-equity condolences, Beattie said, one of the top firms serving vania and started at Simpson ous other corporate and non-
powerhouse. “I’m going with you,” Kravis the industry. Thacher after graduating in profit boards.
Natural-gas futures price He died on Friday at the recalled. “He got us in the door very 1968. He rose quickly through Roger Altman, senior chair-
age of 86, the firm confirmed. “He was a person I trusted early on and helped three gen- the ranks, becoming a favorite man of Evercore, called Beat-
$10 per million British thermal units
Beattie represented pri- 1,000%,” Kravis said in an in- erations of lawyers develop adviser to New York’s power tie an “unofficial founder” of
vate-equity pioneer KKR in a terview with the Journal. “He the relationships he had elite. the investment bank, which
8 string of its early deals, in- could read people and feel started in the 1980s,” said Al- An avid outdoorsman, he Altman ran out of a Simpson
cluding its $25 billion take- what was needed for them.” den Millard, chair of Simpson often spent weekends hiking Thacher conference room for
over of RJR Nabisco, an- Beattie’s relationships led Thacher’s executive commit- with his family or fly fishing the first several months of its
6 nounced in 1988. That deal, him to work on some of the tee. at the vacation home in Mon- existence.
immortalized in the book biggest corporate deals of his Richard I. Beattie was born tana he shared with Diana, his “I never met anybody who
“Barbarians at the Gate,” re- day. He represented AOL in its on March 24, 1939. He grew up wife of more than 61 years. had more true friends than
4 mained the biggest leveraged 2001 megamerger with Time in Rye, N.Y., the son of a com- Beattie is survived by his wife, Dick Beattie did, and that’s be-
buyout for years. Warner, and JPMorgan in its mercial photographer. daughters, sister Evelyn cause I never met anybody
Beattie worked around the 2004 deal with Bank One. After graduating from Dart- Lewis, and six grandchildren. who helped more people
2 clock to help KKR win the Beattie also represented the mouth College, he spent four He left Simpson Thacher hands-on than Dick did over
deal, falling asleep next to independent directors of years as a jet pilot in the Ma- for a stint to join the Carter so many years,” Altman said
0
colleagues on the floor of a Journal publisher Dow Jones rines, where his skill in landing administration as general in an interview with the Jour-
Midtown Manhattan confer- in its sale to News Corp. A-4 Skyhawks on aircraft car- counsel of what was then the nal. “In New York City, for like
2022 ’23 ’24 ’25 ence room after a stretch of But it was his early recog- riers in the Pacific earned him Department of Health, Educa- 30 years, if there was a tough
Note: Weekly data more than 48 hours, The Wall nition of the opportunity in the nickname “night fighter.” tion and Welfare and was in- problem, really a jam, he was
Source: FactSet Street Journal wrote at the private equity that helped Beattie went to law school strumental in developing the the one you called.”
 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.

A4 | Monday, June 9, 2025 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
CAPITAL ACCOUNT | By Greg Ip

GOP, Not Musk, Deploys the Chain Saw

E
lon Musk and found DOGE routinely over- The Congressional Budget cause of personal circum-
House Republicans stated savings. Federal Office estimates policy stances or age, or can’t
both promised to spending in the current fis- changes under Trump will process the necessary paper-
tackle federal cal year is actually up 9% mean 16 million fewer people work.
spending. It turns from a year earlier. (Trump will have health insurance. Is

T
out only one of them was se- sent a slimmed-down budget that good or bad? That de- here’s lots for budget
rious, and it wasn’t Musk. to Congress last month that pends on your politics. Dem- hawks to hate about
Musk, who broke with seeks to entrench some of ocrats and progressives the Republican bill. It
President Trump this past DOGE’s cuts.) think it is cruel. leaves debt on track to hit
week after labeling Republi- The big money, as every- Republicans, though, records. It doesn’t touch the
cans’ reconciliation bill a one except Musk and Trump could point out that many of big drivers of spending—So-
JABIN BOTSFORD/THE WASHINGTON POST VIA GETTY IMAGES

“disgusting abomination,” seem to acknowledge, is in those people entered the U.S. cial Security and Medicare.
might claim some authority. entitlements. Not fraud, illegally or gained benefits It shifts costs, such as for
As leader of the Department waste and abuse, but checks because of discretionary or food stamps, to the states. It
of Government Efficiency, he correctly issued to eligible temporary program changes. lards the tax code with
was the public face of recipients. Such programs, For example, nearly a third breaks that reward Trump’s
Trump’s assault on gov- including Social Security, of that 16 million is because base rather than help eco-
ernment. health programs, food Republicans aren’t renewing nomic growth, and sunsets
Remember him feeding stamps and welfare, plus in- a temporary expansion of them in 2028 to artificially
the U.S. Agency for Interna- terest on the national debt, Obamacare subsidies passed reduce the cost. It front
tional Development into the equal 73% of spending. by Democrats under then- loads the tax cuts and back
wood chipper? Encouraging Entitlements are infa- President Joe Biden, and the loads the spending cuts.
civil servants to quit or be mously difficult to cut. Yet Trump administration is Nonetheless, the proposed
fired? The chain saw? that’s what House Republi- tightening up enrollment legislation is superior to
Musk loves the theatrical: cans propose. Far from being and eligibility verification. anything Musk has done in
He helped scuttle an omni- full of “crazy spending in- Elon Musk at a cabinet meeting at the White House in April. A further half reflects one crucial respect: It is leg-
bus spending bill last year creases,” as Musk claims, the changes to Medicaid eligibil- islation. The Constitution
mainly because of its page bill would reduce spending this bill adding to the na- grow. For years, budget ity, such as penalizing states gives the power of the purse
length. The DOGE cuts over the coming decade by tional debt, it’s the tax cuts, hawks have pleaded with that cover certain immi- to Congress. DOGE and
thrilled Trump’s base, horri- $1.3 trillion, relative to cur- not the spending, he should Congress to address this. grants, verifying eligibility Trump have largely trampled
fied Democrats and trauma- rent law, and that would be be attacking. Give Republicans some more often, or ending a loop- on that principle, gutting
tized civil servants. predominantly from entitle- Healthcare is the single credit: They have. Past cost- hole through which states foreign aid, research and
But theatrical didn’t mean ments, according to the Con- biggest source of federal cutting often meant paying and insurers extract more countless other programs
substantive. Fire every civil gressional Budget Office. spending growth. Since providers less, and providers dollars from Washington. without authorization or in-
servant and cut foreign aid 2000, federal health pro- would then change their be- Five million people would put from the public or their

S
to zero and you save about o why does the bill add grams, mainly Medicare, havior. It’s why so many doc- lose Medicaid because of legislators.
$300 billion. The deficit last to deficits? Because it Obamacare, and Medicaid, tors don’t accept Medicaid. work requirements on able- Republicans in Congress
year was $1.8 trillion. reduces revenues even have grown from 3.1% of This time, Republicans are bodied adult recipients with- mostly stood by and let this
DOGE claims to have cut more, by $3.7 trillion, by ex- gross domestic product to going the less popular but out dependents. This provi- happen. With this bill,

.
spending by $175 billion. But tending tax cuts enacted in 5.6%. Given the aging of the potentially more durable sion is arguably the they’re taking back control
The Wall Street Journal, the 2017, then adding a bunch population and rising medi- route of giving less money to harshest: Many of those peo- of the purse. Perhaps they

ly
New York Times and others more. If Musk is upset about cal costs, that is expected to beneficiaries. ple can’t or won’t work be- could make that a habit.

Republican Senators’ Demands Risk Pulling Bill Apart on

us ,

BY SIOBHAN HUGHES would increase the number of life, his job, more difficult,”
l

people without health insur- Johnson told reporters last

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al a

WASHINGTON—Senate Ma- ance by 4.8 million in 2034, the week, indicating he was casting
jority Leader John Thune (R., CBO said. about for ways to satisfy his
S.D.) is trying to release this GOP Sen. Susan Collins of own concerns. “I don’t want to
ci on

week a revised version of Maine said she can live with be a negative influence.”
President Trump’s “big, beau- work requirements tailored to Sen. Bill Cassidy (R., La.), a
tiful bill.” those truly able to work. But physician, is trying to win sup-
But as he races to pass the she is worried about a provi- port for saving money by tar-
legislation ahead of Republi- sion limiting the taxes states geting Medicare Advantage in-
er s

cans’ self-imposed July 4 impose on Medicaid providers surers’ practices of adding

deadline, he has about as like hospitals as a way to in- extra diagnoses. The idea has
m er

many problems as there are crease federal matching con- bipartisan support, but it isn’t
GOP senators, with lawmakers tributions. clear that Republicans will be
battling over the additional Other Republicans say Med- inclined to change—in any
SHAWN THEW/EPA-EFE/SHUTTERSTOCK

borrowing and spending cuts icaid is riddled with abuse. way—the politically sensitive
that will be used to finance Critics include Sen. Rick Scott health program serving seniors.
m rp

tax relief, plus spending on (R., Fla.), whose state is Sen. Steve Daines (R.,
the border and military. among 10 that didn’t expand Mont.) is demanding perma-
The House in May passed Medicaid to the low-income, nent deductions for invest-
its own version by a one-vote childless, able-bodied adults ments in equipment and other
margin, and Trump has urged who gained coverage under business costs. The House ver-
co Fo

the Senate to move the mul- Democrats’ 2010 Affordable sion would allow immediate ex-
titrillion-dollar bill quickly. Care Act. He said the federal pensing only through 2029.
But GOP senators want Senate Majority Leader John Thune is racing to pass the legislation ahead of July 4 deadline. government’s 90% matching “It’s a red line for me—I’ll
changes, and lawmakers dis- rate for the expansion popula- vote against the bill if it’s not
agree over the depth of cuts together or separately—can ready forecast through 2034. the tab for food benefits for tion—compared with a floor of made permanent,” Daines said.
to Medicaid, clean-energy tax derail the bill. To limit deficit impacts low-income families. States 50% for other beneficiaries— Sen. John Curtis (R., Utah)
credits and nutrition assis- If the Senate passes its re- while still making good on would have to pay at least 5% had the perverse effect of said the House bill moved too
tance, with some seeking to vised version, the House would Trump’s promise to extend his of the cost. “You can’t overload helping childless adults over quickly to unwind tax credits
protect their own states’ in- then need to sign off on it too 2017 tax cuts and add new the states with what’s sup- needier groups. contained in Democrats’ 2022
terests and others accusing before sending it to Trump’s plans such as “no tax on tips,” posed to be federally funded— Inflation Reduction Act for in-
colleagues of not taking fed- desk. the proposal slashes federal we can’t afford it,” he said. vestment in and production of
eral deficits seriously. support for health, food and Republicans have fractured Tackling deficits clean energy.
“Everyone is just pulling education programs, shifting over proposed cuts to Medic- Scott is among a clutch of Sen. Mike Lee (R., Utah)
Trade-offs
n-

this Gumby in lots of different more of the burden to states. aid, the state-federal program fiscal hawks who say the bill and many other Republicans
directions,” said Sen. Lisa The many movable pieces Democrats decry the cuts, and that provides health insurance isn’t serious enough about blistered a provision to set at
Murkowski (R., Alaska). “We of the more than 1,000-page some Republicans have prob- to more than 70 million low-in- tackling budget deficits. $40,000 the cap on state and
are not, I think, resolved as a legislation are forcing Repub- lems with them, too. come and disabled people. Sen. Ron Johnson (R., Wis.) local tax deductions, up from
no

conference as to what that bill licans to think through diffi- Sen. Tommy Tuberville (R., Among other things, the also wants deeper cuts. He $10,000 in current law—a
looks like.” cult trade-offs. The House bill Ala.), who is running for gov- House-passed bill would im- told Trump so at a White change that benefits residents
Republicans have a 53-47 would add a net $2.4 trillion ernor in 2026, plans to meet pose more frequent eligibility House meeting last week, and of high-tax states like New
majority in the Senate, and a to the deficit over a decade, this week with other lawmak- checks and, starting at the end said he still hasn’t been able York and California. Dialing
similarly slim 220-212 edge in the Congressional Budget Of- ers concerned about a provi- of 2026, work requirements on to find his way to “yes.” that back in the Senate would
the House, meaning any small fice estimated—on top of the sion that would force states to, low-income, able-bodied adults. “I want to see him succeed; draw blowback when the bill
group of holdouts—working $21.4 trillion in deficits al- for the first time, pay part of The work requirements alone I really don’t want to make his returns to the House.

Economists Say Megabill Would Fall Short of Spurring a Boom

BY RICHARD RUBIN be. The bill, according to pub- Tax Foundation estimate of House reconciliation bill’s view of the White House’s Miran said.
lic- and private-sector econo- impact on deficit Council of Economic Advisers, The Tax Foundation’s Wat-
WASHINGTON—Republi- mists, would fall far short of which has a far rosier sce- son said policymakers should
cans see a golden age of pros- Republicans’ hoped-for boom. $100billion nario. It projects a 4.2% to expect a more muted response
perity ahead, driven by their “We would expect some dy- 5.2% increase in short-term from extending the 2017 tax
tax-and-spending megabill. namic revenue, some revenue 0 GDP and a long-term gain of cuts than from creating them.
Nonpartisan experts project feedback in that larger econ- 2.9% to 3.5%. That gain would The bill includes new and re-
far more modest effects, fore- omy,” said Garrett Watson, di- –100 be three to four times the Tax vived business incentives but
casting a slight near-term eco- rector of policy analysis at the Foundation estimate, which it- schedules them to expire.
nomic expansion and larger Tax Foundation, which favors –200 self is larger than Penn Whar- “It’s pro-growth,” Watson
federal budget deficits. lower tax rates and a simpler ton, Yale or JCT. said. “The more you add in
–300
The growth debate is at the system. “But it wouldn’t come Economists caution that tax some of these gimmicks and
core of this fiscal fight. Repub- close to paying for itself.” policy can’t move the needle temporary changes, the more
–400 Dynamic deficit change
licans are trying to focus pub- Broadly, economists across much in the U.S. economy, par- watered-down it gets.”
Conventional deficit change
lic attention on growth—from the political spectrum discount –500 ticularly given higher costs Senators including James
tax cuts, deregulation and fos- elected officials’ predictions. and uncertainty caused by Lankford (R., Okla.) and Steve
sil-fuel production—and play Tax Foundation: The con- –600 tariffs. Daines (R., Mont.) are seeking
down the Congressional Bud- servative-leaning group esti- Still, putting money in tax- changes to encourage growth.
2025 ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34
get Office estimate that the mates that the bill would boost payers’ pockets could increase They are particularly focused
bill would widen budget defi- long-term GDP by 0.8%, gener- Source: Tax Foundation demand for goods and ser- on making permanent some
cits by $2.4 trillion through ating enough revenue to cover vices. Lower business taxes— business-tax provisions such
2034. The White House high- about one-third of its costs. 1.85% from 1.8%. “Basically, I rising budget deficits, with a especially faster write-offs for as immediate deductions for
lights growth to bolster con- That is compared with doing would call this flat,” said Kent net effect of taking 1.83% an- equipment and factories—en- equipment purchases.
gressional support, countering nothing and letting tax cuts Smetters, who runs the Penn nual growth to 1.86%. JCT esti- courage investment and have “If you have an expiration,
claims that the package irre- expire Dec. 31. The gain is like model. “We all know this is all mates that the bill’s tax provi- the biggest bang for the buck. you just don’t get predictabil-
sponsibly darkens America’s adding an average of 0.1 per- going to get swamped by all sions would cover less than 3% Council of Economic Advis- ity,” Lankford said.
fiscal picture. centage point to the annual the randomness.” of their costs with revenue ers Chairman Stephen Miran Capital-investment incentives
Republicans and outside growth rate; reaching 3% Joint Committee on Taxa- from economic growth. said growth after 2017 demon- would be muted because tariff
economists agree on the basic would require much larger tion: The nonpartisan congres- Yale Budget Lab: The think strates that the Republican uncertainty complicates busi-
direction: tax cuts increase changes, Watson said. sional scorekeeper projected tank says the bill would bump formula can work. The econ- ness planning, said Seth Car-
consumer spending and busi- Penn Wharton: Its budget that the bill’s tax components the growth rate roughly to 2% omy and incomes grew solidly penter, global chief economist
ness investment, accelerating model projects a 0.4% increase would produce short-run from 1.8% through 2027, before in 2018 and 2019 before the at Morgan Stanley, which esti-
short-term growth. But they in GDP over the first decade. growth through increased la- the drag of federal debt weak- Covid-19 pandemic. mates that the bill would boost
differ vastly on how large and That is equivalent to raising bor supply and capital stock. ens and reverses that effect. “The bill is going to create a growth in 2026 before turning
meaningful that jump would the annual growth rate to That would be counteracted by Those all contrast with the vibrant, dynamic economy,” neutral and then negative.
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | A5

U.S. NEWS

Trump Warns Musk

About Playing Politics
President threatens of voters. He wrote that he plans it’s a very bad thing, because
to call it The America Party. he’s very disrespectful. You
‘consequences’ if Trump and his senior ad- could not disrespect the office
former adviser backs visers have tried to refocus of the president.”

FRANCIS CHUNG/PRESS POOL/ZUMA PRESS

their attention on passing In the NBC interview,
Democrats in races Trump’s tax-and-spending bill, Trump said he hadn’t had dis-
which is now being debated in cussions about looking into
BY BRIAN SCHWARTZ the Senate. Musk’s immigration records,
AND ANNIE LINSKEY “I’m too busy doing other as some allies have urged.
things. You know, I won an Asked if he might terminate
BEDMINSTER, N.J.—Presi- election in a landslide. I gave government contracts for
dent Trump warned former him a lot of breaks, long be- Musk’s Starlink satellite inter-
right-hand-man Elon Musk to fore this happened,” Trump net service or SpaceX, Trump
stay out of the midterm elec- told NBC when asked if he has responded that he is “allowed
tions, threatening “very serious any desire to repair his rela- to do that,” but “hasn’t given President Trump with his former right-hand-man Elon Musk during a press conference in the
consequences” if he backed tionship with Musk. “I think it any thought.” Oval Office in May. Trump said he had ‘no reason to’ repair his relationship with Musk.
Democrats in the campaign.
Musk, who crossed Trump
by staunchly opposing his
“big, beautiful” tax-and-
spending bill over deficit con-
cerns, said recently that any-
one who votes for this bill
should be fired. Some Demo-
crats have suggested that they
try to win Musk over to their
side, despite his being villain-
ized by the party for his
sweeping cuts to government
staff. The billionaire spent
about $300 million backing
Trump and Republican candi-
dates in the 2024 elections.
Asked by NBC News on Sat-
urday if Trump was concerned
that Musk could start funding
Democratic candidates, the

.
president said “he’ll have to
pay very serious consequences

ly
if he does that,” but declined
to provide specifics.
In the NBC interview, Trump
said he had “no reason to” re-
pair his relationship with
Musk, after their breakup
played out in real time on
on
Thursday. Asked whether his
us ,

relationship with the billionaire

l

businessman was over, Trump

e
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said, “I would assume so.”

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Deleted posts
Musk deleted social-media
posts in which he attempted
to connect the president with
convicted sex-offender Jeffrey
er s

Epstein. As the men’s relation-

ship imploded on Thursday,
m er

Musk wrote on X that Trump’s

name appeared in documents
stemming from a federal in-
vestigation of Epstein, insinu-
ating that he was in some way
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linked to the late disgraced fi-

nancier’s criminal behavior.
On Friday, Musk wrote, “I
will apologize profusely as
soon as there is a full dump of
co Fo

the Epstein files.” Both posts

have been removed from
Musk’s X feed.
The president and his se-
nior aides said Trump has no
connection to Epstein’s
crimes. Trump called the alle-
gations “old news” in the NBC
interview. “Donald Trump
didn’t do anything wrong with
Jeffrey Epstein,” Vice Presi-
dent JD Vance said in a recent
podcast interview.
n-

Behind the scenes, some peo-

ple close to Trump and Musk
have sought to organize a phone
call between the two men in an
no

attempt to hash out their differ-

ences, people familiar with the
matter said.
David Sacks, a venture cap-
italist who acts as Trump’s AI
and crypto czar, has been pri-
vately encouraging Musk to
call the president to try to
mend the relationship, people
familiar with the matter said.
James Fishback, a business-
man and supporter of both
Trump and Musk, encouraged
Musk on social media to apol-
ogize to the president. A
spokeswoman for Sacks de-
clined to comment.
But Trump has said repeat-
edly in interviews he has no in-
terest in talking to Musk, and
the president’s advisers played
down the possibility of a call.
A senior White House offi-

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 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.

A6 | Monday, June 9, 2025 * * THE WALL STREET JOURNAL.

U.S. NEWS

Trump Turns Focus on Harvard’s China Ties

BY JAMES T. AREDDY

In his war with Harvard,

President Trump has sought to
withhold billions of dollars in
federal funding from the school
and strip its tax exemptions,
measures the White House ini-
tially tied to perceived anti-
semitism at the school amid Is-
rael’s war in Gaza.

RICK FRIEDMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

RICK FRIEDMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

In recent weeks, long-sim-
mering Republican anger over
Harvard’s links to China has
increasingly gained traction. In
escalating calls to punish the
school, a training event two
years ago in the Chinese city of
Kunming has emerged as Ex-
hibit A.
The training, on the bland
topic of healthcare financing,
was co-hosted by a Harvard
professor and involved a few
dozen provincial-level bureau- Harvard President Alan Garber, left, is in the crosshairs. Right, Harvard‘s Widener Library during commencement in May
crats. Among them was at least
one representative from Xinji- jing as a profit center—and nist Party has a deep reach into corps was based on findings of tinue demanding answers ganization’s role in mass deten-
ang Production and Construc- how that helps the country’s Chinese society. a House Select Committee on from those enabling or ignor- tions and describing healthcare
tion Corps, a large Chinese rulers, the Chinese Communist But while some tuition pay- China. Its chairman, Rep. John ing the CCP’s abuses.” efforts in Xinjiang as a “fig
Communist Party paramilitary Party, challenge the U.S. ments and funding might ulti- Moolenaar (R., Mich.), in late Criticism over the Xinjiang leaf” to whitewash crimes.
organization in the country’s The conservative Heritage mately be traced to decisions May wrote to Harvard Presi- organization’s participation in Homeland Security Secre-
far west that also handles civil- Foundation took aim at higher by Chinese Communist Party dent Alan Garber, demanding the 2023 healthcare event tary Kristi Noem then called
ian government services, in- education in its Project 2025 officials, neither China’s gov- explanations about university originated in a late April re- out the training as she moved
cluding managing hospitals. recommendations, saying, ernment nor the party would activities that “create risks to port by Strategy Risks, a re- to strip Harvard of its right to
U.S. authorities in 2020 im- “Universities taking money be likely to directly underwrite U.S. national security and fur- search firm run by Isaac Stone educate foreign students.
posed sanctions against the from the CCP should lose their activities involving universi- ther the Chinese Communist Fish, a New York-based jour- Harvard’s public materials
group, accusing it of ethnic and accreditation, charters, and eli- ties abroad, and there is no in- Party’s (CCP’s) genocide in nalist, which concluded that on the meetings don’t say how
religious abuses against Uy- gibility for federal funds.” dication of such payments to Xinjiang.” Harvard’s behavior raised the corps came to participate
ghurs and other mostly Muslim Chinese citizens represent Harvard. A China committee state- doubts about its effectiveness in the training, an iteration of
minorities and forbidding U.S. some 23% of Harvard’s interna- ment about Moolenaar’s letter in “limiting [Chinese Commu- a series on healthcare finance
persons from providing it tional students, and Education charged that Harvard research- nist Party] and authoritarian basics known as the Flagship
“funds, goods, or services.” Department data show that in ‘Possible liability’ ers did transplant studies with influences.” The Manhattan Program developed by the

.
On Wednesday, as Trump recent decades individuals and The Xinjiang corps is central “PRC-based collaborators, amid Institute for Policy Research, a World Bank and Harvard in
moved to bar Harvard from en- companies from China and to the Chinese Communist mounting evidence of the CCP’s New York public-policy organ- the 1990s.

ly
rolling foreign students, his or- Hong Kong together have been Party’s ironclad rule over Xinji- forced organ harvesting prac- ization, funded the report but A Chinese-language website
der cited the event, charging the university’s No. 2 source of ang. Some analysts say the Xin- tices.” Allegations that Beijing hasn’t independently pub- published by Harvard said the
that in exchange for Chinese large foreign gifts and con- jiang corps’s participation in is engaged in institutionalized lished the findings. Xinjiang group joined the an-
funding the school “has, among
other things, ‘repeatedly hosted
and trained members of a Chi-
nese Communist Party paramil-
tracts, behind only England.
In 2023 and 2024 combined,
the data show, Harvard re-
ported $55.6 million in gifts of
on
the training—organized by a
Chinese health-insurance regu-
lator, the National Healthcare
Security Administration—was
theft from prisoners and others
of body parts for organ trans-
plants have recently gained
traction among Republican
Investigation urged
In May, the report found an
nual training in 2019, but an
internet archive tool showed
that reference to its participa-
tion was later deleted.
itary organization.’ ” $250,000 or more from China, hardly the kind of nefarious ac- China critics. audience with Sen. Tom Cot- The congressional letter
us ,

Harvard, which didn’t re- including Hong Kong, plus tivity American sanctions are Harvard hasn’t responded to ton (R., Ark.), who cited Strat- also took issue with a photo
l

spond to questions, hasn’t pub- $13.7 million in contracts, some designed to halt. Moolenaar’s May 19 letter, egy Risks in an open letter to Harvard published from the
e
al a

licly addressed the allegations 13% and 8.2%, respectively, Still, U.S. sanctions laws which was also signed by Reps. Secretary of State Marco Ru- 2023 event that blurred out
involving the Xinjiang corps. among all large-scale funding don’t differentiate between Tim Walberg (R., Mich.) and bio and Treasury Secretary name plates in front of four
The school is fighting Trump in from non-U.S. partners. types of interaction, said Julian Elise Stefanik (R., N.Y.), but by Scott Bessent that urged an speakers, which the politicians
ci on

court, calling some of the ad- In previous responses to Ku, a law professor at New no Democrats on the China investigation into Harvard’s charged “raises questions
ministration’s measures illegal. questions about its China expo- York’s Hofstra University. “Pro- committee. potentially “prohibited behav- about why Harvard wanted to
sure, such as acceptance of fi- viding services to a blocked en- In a response to questions, ior” with the Xinjiang organi- keep their identities hidden.”
nancial gifts, the school has tity is prohibited, so Harvard Moolenaar called the Xinjiang zation. It couldn’t be determined
China dependence cited its broad global alumni does indeed face some possible corps “a sanctioned, paramili- Four days later, Moolenaar who had obscured the
er s

To its detractors, Harvard network across over 200 na- liability here,” he said. tary organization complicit in and his fellow House members nametags; the photo had pre-
epitomizes American elite uni- tions. With some 90 million Trump indicated that his genocide” and said, “I stand sent their letter to Harvard’s viously been widely published
m er

versities’ dependence on Bei- members, the Chinese Commu- concern about the Xinjiang by the letter, and I will con- Garber, noting the Xinjiang or- that way in China.

Colleges
m rp

Try to Limit
Tax Hike
co Fo

Continued from Page One

JUSTIN SULLIVAN/GETTY IMAGES

wealthiest, support a require-

ment to distribute 5% of their
endowments’ value annually.
Backers of the plan include
Harvard, Yale, Princeton, Stan-
ford, Johns Hopkins, Duke and
Rice universities, as well as
the University of Chicago, ac- Stanford is among schools pitching alternative plan to Congress.
cording to people familiar
n-

with the group. Eisgruber said the plan hikes would be a problem.
The schools hope that in would mean schools would U.S. colleges and universi-
exchange for the payouts, spend billions more on stu- ties often distribute less than
Congress will dramatically dent financial aid, research 5% of their endowments’ value
no

scale back the magnitude of and regional economies, while each year despite criticism that
the tax hikes, according to increasing the tax would re- they are hoarding their assets
people familiar with the effort duce endowment spending. and not spending enough on
and an outline of the plan re- The outline shared with students. That schools are tak-
cently shared with Senate Senate staffers estimates that ing the step of proposing more
staffers and viewed by The the plan would lead to at least regulation on themselves re-
Wall Street $30 billion in flects the extraordinary pres-
Journal. a d d i t i o n a l sure higher education is facing

21%
If enacted, spending over a under the Trump administra-
the proposal decade. The tion, said Clark.
from the group, Joint Commit- Ithaka S+R, a New York
called the Learn tee on Taxation nonprofit research and con-
Alliance, would Annual tax on estimated that sulting service focused on
affect a larger the endowment- higher education, analyzed the
group of several
schools’ investment tax plan in the endowment payouts of a
dozen schools income, in current House-passed dozen schools that could land
whose endow- version of tax bill. bill would gen- in the 21% tax bracket under
ments are sub- erate $6.7 bil- the GOP bill. For the five-year
ject to a tax on lion in revenue period ended in June 2023,
their investment over a decade Ithaka found that most of the
incomes. Under the House bill, for the federal government. schools in most of the years
some schools below that top A 5% minimum distribution fell short of spending 5% of
tier would be subject to 14%, 7% is a requirement for many pri- their endowment’s value.
or 1.4% tax rates depending on vate foundations, but one that Many schools said they try to
how many dollars their endow- schools have long resisted. preserve their endowments to
ments manage per U.S. student. (The House bill would raise serve current and future gen-
In place of the tiered system in private foundations’ annual erations of students.
the House bill, the schools pro- endowment investment in- Even modest percentage
pose a tax on investment in- come-tax rate to as high as spending increases “would
come at 2.4% or 3.4%. 10%, from today’s 1.39%.) mean, in dollar terms, quite a
Schools would commit to “As a national policy, it lot of additional spending” be-
spending more in such areas as would be a significant cause of the endowments’
student financial aid and change,” said Liz Clark, vice size, said Ithaka’s Catharine
teaching, which they would president of policy and re- Bond Hill.
prefer over paying significantly search for the National Asso- Other schools are working
more in taxes that would go to ciation of College and Univer- together to try to revise the
the federal government. sity Business Officers. president’s tax bill in ways
“What I hear from Republi- It couldn’t be determined that address their own fund-
can members of Congress is a what, if any, traction the pro- ing models. A group of small
desire to ensure that colleges posal might be getting among colleges is lobbying to cap the
are using their charitable en- lawmakers. Sen. Chuck Grass- tax on endowments’ annual
dowments to support today’s ley (R., Iowa), a member of investment income at 1.4% for
students and researchers the Senate Finance Commit- schools with fewer than 5,000
rather than saving too much tee, said Thursday that law- full-time enrolled students.
for the future,” said Princeton makers were just starting to These schools typically
President Christopher L. Eis- discuss the bill’s endowment- don’t have additional revenue
gruber. “Those are valid con- tax provision. He said he has streams beyond tuition and
cerns, and this proposal di- heard from some small col- alumni donations and rely
rectly addresses them.” leges in Iowa that the tax heavily on their endowments.
 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.

THE WALL STREET JOURNAL. * * * * * * * Monday, June 9, 2025 | A7

U.S. NEWS
SAN FERNANDO
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SANTA MONICA
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5 miles

Trump Faces
Little Restraint
On Troop Use

DANIEL COLE/REUTERS
Defense secretary with his hard-charging ap-
proach to the presidency.
prepared to send While his team frequently put
Marines to quell up roadblocks to his plans in
his first four years in office, Demonstrators on Sunday protested federal immigration
California protests the loyalists he has assembled sweeps in Los Angeles. At left, a member of the California
this time around are eager to National Guard deployed in response to the protests.
BY ELIZA COLLINS implement—and sometimes ex-
AND NANCY A. YOUSSEF pand on—his political priori- legal and accusing the presi- sence of a governor, the na-
ties, according to administra- dent of “a serious breach of tion’s capital falls under the
When unrest erupted tion officials and others state sovereignty.” president’s control. In his first
around the country in 2020, familiar with the matter. term, Trump also sent federal

.
President Trump’s then-De- National Guard troops are agents—not U.S. troops under
fense Secretary Mark Esper part-time soldiers assigned to Growing protests federal command—to some

ly
drew a line in the sand: active- a state and usually under the The first protests began Fri- major cities amid protests, in-
duty military troops should governor’s authority. They are day in Los Angeles, when resi- cluding Portland, Ore.
rarely be deployed on Ameri- activated under state authority dents reacted to federal agents The deployment of active-
can streets to quell protests. for missions such as respond- on engaged in what appeared to duty troops under federal au-
MIKE BLAKE/REUTERS

“The option to use active- ing to natural disasters, as be an immigration enforce- thority in response to civil un-
duty forces in a law enforce- well as for federal missions. ment operation. Federal agents rest is a rare step, one that
ment role should only be used Active-duty troops answer were seen in at least two loca- usually requires the president
as a matter of last resort, and solely to the commander in tions in the city. As word to find under the Insurrection
us ,

only in the most urgent and chief and their focus is on de- spread, more people showed Act that they are needed to en-
l

dire of situations,” Esper said, fending the U.S. up and the protests grew and force the law or restore order.
e
al a

publicly breaking with Trump, Use of National Guard and While the federal govern- against protesters who spit at lasted into the night. The George H.W. Bush ad-
who had floated the idea of active-duty troops for domestic ment hasn’t authorized the law enforcement or members Homeland Security spokes- ministration deployed U.S. Ma-
deploying troops to respond to law enforcement is restricted deployment of active-duty of the military. “They spit, we woman Tricia McLaughlin said rines to help restore order af-
ci on

protests against the killing of under federal law, though the troops to respond to the pro- hit,” he said. Friday that some 800 protest- ter violent protests erupted in
George Floyd. president has authority to acti- tests, Hegseth said on Satur- The White House, in a ers surrounded and breached a California in the wake of the
Five years later, Trump sec- vate both to deal with rebellion day that Marines at Camp memo detailing its justifica- federal law-enforcement build- 1992 acquittal of four police
ond-term Defense Secretary and to enforce the law when Pendleton in Southern Cali- tion for deploying the Na- ing in Los Angeles. She said officers in the beating of Rod-
Pete Hegseth appears to have civil authorities can’t. fornia were on “high alert.” tional Guard troops, said the protesters assaulted ICE offi- ney King. That marked the last
er s

no such qualms. “We’re going to have protests may amount to “a cers, slashed tires and defaced invocation of the Insurrection
Hegseth on Saturday said he troops every- form of rebel- public property. More than a Act, and in that case, the
Historical reluctance
m er

was prepared to send active- where,” Trump lion against dozen protesters were ar- troops were deployed at the
duty Marines to respond to That power has been in- told reporters the authority rested. request of California’s gover-
protests in California if the sit- voked in the past to deal with on Sunday, ‘We’re going to of the Govern- On Saturday, residents of nor. Afterward, some of the
uation on the ground worsens. large-scale riots and to en- without offer- have troops ment of the Paramount, a city within Los troops involved said they
The warning followed an order force civil-rights laws, but the ing specifics United States” Angeles County about 16 miles didn’t want to do a similar
m rp

by Trump that was carried out Pentagon has generally been about his everywhere,’ the if they inhibit south of downtown, saw fed- mission again.
by Hegseth to deploy at least reluctant to get involved in plans. the administra- eral agents gathering in an in- Trump didn’t invoke the In-
2,000 National Guard troops law-enforcement missions. A s k e d
president said tion’s ability to dustrial park. The residents surrection Act to deploy Na-
after two days of skirmishes “The military will follow whether he Sunday. carry out de- began trying to block the tional Guard troops to Califor-
between demonstrators and lawful orders. But domestic will deploy Ma- portations. streets nearby. The protest nia. Instead, the president
co Fo

federal officers over deporta- activities, like this one, is not rines in Cali- California turned into a standoff between cited a rarely used statute that
tion orders. The National something they ordinarily fornia, Trump Gov. Gavin federal agents and some 300 says the president can deploy
Guard troops started arriving seek, especially at a time said, “We’ll send whatever Newsom, a Democrat, re- people, according to the mayor. troops to suppress a rebellion.
in Los Angeles early Sunday when there are multiple de- we need to make sure there’s sponded that sending in ac- It lasted most of the day.
over the objections of local and mands on the armed forces law and order.” He offered tive-duty Marines would Before this weekend, Trump
state officials. because of external threats,” few details on how he will amount to “deranged behav- had never mobilized the Na- Watch a Video
Nearly five months into his said retired Air Force Maj. determine whether to send ior.” Later Sunday, Newsom tional Guard without getting Scan this code
second term, Trump has sur- Gen. Charles Dunlap, who troops. “The bar is what I formally requested the Trump approval from a state governor. for a video on
rounded himself with senior served as a judge advocate. think it is,” he said. administration rescind its or- In 2020, Trump deployed ICE protesters’
advisers and cabinet officials Judge advocates provide legal The president also ap- der deploying the National the National Guard to Wash- clash with law
who are largely in lockstep services for U.S. troops. peared to call for retaliation Guard troops, saying it was il- ington, D.C., because in the ab- enforcement.
n-

Deployment Followed
Two Days of Conflict
no

BY GINGER ADAMS OTIS Homeland Security spokes-

AND JACK MORPHET woman Tricia McLaughlin
said Friday that some 800
Members of the National protesters surrounded and
Guard began deploying in Los breached a federal law-en-
Angeles on Sunday following forcement building in Los An-
two days of clashes between geles. She said protesters as-
protesters and federal offi- saulted ICE officers, slashed
cers, including Immigration tires and defaced public
and Customs Enforcement property.
agents. In Los Angeles, ICE said it
The Trump administration made 118 arrests last week,
said it was sending at least including five alleged gang
2,000 National Guard troops members and other immi-
to Los Angeles, calling Califor- grants with criminal histories.
nia Gov. Gavin Newsom and “Our officers and agents
Los Angeles Mayor Karen continued to enforce immigra-
Bass “incompetent.” Newsom tion law in LA, despite the vi-
called the president’s move olent protesters,” the agency
“purposefully inflammatory” posted on X.
and Bass said she was work- U.S. Attorney for the Cen-
ing closely with law enforce- tral District of California Bilal
SPENCER PLATT/GETTY IMAGES

ment to “find the best path “Bill” Essayli said on Saturday

forward.” that more than a dozen pro-
The first protests began testers who “impeded agents”
Friday in Los Angeles, when were arrested and warned
residents reacted to federal more arrests could follow.
agents engaged in what ap- “We will continue to arrest
peared to be an immigration anyone who interferes with
National Guard troops stood outside a federal building in downtown Los Angeles on Sunday, confronting Immigration protesters. enforcement operation. federal law enforcement,” Es-
There were widespread re- sayli said in a post on X.

Protesters, tional Guard troops under

federal authority in response
to civil unrest is a rare step,
the protesters and the High-
way Patrol occurred as officers
funneled a crowd up a high-
on fire. Some threw rocks and
water bottles at the police.
At City Hall on Sunday af-
ports of verbal harassment of
federal agents, with protest-
ers yelling and shouting for
The Federal Bureau of In-
vestigation said it has agents
in California and all over the

Police Clash one that usually requires the

president to find under the
Insurrection Act that they are
way on-ramp as protesters
were flooding pockets of Los
Angeles’ downtown during an
ternoon, protesters chanted,
“No justice, no peace. We don’t
want ICE or police!”
them to leave their communi-
ties. The protests drew re-
sponses from local law en-
country supporting the De-
partment of Homeland Secu-
rity in its immigration opera-

In L.A. needed to enforce the law or

restore order.
The National Guard forces
afternoon in which thousands
came out to protest federal
Immigration and Customs En-
Hannah Navarro, 29 years
old, held up a “Melt ICE” sign
at a protest and said she was
forcement. In some instances,
tear gas and flash bangs were
used in an attempt to disperse
tions, including in cities
where major operations are
already under way. The FBI
were deployed under the or- forcement operations. there on behalf of family mem- or control the crowds. Some helps with high-risk arrest op-
Continued from Page One ders of the federal govern- Mounted police galloped by bers without legal status in protesters launched fireworks erations and gives other re-
otic escalation,” said Bass, a ment, known as Title 10 au- on horses. Demonstrators cov- the U.S. who were afraid to in response. At least one pro- sources such as intelligence
Democrat. She and Newsom thority, a U.S. Northern ered the neighborhood in “F— leave their homes. “We’re tester was injured Friday. analysts and technical sup-
urged protesters to be peaceful. Command spokesman said. ICE” graffiti and set at least fighting so our families can There were no immediate re- port working from command
The deployment of Na- The confrontation between three Waymo driverless taxis come out of hiding,” she said. ports of injuries on Saturday. posts.
 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.

A8 | Monday, June 9, 2025 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
Technology and Spycraft Redefine War Trump
Surprises
Ukraine’s strike on you can bypass a lot of physi- Four of the five airfields—in-
cal barriers that in the past cluding one just north of Mon-
Russian warplanes,
Israeli moves against
you couldn’t bypass,” said Eyal
Tsir Cohen, a former senior di-
golia—were hit. The fifth
drone launcher malfunctioned.
Europeans
vision director of Israel’s Mos- Ukraine struck more than
Hezbollah mark shift sad intelligence service.
Yet, he added, many of the
20 aircraft and destroyed at
least 12, according to drone
By Offering
Deception, infiltration and same technologies can also
spycraft have played a major
role in warfare at least since the
empower one’s opponents. “It
always works both ways—it
footage released by Ukrainian
intelligence from the four
bases and independent satel-
Kind Words
ancient Greeks gifted a wooden depends on which side is more lite photos. The attack has se-
horse to the citizens of Troy. sophisticated in exploiting the riously eroded Russia’s ability BY KIM MACKRAEL
In more recent times, such vulnerabilities of the other to launch cruise missiles AND DANIEL MICHAELS

MANU BRABO FOR WSJ

operations rarely had a strate- side,” Cohen said. “You need across Ukraine—one of Mos-
good people to work with cow’s most important advan- European leaders rattled by
By Yaroslav Trofimov, technology—technology rides tages in this war. President Trump’s tariffs,
Drew Hinshaw on the shoulders of the human Russia owned some 112 tongue-lashings and threats to
and Joe Parkinson factor and not vice versa.” Tu-22 and Tu-95 strategic seize Greenland are now get-
Ultimately, success in this Ukrainian soldiers prepare a drone—one of many on which Kyiv’s bombers before Sunday’s at- ting their heads around the
gic effect, but the spectacular rapidly changing world de- forces have become reliant—at the front line near Bakhmut. tack. It is no longer able to latest twist from the White
operations of Israeli intelligence pends on the ability to antici- manufacture the bombers and House: praise.
against Hezbollah in Lebanon pate the new opportunities— Israel’s multistage operation fall of Bashar al-Assad’s regime as little as half of the fleet Over the past week or so,
last fall and of Ukraine against something big powers such as to intercept and booby-trap in Syria two months later and was operational. Unlike the Is- the U.S. president and some of
Russia’s strategic bomber fleet Russia and perhaps the U.S. can pagers used by Hezbollah, then the overall shrinking of Iran’s raeli pager operation, which his senior officials repeatedly
last weekend have brought be slow to understand as the the militia commanders’ regional power. caused a number of civilian spoke positively about actions
them back to the forefront of very nature of warfare evolves. walkie-talkies, followed up by The Ukrainian operation on casualties in Lebanon, Ukraine Europe is taking. European offi-
conflict in the 21st century. “The failure of thinking targeted strikes that killed June 1 to target five Russian didn’t strike any Russian civil- cials are enjoying the moment,
Both showed how technolog- through the insecurities of the leader Hassan Nasrallah last airfields that house Moscow’s ians in the airfield attack, but know it could pass quickly.
ical advances—such as drones, supply chain on the part of September and wiped out most strategic-bomber fleet was also dubbed Operation Spiderweb. “There’s definitely some love
communications networks and Hezbollah and the astounding of the organization’s leader- the result of a lengthy intelli- Despite its losses, Russia re- there,” said European Union
smaller but more powerful bat- failure by Russia—those were ship, reshaped—at least tem- gence operation deep behind mains able to lob cruise mis- foreign-policy chief Kaja Kallas
teries and explosives—can po- failures of imagination,” said porarily—the balance of power enemy lines. The attack, siles at Ukraine from strategic last weekend in Singapore after
tentially alter the course of a Brian Katulis, a senior fellow at in the entire Middle East. launched simultaneously by bombers, and it fired a salvo Defense Secretary Pete Hegseth
war when they are coupled the Middle East Institute. The In that campaign, the result drones hidden in prefabricated Friday morning, hitting Kyiv held Europe up as a model for
with superior tradecraft. new way of war redresses the of a yearslong effort to infiltrate homes moving on trucks, and several other cities. In an- the U.S.’s Asian allies on mili-
“Technology today allows balance of power in favor of Hezbollah and its Iranian spon- showed that even the farthest other drone attack on Friday, tary spending.
you many new possibilities: weaker actors, he added: “If you sors, Israel didn’t just dramati- parts of Russia are within Ukraine also blew up the fuel Europeans have come to ex-
There is a larger surface can punch above your weight cally weaken the group, desig- reach—and that Ukrainian in- facility at the Engels airfield, pect scorn and antipathy.
where you can actually detect while also having limited costs nated a terrorist organization telligence is able to operate one of the main bases of the Trump has said the EU was
places where your enemy is and blowback to yourself, it can by the U.S., but it also helped throughout Russia’s surveil- Russian strategic bomber fleet, created to “screw” America.
vulnerable due to the fact that level the playing field.” create conditions for the down- lance-intensive police state. and hit the Bryansk airfield. Vice President JD Vance in

.
February referred to EU offi-
cials as “commissars,” a Soviet

ly
title for political officers.
Hegseth, on his first visit to
the North Atlantic Treaty Or-
on ganization’s headquarters in
February, told European allies,
“President Trump will not al-
low anyone to turn Uncle Sam
into Uncle Sucker” by free-
us ,

loading on military spending.

l

So Europeans were stunned

e
al a

when Hegseth on May 30 said

that “Asian allies should look
to countries in Europe as a
ci on

newfound example” on mili-

tary spending. He even ac-
knowledged how unexpected
his words were. Hegseth ex-
plained that he was lauding
er s

Europe because it was doing

what Trump wanted by pledg-
m er

ing to spend 5% of its eco-

nomic output on defense.
Germany recently changed
its fiscal rules to free up more
money for defense. Overall
m rp

military spending by Canada

OFIR BERMAN FOR WSJ (3)

and NATO’s European mem-

bers jumped more than 19%
last year, NATO says.
In an exercise in the urban-warfare compound of a military “Clearly there’s been a lot
co Fo

base in northern Israel in May, female soldiers trained of movement, mainly on the
alongside men for combat in densely populated areas. European side,” said Ian
Lesser, who leads the Brussels

More Israeli Women

office of the German Marshall
Fund of the United States, a
nonprofit organization fo-
cused on trans-Atlantic af-

Fill Manpower Gap fairs. Russia’s invasion of

Ukraine has been a big moti-
vator for Europeans, he said.

For Combat Units Taiwan

n-

BY CARRIE KELLER-LYNN half of combat roles are open

to women, and 90% of overall Targets
no

GOLAN HEIGHTS—Days roles. The U.S., which has

ago, an Israeli search-and-res-
cue team in Gaza spent hours
drilling through concrete and
opened most military roles to
women, has an overall per-
centage of female forces of
China
plying aside rebar to recover
the body of a fallen soldier un-
der rubble in Khan Younis.
18%.
Israel is also one of the few
countries that subjects women
Backers
The combat unit had been to a broad-based draft at age
following a commando brigade 18, just like men. Today, BY JOYU WANG
in Gaza, recovering bodies on women represent 21% of its
the battlefield. It is a routine combat-classed forces, up from TAIPEI—Taiwan has em-
task in the Israeli military, but 14% right ahead of the war and barked on a mission to remove
it was unique that this team 7% a decade earlier, according any allies of Beijing from its
was mostly women. to Israeli data. civil service in an escalating
“A year and a half ago, I “There are three reasons battle against China’s influ-
would never have dreamed of militaries look to put women Israel Halts Boat to Gaza With Activist Thunberg Aboard ence—vetting hundreds of
leading a combat team within in combat roles: ideology, thousands of workers and
Lebanon or Gaza,” a petite 25- equality and necessity,” said Israeli forces intercepted to unauthorized vessels ing sprayed with an uniden- threatening to revoke the citi-
year-old major said. Jacob Stoil, chair of applied a sailboat carrying a group under a legal naval block- tified white substance. zenship of those found to be
Before the Hamas-led Oct. 7, history at the Modern War In- of activists, including cli- ade, consistent with inter- The activists gathered in Chinese citizens.
2023, attack that spurred the stitute at the U.S. Military mate campaigner Greta national law,” the Israeli a group holding their hands For the first time since
war in Gaza, women were Academy at West Point, who Thunberg, who planned to foreign ministry had earlier in the air after throwing President Lai Ching-te
trained for combat, but left emphasized he was speaking bring humanitarian aid to said in a social-media post. their phones overboard, ac- launched a campaign against
mostly to guard within Israel’s from personal research and Gaza in defiance of an Is- The Freedom Flotilla Co- cording to a video posted by what he described as Chinese
borders or run checkpoints in not on behalf of the Army. In raeli blockade. alition, the activist group the group. infiltration in Taiwan, authori-
the West Bank. Today, one in Israel all three apply, he added. The Israeli foreign min- that organized the boat, Asked about the activists’ ties recently said they were
five combat soldiers is a The mixed-gender unit that istry said early Monday said Israeli forces had claims, the Israeli military taking action against a
woman, a ratio higher than the young major belongs to that the ship was “safely boarded the vessel just af- referred to statements from teacher who obtained perma-
many other modern Western specializes in excavating col- making its way to the ter 3 a.m. local time and the foreign ministry. nent-residence status in
militaries, experts say, and one lapsed structures and evacuat- shores of Israel” and that detained those onboard. The British-flagged 59- China, a step short of citizen-
that helps relieve Israel’s acute ing the wounded. Before the the passengers were ex- The coalition said the in- foot sailboat, nicknamed ship.
manpower shortage after 20 war, it mostly filled West Bank pected to return to their terception took place in in- Madleen, departed from Sic- Lai has made the preserva-
months of war. security-keeping roles. After home countries. ternational waters, posting ily earlier in June carrying a tion of Taiwan’s self-rule a po-
Still, full equality remains a Oct. 7, the unit was sent to the The ministry also posted a set of coordinates north cargo of baby formula, flour, litical rallying cry, pressing for
challenge. The military last front lines in Gaza and embed- a video of masked Israeli of Egypt’s Port Said near rice, diapers, women’s sani- a military buildup to ward off
week cut short a pilot program ded with commando units. military personnel handing the entrance to the Suez tary products, water desali- a potential Chinese invasion
to integrate women into Is- The military plans to ex- out sandwiches and bot- Canal. nation kits and medical sup- and for civilians to increase
rael’s main infantry units after pand the unit by opening a tled water to the activists. Earlier, activists on the plies, according to the their vigilance against Beijing,
finding that the 23 female new company in August. Since “The maritime zone off vessel posted videos they coalition. which considers the island to
trainees were suffering inju- first being admitted in 2008, the coast of Gaza is closed said showed the boat be- —Jared Malsin be part of its territory.
ries and weren’t expected to women have grown to fill The vetting process is a re-
meet “required standards of about 70% of its combat roles, sponse to China’s “gray zone”
combat and physical fitness.” officers in the unit said. pressure campaign, which
For decades, Israel has had Women’s conscription into gerous position. Others argue when three all-female tank Herzi Halevi, then the Is- ranges from social-media mes-
one of the highest female rep- combat units has long been a it hurts male morale, and that crews meant to patrol Israel’s raeli military’s chief of staff, saging to near-daily displays
resentations among modern subject of debate in Israel. it creates additional challenges border with Egypt raced took notice, saying that their of military force aimed at con-
militaries. It is about one-third Some believe that the risk of for some religious men. through the desert to fight off “action and fighting” answers vincing people in Taiwan that
overall, according to the most torture or rape if captured Perceptions began to Palestinian militants in and critics of women’s integration they would be better off ced-
recent available data. Just over puts women in a uniquely dan- change after the Oct. 7 attack, around Israeli communities. into fighting forces. ing power to Beijing.
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | A9

WORLD NEWS

Illicit Miners and Armed Gangs Shooting Recalls

Seek Gold in Colombia’s Jungles Violence of the Past BY JUAN FORERO were slain along with hun-
Trump’s trade wars dreds of other politicians. In
BOGOTÁ, Colombia—Sen. 1991, Uribe’s mother was also
raise prospects for Miguel Uribe, a presidential killed during a botched rescue
the precious metal, hopeful and grandson of a for- from gunmen affiliated with
mer president, was in critical then-Medellin Cartel kingpin
sparking a new rush condition Sunday after a teen- Pablo Escobar, who had or-
age gunman shot him in the chestrated her kidnapping.
BY JUAN FORERO head, reviving fears of the po- Powerful armed militias
litical violence that scarred Co- fueled by the sharp rise in the
PUERTO CLAVER, Colom- lombia in the 1980s and ’90s. production of cocaine have
bia—The lure of even a few The conservative politician, shaken Colombia as they bat-
specks of gold compels Eliza- 39, was finishing an event in a tle each other and army
beth Mosquera awake before park Saturday afternoon dur- troops in several provinces
dawn to slog to a muddy pit, ing the long run-up to next where President Gustavo
where she wades into waist- year’s presidential election. Petro’s leftist government has
deep water and starts to pan. The assailant raised a hand- little or no control.
Traces of the precious gun from behind and fired, “They are taking us back to
metal are enough to supplant videos from the scene showed. a state of violence that we
the pedicures and dye jobs she Investigators said a 15- don’t want to go back to,”
NADÈGE MAZARS FOR WSJ

used to provide for a pittance. year-old boy, wielding a 9mm Uribe said in a speech last
“What you earn in a month in Glock handgun, was appre- week. A grandson of the coun-
a regular job, you can make hended after a foot chase. try’s president during the late
here in an hour or two,” said “I’ll give you the numbers,” 1970s and early 1980s, he had
Mosquera, 47 years old. the boy told his captors as blamed Petro for the worsen-
President Trump’s trade they held him down and de- ing security situation, saying
fights have upended financial A group of artisanal gold miners known as barequeros use their batea, or gold-mining pan, manded to know who was be- Colombia was descending into
markets and spurred investors to extract grains from the mud at the Amaceri mine near Puerto Claver, Colombia. hind the shooting, according terror as he competed with
to seek safety in gold. Its to video footage on social me- other law-and-order candidates
value has risen more than a servatory at Rosario Univer- ple the total a decade ago. The rado—to Spain. One castellano dia. Many in Colombia ahead of next year’s election.
quarter this year. That has sity in Bogotá. U.S. was the biggest importer. weighing less than a nickel thought the shooter was refer- U.S. Secretary of State
created a gold rush from West Low prices for coca, the The proceeds from that gold could pay $500. ring to whoever might have Marco Rubio said on X that
Africa to the Amazon, with plant used to make cocaine, flow from banks back to illegal Mosquera, wearing rubber directed his actions. Local me- Colombia “can’t afford to go
miners converging on river have likewise drawn more miners who operate heavy ma- gloves and a scarf to shield dia reported that investigators back to dark days of political
beds and jungle clearings farmers of the drug crop to chinery here on the Nechí herself from the relentless had secured his phone. violence.”
where the precious metal lies. mining camps, said Gen. Wil- River. About 100 illegal dredges sun, was coming up with far The shooting brought back In a speech late Saturday,
In Colombia, the prospect- liam Castaño, who until last suck up sediment to scour for less. For days, she had meticu- memories of the violence per- Petro said investigators would
ing economy is driving reve- year led the police unit fight- gold. Toxic mercury helps sep- lously swirled a large wooden petrated by cocaine cartels move with “the most absolute

.
nue to drug-trafficking organi- ing illegal gold mining. arate the ore from silt. pan in the muck alongside her and other armed groups when transparency” to identify the
zations that are already awash “Obviously the earnings are Illegal excavators represent husband and two grown sons. four presidential candidates architects of the attack.

ly
in proceeds from the record far better,” he said. competition to licensed min- Her reward was a couple of
supplies of cocaine they are The price of gold has risen ers such as Medellin-based specks miners call a tomín,
exporting to the U.S. and Eu- more than 60% since the be- Mineros SA, which has a each worth about $62. They
rope, law-enforcement officials
said. The gangs are adding to
their earnings by extorting
people at every chain of the il-
ginning of 2024 and 570% in
the past two decades. A kilo-
gram of gold is valued at more
than $100,000, four times
on
123,000-acre concession and
employs 1,050 people here.
“They get a little ahead of
us and go into areas where we
made a day’s work worth-
while, she said.
“We’re happy. Thanks to
God, we have made money for
licit gold industry. what the same amount of co- have our mining plans,” said our necessities and to pay
us ,

The Gulf Clan, a 7,000-man caine garners in Miami. And David Londoño, chief execu- debts,” Mosquera said.
l

militia, is battling the National unlike cocaine, gold isn’t in- tive officer of Mineros. With her earnings, Mos-

RAUL ARBOLEDA/AFP/GETTY IMAGES

e
al a

Liberation Army, a rebel- herently illegal to carry. People come from across quera has bought 700 bricks
group-turned-smuggling- Colombia’s gold exports have the country to don rubber to build a home. She needs
ring, for control of northern risen to 70 tons last year from boots and thrust pans, shovels money for 600 more. The
ci on

Colombia’s riverside gold 37 tons in 2015, up to 80% of it and digging bars through the flakes she seeks to buy them
quarries and the thousands of illegally mined and laundered muck in search of a few flakes. are so small that miners can
miners who work them. They with fraudulent paperwork, Their daily dream is to come easily lose them.
extort 10% of production from government officials and anti- up with a nugget called a cas- “Sometimes everything
wildcat gold-mining outfits, corruption researchers said. tellano, named after the gold happens so fast that you
er s

said Leonardo Güiza, director That amounted to $4.1 billion in shipped in colonial times from throw one away,” she said Opposition lawmaker Miguel Uribe, center, after a Senate vote
of the Colombian Mining Ob- gold exports last year, quadru- Colombia—the mythical El Do- with a laugh. last month. He was hospitalized in intensive care on Sunday.
m er

WORLDWATCH
m rp
co Fo
MATTHIAS OESTERLE/ZUMA PRESS

n-
no

SHOULDERING HISTORY: Spain’s ‘Castellers de Barcelona’ mark their 56th anniversary.

GAZA STRIP ITALY CHINA

Israeli Forces Kill Low Turnout Seen Ship Runs Aground
Five Near Aid Site For Referendums In Disputed Waters
Israeli fire killed at least Voters started casting bal- A Chinese ship ran
five people and wounded oth- lots on Sunday in a pair of aground in stormy weather in
ers as they headed toward two-day referendums, one of shallow waters off a Philip-
two aid-distribution points in which would make it easier for pines-occupied island in the
Gaza run by a group backed children born in Italy to for- disputed South China Sea,
by Israel and the U.S., Pales- eigners to obtain citizenship, prompting Philippine forces
tinian health officials and another on providing more job to go on alert, Philippine mili-
witnesses said on Sunday. Is- protections. But apparent low tary officials said on Sunday.
rael’s military said it fired public awareness risked ren- When Philippine forces as-
warning shots at people who dering the vote invalid if turn- sessed that the Chinese fish-
approached its forces. out wasn’t high enough. ing vessel appeared to have
The past two weeks have Campaigners for the run aground in the shallows
seen frequent shootings near change in the citizenship law east of Thitu Island on Satur-

Discover the Perfect Gift

the new hubs where thou- say it will help second-gener- day because of bad weather,
sands of Palestinians—des- ation Italians born in the Philippine military and coast-
perate after 20 months of country to non-European guard personnel deployed to

for the Golfer in Your Life

war—are being directed to Union parents better inte- provide help but later saw
collect food. grate into a culture they al- that the ship had been extri-
Witnesses say nearby Is- ready see as theirs. The new cated, regional navy spokes-

With Mullybox
raeli troops have opened fire, rules, if passed, could affect person Ellaine Rose Collado
and more than 80 people about 2.5 million foreign na- said.
have been killed, Gaza hospi- tionals who still struggle to Confrontations between
tal officials said. be recognized as citizens. Chinese and Philippine coast
Palestinian witnesses said Supporters say this over- guard and navy ships in the
Israeli forces fired on them at haul would bring Italy’s citi- disputed waters have jumped
Enjoy 40% off your irst subscription box of high-quality
a roundabout around a half- zenship law in line with many in recent years. goling equipment and attire.
mile from a site run by the other European countries’, Thitu Island is home to a
Gaza Humanitarian Founda- promoting greater social inte- Philippine fishing village and
tion in nearby Rafah. gration for long-term resi- Filipino forces and is the larg- REDEEM NOW
Israel’s military said it fired dents. It would also allow est of nine islands and islets wsj.com/tjc-mullybox
warning shots at “suspects” faster access to civil and po- occupied by the Philippines. It SUBSCRIBER BENEFIT
who had advanced toward its litical rights, such as the right lies about 16 miles from Subi
forces and ignored warnings to vote, eligibility for public Reef, one of seven barren
to turn away. employment and freedom of reefs that China has trans-
It said the shooting oc- movement within the EU. formed into island bases,
curred in an area that is con- Activists and opposition seeking to reinforce its claim The Journal Collection is a marketing product, which is separate from The Wall Street Journal news staff.
sidered an active combat parties denounced the lack of to virtually the entire South ©2025 Dow Jones & Co., Inc. All rights reserved.
zone at night. public debate on the measures. China Sea.
—Associated Press —Associated Press —Associated Press
 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.

A10 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

FROM PAGE ONE

ship requires maintenance, America, and humanity, thrive room for opinion.”
Split Brings even between billionaires and
presidents (and billionaire
when bold voices collide, refine
and align.” He added, “Let’s
What Trump and Musk are
going through is similar to
presidents). not fear the sparks; they’re workplace relationships, where
Emotion To repair their relationship,
she said, the two would have
lighting the way forward.”
Davis, who voted for Trump,
empathy is key to maintaining
good relations, she said.

And Advice to rehumanize each other and

build up their positivity, con-
sistency and vulnerability with
believes it was inevitable that
the two had this feud. And
while he hopes they figure it
The public reaction will
most likely not die down soon.
“When people are in power
one another. One way to do out and work together again, he and you layer all their differ-
Continued from Page One that is to find a shared inter- thinks arguments like this can ent identities and the reasons

BRANDON BELL/REUTERS
vorce involving public figures, est, she said. be healthy for relationships, why they do certain things—at
relationship experts say. It’s not looking good. Trump since usually the two parties the end of the day there are
“We get what it feels like to on Friday told CNN he’s “not resolve and address whatever consequences,” said Coleman.
be disappointed by a friend, we even thinking about Elon” and conflict arose in the first place. People who don’t consider
get what it feels like to pick won’t speak to him “for a “You’ve got two of the most themselves fans are taking a
sides, we get what it feels like while.” powerful people in the world seat on the snarky sidelines.
to get people to buy into our Debra Strait-Almaguer, a 71- Trump and Musk watch a SpaceX Rocket launch in November. coming together for a common Team Schadenfreude was out
narrative,” said Shasta Nelson, year-old in the suburbs of Dal- cause,” he said. in large numbers Thursday.
a friendship expert and author. las, is tired of it all. She wants cal capabilities. If the two Jaren L. Davis, a real-estate The wrinkle, said Christine They have made compari-
The number of mobile app both of them to continue to don’t want to deal with each developer and broker in Salt Coleman, a licensed marriage sons to the ongoing feud be-
active users on X and Truth work together and “tone their other, then Trump should hire Lake City, has posted several and family therapist, is in tak- tween rappers Drake and Ken-
Social in the U.S. reached a 90- rhetoric down.” a go-between, someone to liai- times on LinkedIn with a more ing the disagreement public. drick Lamar (“but they both
day high on Thursday after- “They need to fix it and I son with Musk, she said. optimistic view of the spat. Since it’s out in plain view on Drake”)—or the “Mean Girls”
noon between 2 p.m. and 6 wish Trump would control his Forty-one percent of U.S. In one post, he writes: “This social media, it becomes am- clash between Cady Heron and
p.m. in New York, according to mouth a little bit more,” she adults aren’t sure if the two exchange wasn’t chaos; it was plified, she said. her nemesis, Regina George.
estimates from Sensor Tower, said. will work together again, while healthy. It showed two men “Now we’re not only having Another common refrain, re-
a market intelligence firm. Strait-Almaguer believes 28% support Trump if they had sacrificing for what they be- a disagreement,” said Coleman peated by Rep. Alexandria Oca-
One of Nelson’s takeaways: Musk is necessary to help to choose a side, according to lieve, unafraid to challenge “Now we’re letting other peo- sio-Cortez (D., N.Y.): “The girls
Every friendship and relation- America fortify its technologi- an online poll from YouGov. each other. It’s a reminder that ple in and that gives more are fighting.”

Journal.
Arts Center For the first two weeks of
sales for the coming season,
theater subscription revenue,
Gets MAGA which includes the plays and
musicals that perform on its

Makeover biggest stages, is down 82% to

$224,000 from $1.23 million
over the same period last year.
Other programming categories,
Continued from Page One including ballet and classical
as Qatar about funding the music, are also down by double
renovation of one of its VIP digits.
lounges, people familiar with Kim Cooper, the center’s se-
the matter said. nior vice president of market-

.
The tumult has worsened ing, said the disparity doesn’t
the center’s financial pros- account for several factors, in-

ly
pects, depressing ticket sales, cluding the expected distribu-
according to financial docu- tion of hard-copy season bro-
ments reviewed by The Wall chures.
Street Journal. Trump’s team
is in the throes of a fundraising
push that extends to wealthy
donors and foreign officials. A
on The old and new regimes
have disputed the state of the
center’s finances. Current fi-
nance chief Donna Arduin sent
House of Representatives Com- an email to staff in March, re-
us ,

CLOCWISE FROM TOP: JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES; JIM WATSON/PRESS POOL; WILL OLIVER/SHUTTERSTOCK

mittee in May proposed a bud- viewed by the Journal, titled

l

get that called for $257 million “our financial situation” saying
e
al a

to be allocated to the Kennedy the leadership had inherited a

Center, more than five times “difficult reality” with a large
the amount in previous years. operating deficit and “no cash
ci on

Four months after Trump’s to pay our bills.”

swift takeover, the Kennedy Deborah Rutter, who served
Center has gone from a per- as the Kennedy Center’s presi-
forming arts space and presi- dent for more than 10 years
dential memorial that stayed before she was fired by Trump,
er s

out of the political fray to the recently defended her financial

central setting in a campaign stewardship of the organiza-
m er

to bring America’s cultural in- tion in a public statement. “At

stitutions and arts organiza- the time of my departure, the
tions to heel. It’s one part of Kennedy Center was fiscally
the president’s broader effort sound, on track to balance its
to correct the spread of pro- budget for the year, and posi-
m rp

gressive or “woke” ideology in tioned to grow its endowment

society that he sees as un- significantly,” she said. A re-
American. serve fund on hand in case of
Across the country, arts emergencies had $10 million in
leaders say the Kennedy Cen- it when she left the job in Feb-
co Fo

ter’s transformation—complete ruary, she added.

with a CEO firing, board over- “Perhaps those now in
haul and unprecedented politi- charge are facing significant fi-
cal involvement in its program- nancial gaps and are seeking to
ming—has become a attribute them to past manage-
cautionary tale for organiza- ment,” she said.
tions large and small that want Grenell and other staff are
to avoid the president’s ire, courting big-name donors and
and the risk to ticket sales or foreign officials for funding. He
funding that could bring. President Trump, top, in the presidential box on a tour of the Kennedy Center in March. The Washington arts center, left, has instructed staff to target
“This is the most challeng- programs more than 2,000 events a year. Trump in February named Richard Grenell, right, to run the center. embassies for ticket sales, ask-
ing moment in arts policy that ing that they run a list by him
I’ve seen,” said Marc Scorca, ary, said the president has Center. In May, a majority of of Kings,” an animated feature The Kennedy Center spokes- to make sure the embassies
n-

who since 1990 has been chief taken a direct interest in the employees voted to unionize as film about the story of Jesus, person said the free screenings weren’t being approached by
executive of Opera America, an center and agreed it needed Kennedy Center United Arts as told by the character of were sold out. others within the organization,
organization of nearly 600 op- additional funding for upkeep Workers in partnership with Charles Dickens. Grenell or- The religious orientation one of the people said.
era companies and affiliated and repairs after a recent the United Auto Workers dered that the free event take has at times extended to the The biggest moneymaking
no

organizations. visit. union. Their demands included place in the center’s biggest institution’s staff. The Kennedy push for the Kennedy Center is
Trump issued an executive “The back of the house and greater transparency around venue, a 2,500-seat concert Center’s new head of develop- the June 11 fundraiser for “Les
order in March aimed at re- the front of the house have hiring and firing, a commit- hall, at a projected cost of ment, Lisa Dale, invited her Misérables.”
moving what he considers im- been left in an embarrassing ment to ethical norms and $29,000 for staffing, gratis staff to pray during a May The evening is being treated
proper ideologies from the state. I am proud to be a small “freedom from partisan inter- popcorn and other expenses. meeting, a request that like a traditional fundraiser at
Smithsonian. He said it had part of a team where the boss ference in programming.” An The event featured a prayer prompted an audible gasp from which major donors can buy a
“come under the influence of a eschews partisan politics in fa- election is pending to make the wall where visitors could post some staff members, according table and then dole out seats.
divisive, race-centered ideol- vor of putting American cul- union official. their written prayers for the to a person familiar with the Several “Les Misérables” per-
ogy” in recent years and ture, heritage, and excellence Remaining staff have been nation, and was sponsored by matter. formers in the production have
tasked Vice President JD Vance first,” Grenell said in a state- focused on programming the Museum of the Bible and Dale dropped the idea at the said they plan to skip the per-
and other officials with chang- ment. shows that appeal to the new Moxie Pest Control, whose time. In the same meeting, she formance in protest.
ing future programming. leadership, and have discussed founder made an unsuccessful mentioned that insubordina- Among the donation levels
He announced on Truth So- trying to bring in Christian art- run at a Republican U.S. Senate tion would be grounds for dis- is the Gold tier for $2 million,
cial in late May that he had Prayer request ists such as Amy Grant, Mi- seat in Utah last year. missal, the person said. which includes a reception,
fired the director of the Smith- The Kennedy Center, which chael W. Smith and Steven When advance sign-ups for Dale didn’t respond to re- “premier seating” for 10 and a
sonian’s National Portrait Gal- had an operating budget of Curtis Chapman, according to a tickets indicated a full house, quests for comment. photo with Trump, according
lery, calling her “a highly parti- $269 million in 2024, has eight person familiar with the situa- Kennedy Center leaders added Grenell has proposed creat- to a draft of the invitation seen
san person and a strong main stages and more than tion. A new position, director a second screening, increasing ing residency-type programs by the Journal.
supporter of DEI.” He fired a 2,000 events a year. The take- of faith-based programming, the total cost of the event. for certain stars to perform Trump has a long history
number of board members of over is a massive financial and has been filled. A spokesperson Employees, who said there over weeks at a time, accord- with “Les Misérables,” the
the U.S. Holocaust Memorial artistic test for the adminis- for the Kennedy Center said is typical attrition for free ing to people familiar with the long-running musical about the
Museum appointed by Presi- tration. the expansion of programming events, said the actual turnout matter, suggesting stars such downtrodden set in revolution-
dent Joe Biden. Soon after Grenell was is what audiences want. left the hall 55% full for the as Dolly Parton do a stint. ary France that stormed
Among the moves with the named to the leadership post, Grenell requested a June 1 first screening and 58% full for This year’s Kennedy Center Broadway in 1987 following a
broadest impact, the adminis- he described plans to book the public screening of “The King the second. Honors, an annual show that West End debut. Along with
tration has ordered the cancel- venue with what he called has honored luminaries in the “The Phantom of the Opera,”
lation of certain grants admin- “common sense” program- arts since 1978, is in the plan- the show came to signify a new
istered by National Endowment ming that would “actually ning stages. The Kennedy Cen- kind of blockbuster musical:
for the Arts, which stretches sell tickets.” Some artists ter typically names its honor- synthesizers, giant casts, mer-
its influence over arts pro- have pulled out of previ- ees in late summer, and Grenell chandise.
gramming to much smaller or- ously scheduled appear- has floated the Radio City Staffers who worked on
ganizations. An author lecture ances. Rockettes as a potential recipi- “Les Misérables” during its
series in Pittsburgh, an art When Vance and his ent, according to a person fa- original Broadway run said
therapy nonprofit in Evanston wife were booed during a miliar with his comments. they remembered Trump at-
and an Indonesian textile ex- National Symphony Orches- tending the show. As a notable
hibit in New Haven, as well as tra concert in March, figure in 1980s New York, he
numerous theaters and organi- Grenell chided the hecklers Ticket sales was often offered opening-
zations focused on dance, in an email to staff. “Intol- Ticket sales have tradition- night tickets to major shows
drama and music across the erance towards people who ally covered about half the cen- where producers wanted celeb-
country, are among the proj- are politically different is ter’s budget. Federal funding rities in the audience.
SUSAN WALSH/ASSOCIATED PRESS

ects that have seen funding just as unacceptable as in- tied to the center’s status as a During his presidential runs,
pulled as part of the drawback. tolerance in other areas,” memorial to President Kennedy he has incorporated the show’s
Trump has proposed eliminat- he wrote. covers about 16%, with the rest most famous number, “Do You
ing the NEA entirely from the About 40 employees coming from donations and Hear the People Sing?” Attend-
federal budget. have been fired or laid off, other items. ees of his rallies have sung
Richard Grenell, the White while roughly 50 have quit, But ticket sales for next fis- along with the lyrics, such as
House special envoy who was according to a representa- cal year have plummeted since “Will you give all you can give
named executive director of tive for a burgeoning labor Trump’s moves, according to so that our banner may ad-
the Kennedy Center in Febru- union inside the Kennedy Deborah Rutter, former Kennedy Center president, in 2017. internal sales data seen by the vance?”
 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.

PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, June 9, 2025 | A11

images sent to a child in the Mes-

sages app. Attempts to send or re-
ceive photos or videos containing
nudity trigger a message asking
kids if they’re sure they want to
proceed. They also receive a mes-
sage urging them to talk to some-
one they trust if they feel pres-
sured to view or send naked
photos.
It’s on by default for accounts of
kids under age 13—accounts par-
ents set up for their children. Par-
ents of older kids have to enable
the feature, which works on any
Family Sharing-linked account for
kids under age 18. Apple hasn’t said
how prevalent the use of Family
Sharing is. And even if the warning
appears, users 13 and older aren’t
blocked from sending and receiving
nude images and videos.
Teens can mark a threatening
text message as junk, or block the
sender, but the Messages app
doesn’t offer a way to report a
dangerous conversation to Apple.
Google’s Messages features are al-
most identical to Apple’s. Other
platforms, including Snapchat and
Instagram, allow users to flag a
From left, David Gonzalez Jr., Jack Sullivan sender that’s threatening to share
and Elijah Heacock were victims of similar their private images. WhatsApp al-
sextortion schemes that ended tragically. lows people to report and block
someone.
“Predators find them on social
platforms and move them to Mes-

‘Sextortion’ Scams Involving sages where there are no safe-

guards,” said Sarah Gardner, CEO
of Heat Initiative, a group of child-
safety experts.

Apple Messages End in Tragedy

Last year, electronic service
providers sent NCMEC more than

.
20 million reports of suspected
child sexual exploitation, which in-

ly
cludes sextortion. Instagram re-
Criminals exploit the trust teens have in Apple and use the platform to make demands for money ported 3.3 million instances,
WhatsApp reported more

FAMILY
& TECH
Sometimes the crimi-
nals create fake nude im-
ages of boys, according to
on than 1.8 million and
Snapchat reported more
than 1.1 million. Apple
reported just 250.
JULIE the National Center for
us ,

JARGON Missing and Exploited

l

‘They break

S
Children and Thorn, a
e
al a

child-safety nonprofit. these kids’

hannon Heacock told her Once criminals have nude Since 2021, at least three
16-year-old son Elijah to images of a boy—real or dozen teenage boys have
ci on

go to bed early one fake—they demand money. died by suicide after be-
night in February. There If they don’t get paid, they ing targeted in sextortion
was a district basketball threaten to share the im- schemes, NCMEC said.
playoff the next day in ages with the boy’s social- When 20-year-old Jack
their hometown of Glasgow, Ky. media followers. Sullivan took his life in
er s

Heacock coached the high In 2024, more than January 2023, his parents
school cheer team. Elijah had 5,000 sextortion cases were were left wondering what
m er

made props and was planning to reported by the public to went wrong. Jack was en-
help her set up. At 10:24 that NCMEC, and 34% involved joying his sophomore
night, he texted her about getting texting in the phones’ year of college, had good
coffee at the next day’s event. built-in messages apps (as Left. Shannon Heacock with her friends and seemed happy.
An hour after Heacock silenced opposed to WhatsApp or twins, Palin and Elijah, who was Though locked, his phone dis-
m rp

her phone and went to sleep, her Snapchat). The rate is ris- the victim of a sextortion scheme. played a text notification from a
daughter woke her up. Elijah had ing: In the first three Lauren Glass’s son, David Gonzalez Florida area code. His father, Jim,
been found bleeding in the laun- months of this year, 38% of the basketball team. Jr., above, received text messages put the phone’s SIM card into his
dry room, from what turned out to more than 2,000 public-reported Everything fell apart one day in threatening to leak images of him. own phone and reached out, soon
CLOCKWISE FROM TOP LEFT: LAUREN GLASS; JIM SULLIVAN; SHANNON HEACOCK; LAUREN GLASS; SHANNON HEACOCK

be a self-inflicted gunshot wound. sextortion cases involved texting. early January 2024. He was con- learning it was a sextortion scam.
co Fo

He died the next morning. Since the vast majority of teens use tacted on Wizz, a social-media Local police traced the crime to
In that hour, Elijah had ex- iPhones, most interactions likely app, by what appeared to be a The criminals demanded $200, Nigeria. Two men associated with
changed more than 150 text mes- took place in Apple’s Messages. teenage girl. He exchanged mes- but Junior didn’t have access to the case have been extradited to
sages on his iPhone with someone Apple declined to provide a sages with the supposed girl money. A little after 5 p.m. that day, the U.S. and are awaiting sentenc-
else: a criminal who was demand- statement but offered information throughout the day across Insta- his parents heard the sound of a ing and a third man is awaiting
ing $3,000. If Elijah didn’t send about its child-safety tools, de- gram, Snapchat and the Messages gunshot upstairs. Junior was gone. extradition, according to the U.S.
the money, this person said, he’d scribed below. app on his iPhone. A Wizz spokes- Dustin Stewart, a detective with Attorney’s Office.
share a nude image of the teen The iPhone’s Messages app is woman said the platform takes the Weber County Sheriff’s Office The elder Sullivan learned Jack
with his friends and family. Hea- harder to ignore than a social-me- user safety seriously, with features in Utah, who handled the initial in- had paid the men $3,200 over the
cock said she believes the image dia app. Teens can block people like age-estimation and AI-pow- vestigation into Junior’s case, said course of 15 hours, in $100, $200
was AI-generated. from calling or texting, but unless ered content monitoring. The com- teens and parents report online and $500 increments. “They keep
Adults, often outside the coun- they change their number, they pany introduced additional safety sextortion every day. An increasing pushing until they get it all,” he
try, pose as teenage girls and be- can’t hide from a persistent crimi- measures last year. number of the reports, he said, in- said. “They break these kids.”
n-

friend teen boys on social media, nal. Sextortion scammers gather Once the criminals had his volve iPhone messaging. Elijah Heacock’s family learned
then push to move the conversa- personal information from social phone number, they told Junior Stewart said kids tell him they someone in Nigeria had first con-
tion to Snapchat or get their media and use the area code to they knew where he lived and trust senders who come through nected with their son on social
phone number for texting. In the guess a location, making their threatened to distribute screen- via iMessage, Apple’s secure tex- media, before moving to the Mes-
no

more private one-on-one chat, the threats more palpable. shots from a live video he had ting service that shows the user’s sages app, where the monetary
criminals send photos or videos of conducted with the supposed girl. messages in blue bubbles. If the demand began. Elijah sent $50 via
a nude teen girl or young woman, The blue bubbles “We’ve had all these discus- incoming message triggers green- Cash App but didn’t have more to
and encourage the boys to do the Fifteen-year-old David Gonzalez sions with our kids about online bubble responses, teens are more give. “What if there was some way
same. Apple’s Messages app has Jr., known as Junior, had a stellar safety, but we had never heard suspicious, Stewart said. parents could be contacted?,” said
become an appealing venue to freshman year of high school, his about sextortion before this,” said Shannon Heacock. “If one of us
build trust in such “sextortion” mom and stepdad say. The West Junior’s mom, Lauren Glass. “If we ‘No safeguards’ had been alerted, we would have
schemes, say law-enforcement of- Haven, Utah, teen was earning As knew then what we know now, we Apple has a “communication been like, ‘Wait a minute, what’s
ficers and child-safety experts. and Bs and made the school’s could have talked to him about it.” safety” feature which blurs nude going on?’”

BY DAWN GILBERTSON

The following items first appeared

in Dawn Gilbertson’s weekly Travel
Traveling Solo? Your Flight May Cost More
newsletter.

S
some kind of change. Also telling: gether were charged $151 each Many of the fares have been $14, include pineapple coconut chia
olo travelers are used to get- The airlines weren’t talking. while a single ticket was $269. rolled back after the media uproar, pudding in the morning and a pesto
ting dinged with surcharges by Some examples cited: Minneapo- American wanted $422 for one but there are still examples out pasta bowl on later flights. (I’ve
cruise lines and tours—but not lis to Miami for $199 one way for traveler on an October flight from there. As of Thursday, for example, tried both and love them.)
airlines. one traveler and $118 per person for Charlotte, N.C., to Fort Myers, Fla., there was still a gap in the price
There’s no difference between two on Delta in early September. but the price dropped to $231 per for one traveler and two on the Capital One joins club
buying a single airline ticket or On United, two people traveling to- person if you put in two travelers. American flight from Charlotte to Capital One, a relative newcomer to
multiple airline tickets, and Fort Myers. the airport lounge game with
the latter often ends up Airlines still aren’t saying any- lounges in Dallas, Denver and
costing more per ticket if thing on the topic beyond generic Washington, D.C., is joining Delta
the airline is running out of statements about federal rules and American Express in restricting
its cheapest seats. (You’ve against discussing airline pricing. access.
no doubt seen those “four Airline fares have long been a Beginning early next year, card-
seats left at this price’’ black box. holders who pay $395 a year for its
alerts when searching on It’s only gotten worse with the premium Venture X card will no lon-
airline websites.) advent of increasingly sophisticated ger be able to bring guests for free.
Is that changing? revenue-management systems. The only exception: if you spend
The eagle-eyed airfare Want a quick fix for insomnia? $75,000 a year on the card.
watchers at Thrifty Traveler Try to decipher each airline’s myriad
went viral last month for fare codes and classes. Industry To subscribe to Dawn’s Friday
noticing a premium on sin- folks talk a different language. newsletter, go to
gle tickets on Delta, United wsj.com/newsletters.
and American. Vending yummy meals
It wasn’t widespread, Flying Delta Air Lines out of LAX?
Ask Your Travel Questions
DAWN GILBERTSON/WSJ

they said, but there were Keep an eye out for a new buy-on-
enough examples to signal board item: those tasty Farmer’s Scan this code to
Fridge healthful meals you see in submit questions for
Single tickets on Delta, the bright green airport vending a real-time chat with
United and American were machines everywhere. WSJ’s travel reporters
seen to be priced higher. The items, which will cost up to on Wednesday.
 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.

A12 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

How to Turn Your Credit Card,

count login information while you
are alive—or in instructions
alongside your will. Most airlines
allow miles to be used for book-
ing other people’s travel and keep

Mileage Points Into Inheritance accounts open until they get a

death notice. Keep in mind,
though, that frequent-flier re-
wards often have expiration
dates.
With a little bit of planning, you can leave the miles and rewards you accumulated to your heirs Gifting or transferring points
or miles to a family member or
friend is an option, but comes
with a fee. For United’s Mileage-
Plus program, mile transfers cost
$7.50 per 500 miles transferred,
plus a $30 processing fee for each
transaction. Transferring a large
chunk of points could be on par
with paying for a flight in cash.
If you opt to pool miles with
loved ones as a way to bequeath
them, let someone else be the
“pool leader.” Some airlines, like
United, dissolve the pool and re-
distribute the points back to indi-
vidual members if the person
managing the account dies.
Many airlines have portals
that customers can use to donate
surplus miles or points to chari-
ties. Some charitable organiza-
tions use them to book travel,
while others simply receive cash
for the miles or points. Be
warned: These donations often
aren’t tax-deductible.
As for credit-card rewards, is-
suers will generally convert any
remaining points or miles after a
person’s death into a statement
credit that can be used to help
pay down debt on the card. If the
value of the points exceeds that
of the amount owed, a check will
typically be issued.

.
Use or lose them

ly
Melissa Caro, a financial planner
and founder of the financial-liter-
acy website My Retirement Net-

BY JACOB PASSY
on work, discovered during a shop-
ping trip to buy makeup at

I
Some airlines say they reserve the with one airline,” Thorogood says, don’t automatically permit them. Sephora that her mother was sit-
right to approve point transfers. adding that they both don’t want To get approval, the person’s es- ting on significant rewards.
t may have taken a lifetime to her miles to go to waste. Because tate typically must provide a death “When I dug a bit deeper, I
us ,

accrue your nest egg of re- she has no children, Thorogood’s certificate, a declaration of who is found that she had points on mul-
l

ward points with an airline or just family members—to pool miles friend wants to figure out how to to receive the re- tiple credit cards,”
e
al a

credit card, but there is no to get to reward tickets faster. donate the miles to a charitable wards, and docu- Caro says.
guarantee your heirs will be Financial advisers say more cli- cause. mentation showing She helped her
able to spend them. ents are raising questions regard- “She wants to do the right the person’s legal Many older mom pay for daily
ci on

With more ways to earn miles ing rewards programs in their re- thing,” he says. authority. American Americans have expenses with cards
and credit-card points than ever, tirement and estate planning. Just says it also may de- that had large re-
many older Americans have a big- over 2% of Americans 55 and older There’s a will lay any transfer for a bigger gold wards balances, us-
ger gold mine of rewards than they have more than 500,000 reward Unlike other assets, frequent-flier six months or longer ing those rewards
realize. Airlines and other travel- points or miles to their name, ac- miles and many other reward to ensure there are
mine of rewards to pay off what she
er s

reward programs, though, make it cording to a May survey of 2,000 points can’t be passed down ex- no competing claims than they realize. owed. Caro esti-
tough to leave them behind. In adults by the rewards travel search plicitly in a will. on the points. mates the rewards
m er

most cases, airlines will close the platform Point.me. Many more “The program terms and condi- The rules are dif- added up to around
accounts of travelers once they die, have smaller balances. tions don’t allow miles to be con- ferent for the Rapid three months of
taking back points that can be Bill Thorogood, an 81-year-old ceived of as something you ‘own,’ Rewards program of Southwest such items as food and gas.
worth thousands of dollars. retiree from Bellaire, Texas, has and thus not something you can Airlines: Points can’t be trans- Bottom line, there is no finan-
Yet with some planning, there been trying to help a friend put a transfer ownership of,” says Tif- ferred to a member’s estate or as cial advantage to building a re-
m rp

are workarounds. Sharing fre- big trove of points to use. Over fany Funk, co-founder and presi- part of a settlement, inheritance wards nest egg rather than sim-
quent-flier login credentials with the years, Thorogood’s friend ac- dent of Point.me. (Hotel programs or will. When a member dies, the ply using them, says Richard
loved ones will often let them use cumulated 700,000-plus frequent- are generally more flexible in al- account is closed, and the points Kerr, vice president of travel at
ETHAN GULLEY FOR WSJ

the points for their own travel— flier miles but is now in assisted lowing points to be transferred are forfeited. the loyalty program Bilt Rewards.
that is, until the airline is informed living and unable to travel. free of charge.) “Points and miles are not an
co Fo

of the account holder’s death. “She was using credit cards to Some airlines, including Ameri- Read the fine print investment or retirement fund,”
Some airlines, including United, pay for everything, and all of a can and JetBlue, say they reserve Probably the easiest way to en- Kerr says. “They are not going to
JetBlue and Frontier, allow a set sudden next thing you know she’s the right to approve point trans- sure your heirs can use your get any more valuable than they
number of people—in most cases, got a massive amount of points fers after a person’s death, and points is to give them your ac- are today.”

Swifties mercial undertaking for Swift, set-

ting a new precedent for musicians
to seek ownership of their work and
tion” rerecording, unlike new edi-
tions of albums such as “Fearless,”
which Swift recorded as a teenager.
Are Relieved air their music-label frustrations “As a ‘Reputation’ fan—like this is
n-

with fans. literally my favorite album—I was

The ‘Taylor’s When Swift announced her en-

deavor in 2019, Swifties were sup-
portive and committed to streaming
not really disappointed that there
wouldn’t be a rerecording,” Lon-
ganacre said.
Version’
no

and purchasing the re-recordings, When “Reputation” came out in

which Swift calls “Taylor’s Version.” 2017, “the whole world was kind of

Era Is Over Each rerelease sought to capture

the spirit and aesthetics of each of
her albums, from the golden-hued
against her,” said 24-year-old Jordyn
Kruse, who lives in New York and
works in retail, and met Swift dur-
breakout that was her second al- ing the “Reputation” tour. Swift had
BY NATALIA BARR bum, “Fearless,” to the autumnal, been embroiled in a public feud with

W
plaid-shirted “Red.” Each “Taylor’s Kanye West (now known as Ye) and
hen Taylor Swift announced Version” also contained unreleased Kim Kardashian over one of the rap-
last month that she bought tracks “From the Vault,” motivating per’s songs. For years, public opinion
her early master recordings fans to purchase vinyl and CDs and seemed to favor the rapper, until an
from Shamrock Capital Advisors, stay up until midnight to hear the unedited recording of a phone call
gaining control of her first six al- new songs. The only albums Swift between West and Swift shifted the
bums, she was quick to anticipate a had left to rerelease were her 2006 narrative. This album was, in part, a
question from her fans. debut album, which she wrote that  Taylor Swift set a new precedent self-written album, increased more way of grappling with the fallout
“I know, I know. What about Rep she had rerecorded, and 2017’s for musicians to seek ownership of than fivefold. she had experienced.
TV?” Swift wrote on her website, “Reputation.” their work and air their music-label Now that Swift has claimed “I think at that time it was the
referring to the shorthand for “Rep- “To be perfectly honest, it’s the frustrations with fans. ownership over her early music, most vulnerable album just because
utation (Taylor’s Version),” the an- one album in those first six that I some fans have admitted that “Tay- she didn’t know how it would be
ticipated rerelease of her sixth stu- thought couldn’t be improved upon cases for the first time in years. On lor’s Versions” didn’t always feel like perceived, and if she would be wel-
dio album. “Full transparency: I by redoing it,” she wrote in her let- May 30, the day of Swift’s an- improvements. Listening to those comed back when she chose to re-
haven’t even re-recorded a quarter ter. She may put out the album’s nouncement, daily Spotify streams original editions without guilt has enter the public eye after all of
of it.” “Vault” tracks, she wrote to fans, “if more than doubled for each of her felt like a new kind of freedom. Tik- that,” Kruse said. The album also
Swifties are obsessed with you’re into the idea.” first six albums compared with the Tok users have posted about reunit- contains what are understood to be
searching for Easter eggs in Swift’s Many Swifties celebrated the an- daily average streams from the pre- ing with a shaky breath in one line Swift’s earliest songs about her
Instagram captions, acceptance nouncement by streaming all of vious two months. Streams of of the song “Last Kiss” from “Speak longtime boyfriend Joe Alwyn.
CLOCKWISE FROM TOP: TAYLOR HILL/TAS23/GETTY IMAGES; MAYA MINOCHA; KIMANI AUSTIN-REESE

speeches and red-carpet looks, and Swift’s oldest recordings, in some “Speak Now,” Swift’s first entirely Now”; the original guitar intro of As Swift put it in her letter,
based on clues, fans had expected “Style” from “1989”; and the un- “Reputation” was, “so specific to
“Reputation” to be her next rere- edited lyrics of “Better Than Re- that time in my life, and I kept hit-
lease. “A lot of the fandom had venge.” (Swift changed the lyric ting a stopping point when I tried
been speaking about Rep TV theo- “She’s better known for the things to remake it. All that defiance, that
ries for months and almost years,” that she does on the mattress” to longing to be understood while feel-
said Los Angeles-based Kimani Aus- “He was a moth to the flame, she ing purposely misunderstood, that
tin-Reese, 29, who works in public was holding the matches” for the desperate hope, that shame-born
relations. updated version of “Speak Now.”) snarl and mischief.”
“When I actually processed what “Reputation” fans worried that a Since that time, Swift has re-
I was reading in her letter and what rerecording wouldn’t stand up to its leased five new full-length albums,
was going on, I just had a whole original. staged the highest-grossing tour of
wave of relief crash over me,” said “I was like, I don’t know how all time and become a global pop
Austin-Reese. she’s going to make it different,” mega-phenomenon. “I always say
Rerecording most of her catalog said New York-based Kelsea Lon- that being a Swiftie used to be the
was a massive creative and com- ganacre, 32, a director of marketing equivalent of being a horse girl, and
at an ad-tech company. Less than now I think about how all these
 ‘When I actually processed what eight years after “Reputation” was cool kids like her now,” said Maya
I was reading in her letter and released, Swift’s vocals wouldn’t Minocha, 27, who works in public re-
what was going on, I just had a sound very different on a “Reputa- lations and lives in New York. “If
whole wave of relief crash over you didn’t like her in 2016, you don’t
me,’ said Kimani Austin-Reese,  Maya Minocha with the get to experience the ‘Rep’ era, I’m
right, pictured with Sofia Jain. ‘Reputation’ album in 2017. sorry,” she said.
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | A13

ARTS IN REVIEW
ART REVIEW

Tintoretto’s Masterpiece Resurrected

Conservation efforts by Save Venice have restored the colors and empathetic forms of the painter’s monumental ‘Crucifixion’

BY KAREN WILKIN scrupulous conservation and tech- ‘Crucifixion’ (1565) by Tintoretto; crowd the huge canvas in complex grids drawn in charcoal, for exam-

.
T
nical analysis. It’s among the lat- the painting is located in Venice’s relationships that Ruskin says em- ple, suggested how the painting’s
Venice est of the spectacular projects body “the tumult of the people.” staggering number of figures were

ly
Scuola Grande di San Rocco.
intoretto’s “Crucifixion” funded by Save Venice, the Ameri- Some, their arched backs turned enlarged and transferred from
in this city’s Sala dell’Al- can nonprofit organization that to us, are in aggressive action. On preparatory sketches. The very
bergo (“board room”) of since 1971 has made possible the cular Christ, bowed head nearly the left, they collaborate to raise idea contradicts Giorgio Vasari’s
the Scuola Grande di
San Rocco, completed in
1565, provokes hyper-
bole, and not just because of its
on
restoration of more than 2,000
works of art and architecture, in-
cluding, recently, Titian’s immense
“Assunta” in the Church of the
touching the top of the canvas, oc-
cupying the center against an ex-
panse of empty sky. (The once ra-
diant blue has faded, alas.) He
the cross for the first thief; on the
right, his counterpart is made to
lie on the cross designated for
him. A resonant orchestration of
contention, in his celebrated book
“The Lives of the Artists,” that
Tintoretto “worked haphazardly,
without drawing.” (Of course, the
impressive size—a monumental 17 Frari, along with such vital albeit doesn’t hang limply from the interlocking curves and emphatic Florentine Vasari was always dis-
us ,

by 40 feet. In September 1845, the unsexy undertakings as desalina- cross, but with arms outstretched diagonals—a ladder, raised arms, missive of Venetians.) Interesting
l

26-year-old aspiring critic John tion and the repair of roofs and seems almost to levitate in front profiles, the arched necks of changes could be seen, including
e
al a

Ruskin wrote to his father, in Lon- foundations. of it, as if already transcending horses—focuses our attention on the fact that the figures were con-
don, that he had been “quite over- After a careful diagnostic cam- the fact of his impending death. the crucified Christ, emphasized ceived as nudes, for the most part,
whelmed” by the “enormous pow- paign, the “Crucifixion” was The half circle of radiance framing by a flickering play of pinks, reds, then dressed in the final image.
ci on

ers” of “Tintoret.” He was so painstakingly liberated from thick him illuminates the busy scene be- transparent blues, rusts and There is new information about
moved by the “Crucifixion” that in yellowed varnish, glue residues, low. At the foot of the cross, a pile creams, clarified by passages of Tintoretto’s pigments, both tradi-
his book “The Stones of Venice” compacted dust, and the remnants of interlocked mourning, stunned warm whites and ivories. And a tional and unusual, and about his
he declared it “beyond all analysis of retouching from early restora- figures—the Virgin, the Magdalen, detail that entranced Ruskin: Just experimental techniques of layer-
and above all praise.” The art his- tion programs. (There have been John and other intimates—all but behind the first thief’s cross, an ing and glazing, to expand the
er s

torian and Tintoretto specialist four previous, mainly less scien- projects from the space. An im- ass nibbles on withered palm range of color available to him.
Frederick Ilchman, a curator of the tific efforts, the first in 1673.) The mense X of intersecting, light- leaves, a reminder of Christ’s en- Decades ago, when I first vis-
m er

2018-19 exhibition commemorating entire recent process, from March filled planes emanates from the try into Jerusalem five days ear- ited the Scuola Grande di San
the 500th anniversary of the art- 2023 to April 2025, was docu- cross. Punctuated by a few silhou- lier. It’s an element that adds to Rocco, as an art-history student, I
ist’s birth, regards the “Crucifix- mented with high-resolution pho- etted figures, one side defined by what Ruskin describes as “the ab- was disappointed by how dim the
ion” as his greatest work. And one tography and video. The enormous the second thief’s cross, the ample solute truth of statement of the “Crucifixion” seemed in the poorly
young painter recently told me painting looks radiant, with its gesture creates near-symmetrical central fact as it was, or must lighted Sala dell’Albergo. I won-
m rp

that seeing the painting changed color balance restored and its spa- flanking zones occupied by a tan- have been.” dered how Ruskin had managed to
his life. tial complexity and many once gle of figures and horses, their State-of-of-the-art technical see everything that he itemized.
Now we can once again test blurry details more visible. rapidly diminishing sizes animat- studies, such as infrared reflectog- Now it’s easy to share his passion-
MATTEO DE FINA

those responses for ourselves. The radical conception of the ing and deepening the space. raphy, both guided the conserva- ate enthusiasm.
This April, a newly cleaned and well-known biblical event, which On opposite sides, armored sol- tors and produced new informa-
co Fo

beautifully lighted “Crucifixion” so impressed Ruskin, is more po- diers and turbaned bystanders, tion about Tintoretto’s working Ms. Wilkin is an independent critic
was unveiled, after two years of tent than ever, with the still, mus- some mounted, some on foot, methods. Finding a system of and curator.

MUSIC REVIEW way to the sounds of Ayodele Ca-

Reimagining a
sel’s tap-dancing, which grow fast
and loud, like a finely syncopated
round of applause.
No one sings like Abbey Lincoln.

Max Roach Classic

Also, Roach’s ensemble was dotted
n-

with jazz heroes, especially trum-

peter Booker Little. Yet on “All Af-
rica,” Ms. Dashiell’s bent tones and
precise enunciation, and the way
BY LARRY BLUMENFELD
no

of modern jazz drumming while si- she moves from darkened tones to

A
multaneously rewriting the drum- brightly held notes, recall Lincoln’s
t Manhattan’s Smoke jazz mer’s role. His “We Insist!” arrived expressiveness. Ms. Carrington’s ar-
club in March, Terri Lyne Car- during the civil-rights movement rangements often contain fascinat-
rington looked up from her with a photo of a lunch-counter sit- ing countermelodies, which are han-
drum set. She described for the au- in on its cover. It was a potent dled gracefully by her savvy band,
dience her relationship to the late, statement about black history, from including Ms. Casado, Ms. Gates
great drummer Max Roach, which enslavement through emancipation (who also plays bass), guitarist
began in her childhood through her and beyond, in the form of a bril- Matthew Stevens, percussionist
father, the Boston-based saxophon- liantly conceived musical suite. Weedie Braimah, Simon Moullier
ist Matt “Sonny” Carrington. “When- As did Roach, Ms. Carrington— (on vibes and marimba), and Mr.
ever Max came through Boston, he’d who, at age 59, is a National En- Guerin, who shines throughout,
let me sit in,” she said. “Through his dowment for the Arts Jazz Master— sometimes overdubbed on wood-
music he told stories, putting the has had a career characterized by winds, electric bass, keyboard and
drum at the center of each one.” restless forward motion, embracing more. His arrangement of Roach’s
Ms. Carrington then led her en- several musical styles. And, like “Tears for Johannesburg” moves
semble through “Driva’man,” which Roach, her prodigious talent has from chamber-like to deeply funky,
had opened Roach’s long supported a fo- and includes a pithy solo by trom-
most enduring re- cus on activism. bonist Julian Priester, who played on
cording, his boldest She’s back at her the 1960 recording.
story—1960’s “We In- A new album alma mater, Berklee Ms. Carrington ex-
sist! Max Roach’s captures the College of Music Drummer Terri Lyne Carrington pands Roach’s suite to
Freedom Now Suite.” (where she earned a and vocalist Christie Dashiell, include four new compo-
Ms. Carrington’s urgent artistry full scholarship at 11 above; their record is out now. sitions, with texts of her
“Driva’man,” like years old), now as own that are recited or
Roach’s original, rode
of 1960’s founder and artistic sung by a few guest art-
a 5/4 rhythm. Yet his ‘We Insist!’ director of its Insti- gest liberated dreams. ists. “Dear Abbey” exalts
version swung slowly. tute of Jazz and Ms. Carrington has a gift for Lincoln’s role on the
Hers moved to a Gender Justice. crafting sophisticated jazz that is original album and in
brisk pulse, closer to On Roach’s origi- often as accessible as pop. Here, she jazz history. “Boom
Afropop than jazz. Her Smoke en- nal “Driva’man”—right before Abbey channels the anger of Roach’s origi- Chick,” named for a spe-
gagement previewed the music of Lincoln sang Oscar Brown Jr.’s stark nal into something more measured cific rhythmic articula-
“We Insist 2025!” (out now on Can- lyrics about the experience of yet no less insistent, and at times tion of Roach’s, cele-
did, the same label that released forced labor—an opening tambou- even celebratory. She recasts “Free- brates his mastery and
Roach’s classic). With it, in collabo- rine slap symbolized a whip’s crack. dom Day”—fast-paced and urgent in includes the line, “We
ration with vocalist Christie Ms. Carrington’s version also begins the 1960 session—as a smooth- still insist.” In “Freedom
Dashiell, Ms. Carrington distills with tambourine, yet this time it toned ballad, punctuated by clever Is . . . ” Ms. Carrington’s
Roach’s repertoire and message for sounds more like an invitation to a rhythmic figures that perhaps pay definitions include both
a new moment. ritual. Here, Ms. Dashiell delivers tribute to Roach’s nimble and highly mundane pleasures and
It’s impossible to overstate the those lyrics—not with Lincoln’s por- melodic stickwork. societal challenges. The
depth and singularity of influence trayal of terror but as straight- The most controversial aspect of song ends with the im-
that Roach, who died in 2007 at 83 faced fact-telling—within a chorus Roach’s “We Insist!” was Lincoln’s a hymn while Ms. Carrington builds plied message of Roach’s original:
years old, exerted on American cul- of richly harmonized voices, and screams—sustained for one minute rhythmic phrases, some lifted from “Freedom is being both the voice
ture. Beginning with seminal bebop then as blues, grounded in West Af- and 20 seconds—in the middle of Roach’s drum vocabulary. Soon, in- and the sound of freedom.”
recordings alongside saxophonist rican rhythms. If Coleman Hawkins’s her extended duet with Roach, struments swirl around Ms. Dashiell,
Charlie Parker in the 1940s, through magnificent tenor-saxophone play- “Triptych: Prayer/Protest/Peace.” who doesn’t scream but admon- Mr. Blumenfeld writes about jazz
ERIK BARDIN

his innovative 1950s quintet with ing on the original evoked pained Here—renamed “Triptych: Resolve/ ishes—“Protest . . . disrupt . . . chal- and Afro-Latin music for the Journal
trumpeter Clifford Brown and on, testimony, the leaping phrases here Resist/Reimagine”—Ms. Dashiell and lenge authority.” Ostinatos from and is editorial director for Chamber
Roach established the foundations from trumpeter Milena Casado sug- Devon Gates sing as if embellishing Morgan Guerin’s bass clarinet give Music America.
 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.

A14 | Monday, June 9, 2025 * * THE WALL STREET JOURNAL.

SPORTS
JASON GAY

Coco Gauff Is Just Getting Started

The U.S. tennis sensation, still just 21, notched her second major title by winning the French Open. Wimbledon awaits.
We live in a golden
era of unsolicited opin- you’re going to make your opponent
ions—and wowie, ev- hit multiple shots—you have to
erybody’s had an opin- have the mettle to do it. Few play-
ion on Coco Gauff. ers cover the court like Gauff.
Here are an assorted That’s a trained skill.
few. Gauff’s ultra-talented, but has And she didn’t just play de-
holes in her game. She needs work fense. Gauff’s first serve was
on her forehand. She needs work on much better than Sabalenka’s. Her
her serve. She needs work on her improving forehand found spaces.
consistency. She’s got to hurry up, Her backhand—well, that’s never
and start winning more. been a problem. I would give any-
Those are opinions. Here are thing for one quarter of Gauff’s
facts: Gauff is a two-time major ruthless backhand.
tournament champion, halfway to Please. Coco didn’t get gifted
the career Grand Slam. anything. Just like in New York, she
She’s also just 21. took it.
On Saturday, Gauff notched a I like Sabalenka, a compelling
rollicking three-set victory over star who’s shown a charming
World No. 1 Aryna Sabalenka in the sense of humor, but she needs to
French Open women’s final. It’s learn to lose gracefully. In Satur-
Gauff’s second major after her tri- day’s aftermath she repeatedly la-
umph at the 2023 U.S. Open, and mented the wind, her own “terri-
another leap in one of tennis’s most ble” performance, argued Gauff
promising young careers. It con- won the match “not because she
firms Gauff as the starriest Ameri- played incredible but just because
can tennis player since her child- I made all those mistakes,” and
hood idol, Serena Williams. even argued Swiatek would have

MATTHIEU MIRVILLE/ZUMA PRESS

It’s also a lesson, about pa- beat Gauff had she reached the fi-
tience, and time, and how even the nal instead of Sabalenka.
obvious phenom needs space to Sheesh. This after Sabalenka’s
grow and improve. Gauff’s been racket smash following her Austra-
marked for excellence for years, lian Open defeat to Madison Keys.
ever since breaking through in her Navigating the hard stuff mat-
midteens, and it added an extra ters in sports, and even more in
burden to her development and tennis, an individual sport where
transition into adulthood. Coco Gauff celebrates with the trophy after beating world No. 1 Aryna Sabalenka in the French Open final. agony shares a bunk bed with joy.

.
Not a lot of fun, that microscope. Sabalenka will figure it out, or she
All of Gauff’s learning, mistakes, won’t.

ly
shortcomings—all the stuff young what you’re getting. masterpiece in patience, prepara- cism would tilt the match in Gauff, six years younger, appears
people and young athletes get to do Gauff loves it in Paris. She’d tion and execution. Gauff’s favor. to have figured it out. She’s
in relative obscurity, she’s had to do been tormented at Roland-Garros, Sabalenka favors a certain style Which is precisely what hap- bounced back from her own Ro-
it under public view. Which means
scrutiny. Which means second-
guessing. Which means all those
unsolicited opinions.
but she had plenty of success on
there, too. She won the tournament
as a junior, reached the finals in
2022 and the semis in 2024, losing
of tennis: everything, all at once.
The 27-year-old Belarusian’s added
texture to her game in recent
years, including a clever drop
pened in Gauff’s 6-7 (5), 6-2, 6-4
victory.
Surely there are those—includ-
ing Sabalenka—who will argue
land-Garros battles—contretemps
with officials at last year’s French
Open and the Summer Olympics—
to relocate the focus that made her
Here’s an opinion: Coco’s right both times to Iga Świątek, the shot, but most of the time, she’s a that Gauff benefited from an op- a sensation. The holes in her game
us ,

where she needs to be. three-time reigning champion who baseline thunderbolt, rearing back ponent’s self-destruction, that Sa- are smaller. She’s put in the work.
l

She really earned this most re- Sabalenka dismissed Thursday in and letting it rip. balenka’s penchant for missile at- There’s always been a maturity
e
al a

cent title. Roland-Garros is a the semifinals. Gauff turned to a necessary tacks backfired over a windy to Gauff. Now there’s more results
doozy, because clay court tennis is With Swiatek drifting lately, strategy. She would do what she afternoon in which she fired a and a richer game, which should
grueling tennis. The fickle surface Gauff vs. Sabalenka felt both inevi- did in New York: She would wait messy 70 unforced errors. boost her confidence heading into
ci on

challenges bodies, neutralizes table and fresh. Here was No. 2 vs. Sabalenka out. She would ride the But that’s too neat—and gives Wimbledon, where 15-year-old
power, frustrates footwork, and oh No. 1. Here was a chance for Sa- torrent, chase every ball, not let a Gauff’s talent short shrift. All day Gauff first made noise as a profes-
right, alters its response depend- balenka to avenge Gauff’s win in one-set deficit (after a nifty come- long, she made Sabalenka work, sional—and another trophy she
ing on the weather, the wind, the the 2023 U.S. Open final. Here back) undo her. She would make chasing shots into the corners, dis- craves.
roof and the even time of day. were two elite players craving a Sabalenka rip a forehand and then playing a fitness and endurance Here’s another opinion: Coco
er s

It’s tennis that behaves like a trophy they’d never held. another one, increasing the odds that’s hard to match on the Gauff will keep getting better.
crazy uncle. You never know exactly In the end, Gauff delivered a that Sabalenka’s habitual errati- women’s tour. It’s one thing to say Actually, that’s just a fact.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 23 Was out of
Alcaraz Overcomes Sinner in
m rp

control
14 15 16 24 Great delight
17 18 19 25 “Be ___!”
(“Help me out
French Open Final for the Ages
here!”)
co Fo

20 21
26 Petty BY JOSHUA ROBINSON
22 23 24 25 argument
27 Tech line caller Paris
26 27 28 29 The match clock had
28 Highlight of a ticked into a fifth hour and
30 31 32 33 34 high school the stadium shadows crept
year all the way across the clay
35 36 37 38 39 33 Alan with when the Roland-Garros
Emmys crowd came to a collective
40 41 42 realization. Here, on the
34 Grande and
edge of Paris, they were
43 44 45 46 Bravo, for two
watching one of the greatest
n-

36 Try to hit, as a Grand Slam finals in tennis

47 48 49 piñata history.
37 “Dedicated to Everyone already knew
50 51 52 53 54 that Italy’s Jannik Sinner
the ___ Love”
LISI NIESNER/REUTERS
no

and Spain’s Carlos Alcaraz

55 56 57 58 38 Baseball’s
were the top two players on
Musial the planet. Not only did they
59 60 61 42 Beat in a joust have the No. 1 and No. 2
44 Artery rankings to prove it, but
62 63 64 they had also shared seven Carlos Alcaraz won a five-set epic to clinch the French Open.
openers
of the past eight major ti-
45 Analyzes tles. These were men in the longs to Djokovic’s 5-hour, had been on the other end of
SPACE FLIGHT | By Mike Shenk grammatically process of defining a new 53-minute win over Rafa Na- a five-set comeback in a ma-
Across 30 Words of 56 Aircraft’s 8 Diamond’s 46 Resting on era for the sport. dal in Australia in 2012—but jor final before. Just last
1 Skate park understanding width, and a rating on the 47 Unresponsive What they hadn’t done it was every bit as grueling. year, he was the one who
hint to the Mohs scale states until Sunday was meet with For Alcaraz, there had fought his way out of a 2-0
feature 31 “Snow Crash”
circled letters a major trophy on the line. been a few longer contests in hole against Daniil Medve-
5 Ship of 1492 author 9 Ninny 48 Intestinal Once it finally happened, his young career—including a dev to win the Australian
Stephenson 59 Stepped 10 Fall bacterium though, they made the spec- 5-hour, 15-minute epic Open. But that match wasn’t
10 Cash- down
dispensing 32 Golf hole 11 Bad thing to 49 Borders tacle last for a staggering 5 against Sinner at the 2022 nearly as long—in contests
contraptions number 60 “Seascape” go off 52 Negotiation hours and 29 minutes. With U.S. Open—but never any- lasting over four hours, Sin-
35 Marsh playwright goal a tornado of a comeback, Al- thing like this. Professionals ner was 0-5 before Sunday.
14 Marty Edward 12 Dunderhead caraz pulled off the unthink- love to repeat it: There are Sinner’s run to the final
Feldman’s 36 Samuel 53 Kilauea
61 File menu 13 Tee or polo able. He rallied from two no free points on clay. Serves had made it easy to forget
“Young Johnson’s outpouring sets down for the first time are dampened, rallies are that this has also been the
Frankenstein” biographer option 18 Julia of
54 Blissful spot in his career, doggedly saved longer, and, as the tempera- most turbulent season of his
role 39 Inventor 62 Tentative “Kiss of the
56 Funny fellow three championship points, ture cools, the ball turns into young career. Shortly after
Whitney tastes Spider and defended the title he’d a kettlebell. the Australian Open, he
15 Spots
63 Beaker Woman” 57 Under the won in Paris a year ago. Alcaraz, who was practi- agreed to serve a three-
for tots’ 40 Day before
bandages material 21 Quavering weather The 4-6, 6-7(4), 6-4, cally born on this surface, month ban for twice testing
Sat.
64 Flair sound 58 Pelicans’ org. 7-6(3), 7-6(2) victory means never wavered. Over the positive for a banned ana-
16 “This looks 41 Opposed to that Alcaraz, still only 22, is third and fourth sets, he hit bolic steroid in 2024.
bad...” 42 Edit menu Down Previous Puzzle’s Solution a five-time major champion. 27 winners to Sinner’s 16 and By the time he arrived in
17 City with a option 1 Orange coat L A P A Z M E S H P EWS The only active man ahead cut down on his unforced er- Paris, Sinner had rediscov-
famed French A G I L E A R E A O V A L of him on the all-time list is rors—he had committed 37 in ered his rhythm. Yet Alcaraz
43 Bone-related 2 Pulitzer- G R E E N A C R E S L I V E
Quarter winning S A D I C E S H E A L E D 24-time Grand Slam winner the first two sets alone. was always going to be a dif-
45 Black-and- Novak Djokovic. That’s also when Sinner’s ferent type of test. As one of
19 Garr of author A T M S S T I N G
white A P A C H E H O A R D E R S More than once Sunday, serve fell apart. Against any the few men in tennis who is
“Young mammals James B U T T S B A R G E N A H Alcaraz had seemed destined other opponent, Sinner at- able to live with Sinner’s
Frankenstein” 3 Does a lawn O P T S L O D E S T I N A
47 Seeming for a trademark Sinner dis- tempting to close out the breathless intensity, he
20 Complete loss chore MA R E E L E R B O U G H
inevitability B E A R C A T S T E N S E S
section. With surgical preci- match at 5-3 would have pushed him in every rally.
of hope in many 4 Pop the sion, the Italian had pun- been one of the surest bets in The first five games alone
C O R P S A G E S
21 Henry VIII’s cliffhangers question A R T A U D S T I R S MU ished him with a break in tennis. But with the crowd took 37 minutes. Nearly five
house R O I S A C E O F C A K E S the first set and held his firmly on his side, Alcaraz hours later, Sinner and Al-
50 Quartet 5 Diplomatic C L O T Y AWN A N I M E nerve through a tiebreak in had nothing left to lose. He caraz were still locked in the
22 Coat or cloak, doubled 6 “If ___ a Rich H E N S S Y N E N AM E S
the second. But the longer won 13 of the next 14 points longest final in French Open
say 51 Humorous Man” The contest answer is BLAH. As suggested by
the start of 61-Across’s clue (“Even characters the match dragged on, the en route to tying it up at two history. Sinner showed signs
26 Shoving “what is it?” 7 Vardalos in TV shows...”) and the title, the even letters looser Alcaraz became. He sets apiece in a tiebreak. of life to push the match
match drawing of “My Big of each theme answer spell a word that took risks, invented new an- The fans felt the shift in into yet another tiebreak.
satisfies the clue for another grid answer: gles, ran down every ball. momentum. They marked it But when it ended, after
29 Like southern 55 Early hours, to Fat Greek GREEN ACRES/REARS/BUTTS; HOARDERS/
Germany poets Wedding” ORES/LODES; BEARCATS/ERAS/AGES; ACE It wasn’t quite the lon- by chanting, “Sí, se puede.” Alcaraz’s 70th winner of the
OF CAKES/COCKS/HENS. The first letters of gest Grand Slam final in ten- To Sinner, the scenario day, only the Spaniard was
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. those grid answers spell the contest answer. nis history—that still be- wasn’t entirely unfamiliar. He holding the trophy.
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | A15

OPINION
Can You Trust Anybody? BOOKSHELF | By Ronald C. Rosbottom

Who can you

trust
more? Just
any-
“trust” rarely cohabitate the
same sentence. Ask Elon
Musk. The president has done
Robert F. Kennedy Jr.’s re-
cent Make America Healthy
Again report was filled with
Khaby Lame and PewDiePie?
Let alone Kylie Jenner? As far
as you can throw them!
Tending
before leaving
office, Presi-
dent Biden
railed against
some smart things and plenty
of dumb ones. But on optics—
which leads to trust or super-
ficial trust anyway—he’s
inaccuracies and fake refer-
ences. It sure smells like AI
wrote it. And playing on such
conspiracies as fluoride, red
And speaking of influenc-
ers, OpenAI CEO Sam Altman
said about young folks last
month, “They don’t really
Sacred Ground
INSIDE
VIEW a “tech-indus-
trial complex”
failed. The Trump administra-
tion’s crypto hustle, going af-
dye and seed oil combusts
trust.
make life decisions without
asking ChatGPT what they
Remember Us
By Andy
claiming, ter political enemies and Mid- In the finance world, we should do.” That might be the By Robert M. Edsel, with Bret Witter
Kessler
“The truth is dle East deals don’t signal have trusts to hold assets and ultimate hallucination. A New Harper Horizon, 528 pages, $31.99

T
smothered by trustworthiness. Are 747s the trustees to manage them for Yorker headline asks, “Can
lies told for power and for new political-action commit- beneficiaries. That’s a lot of Sam Altman Be Trusted With he most poignant emotion that war evokes is remem-
profit.” Hmmm, was he refer- tees? Once lost, trust is hard trust. According to White the Future?” First, that’s a brance. How do the survivors—the soldiers, the moth-
ring to the coverup of his to regain. House spokeswoman Anna tad presumptuous. And sec- ers and fathers, the children, the brothers and sisters—
own health decline and the Technology amplifies mis- Kelly, “President Trump’s as- ond, heck no. sustain the memories of those killed on the battlefield? And
sharp-as-a-tack charade? Can trust. Google’s new text-to- sets are in a trust managed In our hyper-intercon- what happens to that battlefield once combat has finished?
we trust presidents? The video system, Veo 3, enabled a by his children. There are no nected world, all you have is These are some of the meaningful themes that readers will
press? Anyone? strikingly realistic fake-news conflicts of interest.” Notice your reputation—others’ discover in Robert Edsel’s “Remember Us.” Mr. Edsel, whose
We’re told to trust the pro- she didn’t say “blind trust,” trust in you. It’s precious books include “Saving Italy” (2013) and “The Monuments
cess. Trust the system. Even which is the norm for presi- and easy to lose. Guard it Men” (2009), is especially knowledgeable about the intended
trust the science. Trust always The president, the dents. Many in government, like the crown jewels. Maybe and unexpected destructiveness of military combat.
starts with a belief in truth and sadly in finance, live by the tech-industrial complex The chaos of war upends any carefully laid plan, inter-
and adds in a little integrity, media, experts—all the expression “no conflict, can rescue its own trust. rupts expectations, makes maps useless and, yes, deforms
reliability and character. Of- that’s left is our new no interest.” Professors are now armed terrain. Nothing is as it first existed; no premise is assured
ten, it’s more faith than belief. The press is another trust with AI detectors. There’s on a battlefield. Conse-
Being trustworthy is the first sages, ‘influencers.’ bust. Believe it or not, in the even AI to help fact-check AI. quently, to remember is the
attribute of Boy Scout Law. 1970s more than 70% of Let’s insist on watermarks best we can do to give mean-
How quaint. We’re told to Americans trusted the media for all AI-generated photos ing to the horrors endured by
trust “experts.” I like to say, “I broadcast, with an artificial- “a great deal” or “a fair and videos. both combatants and their
trust them about as far as I intelligence-generated talking amount.” Thanks to things Trust is like blood. You civilian survivors. This book
can throw them.” head saying, “The White like the Russian collusion and can’t go through life without enjoins us to not forget, but to
In 1964, according to Pew House announces AI will now “mostly peaceful protests,” trusting family, friends, traf- recall with patriotic calmness
Research, 77% of Americans write all press briefings to en- that trust hit a record low of fic signs and maybe even the price of those deaths.
trusted the government to do sure 100% factual incompre- 31% in 2024. A self-inflicted warning labels. Still, I’ve al- Most of Mr. Edsel’s story
what is right. Around that hensibility.” That sounds wound. ways liked the Ronald Reagan takes place in Margraten, a
time, the Free Speech Move- about right. No question that “has trust idiom: Trust but verify. small Dutch village that sur-
ment’s Jack Weinberg coined In 1994, Ukraine trusted issues” describes Generation That’s hard to square with vived German occupation, and
the phrase, “Don’t trust any- Russia enough to send its nu- Z. As far as I can tell, they “In God We Trust” written all Maastricht, a nearby urban
one over 30.” Maybe that was clear weapons there for dis- mostly don’t trust them- over our currency. But faith is center. Both are situated near
the start of trust’s decline. mantling. No one will make selves, what with their made- part of it. Someone online where the borders of Germany,
Lately, 22% of Americans that mistake again. ABC up problems like decision wrote, “Trust is belief tinged Belgium and Holland intersect.

.
trust government. Ouch. News’s Terry Moran asked Mr. anxiety. So who do people with optimism.” Pretty good. The Dutch and Allied voices that come to us from this
Lockdowns, social distancing, Trump about Vladimir Putin, trust? In perfect symmetry to But hope isn’t a game plan. Be account plead that we not forget such geographical vul-

ly
masks and school closings “Do you trust him?” The pres- media trust, a colossal 69% of skeptical. Don’t be influenced. nerability. Proximity can breed suspicion, which often
didn’t help. Neither did the ident replied, “I don’t trust today’s consumers trust influ- Vindicate and substantiate. leads to conflict.
Hunter Biden laptop coverup. you.” Great deflection, but an encer recommendations. In- Trust me on this. During World War II, American and Allied forces were
“Donald Trump” and answer would be nice. on
fluencers! Trust Mr. Beast, Write to [email protected]. thorough in recovering and burying every fallen trooper in
the fields surrounding these now pleasant towns. The most
moving aspect of remembrance in this small region of

The North American Tariff Backfire Europe, the author recounts, was the decision of the Dutch
citizens, following the war, to “adopt” the grave of a fallen
us ,

Allied combatant. To this day they continue to care for

l

Canada’s early months of his second ad- and signed. His tariffs are tax tainers, construction and capi- them. (No similar attention to German soldiers was found
e
al a

Prime Minis- ministration he seemed to rel- increases that firms or con- tal machinery. In particular, throughout the same area. Now—almost a century later—
ter Mark Car- ish the power to declare high sumers have to eat in what U.S. customers demand Cana- Germany is officially searching for evidence of its own for-
ney has ex- tariffs unilaterally. He could until now has been a highly in- dian thin-gauge steel sheet for gotten through an organization known as the Volksbund, or
ci on

tended a make countries bend the tegrated continental economy. such applications as carports the German War Graves Commission.)
somewhat un- knee—or, as he said, kiss a Narrowing profit margins, re- and garage doors. This thin- In the 1940s Europe was not as familiar to the average
AMERICAS usual invita- part of his anatomy—for relief. duced competitiveness, higher gauge material doesn’t offer American citizen as it is today. Many of the surviving rela-
tion to Mex- Now he’s learning it was an il- household bills and fewer job the same profit margins as tives of American casualties barely knew where England
By Mary
ico’s Presi- lusion. He doesn’t even hold openings aren’t good for his heavier-gauge steel, so the was, much less Holland (or was it the Netherlands?). In
Anastasia
er s

dent Claudia most of the cards in his bid to constituents. U.S. hasn’t been interested in 1923 the U.S. Army had formed the American Battle Monu-
O’Grady
Sheinbaum to close the U.S. economy and Canadian retaliation has al- producing it. ments Commission, whose task it was to ask families if
m er

attend the make everything at home. ready cost U.S. exporters. U.S. Trump tariffs burden U.S. they wanted the bodies of their fallen relatives to rest
Group of Seven meeting later This isn’t because U.S. law exports to Canada subject to manufacturing. Excluding where they died or to be brought back to the U.S. Few fami-
this month in Kananaskis, Al- limits the executive use of auto retaliation declined by steel from China, U.S. import- lies had the means to travel to their relatives’ European
berta. Mexico has been a G-7 tariffs. It’s because the pain 53% year over year in April, ers paid roughly $524 million graves. Some did receive photographs of the tombstones,
guest before, but is far from a caused by higher duties is rip- and U.S. exports subject to in steel tariffs in March and often with flowers surrounding the graves’ Christian cross
m rp

regular at the annual confab. pling across America and April 2025, according to Mr. or Star of David. Many of the bereaved decided that their
The Carney outreach to Ms. hurting him politically. Anthony. Canadian steel faced loved ones should stay where they had fallen, surrounded
Sheinbaum looks like a Cana- The higher steel tariffs Even the United the most at $107 million and by their buddies, resting in peace and overseen by a caring
dian attempt to double-team weren’t yet in effect when finished far ahead of second local population. Others, of course, wanted the bodies to be
President Trump on trade. It Pete Hoekstra, the U.S. am- Steelworkers union place Brazilian steel, generat- shipped home, a macabre decision, for most of the remains
co Fo

isn’t a bad idea. The U.S.-Mex- bassador to Canada, gave a has called the duties ing $45 million in tariffs. would have deteriorated beyond recognition.
ico-Canada Agreement is up June 3 speech at the Empire In 2020 researchers at Har-
for review in 2026, and now’s Club in Toronto suggesting ‘harmful to workers.’ vard and the University of
a good time for the smaller the U.S. was close to healing California, Davis found Following the war, a group of citizens in one
partners, who are crucial to the relationship with its roughly 1,000 new jobs in the corner of Europe decided they would oversee
American competitiveness northern neighbor. Shortly IEEPA retaliation declined by production of new steel 20
globally, to lay down some thereafter the Toronto Sun 13%, according to Dan An- months after the 2018 tariffs the graves of fallen Allied combatants.
markers. cited unnamed sources saying thony at the Trade Partner- but around 75,000 fewer man-
Yet Ms. Sheinbaum has a trade deal between the two ship Worldwide in Washing- ufacturing jobs “attributable”
hesitated to accept. Perhaps sides is “imminent,” presum- ton. But retaliation is far from to the tariffs by mid-2019. For those who could not travel the long distance to
she senses the possibility that ably to walk back, in some the biggest problem. Mr. Trump doesn’t even Europe, letters that had been sent from the battlefield were
her presence with like-minded measure, the tariffs on Cana- The Commerce Department have the support of the reread, diaries revisited and searches patiently made for
leaders on trade will backfire, dian steel and aluminum as says Canada sold $7.8 billion United Steelworkers for his old photographs and films, in quest of a blink of history.
n-

further provoking a frustrated well as the 25% tariffs on non- in steel to the U.S. in 2024, tariff insanity. Its president, Most significantly, monuments and carefully monitored
Tariff Man. Witness his reac- U.S. content of autos. In re- making it the largest single David McCall, released an cemeteries abroad and at home became the most common
tion to the May 28 U.S. Court turn Canada is expected to do steel supplier to the U.S. That April 2 statement applauding evidence of recurring memories. Though Mr. Edsel and his
of International Trade ruling something about its retalia- same year, the International a bipartisan Senate resolution co-author, Bret Witter, spend a good amount of space deal-
no

against his use of the Interna- tory tariffs, though Mr. Car- Trade Commission says, Can- calling to reverse the 25% tar- ing with the tales of close to two dozen specifically named
tional Emergency Economic ney said Friday that Canada ada imported $5.36 billion in iffs on imports from Canada. victims of the war, the most compelling of their concerns
Powers Act, or IEEPA, to im- will take its time. Speculation steel from the U.S. Like all Mr. McCall called the Trump are the cemeteries and the melancholy energy that have
pose tariffs. Two days after is running hot that a deal trade, these were voluntary duties “needless” and “harm- gone into their creation and maintenance.
that decision he threw a hissy with Mexico is also in the exchanges in the interest of ful to workers on both sides Another touching remembrance of the American burials
fit, doubling U.S. tariffs on works, though it hasn’t retali- wealth creation. According to of the border.” concerns the gravediggers, enjoined to prepare graves that
steel and aluminum imports ated. international-trade lawyer That’s not a good look for were exactly 6 by 6 by 2½ feet. The diggers were black sol-
to 50%. If Mr. Trump is looking for Lewis Leibowitz in Washing- an administration that bills it- diers, commanded by white officers, and they helped bury
On the other hand the TACO a tariff off-ramp for North ton, Canada specializes in self as pro-worker. Maybe Mr. more Americans than any other Army unit. Once they
trade narrative is gaining cur- America, it isn’t out of magna- flat-rolled steel products used Carney should serve tacos in returned to the U.S., however, these black soldiers, for the
rency. That stands for “Trump nimity or respect for the by U.S. manufacturers in Kananaskis. most part, would once again be victims of Jim Crow, an
always chickens out.” In the USMCA, which he negotiated things like autos, trucks, con- Write to O’[email protected]. ideology as malevolent as the one they had helped to defeat
overseas. Nevertheless, in Europe they put to rest their
comrades, many of whom back home would have been on

Vance Endorses Trump. Why? the other side of the racial divide.
Eventually, safer and cheaper air travel brought a new gen-
eration of visitors to these neatly aligned and carefully moni-
By Barton Swaim The resulting declaration was any person” in Mr. Vance’s press statement from a prin- tored graveyards. The meticulousness of these resting places

I
perfect in its impropriety and “lifetime” to earn that move- cipal when a subordinate reveals a passionate and enduring patriotism that might calm
t wasn’t the cleverest pro- maladroitness. ment’s trust—as if there faces accusations arising the anxious ghosts that still gently overlook them.
nouncement to emerge Start with the first sen- were a range of competitors from some unsavory revela- As an epigraph to his study, Mr. Edsel includes a poem
from the Trump-Musk tence. All seems conventional for that distinction. tion. The agriculture commis- by Archibald MacLeish, published in 1941 in anticipation of
feud, but it was, to my mind, until you’re almost through it: The second sentence also sioner has put the taxpayer the deaths to come because of the massive war already
the most absorbing. I refer to What you expect Mr. Vance to sounds off-key. Mr. Vance isn’t first, the governor says. We unfolding. “The Young Dead Soldiers Do Not Speak” reads
Vice President JD Vance’s say is that Mr. Trump has a political ally or a supporter have seen no conclusive evi- in part:
two-sentence tweet: “Presi- done more than anyone to of the president; he is Mr. dence of wrongdoing.
dent Trump has done more earn the trust of the Ameri- Trump’s constitutionally des- The message is clear: One They say, We were young. We have died.
than any person in my life- can people or the nation or more revelation and the ag Remember us.
time to earn the trust of the some such. Instead he says commissioner is a goner. ...
movement he leads. I’m proud the president has earned the Did the president do That is more or less the They say, Our deaths are not ours: they are yours:
to stand beside him.” trust of “the movement.” tone Mr. Vance took in his bi- they will mean what you make them.
The message was posted Which “movement”? Not, I something requiring zarre statement. But he isn’t ...
Thursday, the day of the think, what used to be called the vice president the principal and can’t fire We were young, they say. We have died.
breakup, but not until 10:28 the conservative movement, anyone, and Mr. Trump is in- Remember us.
p.m., seven hours after Elon which was Reaganite in its to affirm his loyalty? volved in a personal dispute,
Musk replied “Yes” to a post bearings, and which Mr. Vance not a scandal. What reason And thus, we do.
(since deleted) calling for Mr. and his ideological co-bellig- could Mr. Vance have had for
Trump’s impeachment and erents regularly traduce as ignated successor. Why would announcing his measured sup- Mr. Rosbottom, a professor emeritus of French and Euro-
Mr. Vance’s accession to the free-market fundamentalism. he need to tell us that he’s port for the very much not- pean studies at Amherst College, is the author of “When
presidency. The only movement Mr. “proud” to “stand beside” the beleaguered Mr. Trump? Paris Went Dark: The City of Light Under German Occupa-
I would have counseled the Trump has led is the one to president? Is his pride rele- Mr. Vance has no interest tion, 1940-1944.”
vice president to say nothing. Make America Great Again. vant for some reason? Did Mr. in my counsel, but maybe he
The spat didn’t involve him, Mr. Trump created the MAGA Trump say or do something would consider Solomon’s.
and the unserious message
about impeachment plainly
movement in 2015-16, and
there is some doubt if it could
requiring Mr. Vance to affirm
his continued loyalty?
Proverbs 10:19: “In a multi-
tude of words, there wanteth
Gratitude and Remembrance
didn’t deserve a vice presiden- survive without him. What’s remarkable about not sin.” “Your son will never be alone. He will never be forgotten.
tial statement. Yet he evidently How odd, then, for the the post is how coldly mea- Leave him with us, and we will watch over him, forever, as if
consulted aides and pondered vice president to say Mr. sured it is. Everybody is fa- Mr. Swaim is an editorial he was our own.”
the matter for seven hours. Trump has “done more than miliar with the noncommittal page writer at the Journal. —Emilie Michiels van Kessenich, a Dutchwoman, to U.S. families.
 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.

A16 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Making a More Beautiful Tax Bill The Hate Behind the Chants Heralds Violence

S
enate Republicans are pitching President factories through 2028. House Republicans made Cynthia Ozick recalls the rhythmic Hamas’s fight!” “It is right to rebel! Al-
Trump on improvements to the House expensing temporary to reduce the bill’s cost un- bellowing of hatred against Israel that Qassam give them hell! It is right to
has resounded in the U.S. since Oct. 7, rebel! Hamas, Hamas give them hell!”
tax bill, and one important priority is der the Congressional Budget Office’s 10-year
2023 (“Antisemitism and the Politics “Free, free Palestine! Free, free, free,
making its business tax cuts budget window. of the Chant,” op-ed, June 4). As the Palestine!”
permanent. This would help Senators are right to But this will steal from fu- murders in Washington and the attack We don’t know how many people in
the economy and provide want to make business moved ture growth as investment is in Boulder, Colo., illustrate, words of the “pro-Palestinian” demonstrations
businesses with more cer- forward to take advan- hatred have now inspired terrorist of the past 19 months share those
tainty amid tariff disruption provisions permanent. tage of the temporary expens- deeds. views, but clearly some do. People who
and deficit fears. ing provision. The Joint Com- In April 2024, a group of people “love” Hamas and want to “burn Tel
One of the 2017 tax re- mittee on Taxation estimates gathered to chant near Columbia Uni- Aviv to the ground” are likely to ap-
form’s most constructive changes was letting full expensing will cost $524 billion through versity. There was a vile clarity and prove or justify the murders of Yaron
businesses immediately deduct the full cost of 2029, but only $207 billion over 10 years in part frankness to the hatred and support Lischinsky and Sarah Milgrim, the Is-
capital investments rather than spread them because businesses are expected to move for- for Hamas evident among them. The raeli Embassy staffers gunned down
chants Ms. Ozick recalls are themselves last month. In the face of such vio-
out. Instead of writing off a $100,000 machine ward investments.
a call for war to destroy Israel. On the lence, it is essential that those in posi-
over its useful life-span—say, $10,000 a year But businesses plan investments over many margins of the movement of the past tions of power and responsibility—in
over 10 years—businesses were allowed to im- years and need certainty. Because of govern- decade there have been even more rad- the press, politics and public life—
mediately expense the full cost as they do oper- ment permitting headaches, it can take years ical voices. With masks and keffiyehs, more emphatically denounce antisemi-
ating costs. to get approval to build a pipeline or factory. the assembled chanted the following: tism and anti-Zionism and the terror-
Because inflation reduces the value of future Trials for an experimental drug typically take “Al-Qassam, make us proud! Take ism they have inspired among those
deductions, a company might recover only 80% more than a decade. Businesses might not em- another soldier out!” “We say Justice, who seek to unite deranged chant with
or less of the cost of an investment under typi- bark on projects if they are unsure whether full you say How? Burn Tel Aviv to the violent deed.
cal depreciation schedules. By reducing the cost expensing will continue. ground!” “Hamas, Hamas, we love you! EM. PROF. JEFFREY HERF
of capital, expensing spurs investment. It also If Democrats control Washington in 2029, We support your rockets too!” “Red, University of Maryland, College Park
black, green, and white! We support Silver Spring, Md.
eliminates tax distortions that are created when they are unlikely to extend the bill’s expensing
businesses in different industries write off as- provisions, at least not without horse-trading
sets on different schedules. that could raise other taxes. Democrats might
Republicans in 2017 made full expensing also seek to limit expensing to their preferred
temporary because they wanted to keep the es- industries like green energy. Making the tax Colonoscopy Prep Is Not as Bad as You Think
timated cost of their Change in U.S. Research and Development provisions permanent In his op-ed “Colonoscopy Prep Is ers from receiving timely colonosco-
tax bill to $1.5 trillion. Investment From Q1 2018-Q1 2025 makes it harder for Worse Than IKEA” (June 3), Jim Sol- pies to screen for colorectal cancer.
Full expensing for 12 % Democrats to repeal lisch gives readers the impression that Thanks to medical advances, the dis-
equipment began to them even if they con- there has been a universal shift to a ease remains preventable and treat-
8
phase out after 2022. trol Congress and the three-day bowel preparation for able. While barriers may exist for pa-
Companies that year 4 White House, as we colonoscopies. This isn’t the case. tients to access the procedure,
There are a variety of bowel-prep overwhelming details about prep
also had to begin de- saw with their failure
0 options, each of which comes with shouldn’t be one of them.
ducting their research to raise the corporate specific steps for patients to follow to Thankfully, the GI community con-
and development costs -4 income-tax rate in the

.
ensure the colon is fully cleansed be- tinues to innovate, including by devel-
over five years rather Biden years. fore the procedure. A patient naviga- oping and bringing to market new

ly
-8
than immediately, Permanence in- tion system can allow patients to have bowel preps, such as low-volume,
which upended a de- -12 creases the bill’s cost their questions answered, which may split-dosed and pill-based preps. The
cades-old policy. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 on paper by a few hun- help optimize adherence. Gastroenter- field has also updated dietary recom-
R&D spending has
consequently flagged, Note: Seasonally adjusted at annual rates
as the nearby chart Source: Source: Bureau of Economic Analysis
on
2018 2019 2020 2021 2022 2023 2024 2025 dred billion dollars
without accounting for
faster growth. But Re-
ologists recommend a bowel prep
alongside diet adjustments that might
work best. This is often limited to di-
etary changes the day before the co-
mendations, so that patients don’t un-
dertake more-prolonged or onerous
changes than needed. Regardless of
these changes, however, a colonoscopy
shows, growing 3.6% annually on average since publicans have several ways to offset the cost.
lonoscopy based on the newest recom- is still the gold standard for screening.
us ,

January 2022 compared with 7.4% in 2018 and they could reduce the House bill’s $40,000 state-
mendations by the U.S. Multi-Society It has the highest sensitivity and is the
l

2019 and 8.8% in 2021. Higher interest rates and and-local tax deduction cap or scrap one or all Task Force on Colorectal Cancer to op- only test that is both diagnostic and
e
uncertainty from the Inflation Reduction Act’s of Mr. Trump’s tax breaks for tips, overtime, se-
al a

timize bowel preparations. therapeutic. If any other tests suggest

drug price controls may also be culprits, but busi- niors and auto loan interest. These are all expen- The USMSTF suggests “limiting di- the presence of polyps or cancer, a co-
nesses say they have put R&D plans on ice be- sive and do nothing to boost growth. etary modifications to the day before lonoscopy—and a second prep—will be
ci on

cause of uncertainty about the deduction. The 2017 bill succeeded politically because the colonoscopy for ambulatory pa- required.
Business investment today will boost future it was pro-growth. The biggest failure of the tients at low risk for inadequate Mr. Sollisch notes that medical
productivity and economic growth, so it’s good House bill is that it mainly extends the 2017 tax bowel preparation.” These modifica- procedures should become easier, not
that the House tax bill restores full expensing for rates with little new supply-side reform. Mak- tions include a low-residue, low-fiber harder, with time. Fair enough. But
equipment and R&D, though only through 2029. ing the business provisions permanent would diet or full liquids for the breakfast we shouldn’t lose sight of the fact
er s

and lunch the day before the colonos- that colonoscopies make a scary dis-
The bill also expands bonus depreciation to new be a welcome exception.
copy. Only in patients who had a ease preventable—and ultimately
m er

prior suboptimal bowel preparation treatable.

Bondi Bends on Abrego Garcia or in those with significant constipa-

tion would more prolonged dietary
AMY S. OXENTENKO, M.D.
Mayo Clinic

T
changes be needed. Rochester, Minn.
he Trump Administration brought back times. Mr. Abrego Garcia “played a significant While I regret Mr. Sollisch’s difficult Dr. Oxentenko is president of the
m rp

Kilmar Abrego Garcia to the U.S. on Fri- role in an alien smuggling ring,” Ms. Bondi experience, it shouldn’t dissuade read- American College of Gastroenterology.
day, and the shame is that it took so long. said. “They found this was his full time job, not
The Supreme Court asked the a contractor.”
executive branch in April to “fa- Trump averts a needless If convicted, he’ll serve his Does Israel Need to Destroy All of Iran’s Nukes?
cilitate” his return, but the Ad- showdown with the sentence in the U.S. and then
co Fo

Bennett Ramberg suggests that Is- strike. It wouldn’t negate renewed,

ministration looked hard for an be deported to El Salvador. But
rael doesn’t have the capability to de- vengeful nuclear ambitions, but it
excuse not to do it. Yet now he’s Supreme Court. he’ll have due process, unlike stroy Iran’s nukes (Letters, June 4). We would complicate them. Americans
back to face criminal charges, in his deportation that an Ad- can’t speak for the Israelis, but the certainly prefer nonmilitary solutions
and a needless brawl with the ministration official had called conversation among them since Oct. 7, to our foreign problems; Israelis, who
judiciary is avoided. Was that so hard? a “administrative error.” Prosecutors will also 2023, about the utility of strikes often see the Middle East as an array
As we noted at the time, returning Mr. have to prove his guilt beyond a reasonable against the Islamic Republic’s nuclear of depressing, bad choices, aim more
Abrego Garcia to the U.S. didn’t mean he doubt before a jury. sites seems to have shifted in favor of often for tactical victories that elimi-
couldn’t be deported again with legal means. He As the Fourth Circuit Court of Appeals noted raids that needn’t destroy the “total- nate imminent threats. The Israeli way
had entered the country illegally. On Friday At- when it assessed Mr. Abrego Garcia’s case, “per- ity” of the atomic-weapons program. can lead to egregious mistakes, and the
torney General Pam Bondi thanked Salvadoran haps” he is an MS-13 gang member, but “perhaps Partial destruction with the threat of American has repeatedly led us to ig-
President Nayib Bukele for sending Mr. Abrego not.” The point was that he had to be given due further escalation, which could include nore Tehran’s malevolence, including
Iran’s oil industry, could nullify Teh- the death of hundreds of Americans.
Garcia back. The White House had previously process. Democrats then tried to make a hero of
n-

ran’s nuclear aspirations for years if Whether the Israelis are willing to
pretended that it couldn’t return him because Mr. Abrego Garcia as a law-abiding father who not forever. This calculation would de- undertake preventive strikes without
Mr. Bukele wouldn’t oblige. But on Friday Mr. had lived in Maryland for a decade and wasn’t pend on whether Israeli means are suf- U.S. support remains an open question,
Bukele said of course he would send him back a gang member. ficient to damage severely the enrich- especially with Prime Minister Benja-
if the U.S. requested. President Trump and his deportation czar
no

ment sites at Natanz and Fordow. min Netanyahu, who has always sought
The Administration seems to have looked Stephen Miller portrayed the indictment of Mr. A principal reason Ali Khamenei Washington’s approval and back-stop-
far and wide to charge Mr. Abrego Garcio with Abrego Garcia as vindication. But the issue was hasn’t yet tested a nuclear device is ping. A case can surely be made for
some crime and now alleges that he trans- always an unlawful deportation, not whether he surely that he fears Israeli or Western unilateral Israeli action since an Ira-
ported illegal aliens for profit. He will face two could be later charged with crimes here. This is intelligence penetration of his atomic nian bomb is an existential threat to
counts in federal court in Tennessee for alleg- a victory for the Supreme Court and the rule of program, which could precipitate mili- the Jewish state, and a hot Cold War
tary strikes. Fear of such penetration between Israel and a nuclear-armed
edly helping to shuttle illegal immigrants be- law over a reluctant executive branch, and it
doesn’t disappear with an Israeli Iranian theocracy is arguably reason
tween Texas and Maryland more than 100 should have happened earlier. enough to roll the dice.
REUEL MARC GERECHT AND RAY TAKEYH
NEPA Is the Building Barrier
NATO’s New Military Realism Regarding your editorial “The High
FDD and CFR
Washington

W
Court Gives Permission to Build” (May
elcome news last week was that the for the threat and could motivate defense scoff-
30): While the unanimous ruling seems
North Atlantic Treaty Organization laws such as Spain (1.28% in 2024) and Canada like a big victory, it will mean little in
Skip DEI and Deploy ‘Y’all’
may soon aim for members to (1.37%). Several NATO allies on the Russian practice because the National Environ- Ben Butler worries about the use
spend 5% of their economies front lines understand the mental Policy Act is fundamentally of “guys” to include women and sug-
on defense. The details are The Alliance sets a 3.5% stakes: Poland is already flawed. gests that waiters who use it undergo
still to come at the alliance’s of GDP defense target, above 4% on defense spend- To its credit, the court makes clear DEI training (Letters, June 3). Non-
summit this month. But ing, and the Baltic states are that four years of litigation and a sense. They simply need to embrace
America’s friends in Europe more than the U.S. today. heading to 5% without NATO’s 3,600-page environmental review are the southern way and use “y’all.” It’s
are finally waking up, or at institutional prodding. too much for an 88-mile railway. But simple, charming and includes men,
least most of them are, from But the European rearma- what about a 3,599-page review and women and other primates.
three years and 11 months of litiga- GEORGE THOMAS
their long nap since the 1990s and taking na- ment will be a mixed blessing if allies are bet-
tion? That’s what antidevelopment ac- Warren, N.J.
tional survival seriously. ting that America is checking out. And guess tivists will demand and activist judges
“I will propose an overall investment plan which NATO country is an outlier in spending will still allow. Even if we end up with
that would total 5% of GDP in defence invest- less on defense as a share of the economy than 1,000-page reviews and a year of liti-
ment,” NATO Secretary General Mark Rutte said a decade ago? None other than Uncle gation—a dramatic yet unlikely im-
Pepper ...
Thursday in Brussels. Members could count up Sam—3.38% of GDP compared with 3.71% in provement—the infrastructure Amer- And Salt
to 1.5 percentage points of GDP for peripheral 2014, by NATO’s figures. ica needs will still be stymied, delayed
THE WALL STREET JOURNAL
defense investment such as hardening roads for That’s not a sturdy pedestal from which to or defeated by red tape.
military transport. deliver lectures, and the Trump Administration The problem is NEPA, which needs
But even 3.5% dedicated to military spending is exhibiting strategic schizophrenia on defense wholesale reform or outright repeal,
is a sea change in Europe, up from the current spending. The budget bill moving through Con- something only Congress can do. Until
that happens, this won’t be the last
2% minimum target. Credit Mr. Rutte for real- gress includes a one-time $150 billion fillip for
such case the courts hear, because
ism about the threat: The Russians have “only the Pentagon. But the Administration has also there’s still no real permission to build.
a $2 trillion economy compared to a $50 trillion proposed a fiscal year 2026 defense budget that CHRISTOPHER KOOPMAN
economy for NATO” but are “producing four is a cut after inflation. CEO, Abundance Institute
times more in terms of ammunition.” NATO’s Weapons makers don’t put up capital to ex- Salt Lake City
job is to “make sure that collectively we have pand production lines for a one-time bonus, and
what we need to prevent us from taking Russian the Administration is trying to claim it is re-
Letters intended for publication should
language courses.” building the military without devoting the re- be emailed to [email protected]. Please
President Trump has been pressing the 5% sources and attention the job requires. Europe include your city, state and telephone
target in his unsubtle browbeating that the Eu- is at least starting to come to its defense senses, number. All letters are subject to
ropeans must manage more of their own de- and the closer question is whether the U.S. will editing, and unpublished letters cannot
be acknowledged.
fense. No question the 5% is more appropriate do its part to meet the dangerous moment. “This had better be important.”
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | A17

OPINION

An Industrial Policy for the Nonprofit Sector

By Dominic Green projects align with eral states should, like

I
these foundations’ food manufacturers, be
n the U.S. and across Western goals. Why presume obligated to be candid
democracies, the nonprofit, me- that foreign donors in- about their additives.
dia and education sectors have tend differently when The Justice Department
become staging grounds for they give to private can lower the threshold
policies that lack democratic universities? Seeking for applying the Foreign
support. These aren’t merely out- out foreign money and Agents Registration Act.
sourced partners of the administra- students is their busi- When foreign contribu-
tive state. They are a parallel order, a ness model. Anony- tions become integral to
successor state in the making. Hence mous Chinese donors, operating budgets, they
Harvard’s defiance of President the House Oversight might even be subject to
Trump, and most of the media’s defi- Committee found, tri- taxes, just as market-de-
ance of reality on Joe Biden’s fitness pled their donations to fining imports in other
for office. the University of key sectors are tariffed.
These sectors are where informa- Pennsylvania after the It isn’t “McCarthyite”
tion, policy and credentialing con- founding in 2017 of to acknowledge that the
nect. Their health and security is a the Penn Biden Center reach of foreign dona-
national interest, like that of the de- for Diplomacy and tions might influence the
fense industry, but it isn’t treated Global Engagement. grasp of foreign influ-
Qatar alone has do- ence, or that, as in the
nated $6.3 billion to proliferation of “disin-
The media, universities American universities formation” monitors,
since 2017. Why be- government can exploit
and other institutions are lieve administrators nonprofits to work

DAN PAGE
crucial to America’s when they claim that around the law. It isn’t
university policies are hunting for “reds under
national security. independent of their the bed” to investigate
funding? sus, but we are running out of time. sectors of American industry. The do- the correlation between foreign do-
The Ivy League is the heart of the As the Trump administration’s re- mestic benefits—retraining workers nations and campus extremism, or
that way. They are vulnerable to for- problem because it is upstream from form efforts show, hostile sectors de- and reviving communities by creating elected officials who take dubious
eign influence, and generally as hos- the nonprofits and media: It trains fend their privileges, clients and do- stable jobs—are also bipartisan ob- donations, including from donors
tile to Republican administrations as and certifies the managers of their in- nors by increasing their hostility. jectives. Yet key informational sec- and charities linked to Islamist ter-
to the democratic consensus that formation flows. The Ivy League is This exacerbates domestic polariza- tors such as nonprofits, the media rorism. Academic freedom is pro-
elects them. The implications for the also where senior Democrats retreat tion, undermines public trust in our and universities are abandoned to tected when donors can’t manipulate
U.S. affect both domestic stability during Republican administrations. institutions, and accelerates our po- global market forces as if we’re still intellectual and social environments,
and foreign policy. The revolving door between public litical “perma-crisis.” A dysfunctional in the 1990s. Justice Department ad- just as academic quality is protected
Nonprofits are intermediary insti- service and private universities should state and a divided nation are gifts to visories from 2024 concluded that by ensuring that foreign students
tutions, supplying information to circulate the oxygen of ideas without America’s enemies. American nonprofits can receive who struggle to speak English can’t
government and the public. Media partisanship. Instead, it acts as gate- The regulatory framework that li- money from foreign nonprofits with- buy their way in.
are essential to democracy: Voters keeper for credibility and connections, censed the problem must become out falling under the Foreign Agents Ordinary taxpayers are accountable
can’t make informed choices if they and sustains a court in exile. Before he part of the solution. To break up hos- Registration Act, and that foreign for the sources of their income.

.
are misinformed. Media are also the served as Mr. Biden’s secretary of tile and monolithic agglomerations in employees of American nonprofits Elected officials, institutions and even
portal through which the U.S. sees, state, Antony Blinken was the Penn Bi- the information sector, we need both can lobby Congress without register- media celebrities should be, too. Re-

ly
and is seen by, the world. Universities den Center’s managing director. Rob- intervention and a reformed incen- ing. This invites foreign actors to ex- storing integrity to these sectors will
train nonprofit and media managers, ert Malley, who is being investigated tive structure. The U.S. needs the in- ploit gaps in the information market. restore America’s reputation as a
and their research is integral to by the Federal Bureau of Investigation tellectual equivalent of antitrust laws Legal frameworks, like the rest of the global exemplar. Information is a
maintaining America’s technological
edge. Yet all of these informational
sectors frequently align against
American democracy while accepting
on
for his handling of classified docu-
ments during his tenure at the Biden-
era State Department, is a senior fel-
low at Yale University’s Jackson
and an industrial policy for its infor-
mation-based industries: a coherent
program to revive the purpose of
strategic sectors that outsourced
bureaucracy, haven’t kept up.
Digitization has broken the mono-
lithic media. This could inaugurate a
golden age of democratic debate that
weapon in multipolar competition.
Broadening the sources of information
will return public institutions to pub-
lic service. This is vital to restoring
foreign funds. School for Global Affairs. their business models in the era of closes the gap between governors public trust. Without that, liberal de-
us ,

The websites of American philan- Going to the source of the problem globalization and no longer serve the and governed. Securing that for the mocracy will continue to unravel.
l

thropic foundations affirm their intent means redefining elite education. American people. national interest means treating me-
e
al a

to influence public perceptions and Market forces may create alternative The Trump administration is using dia as a key resource. American me- Mr. Green is a Journal contributor
political debates. Successful applicants institutions aligned with the national strategic industrial policies enjoying dia that take money from the citizens and a fellow of the Royal Historical
for funding must explain why their purpose and the democratic consen- bipartisan support to onshore key and governments of hostile and illib- Society.
ci on

Gavin Newsom Faces a Climate Revolt—From Democrats

er s

California Gov. more power to punish refineries for could cause refinery shutdowns and which raise costs on fossil fuel busi- state Controller Betty Yee noted:
Gavin Newsom price-gouging. “I don’t hear today increase gasoline prices? nesses and consumers to subsidize “We can’t create a clean environment
m er

must be grateful any evidence” of such gouging, Mr. Only last week Democratic law- electric vehicles and the construc- on the backs of workers. . . . It’s of-
for the ugly divorce Alvarez said. Assemblywoman Cottie makers voted down GOP legislation tion of the state’s high-speed train to fensive to say we can just retrain
between President Petrie-Norris asked: “If California that would block a new California nowhere. workers.”
Trump and Elon companies were raking it in, why did Air Resources Board regulation, set Mr. Newsom has also lambasted Former Los Angeles Mayor Anto-
Musk. It’s a useful we have two refineries announce to take effect next month, that inde- the USC analysis projecting higher nio Villaraigosa, another Democratic
m rp

LIFE
public distraction their intent to close?” pendent economists estimate will gasoline prices—as he dismissed candidate for governor, wrote in a
SCIENCE
from a crack-up in Assemblyman Mike Gipson mused increase prices by 65 to 85 cents a studies predicting his $20-an-hour recent Bakersfield Californian op-ed:
By Allysia
his own party over that increasing fuel imports once the minimum wage for fast-food work- “We shut down our own produc-
Finley
the state’s burden- refineries are closed could increase ers would cost jobs. According to tion—some of the cleanest in the
some climate poli- pollution. California Air Resources Lawmakers and would-be government data, 37,000 jobs have world—and outsource the environ-
co Fo

cies, which are driving energy costs Board Chairman Liane Randolph been lost since Mr. Newsom signed mental destruction to places with
up and jobs out of the state. concurred. But when asked whether successors backed his the fast-food law in 2023. Expect weaker protections and no union la-
Democratic lawmakers in Sacra- the board considered costs of its reg- policies and now run away Democratic legislators soon to be- bor. That’s not climate leadership.
mento experienced a political awak- ulations, Ms. Randolph demurred: rate Mr. Newsom for these job That’s climate hypocrisy.”
ening of sorts after two major refin- “We don’t analyze a retail cost” of from their consequences. losses. California’s plunging oil produc-
eries recently announced they will gasoline or “specific costs to specific Fortunately for the governor, he tion has forced its refineries to im-
shut down. A study last month by a consumers.” is term-limited, so he won’t face port about three-fourths of their
University of Southern California After the hearing, Assembly- gallon. After abetting Mr. Newsom’s irate voters next November. Demo- crude from the Middle East and
business school professor projected woman Jasmeet Bains demanded war on fossil fuels, they are running crats running to succeed him are South America. There aren’t pipe-
that gasoline prices could rise to Ms. Randolph’s resignation: “CARB for political cover as the economic trying to show they feel Califor- lines, or enough U.S. vessels that
more than $8 a gallon because of the has been given so much power, they and political fallout hits. nians’ pocketbook pain. At a candi- comply with the federal Jones Act—a
constricted supply. were prepared to ban gas and diesel The goal of California’s climate date forum last month hosted by 1920 law that requires ships carrying
Now the lawmakers who backed cars and trucks single-handedly. It regulations is to raise gasoline prices the California Labor Federation and cargo between U.S. ports to be built,
n-

the Newsom climate diktats that is outrageous that the director to goad people to buy electric cars. the State Building Trades Council, owned and crewed by Americans—to
brought about the refinery shutdowns would pursue such policies without Democrats, however, don’t want to candidates took turns lamenting the transport crude from the Gulf Coast.
are up in arms. “We have a crisis on even trying to analyze the impact pay a political price for the costs and refinery shutdowns. To replace the closing refineries, the
our hands that may have been self- on prices.” consequences of their policies. So “We are not yet generating state may have to import gasoline
no

created by the actions perhaps taken Yes, it is. But who gave the board they are lashing out at Mr. Newsom’s enough clean energy to shut down from China at a premium. The re-
by the state, by regulators,” Assem- so much power? And who authorized regulators. our existing supply of traditional fu- sult? More pollution and carbon
blyman David Alvarez huffed at a leg- Mr. Newsom’s other energy regula- The governor’s response to the els,” said former Rep. Katie Porter, emissions.
islative hearing last month with the tors to tax refinery “excessive” gross fury over sky-high gas prices? Let an Elizabeth Warren acolyte. Lt. Gov. Don’t expect the Golden State’s op-
governor’s energy regulators. margins and micromanage their op- them take trains. Fueling California’s Eleni Kounalakis emphasized that pressive economic climate to change
Mr. Newsom claimed the Legisla- erations despite warnings from oil high gasoline prices are its cap-and- “jobs are sacred. We have to make until voters wake up and break up
ture needed to give his regulators and gas companies that such laws trade and low-carbon fuel programs, sure refineries stay open.” Former with Democrats in Sacramento.

Netanyahu Wisely Arms Gaza Clans to Fight Hamas

By John Spencer learned, historically grounded strat- ing its power base, undermining its ture. Its ability to control the popu- became ISIS—emerged as the leader

P
egy, and one of the most effective support, and making local authority lation is slipping. Hamas has lost its of Hayat Tahrir al-Sham, or HTS, in
rime Minister Benjamin Netan- tools in asymmetric warfare. figures an alternative source of stranglehold over food distribution, Syria. Today, HTS functions as the de
yahu confirmed last week that In 2008 I was on the ground in control. once a critical tool of leverage. The facto governing authority in Syria.
Israel is arming local clans in- Baghdad when American forces That strategy, part of the broader U.S.-Israel Gaza Humanitarian Foun- Some countries have cautiously rec-
side Gaza to fight Hamas. Critics im- shifted their strategy to arm local “Sons of Iraq” movement, crippled al dation has delivered more than 8.4 ognized and engaged with Mr. Jolani,
mediately called the move dangerous gang leaders and tribal groups, Qaeda’s hold on neighborhoods, helped million meals directly to civilians, while others rightly view him with
and reckless. Former Defense Minis- some of which had previously at- stabilize cities, and bought space for bypassing Hamas entirely. deep concern. The situation is mor-
ter Avigdor Lieberman even claimed tacked U.S. troops with roadside broader security operations. ally and strategically complex. But it
one of the groups receiving weapons bombs, to turn them against al This approach isn’t new. During underscores a truth about modern
has ties to ISIS. Qaeda in Iraq. We knew who we the war in Afghanistan, U.S. and al- Critics assail Israel for conflict: The character of the post-
I fought in Iraq and commanded were dealing with. My soldiers and lied forces armed local tribes and war actor is a secondary concern to
U.S. soldiers on the streets of Bagh- I met with men who had blood on warlords to fight the Taliban. In employing a strategy the winning the war itself. In Gaza, the
dad, and I can tell you: This isn’t a their hands. But we also knew that World War II, the Allies provided U.S. used in World War II, overriding priority is to defeat
desperate gamble. It’s a hard- defeating al Qaeda meant splinter- weapons and support to resistance Hamas.
fighters and irregular militias across Afghanistan and Iraq. Victory over Hamas won’t come
Europe, many with unsavory re- from airstrikes alone. It will take
cords—because defeating the Nazis local ground knowledge, legitimacy
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY took precedence over perfection. Against this backdrop, arming ri- within communities, and the ability
Lachlan Murdoch Wartime alliances are rarely val clans makes strategic sense. It to fill power vacuums before Hamas
Executive Chairman, News Corp clean. They are judged not by ideol- fractures Hamas’s monopoly on force, does. Empowering clans that op-
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp ogy but by whether they advance the empowers Gazans to defend them- pose Hamas, regardless of past af-
Emma Tucker Almar Latour mission. In Gaza today, the mission selves, and denies Hamas safe haven filiations, is a tactical necessity. You
Editor in Chief Chief Executive Officer and Publisher is clear: Destroy Hamas as a military in the communities it once ruled don’t beat a shadowy, embedded
Liz Harris, Managing Editor DOW JONES MANAGEMENT: force and a governing power. through terror. This isn’t nation enemy like Hamas without taking
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, Operation Gideon’s Chariots is Is- building. This isn’t a forever war. advantage of the internal fractures
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; rael’s new large-scale offensive This is step one: Destroy Hamas. in the society it dominates.
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; aimed at dismantling Hamas’s re- There are risks. There always are Israel isn’t arming Gaza clans to
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; maining strongholds. It involves five when empowering nonstate actors. build a new government. It’s arming
Writing; Michael W. Miller, Features &
Weekend; Bruce Orwall, Enterprise; Artem Fishman, Chief Technology Officer; Israeli divisions conducting coordi- We should seriously consider claims, them to destroy the government
Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business nated clear-and-hold operations like Mr. Lieberman’s, that Israel may Hamas built through terror. That
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
across Gaza, with the goal of perma- be arming ISIS-linked factions. But isn’t recklessness, it’s fighting a war.
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & nently denying Hamas the ability to such concerns don’t negate the logic And it’s working.
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; reconstitute militarily or politically of the tactic.
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer in cleared areas. Critics were vocal when Abu Mo- Mr. Spencer is chairman of urban
1211 Avenue of the Americas, New York, N.Y., 10036 Already, Hamas has lost most of hammad al-Jolani—a former member warfare studies at West Point’s Mod-
Telephone 1-800-DOWJONES its battalions and command struc- of al Qaeda, with early ties to what ern War Institute.
 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.

A18 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

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 BUSINESS & FINANCE
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.

© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, June 9, 2025 | B1
Last Week: S&P 6000.36 À 1.50% S&P FIN À 0.64% S&P IT À 3.00% DJ TRANS À 1.30% WSJ $ IDX g 0.25% 2–YR. TREAS. yield 4.039% NIKKEI 37741.61 g 0.59% See more at WSJ.com/Markets

Inflation Casts Shadow on Markets Meme

Investor
This week’s readings
on consumer and
10-year U.S. Treasury yield,
year to date
S&P 500 performance,
year to date
S&P 500 price/earnings ratio,
next 12 months*
turn encouraging businesses
to raise prices to preserve
their profits.
Wagers
On Flying
4.8% 5% 24 times
producer prices Households foresee a jump
in inflation even though recent
could fuel volatility 22 data has been encouraging,

Taxi Cabs
4.6
0 with the reduction in price
BY KAREN LANGLEY pressures helping stocks in
4.4 20 May power to their best month
Wall Street’s worst fears –5
since 2023. Year-over-year
about the trade war—that es- consumer inflation eased to a BY BENJAMIN KATZ
calating tariffs could sink the 4.2 18 2.3% increase in April, its low-
global economy—have re- est since February 2021, while After booking a nine-figure
ceded. But anxieties about in- –10 a gauge preferred by the Fed profit by riding the meme-
4.0 16
flation remain. also fell on an annual basis. stock craze for old-school
Price pressures subsided as Many observers think the bricks-and-mortar businesses,
a driver of markets when in- 3.8 –15 14
new U.S. trade policies will re- hedge-fund manager Jason
flation cooled from the red-hot verse the trend. The Organiza- Mudrick was looking for his
Jan. 2025 June Jan. 2025 June 2016 ’20 ’25
levels of recent years. But with tion for Economic Cooperation next big bet. He was as sur-
traders and money managers *Monthly data, through June 5 Sources: Tradeweb FTSE closes (yield); FactSet (performance, P/E ratio) and Development, a Paris- prised as anyone that he set-
racing to gauge how President based research group, said in tled on flying taxis.
Trump’s trade war is affecting have recovered from their dive Rising inflation could make ary, before the tariff shock rat- recent days that the tariff re- Mudrick specializes in dis-
businesses and households, after Trump’s April 2 tariff an- the Federal Reserve reluctant tled markets. Yet Americans gime threatens to slow U.S. tressed companies, often es-
this week’s readings on con- nouncement and are again to enact the interest-rate cuts are feeling gloomy about the economic growth while boost- tablished businesses that have
sumer and producer prices trading at levels many inves- that investors are counting on economy and inflation is a key ing inflation. fallen out of favor. But when
could spark a new round of tors consider expensive. Gov- later this year. If companies worry. And Larry Fink, chief exec- late last year he became the
market turbulence. ernment-bond yields have refrain from boosting prices The University of Michigan utive of investment giant biggest shareholder of a Brit-
“We are trying to work out climbed off their April lows. enough to cover tariff costs, found consumers expect prices BlackRock, warned of the in- ish aerospace startup and
how tariffs will be split be- The S&P 500 weathered a they may compensate by shed- to surge 6.6% over the next flationary impact of trade lev- forced out its founder, he was
tween price increases and per- steep decline in Tesla shares ding workers, a potential drag year, up from April’s reading ies. “If the tariffs are insti- making a long-shot play on a
haps job losses,” said Irene after the eruption of a feud on the economy that would of 6.5% and the highest since tuted over the next five futuristic industry that for
Tunkel, chief U.S. equity strat- between Trump and Chief Ex- weigh on the side of the cen- 1981. months, I think we’re going to years has seemed just around
egist at BCA Research. “This ecutive Elon Musk, notching a tral bank lowering rates. Such expectations can be- see very elevated inflation,” he the corner—yet still hasn’t

.
will take months to play out.” weekly gain of 1.5% after jobs The S&P 500 has now come self-fulfilling: If workers said. arrived.
The implications for mar- data beat Wall Street’s expec- gained 2% this year and is at expect brisk inflation, they That outlook is contributing The company, Vertical

ly
kets are significant. Stocks tations. its highest levels since Febru- may demand higher wages, in Please turn to page B6 Aerospace, is aiming to bring
one of the world’s first “elec-
tric vertical takeoff and land-
STREETWISE | By James Mackintosh on ing aircraft” to market by
2028. Its aircraft is akin to a
battery-powered helicopter

As Yields Converge, Look Abroad that is much quieter, safer and

cheaper to operate than its
us ,

conventional counterpart,
l

while carrying up to six pas-

H
e
al a

sengers and their suitcases.

ere’s an invest- 12% justify the high valuation— Called the VX4, it has a
ment puzzle: indeed, Wall Street forecasts range of about 100 miles, able
ci on

Treasurys, stocks, 10
Yield more than 13% earnings to get a New Yorker to the
cash and corpo- growth next year and the Hamptons in about 40 min-
rate bonds all 8
year after, almost double the utes. Vertical says the cost-
yield about the same. Either S&P 500 earnings yield long-run average and a sharp per-mile will rival that of an
risky assets are less reward- increase from this year’s 9% Uber Black, the ride-hailing
er s

ing than usual or safe assets 6 prediction. app’s premier service.

are less safe than usual. Or, Corporate bonds* Second, could it be that Mudrick is aware that, to
4
m er

perhaps, both. the margin of safety stocks many, the idea still seems far-
The gap between the high- have over bonds is actually fetched.
est and lowest yields among 2 bigger, because Treasurys “We have aircraft, like,
the main U.S. assets is the Three-month bill 30-year Treasury now embed more risk? Esti- they’re flying, this industry
smallest in 40 years, having mates of the extra yield has sort of become real,” he
m rp

0
dropped after the election in above future interest rates said. “I grew up watching ‘the
1985 ’90 ’95 2000 ’05 ’10 ’15 ’20 ’25
November and stayed low. demanded to lock up money Jetsons,’ but I never thought,
This uses the earnings yield 10 percentage points in a 10-year Treasury, known ‘Hey, someday I’m going be in-
for stocks, the earnings di- as the term premium, have volved in creating one of those
vided by price, or the inverse Gap between highest and lowest risen fast in the past couple little craft.’”
co Fo

of the P/E ratio, along with 8 yielding major U.S. asset classes† of years to the highest since Aerospace executives have
the yields on the three- 2014. This reflects volatility spent years pitching a world
month Treasury bill, as a as much as risk of inflation where flying taxis are criss-
proxy for cash, the 10-year 6 or default, but it is still a crossing the skies above major
and 30-year Treasurys and risk. cities, ferrying passengers be-
the ICE BofA U.S. corporate- 4 I view stocks as expensive tween airports and city cen-
bond index. and so Treasurys as better ters and used as ambulances
How we got here is well value, but investors have to transport patients and or-
known, owing to two things: 2 been taking the other option: gans. Some envision new com-
inflation and profits. Cash Leave America, part of what muter towns where residents
and government bond yields some are calling the Abusa begin each workday with a
0
have risen back up to some- trade, or Anywhere But short flight to the office.
thing more like the pre-2008 1985 ’90 ’95 2000 ’05 ’10 ’15 ’20 ’25 U.S.A. That dream is inching
n-

norm thanks to the Federal *ICE BofA U.S. corporate bond index †3-month, 10-year and 30-year Treasurys, ICE BofA U.S. corporate bond index, earnings yield on S&P 500 This avoids the issue of closer. In April, San Jose, Ca-
Reserve’s eventual response Note: Monthly data, through June 4 Source: LSEG similar yields on everything lif.-based Archer Aviation
to the 2022 inflation spike. in the U.S. by looking at as- shared flight paths for New
High profit margins and bets choosing stocks over bonds a permanently higher rate of omy is humming. sets that haven’t yet con- York and last August did the
no

on earnings growth pushed since the pandemic. But it profit growth to justify the Investors have to make verged: stocks elsewhere. same for Los Angeles. Beta
up the valuation of the S&P leaves investors with a di- much-lower-than-usual extra two calls. First, are stocks re- Luca Paolini, chief strategist Technologies, out of Burling-
500, lowering the earnings lemma. There is little reward earnings yield above Trea- ally worth paying 21 times of Pictet Asset Management, ton, Vt., has installed about 50
yield, while strong balance for locking up money in long- surys. their expected earnings over said a “great convergence” is charging stations across 22
sheets reduced the extra dated Treasurys instead of a Or, perhaps, Treasurys are the next 12 months, an earn- coming between the growth states and recently flew pas-
yield demanded to lend to big money-market fund or bills. regarded as less safe than ings yield of just 4.7%? With of the U.S., China, Europe and sengers on an initial version
companies. There is little reward for usual, because of the unwill- 10-year Treasurys at 4.4%, Japan. To profit from it, steer of its aircraft. In Dubai, con-
This convergence made in- lending to big companies in- ingness of successive govern- that represents almost no clear of expensive U.S. stocks struction has started on the
vestors a lot of money if they stead of the government. ments to reduce the federal margin of safety. The bet is and the dollar, and look for United Arab Emirates’ first
got it right on the way up, Stocks need to have reached deficit—even when the econ- that earnings increase fast to Please turn to page B6 Please turn to page B2

Online Marketplaces Aid INSIDE Air Products’ Hydrogen Bet

‘Pig Butchering’ Scams Is Bogged Down in the Bayou
AN RONG XU FOR WSJ

BY PATRICIA KOWSMANN are trying to cut off its access

to American banks. BY ED BALLARD
A 67-year-old man in North The companies, which pro-
Carolina received a text mes- vide financial and other ser- The chief executive of Air
sage from a woman named vices, don’t conduct the scams Products & Chemicals visited
Jeanie in January 2023. She themselves. Instead, they serve the Louisiana governor’s man-
said she lived in Miami and as one-stop shops for swin- BUSINESS NEWS sion in 2021 to unveil the in-
worked in fashion design. dlers, providing a marketplace Tariffs on China-made dustrial-gases supplier’s big-
Though they never met, an on- where merchants sell every- gest investment: a $4.5 billion
line romance quickly blos- thing from lists of potential
goods are already facility that would make the
somed. victims to technology for creat- hitting manufacturers fuel of the future by the Mis-
By August, Jeanie had dis- ing fake personas online to of dolls. B3 sissippi River.
EDMUND D. FOUNTAIN FOR WSJ

appeared with $3.4 million of money-laundering services. The Seifi Ghasemi’s plan was to
the man’s savings—a textbook marketplaces collect fees along produce hydrogen from natural
example of “pig butchering,” in the way. Not all of the services gas, capture the carbon dioxide,
which scammers build victims’ advertised in the marketplaces pipe it through wildlife-rich
trust and walk away with their are bought for crime, experts wetland and sequester it below
money. But this case had a say. Lake Maurepas. Ghasemi had a
twist: Some of the funds In the North Carolina man’s grand vision. Beyond its regular
landed in the hands of a Cam- case, Huione was likely used to uses in oil refining and ammo- Air Products plans for carbon dioxide to be sequestered
bodia-based company called help launder the stolen funds, nia for fertilizers, hydrogen below scenic Lake Maurepas in Louisiana.
Huione, according to Chainaly- Chainalysis said. would power buses, trucks,
sis, a company that analyzes Last month, a Huione mar- trains, ships, planes and steel customers. Ghasemi has been executives were vowing to slash
the movement of cryptocurren- ketplace that the U.S. Treasury HEARD ON mills after the plant opened in ousted as CEO and his successor emissions.
cies and tracked the money. Department said was helping THE STREET 2026, he predicted. is reining in spending. But sentiment soured. This
Huione is now a target for scammers said it would shut Nearly five years after his The idea that low-carbon hy- fossil-fuel alternative remains
U.S. investigators who have ac- down. The move came after
Broadcom’s artificial- visit, the project’s price tag has drogen could replace oil and gas expensive, and governments in
cused it of being one of a num- Treasury announced its plans intelligence bonanza swelled to $8 billion, the con- in many applications was taking the U.S. and elsewhere shied
ber of companies abetting the to cut Huione off from U.S. has limits. B9 struction timeline has slipped off when Ghasemi visited Baton away from putting their weight
spread of pig butchering and Please turn to page B6 and the company is still seeking Rouge, La., as politicians and Please turn to page B4
 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.

B2 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Flying Cohen expects they will be

operational on a “very small
scale” by the end of the de-
found that the proposition
was surprisingly simple. Meg-
acities across the globe are
burned through cash and a
collapse in its post-SPAC list-
ing share price dragged its to-

Taxis Draw cade, with emergency services

as one likely way they could
be effectively deployed.
plagued with congestion that
is only set to worsen. Streets
lined with old buildings can’t
tal value to a meager $82 mil-
lion. After an acrimonious and
public battle, Mudrick forced

Investor Still, Mudrick said he be-

lieves the upside justifies the
financial risk.
be widened, and tunneling is
prohibitively expensive. That
left one option: “You’ve got to
Fitzpatrick out and in Decem-
ber converted $130 million of
his debt to equity and took
“This is one of those bets go up,” Mudrick said. control of the company.
Continued from page B1 that you make, and if it works, Vertical itself was born out “Vertical wouldn’t be here
“vertiport” ahead of plans for it’s one you’ll talk about for of a traffic jam. if he hadn’t come up with the
Joby Aviation to begin flying the next 20 years,” he said. A serial entrepreneur, Ste- idea,” Mudrick said of Fitzpat-
there later this year. Originally from Washing- phen Fitzpatrick was the new rick. “But at the end of the
Even with the collapse of ton, D.C., Mudrick is a Harvard owner of a small Formula One day, what the company needs
three of its biggest European Law School graduate and a team and had spent four now are not skills that he pos-
competitors over the past former investment banker. He hours in a car trying to make sesses.”
year, Vertical remains, in started his eponymous hedge it to the 2015 São Paulo Grand Fitzpatrick, who still holds

CLARK HODGIN FOR WSJ

many ways, the underdog. Its fund in 2009 with $5 million Prix on time. When he got a minority stake, declined to
primary three U.S. rivals boast at 34 years old and soon after there, he discovered that comment.
bigger budgets and bigger in- made Business Insider’s “Sexi- other team executives had Vertical has spent most of
vestors. est Hedge Fund Managers chartered expensive helicopter this year courting potential
Vertical raised some $90 Alive” list. (Mudrick said the rides. It gave him an idea. partners and pitching the
million in January, enough to article was “a long time ago.”) Jason Mudrick’s Vertical Aerospace is seeking capital. Fitzpatrick created Vertical business at investor confer-
help tide it over while it con- With a focus on companies the next year, redeploying en- ences as its aircraft shifts to
tinues with fresh fundraising that are typically unsexy, his Wikipedia page defaced with Weeks later, Vertical’s gineers from his F1 team to its final major test phase. It is
and the search for a major in- firm’s managed funds had profanity and insults). chairman tried again, enticing design a flying taxi. He based a role reversal for Mudrick,
dustrial partner this year. By soared to $3.2 billion by the He was eager to get Mudrick with a different offer: it out of Bristol in southwest who is more used to compa-
comparison, Amazon-funded end of March. Mudrick Capital back to its Forget an equity injection, England, near the area where nies coming to him hat in
Beta, Toyota and Delta Air Mudrick’s Vertical adven- core strategy: providing debt how did he feel about debt? Britain’s first military helicop- hand and asking for money.
Lines-backed Joby, and Ar- ture started in summer 2021. financing to distressed compa- It worked. Mudrick and his ters were built after World “What we need now is cap-
cher—which has joined with The executive was wrapping nies. So he shut Slattery team set about researching War II. ital, capital and capital,” he
Stellantis and United Air- up a meeting at his offices on down: “Not interested.” the much-hyped industry and The company for years said.
lines—have raised some $1.4 New York’s Madison Avenue
billion combined over the past when Vertical’s chairman,
12 months. Dómhnal Slattery, quietly
All three say they also ex- pulled him aside.
pect to begin flying passen- “‘I’m working on something
gers in the U.S. as soon as in interesting, I think you should
the next year or two if they take a look,’” Mudrick recalled
can get the blessing from the being told.
Federal Aviation Administra- Vertical was months away
tion. Mudrick said his rivals from listing via a special-pur-
are being too optimistic but pose acquisition company at a
acknowledges that his aircraft, $2.2 billion valuation but
which has to meet higher Eu- needed a cash injection to get
ropean safety standards, will there.

.
likely come a bit later with de- Mudrick, meanwhile, had
liveries starting in 2028. only just emerged from his

ly
It isn’t clear whether cities bets on the theater chain AMC
and the public will embrace a and videogame retailer
new aircraft humming around GameStop, which were among
their homes and offices, add-
ing to already crowded skies,
said Adam Cohen, a re-
searcher at the University of
the most high-profile meme
stocks at the time. The bets
netted him roughly $250 mil-
lion in profits and led to his
on
California at Berkeley. Among firm’s best month ever but
us ,

other things, they will add de- also ended up evoking the ire
l

mands to already-stretched of online traders. (He woke up

e
al a

air-traffic controllers. one day to find his firm’s

ci on

‘Ballerina’ Makes Its Debut at No. 2

er s
m er
m rp
MURRAY CLOSE/LIONSGATE/EVERETT COLLECTION

Discover A World
co Fo

The action thriller earned $25 million this weekend.

of Opportunities
Estimated Box-Office Figures, Through Sunday
Sales, In Millions
Film Distributor Weekend* Cumulative % Change
1. Lilo & Stitch Disney $32.5 $335.8 -47
Use our free World Map Screener
n-

2. Ballerina Lionsgate $25.0 $25.0 —

Mission:
3. Impossible - The Paramount $15.0 $149.2 -45
to easily find stocks that match
no

Final Reckoning
Karate Kid:
4. Sony $8.7 $35.4 -57
Legends

5.
Final Destination
Bloodlines
Warner
Bros.
$6.5 $123.6 -40 your financial criteria across the
*Friday, Saturday and Sunday in North American theaters Source: Comscore

universe of global equities.

INDEX TO BUSINESSES
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 K S
Air Products & Chemicals KKR....................................................A3 Shell...................................................B4
B1 M Stanley............................................B6 The best-informed investors choose Interactive Brokers
Alphabet.........................................B9 Marvell............................................B9 Steel Dynamics.....................B10
Amazon...........................................B3 MediaTek.......................................B9 T
Apple................................................A11 Meta Platforms.......................B9 Target...............................................B3
Archer Aviation.........................B1 MGA Entertainment............B3 Tesla..................................................B9
B Mineros...........................................A9 TotalEnergies.............................B4
Mudrick Capital
BP........................................................B4
Management..........................B2
U
Broadcom......................................B9 United Airlines..........................B2
N
C V
Nucor..............................................B10
Cleveland-Cliffs......................B10 Nvidia................................................B9 Vertical Aerospace.................B1
H P W
Huawei Technologies.........A2 PVH....................................................B6 Walmart.................................B3,B9

INDEX TO PEOPLE ibkr.com/wms

A L R
Atkins, Paul.................................B9 LaGrou, Judy..............................R5 Ridley, Kate.................................B6
C Larian, Isaac................................B3
S
Cartiglia, Joann........................B3 M
Shreve, David.............................R2
Cramer, Jesse............................R5 McMillon, Doug........................B3
F
Menezes, Eduardo.................B4 Slattery, Domhnal..................B2 Member - NYSE, FINRA, SIPC – All trademarks, logos and brand names are the property of their respective owners.
Mudrick, Jason..........................B1 Su, William..................................B3 All company, product and service names used in this ad are for identification purposes only. Use of these names,
Fitzpatrick, Stephen.............B2 Mullen, Rich................................R2 trademarks and brands does not imply endorsement.
T
Flor, Knudt....................................B3 Musk, Elon...................................A5
G N Tan, Hock.......................................B9
Ghasemi, Seifi............................B1 Nearn, Graham.........................B6 Y 03-IB25-1733CH1678
K P Yardeni, Ed...................................R2
Kent, Ana Hernandez.........R5 Paolini, Luca.................................B1 Yost, Cali Williams................R5
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | B3

BUSINESS NEWS

China Tariffs Already Taking Toll on Dolls

Uncertainty has toy when he mused that his tariffs borne shipment data from S&P
on Chinese imports could mean Global Market Intelligence, a
makers lifting prices that “maybe the children will figure that has remained
and cautious about have two dolls instead of 30 steady over the last decade.
dolls.” Many American Girl dolls are
raising production “And maybe the two dolls made in China, as are a signifi-
will cost a couple of bucks cant share of Barbies.
BY JON EMONT more,” said the president, who
has described the stiff tariffs as
Carly has auburn hair, blue necessary to bring back the Factories in Vietnam
eyes and stands 18 inches tall. manufacturing jobs lost over Su’s toy, furniture and light-
Like most dolls sold in the U.S., the years to competition from ing company, Teamson, has
she is made in China. cheap Chinese producers. three factories in Vietnam, but
That is now a problem for Then, after Trump agreed in he says it had made little sense
her maker, William Su, who May to slash the tariffs for 90 to move doll production from
sells tens of thousands of dolls days, doll sellers told their Chi- China until Trump’s tariffs.
and their accessories a year to nese suppliers to increase pro- “You have the hair, you have
Americans through Ama- duction to take advantage of the doll, you have the clothes,
zon.com, Walmart and Target. the short window. you have the plastic furniture.
When President Trump raised Despite the reprieve, indus- To move all this in unison, it’s
tariffs on China to 145% in try executives say Trump’s pre- hard,” Su said. “There’s a lot of
April, Su, who is based in New diction that children’s dolls will momentum not to do it.”
York and Taiwan, stopped pro- be more expensive is proving Joann Cartiglia, a history
duction because he and his to be true. buff in Ticonderoga, N.Y.,

AN RONG XU FOR WSJ

buyers couldn’t afford the tar- “China, in particular, repre- turned to China when she be-
iffs. sents a lot of volume in certain gan selling handcrafted histori-
When the president last categories like electronics and cal dolls 10 years ago.
month cut the tariff to 30% for toys,” warned Walmart CEO It was easy for her to find a
a 90-day period for the U.S. Doug McMillon after the tariff manufacturer for even the
and China to continue trade rate was lowered. “All of the smallest accessories, such as
talks, Su quickly ramped up his Teamson lost weeks of U.S. doll imports by country* Share of U.S. imports tariffs create cost pressure for a miniature metal flour sifter.
factories and pushed his buyers production after it halted China Others from China by category us, but the larger tariffs on And Chinese artisans hand-
to accept price increases. Nev- manufacturing dolls when China have the biggest impact.” painted the lips, freckles and
ertheless, weeks of lost produc- President Trump raised 100 % 100 % Trump responded with a eyebrows so skillfully that each
tion, and uncertainty over China tariffs in April. Truth Social post, saying, “Be- doll looked identical, she says.
where tariffs will land after the Toys tween Walmart and China they Cartiglia paused production
90-day reprieve, mean Su ex- nesses. A federal trade court 80 80 should, as is said, ‘EAT THE of her dolls in April and began
pects to ship one-third fewer recently ruled that Trump TARIFFS.’” laying off employees from her
dolls than usual ahead of didn’t have the authority to im- New York operation. On her
60 60
Christmas. pose sweeping tariffs on the website some items read
“Some toys like dolls and U.S.’s trading partners. But a Shoes Tough sourcing “SOLD OUT! ETA SUBJECT TO

.
doll strollers we have no alter- day later, another court put the 40 40
Finding another source of TARIFFS!”
native other than China in ruling on hold, pending an ap- Furniture dolls—and toys—is tough. “There will be fewer prod-

ly
2025,” Su said. With the future peal from the Trump adminis- China began pushing into ucts. And it’s going to be wildly
of tariff rates uncertain, mak- tration and leaving the tariffs 20 20 Clothing the toy industry a half-century expensive,” she said.
ing more dolls to ship into the in place for now. ago. Its low wages and talented Cartiglia said she isn’t or-
U.S. is “like gambling,” he
added.
Businesses worry the tariff
rates could go up further in
August, when the 90-day pe-
riod of reduced tariffs on China
on 0
2015 ’20 ’24
0
2013 ’15 ’20 ’24
craftspeople quickly made it a
go-to location for toy brands.
Labs sprang up around the
country, making it easy for
dering new dolls, afraid that
tariff rates will rise further by
the time hers are ready to ship.
She is trying to whip up new
Few alternatives is set to come to an end. *Data is approximate.
brands to test that the paint product lines, for instance by
us ,

Sources: S&P Global Market Intelligence, Seaborne Shipping (U.S. imports by country);
Trump’s China tariffs have The rush to get dolls UN Comtrade (share of U.S. imports from China) used in their dolls didn’t con- buying glass jars and filling
l

been hurting low-margin in- shipped during the 90-day pe- tain lead and that easy-to- them with excess inventory of
e
al a

dustries such as toy makers, riod means businesses have lit- Some larger toy makers are ar- such as Bratz. He says the swallow parts were safely se- doll-sized candy and cookie fig-
where companies say there are tle leverage to demand their ranging to cut doll production 30% tariffs are causing him to cured. urines. She had planned to
few alternatives to raising Chinese suppliers cut prices to later this year, expecting that raise prices for his China-made Today, China has both the fund her retirement by eventu-
ci on

prices. As a result, these busi- help offset the duties, which, higher prices will dent demand. dolls by about 10% to 30% and machinery and engineering ally selling her business, but
nesses expect American shop- even at lower levels, are at his- “You can sell a lot more trim production. “Why tax chil- know-how to mass-produce now she worries she will go
pers to face a smaller assort- toric highs. dolls at $15 than you would at dren’s joy?” he said. dolls’ plastic bodies, as well as bankrupt first.
ment of goods this Christmas— Smaller toy makers in the $20 or $25,” said Isaac Larian, In recent weeks, dolls have armies of laborers to dress “You know 30%, especially
and at a higher cost. U.S. say they are having trouble chief executive of MGA Enter- become an unlikely flashpoint them, sew on hair and paint at this point, is a lot of extra
er s

Now, growing confusion getting orders through to Chi- tainment, a Walmart supplier in the Trump administration’s their faces. Around 90% of money for me to have to come
around the direction of U.S. nese factories, who are giving and one of the world’s largest trade war with China. In April, American doll imports come up with,” Cartiglia said of the
m er

tariffs is further buffeting busi- priority to bigger customers. toy producers, behind brands the president made headlines from China, according to sea- tariffs.

Chinese Owner Halts U.S. ADVERTISEMENT

m rp

Battery Plant Amid Tariffs

co Fo

BY CHRISTOPHER OTTS

A Chinese-owned company
is halting construction of an
electric-vehicle battery plant
in South Carolina, in part be-
cause of the Trump adminis-
tration’s tariffs and a potential
loss of federal subsidies for
clean energy.
Automotive Energy Supply
n-

Corp., or AESC, began con-

struction of the $1.6 billion
factory in Florence in 2023,
after securing a deal with
no

BMW to make battery cells for

the German automaker.
In a message to employees
on Thursday, AESC’s top U.S.
executive said the company
was pausing construction
work because of “economic
uncertainty arising from cur-
rent federal policy and tax
BUSINESS WIRE/AP

issues.”
“Our intent is to finish con-
struction of the facility once
stability and predictability
have returned to the market,” Knudt Flor, AESC’s chief executive for the U.S. and Europe
Knudt Flor, AESC’s chief exec-
utive for the U.S. and Europe, Battery plants were already nies with ties to certain coun-
wrote in the memo. under pressure before tries, including China.
While construction of the Trump’s election, because car- AESC’s headquarters is in
physical buildings is nearly makers had delayed or walked Japan, but it is majority-
complete, the work of install- back their plans for new elec- owned by China’s Envision
ing equipment and assembly tric vehicles. Group, which purchased the
lines has halted, current and Billions of dollars were battery-making unit of Japa-
former employ- poured into nese automaker Nissan in
ees said. building new 2018. Hudson Canyon is a vital fishing
Some of the battery facto- “AESC has invested over $1 area about 100 miles off the coast
employees said Construction of ries in recent billion into the Florence facil- of New York City. Fish markets,
AESC would the $1.3 billion years, spurred ity, and we anticipate being fishmongers, chefs, restaurants, and
commercial & recreational fisheries
face a hefty on by the sub- able to resume construction
tariff bill for Florence, S.C., sidies from the once circumstances stabilize. across the tri-state rely on it everyday to
provide fresh Atlantic seafood to people
the machinery Biden adminis- AESC fully intends to meet
if they import
factory began tration. our commitments to invest
like you. But all that could go away if
we leave it unprotected. And that’d
it now, because in 2023. Many of $1.6 billion and create 1,600 be a shame if the last filet you had
it is mostly these factories jobs in the coming years,” the was your last filet ever.
brought in from were con- company said.
China. structed in the The AESC factory is sup- Learn more about how you
can protect Hudson Canyon
Tariffs on Chinese imports Midwest and Southeast of the posed to supply battery cells
and the fish you love to eat at
have fluctuated wildly since U.S., in a region that came to to a new BMW factory in wcs.org/hudsoncanyon
April, rising as high as 145%, be called the Battery Belt. Woodruff, S.C.
before falling again amid a Now many of those subsi- Under the original deal,
truce between Washington dies are being targeted by Re- these batteries were to power
and Beijing as the two sides publicans at the same time the German company’s EV
try to come to an agreement. regulations and tax credits models that are expected to go
Separately, tariffs on steel aimed at driving EV sales are into production starting in
and aluminum recently an- also at risk. 2027.
nounced by President Trump, The current version of a tax BMW said it still plans to
as well as on machinery con- bill before Congress would end open the Woodruff plant next
taining the metals, only add to EV battery-production subsi- year. It referred any questions
Paid for by the Wildlife Conservation Society
AESC’s costs, two of the peo- dies a year early and make about the AESC factory to that
ple said. them unavailable to compa- company.
 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.

B4 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Hydrogen
Bet Bogged
In Bayou
Continued from page B1
behind it. The tax bill approved
by House Republicans would cut
off hydrogen-production tax
credits, part of an effort to undo
many Biden-era climate pro-
grams and reduce funding for
wind and solar power.
Companies that once looked
like early movers—such as the

EDMUND D. FOUNTAIN FOR WSJ (2)

steel producer ArcelorMittal
and Airbus—delayed plans to
use hydrogen.
“The main challenge right
now is finding buyers,” said
Martin Tengler, a Bloomberg-
NEF analyst who estimates 4%
of the announced low-carbon
hydrogen production capacity At Lake Maurepas, the plan to sequester carbon dioxide is troubling to some nature lovers. Right, a residential street near Air Products’ property.
secured funding as of 2024.
Today, most hydrogen is ex- that were drawn to Louisiana Menezes said. as hydrogen-based steelmaking Buyers haven’t been lined Clean-hydrogen production
tracted from natural gas, a pro- by tax credits and rocks suitable The plant is on course to and shipping fuel, are moving up for most of the clean capacity, by status of
cess that adds carbon dioxide to for storing carbon dioxide, said start production in 2027, but forward, but slowly. “If it was hydrogen capacity coming announced projects
the atmosphere. There are two Corinne Van Dalen, a lawyer at Air Products now plans to de- easy it would be done a long online by 2030.
main alternative methods—and the nonprofit Earthjustice. lay its investment in facilities time ago,” Menezes said.
Air Products pursued both. Air Products’ ventures, from in Europe designed to handle Menezes pulled out of a plan No offtake 80 million tons a year
The Louisiana plant intends the bayou to a mostly unbuilt hydrogen from Neom. to produce hydrogen-based jet Canceled
63.8 million tons
to make blue hydrogen. It is megacity in the Middle East, Uncertain demand is slowing fuel in Paramount, Calif., and a or on hold
60
produced the traditional way, track hydrogen’s growing pains. down a plan to turn the Dutch proposed green-hydrogen plant Committed*
but the carbon is captured and At Neom, Saudi Arabia’s un- port of Rotterdam into Europe’s in Massena, N.Y. The company Nonbinding offtake Planned
kept out of the atmosphere— der-construction desert metrop- hydrogen hub. Three years ago, wrote off $2.9 billion for those 40
forever, if possible. Green hy- olis, Air Products has an un- Air Products and the trading projects and other cost cutting. 7.5
drogen is made usual double group Gunvor said they would In Louisiana, Air Products
by splitting wa- role in the larg- build a terminal to import am- is trying to limit its exposure. 20
ter into oxygen est green-hydro- monia and convert it back into Its risky strategy was criti- Binding offtake
and hydrogen The Air gen project be- hydrogen. It was one of several cized by activist investors who
using renewable Products’ ing built. As well planned at the port. Most of began calling for a change of 1.6 0

.
electricity. as being a those projects, including Air course last year. The company 2021 ’22 ’23 ’24
Blue hydro- Louisiana plant shareholder, it Products’, await investors’ go- is seeking buyers for the am-

ly
gen is more con- committed to ahead. A hydrogen pipeline net- monia-production and carbon-
troversial. Car-
intends to make buy the hydro- work has been delayed. Shell is sequestration parts of the
Share-price performance

bon-capture blue hydrogen. gen from the building a green-hydrogen fac- project, which could reduce its 125%
facilities often
catch less pollu-
tion than
hoped—Air Products says it will easier to export.
plant in the
form of ammo-
nia, which is
on tory, but BP recently pulled out
of a similar effort, according to
a spokesman for a former part-
ner, HyCC. “We have to be real-
share of the cost by as much
as $3 billion, Menezes said.
Work won’t continue until
customers are found.
100
Linde

S&P 500
capture more than 95%—and That puts the company on istic about the time frame,” said Van Dalen, the environmen- 75
us ,

Air Liquide
using natural gas ties this os- the hook to find customers. Air Boudewijn Siemons, the chief tal lawyer, would be pleased if
l

tensible climate solution to a Products announced just one: executive of the Port of Rotter- Air Products’ vision for the 50
e
al a

source of emissions. TotalEnergies, which plans to dam Authority. bayou crumbles. The hydro-
The House tax bill would use green hydrogen in European Progress is being slowed by gen-production site is near a
25
eliminate tax credits for hy- refineries. Eduardo Menezes, Europe’s high electricity prices, school, and the 40-mile car-
ci on

drogen production, which who became Air Products’ chief which increase the cost of pro- bon-dioxide pipeline would Air Products
would kill most green-hydro- executive in February, said he is ducing green hydrogen, and pass through rare wetland oc- 0
gen projects, Tengler expects, talking to other potential buy- regulatory uncertainty. cupied by ospreys, largemouth
but not the carbon-capture ers. Saudi Arabia has the abun- Some hydrogen applications bass and migratory birds. Air –25
credits that benefit blue-hy- dant sunshine, wind, space and are losing to other fossil-fuel al- Products says it consulted
er s

drogen producers. labor needed to make relatively ternatives. Hydrogen buses have with government agencies on 2021 ’25
“It was a feeding frenzy” of a low-cost green hydrogen, but been left behind by electric ve- its project and is funding envi- *’Committed’ covers plants that were financed, started construction or were commissioned.
m er

wave of blue-hydrogen projects “it’s still a premium product,” hicles. Other applications, such ronmental-monitoring efforts. Sources: BloombergNEF (buyers, production capacity); FactSet (performance)
m rp
co Fo
n-
no

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THE WALL STREET JOURNAL. Monday, June 9, 2025 | B5

   

  
      
       
        
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 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.

B6 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

BUSINESS NEWS

Stanley Cup’s New Brand Chief As Yields doomed. But prospects are bet-
ter in Europe and Japan than
they were, and worse in the

Converge, U.S. than they were.

“We’re not saying sell ev-

Aims to Revive Its Viral Hype Look Abroad

erything in the U.S. and come
to the European heaven,”
Paolini said. “The U.S. will still
command a premium—but
much, much less.”
Maker of coveted Taking Stock With Teens sur- Continued from page B1

A
vey, which polled 6,455 teens. bargains in Europe and Japan. gain, investors face a di-

T
tumblers is ready for The new era—one that he convergence he is fo- lemma. Sure, Europe
new playbook as its Stanley hopes will see it be- cused on results from looks better than it did
come a big name in lifestyle, faster economic growth before Germany stimulated and
mojo begins to ebb sports and culture—includes a in Europe and Japan and the EC promised to cut red
business plan designed to slower growth in the U.S. and tape. The fast rise in European
BY KATIE DEIGHTON grow sales inside and outside China. Japan has already and Japanese stocks this year,
the U.S. shaken up its staid corporate in dollar terms, has reduced
Stanley 1913 is broadening sector and seems to have bro- the U.S. premium a bit. But big
its focus from Utah to Europe ken the deflationary mindset. technology companies are all
and beyond. Room to expand Germany has abandoned fiscal based in the U.S., and still roll-
The company, whose tum- Product diversification is austerity and plans to pump ing in cash, and the U.S. econ-
blers drew such frenzied in- one of the biggest priorities. money into the economy, and omy is still likely to grow much
terest from shoppers and the U.S. sales of portable drink- the European Commission is at faster.
media that they were lam- ware in the home and house- least talking about deregula- Do you want to buy the
pooned on Saturday Night wares sections of non-sport- tion. The U.S. slowdown is al- best, when it is becoming
Live, is trying to capitalize on ing goods stores were flat this ready under way, and the com- somewhat less good, or the
its unexpected sales boom by year through April after grow- bination of tariff barriers and weaker places, when they are
moving into new markets, hir- ing 15% last year, according to weaker immigration should becoming somewhat less bad?
ing hundreds of new employ- data from research firm Cir- slow it further. China’s growth Is this a new era of conver-
ees and developing a raft of cana. Sales of bottles and in- should slow naturally as it gets gence, or will the post-2008
products in new categories. sulated containers at sporting richer, even without the real- norm of the U.S. outperforming
Its success depends partly goods retailers were even estate crisis. everywhere else resume? My
on a new marketing leader worse, posting year-over-year To be clear, this doesn’t guess is there is more to come
who wasn’t around for Stan- declines each month from last mean Europe’s problems are from Europe and Japan, but
ley’s extraordinary rise. Kate September through April, Cir- fixed, Japan has forever es- despite all the risks, I like the
Ridley, a former executive at cana data show. caped its malaise, or the U.S. is ballast Treasurys provide.
sporting-goods brand Adidas Nevertheless, Stanley sees
STANLEY 1913

and shoe company Allbirds, in room to expand the “hydra-

April was named chief brand
officer, overseeing global
brand strategy, marketing, Stanley 1913’s chief brand officer Kate Ridley and chief
tion” category.
“Hydration is also more
than water. It’s also things like
Markets Traders are watching
closely to see where tariffs be-
gin to pinch profits.
PVH shares slumped 18% on
merchandising and partner-
ships. Former brand chief Gra-
ham Nearn, who joined the
product and sustainability officer Graham Nearn.

Utah, leading to a focus on disclose how many workers it

protein shakes and vitamins
and health,” said Nearn, the
product and sustainability ex-
Await Price Thursday after the owner of
Calvin Klein and Tommy Hil-
company in 2020, was named women and hydration. The has now, but around 800 peo- ecutive, noting that the com-
Readings figer cited a hit from tariffs

.
chief product and sustainabil- Stanley cup became a coveted ple list it as their employer on pany will soon release “an in- and reduced its annual profit
ity officer. item, a marketing case-study LinkedIn. It has also grown novative solution in the outlook.

ly
and a meme, as well as a into a bigger, more interna- protein-shaker space.” Pic- And while companies vary
source of backlash over the tional business. Stanley said tures have leaked online that Continued from page B1 in their exposure to trade,
A new era lead in its vacuum seal and 17% of its workers were hired appear to show a sporty-look- to some investors’ anxieties many investors fear the broad
Stanley is ready for a new
playbook, says Ridley.
“We so outperformed on
what the original vision was,”
the environmental impact of
its conspicuous consumption.
Annual revenue roared to a
high of roughly $750 million
onthis year, and 42% of those
new hires are based outside
North America. The company
is adding workers in cities
ing 20-ounce Stanley “Activate
Shaker Bottle” with a remov-
able strainer.
The company also has its
about the path ahead. Timothy
Chubb, chief investment offi-
cer at Girard, a wealth-advi-
sory firm backed by Univest,
stock market has grown too
expensive to post robust gains
in a time of heightened eco-
nomic uncertainty.
she said, “and what got us to in 2023—a surprise to the from Rio de Janeiro to Am- sights on cafe and bar culture, said he expects tariffs to slow The S&P 500 traded late
us ,

that moment today is not company—from $73 million in sterdam and Shanghai. with specific products for bev- the economy, so he trimmed last week at 21.4 times its
l

what we need for the next 10 2019. Stanley declined to dis- And some of the big players erages like coffee and yerba positions in bank stocks and member companies’ projected
e
al a

years.” close revenue for 2024. who oversaw Stanley’s boom mate, the South American added to holdings of big tech earnings over the next 12
The company says it is en- Back in 2020, just a few are now gone: Jenn Reeves, herbal drink, as well as con- companies, which he views as months, above a 10-year aver-
tering its fourth era since its hundred people worked for who had been vice president tainers designed for wine, a durable source of growth. age of 18.7, according to Fact-
ci on

New England beginnings in the company, most of them of global brand marketing, beer and cocktails. “Worries about inflation, Set.
1913. It began with a stretch from an office overlooking and Terence Reilly, who had And Stanley hasn’t given up what that might mean for the “The chances of recession
designing bottles and lunch- Puget Sound in Seattle. At the been president, both left last on water. It is designing new consumer’s purchasing power have inched up, but the valua-
boxes for blue-collar workers time, the company projected year. Once a must-have for water bottles for athletes who ultimately, is something that tions on U.S. large-caps are
and then catered to outdoor sales for 2025 that would be teens, Stanley cups in April don’t want to deal with screw- we’re pretty concerned still quite high,” said Tim
er s

enthusiasts. The third phase one-fifth of what it actually were named the No. 2 “fashion tops or straws, building on a about,” he said. “I just don’t Courtney, chief investment of-
saw Stanley in 2020 latch on expects to make this year, ac- trend on its way out” among move into sports last year think most consumers are go- ficer at Exencial Wealth Advi-
m er

to a bump in tumbler sales cording to Ridley. upper-income females, in in- through a collaboration with ing to be able to absorb those sors. “They’re still priced for
among a group of moms in The company declined to vestment bank Piper Sandler’s soccer great Lionel Messi. higher prices.” good news.”

Online by taking their money and dis- Translations of screenshots of ads placed by vendors on Huione’s online marketplace that predicted cryptocurren-
m rp

appearing. cies’ price movements.

Typically, the scams origi- In this ad, a vendor offers to sell personal data from bank records and other sources in numerous The scammer told the victim

Markets nate in dormlike compounds in countries, including the U.S. Chainalysis says scammers buy such data to get names and contacts there was a cryptocurrency ex-
places with limited law en- of potential victims. The vendor didn’t reply to requests for comment. change called Bitkan where he
forcement, such as border ar- could buy and sell tokens based
co Fo

Aid Scams eas in Myanmar. The bosses

bring in workers, sometimes
with help from human traffick-
1. Global high-end data
on the uncle’s predictions. Bit-
kan is a real exchange, but the
scammer provided a fake link
ers, and then pay or force them 2. Top-selling products from popular countries: India, to its website.
Continued from page B1 to assume fake identities and Vietnam, Brazil, Japan, South Korea, Thailand, Saudi The victim, identified by in-
banks. Telegram, the communi- contact potential victims on- Arabia, Mexico, Canada, Italy, Russia, Turkey, vestigators by his initials, K.W.,
Pakistan, U.K., Morocco, Malaysia, U.S…
cations app Huione uses for its line. The scammers persuade began using the fake crypto-ex-
services, closed the market- their victims to invest in bogus change website just weeks af-
3. Information about car owners, homeowners, jewelry
place’s accounts. schemes and steal the funds. purchases, investment and bank records, airline ter he met Jeanie digitally, ac-
Responding to questions To do all this, scam centers bookings, stock ownership records. cording to testimony by a
from The Wall Street Journal need tools to help them find Federal Bureau of Investigation
before its closure, the market- victims, execute the fraud and agent filed in court.
place said it didn’t get involved run away with the money. The FBI declined to com-
n-

in any businesses on its plat- ment further on the case.

form. It previously said on its Over the next two months,
website that it couldn’t be held Mysterious operation K.W. made $1.8 million worth
responsible for those services, Many details about Huione of transfers of cryptocurrencies
no

and didn’t accept business as- remain unclear. 4. We are responsible for providing the real data. he owned to what he believed
sociated with theft, human The U.S. Treasury said in Whether you can use it to your advantage is up to you. was the Bitkan exchange,
trafficking and terrorism. early May that the company draining his retirement ac-
Another Huione business had three subsidiaries: The count.
called Huione Pay, which pro- marketplace, which recently He later tried to withdraw
vides financial services and has said it would close; Huione Pay; In this ad, a vendor sells artificial-intelligence tools that can be used to change faces and voices the money, but was told to fork
branches across Cambodia’s and a crypto enterprise, with of users. Chainalysis says scammers use the technology to assume different personas to fool over another $1.6 million in
capital, Phnom Penh, said in a its own cryptocurrency. Efforts their victims. taxes and fines, which he paid.
statement that it takes compli- to reach the crypto business In April, the scammer
ance obligations seriously and were unsuccessful. The vendor, reached by The Journal, said it has no association with criminals, but acknowledged started ghosting K.W., and the
has engaged U.S. experts to en- The three businesses were its services could be used by them. It said it issues warnings saying pornography, hackings and fake exchange website was
sure it has programs and poli- interconnected, Treasury said. other crimes are not allowed. ‘We only provide AI technology sharing and learning tutorials,’ it soon taken down. K.W. then
cies to prevent abuse of its ser- It called the group “a signifi- said, adding the AI software it uses is publicly available. contacted the FBI.
vices. It added “it is fully cant node of the money-laun- Although the scammer
committed to collaborating dering ecosystem,” and said it wasn’t ever found, the FBI was
with the U.S. Treasury Depart- planned to cut off its access to able to trace K.W.’s funds on
ment to address expeditiously U.S. banks. North Koreans also the blockchain to several cryp-
any and all concerns.” have used Huione to launder tocurrency addresses. Large
The setback for Huione may proceeds from hackings, Trea- 1. Before sums from one of them moved
prove to be just a bump in the sury said. to a blockchain address belong-
road for the industry. There are The Huione subsidiaries’ ing to Huione, according to
2. After
more than 30 similar online websites and registration re- Chainalysis.
marketplaces catering to online cords list some corporate offi- The company lost visibility
3. Ultimate AI face-changing tool in 2025 to hide
scam centers, according to cials. One is Hun To, a cousin identity and cultivate an intimate relationship of the funds once they landed
crypto research firm Elliptic, of Cambodia’s prime minister, with the victim in the Huione address.
which is tracking them. who is listed as a director at Chainalysis said it believed
Elliptic said Huione also ap- Huione Pay, according to Ellip- the funds were probably being
pears to be sending customers tic and the registration records. 4. No technical background is required… real-time laundered, based on patterns of
to another marketplace it But the websites and records face-swapping can be completed in just a few steps. crypto-related money launder-
partly owns. The number of us- provide no ownership details. ing.
ers on that platform grew 80% Efforts to reach the named di- After the FBI traced some of
to around 235,000 within days. rectors were unsuccessful. Note: On item 3 of the AI post, the vendor used jargon that is used among pig-butchering scammers. K.W.’s funds, it asked the issuer
Meanwhile, other parts of Hui- Cambodia’s government didn’t Source: Chainalysis (screenshots); WSJ translation ANDREW BARNETT/WSJ of the cryptocurrency involved,
one targeted by U.S. Treasury respond to requests for com- in this case Tether, to freeze
continue to function. ment. Huione Pay told Reuters platforms, the marketplace and German authorities in May that it was taking action them. It did, preventing some
last year that Hun To’s direc- subsidiary was the largest-ever 2022. against the marketplace and from being laundered.
torship didn’t include day-to- illicit marketplace online, fea- After reports of alleged other Huione businesses, Tele- Huione has taken steps to
A market for fraud day oversight of its operations, turing a network of thousands criminality at Huione began gram shut down channels and make its business more resil-
Pig-butchering scams such according to the news agency. of instant-messaging-app chan- surfacing, the marketplace usernames affiliated with the ient against crackdowns, how-
as the ones Huione allegedly U.S. Treasury says some ac- nels, each run by different mer- changed its name late last year marketplace, making it harder ever.
helped facilitate have become a tivities at Huione, such as some chants offering services, mostly from Huione to Haowang, and for customers to access it. Last year, it launched its
growing problem, taking bil- payment services, appear legit- in Chinese. denied it belonged to the Hui- own cryptocurrency, USDH, in
lions of dollars from Americans imate. But other activities at all Transactions surpassed $28 one group. A previous refer- an attempt to rely less on
and others in recent years. three of the subsidiaries are billion, Elliptic says, roughly ence to the marketplace on Hu- North Carolina fraud Tether, which it can’t control,
They are called “pig butch- linked to money launderers or five times as much as Hydra, a ione Pay’s website was deleted, In the case involving the according to investigators.
ering” because the swindlers other criminals, Treasury said. so-called darknet marketplace according to Elliptic and U.N. North Carolina man, the scam- Huione said on its crypto-
“fatten” up their victims by According to Elliptic, which that Elliptic previously ranked researchers. mer using the name Jeanie said business website that it would
building trust over weeks or analyzed thousands of mes- as the world’s biggest, and Within days of the U.S. Trea- she had an uncle in Chicago never freeze USDH if authori-
months, then “butcher” them sages across the company’s which was shut down by U.S. sury’s announcement in early who developed an algorithm ties requested it.
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
42762.87 s 492.80, or 1.17% last week Trailing P/E ratio 24.18 26.93 6000.36 s 88.67, or 1.50% last week Trailing P/E ratio * 23.37 23.37 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 20.32 18.85 High, low, open and close for each of P/E estimate * 22.51 21.72
the past 52 weeks Dividend yield 1.69 2.17 the past 52 weeks Dividend yield * 1.30 1.36 IPOs in the U.S. Market
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.16268413125742 65-day moving average Rule 144a market; deal amounts are for the U.S. market only
46000 6200 Symbol/ Pricing
65-day Expected primary Shares Range($)
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
moving average
44000 5900 6/10 1/23 Voyager Technologies VOYG 11.0 26.00/ MS, JPM Securities
Pvd space N 29.00
mgmt,investment svcs

42000 5600 6/11 5/13 Chime Financial CHYM 32.0 25.00/ MS, GS, JPM Securities
Financial technology Nq 25.00
company

40000 5300 Lockup Expirations

Week's high
DOWN UP 200-day moving average Below, companies whose officers and other insiders will become eligible
to sell shares in their newly public companies for the first time. Such
t

Monday's open Friday's close 38000 5000

sales can move the stock’s price.
Friday's close Monday's open
t

Lockup Offer Offer amt Through Lockup

200-day moving average 36000 4700 expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
Week's low
June 10 Dec. 13, ’24 Anteris Technologies Global AVR 6.00 89.3 –21.0% 180 days
Bars measure the point change from Monday's open
Dec. 13, ’24 NetClass Technology NTCL 5.00 10.4 –47.6% 180 days
34000 4400
June 9 Dec. 12, ’24 ServiceTitan TTAN 71.00 718.5 50.1% 180 days
J J A S O N D J F M A M J J J A S O N D J F M A M J
Sources: LSEG Data and Analytics; Dow Jones Market Data
Primary
NYSE weekly volume, in billions of shares market Composite
t
t

Scan this code

36 IPO Scorecard
24 Get real-time U.S. stock quotes and track Performance of IPOs, most-recent listed first
12 most-active stocks, new highs/lows, mutual % Chg From % Chg From
0 funds and ETFs.. Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
J J A S O N D J F M A M J IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Available free at WSJMarkets.com
Omada Health 23.00 21.1 ... MNTN 24.95 55.9 –5.3
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
OMDA June 6/$19.00 MNTN May 22/$16.00
Circle Internet Grp 247.4 Oyster Enterprises II Acquisition 10.09 0.9
Major U.S. Stock-Market Indexes Nasdaq Composite
CRCL June 5/$31.00
107.70 29.4
OYSEU May 22/$10.00
0.8

Latest Week 52-Week % chg s 416.19, or 2.18% Pitanium 5.63 40.8 48.2 Armada Acquisition II 10.09 0.9 0.6
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. PTNM May 30/$4.00 AACIU May 21/$10.00
Dow Jones
last week
Jena Acquisition II 10.28 2.8 1.6 OFA Grp 2.38 –40.5 –49.1
Industrial Average 42924.56 41853.62 42762.87 492.80 1.17 37645.59 • 45014.04 10.2 0.5 9.1 JENA.UT May 29/$10.00 OFAL May 21/$4.00
Transportation Avg 14907.31 14417.57 14877.23 190.93 1.30 12637.04 • 17754.38 -1.0 -6.4 0.7
19500
Wintergreen Acquisition 10.03 0.3 0.4 ProCap Acquisition 11.17 11.7 4.4
Utility Average 1051.00 1026.82 1033.99 -6.90 -0.66 898.82 • 1079.88 12.4 5.2 0.4
WTGUU May 29/$10.00
0.6
PCAPU May 21/$10.00
3.0
Total Stock Market 59506.54 57858.83 59363.98 970.68 1.66 49067.76 • 61024.05 12.3 1.7 12.7
ChampionsGate Acquisition 10.06
CHPGU May 28/$10.00
0.3 Columbus Circle Capital I 10.30
CCCMU May 16/$10.00
2.0

Barron's 400 1289.91 1250.52 1289.73 23.74 1.88 1058.38 • 1356.99 14.6 3.0 9.5 19200
Kochav Defense Acquisition 10.07 0.6 0.8 Wen Acquisition 10.63 6.3 1.6
KCHVU May 28/$10.00 WENNU May 16/$10.00
Nasdaq Stock Market
18900 Cal Redwood Acquisition 10.07 0.7 0.6 Arrive AI 5.50 –57.7 –58.5
Nasdaq Composite 19610.51 18985.30 19529.95 416.19 2.18 15267.91 • 20173.89 14.0 1.1 17.4

.
CRAQU May 23/$10.00 ARAI May 15/$13.00
Nasdaq-100 21891.89 21199.37 21761.79 420.80 1.97 17090.40 • 22175.6 14.5 3.6 20.0 Fast Track Grp 4.81 20.3 46.6 Renatus Tactical Acquisition I 12.40 24.0 10.8

ly
18600 FTRK May 23/$4.00 RTACU May 15/$10.00
S&P
30 2 3 4 5 6 Hinge Health 38.89 21.5 3.5 Thayer Ventures Acquisition II 10.13 1.3 1.0
500 Index 6016.87 5861.43 6000.36 88.67 1.50 4982.77 • 6144.15 12.2 2.0 13.3 May HNGE May 22/$32.00 TVAIU May 15/$10.00
MidCap 400 3055.45 2955.35 3051.10 49.72 1.66 2560.93 • 3390.26 4.5 -2.2 6.4 DJ US TSM
SmallCap 600
Other Indexes
Russell 2000
1314.31 1264.38 1311.76

2132.35 2043.60 2132.25

27.46

65.96
2.14

3.19
on 1106.12

1760.71
•

•
1544.66 1.2

2442.03 5.2
-6.8

-4.4 4.1
1.6
s 970.68, or 1.66%
last week
Public and Private Borrowing
Sources: Dow Jones Market Data; FactSet

NYSE Composite 20077.11 19599.43 20045.36 261.56 1.32 17188.46 • 20272.04 11.5 5.0 8.1 Treasurys
us ,

Value Line 591.26 572.53 590.61 10.66 1.84 495.50 • 656.04 0.5 -3.3 0.2 59200
l

Monday, June 9 Wednesday, June 11

NYSE Arca Biotech 5733.90 5542.03 5718.03 131.65 2.36 5060.12 • 6318.63 9.0 -0.5 8.0
e
•
al a

NYSE Arca Pharma 940.10 907.78 937.45 19.67 2.14 860.88 1140.17 -11.3 0.3 4.0 Auction of 13 and 26 week bills; Auction of 17 week bill;
58600
KBW Bank 130.78 125.33 130.60 3.13 2.46 100.09 • 140.59 26.8 2.5 4.4
announced on June 5; settles on June 12 announced on June 10; settles on June 17
PHLX§ Gold/Silver 213.13 195.87 203.34 11.12 5.78 133.93 • 207.91 49.3 48.2 15.4 Tuesday, June 10 Thursday, June 12
ci on

PHLX§ Oil Service 59.32 55.38 58.92 3.49 6.29 50.70 • 92.31 -27.0 -18.9 -11.7 58000 Auction of 6 and 52 week bill; Auction of 4 and 8 week bill;
PHLX§ Semiconductor 5112.16 4759.02 5038.06 280.00 5.88 3562.94 • 5904.54 -4.7 1.2 18.0 announced on June 5; settles on June 12 announced on June 10; settles on June 17
Cboe Volatility 20.45 16.65 16.77 -1.80 -9.69 11.94 • 52.33 37.2 -3.3 -12.5 57400 Auction of 3 year note;
Nasdaq PHLX 30 2 3 4 5 6
Sources: FactSet; Dow Jones Market Data May announced on June 5; settles on June 16
er s

International Stock Indexes Commodities and A Week in the Life of the DJIA
m er

Latest Week 52-Week Range YTD

Currencies A look at how the Dow Jones Industrial Average component stocks
Region/Country Index Close % chg Low Close High % chg did in the past week and how much each moved the index. The DJIA
Last Week YTD
gained 492.80 points, or 1.17%, on the week. A $1 change in the price
World MSCI ACWI 891.96 1.42 742.96 • 891.96 6.0 Close Net chg %Chg % chg
of any DJIA stock = 6.15-point change in the average. To date, a
370.72 1.18 306.87 • 371.41 13.8
m rp

MSCI ACWI ex-USA DJ Commodity 1062.07 34.09 3.32 3.88 $1,000 investment on Dec. 31 in each current DJIA stock component
MSCI World 3914.72 1.33 3254.24 • 3914.72 5.6 FTSE/CC CRB Index 300.89 10.45 3.60 1.40 would have returned $30,965, or a gain of 3.22%, on the $30,000
MSCI Emerging Markets 1182.93 2.21 993.45 • 1187.97 10.0 Crude oil, $ per barrel 64.58 3.79 6.23 -9.96 investment, including reinvested dividends.
Americas MSCI AC Americas 2271.88 1.54 1878.80 • 2316.90 2.7 Natural gas, $/MMBtu 3.784 0.337 9.78 4.16 The Week’s Action
Canada S&P/TSX Comp 26429.13 0.97 21516.90 • 26429.13 6.9 Gold, $ per troy oz. 3322.70 33.80 1.03 26.38 Pct Stock price Point chg $1,000 Invested(year-end '24)
Latin Amer. MSCI EM Latin America 2247.80 1.54 1842.59 • 2345.73 21.3 chg (%) change in average* Company Symbol Close $1,000
co Fo

U.S. Dollar Index 99.20 -0.13 -0.13 -8.56 4.88

Brazil Bovespa 136102.10 –0.67 118532.68 • 140109.63 13.2
WSJ Dollar Index 95.59 -0.24 -0.25 -6.97
6.59 40.51 NVIDIA NVDA $141.72 $1,055
4.79 1,132
Chile S&P IPSA 4254.87 1.52 3306.43 • 4430.90 17.7
Euro, per dollar 0.8775 -0.004 -0.41 -9.13
3.02 18.56 Cisco CSCO 66.06
4.18 973
Mexico S&P/BMV IPC 58061.41 0.38 48837.72 • 58735.86 17.3
144.85 0.79 0.55 -7.86
8.56 52.62 Amazon.com AMZN 213.57
Yen, per dollar 3.79 9.81 60.30 IBM IBM 268.87 1,240
EMEA STOXX Europe 600 553.64 0.90 469.89 • 563.13 9.1
U.K. pound, in dollars 1.35 0.0072 0.54 8.09 3.65 2.21 13.58 NIKE NKE 62.80 840
STOXX Europe 50 4589.76 1.27 3968.17 • 4809.98 6.5
52-Week
Eurozone Euro STOXX 571.19 0.92 472.81 • 572.91 13.1 Low Close(l) High % Chg
3.44 9.14 56.18 Salesforce CRM 274.51 822
Euro STOXX 50 5430.17 1.18 4571.60 • 5540.69 10.9
DJ Commodity 942.52 1095.84 3.39
2.86 8.42 51.76 American Express AXP 302.47 1,025
Austria ATX 4448.98 0.50 3443.70 • 4455.03 21.5 l 2.77 2.13 13.09 Merck & Co MRK 78.97 801
Belgium Bel-20 4531.08 0.64 3832.88 • 4531.08 6.3 FTSE/CC CRB Index 265.48 l 316.63 3.81 2.57 3.51 21.58 Chevron CVX 140.21 991
France CAC 40 7804.87 0.68 6863.02 • 8206.56 5.7 Crude oil, $ per barrel 57.13 l 83.88 -14.50 2.26 13.55 83.29 Goldman Sachs GS 614.00 1,083
Germany DAX 24304.46 1.28 17339.00 • 24323.58 22.1 Natural gas, $/MMBtu 1.904 l 4.491 29.68 2.18 10.02 61.59 Microsoft MSFT 470.38 1,120
Greece Athex Composite 1842.83 0.64 1341.23 • 1876.42 25.4 Gold, $ per troy oz. 2299.20 l 3411.40 44.14 1.68 3.48 21.39 Boeing BA 210.80 1,191
Israel Tel Aviv 2734.90 1.23 1916.13 • 2734.90 14.2
n-

1.53 5.32 32.70 Caterpillar CAT 353.35 982

Italy FTSE MIB 40601.94 1.28 31107 • 40656 18.8 U.S. Dollar Index 98.28 l 109.96 -5.42
1.53 3.07 18.87 Apple AAPL 203.92 816
Netherlands AEX 929.93 0.76 796.45 • 948.54 5.8 WSJ Dollar Index 95.20 l 103.61 -4.15 1.38 5.03 30.92 Visa V 370.22 1,175
Norway Oslo Bors All-Share 1814.27 1.69 1563.79 • 1814.27 10.3 Euro, per dollar 0.8685 l 0.9760 -5.07
0.93 2.11 12.97 Honeywell HON 228.78 1,023
Portugal PSI 20 7454.01 0.89 6253.96 • 7456.30 16.9 Yen, per dollar 140.61 l 161.70 -7.53
no

0.76 0.86 5.29 Walt Disney DIS 113.90 1,023

South Africa FTSE/JSE All-Share 96366.08 2.16 76077.30 • 96411.77 14.6 U.K. pound, in dollars 1.22 l 1.36 6.29 0.75 2.15 13.22 Amgen AMGN 290.33 1,133
Spain IBEX 35 14247.60 0.67 10390.5 • 14323.4 22.9
0.66 1.73 10.63 JPMorgan Chase JPM 265.73 1,122
Sweden OMX Stockholm 959.58 1.14 824.22 • 1057.57 0.5 Go to WSJMarkets.com for free 0.43 1.31 8.05 UnitedHealth Group UNH 303.22 602
Switzerland Swiss Market 12366.17 1.14 10887.73 • 13166.68 6.6 access to real-time market data.
U.K. FTSE 100 8837.91 0.75 7679.48 • 8871.31 8.1 –0.12 –0.18 –1.11 Johnson & Johnson JNJ 155.03 1,090
–0.26 –0.96 –5.90 Home Depot HD 367.33 956
Asia-Pacific MSCI AC Asia Pacific 197.19 0.97 162.82 • 197.6 8.6
–0.36 –0.16 –0.98 Verizon VZ 43.80 1,133
Australia S&P/ASX 200 8515.70 0.96 7343.3 • 8555.8 4.4
–0.37 –1.33 –8.18 Sherwin-Williams SHW 357.48 1,056
China Shanghai Composite 3385.36 1.13 2704.09 • 3489.78 1.0
–0.73 –2.01 –12.36 Travelers TRV 273.69 1,141
Hong Kong Hang Seng 23792.54 2.1616647.34 • 24771.14 18.6
India BSE Sensex 82188.99 0.91 72989.93 • 85836.12 5.2 –1.04 –0.75 –4.61 Coca-Cola KO 71.35 1,154
Japan NIKKEI 225 37741.61 –0.59 31136.58 • 42224.02 –5.4 –1.27 –1.25 –7.68 Walmart WMT 97.47 1,084
Malaysia FTSE Bursa Malaysia KLCI 1516.79 0.56 1400.59 • 1678.80 –7.6 –1.92 –2.85 –17.52 3M MMM 145.50 1,138
Singapore Straits Times 3934.29 1.02 3198.44 • 3981.57 3.9 –2.07 –6.49 –39.89 McDonald’s MCD 307.36 1,072
South Korea KOSPI 2812.05 4.24 2293.70 • 2891.35 17.2 –3.46 –5.87 –36.08 Procter & Gamble PG 164.02 991
Taiwan TAIEX 21660.66 1.47 17391.76 • 24390.03 –6.0
*Based on Composite price. DJIA is calculated on primary-market price.
Source: FactSet; Dow Jones Market Data Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 0.44% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Popular Direct 4.20% 6.00%
Federal-funds 12% Americas Thailand baht .03053 32.760 –4.6
6.00% Miami Lakes, FL 800-274-5696 One year ago
target rate t 5.00 Yen Vietnam dong .00003838 26054 2.2
Argentina peso .00081184.9222 14.9
t America First FCU 4.25% 6
s
Europe
4.00 Brazil real .1798 5.5604 –10.1
Riverdale, UT 801-627-0900 4.00 Czech Rep. koruna .04596 21.758 –10.6
t Canada dollar .7300 1.3699 –4.8
Money market 2.00 Quontic Bank 4.25% 0 Chile peso .001070 934.51 –6.0 Denmark krone .1528 6.5462 –9.1
account yields Tradeweb FTSE Friday Close 3.00 Euro area euro 1.1396 .8775 –9.1
Astoria, NY 800-908-6600 Colombiapeso .000243 4123.56 –6.4
t Hungary forint .002823 354.21 –10.9
0.00 2.00 –6 s Ecuador US dollar 1 1 unch
Vio Bank 4.31% s Iceland krona .007913 126.37 –9.1
WSJ Dollar Index Euro Mexico peso .0523 19.1093 –8.3
Oklahoma City, OK 888-999-9170 Norway krone .0989 10.1112 –11.2
–2.00 1.00 –12 Uruguay peso .02407 41.5450 –4.9
CFG Community Bank 4.32% Poland zloty .2657 3.7633 –8.9
J A SON D J F M A MJ 1 3 6 1 2 3 5 7 10 20 30 Asia-Pacific
2024 2025 Sweden krona .1037 9.6436 –12.9
2024 2025 Baltimore, MD 888-205-8388 month(s) years Australiadollar .6491 1.5406 –4.7 Switzerland franc 1.2162 .8222 –9.4
3-yr chg maturity China yuan .1391 7.1895 –1.5 Turkey lira .0255 39.2191 10.9
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1274 7.8471 1.0 Ukraine hryvnia .0241 41.4500 –1.4
India rupee .01166 85.789 0.2 UK pound 1.3526 .7393 –7.5
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 3.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000613 16316 0.3 Middle East/Africa
Prime rate* 7.50 7.50 7.50 l 8.50 3.50 Spread +/- Treasurys, Japan yen .006904 144.85 –7.9
Yield (%) in basis pts, 52-wk Range Total Return Bahrain dinar 2.6527 .3770 –0.03
SOFR 4.29 4.33 4.26 l 5.40 3.51 Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Kazakhstan tenge .001961 510.04 –2.8 Egypt pound .0202 49.6192 –2.4
Money market, annual yield 0.44 0.45 0.40 l 0.56 0.36 Macau pataca .1237 8.0860 1.0 Israel shekel .2855 3.5025 –3.8
Five-year CD, annual yield 1.72 1.72 1.62 l 1.73 0.43 U.S. Treasury, Bloomberg 4.320 4.190 3.24 0.97 Malaysia ringgit .2365 4.2275 –5.5 Kuwait dinar 3.2680 .3060 –0.7
U.S. Treasury Long, Bloomberg 5.010 4.950 -3.04 -4.52 New Zealand dollar .6015 1.6625 –7.0 Oman sul rial 2.5990 .3848 –0.1
30-year mortgage, fixed† 6.89 6.97 6.68 l 7.50 1.41
Pakistan rupee .00354 282.135 1.4 Qatar rial .2744 3.644 –0.04
15-year mortgage, fixed† 6.19 6.25 6.02 l 6.92 1.52 Aggregate, Bloomberg 4.810 4.710 34 30 43 3.69 1.69
Philippines peso .0179 55.866 –3.8 Saudi Arabia riyal .2666 3.7508 –0.2
Jumbo mortgages, $726,200-plus† 7.02 7.07 6.75 l 7.60 1.53 Fixed-Rate MBS, Bloomberg 5.250 5.150 42 31 49 3.75 1.36
Singapore dollar .7755 1.2895 –5.6 South Africa rand .0562 17.7837 –5.8
Five-year adj mortgage (ARM)† 6.26 6.26 5.88 l 6.65 2.35 High Yield 100, ICE BofA 6.683 6.625 237 191 382 9.33 7.35 South Korea won .0007352 1360.18 –8.0
New-car loan, 48-month 7.20 7.20 6.81 l 7.94 2.75 Muni Master, ICE BofA 3.786 3.761 4 -6 5 0.91 1.48 Sri Lanka rupee .0033426 299.17 2.0 Close Net Chg % Chg YTD%Chg

Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 7.504 7.554 291 283 379 8.06 5.81 Taiwan dollar .03341 29.933 –8.8 WSJ Dollar Index 95.59 0.38 0.40 –6.97
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
 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.

B8 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not DoubleLine Yld Opps DLY 15.74 15.63 -0.7 9.3 Nuveen Muni Val NUV 8.91 8.54 -4.2 4.3 Angel Oak Str Crdt:Inst NA NA NA 9.3
buy their shares back from investors who wish to cash VDivInt&PremStr NFJ NA 12.27 NA 9.0 First Trust HY Opp:2027 FTHY 14.94 14.42 -3.5 10.6 Nuveen Quality Muni Inc NAD NA 11.19 NA 8.0 Lord Abbett Corp Opps:I 9.09 NA NA 7.1 BR Credit Strat;A 8.37 NA NA 8.6
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not
V Art Int&Tech Opps AIO NA 24.19 NA 30.7 Franklin Univ FT 8.21 7.48 -9.0 6.7 Nuveen Sel TF NXP 13.96 14.07 +0.8 4.4 ONEASCENT CAP OPPTYS NA NA NA NS BR Credit Strat;Inst 8.34 NA NA 9.3
available or not applicable. NS signifies funds not in Income & Preferred Stock Funds KKR Income Opportunities KIO NA 12.18 NA 12.0 NYLIMacKay DTMuniOpp MMD 15.69 14.41 -8.2 4.9 Variant Altrntv Inc:Inst 26.98 NA NA 7.6 BR Credit Strat;J 8.35 NA NA NS
existence for the entire period. 12 month yield is Dividend and Income BXSY 20.92 NA NA NA NeubHgYldStrt NHS NA 7.59 NA 14.5 PIMCO MuniInc PMF 8.37 7.86 -6.1 6.3 Variant Impact;Instl 27.36 NA NA 5.0 BR Credit Strat;U 8.35 NA NA 8.6
computed by dividing income dividends paid (during
the previous 12 months for periods ending at month- CalamosStratTot CSQ 18.03 17.54 -2.7 14.1 Nuveen Global High Inc JGH NA 12.67 NA 9.8 PIMCOMuniIncII PML 7.80 7.38 -5.4 6.3 Versus Capital Infra Inc 10.05 NA NA 9.5 BR Credit Strat;W 8.37 NA NA 8.6
end or during the previous 52 weeks for periods CohenStrsLtdDurPref&Inc LDP 21.87 20.61 -5.8 11.8 PGIM Global High Yield GHY NA 13.19 NA 9.5 Pimco Muni III PMX 7.18 6.76 -5.8 5.8 Convertible Sec's. Funds CAP GRP KKR CR PL+;A NA NA NA NS
ending at any time other than month-end) by the CohenStrsSelPref&Income PSF 21.37 19.81 -7.3 9.3 PGIM High Yield Bond ISD NA 13.74 NA 9.1 PioneerHilncAdv MAV 8.49 8.29 -2.4 4.7 Calmos Dyn Conv and Inc CCD 18.78 20.14 +7.2 12.2 CAP GRP KKR CR PL+;A-2 NA NA NA NS
latest month-end market price adjusted for capital
gains distributions. Depending on the fund category, CohenStrsTaxAvPreSecs&I PTA 20.54 19.80 -3.6 10.1 PGIM Sh Dur Hi Yld Opp SDHY NA 16.31 NA 7.9 PionrMuniHiIncOppty MIO 12.13 11.82 -2.6 5.0 World Equity Funds CAP GRP KKR CR PL+;F-2 NA NA NA NS
either 12-month yield or total return is listed. FirstTrIntDurPref&Inc FPF 18.89 18.25 -3.4 13.1 PioneerHilncm PHT NA 7.99 NA 8.3 PioneerMunHiIcm MHI 9.36 9.12 -2.6 4.5 BEACON POINTE MLT-ALT;I NA NA NA NS CAP GRP KKR CR PL+;F-3 NA NA NA NS
Source: LSEG CalamosGlbTotRet CGO 11.85 11.40 -3.8 9.5 CAP GRP KKR CR PL+;R-6 NA NA NA NS
JHanPrefInc HPI 15.70 16.05 +2.2 4.8 WstAstHIF II HIX NA 4.24 NA 14.0 Putnam Mgd Inc PMM 6.37 5.84 -8.3 4.8
Friday, June 6, 2025 JHPrefIncII HPF 15.57 15.87 +1.9 -0.2 Western Asset Hi Inc Opp HIO NA 3.87 NA 10.9 Putnam Muni Opp PMO 10.75 9.74 -9.4 4.3 Cantor Fitzgerald SI:A 13.23 NA NA 20.8 CAP GRP KKR MUL-SC+;A NA NA NA NS
52 wk HnckJPfdInco III HPS 14.02 14.29 +1.9 -0.2 Western Asset Hi Yld D O HYI NA 11.87 NA 9.6 RiverNorth Flx Mu Inc II RFMZ NA 12.64 NA 8.1 Cantor Fitzgerald SI:C 12.99 NA NA 19.9 CAP GRP KKR MUL-SC+;A-2 NA NA NA NS
Prem Ttl J Han Prm PDT 13.50 13.11 -2.9 24.0 Cantor Fitzgerald SI:I 13.26 NA NA 21.0 CAP GRP KKR MUL-SC+;F-2 NA NA NA NS
Fund (SYM) NAV Close /Disc Ret Other Domestic Taxable Bond Funds RiverNorth Mgd Dur Mun I RMM NA 13.58 NA 7.9
LMP CapInco SCD NA 16.57 NA 17.1 Allspring Multi-Sector ERC 9.93 9.34 -5.9 8.9 Western Asset Mgd Muni MMU NA 9.78 NA 6.6 CANTOR FITZGERALD IN;S X 13.47 NA NA 22.8 CAP GRP KKR MUL-SC+;F-3 NA NA NA NS
General Equity Funds Nuveen Pref & Inc Opp JPC NA 7.94 NA 19.0 Ares Dynamic Crdt Alloc ARDC NA 14.06 NA 9.8 Single State Muni Bond Sweater Cashmere 23.67 NA NA 8.4 CAP GRP KKR MUL-SC+;R-6 NA NA NA NS
Adams Diversified Eq Inc ADX 22.52 20.78 -7.7 17.8 Nuveen Pref Sec & Inc Op JPI NA 20.36 NA 15.7 BlackRock Mlt-Sctr Inc BIT 14.32 14.34 +0.1 10.4 Primark Priv Eq Inv:I 14.51 NA NA 10.0 CION Ares Dvsfd Crdt;A NA NA NA 8.6
BlackRock CA Mun BFZ 11.61 10.97 -5.5 6.5
BlackRock En Lg Cap Cr CII 21.92 20.59 -6.1 13.3 Nuveen Var Rate P&I NPFD NA 19.10 NA 17.0 BlackRock Tax Muni Bd BBN 16.69 15.70 -5.9 7.0 Thornburg Inc Bldr Opps TBLD 20.33 18.86 -7.2 16.9 CION Ares Dvsfd Crdt;C NA NA NA 7.8
BR MH CA Qly Fd Inc MUC 11.38 10.30 -9.5 6.0
Central Secs CET 56.83 47.38 -16.6 17.6 TCW Strat Income TSI NA 4.91 NA 14.3 DoubleLine:Oppor Crdt Fd DBL 15.23 15.61 +2.5 7.3 VirtusTotalRetFd ZTR NA 6.16 NA NA CION Ares Dvsfd Crdt;I NA NA NA 8.9
BR MH NJ Qly MUJ 12.01 10.82 -9.9 5.7
CohenStrsCEOppFd FOF 12.22 12.20 -0.2 11.8 Convertible Sec's. Funds EVLmtDurIncm EVV NA 10.02 NA 9.2 Prem12 Mo CION Ares Dvsfd Crdt;L NA NA NA 8.4
BR MH NY Qly MHN 10.82 9.72 -10.2 6.0
EVTxAdvDivIncm EVT 25.64 23.49 -8.4 9.8 AdvntCnvrtbl&IncFd AVK 12.31 11.79 -4.2 9.4 Franklin Ltd Dur Income FTF 6.81 6.43 -5.6 11.5 Fund (SYM) NAV Close /Disc Yld CION Ares Dvsfd Crdt;U NA NA NA 8.1
BR MuniYld MI Qly MIY 11.91 11.37 -4.5 5.4
GabelliDiv&IncTr GDV 28.62 25.11 -12.3 16.5 CalamosConvHi CHY 10.41 10.64 +2.2 6.2 CION Ares Dvsfd Crdt:U2 NA NA NA 8.1
FS Credit Opportunities FSCO NA 7.23 NA 10.2 BR MuniYld NY Qly MYN 10.46 9.43 -9.8 6.1 U.S. Mortgage Bond Funds
Gabelli Equity Tr GAB 5.45 5.79 +6.2 16.0 CalmosConvOp CHI 9.85 10.23 +3.9 0.0 CION Ares Dvsfd Crdt;W NA NA NA 8.4
J Han Investors JHI 14.69 13.58 -7.6 8.3 BR MuniYld PA Qly MPA 11.86 10.77 -9.2 7.3 Arca US Treasury NA NA NA 1.1
GeneralAmer GAM 62.41 54.84 -12.1 23.9 V Conv & Inc NCV NA 13.71 NA 19.7 CNR Select Strategies 15.60 NA NA 0.0
MFS Charter MCR 6.68 6.29 -5.8 2.8 BlackRock NY Mun BNY 10.73 9.60 -10.5 6.0 CATALYST/PERINI STRAT IN NA NA NA NS
JHancockTaxAdvDiv HTD 24.85 22.79 -8.3 20.3 V Conv & Inc II NCZ NA 12.36 NA 21.2 COLUMBIA CR INC OPP;A 20.11 NA NA NS
NuvCorePlusImpact NPCT NA 10.68 NA 13.3 EVCAMuniBd EVM 9.26 8.79 -5.1 5.6 Ellington Inc Opp:A NA NA NA 10.5
Liberty All-Star Equity USA 6.88 6.74 -2.0 10.7 NA 22.44 NA 16.3 COLUMBIA CR INC OPP;I 20.12 NA NA NS
V Div Inc & Conv ACV Nuveen Taxable Muni Inc NBB 15.80 15.61 -1.2 7.3 Eaton Vance NY Muni Bd ENX 9.60 9.13 -4.9 5.4 Ellington Inc Opp:M NA NA NA 10.8
Liberty All-Star Growth ASG 5.78 5.32 -8.0 11.3 V Eqty & Conv Inc NIE NA 23.49 NA 11.7 Diamond Hill Sec Cr;I 10.47 NA NA NS
PIMCO Corp & Inc Oppty PTY NA 13.80 NA 10.3 InvCaValMuIncTr VCV 9.99 10.19 +2.0 7.5 Loan Participation Funds
Royce Micro-Cap Tr RMT 10.35 9.06 -12.5 3.4 Diamond Hill Sec Cr;R 10.46 NA NA NS
World Equity Funds PIMCO Corp & Inc Strat PCN NA 12.70 NA 10.5 InvPAValMuIncTr VPV 10.62 9.76 -8.1 8.0 1WS Credit Income;A2 NA NA NA 8.4
Royce Value Trust RVT 16.71 15.05 -9.9 12.3 abrdn Emg Mkts Ex-China AEF 6.44 5.54 -14.0 15.1 1WS Credit Income;Inst NA NA NA 8.1 First Eagle Crdt Opps A 22.50 NA NA 9.5
PIMCOHilnco PHK NA 4.80 NA 12.1 InvTrInvGrNYMu VTN 10.58 9.98 -5.6 8.1 First Eagle Crdt Opps A2 22.48 NA NA 9.0
Source Capital SOR 45.32 42.60 -6.0 10.0 abrdn Glbl Dyn Div AGD 10.99 10.34 -5.9 20.4 Apollo Diversified Cd:A NA NA NA 8.0
PIMCO IncmStrFd PFL NA 8.35 NA 11.7 Nuveen CA AMT-F Qual MI NKX 11.69 11.55 -1.2 7.7 First Eagle Crdt Opps I 22.36 NA NA 9.8
Special Opportunities SPE 16.67 15.19 -8.9 26.4 abrdn Tot Dyn Div AOD 9.50 8.64 -9.1 16.7 Apollo Diversified Cd:C NA NA NA 7.3
PIMCO IncmStrFd II PFN NA 7.31 NA 11.8 Nuveen CA Val NCA 8.89 8.47 -4.7 4.1 First Trust Private Cr;A NA NA NA 10.7
Sprott Focus Trust FUND 8.40 7.43 -11.5 3.6 Allspring Gl Div Oppty EOD 5.92 5.32 -10.1 20.2 Apollo Diversified Cd:F NA NA NA 10.0
Putnam Mas Int PIM 3.43 3.35 -2.3 7.8 NuveenCAQtyMuInc NAC NA 10.91 NA 8.0 First Trust Private Cr;I NA NA NA 10.4
SRH Total Return STEW 21.57 17.44 -19.1 23.9 BlackRock Cap Alloc Term BCAT 15.67 15.21 -2.9 14.8 Apollo Diversified Cd:I NA NA NA 8.3
Putnam Prem Inc PPT 3.78 3.66 -3.2 8.4 NuvNJ Qual Muni Inc NXJ 12.25 11.33 -7.5 8.3 Franklin BSP Pvt Cr:A NA NA NA 8.4
Tri-Continental TY 35.83 31.61 -11.8 13.0 Calamos GloDynInc CHW 7.76 6.89 -11.2 10.4 Apollo Diversified Cd:L NA NA NA 7.8
Western Asset Dvsfd Inc WDI NA 14.79 NA 12.1 Nuveen NY AMT/Fr Qual MI NRK 10.45 9.75 -6.7 8.4 Franklin BSP Pvt Cr:Adv NA NA NA 8.9
Specialized Equity Funds EV TxAdvGlbDivInc ETG 21.30 20.27 -4.8 19.0 Apollo Diversified Cd:M NA NA NA 8.8
Western Asset Inf-Lk Inc WIA NA 8.13 NA 7.4 Nuveen NY Val NNY 8.57 8.11 -5.4 4.2 FS Credit Income;A 12.10 NA NA 9.1
abrdn Glb Prem Prop AWP 3.87 3.94 +1.8 17.5 EtnVncTxAdvOpp ETO 28.68 26.18 -8.7 10.9 Axonic Alternative I;A NA NA NA 8.9
Western Asset Inf-Lk O&I WIW NA 8.50 NA 8.5 Nuveen NY Qual Muni Inc NAN 11.04 11.31 +2.4 7.6 FS Credit Income;I 12.14 NA NA 9.3
abrdn Global Infra Inc ASGI 21.06 19.75 -6.2 18.8 Highland Global Alloc HGLB 11.95 8.92 -25.4 37.2 Axonic Alternative I Ins NA NA NA 8.9
World Income Funds Nuveen PA Qual Muni Inc NQP NA 11.08 NA 8.4 FS Credit Income;T 12.13 NA NA 8.8
Adams Natural Resources PEO 23.11 20.66 -10.6 0.1 India Fund IFN 17.20 16.43 -4.5 7.8 Bluerock HI Inst Crd:A NA NA NA 11.3
abrdn AP IncFd FAX 16.67 15.75 -5.5 12.7 Nuveen VA Qlty Mun Inc NPV 11.08 11.14 +0.5 7.7 FS Credit Income;U 12.08 NA NA 8.5
ASA Gold & Prec Met Ltd ASA 36.80 33.81 -8.1 94.1 Japan Smaller Cap JOF 10.62 9.53 -10.3 29.2 Bluerock HI Inst Crd:C NA NA NA 11.0
BlackRock Energy & Res BGR 13.56 12.78 -5.8 6.2 MS EmMktDomDebt EDD 5.46 5.10 -6.6 11.9 PIMCO CA PCQ 9.36 8.43 -9.9 5.1 FS Credit Income;U-2 12.19 NA NA 8.5
LazardGlbTotRetInc LGI 17.75 16.37 -7.8 7.3 Ms EmMktDebtFd MSD 7.50 7.82 +4.3 12.0
Bluerock HI Inst Crd:F NA NA NA 11.6
BlackRock Eq Enh Div BDJ 9.24 8.60 -6.9 13.2 PIMCOCAMuniII PCK 5.96 5.31 -10.9 4.8 Bluerock HI Inst Crd:I NA NA NA 11.4 J HANCOCK CQS ASSETBS;A 19.47 NA NA NS
Mexico MXF 20.85 17.09 -18.0 13.2 PIMCO Access Income PAXS NA 15.11 NA 11.9 Pimco CA Muni III PZC 6.89 6.19 -10.2 5.7 J HANCOCK CQS ASSETBS;I 19.48 NA NA NS
BlackRock Enh Glbl Div BOE 12.26 11.19 -8.7 15.0 MS ChinaShrFd CAF 16.04 13.27 -17.3 13.2 BNYM Alcntr Glb MS Cr Fd 88.18 NA NA NA
BlackRock Enh Intl Div BGY 6.31 5.77 -8.6 12.4 PIMCO Dynamic Inc Strat PDX NA 24.08 NA 6.2 J HANCOCK CQS ASSETBS;U 19.45 NA NA NS
MS India IIF NA 27.24 NA 20.5
52 wk CliffwaterClFd;I 10.75 NA NA 10.8
BlackRock ESG Cap All T ECAT 16.62 16.06 -3.4 13.0 PIMCO Dynamic Income PDI NA 18.90 NA 14.1 Prem Ttl KKR CREDIT OPPTY;D NA NA NA 8.3
New Germany GF 13.12 11.97 -8.8 39.7 CliffwaterElFd;I NA NA NA 11.0
BlackRock Hlth Sci Term BMEZ 15.39 14.80 -3.8 10.8 PIMCO Dynamic Inc Opp PDO NA 13.44 NA 11.4 Fund (SYM) NAV Close /Disc Ret CNR Strategic Credit 6.59 NA NA 23.5 KKR CREDIT OPPTY;I NA NA NA 8.6
Nuveen Multi-Asset Inc NMAI NA 12.58 NA 16.1 PIMCO Stratg Inc RCS NA 6.78 NA 8.6 KKR CREDIT OPPTY;T NA NA NA 7.8
BlackRock Hlth Sciences BME 39.14 36.40 -7.0 -3.5 General Equity Funds Floating-Rate Opps;A 10.08 NA NA 9.5
Nuveen Rl Asst Inc & Gro JRI 13.46 13.08 -2.8 22.2 Templtn Glbl Inc SABA NA 8.89 NA NE KKR CREDIT OPPTY;U NA NA NA 7.8
BlackRock Res & Comm BCX 10.11 9.52 -5.8 13.2 Alternative Strategies:I 14.91 NA NA 8.9 Floating-Rate Opps;I 10.07 NA NA 9.8
NYLI CBRE Glbl Inf Meg T MEGI 15.21 14.09 -7.4 21.3 Templeton Em Inc TEI 6.21 5.75 -7.4 10.1 MA SPECIALTY CREDIT IN;S 24.99 NA NA NS
BlackRock Sci&Tech Term BSTZ 21.45 19.62 -8.5 15.4 SEG PARTNERS L/S EQTY;I 24.98 NA NA N Floating-Rate Opps;U 10.08 NA NA 9.0
Templeton Dragon TDF 11.55 9.88 -14.5 23.4 WstAstEmergDebt EMD NA 9.78 NA 10.7 NIAGARAINCOMEOPPORTNTS NA NA NA 11.7
BlackRock Sci&Tech Trust BST 39.16 37.40 -4.5 10.3 Specialized Equity Funds Equalize Community Dev 9.52 NA NA 3.2
Templeton Em Mkt EMF 16.13 13.88 -13.9 21.5 National Muni Bond Funds Palmer Square Opp Inc 18.02 NA NA 7.8
BlackRock Innov&Gro Term BTX 7.35 NA NA NA ARK Venture 30.52 NA NA 18.5 FedProj&TrFinanceTendr 10.07 NA NA 7.3
BlackRock Utl Inf & Pwr BUI 24.51 24.47 -0.2 15.5 Prem12 Mo AllBerNatlMunInc AFB 11.35 10.11 -10.9 4.3 ArrowMark Financial Corp BANX NA 20.23 NA NA Flat Rock Core Income 20.05 NA NA 10.3 TCW PRIVATE ASSET INC;A NA NA NA NS
CLEARBRIDGEENGYMDSOPP EMO NA 46.64 NA 20.1
Fund (SYM) NAV Close /Disc Yld BlackRock 2037 Muni Trg BMN 24.87 24.63 -1.0 4.6 CASCADE PRIVATE CAP;I 18.43 NA NA NA Flat Rock Enhanced Inc 21.77 NA NA 10.8 TCW PRIVATE ASSET INC;I NA NA NA NS
ChnStrInfr UTF 25.24 26.34 +4.4 21.6 U.S. Mortgage Bond Funds BlckRk Inv Q Mun BKN 11.82 10.69 -9.6 6.3 CBRE GlbRlEst IGR 4.97 5.18 +4.2 5.0 InvDYCrOpp:A 10.77 NA NA 11.2 World Income Funds
Cohen&SteersQualInc RQI 12.97 12.51 -3.5 16.9 BlckRk Income BKT 11.71 11.44 -2.3 9.2 BlackRock Muni 2030 Tgt BTT 23.92 21.52 -10.0 2.6 CIM RA&C A 21.88 NA NA 2.1 InvDYCrOpp:R6 10.78 NA NA 11.6 BlueBay Destra Itl E:A 21.80 NA NA 10.9
CohenStrs Real Est and I RLTY 16.12 15.13 -6.1 17.4 Investment Grade Bond Funds BlackRock Muni BFK 10.53 9.49 -9.9 6.2 CIM RA&C C 21.06 NA NA 1.4 InvDYCrOpp:Y 10.78 NA NA 11.4 BlueBay Destra Itl E:I 21.84 NA NA 11.2
Cohen&Steers TotRet RFI 11.65 12.01 +3.1 14.7 Angel Oak FS Inc Trm FINS NA 12.91 NA 10.1 BlackRock Muni II BLE 10.95 9.83 -10.2 6.3 CIM RA&C I 22.15 NA NA 2.4 Invesco Sr Loan A 5.68 NA NA 8.8 BlueBay Destra Itl E:L 21.78 NA NA 10.6
BlRck Core Bond BHK 10.10 9.60 -5.0 8.8 BlckRk Muni Inc Qly BYM 11.55 10.38 -10.1 6.2 CIM RA&C L 21.59 NA NA 1.9 Invesco Sr Loan C 5.69 NA NA 8.1 BlueBay Destra Itl E:T 21.65 NA NA 10.5
CohenStrsREITPrefInc RNP 21.18 21.95 +3.6 17.2
BR Credit Alloc Inc BTZ 11.21 10.72 -4.4 9.3 BR MuniAssets Fd MUA 10.97 10.15 -7.5 6.4 CION Grosvenor Infras;D NA NA NA NS Invesco Sr Loan IB 5.68 NA NA 9.1 BOOSTER INCOME OPPTYS 10.07 NA NA NS
Columbia Sel Prm Tech Gr STK 28.42 29.12 +2.5 4.6
InvescoBond VBF 16.09 15.36 -4.5 5.6 BR MH Qly 2 MUE 10.52 9.45 -10.2 6.1 CION Grosvenor Infras;I NA NA NA NS Invesco Sr Loan IC 5.68 NA NA 8.9 Calamos-Aksia ACI:A 10.73 NA NA 9.6
DNP Select Income DNP NA 9.70 NA 23.9
J Han Income JHS 12.02 11.15 -7.2 4.9 BR MuniHoldngs MHD 12.31 11.09 -9.9 6.1 CION Grosvenor Infras;S NA NA NA NS Invesco Sr Loan Y 5.68 NA NA 9.1 Calamos-Aksia ACI:C 10.70 NA NA 8.8
Duff&Ph Uti&Infra Inc Fd DPG NA 12.16 NA 33.3

.
MFS Intmdt MIN 2.74 2.66 -2.9 2.3 BR MuniVest Fd MVF 7.23 6.63 -8.3 6.1 CION Grosvenor Infras;U NA NA NA NS Monachil Credit Income:I 10.04 NA NA 9.8 Calamos-Aksia ACI:I 10.73 NA NA 9.8
EtnVncEqtyInc EOI NA 20.34 NA 17.1
Loan Participation Funds BR MuniVest 2 MVT 11.23 10.02 -10.8 6.2 CION Grosvenor Infras;U2 NA NA NA NS Nomura Alt Inc;I 9.87 NA NA 10.7 Calamos-Aksia ACI:M 10.73 NA NA 9.0
EtnVncEqtyIncoII EOS NA 23.43 NA 20.3

ly
BR Debt Strategy DSU 10.37 10.50 +1.3 11.3 BR MuniYield Fd MYD 10.98 9.92 -9.7 6.4 Connetic Venture CA;I 10.15 NA NA NS Nuveen Enh CLO Inc:A1 NA NA NA NS Carlyle Tact Pvt Cred:A NA NA NA 9.2
EVRskMnDvsEqInc ETJ 9.51 8.87 -6.7 11.3
BR F/R Inc Str FRA 12.50 12.81 +2.5 11.6 BR MuniYield Qlty MQY 11.94 10.98 -8.0 6.3 FIRST EAGLE RL EST DBT;I 25.27 NA NA NS Nuveen Enh CLO Inc:A2 NA NA NA NS Carlyle Tact Pvt Cred:I NA NA NA 9.7
ETnVncTxMgdBuyWrtInc ETB 14.94 13.99 -6.4 9.4
BlackRock Floatng Rt Inc BGT 12.19 12.32 +1.1 11.7 BR MuniYld Qlty2 MQT 10.52 9.52 -9.5 6.3 First Tr Real Assets;A NA NA NA NS Nuveen Enh CLO Inc:I NA NA NA NS Carlyle Tact Pvt Cred:L NA NA NA 9.2
EtnVncTxMgdBuyWrtOpp ETV 14.17 13.46 -5.0 11.4
Blackstone Lng-Sh Cr Inc BGX NA 12.16 NA 9.6 BR MuniYld Qly 3 MYI 11.40 10.38 -8.9 6.3 Forum RE Income;Founders 9.69 NA NA 10.3 Octagon XAI CLO Inc;A 25.07 NA NA NS Carlyle Tact Pvt Cred:M NA NA NA 8.9
EvTxMnDvsEqInc ETY 14.87 15.19 +2.2 19.4
BNY Mellon Muni Bd Infra DMB 11.10 9.98 -10.1 3.6 Forum RE Income;I 9.69 NA NA 10.2 Octagon XAI CLO Inc;I 25.09 NA NA NS Carlyle Tact Pvt Cred:N NA NA NA 9.7
EtnVncTxMgdGlbB ETW 9.29 8.46 -8.9 12.6
EVTxMnGblDvEqInc EXG 9.27 8.69 -6.3 13.8
First Tr Enhanced Eq FFA 21.02 19.87 -5.5 10.8
Gabelli Healthcare GRX 10.73 9.63 -10.3 2.4
Gab Utility GUT 3.11 5.55 +78.5 12.1
BS SFR 2027 T BSL

EV SenFlRtTr EFR
NA 14.14 NA 9.2
BS St Cr 2027 Tm BGB NA 11.94 NA 9.3
EtnVncFltRteInc EFT 12.83 12.27 -4.4 10.2
on
12.56 11.90 -5.3 10.2
FT/Sr Fltg Rte Inc 2 FCT 10.50 9.83 -6.4 11.7
BNY Mellon Str Muni Bond DSM 6.14 5.55 -9.6 3.8
BNY Mellon Strat Muni LEO 6.49 5.80 -10.6 3.9
DWS Muni Inc KTF
EVMuniBd EIM
9.05 8.82 -2.5 8.1
10.32 9.59 -7.1 6.2
Forum RE Income;K 9.68 NA NA NS
JACKSON REAL ASSETS;I 10.74 NA NA 7.1
MEKETA INFRSTRCTR;I 27.78 NA NA 10.5
MEKETA INFRSTRCTR;III 27.78 NA NA 10.6
NexPointRlEstStrat;A 14.56 NA NA -5.0
OFS Credit Company OCCI NA 6.05 NA NA
PC PCAAM AI;I 10.30 NA NA NS
PRINCIPAL PRVT CR I;A 10.34 NA NA NS
PRINCIPAL PRVT CR I;INS 10.37 NA NA NS
PRINCIPAL PRVT CR I;Y 10.39 NA NA NS
Carlyle Tact Pvt Cred:U NA NA NA 8.9
Carlyle Tact Pvt Cred:Y NA NA NA 9.3
Fid MS Cr;A
Fid MS Cr;C
Fid MS Cr;I
NA NA NA 6.7
NA NA NA 5.9
NA NA NA 6.9
GAMCOGlGold&NatRes GGN 4.53 4.41 -2.6 18.7 Highland Oppty & Income HFRO 12.00 5.14 -57.2 8.5 EVMuniIncm EVN 10.45 10.22 -2.2 5.9
NexPointRlEstStrat;C 14.77 NA NA -5.7 SEI Alternative Income:F 10.28 NA NA 7.1 Fid MS Cr;L NA NA NA 6.4
us ,

J Han Finl Opptys BTO 33.41 34.50 +3.3 34.1 InvDYCrOpp:AX VTA 10.77 NA NA NA EVNatMuniOpp EOT 17.43 16.06 -7.9 5.0
NexPointRlEstStrat;Z 14.77 NA NA -4.8 SEI Alternative Income:Y 10.28 NA NA 7.3 Jackson Credit Opps:I 10.30 NA NA 7.0
KayneEnrgyInfraInc KYN 14.02 12.36 -11.8 30.2 InvSnrIncTr VVR 3.75 3.67 -2.1 13.2 InvAdvMuIncTrII VKI 8.76 8.17 -6.7 8.0
l

PENDER REAL ESTATE CR;A 10.06 NA NA NS Voya Enhanced Sec Inc:A NA NA NA 8.0 Lord Abbett Cred Opps Fd 8.56 NA NA 8.9
Neuberger Brmn Enrgy I&I NML 9.72 8.74 -10.1 22.4 Nuveen Credit Strat Inc JQC NA 5.34 NA 12.3 Invesco MuniOp OIA 5.95 5.66 -4.9 6.0
Lord Abbett Cred Opps Fd 8.56 NA NA 9.7
e
PENDER REAL ESTATE CR;I1 10.05 NA NA 7.9 Voya Enhanced Sec Inc:C NA NA NA 7.4
al a

Neuberger Nxt Gen Conn NBXG NA 13.81 NA 21.6 NuvFloatRateIncFd JFR NA 8.30 NA 12.3 InvescoMuOppTr VMO 9.79 9.03 -7.8 8.1 Lord Abbett Crd Op:U 8.56 NA NA 8.9
PENDER REAL ESTATE CR;I2 10.05 NA NA 8.1 Voya Enhanced Sec Inc:I NA NA NA 8.2
NubrgrRlEstSec NRO 3.33 3.21 -3.6 9.95 High Yield Bond Funds InvescoMuTr VKQ 9.84 9.14 -7.1 8.1 Oaktree Dvsfd Income;D 9.17 NA NA 9.2
PIMCO Flexible REI;A-3 10.48 NA NA NS Yieldstreet Alt Inc NA NA NA 6.5
NuvDow30DynOverwrite DIAX NA 14.19 NA 8.5 abrdn Inc Credit Str ACP 6.10 5.85 -4.1 18.2 InvescoQual Inc IQI 9.94 9.27 -6.7 8.0 PIMCO Flexible EM I;Inst NA NA NA 8.3
PIMCO Flexible REI;A-4 10.48 NA NA NS High Yield Bond Funds
NuvCorEqAlpha JCE 15.46 15.29 -1.1 14.1 AllianceBernGlHiIncm AWF 11.25 10.79 -4.1 7.4 InvTrInvGrMu VGM 10.14 9.50 -6.3 8.0
ci on

PIMCO FLEXIBLE REI;F 10.48 NA NA NS AB CarVal Credit Opp;Adv 9.94 NA NA 7.6 National Muni Bond Funds
NuveenNasdaq100DynOv QQQX NA 25.98 NA 13.4 Allspring Income Oppty EAD 7.32 6.91 -5.6 9.2 InvescoValMunInc IIM 12.19 11.63 -4.6 7.9 BLACKROCK MUN CAP;A 12.72 NA NA NS
PIMCO Flexible REI;Inst 10.48 NA NA 7.1 AB CarVal Credit Opp;A 9.94 NA NA NS
Nuv Real Est JRS 8.59 7.97 -7.2 15.1 Barings Glb SD HY Bd BGH NA 14.96 NA 10.7 NeubrgrBrm NBH 10.91 9.81 -10.1 6.4 Principal Real Asst A 26.35 NA NA 5.6 AB CarVal Credit Opp;C 9.94 NA NA NS BLACKROCK MUN CAP;U 12.72 NA NA NS
NuvS&P500DynOvFd SPXX NA 17.38 NA 16.8 BR Corporate HY HYT 9.61 9.67 +0.6 9.6 Nuveen AMT-Fr Mu Val NUW 14.56 13.58 -6.7 4.1 Principal Real Asst Ins 26.52 NA NA 5.9 AB CarVal Credit Opp;U 9.94 NA NA NS Ecofin Tax-Exempt Prv Cr 6.64 NA NA 23.6
NuvSP500BuyIncFd BXMX 14.95 13.68 -8.5 10.1 BlackRock Ltd Dur Inc BLW 13.89 14.08 +1.4 9.6 Nuveen AMT-Fr Qlty Mun I NEA 11.30 10.81 -4.3 8.0 Principal Real Asst Y 26.86 NA NA 6.1 Opprtnstc Crdt Intrvl;I NA NA NA 8.5 FIRST EAGLE TCT MN OPP;I 10.00 NA NA NS
NXGCushingMdstrmEnrgy SRV 41.75 41.35 -1.0 11.3 BNY Mellon Hi Yield Str DHF 2.74 2.51 -8.4 8.3 Nuveen AMT-Fr Mu CI NVG NA 11.82 NA 7.9 Redwood Rl Est;I 25.09 NA NA 7.9 PIMCO Flexible Cr I;A-1 NA NA NA 10.2 Lind Cap Pt Mun Cred Inc 8.44 NA NA 5.4
NXG NextGen Infras Inc NXG 47.71 48.99 +2.7 31.3 Brookfield Real Asst Inc RA 14.43 12.97 -10.1 9.1 Nuveen Dyn Muni Opp NDMO NA 10.13 NA 7.3 The Private Shares;A 41.86 NA NA 5.6 PIMCO Flexible Cr I;A-2 NA NA NA 10.2 Lord Abbett Muni Opps:A 9.93 NA NA NS
ReavesUtilityIncome UTG 35.03 34.88 -0.4 34.5 CrSuisHighYld DHY 2.17 2.06 -5.1 9.0 Nuveen Mu Crdt Opps NMCO NA 10.51 NA 7.8
er s

The Private Shares;I 42.69 NA NA 5.9 PIMCO Flexible Cr I;A-3 NA NA NA 9.98 Lord Abbett Muni Opps:I 9.93 NA NA NS
Tortoise Enrgy Infra Crp TYG NA 41.61 NA 39.3 CSAM Income Fd CIK 2.92 2.88 -1.4 9.4 Nuv Muni Credit Income NZF NA 11.83 NA 8.0 The Private Shares;L 41.07 NA NA 5.4 PIMCO Flexible Cr I;A-4 NA NA NA 9.98 Nuveen En HY Muni Bd:A1 NA NA NA 5.2
Ecofin S&S Impact Term TEAF NA 11.69 NA 8.0 DoubleLine Inc Sol DSL 12.11 12.29 +1.5 10.3 NuvMuniHiIncOpp NMZ NA 10.25 NA 7.5 Thirdline Real EstateI 9.98 NA NA 5.7 PIMCO Flexible Cr I;Inst NA NA NA 10.7 Nuveen En HY Muni Bd:A2 NA NA NA 5.5
USQ Core Real Estate:I 21.76 NA NA 0.1 Polen Credit Opps;Inst 9.39 NA NA 9.8 Nuveen En HY Muni Bd:I NA NA NA 6.0
m er

USQ Core Real Estate:L 21.89 NA NA 0.2 Other Domestic Taxable Bond Funds NYLI MacKay Mu IO;A1 9.68 NA NA 3.5
Versus Cap RE:I 24.26 NA NA 2.3 AFA Private Credit;Fndr NA NA NA 11.9 NYLI MacKay Mu IO;A2 9.68 NA NA 3.5
Insider-Trading Spotlight Versus Capital Real Asst 28.44 NA NA 5.7 AFA Private Credit;Inst NA NA NA 11.9 NYLI MacKay Mu IO;A3 9.68 NA NA 3.3
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Wildermuth:I 3.21 NA NA -56.0 Alternative Credit Inc:A NA NA NA 9.2 NYLI MacKay Mu IO;I 9.68 NA NA 4.1
WILSHIRE PRIV ASST;INST 12.73 NA NA NA Alternative Credit Inc:C NA NA NA 8.2 PIMCO Flex Mun Inc;A-3 9.86 NA NA 3.5
new information about the prospects of a company. Insiders are required to report large trades to the SEC
m rp

Income & Preferred Stock Funds Alternative Credit Inc:I NA NA NA 9.6 PIMCO Flex Mun Inc:A1 9.86 NA NA 3.8
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by ALPHA ALT ASST;A 6.40 NA NA 7.2 Alternative Credit Inc:L NA NA NA 8.9 PIMCO Flex Mun Inc;A2 9.86 NA NA 3.8
LSEG Data and Analytics on June 6, and year-to-date stock performance of the company Alpha Alternative Assets 6.47 NA NA 7.3 Alternative Credit Inc:W NA NA NA 9.2 PIMCO Flex Mun Inc;Inst 9.86 NA NA 4.3
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Calamos L/S Eqty and DI CPZ 17.45 15.93 -8.7 9.4 AMG Pantheon Crdt Soln;I NA NA NA 3.7 ROCKEFELLER MUNI OPPS;I 19.31 NA NA NS
CARLYLE ALPINV PVT MKT;W NA NA NA NS AMG Pantheon Crdt Soln;M NA NA NA NS Single State Muni Bond
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
Flat Rock Opportunity 17.62 NA NA 4.0 AMG Pantheon Crdt Soln;S NA NA NA 3.7 PIMCO CA FMI;A-1 9.81 NA NA 3.0
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Lord Abbett Corp Opps:A 9.09 NA NA 6.3 Angel Oak Str Crdt:FI NA NA NA 9.3 PIMCO CA FMI;Inst 9.81 NA NA 3.6
unknown VP: vice president Excludes pure options transactions
co Fo

Biggest weekly individual trades Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Based on reports filed with regulators this past week

Date(s) Company Symbol Insider Title

No. of shrs in Price range ($) $ Value
trans (000s) in transaction (000s) Close ($) Ytd (%)
Money Rates June 6, 2025
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Buyers guide to general levels but don’t always represent actual transactions.
May. 29 Solesence SLSN B. Whitmore BI 6,689 4.20 28,094 3.84 57.2 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
May. 30 Taysha Gene Therapies TSHA P. Manning BI 750 2.75 2,063 2.84 64.2 April index Chg From (%)
level March '25 April '24 Britain 4.25 4.25 5.25 4.25 13 weeks 4.250 4.255 5.250 4.175
May. 15-16 WNS WNS A. Chintapalli O 20 54.44-55.90 1,115 59.76 26.1 Australia 3.85 3.85 4.35 3.85 26 weeks 4.150 4.160 5.165 4.000
June 3-4 Tidewater TDW R. Robotti DI 25 42.05-42.14 1,052 43.43 -20.6 U.S. consumer price index
Overnight repurchase Other short-term rates
All items 320.795 0.31 2.4
n-

May. 28 Kayne Anderson KBDC J. Robo DI 43 15.84 681 15.89 -3.9 U.S. 4.34 4.39 5.45 4.00
Core 326.815 0.27 2.8 Week 52-Week
May. 30-June 2Clear Channel Outdoor Holdings CCO A. Moreno B 608 1.06-1.07 648 1.14 -16.8 Latest ago high low
U.S. government rates
May. 29-30 Reynolds Consumer Products REYN C. Mayrhofer OI 23 21.99-22.14 514 21.74 -19.5 International rates
Discount Call money
May. 29 Wex WEX M. Smith CEO 4 134.57 501 138.58 -21.0 6.25 6.25 7.25 6.25
Week 52-Week 4.50 4.50 5.50 4.50
no

May. 27-29 Sight Sciences SGHT S. Encrantz DO 128 3.44-3.59 452 4.20 15.4 Latest ago High Low
Federal funds Commercial paper (AA financial)
May. 30-June 3 S. Encrantz DO 99 3.67-3.97 376
Prime rates Effective rate 4.3300 4.3300 5.3400 4.3200 90 days n.a. 4.34 5.35 4.19
June 2-3 Sunrise Realty Trust SUNS L. Tannenbaum H 38* 10.59-10.88 401 10.85 -22.9 U.S. 7.50 7.50 8.50 7.50 High 4.5500 4.5500 5.6500 4.3700
Canada 4.95 4.95 7.20 4.95 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
June 2-4 Smith Douglas Homes SDHC G. Perdue D 19 18.34-19.09 362 19.27 -24.8
Japan 1.875 1.875 1.875 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.29 4.33 5.40 4.26
May. 21 Flanigan's Enterprises BDL J. Flanigan P 11 23.75-27.00 278 33.20 31.5 Offer 4.3300 4.3300 5.3600 4.3300 Value 52-Week
Policy Rates
June 2-3 Patrick Industries PATK T. Cleveland D 3 82.55-82.75 248 90.31 8.7 Treasury bill auction
Latest Traded High Low
Euro zone 2.40 2.40 4.50 2.40
May. 29 Mativ Holdings MATV S. Singhal CEO 40 5.76 230 6.17 -43.4 Switzerland 0.75 0.75 2.00 0.75 4 weeks 4.170 4.215 5.285 4.170 DTCC GCF Repo Index
June 2 Illinois Tool Works ITW D. Smith D 0.87 241.16 210 247.56 -2.4 Treasury 4.328 56.000 5.471 4.286
Notes on data: MBS 4.349 72.632 5.526 4.294
May. 28 Magnera MAGN T. Salmon DI 17 11.94 203 13.24 -27.1 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey
vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Sellers Rate is as of June 5, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
Latest Week ago Year ago
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
June 5 Carrier Global CARR M. Viessmann DI 4,267 70.30 300,000 71.04 4.1 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac
June 2 KKR & Co. KKR H. Kravis OD 1281* 119.80-121.67 153,756 123.40 -16.6 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.85 6.89 6.99
Tullett Prebon Information, Ltd. 15-year fixed 5.99 6.03 6.29
June 2 G. Roberts ODI 1,190 119.80 142,573
June 2-3 NVIDIA NVDA M. Stevens DI 1,061 137.79-140.92 149,094 141.72 5.5
June 2 Roblox RBLX D. Baszucki CEO 950* 87.92-88.76 83,572 95.80 65.6 Cash Prices | wsj.com/market-data/commodities Friday, June 6, 2025
May. 29 Galaxy Digital GLXY M. Novogratz CEOI 3,373 18.10 61,041 19.98 15.2
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
May. 29 C. Ferraro P 1,250 18.10 22,622
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
May. 30 Take-Two Interactive Software TTWO K. Slatoff PI 217 224.97-226.45 48,911 232.72 26.4 Friday Friday Friday
May. 30 S. Zelnick CEOI 217 224.97-226.45 48,911 Iron Ore, 62% Fe CFR China-s *95.7 Wheat,No.2 soft red,St.Louis-u 5.6075
Energy Steel, HRC USA, FOB Midwest Mill-s *850.0 Wheat - Hard - KC (USDA) $ per bu-u 5.5925
May. 30 Astera Labs ALAB M. Tate CFOI 500 88.14-94.33 45,113 90.75 -31.5
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 79.000 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 6.2000
May. 30-June 2Allstate ALL T. Wilson CEOI 181 205.81-211.31 38,008 208.06 7.9 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 BMI Lithium Carbonate, EXW China, =99.5%-v,w 8475 Food
June 2 Netflix NFLX R. Hastings D 27 1198.87-1218.47 32,634 1241.48 39.3 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 8550
BMI Cobalt sulphate, EXW China, >20.5% -v,w 6533 Beef,carcass equiv. index
May. 29 J. Hoag DI 23 1185.77-1205.16 26,762 choice 1-3,600-900 lbs.-u 355.35
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,k 3691
May. 30-June 2Carvana CVNA E. Garcia B 100 325.16-328.22 32,555 341.46 67.9 Engelhard industrial 3355.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 select 1-3,600-900 lbs.-u 343.84
LBMA Gold Price AM *3385.60 Broilers, National comp wtd. avg.-u,w 1.3699
May. 30-June 2 M. Jenkins CFO 64 317.67-331.71 20,915 Fibers and Textiles Butter,AA Chicago-d 2.5550
LBMA Gold Price PM *3374.60
May. 28 Airbnb ABNB J. Gebbia DO 239* 127.87-129.11 30,686 140.64 7.0 Krugerrand,wholesale-e 3444.48 Cheddar cheese,bbl,Chicago-d 186.00
Burlap,10-oz,40-inch NY yd-n,w 0.8875
Maple Leaf-e 3477.60 Cheddar cheese,blk,Chicago-d 185.75
May. 29 Solesence SLSN B. Whitmore BI 6,689 4.20 28,094 3.84 57.2 Cotton,1 1/16 std lw-mdMphs-u 0.6387
American Eagle-e 3477.60
Milk,Nonfat dry,Chicago lb.-d 126.25
Cotlook 'A' Index-t *77.50 Coffee,Brazilian,Comp-y 3.6479
June 3 Amphenol APH L. Walter P 286 91.43 26,149 93.36 34.4 Mexican peso-e 4001.28 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 3.8346
Austria crown-e 3249.42 Wool,64s,staple,Terr del-u,w n.a.
* Half the transactions were indirect **Two day transaction Eggs,large white,Chicago-u,w 2.8850
Austria phil-e 3477.60
p - Pink Sheets Grains and Feeds Flour,hard winter KC-p 15.80
Silver, troy oz. Hams,17-20 lbs,Mid-US fob-u n.a.
Engelhard industrial 36.3000 Bran,wheat middlings, KC-u,w 70 Hogs,Iowa-So. Minnesota-u 95.00
Handy & Harman base 36.0780 4.2500
Insider Buying and selling by sector Handy & Harman fabricated 45.0980
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w 108.2
Pork bellies,12-14 lb MidUS-u n.a.
Pork loins,13-19 lb MidUS-u 1.1193
Based on actual transaction dates in reports received this past week LBMA spot price *£26.3700 Corn gluten meal,Midwest-u,w 441.1 Steers,Tex.-Okla. Choice-u 232.00
(U.S.$ equivalent) *35.7950 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 362.00
Sector Buying Selling Sector Buying Selling Coins,wholesale $1,000 face-a 26959 Hominy feed,Cent IL-u,w 112
Other metals Meat-bonemeal,50% pro Mnpls-u,w 233 Fats and Oils
Basic Industries 1,221,258 1,504,246 Finance 3,444,875 194,560,086 LBMA Platinum Price PM *1134.0 Oats,No.2 milling,Mnpls-u 4.1300 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Palladium Price PM *1014.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.88 Grease,choice white,Chicago-h 0.5650
Capital Goods 547,438 65,354,793 Health care 3,846,391 517,137,004
Platinum,Engelhard industrial 1170.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Consumer durables 375,177 13,586,952 Public Utilities 100 13,968,570 Palladium,Engelhard industrial 1038.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 289.60 Soybean oil,crude;Centl IL-u,w 0.4603
Consumer non-durables 969,315 66,845,102 Technology 1,268,205 612,485,412 Aluminum, LME, $ per metric ton *2472.5 Soybeans,No.1 yllw IL-bp,u 10.4300 Tallow,bleach;Chicago-h 0.5800
Copper,Comex spot 4.8300 Wheat,Spring14%-pro Mnpls-u 8.2775 Tallow,edible,Chicago-u n.a.
Consumer services 14,031,801 286,908,816 Transportation 0 3,451,071
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;
Energy 1,308,485 9,356,780 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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 6/5
Sources: LSEG Data and Analytics; Dow Jones Market Data Source: Dow Jones Market Data
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | B9

MARKETS
THE TICKER
Individual Investors May Get MARKET EVENTS COMING THIS WEEK
Monday Wednesday Thursday

More Access to Private Funds

Wholesale inventories Consumer price index Initial jobless claims
Mar., previous up 0.4% All items, Apr. up 2.3% Previous 247000
Apr., expected up 0.0% May, expected up 2.5% Expected 242000
Core, Apr. up 2.8% Producer price index
Earnings expected May, expected up 2.9% All items, Apr.
Estimate/Year Ago EIA status report down 0.5%
SEC weighs loosening for accessing private-markets Casey’s General Stores Previous change in stocks in May, expected up 0.2%
investments,” said Vadim 1.95/2.34 millions of barrels Core, Apr. down 0.4%
rules limiting the Avdeychik, a partner at law VinFast Auto Crude-oil stocks May, expected up 0.3%
investments to firm Debevoise & Plimpton (0.28)/(0.26) down 4.3 Freddie Mac mortgage
who works on structuring reg- Gasoline stocks up 5.2 survey
institutions, wealthy istered investment funds. Tuesday
U.S. SECURITIES AND EXCHANGE COMMISSION

Distillates up 4.2 Previous weekly averages

However, closed-end funds Ratio, days of trading Mort. bankers indexes 30-year fixed 6.85%
BY CHRIS CUMMING typically require a $25,000 volume of current Purch., previous 15-year fixed 5.99%
MICHAEL BROCHSTEIN/ZUMA PRESS
minimum investment, which position, at May 15 down 4% EIA report: natural-gas
The Securities and Ex- in practice often restricts Previous change in stocks in
NYSE 3.6 Refinan., prev. down 4% billions of cubic feet
change Commission is consid- them to wealthy investors. Nasdaq 1.8 Treasury budget up 122
ering loosening longstanding SEC commissioner Hester May, ‘24 Earnings expected
rules that restrict private-eq- Peirce on Thursday recom- Earnings expected $347 bil. deficit Estimate/Year Ago
uity investments to institu- mended eliminating the limit Estimate/Year Ago May,’25, exp Adobe 4.97/4.48
tions and wealthy people, an- to “allow retail investors Academy Sports and $318 bil. deficit
other step in its plans to greater access to private in- Outdoors 0.89/1.08 Earnings expected
Friday
broaden access to a fast-grow- Natasha Vij Greiner, director of the SEC’s investment- vestments through a closed- Core & Main 0.52/0.49 Estimate/Year Ago U.Mich. consumer
ing asset class. management divisionn and the agency’s chair, Paul Atkins. end fund wrapper with the GameStop 0.08/(0.12) Chewy 0.17/0.15 index
The agency is working with benefit of professional man- Gitlab 0.15/0.03 Oracle 1.64/1.63 May, final 52.2
money managers that want to vestors to get into private money from institutions since agement.” J.M. Smucker 2.24/2.66 SailPoint (0.01)/n.a. June, prelim 55
offer private funds-of-funds to markets. The agency is “work- 2022, private-equity firms are Peirce, a Republican SEC
ordinary investors through ing with registrants on an ap- eagerly trying to tap this commissioner since 2018, also
SEC-registered vehicles to de- propriate path forward with fundraising channel. said she “would like to see
termine what sort of disclo- respect to the potential of fur- Under Chair Paul Atkins, more meaningful expansions”
sures these funds might need ther opening this channel to the SEC has moved even faster of the accredited-investor def-
to make, Natasha Vij Greiner, retail investors,” she said. than many anticipated in inition, “as would many retail
the director of the SEC’s in- In particular, she added, helping private equity reach investors who resent being cut
vestment-management divi- the SEC may loosen the re- this goal. off from an increasingly large
sion, said at a conference on strictions on people who The first move came in segment of the market.”
Thursday. aren’t accredited investors— March, when the SEC made it While fund managers cheer
The agency last month or, generally, those with $1 easier for firms to verify that these efforts, some Wall Street
stopped enforcing a policy, es- million of investible money or fund investors meet the ac- critics think the SEC risks go-
tablished more than two de- an income of over $200,000— credited-investor standard. ing too far in opening the as-
cades ago, that limits the to enter private market funds. Atkins announced a bigger set class to ordinary savers.

MICHAEL M. SANTIAGO/GETTY IMAGES

amount of private assets that “I believe it is appropriate to change last month, abandon- “Private-market assets tend
closed-end vehicles can hold. consider under what circum- ing a policy the SEC has held to be more opaque, illiquid
Attorneys say the change stances private-fund invest- since 2002 that limits closed- and expensive than public

.
helps make closed-end funds, ments should be available to end funds to holding a maxi- markets,” said Benjamin Schif-
which are similar to mutual investors who are not accred- mum of 15% in private assets, frin, director of securities pol-

ly
funds but far less widely used, ited investors,” Greiner said. a shift that potentially lets icy at nonprofit organization
a way for ordinary people to Trump-administration reg- nonaccredited investors get Better Markets, speaking at
invest in private funds such as ulators say they want to help into private markets, attor- the SEC conference Thursday.
buyout vehicles, hedge funds
and venture-capital funds.
Greiner suggested Thursday
that the SEC wants to go fur-
private equity in its longtime
goal of raising more money
from individual investors, or
people who lack the wealth to
on neys say.
The change, long sought by
the industry, “widens the ap-
erture in terms of access” and
“What we need to do, I
think, is not focus on continu-
ally expanding the private
markets but on revitalizing
GameStop is expected to post per-share earnings of 8 cents.

* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
ther to make closed-end funds rank as accredited investors. helps make closed-end funds the public markets,” Schiffrin
us ,

theses) u Adjusted for stock split

an easy way for everyday in- Having struggled to raise “a very well-suited wrapper said. Note: Forecasts are from Dow Jones weekly survey of economists
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HEARD ON THE STREET

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Broadcom’s AI Bonanza Has Limits

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The chip-and-software giant is raking in money, but its valuation is sky-high

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Broadcom is making a lot of

money by helping technology com-
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panies manufacture custom chips

that speed up artificial-intelli-
gence computations. Investors
seem to be giving it too much
credit for that.
co Fo

Broadcom’s stock is the fifth-

best-performing in the S&P 500
over the past two months, climb-
ing more than 70% over the pe-
riod—a stunning rise given the
company’s already large size. It
eclipsed a $1 trillion valuation on
the way up, surpassing Walmart
and Tesla, and becoming the sev-
enth-most-valuable listed U.S.
company.
A large measure of the excite-
ment is justified. Years ago,
n-

Broadcom began helping Google

make AI chips, an interesting but
not wildly profitable side hustle at
the time. The AI boom completely
no

changed that. Alphabet’s Google

rushed to order more custom
chips to infuse AI in its search en-
gine, among other things. New
customers, including Meta Plat-
forms, lined up.
Broadcom now expects $5.1 bil-
lion of revenue from AI processing
and networking chips in its cur-
rent quarter, up 60% from a year
earlier and roughly one-third of
overall projected sales. It delivered
another set of strong quarterly re-
sults Thursday and a revenue out-
look that exceeded analyst fore-
GOOGLE

casts.
There remains room to run in
custom AI chips. They are gaining Broadcom’s stock is the fifth-best-performing in the S&P 500 over the past two months, climbing more than 70% over the period.
traction among big tech compa-
nies looking for alternatives to estimated Friday that Google Forward price/earnings ratio Share-price and index performance, Nvidia’s. Custom AI chips are all
Nvidia’s popular and expensive AI would increase spending on its past three months the rage now, but Nvidia plays in a
chips. Morgan Stanley estimates custom chips by between 10% and much bigger pond: The AI-chip
60 times 40%
the custom-chip market will be 20% this year, but would triple or market is expected to grow at a
valued at around $30 billion in quadruple spending with Nvidia Broadcom 23% annual pace in the next half-
Broadcom 30
2027, up from $12 billion last year. after previously skewing its 50
S&P 500
decade to hit nearly $500 billion
Nvidia
The road to reaching those spending in the other direction. by 2030, according to a recent as-
numbers isn’t as obstacle-free as Once they are in production, 20 sessment from analysis firm
40
Broadcom’s market value may sug- custom chips typically cost a frac- TechInsights. Because of their de-
gest, however. tion of the $30,000-plus Nvidia 10 velopment costs, custom AI chips
Custom-chip projects require charges for its most-advanced 30 will almost certainly continue to
hundreds of millions of dollars of chips. But they aren’t always a 0 be the domain of well-heeled tech
upfront investment and often slam dunk on cost, because big companies, not a wider swath of
20
don’t meet hoped-for performance computing systems jam-packed –10 corporate and government cus-
goals. Google’s latest custom AI with custom chips often have to tomers.
chips are about half as good as use optical networking technology 10 –20 All those concerns would be
their Nvidia counterparts, TD Co- that is more expensive than easier to shrug off if it weren’t for
wen analysts estimated in a recent Nvidia’s copper-wire systems. Weekly Broadcom’s valuation. The com-
0 –30
report—right at the threshold Then there is the cost of devel- pany’s forward price/earnings ra-
where producing them makes fi- oping software that tells the cus- July 2023 ’24 ’25 April 2025 May June tio of 33.6 is at a 23% premium to
nancial sense. In a February re- tom chips what to do—a chore Source: FactSet the PHLX Semiconductor Sector
port, Morgan Stanley analysts said Nvidia’s customers can largely Index, near the highest premium
performance problems with cus- avoid. Politics also could interfere ecutive Hock Tan offered little as- Broadcom has commanded in at
tom chips were “a more common External threats hang over with its growth: While Broadcom surance that Broadcom was insu- least a decade. It is also at a 13%
complaint than people think.” Broadcom’s custom-chip business hasn’t yet had to grapple with U.S. lated from export restrictions. premium over Nvidia.
Those issues mean big tech as well, including a competitive restrictions on sales to China like “Nobody can give anybody com- Broadcom has found a profit-
companies will hedge their bets market in which U.S. chip maker Nvidia has, analysts believe one of fort in this environment,” he said. able niche for itself in the AI
and keep turning to Nvidia for a Marvell and Taiwan’s MediaTek its biggest clients is ByteDance, In the long run, Broadcom’s big- boom. But it is a less-comfy one
large slice of their AI computing are increasingly nipping at its TikTok’s Chinese owner. In a call gest challenge may simply be that than many investors think.
needs. Morgan Stanley analysts heels. with analysts Thursday, Chief Ex- its market is more limited than —Asa Fitch
 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.

B10 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Trump’s New Steel Tariffs Aren’t Bulletproof

Conventional wisdom is that recent sector-based levies are on firmer legal footing, but hat might not be the case
U.S. steelmaker shares soared on room for a plaintiff to challenge
news of President Trump’s new tar- the new steel tariffs.
iffs. But are these tariffs as bullet- “The tricky part is how to apply
proof as investors seem to believe? the standards the court identi-
The steel tariffs, like those on fies,” he said. “For example, what
autos and auto parts, are sector- does it mean for a report to be
based. They differ in that respect ‘stale’? The court seems to suggest
from the “Liberation Day” tariffs that the passage of time might be
Trump unveiled in April. The U.S. enough. But how much time is too
Court of International Trade in much time?”
May blocked Trump’s tariffs on Much has happened in the past
U.S. trading partners, rejecting the seven years, including a pandemic.
argument that he could invoke U.S. steel imports were 26.2 mil-
emergency powers to set the lion metric tons in 2024, accord-
country-by-country tariffs. An ap- ing to the Commerce Department,
peals court stayed that ruling down 24% since 2017. That point
pending its own review. alone could underscore the need
The conventional wisdom in the for new investigative findings as a
markets has been that Trump’s re- predicate for presidential action.
cent sector-based tariffs are on Trump in his June 3 proclamation
firmer legal footing. That might said he considered “current infor-
not be the case, though. mation newly provided” by the
In fact, there is reason to be- Commerce Department, but didn’t
lieve his new 50% tariff on im- say what it was.
KAREN PULFER FOCHT/REUTERS

ported steel could be vulnerable to Investors will be watching to

a legal challenge. To speed up the see if any well-heeled plaintiffs
process, Trump piggybacked on surface to contest the tariffs. Gor-
the findings of a national-security don Johnson, chief executive at
investigation by the Commerce GLJ Research, in a June 2 note to
Department in 2018, during his clients said he believed the surge
first term. in steel stocks was premature and

.
The question now is whether Nucor’s shares have risen 11% since President Trump announced his new tariff plans on May 30. that the new 50% tariffs “could be
the findings were too stale to be overturned due to a lack of a new

ly
the basis for a new tariff increase, investigation.”
and thus whether Trump should whether the sectoral tariffs will sponse. After that, he has 15 days that ruling in a 2-1 decision. That He noted no one had sought an
have sought a new national-secu- draw serious court challenges, a to implement the action. decision might have opened the injunction yet to block them. That
rity investigation first. Going that
route would have delayed his
timeline. Cleveland-Cliffs is up
30% since Trump announced his
on
look at the legal underpinnings
shows potential soft spots. Trump
in his June 3 proclamation said he
exercised his authority under the
A 2021 ruling by a three-judge
panel of the U.S. Court of Appeals
for the Federal Circuit said the
deadlines aren’t strict and some
door for Trump to rely on the
same 2018 investigative report yet
again—seven years later—for his
latest tariff boost.
said, he wrote, “we believe there
are procedural problems that
make these new tariffs vulnerable
to a lawsuit.”
new tariff plans May 30. Nucor Trade Expansion Act of 1962 to flexibility is allowed. In that case, However, the appeals court said Steelmaker shares could take a
us ,

and Steel Dynamics have risen raise steel tariffs to 50% from 25%. Trump waited five months after his its ruling applied “in the circum- hit if a court invalidates the sec-
l

11% and 9%, respectively. The tariff In doing so, he cited the Com- initial 2018 action to boost tariffs stances presented here.” A deci- toral tariffs. U.S. automaker
e
al a

increase took effect June 4. merce Department’s 2018 investi- on imported Turkish steel to 50% sion could turn out differently in stocks, on the other hand, could
Trump also relied on Commerce gative report that concluded the from 25%. An importer, Transpa- other circumstances, such as rally. Of course, the Trump admin-
Department findings from his first quantities of steel being imported cific Steel, sued, and the Court of where the investigative findings istration could simply initiate new
ci on

term in office when raising sector- into the U.S. threatened to harm International Trade ruled against are “simply too stale to be a basis” Commerce Department investiga-
based tariffs this year on alumi- national security. the higher tariffs on Turkish im- for new presidential actions, the tions and reinstitute the tariffs
num, autos and auto parts. His di- The trade statute says the pres- ports, saying Trump had gone past court said. later. The net result for investors
rective raising aluminum tariffs to ident, within 90 days of such a re- the statutory time limit. (By then, Tim Meyer, an international- and the economy might be just
50% from 25% took effect June 4, port, shall determine whether he Trump had already returned the trade specialist and professor at more prolonged uncertainty about
er s

as well. concurs with the findings and de- tariff on Turkish steel to 25%.) Duke Law School, said the appeals Trump’s favorite negotiating tool.
While it is too soon to know cide what action to take in re- The appellate court reversed court’s ruling appears to leave —Jonathan Weil

alexa
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FREE INSIDE THE

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OUT
WEDNESDAY
n-
no

THE
FATHER’S
DAY
ISSUE
With Mets superstar
and dapper dad
Francisco Lindor
3NYP101
 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.

JOURNAL REPORT

INVESTING MONTHLY
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, June 9, 2025 | R1

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KIERSTEN ESSENPREIS

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R
Drugs, remote locations and AY LOEWE, an 83-year- charges an annual fee for more-per-
old retiree in Lancaster, sonalized care that he learned a hard
concierge care can add tens Pa., spent his career as a truth: He had significantly underesti-
of thousands of dollars to financial planner guiding mated the cost of healthcare.
people through the com- Americans tend to go into retire-
retirement healthcare costs plexities of preparing for ment in relatively good health and well
retirement. aware they will pay premiums for such
But it wasn’t until he was well into things as Medicare, supplemental
BY GAIL MARKSJARVIS his own retirement and switched to a Medicare insurance and Medicare drug
concierge medical practice that Please turn to page R2

Then there are those that

Inside
How I Got Burned employ a “hierarchy” ap-
proach—automatically taking
money first from the lowest-
MONTHLY MONITOR
U.S.-stock funds rallied as tariff

By a 401(k) Be sure to check

redemption rules or
risk and/or easily traded
funds, such as money-market
investments. The rationale be-
worries eased. Plus, a flashback
to the Smoot-Hawley tariffs. R2

Withdrawal you could get hit by

the ‘hierarchy trap’
hind this practice is to pre-
serve growth in retirement
accounts.
and raise your risk It isn’t clear how many re-
BY MICHAEL SICONOLFI profile tirement funds have the hier-
archy method. But the broader
RETIREMENT ROOKIES

H
problem for investors is that
ERE’S A TIP for re- you didn’t expect if you’re not there often is no disclosure of Our columnists are split on inflation.
tirement-plan inves- careful. the withdrawal protocols—ei- He’s worried. She says relax. Their
tors in a volatile mar- Some plans allow investors ther in the plan summary adviser says stick to the plan. R4
ket: Beware the to specify which fund or funds available to participants or, as
“hierarchy trap.” they want redeemed, or have I found out firsthand, from Fi-
Retirement plans have vary- the money taken out “pro delity Investments, which ad- YOUNG MONEY PARSING THE BUCK
ing rules on withdrawals—and rata” based on the percentage ministers my News Corp Two recessions have scarred our International stocks do best when
your money can be yanked of their holdings in various 401(k) plan and has the plan’s millennial columnist. The prospect the dollar weakens, research shows.
from a part of your account funds. Please turn to page R4 of a third has her full attention. R5 Ride U.S. small-caps in a rally. R5
 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.

R2 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

Tariff trouble in the
1930s: Herbert Hoover
Monthly Monitor • William Power
Stock Funds Roared 6% in May

are Trump’s on-again, off-again tariff

proclamations?” asks strategist Ed
Yardeni. “The stock market is barely re-
acting to them anymore.” Yes, consum-
ers remain worried about tariffs and in-
flation, says Yardeni, but the economy
has been resilient.
“While there is still uncertainty on
tariffs, that uncertainty has likely been
priced in by markets, which is why
stocks have been able to recover so
quickly,” says Rich Mullen, CEO of Pallas
Capital Advisors.
• Financial Flashback Leading the way in May among ma-
The Tariff Panic has eased for fund jor fund categories was large-cap
A look back at Wall Street Journal investors. growth (including the Magnificent
In May, the average U.S.-stock mu- Seven tech stocks that propelled the
headlines from this month in history tual fund or exchange-traded fund ral- market last year), with a 8.9% rally.
lied to a 6.1% total return, according to International-stock funds, which had
data from LSEG. finally been outperforming tariff-bat-
95 YEARS AGO  The gain—part of a turnaround for tered U.S. stocks after years of lagging
In June 1930, President Herbert Hoover ap- stocks from the hammering that inves- behind, weren’t able to win again in May.

BETTMANN ARCHIVE/GETTY IMAGES; GIACOMO BAGNARA

proved a bill imposing tariffs on foreign goods. tors took in the first quarter—has put Still, the category was up 4.9%, pushing
The move quickly torpedoed much of the world stock funds within sight of going into the year-to-date gain to a healthy 15.6%.
economy, including the U.S. This action is widely the black for the year to date; as of the Bond funds eased in May. The de-
blamed for causing the Great Depression. end of May, stock funds have trimmed cline for funds focused on investment-
The administration expected the so-called their year-to-date decline to just 0.9%. grade debt was 0.6%, to trim the year-
Smoot-Hawley or Hawley-Smoot tariffs to rake In fact, U.S. stocks in May registered to-date gain to 2.4%.
in $107 million a year, according to Wall Street their best month since late 2023, and (See funds-performance data tables
Journal coverage at the time. That was a big have started off well in June. That is at WSJ.com/investingmonthly.)
figure, considering that U.S. gross domestic because, in part, investors began ab-
product totaled $92 billion. But in 1933 the sorbing the latest tariff news with less William Power is deputy section editor
economy had shrunk to a low of $57 billion, a The Wall Street Journal, June 14, 1930 panic than earlier in the year. of Journal Reports in South Brunswick,
38% drop. Stocks, which had begun crashing in “How damaging to the U.S. economy N.J. Email him at [email protected].
1929, continued falling until 1932. ping tariffs on U.S. products. “It was beggar-
The original tariff goal was to support agri- thy-neighbor, everyone was trying to out-tariff
culture, says David Shreve, a Charlottesville, everyone else,” Shreve says. The 1930 tariffs

.
Va.-based economic historian and former Uni- didn’t come out of nowhere. “The ’20s, in gen-

ly
versity of Virginia professor. “Many farm re- eral, was an era of protectionism,” he says.
gions were feeling like they were in a depres- That was when the U.S. economy was “riding ‘We expect stocks and bonds to remain
sion before it was officially declared,” he says. high” as Europe limped along following the car- volatile as investors continue the elusive
It was little surprise that nonfarm sectors
opposed tariffs. That included auto pioneer
Henry Ford, General Motors and General Elec-
tric. A June 1930 article in the Journal quoted 30 YEARS AGO 
on
nage and destruction of World War I, he says.
—Simon Constable
hunt for trade, policy and geopolitical
certainty. Underneath the gyrating
headlines, economic fundamentals continue
us ,

U.S. Rep. Harold Knutson, a Republican from Netscape, a Hot Developer of Software Tied
to show a sturdiness few expected.’
to Internet, Plans Initial Offering
l

Minnesota: “General Motors owns and operates

Carol Schleif
e
large automobile factories in Germany, and in
al a

order to bring their products into the United 25 YEARS AGO  Chief market strategist, BMO Private Wealth
States they must have low import duties.” Pfizer Completes Stormy Takeover
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Countries hit with tariffs returned fire, slap- Of Warner-Lambert

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Concierge care
Retirees Often In some areas of the country
with large affluent retiree popu-
Underestimate lations, doctors increasingly are
m rp

turning away patients on Medi-

These Three care and accepting new patients
only if they pay an annual fee for
Big Medical concierge medicine. So retirees
can feel as if they have little al-
co Fo

Expenses ternative than to pay thousands

of dollars a year for the security
of a reliable doctor.
The average concierge retainer
Continued from page R1 runs $3,500 a year, says Tom
plans and even long-term-care in- Blue, a Richmond, Va., concierge-
surance. One widely used esti- practice adviser and former exec-
mate for such healthcare costs— utive director of the American
from financial-services titan Academy of Private Physi-
Fidelity—pegs them at $330,000 cians. Annual fees of $5,000 to
for the average couple throughout $10,000 are common and
retirement, or $165,000 for an in- “$25,000, which was the ceiling
n-

dividual, and those figures don’t in 2012, is not rare anymore”—

include long-term-care insurance. especially in places like New
But as individuals get farther York City, Los Angeles and Sili-
into retirement, many will face con Valley, Blue adds.
no

extra costs that recur year after Blue estimates there are about
year—and aren’t accounted for 12,000 concierge doctors nation-
in most planning scenarios. All ally and about 20,000 doctors
told, these unanticipated costs who don’t require annual retain-
can add tens of thousands of ers, but who are “direct pay.”
dollars, or more, to the health- That means patients must pay
care tab in retirement. for doctors’ appointments out of
“When you first retire you pocket rather than with Medi-
feel fine, but later medical needs care or other insurance, although
appear out of nowhere,” says insurance still pays for medical
Loewe. His advice today to peo- tests.
ple approaching retirement: “Be The group remains small com-
prepared to spend more on pared with the roughly 254,000
healthcare.” practicing primary-care doctors
Here are three frequently un- for adults nationally, but Blue es-
anticipated costs and how to timates it is growing at about 8%
plan for them: a year.
to people on Medicare and they costs, says Cubanski, is to check han, a medical doctor and Jack- And as more doctors in a com-
all differ on what they cover and formulary lists for expensive sonville, Fla., financial planner. munity become concierge, there
Uncovered drugs the portion patients must cover. drugs before selecting a Medi- She recalls one client who are fewer doctors left who take
A new federal requirement for That means that retirees can’t care drug insurance plan each built his dream retirement home Medicare or other insurance,
Medicare drug insurance, known count on the $2,000 annual cap year. People can change their in- near Lake City, Fla., only to learn says Adam Leive, a health econo-
as Part D Medicare, says that on their medications. surance once a year during what when he developed a serious mist at the University of Califor-
people using Medicare drug Consider the drug Imbruvica, are known as open enrollment lung condition that the nearest nia, Berkeley.
plans won’t have to pay more which treats blood cancer. It re- periods, and insurance compa- treatment was hours away and For Loewe, the retired finan-
than $2,000 out of pocket for the cently ran $14,900 a month and nies also change formulary lists in-home caregivers wouldn’t cial planner, the changeover to
drugs covered by their drug in- Medicare negotiated a reduction from one year to the next. travel to his remote property concierge care came when the
surance each year. to $9,000. If a Medicare patient even though he had a long-term- longtime doctor he and his wife
But there is a catch. The has a drug plan that has Imbru- care insurance policy. Ultimately, relied on near their home in sub-
$2,000 cap applies only to drugs vica on its formulary list, he or Medical isolation to get the care he needed, the urban Philadelphia began show-
that a Medicare Part D insurance she won’t have to pay more than In isolated, rural areas such as man moved into a nearby nurs- ing signs of burnout. The doc-
or Medicare Advantage company $2,000 for it during the year. much of Alaska, people realize ing home. tor’s office had become chaotic,
tells patients up front each year But if Imbruvica isn’t on a pa- that even routine medical care is For people who can afford it, and after staff lost his wife’s
will be covered through what’s tient’s Part D plan formulary list, likely to depend on air travel to an alternative can be to use medical records, the couple
known as the “formulary list.” the $2,000 cap on Medicare cities, so it is a way of life to charter medical flights to top switched to a concierge doctor.
There are almost 500 different drugs won’t apply and the pa- budget for small private planes doctors or hospitals, but for After moving to Lancaster three
drug-insurance policies offered tient could face a monthly cost and multinight hotel stays. most people such transportation, years ago, they again found a
of $9,000, says Juliette Cubanski, Yet in other areas of the coun- at $20,000 or more one-way, is concierge doctor.
deputy director of the Medicare try, people pick dream homes prohibitively expensive. That decision now costs the
KIERSTEN ESSENPREIS

Scan this code to policy program for KFF, a health- away from the bustle of urban When picking a retirement lo- couple $3,200 a year.
see what a Harvard care-policy research organization life early in retirement and then cation, McClanahan says, “You
economist thinks formerly known as the Kaiser are shocked when health issues have to decide whether lifestyle Gail MarksJarvis is a writer in
needs to be done to Family Foundation. crop up later and travel costs or the best medical care matters New York. She can be reached at
shore up the U.S. dollar. The key to avoiding such mount, says Carolyn McClana- most to you.” [email protected]
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | R3

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R4 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

Retirement Rookies • Stephen Kreider Yoder and Karen Kreider Yoder

Should Retirees Sweat Inflation? shut off and no longer feed your
savings. Inflation has been an-
other jolt, threatening to erode

He’s Worried. She Says Relax. the value of those unreplenished

savings.
Our regularly scheduled video
call with Michael was coming up
last month, so I bombarded him
Our financial adviser says we have a good plan, and we just have to stick to it ahead with a long list of inflation-
related questions. Should we worry
about inflation after all? What
The first few years in retirement steps should we take, if any? Bud-
are often the most difficult. But get better? Hold off on some
they also can set the stage for spending? Get a job? Just don’t
how you’ll fill the years ahead— buy a boat? Go on as we are? And
both financially and psychologi- what should we NOT do?
cally. Stephen Kreider Yoder, 67, a His three-point response:
longtime Wall Street Journal edi- “Have a plan—and stick to it,”
tor, joined his wife, Karen Kreider even when markets and factors
Yoder, 68, in retirement in late such as inflation can feel chaotic.
2022. In this monthly column, “Focus on what you can con-
they chronicle the issues they are trol.” Consider reducing some ex-
dealing with early in retirement. penses, confirm that your portfo-
lio is diversified.
• KAREN: There he goes again. “Avoid knee-jerk reactions.” Re-
“I’m really starting to worry tirees often feel they need to do
about inflation,” Steve told me as something when doing nothing
we biked to the beach. “It’s get- may be the best action. “Too of-
ting scary.” ten, dramatic moves that feel
I’d heard it all before. Steve has good now can lead to regret later.”
worried about running short of In other words, stick to the
money since we began dating in plan.
1977, even when our bank account On our Zoom call, he assured
got to the point where it was us that we were, indeed, still on
healthy and our expenditures course despite inflation, and that
were stable. Inflation is just the he would help us regularly review
latest trigger. and adjust the plan if needed.
I tend to be more optimistic. “One purpose of the buckets is to
The tension between our views take the market fluctuations out
has remained a constant in our re- of the picture,” he said. “You have

.
tirement and can put a damper on enough of a cushion that you can

ly
our enjoyment of these years. ride out a choppy situation.”
“What’s the worst that can knows Steve will be fretting. flation. Assets over time will sys- One thing I know: I don’t want There’s no reason to cut back
happen?” I asked, going into my “He’ll tell us we’re OK,” Steve tematically flow from Bucket No. 3 to listen to Steve harping about on planned expenditures such as
anxiety-therapist mode, as I often
must do in this house. “Are you
worried we’ll run out of money?”
Well, no, Steve replied, at least
on
replied with a hint of sheepish-
ness, “if we stick to the plan.”
Under Michael’s guidance, we
have divided our retirement funds
to Bucket No. 2 and then to
Bucket No. 1
I get Steve’s worry. Grocery
prices are up. I just noticed that
inflation, checking markets and
pinching pennies this summer
when we’re on another bicycle
trip. Cycling and camping make for
charity, he said—in fact, nonprofits
are likely to especially need our
contributions this year.
Should I get a job to compen-
us ,

not soon, but our money won’t go into three buckets. spices I want suddenly cost more. an inflation-busting travel style sate for inflation? “Only if you
l

as far, and we may need to start Bucket No. 1 contains funds in Train tickets are a lot pricier than that allows for splurges without want to work,” he replied.
e
dipping into our IRAs sooner than a “bond ladder”—a portfolio of just a few years ago. Our arborist threatening our IRAs. I will no doubt keep fretting
al a

we’d hoped, and the house needs short-term and medium-term charged $500 this spring to trim And if Steve’s anxiety flares on about inflation. But I’ve found lit-
repairs that will certainly cost bonds designed to stagger the our street trees, up from $350 the road, we can do as we did tle ways to chip away at it. I fixed
ci on

more than expected—did you hear maturities of the holdings—as well last year. back in 2022 on the cross-country the motor on Karen’s Bernina
what the electrician said about as money markets and Treasurys. We know that inflation is a bike trip we started the day after sewing machine in March rather
the price of copper wire?—and This bucket provides us a monthly true burden for many retirees. But he retired. We sat outside the than spending $200 on a new
travel costs are up so we may income until we go on Social Se- we were blessed with careers that general store in a tiny East Texas part. I’m lacing wheels for our tan-
need to rethink those plans, and curity at age 70 and later begin allowed us to save enough for this town and Zoomed with Michael dem bicycle instead of buying
er s

maybe we can’t give as much to tapping our IRAs. It aims to stage by living below our means, on a phone screen. them. To avoid paying much cash
charity, and restaurant prices are match inflation. and we don’t have some of the “I’m really starting to worry for travel, I’m starting to use the
m er

crazy, how can we enjoy eating Bucket No. 2, presumably for expenses others do. We bought about inflation,” Steve said back million frequent-flier miles I
out? our 70s and 80s, involves a mod- our home in 1989, so our housing then. You’ll be OK, Michael replied. hoarded over the years. We’ve de-
I moved on to my next regular erate-to-medium risk “all-weather” costs are low for San Francisco. Just stick to the plan. cided to eat out half as often and
therapy question: “What would portfolio strategy of stocks and We don’t have a car, so gas and not stress over the menu prices.
m rp

Michael say?” bonds. It aims at moderate maintenance prices aren’t an is- • STEVE: Inflation never bothered We prefer dining at home anyway.
Michael is our financial planner. growth above inflation. sue. me much before I retired. Another tactic: This summer, I’ll
One of the best decisions we Bucket No. 3 is medium-risk to And we can dial up our frugal- In fact, inflation was kind of my just ignore the financial news.
made just before Steve joined me medium-high risk investments for ity to combat inflation. I’ve been friend. The relative value of our And when I get pangs of infla-
in retirement was to hire him. He our later years in a mix of tradi- stocking up on low-cost groceries mortgage dropped over time tion anxiety, I’ll repeat the mantra:
co Fo

assured us back then that our as- tional and Roth IRAs. We have on sale. We’re do-it-yourselfers thanks to inflation. At the same “What would Michael say?” It will
sets would sustain us if we in- been converting some assets into and now have time for modest re- time, salary increases and frugal be a rhetorical question.
vested with a prudent strategy the Roth every year so the funds pairs on things like clothing, furni- living made inflation a sideshow.
and stuck to our lifestyle. During will be tax-free when we with- ture and appliances. These are Not now. There’s nothing quite The Yoders live in San Francisco.
PAUL BLOW

every Zoom session, he reassures draw them, perhaps in our 90s. tasks we like to do that save as jarring in retirement as watch- They can be reached at
us that we’re on course—he The goal is a return well above in- money. ing the salary spigot suddenly [email protected].
n-

Beware the ‘Hierarchy Trap’:

Here’s How I Got Burned
no

By a 401(k) Withdrawal
Continued from page R1 solely from the money-market
withdrawal protocol on an inter- fund. I urged them to again lis-
nal system but doesn’t automati- ten to the tape of the call, and to
cally disclose it to investors. (I’m alert me when I would have said
in the News Corp plan as a re- that. (I didn’t.)
tired reporter and editor of The Fidelity finally blamed the
Wall Street Journal.) 401(k) plan’s “fund hierarchy.” In
a March letter, the company
Case study wrote: “We apologize that you
On Jan. 23, I called Fidelity and were misinformed regarding plan
requested a withdrawal from my rules for this withdrawal.” The
401(k), emphasizing that I letter said that “per plan rules,
wanted some cash and was look- the withdrawal was redeemed
ing to reduce my stock-market through fund hierarchy. As a re-
exposure. Fidelity told me it sult, the withdrawal came solely
would pull the money “pro from the (Fidelity government
rata”—or proportionately—out of money market) fund.”
all my investment holdings in the Fidelity provided the hierar-
401(k) plan. I agreed. chy list for my 401(k) invest-
Imagine my surprise when I ments in an April letter, only af-
saw soon after that Fidelity had ter I’d requested it. “The fund system—but doesn’t automati- information—it’s the only way I Even as you stay alert to avoid
withdrawn all the money from a hierarchy redemption method cally share that information with later was able to obtain it. the hierarchy trap, specialists say
Fidelity money-market fund. This means the redeemable monies plan participants. There was no Meantime, if you want money it remains wise to avoid being
had the opposite effect of what I would be pulled from the first disclosure in the News Corp from your account while reduc- trigger-happy with your retire-
had intended: It proportionately fund of the Plan’s hierarchy list, 401(k) summary plan documents ing your stock exposure, you ment plan. “Because of rapid
increased the percentage of my and if that fund is depleted, then that are accessible on the Fidel- could consider first reallocating swings in the market, it’s best to
stockholdings. the second fund on the hierarchy ity website. that amount of money from your keep a long-term focus and not
Fidelity pulled the tape of my list would be accessed to redeem Fidelity and News Corp de- stock funds to whatever fund is have knee-jerk reactions to the
call requesting the transaction, the monies required, with this clined to comment for this article. at the top of the hierarchy list in daily market returns,” says Rob
and initially said it had followed process continuing until the re- your account before redeeming Austin, director of research at
my intentions and pulled out the quired moneys are redeemed to How to avoid shares. Alight Solutions, which serves
money from my account “pro satisfy the distribution amount,” So what can you do to prevent That’s what I did, as I was more than 200 large plans.
rata.” it said. such a predicament? waiting for weeks for Fidelity to
I informed Fidelity of the defi- A Fidelity representative told Before making any moves with figure out what had gone wrong. Michael Siconolfi is a former
nition of “pro rata” and said that me that Fidelity knew about the your retirement account, be sure I made the equity-market reallo- financial reporter and head of
ALEX NABAUM

surely wasn’t the case here. Fi- News Corp plan’s “hierarchy” to ask your 401(k) administrator cation in my 401(k) before the Investigations at The Wall Street
delity then suggested that I rules—the financial giant in- if your plan has an automatic recent turbulence in the stock Journal. He can be reached at
agreed to have the withdrawal cludes such rules in its internal fund hierarchy and request that market. [email protected].
 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.

THE WALL STREET JOURNAL. Monday, June 9, 2025 | R5

JOURNAL REPORT | INVESTING MONTHLY

Young Money • Julia Carpenter

Three Recessions for Millennials? required. “It’s not going to last

forever,” he says of a future
recession. “It’s about making

Bracing for Another Financial Blow sure you and your family
come out on the other side to
grow from there.”
My girlfriend and I have al-
ready talked about the trepi-
I’m still reeling from 2007-09 and 2020. I’m worried we’re about to get hit again. dation we feel every time a
news notification hits our
phones. This isn’t the year, we

I
N 2008, in the midst of the decided, to take a big vacation
financial crisis, I was 17 years or splurge on other wants.
old. I wrote an article for my In Cramer’s own financial
high-school newspaper detail- life, he’s giving priority to add-
ing how my small-time ing to his emergency savings
babysitting business lost doz- fund and avoiding any
ens of customers. But even splurges that could set his
at that early age, I could see budget off-course.
the neighborhood effects rippling We don’t yet know if a re-
out from mortgage foreclosures, cession is a certainty, al-
bank bailouts and more. though the probability contin-
Then 2020 came along—I was ues to creep up. We have
on the cusp of my 30th birthday agreed not to put our house
when the pandemic and lockdowns hunt on hold for now, despite
shut down the economy. The ac- mortgage rates staying stub-
companying recession forced me bornly high. But we did shrink
and my peers to put our ambitious our house budget by looking
money goals on the back burner. at smaller apartments in dif-
I know I’m not the only millen- ferent neighborhoods. This
nial still reeling from the reces- could mean finding the right
sions of 2007-09 and 2020. apartment might take longer
Friends who lost their jobs to pan- than expected—yet another
demic-era cuts are still struggling challenge to myself to stay
to find meaningful full-time work, flexible with my plans.
and others have found ways to When I spoke with Judy
make it work with a patchwork of LaGrou, a 39-year-old former
part-time jobs and seasonal gigs. investment banker, about her
People who seem to otherwise be experience with recessions and
thriving still tell me they feel fi- advice for the future, she said

.
nancially inadequate, mostly be- the effects of the 2007-09 and

ly
cause they’re all too familiar with unusual—but, as she is quick to would be pretty consistent and when all my work dries up and I 2020 recessions prompted her to
the experience of one bad year clarify, not all recessions are cre- then you’d retire,” Yost says. can’t make the mortgage?” rethink her approach to her career
wiping out everything they’ve ated equal. Both the 2007-09 and I still struggle to feel stable, And after going freelance last altogether. She learned to be nim-
managed to save, invest and build.
And now, yet again on the brink
of some major money milestones,
I’m back to scrolling scary head-
the 2020 recessions had ex-on
tremely high unemployment—in
2020, it was the highest recorded
since data collection began—and
and the prospect of another re-
cession only further rocks what-
ever shaky financial foundation
I’ve managed to build.
year, I’m not so confident in my
fledgling business’s ability to with-
stand a recession, especially when
it seems like everyone I know is al-
ble. She went back to school to be
a journalist and plans to graduate
next year.
“I don’t know where I would be
us ,

lines, studying my savings account the Covid-19 pandemic created an My girlfriend and I have been ready looking for expenses to cut without these recessions,” she
l

and steeling myself for a possible unusual employment situation for slowly building up our down-pay- and plans to postpone. I’ve already says. “It has made me into the per-
e
recession: It would be my third one millions of Americans. ment savings and touring apart- heard from several editors who are son I am now. What I’ve been chal-
al a

in less than two decades. “To have those two and then ments for sale. We’ve mentally slashing budgets or been laid off lenged to do—and it’s helped me
potentially a third—that could af- prepared for mortgage rates to themselves. With so much uncer- the most—is to not compare my
ci on

fect especially millennials who stay high and housing inventory tainty in the air, I’m doubling down own path of not only other millen-
Historical perspective don’t have a ton of stability right to stay low—two considerations on efforts to get new, more-lucra- nials but also other generations.”
But just how unusual would it be now,” Kent says. that felt especially dismal when tive assignments. So far, I haven’t Looking back on my own expe-
to have experienced three reces- Cali Williams Yost, CEO and our management company sent had much luck. riences with the previous two re-
sions at this interesting juncture founder of consulting firm Flex+ notice of another rent increase to cessions, I’ve managed to come
er s

of financial life, as I’ve built my Strategy Group, says that the se- come. So when we put in an offer out on the other side with my
career and entered a period of verity of the 2007-09 recession on one apartment and had the Lessons to come sanity—and some savings—intact.
m er

tentative stability? scarred many millennials psycho- number accepted, I should have But there’s a silver lining to mil- Keeping that flexibility and per-
Ana Hernández Kent, senior re- logically. For millennials, it “really been elated—instead, my mind lennials having endured two previ- spective, here’s hoping I can re-
searcher at the Federal Reserve rocked the assumed financial and started buzzing with questions ous recessions, says Jesse Cramer, bound for a third time.
EGLĖ PLYTNIKAITĖ

Bank of St. Louis, points out that career progression of people’s like, “Is committing to a giant pur- relationship manager at Cobble-
m rp

for people growing up in the post- lives that the boomers had: that chase like this stupid given the stone Capital Advisers in Roches- Julia Carpenter is a writer in
Depression era, this number of re- you’d graduate from college, you’d possibilities of an economic down- ter, N.Y.: We know we can be flexi- New York. She can be reached at
cessions wouldn’t have seemed so get a job, you’d stay in that job, it turn?” and, “Will I regret this ble and resilient when [email protected].
co Fo

This leads to a difference of 0.56 Monthly average returns based on

percentage point in excess stock whether the dollar increased or
performance when the dollar has decreased in value that month,
decreased in value. by various asset classes.
In terms of which stocks do
best when the dollar decreases in Monthly return if...
value, the winner is international ...Dollar Index up in a month
equities (foreign companies). ...Dollar Index down in a month
n-

That isn’t entirely surprising as

Bonds –1% 0 1 2 3
international stocks often benefit
from a direct currency effect Corporate
where, for example, a European-
no

High yield
listed company (with revenue
primarily from Europe) scores Intermediate
greater dollar-denominated re-
turns when revenue in euros is Long term
converted to dollars. Short term
When the dollar has decreased
in value, international stocks U.S. fixed income
have risen 2.57% on average in a
given month. When the dollar Stocks
has increased in value, however,

What Types of Stocks Do Best

U.S. Value
international stocks have climbed
only 0.16% in a given month. This U.S. Small-caps
leads to a difference of 2.41 per-
U.S. Large-caps

When the Dollar Rises or Falls

centage points a month in excess
returns for foreign firms when International
the dollar has decreased in value.
In the bond market, we see U.S. Growth
similar results to those in the
Emerging market
stock market. For instance, when
Here’s our advice for My research assistants (Na- Bond Index). For equities we ex- the dollar has decreased in a Commodities
investors, based on the than James and Isabella Faria) amined U.S. value and growth given month, on the average
and I ran the numbers and the stocks, small-caps, large-caps, in- bond fund has increased by 0.71% Source: Derek Horstmeyer, George Mason University
evidence from the past results are clear: If you think the ternational stocks, emerging- in a given month. When the dol-
40 years dollar will continue to weaken, market stocks and commodity-fo- lar has increased in a given
then international stocks are cused stocks. (All returns are month, the average bond fund is stocks in commodity-focused
where you want to be. But if you U.S. dollar-denominated and all has increased by only 0.24%. This companies. On average, when the
BY DEREK HORSTMEYER are planning for a dollar re- results would be similar using leads to a difference of 0.47 per- dollar has climbed in a given
bound, then U.S. small-caps are the WSJ Dollar Index.) centage point in excess return month, commodity-focused firms

O
your best bet. for the average bond fund when have fallen 0.94%.
VER THE PAST five To study this issue, we pulled the dollar has weakened instead Bottom line: If one thinks the
months the U.S. dollar 40 years of historical data on the Our findings of strengthened. dollar is going to continue to
has tumbled amid tar- U.S. Dollar Index—a composite Although stocks have fallen slide as trade conflict continues,
iff turbulence and the measure of dollar strength mea- along with the dollar this year, then it is best to be in interna-
economic uncertainty sured against a basket of other both assets falling in tandem is Positioning for strength tional-focused stocks. And if one
it has caused. Yet many on Wall currencies—and then matched atypical. In general when the dol- For investors looking to position expects the dollar will rebound,
Street are hoping that with this data with asset prices across lar has weakened, most equity for a stronger dollar, the best as- then your best bet is to add U.S.
greater clarity as the U.S. strikes various bond and stock subsets. positions have performed well. set to be in is U.S. small-caps. On small-caps—and avoid commod-
trade deals with other countries, For bonds we examined in- For instance, when the dollar has average, when the dollar has ity-focused stocks.
the dollar will bounce back. vestment-grade corporate debt, fallen in a given month, U.S. risen in value in a given month,
If you as an investor wish to high-yield debt, U.S. Treasurys large-cap stocks have climbed small-caps have also climbed Derek Horstmeyer is a professor
position your portfolio for a dol- across short-, intermediate- and 1.65% on average. Yet when the 1.16%. of finance at Costello College of
lar rebound or a continued dollar long-term maturities, and the av- dollar has strengthened in a On the other end of the spec- Business, George Mason
ROB DOBI

fall, what are the best assets to erage bond fund (as measured by given month, U.S. large-caps trum, the worst asset to be in University, in Fairfax, Va. He can
shift into? the Bloomberg US Aggregate have climbed 1.09% on average. when the dollar has strengthened be reached at [email protected].
 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.

R6 | Monday, June 9, 2025 THE WALL STREET JOURNAL.

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