Putin-Xi Summit Showcases Growing Challenge To The West: For Personal, Non-Commercial Use Only

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Banking
What’s
News Shares
Propel
Market
Business & Finance
I ncreased investor opti-

mism about the banking
system helped lift U.S. stocks,
with shares of regional banks
including First Republic Bank
Rally
at the forefront of a broad Investors’ relief drives
market rally. The S&P 500, indexes to a second
Nasdaq and Dow rose 1.3%,
1.6% and 1%, respectively. A1 straight rise on the eve
 The first year-over-year of Fed’s rate decision
drop in home prices in more
than a decade and a dip in
BY SAM GOLDFARB
mortgage rates snapped a
AND CAITLIN MCCABE
PAVEL BYRKIN/KREMLIN/EPA/SHUTTERSTOCK
yearlong streak of declining

monthly home sales, showing
Increased investor opti-
the effects of the Fed’s cam-
mism about the banking sys-
paign to raise interest rates. A1
tem helped lift U.S. stocks
 Google is opening public Tuesday, with shares of re-
access to the conversational gional banks including First
computer program Bard, its Republic Bank at the forefront
answer to ChatGPT, while of a broad market rally.
stopping short of integrat- Buoyed in part by reassur-
ing the new tool into its ing comments by global finan-
flagship search engine. B1 cial authorities, both the S&P
Xi Jinping and Vladimir Putin toasted their nations’ deepening ties Tuesday, in a photo from Russian state-owned media. 500 and the Dow Jones Indus-
 TikTok has sought to re-
Putin-Xi Summit Showcases

trial Average posted their sec-
assure advertisers in recent
ond consecutive day of gains
days that the app is unlikely
.
for the first time since Silicon
to be banned in the U.S., ac-
Valley Bank and Signature
ly
cording to people familiar
Bank collapsed less than two
Growing Challenge to the West

with the situation. A6
weeks ago.
 A Delaware judge heard Yields on U.S. government
pretrial arguments in a def-
amation case that Domin-
ion Voting Systems brought
against Fox News. B2
on bonds also climbed sharply—
with the two-year Treasury
yield notching its largest sin-
gle-day gain since 2009—as
BY ANN M. SIMMONS where the men met, Mr. Xi, in to strengthen commercial and his trip to Moscow, The Wall investors scaled back recent
us ,
 Netflix is spending big

AND AUSTIN RAMZY his third term as China’s leader, financial ties. Street Journal has reported. bets that an economic down-
l
on a science-fiction movie
noted that “political mutual At the same time, Mr. Xi Western officials have dis- turn could force the Federal
e
from the filmmaking team
al a
MOSCOW—President Xi trust is deepening” between sought to portray China—which missed China’s diplomatic Reserve to start cutting inter-
behind “Avengers: Endgame,”
Jinping of China and President Moscow and Beijing and “com- in February issued a 12-point overture, and in the near term est rates in the near future.
in another bet on a poten-
Vladimir Putin of Russia reaf- mon interests are multiplying.” position paper calling for talks at least, neither Russia nor The Fed is scheduled on
ci on
tial major franchise. B1

firmed the deepening political Messrs. Putin and Xi toward ending the conflict—as Ukraine has shown serious in- Wednesday to announce its
 Nike made progress work- and economic ties between sought to showcase their soli- an honest broker in any poten- terest in talks as Kyiv gears up latest rate decision, with most
ing through the inventory their two countries at a sum- darity as Russia’s invading tial diplomatic efforts, saying: for a spring counteroffensive. Please turn to page A4
glut that squeezed the commit that telegraphed their troops attempt to hold occu- “We are always for peace and At the White House on Tues-
pany last year, posting a 14% shared interest in challenging pied Ukrainian territory amid dialogue. We stand firmly on day, National Security Council  Greg Ip: Lessons of past are
er s
jump in quarterly sales. B3 a world order led by the U.S. fierce resistance. the right side of history.” spokesman John Kirby said lost in banking scare............. A2
and its democratic allies. China, which has become an Mr. Xi is expected to call Please turn to page A9  SVB stirs jitters on bonds
 GameStop said cost cut-
m er
With war raging in eastern important economic lifeline President Volodymyr Zelensky usually considered safe........ B1
ting helped it record a
Ukraine, hundreds of miles for Russia as it faces Western of Ukraine for the first time  Two leaders rekindle their  Heard on the Street: The Fed
quarterly profit after seven
from the gilded Kremlin hall sanctions, said it would work since the start of the war after strategic relations................... A9 is flying in the dark............. B16
straight quarters of losses. B3
m rp
World-Wide
 China’s Xi and Russia’s

Home Prices Ease From Highs Colleges Fight
Putin reaffirmed the deep- BY NICOLE FRIEDMAN U.S. median existing-home in November but fell to near
A Famed Ranking
co Fo
ening political and economic price, change from 6% in early February before
ties between their two The first year-over-year drop a year earlier February fluctuating in recent weeks.
countries at a summit that in home prices in more than a –0.2% The housing-market slow-
telegraphed their shared in- decade and a dip in mortgage 25% down in the past year shows
terest in challenging a world rates snapped a yearlong streak one of the main ways that the
order led by the U.S. and of declining monthly home 20
Fed’s aggressive interest-rate
Schools’ revolt against the U.S. News
its democratic allies. A1, A9 sales, showing the effects of the 15
increases are rippling through survey was decades in the making
 The battle for the east- Federal Reserve’s campaign to the economy. Housing is one of
raise interest rates. 10 the most rate-sensitive eco- BY MELISSA KORN and their priorities.
ern Ukrainian city of
Bakhmut is reaching a crit- Sales of previously owned nomic sectors, and high hous- “The U.S. News rankings
ical point as Russian forces homes, which make up most of 5 ing costs have been a big con- Yale Law School Dean are profoundly flawed,” Ms.
send assault troops on sui- the housing market, rose tributor to inflation. The Fed Heather Gerken floated the Gerken said in a letter that
14.5% in February from the 0 raises rates to fight inflation by idea past a small circle of day. And with that, Yale Law
cide missions, capturing
n-
territory inch-by-inch and prior month but were down slowing the economy through colleagues. She had a sleep- pulled out.
22.6% from a year earlier, the -5 tighter financial conditions. less night and queasy morn- Within three months,
closing around the city. A8
National Association of Real- The latest data reflect a pe- ing. And then, on Nov. 16, more than 40 law schools—
 The Biden administration -10
tors said Tuesday. Sales had riod before a pair of bank fail- she started the revolt. about 20% of the programs
2010 '15 '20
no
moved to implement a new decreased for 12 consecutive ures roiled financial markets. Like many university ad- that U.S. News ranks—said
25% investment tax credit for months through January. Note: February 2023 data is preliminary. Homes typically go under con- ministrators, Ms. Gerken had they would also end their co-
U.S.-based chip manufactur- Buyers benefited from a Source: National Association of Realtors tract a month or two before tried for years to get U.S. operation and no longer
ing and proposed restrictions slight improvement in afford- the contract closes, so the News & World Report to re- share data with the publica-
that would make it difficult ability as home prices ticked to $363,000, the first year- February sales data largely re- think its law-school rank- tion, including 12 of the top
for companies to expand lower and mortgage rates over-year decline since Febru- flect purchase decisions made ings. The problem for Ms. 14. A wave of medical
China operations if they re- eased from a 20-year high ary 2012. Median prices, which in January and December. Gerken wasn’t Yale Law’s schools, led by No. 1 Harvard
ceive certain federal funds. A6 touched last fall. aren’t seasonally adjusted, Please turn to page A4 score—it had been No. 1 for Medical School, followed. At
 Trump is challenging a The national median exist- were down 12.3% from a re- more than 30 years straight. the undergraduate level, the
court decision that paved ing-home sale price fell 0.2% cord in June.  Consumers’ confidence gets She worried about the Rhode Island School of De-
the way for federal investiga- in February from a year earlier Mortgage rates topped 7% tested anew............................... A4 broader effect on schools Please turn to page A10
tors to elicit grand jury testi-
Girls’ Schooling Ban

mony from one of his lawyers
as part of the special coun-
sel inquiry into the handling
‘Fork Police’
Seek Filched
Sparks Rift in Taliban
of classified documents. A7
 Bus drivers, custodians
and other support staff in
Los Angeles schools Office Cutlery
walked off the job, trigger- i i i BY SAEED SHAH doors since the Taliban Ranked #1 for CRM Applications based on
ing a citywide strike that stormed back to power 19 IDC 2022 H1 Revenue Market Share Worldwide.
shut down schools for As workplaces go KABUL—A year ago, the months ago.
420,000 students as workers Taliban’s supreme leader re- One was 13-year-old Yalda,
demand higher wages. A2 green, silverware vived the Taliban’s signature a small girl who wore a pat-
policy from the 1990s and terned scarf around her hair
 Biden established new na-
tional monuments in Nevada goes missing banned girls from attending and a medical mask on her
and Texas as part of a summit secondary school. face, leaving just her bright
BY REBECCA FENG Mullah Haibatullah Akhun- eyes visible. She spoke in
focused on White House ef-
forts to conserve and protect dzada is discovering that it is rapid-fire sentences, punctu-
As people return to work- one thing to issue a fiat, and ated with sharp intakes of
federal land and water. A3
places all over the world, quite another to enforce it in breath.
 Died: Willis Reed, 80, they’re discovering something an Afghanistan that has “I want to be an engineer, a
NBA Hall of Famer. A6 else has disappeared—the of- changed dramatically since the good engineer by studying my
fice cutlery. Taliban last ruled. The reclu- lessons,” she said in English,
CONTENTS Opinion.............. A15-17 At the London office of PEI sive leader is coming under in- her favorite language.
Arts in Review.... A13 Personal Journal A11-12
Business News B3,6,8 Property Report... B8 Group, a global financial-me- tense pressure even from Afghan society changed
Crossword.............. A14 Sports....................... A14 dia company, forks and tea- within his own movement to during the two decades the
Equities..................... B12 Technology........... B4,6 spoons go missing at an reverse it, a clash that is spill- Taliban were out of power.
Heard on Street. B16 U.S. News............. A2-7 Source: IDC, Worldwide Semiannual Software Tracker, October 2022.
Markets.................... B15 World News. A8-9,18
alarming rate, said Nicola Wil- ing into the open as the new Women were allowed to move
liams, its office manager. She school year begins this week. more freely in cities, join the
said she orders a new batch of On a Kabul side street one workforce and attend school.
> roughly 100 new pieces of cut- recent afternoon, around 40 At the time of the 2022 ban,
lery every six months to fill girls filed discreetly into a there were 1.1 million girls in
three communal drawers. two-room house hosting an secondary school, or roughly
“I’ve sent out emails saying, underground school. Many ar- half of girls in urban areas salesforce.com/number1CRM
s 2023 Dow Jones & Company, Inc.
‘We’re missing quite a few rived an hour early to social- aged 13 to 18. The Taliban CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
All Rights Reserved forks,’ ” to no avail, said Ms. ize with other children. They have changed too. Many mem- Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2022 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
Please turn to page A10 are now largely confined in- Please turn to page A8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Wednesday, March 22, 2023 THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Lessons of Past Are Lost in Banking Scare

The turmoil ciers tend to double down on Banks' uninsured deposits as a percentage of total domestic Treasury and federally backed ther suggests it wasn’t.
touched off by a safe strategy until it be- deposits* and dates of new insurance limits securities as a share of banks'
H
the collapse of comes unsafe. From 2007 to total assets ow can this new
Silicon Valley 2022, banks boosted their source of fragility be
60% 20%
Bank has de- holdings of Treasurys and eliminated? Uninsured
molished federally backed mortgage se- 1950 New insurance limit increases to $10,000 depositors don’t seem to dis-
much of what the Federal Re- curities to 20% from 12% of 50 1966 2009 18 cipline their banks’ behavior,
serve, political leaders and total assets, while the unin- $15,000 $250,000 said Eric Rosengren, former
investors thought they had sured share of domestic de- Boston Fed president and a
40 16
learned from the global fi- posits rose to 45% from 38%. scholar at the MIT Golub Cen-
nancial crisis of 2007-09. SVB and Signature Bank went 1969 1980 ter. Smaller banks could be
They assumed complex se- to extremes, with uninsured 30 $20,000 $100,000 14 required instead to issue ju-
curities, too-big-to-fail banks deposits at 94% and 90%, re- nior debt, he said. Such debt
1974
and shadowy, lightly regu- spectively, according to S&P could be converted to equity
20 $40,000 12
lated lenders were the weak Global Market Intelligence. or wiped out to resolve a fail-
links in the system. Instead, Government bonds may ing bank, as Swiss regulators
the weak links were its mun- not have default risk, but 10 10 did in forcing Credit Suisse
dane, ostensibly safe parts— they have interest-rate risk: Group to merge with UBS
government bonds, smaller their market value goes Group, he noted.
banks and deposits. down when rates rise, more 0 8 But the Swiss authorities
Perhaps this will blow over so from rock-bottom levels. 1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 2000 ’10 ’20 still had to backstop UBS’s
with few broader conse- The Bloomberg U.S. Aggre- losses and provide extra li-
*From 2008 to 2010, the FDIC guaranteed all non-interest bearing accounts. Some deposits categorized as uninsured may be insured because they are
quences. But if it doesn’t, two gate bond index fell 13% last held on behalf of multiple beneficiaries. quidity.
unappetizing paths loom: year, its worst performance Sources: Federal Deposit Insurance Corp. (deposits); Federal Reserve (securities) Without government back-
Smaller and regional banks, going back to the 1970s. ing, U.S. community and re-
exposed as fragile, may For banks, that was only an its brought down many sav- term funding, are rather staple red flags such as rapid gional banks stand to lose
struggle to survive on their issue if the bonds had to be ings-and-loan institutions in ble,” said Randal Quarles, who growth, high dependence on large deposits and customers
own; or the federal safety net sold to redeem deposits, the late 1970s and early ’80s. oversaw regulation at the Fed uninsured deposits from con- to big banks already deemed
will expand, creating new which is what happened to Conceivably, Fed regula- as a governor until 2021. centrated sectors, large de- too big to fail. In response,
risks down the road. SVB. Signature was more reli- tors, like their monetary-pol- Regulators and legislators posits tied to venture-capital midsize banks are urging the
The 2007-09 crisis origi- ant on loans, but it, too, expe- icy colleagues, were caught thought the global financial deals and no chief risk officer. government to insure all
nated with “shadow banks,” rienced a run on uninsured off-guard by how much in- crisis showed small and re- SVB and Signature may bank deposits for two years.
lightly regulated finance com- deposits. Indeed, rising inter- terest rates would rise be- gional banks were inherently have been outliers. But Tuesday, Treasury Secretary
panies, securities dealers and est rates generally force cause of inflation. Such a safer than GSIBs. That ratio- enough banks shared a pass- Janet Yellen said more bank
off-balance-sheet vehicles. banks to raise deposit rates or scenario wasn’t in the stress nale led Congress to raise ing resemblance that skittish deposits could be protected.
They invested in subprime lose funds to alternatives tests given to the global sys- the asset-size threshold at depositors began yanking A blanket deposit guaran-
mortgages and related deriv- such as money market funds. temically important banks which tougher capital and li- out their money. That is the tee would stabilize banks, at a
atives, financed with skittish (GSIBs). Even so, banks quidity requirements kicked essence of a bank run. cost. It could draw funds from
.
B
wholesale funding—asset- anks are supposed to should have tested for such a in to $250 billion in 2018. Fearing such an outcome, similar investments such as
backed commercial paper, be safer than shadow scenario on their own. Whether that would have the Fed offered to lend to money funds that lack the
ly
prime brokerage customer banks because they are Fed supervisors also made a difference is unclear; banks against bond collateral guarantee, and it could effec-
accounts and repos. tightly regulated. So how thought, wrongly, that unin- regulations matter only if ex- valued at par instead of tively turn every bank into a
By contrast, SVB was pur- could the Fed, which shared sured deposits were a safe aminers are enforcing much lower market values, government-sponsored enter-
suing the epitome of safe,
boring banking: taking in de-
posits and investing them in
Treasurys and federally
oversight of SVB with Cali-
fornia regulators, let this
happen? The situation was
hardly unprecedented: A
on form of funding. “Long expe-
rience has taught supervisors
and regulators that uninsured
deposits from your customers,
them. While Fed examiners
did alert SVB’s management
as far back as 2019 with their
concerns, they didn’t, it ap-
and the FDIC guaranteed all
of SVB’s and Signature’s de-
posits. Whether this was an
overreaction is impossible to
prise. In the process, a key of
the postcrisis regulatory push
would go up in smoke: that
the public should never again
backed mortgage securities. mismatch between long-term as opposed to brokered de- pears, take more severe know right now; that bank have to backstop the losses of
us ,
The problem is that finan- loans and short-term depos- posits or wholesale short steps. That is despite multi- stocks have since fallen fur- private risk taking.
l
e
al a
High Court Rules in

ci on
Favor of Deaf Student

er s
BY JESS BRAVIN Tuesday’s case came from

Sturgis, Mich., where a deaf
m er
WASHINGTON—A unani- student, Miguel Luna Perez,

mous Supreme Court opened a attended public school from
new door for disabled stu- ages 9 to 20. The decision
dents who think their public “holds consequences not just
school isn’t meeting their for Mr. Perez but for a great
m rp
needs, allowing them to pur- many children with disabilities

sue damages under the Ameri- and their parents,” Justice
cans with Disabilities Act in Gorsuch wrote. The Individu-
addition to seeking educa- als with Disabilities Education
tional accommodations from Act governs services provided
co Fo
local districts. to more than 7.5 million chil-

The justices found no con- dren, according to the U.S. Ed-
flict between the ADA and a ucation Department.
separate statute, the Individu- Mr. Luna Perez and his
als with Disabilities Education parents alleged that the Stur-
MARIO TAMA/GETTY IMAGES
Act, which requires school dis- gis Public Schools failed him
tricts to provide a free and ap- throughout his education, as-
propriate education to dis- signing unqualified interpret-
abled students. ers to the classroom and mis-
The decision could give representing his progress,
school officials greater incen- suggesting the child was on
tive to respond to disabled track to graduate when in
Mathematics teacher Robert Jong, left, demonstrates in solidarity with school employees on Tuesday in Los Angeles. students’ needs. By the same fact administrators intended
n-
token, it might add to the only to award a certificate of
Los Angeles School Workers Walk Out

costs education budgets bear completion.
from educating the disabled. In 2017, the parents filed a
School officials often cite complaint under the IDEA, a
no
those costs in resisting parent federal law dating from the

BY SARA RANDAZZO challenges, and as both unions keep safe some of the highest- from managers locking cafete- demands to pay for tuition at 1970s that sets out procedures
are in contract negotiations. needs students. ria doors to prevent workers special schools rather than for disabled children to obtain
LOS ANGELES—Bus drivers, “We are on strike because Nearly all the support staff from voting on a strike to rais- find accommodations within an appropriate education. In a
special-education aides, custo- we’ve had enough,” Conrado in the Los Angeles Unified ing the price of vending-ma- their current classrooms. settlement, the Sturgis schools
dians and other support staff in Guerrero, president of Local 99 School District earn below chine snacks in staff lounges. Writing for the court, Jus- agreed to send Mr. Luna Perez
Los Angeles schools walked off of the Service Employees Inter- $45,000 a year. Full-time food- Cecily Myart-Cruz, the presi- tice Neil Gorsuch said IDEA to the Michigan School for the
the job Tuesday, triggering a national Union, said Tuesday service workers earn an aver- dent of United Teachers Los plaintiffs must exhaust admin- Deaf, where annual tuition ex-
citywide strike that shut down morning outside Robert F. Ken- age of $25,000, special-educa- Angeles, said her union couldn’t istrative procedures the stat- ceeds $40,000, and pay for ad-
schools for 420,000 students as nedy Community Schools. tion workers earn $36,700, stand by idly while the support ute provides before going to ditional postsecondary educa-
workers demand higher wages. “Enough of the disrespect. We and building and grounds staff staff demanded better pay. court to seek educational action so that he and his parents
The strike is being led by a refuse to be invisible.” earn an average of $39,240, Some parents expressed commodations. But because could learn sign language.
union of 30,000 workers inte- Workers and union leaders according to the union. frustration over the closure of the IDEA has no provision for The IDEA settlement ad-
gral to running the nation’s said the strike is about gaining U.S. Rep. Adam Schiff joined schools. “The children are the compensating students for dressed Mr. Luna Perez’s
second-largest school district, respect for an often over- union leaders Tuesday to urge ones that are hurt by all of it,” past injuries, they can also file needs going forward. To ob-
with 35,000 teachers joining looked workforce: staff who the district to pay a livable said Danna Rosenthal. She said suit under the ADA. tain compensation for past
the walkout in solidarity. The keep trash cans from over- wage to workers, pointing to she bristled at union leaders “The question is whether a harms, lost income and emo-
closure comes after three flowing, drive students to the high cost of living in the chanting about “shutting it plaintiff must exhaust admin- tional distress allegedly re-
years of pandemic-related school, and help educate and city. The union is seeking 30% down” at a rally. “It’s not like istrative processes under IDEA ceived from an inadequate ed-
raises across the board, plus $2 we’re talking about a car fac- that cannot supply what he ucation, he sued the Sturgis
an hour more for the lowest- tory, this is an education seeks,” Justice Gorsuch wrote. schools under the Americans
CORRECTIONS  AMPLIFICATIONS paid workers. The latest dis-
trict offer includes a 23% salary
you’re shutting down.”
School board members heard
“We answer in the negative.” with Disabilities Act.
Readers can alert The Wall Street Journal to any errors in news articles by increase, 3% bonus and im- Tuesday from 10 mothers from
emailing wsjcontact@wsj.com or by calling 888-410-2667.
proved healthcare benefits. Our Voice, a group of Latino
“We understand the frus- parents, at the board’s meeting.
tration, a frustration that has Evelyn Aleman, the group’s
THE WALL STREET JOURNAL been brewing not just for a leader, said many families in the
(USPS 664-880) (Eastern Edition ISSN 0099-9660) couple of years but probably district are immigrants, some
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for decades,” LAUSD Superin- undocumented, who have to
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
tendent Alberto Carvalho said stay home with their children
Published daily except Sundays and general legal holidays. Monday night while announc- and can’t work when schools
Periodicals postage paid at New York, N.Y., and other mailing offices.
ing that the district will be are shut down. Special-educa-
Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. closed for the duration of the tion assistant Denia Serrano
All Advertising published in The Wall Street Journal is subject to the applicable rate card, strike, which is scheduled to said the support staff need
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., last through Thursday. higher pay and more respect.
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to The union and district offi- She said she makes $25.75 an
accept an advertiser’s order. Only publication of an advertisement shall constitute final
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LUNA PEREZ FAMILY
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law violations the staff union ami. “We will get through this,”
WSJ back issues and framed pages: wsjshop.com
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Our newspapers are 100% sourced from sustainably certified mills.
ted. The union filed over a night. “And at some point we
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS dozen grievances, accusing the will agree to a contract. But not
district of violations ranging without a necessary dialogue.” Miguel Luna Perez alleged the Sturgis Public Schools failed him.
THE WALL STREET JOURNAL. * * * * Wednesday, March 22, 2023 | A3
U.S. NEWS
Denver
NEVADA
DA
UTAH
COLORADO
Las Vegas
CALIFORNIA
Avi Kwa Ame National
Los Angeles Monument, Nevada Santa Fe
ARIZONA
NA Amarillo
San Diego Albuquerque
Phoenix
NEW MEXICO
O
El Paso
TEXAS
MEXICO
Castner Range National
100 miles Monument, Texas
100 km
New National
Monuments Set
L.E. BASKOW/LAS VEGAS REVIEW-JOURNAL/ASSOCIATED PRESS

In Nevada, Texas
BY KEN THOMAS know our national wonders are
literally the envy of the world.
WASHINGTON—President They’ve always been and al-
Biden established new national ways will be as central to our
monuments in Nevada and heritage as the people and es-
Texas as part of a Tuesday sential to our identity as a na-
summit focused on White tion.”
House efforts to conserve and The White House said the
protect federal land and water. two new national monuments
Mr. Biden designated Avi would protect a combined
Kwa Ame National Monument, 514,000 acres of public land, President Biden designated the Avi Kwa Ame National Monument in southern Nevada to honor a tribal site.
honoring a tribal site in south- about two-thirds the acreage of
ern Nevada. He also announced Rhode Island. The designations In 2021, the president re- Northeast Canyons and Sea-
the establishment of the Cast- were announced at the White stored protections for three na- mounts Marine National Monu-
.
ner Range National Monument, House Conservation in Action tional monuments: Bears Ears ment to commercial fishing.
which the White House said Summit at the Interior Depart- in Utah, Grand Staircase-Escal- As part of Tuesday’s meet-
ly
would expand outdoor access in ment, where the president of- ante in Utah and Northeast ing, Mr. Biden took steps to
the El Paso, Texas, area and fered an update on the adminis- Canyons and Seamounts Marine protect U.S. waters in the Pa-
honor military veterans and tration’s conservation efforts. National Monument, off the cific Ocean. The president di-
service members.
“We’re protecting the heart
and the soul of our national
pride. We’re protecting pieces
Mr. Biden established the
first national monument of his
presidency last October, when
he designated the Camp Hale-
on coast of Massachusetts.
Former President Donald
Trump reduced protections for
those monuments during his
rected Commerce Secretary
Gina Raimondo to consider ini-
tiating a new National Marine
Sanctuary designation within
of history—we are telling our Continental Divide National administration. The Trump ad- the next 30 days to protect all
us ,
story that will be told for gen- Monument, a World War II-era ministration cut the size of the U.S. waters around the Pacific
l
erations and generations to military training ground in Col- federally protected lands in Remote Islands, a group of is-
e
al a
come,” Mr. Biden said. “You orado. Utah and sought to open up the lands southwest of Hawaii.
ci on
Clip Shows Police Piled On in Hospital Death

BY SCOTT CALVERT news reports and the AP. The
DINWIDDIE COUNTY COMMONWEALTH ATTORNEY’S OFFICE/REUTERS
er s
AND JOSHUA JAMERSON commonwealth’s attorney for

Dinwiddie County, Va., didn’t re-
m er
An attorney for the family spond to requests for comment.

of Irvo Otieno, a 28-year-old The sheriff’s office didn’t re-
man who died at a Virginia spond to requests for comment.
psychiatric hospital earlier A spokeswoman for Central
this month, renewed calls for State Hospital said the hospi-
m rp
justice Tuesday evening after tal and the state were “work-
the public release of a video ing to ensure that Mr. Otieno’s
that showed sheriff’s deputies family receives information
and hospital workers piled on about the tragic events at the
top of him before his death. hospital.”
co Fo
Video of the hospital intake Caroline Ouko, Mr. Otieno’s

process obtained by the Asso- mother, tearfully recalled her
ciated Press, and earlier re- son. “He was special, he was
ported by the Washington caring, he was loving,” she
Post, showed a large group of said. “He had a big heart. He
sheriff’s deputies and hospital The video shows a crush of police atop Irvo Otieno in Virginia. was sensitive. He was slow to
workers on top of Mr. Otieno anger.”
on March 6. The video had no of the officers to put their out of his body?” Mr. Crump Ms. Ouko said she was
audio, leaving specific details knee on his neck, not for one added. happy to hear about the
unknown. minute, not for two min- Seven Henrico County sher- charges. “That is just the be-
“He was facedown,” attor- utes…but over 11 minutes?” iff’s deputies and three hospital ginning step,” she said.
ney Ben Crump said at a news “Can you imagine the ag- workers have been charged with NAACP President Derrick
conference. “Why did they feel ony…while all those seconds second-degree murder in Mr. Johnson said the incident
n-
it was necessary to put all of added up to minutes, added up Otieno’s death, according to the echoed the 2020 murder of
their weight on him, for some to the breath being smothered Otieno family attorneys, local George Floyd.
no
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A4 | Wednesday, March 22, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.
BANKING TURMOIL
Consumers’ Confidence Gets Tested Anew

Banks’ troubles add to to have a more difficult time.”
In 2022, around 80% of
potential uncertainty new-car transactions and
from inflation and about 40% of used-car deals
involved financing, according
rising interest rates to credit-reporting firm Expe-
rian. More than half of that fi-
BY GABRIEL T. RUBIN nancing came from banks and
credit unions, while a quarter
American consumers are came from auto maker subsid-
facing another test, from bank- iaries.
ing-sector turmoil and tighter The staying power of per-
financial conditions, as house- sonal spending has been
holds already grappling with propped up by a three-legged
elevated inflation and rising stool over the past several
interest rates threaten to trim months, said Tim Quinlan, an
the spending that has been a economist at Wells Fargo. Con-
hallmark of the resilient U.S. sumers have drawn down ex-
JEENAH MOON/BLOOMBERG NEWS
economy. cess savings, benefited from

Unrest in the banking sector incomes outpacing inflation
could make it more difficult late last year, and taken on ad-
for some consumers to obtain ditional credit.
loans to buy homes, cars and With credit increasingly
other big-ticket items. Econo- limited, the health of the econ-
mists say much of the near- omy could depend on two of
term impact could depend the three legs being sufficient.
more on Americans’ psychol- Mr. Quinlan said growth could
ogy—whether they have confi- Strong spending by consumers helped drive the economy out of the pandemic recession. Above, shoppers in New York in November. remain relatively stable if con-
dence the economy will sumers can continue to rely on
weather the banking storm in January but has shown re- weeks, and last week he and bles in the banking sector, as year earlier, data show. their excess savings—which
that might or might not di- newed signs of cooling. the younger Dr. Woods dis- well as seeing the value of High interest rates have still total around $800 bil-
rectly hit their pocketbooks. Spending at retailers de- cussed how they were seeing their stock portfolios wobble. caused some consumers to lion—and income growth con-
“Because of uncertainty, a clined in February, according more patients come in for a Even before the recent move their money from depos- tinues to outpace inflation.
business might not go ahead to Commerce Department data, consultation but decide to de- banking tumult, consumers its at regional banks to other But it isn’t only the credit
with hiring or investment, or before a handful of banks lay treatment. were under pressure. Borrow- options offering higher re- crunch that could cause con-
households may become more failed. Consumer sentiment fell “We’re definitely seeing ing costs shot up in the past turns. Such moves limit those sumers to delay big purchases,
frugal—saving rather than in March for the first time in stress,” Dr. Woods said, and an year as the Federal Reserve banks’ ability to lend. The fail- said Steven Blitz, chief U.S.
spending,” said Carl Tannen- four months, according to a increase in patients who are lifted rates to the highest level ures of Silicon Valley Bank and economist at TS Lombard. It is
baum, chief economist of University of Michigan survey. saying, “ ‘You know, I’m gonna since 2007. The Fed raised Signature Bank have led to in- also a loss of confidence and a
Northern Trust. “The accumu- Jim Woods, an orthodontist have to put this off for a rates in an effort to cool decreased scrutiny of regional- reluctance to take a financial
lation of those reactions can in Paducah, Ky., has seen eco- while.’ ” mand and combat inflation. bank deposit levels. leap when the landing spot is a
interrupt an economic expan- nomic confidence ebb among Real-estate brokers also re- The average annual percent- To the extent banks are moving target.
.
sion.” his patients. Even as prices port increased skittishness age rate for credit-card ac- “having difficulty getting de- Consumers uncertain about
Any spillover from banking rose because of inflationary among buyers, even when counts was 19.1% in the fourth posits, they’re going to have to their personal finances or the
ly
sector problems could threaten pressures in 2021 and 2022, compared with recent months quarter, up from 14.5% a year cut back on lending, which broader economy might recon-
consumer spending, which ac- demand surged at the family when mortgage rates at times earlier, and nearly 3 percent- they’ve already started to do,” sider whether waiting on a
counts for about 70% of U.S. practice that his daughter, hit records. A report Friday age points higher than the pre- said Jack Ablin, a founding major financial decision might
output. Strong spending
helped drive the economy out
of the pandemic recession,
though it showed signs of
McKenzie Woods, now leads.
“People had a lot of discre-
tionary money, and a lot of
them chose to spend it on
onfrom online real-estate com-
pany Redfin referenced Bay
Area house hunters showing
increased reluctance to buy in
pandemic peak in 1995, accord-
ing to Fed data extending back
to 1994. A 60-month new auto
loan averaged 6.6% in the
partner of wealth-management
company Cresset Wealth Advi-
sors LLC. “Someone who
wants to refinance a mortgage,
be the more prudent move at
the moment, he said. Mr. Blitz
said many consumers are ask-
ing, “Am I going to go now and
slowing late in 2022. braces,” Jim Woods said. But March because they heard ru- fourth quarter, the highest or buy a boat, or fund a take out a first mortgage and
us ,
Consumer activity picked up demand has slowed in recent mors of layoffs and about trou- since 2009 and up from 4.7% a kitchen remodel—they’re going buy a house?”
l
e
al a
Stocks Rise Index performance, past two days

First Republic Adds sis structure for the bank, the
what their plans are for the
future.
ci on
2.5% people said. Some analysts have warned

To Adviser Ranks
Before Fed 2.0
S&P 500
Dow Jones
Industrial Average
Lazard and McKinsey have
been brought in alongside JP-
Morgan Chase & Co., which had
that Fed officials, including
Chair Jerome Powell, might be
less concerned than investors
Decision First Republic Bank is beef- been hired by First Republic to that rate increases pose a seri-
er s
Nasdaq Composite ing up its adviser ranks as the advise on moves the bank could ous threat to financial stabil-
1.5
troubled lender seeks to stay make to regain its footing. ity. If that becomes apparent
m er
afloat and plan for a postcrisis JPMorgan and other big on Wednesday, stocks could
Continued from Page One future amid a trans-Atlantic cri- banks agreed last week to de- decline, these analysts said.
1.0
investors betting on another sis of confidence in the banking posit $30 billion into First Re- In a sign that investors
quarter-point increase. system. public to try to shore up the were already recalibrating
The Dow industrials rose The California bank this bank. Some of those banks’ their interest-rate bets, prices
m rp
0.5
316.02 points, or 1%, to week tapped Lazard Ltd. to CEOs, led by JPMorgan’s Jamie of U.S. Treasurys posted major
32560.60 on Tuesday, while help with a review of strategic Dimon, have been discussing declines Tuesday, pushing
the S&P 500 gained 51.3 0 options that could include a ways to help First Republic af- their yields higher.
points, or 1.3%, to 4002.87. sale, a capital infusion or asset ter the move failed to suffi- The yield on the two-year
The Nasdaq Composite trimming, according to people ciently bolster confidence in the U.S. Treasury note, which is
co Fo
climbed 184.57 points, or 1.6%, –0.5 Five-minute intervals familiar with the matter. It also lender. especially sensitive to changes
to 11860.11. hired consulting firm McKinsey —Lauren Thomas in the near-term interest-rate
Mon. Tues.
The KBW Bank index rose & Co. to help map out a postcri- and Laura Cooper outlook, settled at 4.175%, ac-
5%, as shares in big U.S. banks Source: FactSet cording to Tradeweb, up from
like JPMorgan Chase & Co. 3.922% Monday.
posted strong gains and some lending program to help banks vestors worried that a flight of tors after a risky type of bank Tuesday afternoon that inves- The yield on the 10-year
smaller lenders surged. First to meet withdrawal requests. deposits from midsize banks debt, known as Additional Tier tors were pricing in a roughly note also climbed, to 3.603%
Republic stock jumped 29% to “Our intervention was nec- triggered by the run on Silicon 1 bonds, declined. The selloff 86% chance that the central from 3.477% Monday. Yields
$15.77 after shedding nearly essary to protect the broader Valley Bank could lead to a came after Credit Suisse’s AT1 bank lifts interest rates by a on both bonds, however, re-
half of its value Monday. West- U.S. banking system. And simi- pullback in lending and drag bonds were wiped out as part quarter percentage point, or main well below their levels
ern Alliance Bancorp and lar actions could be warranted on economic growth. of its sale to UBS. Additional 25 basis points, for a second from two weeks ago.
PacWest Bancorp, two other if smaller institutions suffer “The equity market is not Tier 1 bonds ticked higher consecutive time, according to Typically, bond prices
midsize banks that have come deposit runs that pose the risk pricing in a full banking cri- Tuesday. data from CME Group. would fall in response to Fed
n-
under pressure, each climbed of contagion,” Ms. Yellen said. sis,” said Seema Shah, chief The Fed, meanwhile, was “I probably agree with con- guidance suggesting higher in-
more than 14%. Meanwhile, some banking- global strategist at Principal looming larger in investors’ sensus that they are likely go- terest rates are ahead. Yet, in
Aiding Tuesday’s rally, industry representatives and Asset Management. “There’s minds. ing to hike 25 basis points,” the current climate, some be-
Treasury Secretary Janet Yel- lawmakers have called for an not panic setting into that in- Having once thought the said Blake Gwinn, head of U.S. lieve that longer-term bonds
no
len suggested the government expansion of deposit insur- vestor space, which is cer- central bank could raise rates rates strategy at RBC Capital could actually rally in such a
could, if necessary, take fur- ance, although it isn’t clear tainly a very important thing.” by a half percentage point on Markets. “I don’t necessarily scenario if investors were
ther steps to shore up the whether such a move would be In Europe, bank stocks and Wednesday, investors have re- think it’s the right option, but worried enough that higher
banking system. politically viable in Congress. bonds also recovered, follow- cently been debating whether I just think…they really want rates would drive the economy
Earlier this month, Ms. Yel- JPMorgan Chief Executive ing choppy trading Monday officials will keep up their to separate out the financial quickly in a recession.
len and other federal regula- Jamie Dimon is leading discus- sparked by UBS Group AG’s fight against inflation with a stability tool kit from the in- Asian stocks rallied early
tors used emergency pow- sions about new efforts to sta- emergency takeover of Credit more modest quarter-point inflation fighting tool kit.” Wednesday. The Asia Dow In-
ers to guarantee uninsured bilize the troubled First Re- Suisse Group. UBS’s stock crease or refrain from raising Along with its decision on dex, Japan’s Nikkei 225 Stock
deposits at Silicon Valley Bank public, The Wall Street climbed 12%. rates altogether until financial interest rates, Fed officials Average and South Korea’s Ko-
and Signature, while also set- Journal reported Monday. The Regulators made attempts conditions stabilize. could have a significant im- spi were each up about 2%.
ting up a new Federal Reserve bank has become a focus of in- Monday to calm bond inves- Fed-funds futures showed pact on markets by signaling S&P 500 futures were flat.
Home could weigh on demand, he

said. Banks also could tighten
lending standards, making it
U.S. existing-home sales by region
6million units
Los Angeles area in early 2023,
a few months after having their
first child. They found a three-
fordability is likely to remain
worse than it was a year ago,
because prices would have to
Prices harder for home buyers to ob-

tain mortgages, said Capital
Economics in a note to clients. 5
West
bedroom house that had been
on the market since August and
bought it in March for about
drop significantly to fully offset
the increase in mortgage rates.
The inventory of homes for
Decline “Buyers have been very re-

sponsive to changes in mort-
gage rates,” Mr. Divounguy
4
4% below the most recent list-
ing price. They used an adjust-
able-rate mortgage that carries
sale remains below normal lev-
els, which could prevent steep
price declines, economists and
said. But “with the erosion of a lower interest rate in the first real-estate agents say.
South
Continued from Page One trust in the financial sector, 3 10 years of the loan. There were 980,000 homes
The collapse of Silicon Val- you could really end up with a “I found the slowdown in for sale or under contract at
ley Bank and Signature Bank more serious crisis.” the market to be good because the end of February, un-
and the takeover of Credit The spring is typically the 2 at least we had time” to make changed from January and up
Suisse Group AG by UBS Group most active season for home a decision, Mr. Schumann said. 15.3% from February 2022, the
AG have injected instability in sales because the weather is Midwest “We just wanted the playing NAR said. At the current sales
1
the financial system and called warmer and many families with field to be a little more level.” pace, there was a 2.6-month
into question whether the Fed children want to move into a Home prices have steadily supply of homes on the mar-
will raise rates again this new home over the summer, 0
Northeast climbed in the past decade as ket at the end of February.
week. The Fed officials’ two- before the school year starts. the country emerged from a Many homeowners have
Feb. 2022 '23
day meeting ends Wednesday. A slow spring for home foreclosure crisis and the rates on their mortgages below
Investor concerns after the sales could weigh on revenue Notes: Seasonally adjusted at an annual rate; February 2023 is preliminary. economy improved. The recent 4%, and they are reluctant to
bank failures helped push for home builders, mortgage Source: National Association of Realtors housing boom supercharged give up their current rate for a
mortgage rates lower in the lenders and real-estate broker- price growth because record- higher rate on a new home.
week ended March 16 for the ages, and reduce purchases of The housing market is much nounced in the West, especially low mortgage rates enabled “Surprisingly, we are find-
first time in six weeks. furniture, appliances and reno- less competitive than it was in pricey cities such as San home buyers to bid prices up ing that the buyers are still
In the short term, any decline vation services. during the pandemic-driven Francisco or areas like Boise, to records. out there,” despite the in-
in mortgage rates is likely to That could translate into a housing boom in 2021 and Idaho, where home prices sky- Then a surge in mortgage creased mortgage rates, said
spur more home-buying activity, slowdown in consumer spend- early 2022. Real-estate broker- rocketed during the pandemic. rates in 2022 made home pur- Ryan Connolly, a real-estate
said Orphe Divounguy, a senior ing, the primary driver of U.S. age Redfin Corp. said about Median prices fell from a chases unaffordable to many broker based near Buffalo, N.Y.
economist at digital real-estate economic output, and push the 45% of offers written by its year earlier in the West and buyers, pushing them out of the “It’s the sellers that…are hold-
company Zillow Group Inc. broader economy toward a con- agents faced competing bids in Northeast, while they rose market. Demand slowed sharply ing off right now.”
But if unrest in the banking traction. Several economists February, down from 66% of year over year in the Midwest and price growth slowed. News Corp, owner of the
sector makes consumers more warned that the economy will offers in February 2022. and South, the NAR said. Many economists expect Journal, also operates Real-
anxious about the economy slip into recession this year as The housing-market slow- Bill and Emily Schumann home prices to keep falling this tor.com under license from
entering a recession, that a result of the banking turmoil. down has been most pro- started house hunting in the spring. But home-buying af- NAR.
THE WALL STREET JOURNAL. Wednesday, March 22, 2023 | A5
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A6 | Wednesday, March 22, 2023 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
TikTok Tries to Calm Advertisers Treasury

Sets Rules
Company plays down outright ban and sought to TikTok’s worldwide
CEO Promises to
threat of a U.S. ban,
but some marketers
keep brands from cutting their
spending, ad buyers said.
The TikTok staffers have in-
ad revenue
Share from the U.S. Shield User Data
terference.
“TikTok will remain a plat-
form for free expression and
For Chip
examine alternatives
dicated they don’t think a ban
will happen, the ad buyers
said.
$20 billion Projections
WASHINGTON—TikTok Chief
will not be manipulated by any
government,” Mr. Chew will say
in his prepared remarks.
Tax Credit
BY PATIENCE HAGGIN In a Friday email to an ad 16 Executive Shou Zi Chew plans TikTok, which is owned by BY RICHARD RUBIN
AND SUZANNE VRANICA agency that had inquired to offer a series of broad prom- Beijing-based ByteDance Ltd., AND YUKA HAYASHI
about the uncertain situation, ises on platform safety and se- and House lawmakers released
TikTok has sought to reas- TikTok discussed the steps it 12 curity at a much-anticipated Mr. Chew’s remarks ahead of his WASHINGTON—The Biden
sure advertisers in recent days has taken to secure user data, congressional hearing on Thurs- scheduled appearance. His testi- administration moved to im-
that the app is unlikely to be saying, “We are confident that 8 day, according to his testimony. mony is a calculated gamble by plement a new 25% invest-
banned in the U.S., according we are on a path to fully sat- Mr. Chew will pledge to the platform to win an agreement tax credit for U.S.-based
to people familiar with the sit- isfy all reasonable U.S. na- keep safety on Chinese-owned ment from the U.S. government semiconductor manufacturing
uation, as some companies be- tional security concerns.” 4 TikTok a priority—especially for that would allow it to continue and proposed restrictions that
gin to make contingency plans On Monday, TikTok sent an teenagers—and will promise to operating with security improve- would make it difficult for
for their ad spending. ad agency a link to an animated firewall U.S. user data from for- ments, while maintaining its cur- companies to expand China
0
The Biden administration video that touts those data eign access and keep the plat- rent ownership structure. operations if they receive cer-
has raised national-security safeguards. 2019 ’20 ’21 ’22 ’23 ’24 form free from government in- —John D. McKinnon tain federal funds.
concerns about TikTok and is The video, which includes Source: Insider Intelligence Congress created the tax
demanding that its Chinese images of American flags at credit and chip-maker subsi-
owners sell their stakes in the various points, lays out how draw for advertisers, thanks to Meta Platforms Inc. and Alpha- looking at where they can rep- dies last year as part of a
popular video-sharing app or TikTok spent $1.5 billion on the viral nature of its content bet Inc.’s Google, which have licate the performance they package aimed at boosting
face a possible ban, The Wall “security to prevent unauthor- and strong appeal with teen- increased their short-form are getting from TikTok,” if U.S. competitiveness in semi-
Street Journal reported. Tik- ized foreign access to your data agers. video offerings. Google and the app is banned, she said. conductors. The legislation
Tok is owned by Beijing-based and the systems that deliver The app has been down- Meta together are expected to Ms. DiGuido said some of came in response to a chip
ByteDance Ltd. you content.” loaded more than four billion capture almost 45% of U.S. dig- her clients are spending over shortage during parts of the
The U.S., which is con- A TikTok representative said times globally and was the ital-ad revenue this year, In- $1 million a month on TikTok. pandemic and to concerns
cerned about the app’s Chi- the company has been working most-downloaded app in 2022, sider Intelligence estimates. Backup plans call for money to about relying on other nations
nese owners collecting data on to engage marketers and agen- according to research firm Some brands have begun to be moved to other social-me- for such components.
American users and poten- cies in “open, fact-based, and Sensor Tower Inc. More than prepare for a possible ban by dia sites such as Instagram, The congressional Joint
tially influencing the app’s ongoing dialogue” about its ef- 150 million Americans are on coming up with contingency Alphabet’s YouTube and Committee on Taxation esti-
content, has been applying forts to build a trusted plat- TikTok, the company says. plans for their TikTok ad streaming-TV platforms. The mated that the investment tax
pressure on TikTok for some form for users and brands. The company is expected to spending, several ad execu- agency is still recommending credit, which expires after
time. “If protecting national secu- have 2.5% of the U.S. digital ad tives said. TikTok given its strong ad per- 2026, would cost $24 billion.
The latest move marked an rity is the objective, divestment market this year, and its U.S. Advertisers are looking to formance in terms of reach The Treasury Department pro-
escalation by the Biden admin- doesn’t solve the problem: a ad revenue is expected to avoid any disruption to their and the ability for ad content posed regulations Tuesday
istration. change in ownership would not surge 36% to $6.83 billion, ac- business, said Diana DiGuido, to go viral on the site, she that are designed to spur the
In communications with ad impose any new restrictions on cording to market-research chief client officer at market- said. industry’s domestic growth.
executives in recent days, Tik- data flows or access,” TikTok’s firm Insider Intelligence. ing firm Tinuiti. The legislation also included
Tok ad-sales staffers have statement said. Some of TikTok’s growth Brands “can’t have any gaps  TikTok videos find outlets off other federal subsidies for chip
.
played down the threat of an TikTok has become a big has come at the expense of in performance, so they are of the app itself..................... A12 makers. Those are being ad-
ministered by the Commerce
ly
Department, which issued its
States Put ByteDance Trackers on Websites

own regulations Tuesday.
“We’re equipping taxpayers
BY BYRON TAU AND DUSTIN VOLZ

on TikTok CEO Shou Zi Chew,
who will testify before a con-
pling of Feroot’s findings,
identifying a TikTok tracking
with the clarity and certainty
they need to make invest-
ments that will increase semi-
conductor manufacturing and
More than two dozen state gressional panel this week, pixel in the code of a Mary- strengthen America’s semicon-
us ,
governments have placed web- said in a video released Tues- land Department of Health ductor supply chain,” Treasury
l
tracking code made by TikTok day that the app has 150 mil- Covid website and a Utah gov- Secretary Janet Yellen said.
e
al a
parent ByteDance Ltd. on offi- lion U.S. users, a change from ernment website aimed at The tax regulations released
cial websites, according to a the app’s more general state- helping job seekers. Both Tuesday seek to help manufac-
new report from a cybersecu- ments that it had more than states issued executive orders turers determine whether they
STEVE RUARK/ASSOCIATED PRESS
ci on
rity company, illustrating the 100 million. “Some politicians in recent months banning the can claim the credit.
difficulties U.S. regulators face have started talking about app from state-owned devices To qualify, a project must
in curtailing data-collection ef- banning TikTok. Now this and networks. have manufacturing of semi-
forts by the popular Chinese- could take TikTok away from Utah and Maryland re- conductors or semiconductor-
owned app. all 150 million of you,” he said, moved the pixel after being manufacturing equipment as
er s
A review of the websites of asking users to post “what you contacted by the Journal. its primary purpose. The pro-
more than 3,500 companies, love about TikTok” for him to “We work with an advertis- posed rules don’t set a per-
m er
organizations and government raise in his testimony. ing agency to run educational centage of a project’s revenue
entities by the Toronto-based Maryland had a ByteDance tracking pixel in the code of its Covid Tracking pixels, also called campaigns that inform Utahns or production that qualifies as
company Feroot Security website until last week even though then-Gov. Larry Hogan ordered web beacons, are intended to about how to access programs a primary purpose. That
found that so-called tracking the removal of ByteDance’s software before he left office. support digital marketing and that could help them get a means the Internal Revenue
pixels from the TikTok parent advertising by logging a visi- better job,” a Utah Department Service, during audits of com-
m rp
company were present in 30 government websites use such ing that they should be re- tor’s interactions with the site, of Workforce Services spokes- panies claiming the credit, can
U.S. state-government web- pixels to help measure the ef- moved from websites of gov- such as what is clicked on and woman said. The pixel was look at each project and assess
sites across 27 states, includ- fectiveness of advertising they ernment agencies and the duration of a visit. used in such a campaign, she its primary purpose, a senior
ing some where the app has have bought on TikTok. It companies that collect per- While the web-tracking pix- said. Treasury official said.
been banned from state net- helps agencies determine how sonal information. els ostensibly aim to better A spokesman for the Mary- The new rules clarify that
co Fo
works and devices. Feroot col- many people saw an ad on the “Like other platforms, the pinpoint advertising, they also land Department of Health manufacturers can’t claim the
lected the data in January and social-media app and took data we receive from advertis- pose threats for privacy, secu- said the pixel on its site was credit for portions of their fa-
February of this year. some action—such as visiting ers is used to improve the ef- rity experts have said. They part of an ad campaign cilities such as parking lots
The presence of that code a website or signing up for a fectiveness of our advertising can sometimes be configured launched last August, and the and outdoor lighting.
means that U.S. state govern- service. The pixels’ prolifera- services,” a TikTok spokes- to collect data that users enter state was investigating why it Snap Inc. had asked the ad-
ments are inadvertently par- tion offers another vector for woman said in a statement. on websites, such as user- remained on the website after ministration to ensure that de-
ticipating in a data-collection data collection beyond Tik- “Our terms instruct advertis- names. With enough pixels on that campaign ended. It was sign facilities would be eligible
effort for a foreign-owned Tok’s popular mobile app. ers not to share certain data enough websites, the compa- removed as of Friday, the for the credit, contending in a
company, one that senior Bi- TikTok’s pixels “can be with us, and we continuously nies running them can piece spokesman said. In December, letter that design is essential
den administration officials watching and recording you work with our partners to together the browsing behav- departing Republican Gov. to manufacturing.
and lawmakers of both parties when you’re renewing your avoid inadvertent transmis- ior of individual users, build- Larry Hogan issued an emer- The rules say a research fa-
have said could be harmful to driver’s license, paying your sion of such data.” ing detailed profiles on their gency cybersecurity directive cility can qualify if it is used
U.S. national security and the taxes or filling out doctors’ TikTok has previously em- interests and online habits. ordering the removal of Byte- in connection with manufac-
n-
privacy of Americans. forms,” said Ivan Tsarynny, phasized that its user data is The Wall Street Journal Dance’s software from state turing. A Snap spokesman de-
Administrators who manage chief executive of Feroot, add- stored in the U.S., not China. was able to replicate a sam- networks and devices. clined to comment.
U.S. WATCH
no
OBITUARY constitution grants the right to

an abortion for other reasons.
Willis Reed, Knicks The court voted 5-4 on the
Leader by Example ruling in the lawsuit filed by
Planned Parenthood and others
Willis Reed, a Hall of Fame challenging the state laws
center and the heart of the passed after the U.S. Supreme
championship New York Knicks Court overturned the landmark
of the early 1970s, died on Tues- Roe v. Wade decision that legal-
day, the National Basketball Re- ized abortion.
tired Players Association con- —Associated Press
firmed. He was 80.
Mr. Reed, the 1970 NBA Most FDA
Valuable Player, was a burly in-
terior presence in an era of bas- Additional Covid-19
ketball that required one. On five Booster Shots Mulled
occasions over his 10-year ca-
reer, Mr. Reed averaged at least Federal health regulators are
20 points, and six times he aver- closing in on a decision whether
aged at least 13 rebounds. On to authorize a second round of
teams stocked with graceful the Omicron-targeted booster
scorers and intuitive passers, he shots for the elderly and other
supplied the heft that converted people at high-risk of severe
Broadway showmanship into Covid-19, people familiar with
wins. the agency’s deliberations said.
He is best known, however, Food and Drug Administra-
JOHN LENT/ASSOCIATED PRESS
for his role in the last New York tion officials could make the de-
Knicks teams to win the NBA ti- cision within a few weeks, the
tle. The champion 1970 and 1973 people said.
Knicks, among the most beloved The officials are moving to-
teams in NBA history, revolved ward authorizing the second
around Mr. Reed. jabs of the Omicron-targeted
The 1970 Finals supplied the shots for people who are 65
indelible image of Mr. Reed’s ca- years and older or who have
reer, when, after tearing a mus- Willis Reed (19) drives against San Francisco Warrior Clyde Lee during an NBA game at Madison Square Garden on March 4, 1970. weakened immune systems,
cle in his thigh in the fifth game though the officials haven’t
of the series, he suited up to later and say I wished I had OKLAHOMA pregnancy risks their health, not her doctor determines that con- reached a final decision and
play in the seventh. He emerged tried to play,” Mr. Reed would just in a medical emergency. tinuing the pregnancy would en- could change their mind, one of
to raucous applause during later say. Court Relaxes Part It was a narrow win for abor- danger it due to a condition she the people said.
warm-ups and, though he scored Born in Hico, La., in 1942, Mr. Of Ban on Abortion tion-rights advocates since the has or is likely to develop during The Centers for Disease Con-
only four points, gave New York Reed flourished at nearby Gram- U.S. Supreme Court struck down the pregnancy. Previously, the trol and Prevention would then
the emotional boost it needed to bling State University, where he A divided Oklahoma Supreme Roe v. Wade. right to an abortion could take have to recommend the shots
prevail over Wilt Chamberlain was twice named a first-team Court on Tuesday overturned a The court ruled that a place only in the case of medical for them to become widely
and the Los Angeles Lakers. All-American. Mr. Reed’s Tigers portion of the state’s near total woman has the right under the emergency. available.
“I didn’t want to have to look won the 1961 NAIA champion- ban on abortion, ruling women state constitution to receive an The court, however, declined —Stephanie Armour
at myself in the mirror 20 years ship. —Robert O’Connell have a right to abortion when abortion to preserve her life if to rule on whether the state and Liz Essley Whyte
THE WALL STREET JOURNAL. * * * * * * Wednesday, March 22, 2023 | A7
U.S. NEWS
Spending Cuts, Trump

To Strain GOP Unity
BY NATALIE ANDREWS speaker vote. Mr. McCarthy America,” said Mr. McCarthy.
NATALIE ANDREWS/THE WALL STREET JOURNAL

outlined a series of bills and A spokeswoman for Man-
ORLANDO, Fla.—For House briefings with Democrats that hattan District Attorney Alvin
Speaker Kevin McCarthy, it he said show he has improved Bragg Jr. said: “In every pros-
could be the calm before an- the way the House works. “We ecution, we follow the law
other political storm. have changed Congress on its without fear or favor to un-
At House Republicans’ re- head,” he said. cover the truth.”
treat, Mr. McCarthy projected At the retreat, Mr. McCar- House Republicans sought
a unified picture of a party thy and most Republicans to emphasize teamwork at the
seeking conservative wins as blasted as politically moti- conference. On Tuesday, the
well as bipartisanship, point- vated the possible arrest of closing speaker was Drew
ing to votes on issues related Mr. Trump related to pay- Brees, who led the New Or-
to crime and the Covid-19 pan- leans Saints to their first Su-
demic. But he now heads into per Bowl win. Allies said Mr. House Speaker Kevin McCarthy and top Republicans address reporters at the GOP retreat in Florida.
tough challenges that will test McCarthy has done the hard
his leadership, including how
At party conference, work since winning the top pass legislation raising the conditions. Unless Congress would require deep reductions
deeply to try to cut govern- Kevin McCarthy job, holding conversations debt ceiling and approve 12 raises the debt ceiling, the U.S. in other parts of the federal
ment spending as a condition with members across his con- appropriations bills before could default on debt payments budget. GOP members mostly
for raising the debt ceiling, as
strikes upbeat tone ference in recent weeks. September, hurdles requiring and other obligations. expect to see a Republican
well as how to handle the re- about his leadership. He “comes out stronger be- Mr. McCarthy to work with “People don’t need to like budget plan at the end of April
emergence of former President cause he’s brought everyone to both conservative and more each other, they don’t even or in May.
Donald Trump as a center of the table,” said Rep. Stephanie centrist Republicans as well as have to get along, they just In a Tuesday meeting of
attention in the party. Bice (R., Okla.), a member of the White House and the Dem- need to work together,” said lawmakers on spending and
Mr. McCarthy, less than ments he made to a porn star, Mr. McCarthy’s leadership ocratic-led Senate. Majority Whip Tom Emmer the debt ceiling, Budget Com-
three months after he fought but that unity may not hold as team. “We haven’t passed one of (R., Minn.). He said he has mittee Chairman Jodey Ar-
back far-right lawmakers to the presidential contest heats While scoring some biparti- the must-pass bills this year,” spent the past few months rington (R., Texas) presented a
secure the speakership, told up, with many lawmakers ea- san wins regarding the origins said Rep. Blake Moore (R., gathering data on what spend- list of potential spending cuts,
reporters Tuesday his job was ger to embrace Mr. Trump’s of Covid-19 and blocking the Utah), co-chair of the Republi- ing cuts GOP lawmakers would and ways to balance the bud-
secure and there was no in- America First political ap- D.C. crime bill, Republicans can Governance Group, a support, and the timeline on get, according to a lawmaker
fighting at the gathering. He proach on trade, immigration have had to delay some other group of moderate Republi- passage is up to the speaker. in the room. Social Security
also struck an upbeat note on and other issues—but open to votes, a sign that their narrow cans, acknowledging the chal- Republicans have main- and Medicare weren’t on the
resolving the debt-ceiling a new standard-bearer. 222-213 majority makes it dif- lenges to come. tained they will pass a budget list, but work requirements for
showdown. “It’s not here that we’re ficult to pass bills with only Democrats, including Presi- that aims to eliminate the def- government healthcare bene-
“Why would I go through 15 coming to defend President GOP support. dent Biden, have said that Con- icit after 10 years. With cuts to fits were, as was rolling back
rounds if I didn’t think I could Trump. What we’re coming to The challenges are only go- gress should pass a clean debt Medicare and Social Security spending to fiscal year 2022
lead?” he said, referring to the defend is equal justice in ing to get harder: They must ceiling increase without any off the table, such a plan levels.
.
Lawyer-Client Privilege at Issue in Mar-a-Lago Case
ly
BY C. RYAN BARBER
WAS HI N GT O N— D o n a l d
judge appeals-court panel in
Washington put a temporary
halt Tuesday on a sealed rul-
on
sel Jack Smith’s team to re-
spond by 6 a.m. Wednesday.
In her ruling Friday, Judge
legal advice has been used in
furtherance of a crime.
Judge Howell issued the rul-
ell’s ruling by promising to
“fight the Department of Jus-
tice on this front and all others
A lawyer for Mr. Corcoran and
a spokesperson for Mr. Trump
didn’t respond to requests for
Trump is challenging a recent ing that rejected attorney-cli- Beryl Howell sided with prose- ing on the final day of her that jeopardize fundamental comment. A spokesman for the
us ,
court decision that paved the ent privilege claims raised by cutors who urged her to in- seven-year term as chief judge American rights and values.” special counsel office also
l
way for federal investigators the former president’s lawyer, voke the so-called crime-fraud of the federal trial court in The D.C. Circuit’s order on didn’t respond to a request for
e
al a
to elicit potentially crucial Evan Corcoran, during a grand exception to attorney-client Washington. In that role, she Tuesday followed a pair of ap- comment.
grand jury testimony from one jury appearance in January. privilege, which customarily oversaw all grand jury matters peals and requests to stay—or The urgency of the appeal
of the former president’s law- The panel of the U.S. Court of guards communications be- in the U.S. District Court for suspend—Judge Howell’s rul- underscored the potential stakes
ci on
yers as part of the special Appeals for the D.C. Circuit set tween lawyers and their cli- the District of Columbia and re- ing pending an appeal. of Judge Howell’s ruling, which
counsel inquiry into the han- extraordinarily tight deadlines ents, and compel Mr. Corcoran peatedly ruled for Mr. Smith’s For the submission due by could open a window for Mr.
dling of classified documents for additional information and to provide more testimony be- special counsel team as it pur- midnight, the D.C. Circuit panel Smith’s team to gain insights
at Mar-a-Lago. arguments, ordering Mr. fore the grand jury. The excep- sued documents and testimony. told Mr. Trump’s team to “spec- into how Mr. Trump responded
At the request of Mr. Trump’s lawyers file briefing tion applies in instances where On Friday, a Trump spokes- ify each document” at issue in to the government’s requests for
er s
Trump’s legal team, a three- by midnight and special coun- there is reason to believe that man responded to Judge How- the dispute over Mr. Corcoran. the return of documents.
m er
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A8 | Wednesday, March 22, 2023 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Kyiv Doubles Down on Bakhmut
BY MATTHEW LUXMOORE He said he was sent into com-
Japanese
Premier
AND IEVGENIIA SIVORKA
KO ST YA N T Y N I V K A ,
bat without a rifle as punish-
ment for looting alcohol from
a local store after being dis-
Visits With
Ukraine—Every time Pvt. Viktor
Daletskiy drives into the be-
sieged eastern city of Bakhmut
patched by his commander to
find food for Russian troops.
Col. Cherevatiy, the military
Zelensky
to pick up the injured and dead, spokesman, said Russia as an BY YAROSLAV TROFIMOV
the front line is a bit closer and attacking force is losing six AND GORDON LUBOLD
the route in more precarious. men for each Ukrainian lost,
“It’s really tough. They’re although some Western ana- Japanese Prime Minister Fu-
MANU BRABO FOR THE WALL STREET JOURNAL

getting closer and closer,” he lysts say recent Russian ad- mio Kishida held talks with
said of the Russians during a vances have reduced the Ukrai- Ukrainian President Volodymyr
pit stop this week outside a nian superiority. “Bakhmut is Zelensky in Kyiv on Tuesday, in
gas station 14 miles west of Wagner’s final frontier,” he a supportive visit that coincided
Bakhmut. “But their losses are said. “Our main goal there is with Chinese leader Xi Jinping’s
still greater than ours.” to wear them out, waste them trip to Moscow and the U.S.
The battle for Bakhmut is away and destroy them.” rush to provide tanks and mis-
reaching a critical point as Russia is attempting a pin- sile defense systems to Ukraine.
Russian forces send assault cer movement from the north Mr. Kishida’s visit illus-
troops on suicide missions, and south that would trap trated how the war in Ukraine
capturing territory inch by Bakhmut’s Ukrainian defend- is affecting geopolitical align-
inch and closing around the ers inside the city. Farther ments in Asia. While Japan
city like a vise. As recently as Ukrainian soldiers near Bakhmut this month. Generals say the city is key to weakening Russian forces. west, it is pushing northwest has supported Ukraine diplo-
January, Ukrainian command- toward Chasiv Yar, a town matically and with financial
ers said the city wasn’t strate- attritional slog against troops just several weeks ago. troops and supplies travel via overlooking Bakhmut that is aid, it hasn’t provided it with
gically important. In the past from the Wagner paramilitary Ihor, a 44-year-old infantry- the village of Ivanivske. Ukraine often seen as a second line of lethal weapons, unlike all the
two weeks, they have rejected group spearheading Russia’s man sent into Bakhmut for a repairs it, but it is now a dirt defense should Bakhmut fall. other fellow members of the
the idea of withdrawal even as assault there with units com- two-day mission that ended track after constant shelling by A unit of Ukraine’s 17th Group of Seven advanced
casualties have mounted. prising mostly men drafted Saturday, said it doesn’t feel Russian forces that have moved Tank Brigade is attempting to economies that Tokyo leads,
Bakhmut, the generals say, is from Russian prisons. that way. The rate of Russian to within a mile of the highway. hold back that offensive, tak- because of Japan’s longstand-
a key element in their efforts to The Bakhmutka River that fire was so relentless that he When it rains, the road being up positions 800 yards ing restrictions on arms sales.
weaken Russia’s army ahead of a bisects the city is the line be- said he didn’t have a moment comes almost impassable, a from the Russians who are as- Mr. Kishida said Japan
critical Ukrainian offensive using tween Russian and Ukrainian to pinpoint a single Russian sol- muddy quagmire that only saulting a key road into would supply $30 million in
fresh, Western-trained troops positions. Russian troops this tracked vehicles like Pvt. Da- Bakhmut. The Wagner troops nonlethal military assistance to
and modern equipment pro- week crossed the river from letskiy’s can navigate. On each move along the tree lines, con- Ukraine through a North Atlan-
vided by the U.S. and its allies. the south, threatening trip, he searches the bombed- tinuing to march forward even tic Treaty Organization fund,
The commander of the Ukraine’s hold on the city cen-
‘Our main goal there out buildings along the when they come under fire. according to Kyodo News. He
armed forces, Gen. Valery Zalu- ter. As the Ukrainians dig in is to wear them out, Bakhmutka’s western edge and “Our motivation is to defend also said Mr. Zelensky would
zhny, this week described the with improvised foxholes be- drags out his comrades, most our land, but I don’t see what participate online in the Group
defense of Bakhmut as “key to side residential blocks damaged
waste them away of them wounded, some of theirs is,” said First Lt. Mykyta of Seven summit to be held in
.
the stability of the defense of by weeks of shelling, the Rus- and destroy them.’ them dead. Ivanov, the brigade’s deputy May in Hiroshima, Japan, the
the entire front.” Gen. Mark sians blast their positions with He said the wounded tell chief of staff. “It’s the first time news agency said.
ly
Milley, chairman of the U.S. mortars and rocket-propelled him stories of Russian troops I’ve seen fields covered with In a speech on Monday, be-
Joint Chiefs of Staff, signaled grenades, soldiers say, edging from the paramilitary Wagner the bodies of dead Russians. It’s fore he flew to Poland and
support for Ukraine’s strategy. forward building by building. dier through his gunsight. Only Group launching assaults with like some apocalyptic movie.” took an overnight train to
“Wave after wave of Russian
soldiers are thrown into the
chaos of war, absent any sort
of synchronized coordination
Both sides are now short on
ammunition. As Ukraine ra-
tions shells ahead of its
planned offensive, Russia is
on
one building stood between him
and the Russian positions, and
his unit ultimately abandoned it
and retreated to a rear position.
no artillery or air support, and
armed only with Kalashnikov
rifles, moving forward despite
being pummeled by Ukrainian
The fight for Bakhmut is
one of three major battles
across eastern Ukraine.
Lt. Ivanov warns that if
Kyiv, Mr. Kishida said, “Japan
strongly condemns Russia’s
aggression against Ukraine
and will never recognize it.”
and direction,” he said. also hampered by low artillery “It was hell on earth,” he said. tanks and mortars. Ukraine can mount a success- South Korea, another U.S.
us ,
Both sides are suffering stocks, Western officials say. Pvt. Daletskiy and a medic One of those captured, a ful counteroffensive and push ally in Asia, has adopted a
l
heavy losses, but Ukraine says Ukrainian Col. Serhiy Chere- from his unit travel into 48-year-old from Siberia, said the Russians out of Bakhmut, similar stance, selling ammu-
e
al a
the ratio remains substantially vatiy, spokesman for the Bakhmut every other day in an he was serving a 12-year tougher battles will lie ahead. nition and weapons to the U.S.
in its favor. Soldiers fighting armed forces in eastern American-made M113 armored prison term for attempted “We shouldn’t think this war and allies to backfill their
in Bakhmut this week de- Ukraine, said Russia is firing personnel carrier. There is only murder when he joined Wag- will end in Bakhmut,” he said. stocks but not directly to
ci on
scribed brutal urban combat 20,000 shells a day along the one reliable road left into the ner, and was captured by “I’m sure Russia is preparing Ukraine. While Japan and
as the battle has become an front line, a third the rate of city, a lifeline along which Ukrainian soldiers on Friday. for something much bigger.” South Korea have consistently
called for peace based on Rus-
sia’s full withdrawal from oc-
School Ban cupied areas of Ukraine, China

er s
has put forward a more am-

biguous 12-point plan.
Pressures
m er
U.S. allies in Asia are con-

cerned about the ties between
Moscow and Beijing, and worry
Taliban that Russian success in Ukraine

could embolden China to try to
m rp
Continued from Page One

bers traveled and lived outside
‘Japan strongly
the country, in places such as condemns Russia’s
co Fo
neighboring Pakistan, where

both men and women get a
aggression against
formal education. Ukraine.’
ELISE BLANCHARD FOR THE WALL STREET JOURNAL (2)
Now secret schools, often in

houses, have sprouted across
Afghanistan. Although some
have been forced to close seize Taiwan by force. “Ukraine
when discovered, and at least today may be East Asia tomor-
one teacher was briefly ar- row,” Mr. Kishida has said.
rested in Kabul last month, As Mr. Kishida’s visit began,
many of them have continued Russia’s Defense Ministry said
to operate despite the Tali- two of its Tu-95 bombers flew
ban’s tight grip on the coun- over neutral waters in the Sea
n-
try. of Japan, but described the

A small minority of the Tal- flights as scheduled, said Rus-
iban are even sending their sian state news agencies.
own daughters to illicit While Japan, which has its
no
schools. Others have sent fe- Teenage girls attend a literacy class in a Kabul house that has been turned into a secret school, above. Below, an art lesson. own territorial dispute with
male relatives abroad to study, Russia, has provided billions
especially in neighboring Paki- ple,” said Mullah Yaqoob, who into an early marriage. Now of dollars in aid to Ukraine, it
stan. is the son of Taliban founder her own daughter is in the has held back from a full em-
Taliban ministers have trav- Mullah Mohammad Omar. class, going through the same brace of the Ukrainian cause
eled repeatedly to Kandahar, Taliban officials deny that education ban. by continuing to buy Russian
where Mullah Haibatullah lives there are serious splits within “If we stop teaching, learn- natural gas. Japan imported
in seclusion, to press their the group, and say speeches ing, it is like we are dead. I about $1 billion in liquefied
leader in private to relent, in- have been misinterpreted. want to be alive,” the teacher natural gas from Russia in the
cluding a testy gathering this The Taliban’s justice minis- said, who went back to school first two months of this year.
month, said Taliban officials ter, Abdul Hakim Sharayi, who as an adult after the Taliban’s China’s Foreign Ministry
and foreign diplomats. is close to the leader, acknowl- first rule ended. “If this is a spokesman said Tuesday that
edged in an interview that the crime, I want to commit it.” Beijing hoped Mr. Kishida’s
government’s cabinet of minis- visit to Ukraine “will do more
Public disagreement ters opposed suspending girls’ to help cool the situation.”
Some of their disagreement education, preferring gradual Radio classes On Tuesday, the Interna-
surfaced in public in recent changes to the education sys- Some girls are using legal tional Monetary Fund said it
weeks, rare for a movement tem. He said the reason for ways to learn. The Taliban ha- has reached a staff-level agree-
whose strength is that it has the suspension stemmed in ven’t interfered with a license ment with the government of
been united for decades in a equal measure from Afghan that the previous government Ukraine to provide financing
highly fractured country. culture and Islamic law. He has been followed by a succes- woman who has organized a granted to Radio Begum, a sta- worth $15.6 billion over four
Members of the cabinet made said the school curriculum sion of other restrictions on number of them. At one of her tion based in Kabul that years to help stabilize the
oblique references in speeches needed to be cleansed of ele- women. In December, women schools, some apparent intelli- broadcasts to women in sev- country’s economy and support
that were interpreted as objec- ments that didn’t reflect Is- were barred from working for gence agents showed up, but eral provinces. After the its long-term growth.
tions to the ban on girls’ edu- lamic values. nongovernmental organiza- took no further action. school ban, they switched pro- The multilateral lender said
cation. tions, putting the delivery of At the secret school in Ka- gramming to include six hours the loan, which is still subject
“If yesterday we were harsh aid at risk. Women are no lon- bul, the girls sat on a carpeted of school classes a day. It to approval by the IMF board,
against the enemy, today we ‘Ideological invasion’ ger allowed to enter public floor, paying close attention as trained teachers to project is expected to help mobilize
are soft toward our people,” “We are not against educa- parks. The Taliban have put their teacher drew a thermom- their voice to make compelling large-scale financing from
Interior Minister Sirajuddin tion,” Mr. Sharayi said. “The restrictions on their clothing eter on a whiteboard hung on radio, now that visual cues Ukraine’s international donors
Haqqani, who was responsible Americans not only invaded and how far they can travel the wall. She explained that like writing on the blackboard and partners at low cost. The
for some of the deadliest at- militarily, it was also an ideo- outside the home without a numbers can be both positive are gone. Girls can phone board is expected to approve
tacks during the war, said in a logical invasion. They were try- male chaperone. and negative. teachers at the station with the loan in the coming weeks.
speech in February. “It is not ing to change our culture and But the leader’s orders ha- Yalda often volunteered an- questions afterward. The U.S. took its latest step to
our aim to be a dictator and morally destroy our society.” ven’t been obeyed entirely. In swers to the teacher’s math To make it feel more like a support Ukraine’s defenses when
rule the people in such a way The Taliban are a rigidly hi- pockets in the north of the questions before older girls. classroom, a few girls are Pentagon officials said they
that they suffer under us.” erarchical organization, and country, girls’ high schools To limit risks, class lasts only brought into the studio to take would aim to deliver the M1A1
Following Mr. Haqqani’s the restrictions have been im- never closed, after refusal by an hour and a half a day, with part in the production, re- variation of the Abrams tank by
speech, Taliban spokesman Za- posed from the top by Mullah the population in apparent all ages of high school thrown sponding to the lessons live. this fall, said Brig. Gen. Pat
biullah Mujahid said that any Haibatullah, an ideologue who connivance with local Taliban into the same lesson. Mursal, a 15-year-old girl who Ryder, a Pentagon spokesman.
criticism should be done in hasn’t appeared in public since officials. His ban on university “I feel terrible that I cannot attended a recent radio pro- The Pentagon initially said it
private. the group reclaimed power. for women was stalled for sev- decide my future now myself,” duction, said she wanted to be would provide 31 M1A2 tanks,
That same month, the Tali- Believed to be in his 70s, he eral months by ministers be- Yalda said after class. a doctor, but that dream is but they needed to be produced
ban’s defense minister, Mullah has gradually consolidated his fore it was announced in De- Their teacher, wearing a vanishing. Her younger sister, first, and that was expected to
Yaqoob Mujahid, made com- control over the Taliban, and cember, Taliban officials said. woolen scarf around her head, in primary school, is also los- take a year or more. Under the
ments that were similarly seen the edicts are a way of demon- The Taliban’s intelligence was a teenager when the Tali- ing hope. She keeps asking plan announced Tuesday, the
as critical of the policy. “We strating his power, according service doesn’t appear fully fo- ban first took power in the what will happen to her in the military will refurbish existing
should always listen to the le- to experts on the Taliban. cused on closing the secret 1990s and forced her out of future. “She is scared to grow M1A1 tanks and send them to
gitimate demands of the peo- The education crackdown schools, said one 25-year-old school. Her family pushed her up,” Mursal said. Ukraine.
THE WALL STREET JOURNAL. * * * * * Wednesday, March 22, 2023 | A9
WORLD NEWS
Xi, Putin Rekindle Strategic Ties Chinese Pressure on

BY AUSTIN RAMZY
AND KEITH ZHAI
in 2019, presenting Mr. Xi with
a birthday cake that said “good Countries Ineffective,
U.S. Think Tank Says
fortune double six” in Chinese
During Xi Jinping’s first visit to mark his 66th birthday dur-
to Moscow as China’s president ing a summit in Tajikistan.
in 2013, he presented Vladimir On the eve of the 2022
Putin with a traditional em- Winter Olympics in Beijing, BY LINGLING WEI Lithuanian food imports and
broidered portrait of the Rus- weeks before Russia launched made it difficult for Lithuanian
sian leader that Mr. Putin pro- its invasion of Ukraine, Chinese trade restrictions firms to renew and close con-
claimed to be “so legendary, so Messrs. Putin and Xi met in and other punitive measures tracts in China.
beautiful, so amazing.” the Chinese capital and re- against countries seen as of- While China’s actions have
A decade later, Mr. Xi released a lengthy statement de- fending its interests have a inflicted pain on certain com-
turned to the Russian capital claring a “no limits” friend- poor record of getting Beijing panies or sectors in those
with a more substantial gift for ship between their countries. the outcome it wants, a new countries, the study says, Bei-
Mr. Putin—an expected agree- Their trajectories are now study finds. jing has proven unsuccessful
ment on economic cooperation very different—Mr. Putin In some cases, according to in getting their governments
worth tens of billions of dol- launched a war against his the study, published by the Cen- to reverse course in their
lars—that is a testament to the neighbor that has left his mili- ter for Strategic and Interna- China policy and instead has
deepening relationship between tary badly bruised and his tional Studies on Tuesday, the given some of them political
the two authoritarian leaders. country’s economy increasingly strategy has produced the op- cover to be tougher on China.
Messrs. Putin and Xi enjoy isolated from the West. Mr. Xi posite of what China has sought In 2016, for example, soon af-
a personal bond, described by has further consolidated power, by driving countries closer to ter Seoul approved deployment
some analysts as a “strategic and with the end of China’s the U.S., the biggest threat seen of the U.S. missile-defense sys-
bromance,” that is unusual in self-enforced isolation during by the Chinese leadership to its tem known as Thaad to guard
the world of global diplomacy. the pandemic, he is traveling national interests. against the North Korean threat,
PAVEL BYRKIN/KREMLIN/EPA/SHUTTERSTOCK
The relationship has been un- the world again as an increas- “Chinese coercion is not China expressed concerns about
der a spotlight since the start ingly potent diplomatic force. just largely ineffective, but it the system’s potential impact on
of the Ukraine war—scrutiny The language of a “no lim- creates long-term strategic its national security. China then
that intensified after the Inter- its” partnership, which has be- costs for China,” said Matthew closed almost all stores owned
national Criminal Court ac- come shorthand for China’s Reynolds, a fellow at the by Korean conglomerate Lotte
cused Mr. Putin of war crimes support of Russia despite the Washington think tank who Group and suspended subsidies
on Friday, days before Mr. Xi invasion, didn’t appear in Mr. co-wrote the report. for electric vehicles powered by
was set to visit Moscow. Xi’s comments before the trip. The study examined what it Korean-produced batteries.
Mr. Xi was undeterred by Yet the two spelled out the describes as China’s use of co- Seoul responded by boosting
the court’s allegations that Mr. closeness of their ties and their ercive tactics against eight economic ties with Southeast-
Putin was complicit in the criticism of the West in articles countries since 2010, including ern Asian countries and India,
forced deportation of Ukrai- Xi Jinping and Vladimir Putin bid farewell after a reception in published in Russian and Chi- Japan, Norway, the Philip- and last year, South Koreans
nian children from Russian-oc- Moscow, in a photo from Russian state-owned media. nese state media Monday. elected President Yoon Suk Yeol,
cupied areas of Ukraine, or Mr. Xi wrote in the Rossiys- who campaigned on a harder
that his host now faces the
possibility of arrest in any of
on securing a norm-breaking
third term as president, saying
sort of personal power unseen
in his country for decades.
kaya Gazeta, the Kremlin’s offi-
cial newspaper, that his trip was
Beijing’s aversion stance toward Beijing and prom-
ised closer ties with the U.S.
the court’s 123 member states. “we are even a bit envious” of “They both witnessed the “a journey of friendship, coop- to incurring costs The lack of effectiveness of
Mr. Xi calls the Russian China’s “colossal leap forward collapse of the Soviet Union, eration and peace.” Mr. Putin,
partly explains the such Chinese pressure is
.
leader his dear friend, but it is in its development.” from different perspectives of who wrote a parallel article for partly because of Beijing’s
uncertain how that relationship Both men see a U.S.-led course but that was a trauma- the People’s Daily, the mouth- lack of effectiveness. aversion to incurring costs, ac-
ly
will affect his stated ambition of West as aligned against them, tizing experience,” said Alexan- piece of China’s Communist cording to the study. It has at
playing peacemaker in Ukraine. bent on preventing their coun- der Gabuev, senior fellow at Party, called Mr. Xi an old friend times even abandoned coer-
Any genuine peace effort would tries from recovering their the Carnegie Endowment for with whom he has a “particu- cive measures that became too
almost certainly require the Chi-
nese leader to pressure Mr. Pu-
tin into painful troop withdraw-
als and territorial concessions.
rightful places on the world
stage. Western outrage at Mr.
Putin’s invasion of Ukraine and
increasing pressure on Mr. Xi
onInternational Peace. “They ob-
viously want to make their
countries great again and share
this obsession and anxiety with
larly cordial” relationship.
“The relations between the
two countries have become
more mature and resilient in
pines, Mongolia, South Korea,
Australia, Canada and Lithua-
nia, following moves taken by
these governments that China
costly. For example, Beijing re-
cently lifted a ban on Austra-
lian coal it imposed in 2020,
as it looked for ways to offset
Some political analysts say over his ambition to take con- the U.S.’s promotion of democ- their development, constantly viewed as having challenged much-increased commodity
us ,
China’s statement on Ukraine, trol of Taiwan, the self-ruled is- racy and alleged hegemony.” renewing new vitality and set- its territorial claims, security prices partly triggered by its
l
outlined in late February, is in- land Beijing claims as a part of The two have met 40 times ting a new model of great power or positions on other issues. own restrictions.
e
al a
tended at least in part as a China, appear to have only but- since Mr. Xi became Communist relations,” Mr. Xi wrote. While For instance, Beijing took China’s punitive measures
smokescreen to improve the op- tressed the ties between them. Party leader in 2012, discussing he didn’t mention the U.S., he umbrage at Canberra’s call in have also largely failed to im-
tics of Mr. Xi’s visit to Moscow. Messrs. Xi and Putin were philosophy and history in addi- complained about harmful “he- 2020 for an investigation into pose significant costs on tar-
ci on
The Russian leader cracked a born months apart in socialist tion to politics. They like to gemonic and bullying practices.” the origin of Covid-19 and geted countries, the study
smile when Mr. Xi brought up states at the height of the Cold give each other birthday gifts, Mr. Putin was more blunt. slammed tariffs on Australian shows.
Russian 2024 presidential elec- War. Both experienced tumul- such as when Mr. Xi presented The “crisis in Ukraine,” he said, wines. In 2021, in response to Despite the study’s finding
tions, adding he is “confident tuous childhoods before they a cake to Mr. Putin for his 61st was provoked and fueled by the strengthening of relations of Chinese pressure’s limited
that the Russian people will began rising in their respec- birthday, which they marked the West, a “manifestation of between Lithuania and Tai- potency, the CSIS analysis pre-
er s
continue to give firm support to tive systems. Once at the top, with sausages and vodka, dur- its desire to retain its interna- wan, which Beijing regards as dicts that Beijing will continue
President Putin.” Mr. Putin con- each dismantled checks on his ing a summit in Bali in 2013. tional dominance and preserve its own territory, China to use the tactics to pursue its
m er
gratulated the Chinese leader authority and accumulated the Mr. Putin returned the favor the unipolar world order.” stopped providing permits for foreign-policy goals.
m rp
VLADIMIR ASTAPKOVICH/KREMLIN/ASSOCIATED PRESS
co Fo
Xi Jinping and Vladimir Putin signed 10 documents on economic cooperation stretching until 2030.
Summit
n-
crochips and other technology stopped buying Russian gas.

that can be used for military During the visit, the Chi-
purposes, but doesn’t appear nese leader invited Mr. Putin
Showcases to have provided lethal weap- to China this year. Mr. Putin
no
ons, U.S. and Ukrainian offi- hosted a state dinner for Mr.
cials said. China has denied it Xi, attended by Russian busi-
Challenge is contemplating such action.

Mr. Putin’s invasion has rip-
pled globally, altering energy
ness leaders, where the two
men toasted each other.
Mr. Xi arrived in Moscow
markets, geopolitical relations on Monday, becoming the first
Continued from Page One and global economics. Russian world leader to meet with Mr.
China was “parroting Russian forces have for months been Putin after the International
propaganda” about the causes sending waves of soldiers to Criminal Court issued an ar-
of the conflict and that the ad-
ministration didn’t view the
their deaths as part of Mos-
cow’s effort to capture the small
rest warrant for him over al-
leged war crimes in Ukraine.
MAJESTIC BEAUTY
meetings between Messrs. Xi
and Putin as having a major im-
Ukrainian city of Bakhmut. The
fighting has left at least 30,000
China, like Russia and the
U.S., isn’t a member of the in- BOUCHERON BURMA SAPPHIRE
pact on Mr. Putin’s war calculus. Russian troops wounded or ternational tribunal, which is
“I don’t think the meeting dead, according to the U.K. Min- based in The Hague. Wang Finest hue. Revered jeweler. Magnificent size.
today gives us great expecta- istry of Defense. Ukrainian Wenbin, a Chinese Foreign Monumental in size, this 23.72-carat sapphire is certified as
tions that the war is going to losses have also been very high. Ministry spokesman, said “Classic Burma” by the American Gemological Laboratories,
end anytime soon,” he said. Mr. Putin threatened on Monday that the court needs
As Messrs. Xi and Putin—at Tuesday to take unspecified ac- to “respect the jurisdictional
meaning it displays the finest color and saturation of all sapphires
their 40th meeting—celebrated tion if the U.K. supplies Ukraine immunity” of a head of state. from this famed region. The untreated royal blue gemstone is
their strong ties in Moscow, with tank ammunition that Mr. Xi’s visit is “a huge accompanied by a coveted appendix letter from the AGL and
Prime Minister Fumio Kishida contains depleted uranium. A demonstration of Russian-Chi- accented by white diamonds totaling 1.40 carats. Boucheron
of Japan visited Kyiv on Tues- U.K. defense official said Mon- nese friendship, giving legiti- Paris is among the most revered names in jewelry, counting
day, where he met Mr. Zelensky. day that London would provide macy to Putin,” said Jakub Ja- royalty and celebrities among its distinguished clientele. Set in
Mr. Kishida said Japan Kyiv with such ammunition, kobowski, a China researcher
platinum. Circa 1930. Signed “Boucheron Paris.” #31-6687
would “continue to provide which is used against tanks and and deputy director of the
unwavering support to armored vehicles. Centre for Eastern Studies, a
Ukraine,” and pledged $30 The Russian and Chinese Polish government-funded
million of new nonlethal mili- leaders signed 10 documents think tank. “Despite this great Scan to view a
tary aid to Kyiv. on economic cooperation strategic blunder that Putin video of this ring
The strengthening entente stretching until 2030. Trade made last year, he is still an
between Russia and China is a between the two countries important asset that China
significant concern in Western rose to $189 billion last year. doesn’t want to lose.”
capitals, which view the pair as Mr. Putin said before the visit Mr. Jakobowski said, how-
a potentially powerful chal- he believes it will exceed $200 ever, that another purpose of
lenger to the U.S. and its allies. billion as early as this year. the trip was likely for Mr. Xi to
China and Russia on Tues- Russian officials said the “have more control over where
day said their partnership two sides were moving for- the relationship is going.”
isn’t “confrontational in na- ward with plans to build a sec- —Keith Zhai
ture and [isn’t] directed ond pipeline to carry Siberian and Ken Thomas
against third countries.” They natural gas to China. Chinese contributed to this article.
also called for “acceleration of officials didn’t refer to the 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
the process of establishing a pipeline on Tuesday. To sus-
multipolar world order.” tain the energy revenue it Watch a Video Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
Washington said in Febru- needs to fund the war effort, Scan this code Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
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ing delivering artillery and that would boost sales of gas video on China’s
drones to Russian forces. to China, since its main cus- ambitions as
China has sold Russia mi- tomers in Europe have peacemaker.
FROM PAGE ONE
The Cutlery she brought in before and

ended up losing.
Of course, communal items
Mike Williams, a documen-
tary and podcast producer in
Sydney, Australia, said forks
you get a fork, you inherently
want to hold on to the fork,”
he said.
Is Missing have gone missing from offices

since the dawn of the cubicle.
But these days another trend
from his office in a previous
job often ended up in his home
after he left them in his lunch-
Some researchers have at-
tempted to study the phenom-
enon. One paper published in
In Offices is merging with the back-to-

the-office movement: the eco-
conscious workspace. Nearly
box.
Around two years ago, Mr.
Williams said his wife ordered
2020 in the Medical Journal of
Australia found teaspoons
marked with red nail lacquer
60% of professionals in the him to return the 20 office disappeared more quickly than
Continued from Page One U.S. and Canada said their forks that had accumulated in similarly marked forks in the
Williams, adding that her of- workplaces made environmen- their kitchen drawer, as the staff tearoom of the Royal
fice has only 125 people work- tally friendly changes in the mismatched cutlery was an Brisbane and Women’s Hospi-
ing there during a good week. past three years, according to eyesore. He said he didn’t tal, where the authors work.
An investigation yielded a a 2021 poll by Captivate, a dig- want to be labeled as a thief if They noted, however, that the
confession of sorts. Product ital-media network—including colleagues saw him with them, question of where the cutlery
BEN STILLER
manager Jennifer Ta, who substituting single-use plastic so he carried the cutlery in his went remained unanswered.
goes to the office once a week cutleries with reusable ones. bag for weeks before slipping The researchers wrote that ra-
on Wednesdays, makes it a Governments are piling on. the forks back into his office dio frequency identification
point to get in before her col- The New York City Council There are plenty of spoons and knives, but only one fork at pantry when no one was chips might be a better way to
leagues, “because everything passed a “Skip the Stuff” law Canada’s National Truck League, to Ben Stiller’s chagrin. around. keep track of the items’
in the kitchen is a hot com- in January prohibiting restau- In December, Mr. Williams whereabouts.
modity.” She immediately col- rants from providing dispos- noa bowls, creamy chicken spoons available, and no forks. published an audio story Mark Mattiussi, the hospi-
lects a mug, fork and teaspoon able utensils unless customers soup and pesto pasta salad, Mr. Stiller, who calls him- called “Who Gives a Fork?” tal’s chief medical officer and
and puts them on her desk. request them. England is gear- they may have to resort to us- self the “fork police,” said he about what he called a “crisis lead author of the research,
“I am not risking it,” she ing up to ban any business ing their fingers. emailed the whole office to facing lunchrooms across the said he noticed that forks
said, recalling the times she from selling single-use plastic At the office of Canada’s highlight the issue and made a country,” and aired what he sometimes reappeared—
couldn’t find the items she cutleries in October. National Truck League, an in- sign to shame “fork stealers” did. He thinks the scarcity though they weren’t the same
needed. Ms. Ta admitted she The green initiatives have surance broker for the coun- into returning them. played a role in his behavior. dotted ones that were part of
has occasionally taken cutlery provided fertile soil for an try’s trucking industry, mar- “They all came back, and “I used to walk halfway the study. “That’s the phenom-
home, reasoning that she was age-old problem—as workers keting director Ben Stiller said then two weeks later, they around the building looking enon of the fork resurrection,”
simply replacing items that get ready to scarf down qui- the lunchroom usually has only were all gone again,” he said. for a fork,” he recalls. “When he added.
A College Street Journal ranks under-

graduate colleges using data
pulled mainly from the federal
miliar—come survey time.
Some plaster the walls of air-
ports in cities where presidents
Ranking government and student sur-

veys.
As the influence of the U.S.
are meeting for conferences,
and wrap Uber and Lyft cars
with their logos and sponsor
Unravels News rankings grew, schools

began studying how changes
in admissions decisions, fund-
rides to transport attendees.
After Yale and other schools
started pulling out, U.S. News
raising strategy and even the embarked on a flurry of Zoom
Continued from Page One size of seminar classes might meetings in December with
sign (No. 3 among regional boost their positions. Butler more than 100 law school
universities in the North) and University in Indianapolis, the deans aiming to better under-
.
Colorado College (No. 27 in University of Houston and stand and possibly stem the
the latest measure of national Lewis & Clark College in Port- exodus. Some deans likened
ly
liberal-arts colleges) withdrew land, Ore., referenced the pub- the experience to pulling back
last month. lication in strategic plans and the curtain to reveal the not-
The rebellion, which has connected institutional success so-great and powerful Oz.
thrown into tumult the most with better rankings. The Uni- on “They not only lacked
CHRISTOPHER CAPOZZIELLO FOR THE WALL STREET JOURNAL

famous source of college rank- versity of Florida held a press knowledge of some of the very
ings for generations of would- conference when it broke into important concerns the deans
be students, was decades in the the top five public universities had raised with them repeat-
making. College presidents, in 2021. edly, but they seemed unable
us ,
deans and institutional re- U.S. News, owned by real- to articulate the justification
l
search officers said they have estate billionaire Mortimer for their policies as well,” Ms.
e
al a
regularly raised concerns with Zuckerman, defended its pro- Gerken said. “Knowing what I
the company’s chief data strat- cess, and said it would con- know now, I actually wish we’d
egist in letters, on phone calls, tinue ranking schools regard- withdrawn from the rankings
ci on
at conferences and during in- less of their cooperation. earlier.”

person meetings at the com- “Those that describe our
pany’s Washington, D.C., head- rankings as gimmicks don’t
quarters. The rankings, they understand our rankings,” Mr. New calculation
argued, were opaque, favored Gertler said. “There are bil- In January, U.S. News said
er s
the wealthiest schools and pro- lions of pieces of data within it would tweak its law-school
moted practices that didn’t our rankings. We spend enor- ‘The U.S. News rankings are profoundly flawed,’ said Yale Law School Dean Heather Gerken, above. rankings, including putting
m er
benefit students. They warned mous resources, we have an After Yale Law withdrew its cooperation, a wave of law, medical and undergraduate schools followed. less weight on reputation sur-
against simplifying something expert data team, we analyze veys and counting graduates
as complex as an education data to make sure we’re pro- port it had commissioned by a deciding on a final method. each year. with school-funded public-in-
into an ordinal rank. viding important information law firm found administrators Dr. Ayres said that approach One of the most controver- terest legal fellowships the
School administrators said to our consumers.” omitted information from the violates fundamental social- sial elements of the ranking same way they would other
m rp
U.S. News wasn’t doing enough school’s submission to boost science research standards in calculation is a peer reputa- employed graduates. The de-
to address their concerns, and placement dating back to at which the methodology is tion survey, in which adminis- partures continued.
their frustrations continued to ‘Revolting’ least 2013. Columbia Univer- specified ahead of time to pre- trators are asked to rate com- Mr. Gertler adopted a more
build. Yet few took action, Bard College in Annandale- sity admitted in September to vent anyone from reverse-en- petitors. Response rates last forceful tone last month, writ-
spooked by the experience of on-Hudson, N.Y., cooperated reporting incorrect figures in gineering a preferred result. year were 28% for medical ing in a Wall Street Journal
co Fo
Reed College in Oregon, whose with U.S. News data requests, multiple categories. The school “Our expert data team is al- schools and 69% for law op-ed that elite schools object
position plummeted after it even though more than 20 dropped to No. 18 from No. 2 ways modeling to determine schools. The survey is the sole to their work “because our
stopped sharing its data with years ago President Leon Bot- after U.S. News turned to the impact of new metrics and basis for ranking clinical psy- rankings are something they
U.S. News in 1995. Ms. Gerken stein called the rankings a other public sources for data, data outliers,” Mr. Gertler said. chology Ph.D. programs—for can’t control and they don’t
broke the dam. “catastrophic fraud” and “cor- rather than to the school, in “We never adjust our method- which the most recent re- want to be held accountable by
“I think if anybody other rupt, intellectually bankrupt the latest ranking. ology to prioritize one school sponse rate was 18%. an independent third party.”
than Yale had pulled out, it and revolting.” Mr. Gertler said U.S. News over another in our rankings.” The response rate for un- Ahead of a meeting earlier
wouldn’t have made a differ- Dr. Botstein said he stayed flags significant year-over- U.S. News declined to make dergraduate programs fell to this month co-hosted by Har-
ence,” said Georgetown Law put partly because the school year changes in schools’ data Mr. Morse available for an in- 46% in 2008 from 70% in 2006 vard and Yale’s law schools to
Center Dean William Treanor. performed better than he ex- and expects schools to report terview. discuss alternatives to the U.S.
“When Yale pulls out, it’s clear pected, hovering among the accurate information. “Is this Among the most pervasive News rankings, Mr. Gertler
it’s not sour grapes.” top 40 liberal-arts colleges for the kind of educational system concerns about the ranking is took out a full-page ad in the
years. Also, he said, he didn’t that exists—where universities that it discourages schools
‘I actually wish Boston Globe featuring an
n-
think one school’s departure that are being relied upon to from trying to keep costs in we’d withdrawn open letter to Education Sec-
Definitive guide would be able to topple Goli- inculcate values to the future check by awarding points for retary Miguel Cardona, who
The move has led to a mo- ath. Bard pulled out this year. generations of students cannot per-student expenditures. (The
from the rankings spoke at the event. The letter
ment of crisis for U.S. News, “Now that there is a critical be trusted to submit accurate Journal’s undergraduate rank- earlier.’ urged him to demand that
no
once a publisher of a weekly mass of institutions that are data?” he asked. ing historically considered schools make their statistics
news magazine that competed willing to walk away from it, per-student spending as a fac- available to the public in a
with Time and Newsweek. It we are willing to walk with tor, but won’t do so in its next common data set.
began ranking colleges 40 them,” Dr. Botstein said. School concerns installment.) after a group of liberal-arts Presidents and deans say
years ago and graduate Critics say that there are Even when the information Critics question priorities in colleges pledged to boycott the they already disclose many of
schools soon after. The rank- myriad ways for schools to is accurate, some critics say law-school rankings, where questionnaire. It has continued those numbers to their accred-
ings quickly grew into the de- goose the numbers. Inaccurate the rankings are corrupted by last year 11.25% of a score to drop, and hit 34% last year. itors and the federal govern-
finitive guide for prospective data, including submissions how the U.S. News data team came from students’ LSAT and Many presidents, provosts ment. Law schools must sub-
students and families desper- with transposed numbers and determines how to weigh each GRE scores. Only 3% was tied and deans say it’s impossible mit information on
ate to simplify an otherwise efforts to creatively tally factor. to the share of graduates who to make informed judgments admissions, class sizes, finan-
complicated calculation of alumni donations or research At a January presentation passed the bar exam, a prereq- about the teaching quality and cial aid, attrition and more to
which school was the best expenditures, are unearthed to law schools, Robert Morse, uisite for practicing law. overall reputation of hundreds the American Bar Association.
choice. every few months and detailed U.S. News’s chief data strate- Dr. Treanor from George- of other institutions. Mr. Gertler said inundating
The publication, which on U.S. News’s own website. gist, disclosed that he didn’t town Law said U.S. News has prospective students with
stopped its monthly print In 2021, the former dean of commit to a particular mathe- repeatedly declined to share numbers isn’t a solution. “Stu-
magazine in 2010, capitalized Temple University’s business matical model until after re- the algorithms behind some of Gift baskets dents need to go to one desti-
on the lists’ popularity and school was convicted on fraud ceiving schools’ data, accord- its calculations and schools The surveys have given rise nation to be able to see com-
eventually added rankings for charges related to a scheme in ing to Ian Ayres, an economist feel it necessary to subscribe to a cottage industry. Univer- prehensive, accurate
hospitals, cars, cruise lines which he submitted inflated and Yale Law School professor to the Academic Insights tool sity marketing teams send out information from an indepen-
and even states. student data. He was sen- who attended the event. Once to try to crack the code. “They postcards, gift baskets, dent third party that they
U.S. News & World Report tenced to more than a year in that information was in hand, make their money in not being branded Moleskine notebooks trust,” he said.
Chief Executive Eric Gertler prison. Dr. Ayres said, the team ran transparent,” he said. dotted with details about the U.S. News said Tuesday that
said the company provides Last year, the University of simulations giving various fac- Mr. Gertler said U.S. News school and candy made on its new graduate-school rank-
valuable consumer journalism Southern California’s Rossier tors different weights to see publishes its methodology and campus, hoping to be top-of- ings would be released next
to help people navigate major School of Education said a re- the potential outcomes before any adjustments to weightings mind—or at least somewhat fa- month. School officials say
life decisions. there could be more high-pro-
Mr. Gertler said education file departures among under-
CHRISTOPHER CAPOZZIELLO FOR WSJ (LEFT); LEV RADIN/PACIFIC PRESS/ZUMA PRESS
rankings and related products graduate programs ahead of

“represent significantly less the next college ranking, slated
than half of our revenue” but to come out in September.
declined to share detailed fig- About 16% of undergraduate
ures. Those related products programs ranked by U.S. News
include badges that schools didn’t provide the publication
buy to adorn websites and bill- with data last year, up from 7%
boards and customizable on- in 2015. Most of them hover
line profile pages. It also sells near the bottom of the lists.
subscriptions to Academic In- Administrators at multiple
sights, a tool that provides ac- schools in the middle of the
cess to the data behind the pack say they’d be more in-
rankings, which allows schools clined to pull out if one of the
to work out how they can im- top colleges, such as Princeton
prove. Each of those add-ons University (No. 1 among na-
can run more than $10,000 a tional universities for 21 of the
year, according to several past 23 years) or Williams Col-
schools. lege (No. 1 among national lib-
The commercial success of eral-arts colleges for the past
the U.S. News rankings led 20 years straight), went first.
other publications to release Both schools declined to
their own lists. The Wall Yale Law School, left. U.S. News & World Report CEO Eric Gertler, right, said the company provides valuable consumer journalism. comment.
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, March 22, 2023 | A11
As an adult, the Rutgers Uni-

versity tax professor’s go-to sce-
narios have changed. Now, he in-
structs himself to dream of a
favorite family trip, romantic din-
ner with his wife or time spent
playing with his late dog.
And often he dreams that he’s a
mysterious rock star called “the
Unknown” and no one knows his
true identity. In his dream, he per-
forms at the old Giants Stadium,
revealing himself to be a rock god
and impressing thousands, includ-
ing his wife.
“Why wouldn’t you try to go to
sleep this way?” he says. “You get
to go to places that don’t exist in
real life.”
How can you increase your
chances of successfully directing
your dreams? Lucid dream re-
searchers say these steps may help.
During the day

Set an intention. Tell yourself that
you want to choose what to dream
tonight—and that you’ll be aware
that you’re dreaming. Dr. Walker’s
example: “Next time I’m dreaming,
I will remember I’m dreaming.”
ILLUSTRATION BY VIRGINIA GABRIELLI
Research shows that this tech-

nique, called the “mnemonic in-
duction of lucid dreams,” may
help, he says.
Perform reality checks through-
out the day. Flip a light switch, for
example. When the light goes on,
remind yourself that you’re awake.
“The idea is that if you keep doing
this while you’re awake, it will be-
come an ingrained habit that will
Techniques to Make Sleep Time bleed over into when you are
.
dreaming,” says Dr. Walker, who
hosts a podcast and is the author
ly
of “Why We Sleep.” “And in a
A Productive Dream Factory on dream it could trigger lucidity.”
Before bed
Write down what you want to
dream. Be brief. “Dreaming minds
Some strategies to try: Write down what you want to visualize. Say a mantra as you drift off. do not process language as well,”
says Deirdre Barrett, a researcher
us ,
who lectures about dreams at Har-

l
BONDS wake up? That’s a lucid dream. dream, you may not be able to closed her eyes, and snuggled up vard Medical School.
e
al a
Scientists once thought the control the outcome, Dr. Walker to “one of his ratty, old T-shirts.” Form a mental image of what
ELIZABETH idea was a sham. But in recent says, adding that just 10% to 20% Then she called me, annoyed. “It’s you want to dream, suggests Dr.
BERNSTEIN years, they’ve used MRI machines of people are regular lucid dream- all bunk,” she announced. “Not a Barrett, author of “The Committee
ci on
I
to show that some people do be- ers. And researchers debate damn thing happened.” of Sleep.” You could also arrange
come aware of their dreams while whether it’s beneficial or detri- Some people say they are suc- objects or pictures by your bed as
recently chatted with a they’re asleep. They scanned the mental to direct our dreams at all. cessful. In reporting this story, I prompts, she says.
friend about dreams. I said I brains of lucid dreamers while One large study showed that lucid heard from people who say they As you drift off, remind your-
long to sail in my sleep. My they were awake, asking them to dreamers get less restorative have directed themselves to dream self that you want to dream about
er s
friend was more specific. repeatedly clench their right and sleep, while a small one indicated about writing poetry, going skiing these objects and become aware
“I want a day of fly fishing, left hands. Then they let them fall and figuring out a way to talk to a that you’re dreaming. A mantra
m er
then a 1970s-style night on the asleep in the scanner, with in- child about a problem. One woman may help. I try: “Sailing, sailing,
town with Farrah Fawcett,” he said. structions to use eye movements likes to invent things in her sailing…”
“Oh, and to fly, like Superman.” to signal when they became lucid
Scientists who study dreams. A cinematographer who
Is it possible to direct our and to then dream about moving sleep say you may be has worked on horror movies, in- While you’re asleep
dreams? their right and left hands. It cluding “Nightmare on Elm Street If you notice you’re dreaming, re-
m rp
Scientists who study dreams worked.

able to direct your 4,” reads a script before bed, wills mind yourself what you wanted to
say the answer may be yes. They People get excited about the dreams if you work at it. himself to dream about it and do in the dream. And try to stay
point to a small yet emerging body idea of lucid dreaming because wakes up with new ideas on how calm, recommends Robert Wag-
of research that shows that we they believe it will allow them to to film it. goner, who has written books on
most likely can, at least some- do what they want while they’re And you think your dreams are lucid dreaming. You don’t want to
co Fo
times, decide what to dream be- asleep, such as visit with loved that they were more refreshed in scary. wake yourself up too soon by get-
fore we go to sleep and then take ones, work on a creative project or the morning. Jay Soled, 59, says he’s been ting excited.
some control of our dream while have sex, says Matthew Walker, a It’s also not that easy. Just ask successfully directing his dreams Unless you’re having a night-
it’s happening. professor of neuroscience and psy- my dear mom. most of his life. As an unathletic mare. In that case, put an end to
The most compelling research chology and director of the Center After I told her that I was teenager, he dreamed that he was that immediately.
in the field is on lucid dreaming, for Human Sleep Science at the working on this column, she de- a star pitcher on the baseball
which is when a person is aware University of California, Berkeley. cided to try to dream about my fa- team, winning the game with a After you wake up
that a dream is happening and can “They view their dreams as a kind ther, who died last year. For five ninth-inning strikeout. “This was Write your dream down before you
sometimes influence events within of virtual reality that’s under their nights in a row, she says, she an appealing formula because the get out of bed. This will help re-
it. Ever noticed you’re having a control,” he says. looked at pictures of him before girls would flock all over me,” he cord it in your memory, creating a
nightmare and told yourself to Yet even if you can influence a bed, whispered his name when she says. positive reinforcement.
n-
An Old Shoe The double monk- glory days, which puts it, oh, right
no
strap shoe is coming on schedule for a comeback.

back into style. “Babylon” actor Diego Calva re-
cently wore a pair of double monks
‘Pariah’ Reboots ready becoming mun-

dane, Mr. Schlossman
recalled. “That shoe,
on the red carpet, as did Spanish
King Felipe VI to a meeting with
that country’s national assembly.
almost overnight, felt Two-strap styles are populating the
sneakers and loafers, like a totem or a relic racks at retailers like Nordstrom
ON TREND the sight of double of an era of trend and at tony brands including Tom
monks brought them gone by,” he said. Ford, Gucci and Brunello Cucinelli.
JACOB back—and not in a The mid-aughts Retailer Mr Porter even has a cou-
GALLAGHER good way. would prove to be a ple of $400ish double-monked mod-
Double monks are critical moment in els from its in-house line, Mr P.
T
“still a pariah in certain American men’s fash- Sneakers may be Teflon, but men
his month’s Paris runway tasteful circles,” said ion. The rise of Kanye are inarguably “return[ing] to a more
show for fashion label Miu Lawrence Schlossman, West’s hoodie-heavy dressier approach, and I think that’s
Miu featured “The Crown” ac- 35, a menswear-pod- Yeezy line; the first translating across to footwear,” said
tor Emma Corrin in disco underwear cast host and one of toe-dips of the dad- Mr Porter’s style director Olie Arnold.
and the runway debut of Zaya the men most respon- sneaker movement; He stressed that Mr P.’s double-monk
Wade, the 15-year-old model daugh- sible for the double- the mainstreaming of models are heftier than styles of the
ter of NBA superstar Dwyane monk moment a de- streetwear—suddenly, past, with one version sitting on a
Wade, in a woolly skirt set. cade ago. In 2010, Mr. even unstructured chunky Vibram sole. Miu Miu’s double
But for a certain corner of men’s Schlossman, then a sportcoats and un- monks likewise look like they’ve spent
fashion watchers, the show was much-followed blogger strapped shoes time in the gym, and were shown not
newsworthy for one reason only: the writing about, say, looked too fussy, too with dandy suits, but flowy trousers
return of double monk-strap shoes. Gant’s latest collection, overthought, too and minimalist topcoats.
A decade ago, these shoes— or whatever Brooks dapper. Mr. Mashburn also recently “rein-
which, as the name would suggest, Brothers was up to, “Streetwear or vigorated” his double-monk design,
have two buckled straps in lieu of started a company more high-fashion giving it some brass hardware and
laces and descend from Middle Age called Run of the Mill stuff?” said Mr. beefing up the shape to lend it a
monks’ shoes, according to legend— with two friends Jer- Schlossman. The “more heroic appearance.” It is con-
were a cornerstone of a very spe- emy Kirkland and Jon double monk “doesn’t sistently one of the company’s top
cific look in men’s fashion. Moy, which sold a va- work with any of three-selling dress shoes, and even
First developed around the early riety of Italian-manu- those outfits.” some weeks now, it is the bestseller.
20th century, they became a choice factured double-monk shoes. Mashburn, owner of an eponymous Once rarefied and hard to find, These brawnier updates are un-
shoe circa 2011 for young men who The shoes were an immediate hit— menswear boutique chain and one of double monks had become too ac- likely to convince every past double-
wished they could dress like a to the point that it overwhelmed the the earliest double-monk backers. Mr. cessible, available cheaply from mall monker to dust off his pair. “I’m not
white-haired Italian signore named three neophyte shoes salesmen. “We Mashburn started selling the shoe in brands like Aldo and Cole Haan. The at the point where I feel like I can
Lido. These shoes, often worn with were not ready for them to sell that 2007. Then, double monks had a sim- shoe of weathered Milanese gents rock double monks,” said Mr.
the straps flapping freely in the well,” said Mr. Schlossman. In those ilar appeal to a smart gingham shirt: suddenly became the shoe of too- Schlossman, who claimed to have a
breeze for maximum sprezzatura, heady days, double monks were get- “It made guys feel kind of like they slick Soho real-estate agents. dozen pairs of the shoes in storage.
CHRISTIAN VIERIG/GETTY IMAGES
were the bedrock of a look that also ting a blistering amount of attention were in the know.” Wearing those Even Mr. Mashburn, who never As we spoke though, he was
included shoulder sport coats, from the menswear media. The Wall two-strapped shoes proved that you stopped carrying the shoe, noted that wearing a pair of square-toe boots,
nubby knit ties and shirts with ex- Street Journal in 2012 called them read Esquire and could tell any pass- “the market was saturated and another polarizing design from de-
aggeratedly swoopy collars. “fall’s smartest men’s shoe” and GQ erby what a roped-shoulder sport maybe got tired of the double monk.” cades ago that had suddenly swung
Sounds niche? It is. But for the endorsed them as “not for the sarto- coat was—whether they wanted to But in fashion, as any first-year back into style. “For whatever rea-
erstwhile 30- and 40-something dis- rial faint of heart. Get it right, though, hear it or not. design student can tell you, trends son,” he said of the pair, “I was like,
ciples of this style, most of whom and you’ll turn twice the heads.” Yet even as Run of the Mill’s first are cyclical. It has now been about I feel like I can do it again.” The
now have settled into conventional “We got fast press,” said Sid orders went out, the monks were al- 10 years since the double monk’s monks in his closet may be on deck.
A12 | Wednesday, March 22, 2023 NY THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
BY ALINA DIZIK
Shower Regimens
K
erythingshower hashtag on TikTok.
“Consumers are thinking about
enna Ehman spends over their scalp the way they’ve been
Drain Lots More Time

half an hour in the thinking about skin care,” says
shower to get her hair Yarden Horwitz, co-founder of
clean and shiny. Spate, a trends-forecasting plat-
She starts with a form specializing in beauty. These
scalp treatment, scrubs types of extensive routines have
with two different shampoos (one Popular new hair-care products lead to hourlong routines long existed in skin care outside
exfoliating), puts on a hair the shower, she says.
mask and combs the mask Many consumers look
through her hair. She rinses. to the long shower as more
She waits. She focuses on practical than a bath to
cleaning her body and mas- destress while addressing
saging her face with a stone. hair loss, scalp health and
“My shower kind of hair-texture issues, says
looks like a salon,” says Ms. Cristina Rivera Earl, senior
Ehman, 31 years old, who brand and e-commerce
co-owns a hair salon in manager at retailer Onda
Charlotte, N.C. She says Beauty.
that many of her customers Using multiple hair or
follow her lead. skin products at once can
Forget simple shampoo sometimes cause irrita-
and conditioner. More con- tion. When it comes to
sumers, especially women, hair care, some people can
are opting for longer, less unknowingly double up on
frequent hair washing while ingredients that irritate
using a larger variety of the scalp, says Corey Hart-
products in the shower. The man, a dermatologist in
list is long: hair cleansers Birmingham, Ala.
for light rinsing, condition- And standing in pro-
ing masks for moisture, longed warm water can
scalp serums to promote dry out skin. While some
hair growth, scalp scrubs to products can help add
get rid of dandruff and bond moisture, it can be difficult
builders to smooth hair to say which additional
damaged by color or heat. products produce long-
Most are recommended lasting results, he says.
for the shower because di- Generally, keeping a
rections require leaving the product on the hair or
products in the hair before scalp between three to five
rinsing. minutes and taking advan-
For consumers, the tage of the moisture from
lengthy hair-care routine is the shower is beneficial,
a way to reset and provide he says. “As long as it isn’t
refuge, especially after deal- doing any harm, I’m fine
PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (8)
ing with stresses in the outside Nancy Twine, founder and chief “They are using different products with it,” Dr. Hartman says.
.
world. Many consumers also executive of Briogeo, says the hair- for roots versus ends,” she adds. In Pella, Iowa, Nicolle Picray, 36,
splurge on premium hair or body care company started offering add-
Shampoo, conditioner With a half-dozen hair-washing lists more than 10 steps to her
ly
products because they are relatively on products in 2020. It now sells plus bond builders, hair- products, Simmone Taitt, the New shower routine. She shampoos
affordable compared with other bundles of hair-washing products, York-based founder of a maternal twice with two different products,
luxury items, says Cait Lamberton, including a $39 rice water protein
loss treatments and healthcare company, starts applying then conditions. Every other time,
marketing professor at University
of Pennsylvania’s Wharton School.
“We are unlikely to feel guilty
about that long shower,” she says.
on
and moisture strengthening treat-
ment and a $31 charcoal scalp
mask meant to be used between
the shampoo and conditioner.
detoxifying scalp scrubs. them before she even steps into the
shower. She scrubs in a tea tree oil
serum, continues with shampoo and
conditioner. She ends with a clay
she adds a second conditioning
treatment that lasts 20 minutes,
and throws a scented eucalyptus
tablet for additional relaxation
Sales of hair products grew 22% On her jam-packed weekly hair- to complain or interrupt. mask that she keeps on for 30 min- onto the shower floor.
us ,
in 2022 compared with the previ- washing day, Ehle DeVaughn, 20, “Now I’m definitely more un- utes. Often she uses a scalp mas- Ms. Picray, who works for a
l
ous year, according to market-re- uses a shampoo, scalp-cleanser, apologetic about it,” says Ms. sager during the conditioning phase. window and door manufacturer,
e
al a
search firm Circana, formerly IRI conditioner and heavier deep con- DeVaughn, an architecture and eco- Ms. Taitt, 40, only washes her hair ends with a two-minute cold-water
and the NPD Group. Hair masks and ditioner. It took trial and error, but nomics major at Smith College in weekly, but showers twice a day. rinse that her stylist suggested to
scalp products have jumped the she says she realized most worked Northampton, Mass. On TikTok, the everything make her hair shiny. The weekly
ci on
fastest: 30% and 47%, respectively. better when applied to wet hair. In the past three years, bond shower trend is showing how con- routine takes 75 minutes, including
Rather than adding claims to a The weekly process now takes over builders, hair-loss treatments and sumers use a parade of hair, body blow-drying. Afterward, she is
shampoo or conditioner, companies 30 minutes and includes body and detoxifying scalp scrubs have gained and skin products during showers. ready for a break.
are creating separate products, says face treatments that she applies popularity, says Jennifer Lucchese, The process can often last closer to “I’ve done all of this and now
Larissa Jensen, Circana’s vice presi- while keeping each conditioner on vice president of merchandising for an hour. There were nearly 123 mil- I’m so tired that I can’t do anything
er s
dent and beauty-industry adviser. her hair. Her roommates know not hair at beauty retailer Sephora. lion views by Monday for the #ev- else,” she says.
m er
PERSONAL TECHNOLOGY
m rp
Using TikTok, but Avoiding App

BY ANN-MARIE ALCÁNTARA though students have found heard about social app Musi-
co Fo
C
ways around it. cal.ly in 2015 and read arti-
arla Birnbaum banned TikTok’s popularity spans cles warning users it col-
her two daughters across generations. It’s the lected an excessive amount
from downloading the third-most used social-media of personal data. Once Musi-
TikTok app. But she eventu- app among people of all cal.ly merged with TikTok,
ally discovered that the ban ages, with about 36% of the she continued to stay away.
didn’t stop them from U.S. population over age 12 But she still wants to be
watching TikToks. Lots and using TikTok last year, ac- in the loop on the latest hair
lots of them. cording to a survey by Edison tutorials and cooking trends,
When her 12-year-old Research conducted in Janu- which are generally spotted
daughter’s iPhone wouldn’t ary 2022. And even those on TikTok weeks before they
update, she found that the who reject the app find ways are seen anywhere else. She
device’s memory was nearly to get their TikTok fix. loves funny dog videos, too,
n-
full. Friends had been and occasionally

sending the tween shares Spanish lan-
screen recordings of guage videos with
TikTok posts as a her class. Instead of
no
way to get around going to TikTok,

the Birnbaum house- though, she watches
hold’s no-TikTok rule. them on Instagram.
Her iPhone’s storage Internal research
was so full of re- from Meta Platforms
corded videos—a few Inc. last year showed
hundred, Ms. Birn- nearly one-third of
baum estimates— Reels, the short video
there wasn’t enough feature on Instagram,
space to update the started on another
software. platform—that is,
“As parents, we mostly TikTok—the
didn’t realize how of- Journal reported in
ten that was happen- September. Some-
ing until my younger times, the Reels on
daughter crashed her Instagram will still
phone,” says the 45- have a TikTok logo.
year-old nonprofit TikToks also show
community-engage- up on YouTube, often
ment manager from as compilations of
Angela Proto sends Instagram Reels to her
Johns Creek, Ga. short videos.
boyfriend, Luke Meredith.
Though more than A less likely spot
a billion people use where TikTok videos
TikTok every month, many People without the app also surface is Pinterest,
social-media fans refuse to often get links from friends where they appear in the
download or engage with the and watch the short videos home page, mixed in with
video-sharing app. Some par- in their phone’s web regular posts or in the app’s
ents don’t allow their chil- browser. Doing that gives Watch tab.
dren to use it because they the platform far less per- They even turn up occa-
are worried about the addic- sonal information than in- sionally during a Google
tive nature of TikTok’s algo- app viewing, privacy research, usually in the images
rithm and how it effects searchers say. But those tab.
young people’s brains. people can’t like or com- Others may fear getting
Others have concerns ment on posts, or get the sucked into one TikTok video
about their data being continuous, personalized after another and instead
shared with TikTok’s parent feed of videos. watch them only when
company, Beijing-based Byte- And TikTok’s popularity friends send links.
Dance Ltd., and allegations has led to an explosion of Eli Stein, a 33-year-old
that China could use TikTok TikTok-originated videos ap- from New York who works
as a tool for spying or ma- pearing on YouTube, on Insta- in the tech industry, is care-
nipulation. gram’s TikTok-clone feature ful about how much time he
Last week, the Biden ad- called Reels, and even on less spends looking at screens.
ministration demanded that likely social networks such as He worries that if he down-
TikTok’s owner sell its stake Twitter and Pinterest. loads the app, he’ll get
in the app or face a nation- Angela Proto, a 38-year- hooked.
wide ban. Various states and old Spanish teacher in Louis- “I’ve seen how addictive
NEIL CURRY
universities have already ville, Ky., refuses to download social media in general can
blocked TikTok from official TikTok because of privacy be, and it seems TikTok is
devices and networks, concerns. She says she first that on steroids,” he says.
ARTS IN REVIEW
Heather Jones, above, who was 9

years old when the standoff
happened; the conflagration that
ended the siege, left
David Koresh,
right; agents at the
compound, left
TELEVISION REVIEW | JOHN ANDERSON
‘Waco’: Putting a
.
ly
NETFLIX (4)
Calamity in Context on convoy of agents, who lost the ini-
tial firefight. As TV reporter John
ther gunfire from inside the Mount
Carmel Center.
P
McLemore said at the time, Koresh “We could expect that some-
might have thought he was the thing stupid was going to happen,”
us ,
unditry abounds regard- father, David, who was among the hearings were coming up and the second coming of Jesus Christ, Dallas Morning News reporter Lee
l
ing the polarization of 76 Branch Davidians who died in the ATF, which had image problems, “but the Messiah’s well-armed this Hancock says about something spe-
e
al a
the American political final conflagration on April 19, 1993 needed a big win. There’s no debate time.” cific, though her sentiment be-
landscape right now, but (a date commemorated two years about illegal firearms being on the “Waco: American Apocalypse” is comes redundant: As comfortably
what one might call the later by Timothy McVeigh in Okla- premises, which is why the bureau less forensic in its approach than, as Waco fits into deep-state con-
ci on
Big Bangs of government homa City). Kathy Schroeder, a fol- was serving a warrant. There’s also say, “Waco: The Rules of Engage- spiracy theories, “American Apoca-
distrust—Ruby Ridge and Waco— lower of the evidently delusional little argument that Koresh was a ment,” the 1997 documentary by lypse” makes a better case for er-
are three decades old and continue Branch Davidian “prophet” David familiar figure around the Mount William Gazecki, which had the ad- rors of incompetence, ego and
to haunt a house divided. The fed- Koresh, defends the sect’s beliefs Carmel community (about 13 miles vantage of immediacy, but also had machismo.
eral government can be said to and its leader’s dictates, including to fight its way through a fog gen- “Waco” suffers from a few miss-
er s
have misplayed its hand in both in- his sexual dominion over all women erated by congressional hearings, ing details. Who ordered the as-
stances, to put it mildly. The events at the Mount Carmel compound. widespread obfuscation and a pub- sault despite Mr. Buford’s warning?
Re-examining
m er
have been examined and re-exam- Chris Whitcomb, an FBI sniper who lic perception skewed by claims of Who misinformed Attorney General
ined, investigated and reinvesti- witnessed the entire siege, harbors the disastrous child abuse at the compound and Janet Reno about child abuse at the
gated. But on the 30th anniversary such anger that one wonders if he the many disturbing truths about compound? What happened to
of the Branch Davidian debacle, should be handling a gun.
Texas stand-off of Koresh. For all its occasionally awk- Heather Jones’s mother, who left
“Waco: American Apocalypse” at- In the end, four federal agents 30 years ago. ward sentimentality, director Tiller the Branch Davidians “family”
m rp
tempts to put the Texas battle into and 82 Davidians would perish. Russell’s new Netflix series benefits when Koresh began breaking up
a sensible context. And it’s a fasci- What any student of Waco wants to from a long-range perspective that marriages and sleeping with the
nating fool’s errand. know right away is who started it. supports its central thesis—that the wives? At the same time, it features
There’s a bit more narration Bill Buford and Jim Cavanaugh, for- from Waco itself) and could have unnecessary calamity of Waco was people very close to the subject be-
than explanation in this three-part mer agents of the Bureau of Alco- been arrested at almost any time. due to the inability, or outright re- ing very open about what hap-
co Fo
documentary series, though a deep hol, Tobacco and Firearms, deny up Even Mr. Buford remembers advis- fusal, of one U.S. government entity pened, even if, when all is said and
dive into the personal enriches the and down that their people opened ing against the raid on that day, be- to listen to another. done, they don’t understand it now
storytelling. Heather Jones was 9 fire first, though, as the series cause the agency had lost the ele- Or even to itself: Then-FBI hos- any better than they did in 1993.
years old when she became the last mentions, the fired-on front door of ment of surprise. (Reporters had tage negotiator Gary Noesner fairly
child “freed” from the compound the compound and the videotapes stopped a postman for directions to sputters over the actions of his Mr. Anderson is the Journal’s
known as Mount Carmel Center of the initial encounter disappeared the compound and the raid they’d own bureau’s Hostage Rescue TV critic.
during the 51-day standoff (she long ago. Among the critical points caught wind of; the postman was Team, which undercut negotiations
didn’t want to go). She breaks down made by “American Apocalypse” is Koresh’s brother-in-law.) at several points and took actions Waco: American Apocalypse
several times in remembering her that congressional appropriations Instead, the ATF arrived in a seemingly aimed at provoking fur- Wednesday, Netflix
n-
IN AUGUST 2019, Spotify launched overlook the musical craft at work—

a playlist called Hyperpop, designed every sonic gesture and oddball
to highlight an emerging strain of genre reference is executed with
no
artists who deploy experimental The new album by care and precision and assembled
electronics in service of galloping, 100 gecs, ‘10,000 to hit with maximum force. And the
robotic and relentlessly catchy gecs,’ is out now. music is self-aware and frequently
songs. Guest curators for the play- hilarious, poking fun at the
list in its early days included 100 styles that it draws from
gecs, the electro-pop duo of Dylan while displaying obvious
Brady (now age 29) and Laura Les affection at the same time.
(age 28), who met as teenagers in “Billy Knows Jamie” has
St. Louis and had made music both a guitar riff and propulsive
together and separately for several drum programming that
years. Earlier in 2019, the pair had producer Rick Rubin might
released the project’s debut album, have admired in the 1980s,
“1000 gecs,” on their own label and and it draws from the
quickly became the new faces of work of one of his fre-
the burgeoning scene. quent collaborators, the
Within this diverse and rapidly Red Hot Chili Peppers, a
morphing movement, 100 gecs band that knew a thing or
stood out for its ability to jam frag- two about zany excess in
ments of disparate genres together its early days. And then
and make the whole sound tuneful. 100 gecs throws in a thrashing,
Mr. Brady and Ms. Les, both of shouted blast-beat metal break-
whom produce and sing, often seem MUSIC REVIEW | MARK RICHARDSON down just for the hell of it, and it
as if they’re flipping maniacally works. Speaking of the Peppers,
through radio stations tuned into lead singer Anthony Kiedis is name-
the music of their youth—a few
bars of nu-metal crunch here, a hip-
hop breakbeat there, snippets of
whiny pop-punk vocals and 8-bit
Rapid-Fire Rock Songs checked in a profane aside on “The
Most Wanted Person in the United
States,” a melodic half-rap song
with a keyboard line that sounds
synths drawn from videogames— gecs sometimes recalls Beck’s earli- more memorable chorus than any- The lyrics are filled with silly borrowed from an early arcade
and creating a sound that incorpo- est work: If this album is at its core thing Weezer has managed on its wordplay that keys off materialistic game and a hook sampled from Cy-
rates a little of each. After the criti- rooted in any single decade, it’s the past 10 records or so. signifiers in hip-hop and everyday press Hill.
cal and underground success of its ’90s. One of the group’s techniques Vocal processing is central to pleasures like videogames and junk Divisiveness is built into the ap-
first album, the duo signed to a ma- is to borrow from music that can the 100 gecs sound, but its first al- food. On “Doritos & Fritos,” couplets proach of 100 gecs—even fans have
jor label, began work on its follow- be both serious and a little psyche- bum went much further with such like “Cheetos, Doritos and Fritos, to concede that this music will be
up, and eventually toured as an delic and then inflate its colorful manipulation than this one does. mosquitos / I’m eating burritos with deeply irritating for many. If you’re
opener for Nine Inch Nails. Given aspects to hot-air balloon propor- The production partners toned Danny DeVito” give a sense of just trying to get a friend into this
how fast the scene around 100 gecs tions. So the second track, “757,” down the cartoonish aspect here, how comfortable the duo is with group, don’t bother pushing too
moves, no one expected its second has a rapid-fire chorus of processed and the pair took more time to childlike and nonsense wordplay, hard—the project is easy to love
LP to take several years to com- vocals that brings to mind the hyp- construct their tracks. Each of but it’s best to think of such silli- and easy to hate in equal measure.
plete, and one wondered if perhaps notic repetition of classical mini- these productions might have four ness in terms of pop’s past: Like Lit- But silliness and a desire to offend
the group’s moment had passed. malism, and it layers these pulsing or five musical ideas that are de- tle Richard’s “Tutti Frutti,” the are important elements of pop’s
MAT HAYWARD/GETTY IMAGES
But “10,000 gecs” (Atlantic/Dog scales over a charmingly oblong veloped more fully, rather than Trashmen’s “Surfin’ Bird” or the Ra- DNA, and “10,000 gecs” honors this
Show), out now, is as strong as its and bass-heavy beat. Elsewhere, eight or nine fragments that are mones’ “Blitzkrieg Bop,” the music tradition with 10 funny, knowing
predecessor, with a few refinements the duo zeroes in on simpler plea- splattered against the wall. As an- of 100 gecs is designed to annoy and viscerally joyful tracks.
and a firmer grounding in rock that sures. The third track, “Hollywood archic as 100 gecs can be, these parents and disturb the gatekeepers
make it hit even harder. Baby,” has the stomping thud of al- songs are also meticulous and effi- who insist that important music
With its postmodern mishmash ternative rock and a guitar riff that cient in their arrangements, pack- must be serious. Mr. Richardson is the Journal’s rock
of genres and styles in service of evokes Weezer, but also happens ing a great deal of excitement and As goofy and mischievous as the and pop music critic. Follow him on
catchy and playful pop songs, 100 to have a better guitar riff and variety into two or three minutes. words are throughout, one shouldn’t Twitter @MarkRichardson.
SPORTS
This Football Play Sent
BY ANDREW BEATON ning the hitch route was wide
K
open to catch the pass.
ansas State was clinging to Muller, a die-hard Bears fan
a narrow lead over Ken- who quit playing football after
tucky in the final minute of
their second-round NCAA tourna-
ment game when coach Jerome
Tang knew exactly which play to
Two Teams to the Sweet 16 seventh grade, had the idea out of
desperation. He spent the summer
beforehand mulling strategies be-
cause his team had been pretty
call. With their seasons at stake, Kansas State and Florida Atlantic wretched at inbounding the ball
What unfolded next looked against full-court presses for
completely out of place on a bas- used plays inspired by the ‘Air Raid’ to beat the press years. Then this one popped into
ketball court. That’s because he his head—he isn’t convinced that
was betting his chances for reach- he invented the idea, but he knows
ing the Sweet 16 on a football he didn’t rip it off anything he saw
play. someone else do.
With Kentucky applying a full- Muller’s first call after coming
court press before Kansas State’s up with it was to a rules official to
inbounds pass, all five of Tang’s ask if it was against the rules in
players lined up out of bounds be- any way for all of his players to
hind the baseline as if it were the line up behind the baseline. It was
line of scrimmage in football. such an outrageous question the
When the referee handed one of official couldn’t give him an an-
them the ball, he might as well swer right away. Muller had to
have said “hike.” The four other wait for him to call back to learn
players immediately executed what that it was permissible.
anyone familiar with football could Brannen had that same exact
recognize as a screen pass. question. He called his friend
Two assumed the roles of of- Muller the night he saw the play
fensive linemen and blocked. That to learn about it. Then he also
cleared the way for a safe in- called a conference rules official to
bounds pass to a player who as- confirm it was allowed. That’s
sumed the space behind them. how, just three days after Brannen
The craziest part about one saw it on television, Northern Ken-
team using a bubble screen to se- tucky ran the play the team called
cure a tournament win was that “Clemson,” because the school
hours later, something strikingly that had just won the college foot-
similar happened. Florida Atlantic ball national championship. It
used a football play to break Fair- helped the Norse secure a narrow
leigh Dickinson’s press—again with victory over Wright State on Jan.
all five players lining up on the 11, 2019.
baseline waiting for the ball to be Coaches say the play works
snapped. This college basketball against the press for several rea-
play looked precisely like one “Air sons. The opposing team is usually
Raid” offenses have used to break Kansas State’s Markquis Nowell, above, reacts during a win against Kentucky. Right, Florida Atlantic’s ‘mesh’ route play. flummoxed by the sight of some-
college football defenses. thing they have never seen playing
The proliferation of using foot- nen, the former coach of Northern the rim. basketball. It prevents defenders
FROM TOP: JARED C. TILTON/GETTY IMAGES; TIMMY HUYNH/THE WALL STREET JOURNAL
.
ball plays during basketball games Kentucky. But Brannen was in- from funneling their counterparts
in these crucial scenarios isn’t ter- Brannen knows better than any- trigued by just how Illi- into areas, like the corner of the
ly
ribly surprising to the people who one else how quickly and easily nois State had in- floor, where they are vulnerable to
have run them in the past. They the play can be pilfered. That’s be- bounded the ball against traps. And it changes the nature of
are fully aware of why it’s effec- cause he may have been the first Northern Iowa’s press the play to favor the offense:
tive—and how quickly ideas can be
stolen.
Tang was coy about the con-
cept after Kansas State’s win. He
a game between Northern Iowa
on
person to pirate it, after watching
and Illinois State on Jan. 8, 2019.

The ending of that particular
on the play that started
the craziness. With
seven seconds on the
clock, the team’s head
While defenders can typically do
their best to stay between the in-
bounder and the player they are
covering, now they are suddenly
declined to walk through the X’s game between two mediocre, mid- coach Dan Muller called doing the job of a cornerback fac-
us ,
and O’s, knowing every word he major schools was slightly un- a timeout and scribbled ing someone charging toward
l
said could help a future opponent, hinged. With a one-point lead and down something the them.
e
al a
but he offered up a few details: seconds left, Illinois State in- team had never prac- Muller says he ran it only three
The play is called “Mahomes.” bounded the ball, got fouled and ticed before. times, in part because his teams
Baylor, where he used to be an as- hit both free throws to extend the Muller’s play called weren’t very good so they didn’t
ci on
sistant coach, ran a version of it. lead to three. Then with no better for all five players to line up be- made like he was also doing just enjoy the pleasure of protecting
But that’s not where it was in- option and only a couple seconds hind the baseline. One was the that before coming back on a hitch late leads too often. But he added
vented. left, a Northern Iowa guard heaved quarterback, and the other four route toward the baseline. that there’s value in scarcity.
“We stole it from somebody a prayer from about midcourt— would be his wide receivers. One “I draw it up and my players “It’s like football: sometimes
else,” Tang said. and got fouled. Illinois State could ran a crossing pattern. Two ran look at me like I’m absolutely you save your best 2-point conver-
er s
“There’s no original thought in finally exhale when one of the “go” routes, sprinting toward the crazy,” Muller says. sion play for a specific time,”
this profession,” adds John Bran- free-throw attempts clanged off other end of the floor. The other He wasn’t crazy. The guy run- Muller says.
m er
The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Ohio’s Women’s Tournament Features
m rp
“Rubber City”
14 15 16
27 Devil’s domain A Rarity: Upsets of No. 1 Teams
17 18 19 28 Hunter
among the BY RACHEL BACHMAN field ties for the eighth-high- In 1999, for instance, the
co Fo
20 21 22 stars est ranking with 59, accord- Oregon women’s team fin-
WHEN MIAMI FORWARD ing to Stats Perform. ished ranked No. 16 nation-
23 24 29 Some batting Destiny Harden made a last- The highest Sweet 16 cu- ally and set a school record
sacrifices second shot in the lane mulative seeding ever for with an average of 5,042
25 26 27 28 29 30 Monday night to lift her 9th- the women’s tournament fans a game. During the
30 Rogen of seeded Hurricanes to a was in 2007, when Bowling pandemic-shortened 2020
31 32 33 34 “Pam & 70-68 upset of the No. 1 In- Green (a 7 seed), Ole Miss season, the Ducks finished
Tommy” diana Hoosiers, she did more (7), Florida State (10) and ranked No. 2 and, as fans
35 36 37 38 31 Microwave than stun the raucous crim- the Marist Red Foxes (13) of flocked to see triple-double
sound son-and-cream crowd. Poughkeepsie, N.Y., boosted star Sabrina Ionescu, drew
39 40 41 Harden’s shot also the total to 68. 10,852 a game.
32 Neeson of knocked out a No. 1-seeded So, what’s happening this Junior sharpshooter Cait-
42 43 44 45 “Taken” team for the second time in year? Competition is rising lin Clark has helped spur a
n-
this NCAA women’s basket- as some schools make a similar rise at Iowa: a nearly
46 47 48 33 Org. for ball tournament, making it greater investment in 60% attendance jump since
Cardinals and just the second time since women’s basketball, capital- the year before she arrived,
49 50 51 52 53 54 Orioles the event’s launch in
no
37 Map feature 1982 that two No. 1

55 56 57 seeds failed to make
38 Psychiatrist, the Sweet 16. On Sun-
58 59 60 in olden days day, No. 8 Mississippi
toppled No. 1 Stan-
61 62 63 40 Accountant’s ford, 54-49.
offerings It was a sign that
41 Transistor upsets are becoming
IN A PINCH | By Mike Shenk a bigger factor in a
part
Across 31 Triathlete’s 56 Bonehead 8 Inst. of higher tournament in which
wear ed. 43 Staff leaders? the most elite teams
1 Injury 57 “Ah, now it’s have regularly
souvenir 34 Strasbourg clear!” 9 Has an 44 Go bad marched into the
street awesome 47 Geriatrics Sweet 16 and often
5 “Feel Like 58 “Like that’ll
performance focus on to the Final Four.
Makin’ Love” 35 Snowy- ever happen!”
This tournament has
singer plumed bird 59 Tubular pasta 10 Wedding 48 One of the had 11 upsets so far,
reception hire, first words
10 Sister of Bart 36 Hostile, as tied for seventh all- Miami players celebrate after knocking off No. 1 seed Indiana.
60 Gin flavoring maybe
and Maggie feelings Gertie time with four other
61 Acquires 11 “Law & Order: teaches E.T. seasons, according to Stats izing on the game’s growing to more than 11,000 a game.
14 Particular 37 Object of Perform. Last year’s tourna- exposure and audience. The No. 2 Hawkeyes face
62 Songwriter Special 49 Acid’s
positions veneration ment was tied for the most Indiana—whose women’s No. 6 Colorado—which beat
Carole Victims Unit” counterpart
15 Opponent of 39 Moody music co-star upsets all time, with 13. team lagged behind its deco- No. 3 Duke—on Friday in the
Bayer ___ The only previous year rated men’s team for de- Sweet 16.
la Révolution 50 Fix a story
40 Setting for 63 It’s about 12 The first were that two No. 1 seeds exited cades—has gotten a boost Ole Miss coach Yolett
française
settings half a half Cain and Abel 51 Inkling before the Sweet 16 was from improved facilities. It McPhee-McCuin said women
16 Envelope on a marathon 1998, when No. 9-seed Notre and other schools are adding should embrace the brash-
42 There’s a 13 Little worker 52 Cruise stop Dame beat No. 1 Texas Tech staff positions like graphic ness that it can take to fore-
desktop, e.g.
well-known Down in the second round, and No. designers for recruiting and see and pull off an upset.
17 Fills for 21 Skater’s figure 53 Like many
one about a 16 Harvard upset No. 1 Stan- promotional materials. She said that on the
flagons 1 Thick slice highlighter
quick brown 22 Negating ford—the first such upset in Schools also are raising sala- morning of her team’s game,
colors
fox 2 Caramel- word the tournament’s history. ries: As of last year, at least she drafted a tweet thank-
18 Reef ring
colored 54 Tech whiz “The women’s tourna- 11 women’s head coaches ing the people who helped
45 Big pipes 25 Rho-tau
19 Express one’s beverage ment was very deep this were making $1 million or get her there because she
frustration go-between 55 Funny fellow year, deeper than it was last more a year, according to knew she’d be overcome
46 Leader of a
racing crew 3 Poker player’s year, which is great to see USA Today. with emotion after the
20 They hang Previous Puzzle’s Solution
“bullets” for the growth of the There have always been game. In her pregame talk
A M B E R S
P I N B R O
out in courts 47 Lots C A R T E S E
R T A O U R women’s game,” Stanford robust hubs of women’s bas- with players, she also in-
4 Completely
23 Musician C R O C O D I L
E D U N D E E forward Haley Jones said af- ketball popularity. But the voked No. 16 Fairleigh Dick-
DARRON CUMMINGS/ASSOCIATED PRESS
49 Response to safe R I O O R A
L S A Y S O
in a military ter her team was knocked combination of social media inson’s upset of No. 1 Purdue
a ballooning A AM I L N E U B E R S
band 5 Charge with C O U N T D R A C U L A
out. She mentioned 12-seed and more women’s games in the men’s tournament.
budget, and a
no extras A D V E N T O E R R O I Toledo’s upset of 5-seed on TV—including on confer- “We’ve got to normalize
hint to the
24 Course C E A S E B T S A S F O R Iowa State in the first round. ence networks that hardly that for the women’s game,”
circled letters 6 Refrain from D E L T O E E X I S T S Overall, this year’s Sweet existed two decades ago— McPhee-McCuin said. “A lot
material
bothering C R U E L L A D E V I L 16 has a higher-than-usual have added fuel. They create of times, women, this
55 Cross the E X A C T M I S L A Y S
25 Drill address underdog quotient, with buzz for winning teams and doesn’t happen because as
kiddie pool, 7 Cheering A R M E D S K I T M A A
27 Mob rubouts say loudly S E E D Y C H A R A C T E R S more high-seeded teams ad- expectations among fan females, we are taught to
K I A D O OM S B A N D S vancing. If you add up all the bases whose teams are lag- hone it in....I think this is
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S N L I O WA S U D S Y remaining seeds, this year’s ging. good for the game.”
OPINION
The Joe Biden Banking Crisis BOOKSHELF | By Anna Mundow
Some points
worth con-
sidering in
uphold the financial system.
A great imponderable was
Joe Biden’s decision of Sun-
unsellable altogether.
All banks exist on confi-
dence that something like this
confidence in the insurance,
regulatory and economic sys-
tems on which they rest. This
The Foxed and
the recent
bank
outs:
bail-
• JPMor-
day, March 12. Would letting
Silicon Valley Bank fail the
normal way, with big custom-
ers required to accept mod-
isn’t about to happen. In one
way, today’s nut is tougher
than 2008’s. Then, housing as-
sets on bank balance sheets,
also gives government an op-
portunity to bungle that confi-
dence. We haven’t seen yet
which the Biden administra-
The Furbished
BUSINESS
WORLD gan, Citibank
and other gi-
est haircuts on their unin-
sured deposits, cause a
though greatly depreciated in
the market, continued to per-
tion has achieved, bracing up
confidence in the banks or
Once Upon a Tome
By Holman W.
ants pro- nationwide bank run and eco- form. Banks were still in the helping to weaken it. By Oliver Darkshire
Jenkins, Jr.
vided $30 nomic calamity? black on the spread over their In Mr. Biden’s shoes, any (Norton, 244 pages, $27.95)
T
billion in de- Mr. Biden must think so but deposit costs. If there was no reader might have made the
posits to help shore up First the information isn’t available same better-safe-than-sorry o many of us—regardless of our age in reading years—
Republic Bank, which makes to let us judge the matter in- decision to bail out a midsize a book will always be a mysteriously charged pres-
them—guess what?—unin- dependently. FDR and Obama California lender. I bet most, ence. Even unopened, it rekindles a sense of antici-
sured depositors. If First Re- We do know he got a lot of though, wouldn’t have made pation we first experienced in childhood and thankfully
public were still to fail and be help in deciding to bail out inherited their the decisions two years earlier never outgrew. And once activated, it can eclipse the
seized by regulators, would Silicon Valley Bank’s unin- meltdowns. Biden’s that helped create the prob- present with the turn of each page, as a story, real or
the $250,000 limit on insured sured depositors from its un- lem of two Sundays ago. imagined, takes hold. There are those, however, for whom
deposits be waived for these insured depositors, including was self-made. Mr. Biden essentially em- the book as object, artifact or acquisition provides a very
conspicuously unsympathetic tech entrepreneurs and ven- braced the progressives’ different thrill, often bordering on obsession. They are the
lenders? The politics would be ture capitalists who worked modern monetary theory, collectors—seekers and sages of the printed page who can
harrowing. No wonder JPMor- the phones and social media run, they could continue in- which admittedly became uni- (and will) tell you all you want to know (and more) about
gan and friends are scroung- and skew heavily Democratic definitely and grow out of versal amid the pandemic, the marbling of endpapers, the tooling of leather, the al-
ing up an alternative private in their political giving. trouble. positing that the U.S. govern- chemies of font. Or who, on a less rarified level, can’t resist
rescue for First Republic. We know that lobbying for Let’s just say the whole ment could print and spend adding yet another volume to their teetering pile.
• Silicon Valley Bank failed the bailout was California Gov. economy still has to solve the money without inflation. Mr. We meet one such compulsive collector in “Once Upon
because its “safe” assets de- Gavin Newsom, a Democratic problem Silicon Valley Bank Biden arrived, as I noted at a Tome: The Misadventures of a Rare Bookseller” by Oliver
clined in value because of up-and-comer whose personal would have had to solve to the time, with an “over- Darkshire, a writer so disarming we can forgive him that
higher interest rates and infla- business and nonprofit ties stay alive. Financial institu- whelming priority to pass a dreadful pun. “Some of the rooms were completely inac-
tion. Now the Fed, for pur- with Silicon Valley Bank were tions’ fixed-rate assets not superfluous domestic bailout cessible,” Mr. Darkshire
poses of lending to the banks, extensive. only have been badly dinged package, on top of those al- recalls of this hoarder’s house
is crediting this collateral with Did the bank’s progressive in market value, the mingy in- ready passed, so [he] could outside of London, “as books
its original value. If you could dabblings contribute to its fail- come streams they generate claim credit for the pandemic filled the doorframe in such
sell 65 cents to the Fed for a ure—or its rescue? Its invest- can’t keep up with rising de- recovery already visible a manner that he could only
dollar, why would you ever re- ment in political window posit rates and operating around the corner.” have achieved it by strategi-
verse the transaction? You dressing at least tells you what costs. This problem didn’t That recovery was shaping cally filling the gaps as he
wouldn’t. The Fed says the management believed about first surface with Silicon Val- up to be a rocket ship. By retreated, like a three-dimen-
loan terms are limited to a its political environment. ley Bank but with U.K. pension pouring unnecessary fuel into sional game of Tetris.” Back in
year but the problem is un- No bank is safe if deposi- funds during the short, units engines, Mr. Biden contrib- the city, Mr. Darkshire has
likely to be solved in a year. tors run and keep running. A happy premiership of Liz uted to the destabilizing rise already come to know—and
• The dollar is faltering big capital cushion does zip. If Truss. Remember the cynical in inflation and interest rates dread—another such custodian
.
amid the predictable global depositors are running be- way the Biden administration that spawned today’s bank of chaos, the “diminutive,
flight to safety. Dollar holders cause of general economic piled on to suggest Ms. Truss’s panic, the end of which may ancient” Mrs. Hawthorne, who
ly
may be figuring out that they, conditions, or if the run itself garden-variety pro-growth not be in sight. haunts his place of employ-
and not just U.S. taxpayers, tanks the economy, the assets nostrums were to blame? FDR and Obama can rightly ment undeterred by “veiled
have volunteered for unlim- a bank might hope to sell to Today’s banks can hardly say they inherited their melt- threats of a restraining order if
ited dilution if the govern-
ment needs to print money to
pay off fleeing depositors are
likely to be falling too if not
on
be independent from the gov-
ernment that underwrites
downs. Mr. Biden can claim
authorship of his.
she didn’t stop lugging in sacks of books.”
Indeed, an entire cast of oddballs awaits our young
author when, like Alice stepping through the looking-glass,
he blithely answers an advertisement for a bookseller’s
Netanyahu’s Judicial-Reform Blunder apprentice. “The pay was Victorian, the expected duties
us ,
nebulous, . . . no prior experience was necessary.” The book-

l
store, however, is Henry Sotheran Ltd, a decidedly venerable

e
al a
Whatever one received slightly more—48.9%. spectrum, he proposed a frame- increasing influence of reli- establishment. Founded in 1761, Sotheran’s has handled,
thinks of the Nor do his sweeping judicial work for compromise, which gious Jews and immigrants among others treasures, the libraries of Laurence Sterne
judicial re- changes reflect the will of the key opposition leaders accepted from the Middle East and in 1768 and Charles Dickens in 1870, and the firm continues
ci on
forms that Is- people. A survey conducted by as a basis for negotiations. But North Africa, the Supreme to specialize in “Fine Books and Prints.” So a peeling, lop-
raeli Prime the Israel Democracy Institute Mr. Netanyahu turned it down Court came to be seen as a sided sign on a Piccadilly side street informs Mr. Darkshire
Minister Ben- found that a majority of vot- flatly, reportedly because his bastion of secular European when he arrives for his interview, which takes place in a
POLITICS jamin Netan- ers—including substantial mi- hard-line justice minister, Yariv elites, who use the institution broom closet stacked with old trade magazines. Sotheran’s,
yahu’s coali- norities of coalition support- Levin, threatened to resign and to enforce their views on Is- we gather, is as eccentric as its clientele. Or so it appears
& IDEAS
er s
tion has ers—oppose each of the bring down the coalition if the raeli society and politics. in this memoir, which is described as “true-ish” in the light-
By William
proposed, it’s government’s main judicial pro- prime minister opened the door With the announcement of hearted preface but which certainly captures not only the
A. Galston
m er
hard not to posals. Sixty-three percent of to talks. the government’s reform pro- arcane nature of the book dealer’s trade but also the be-
conclude that Israelis favor the current The stakes of this conflict posals, these longstanding ten- wilderment of the novice entering into it. For Mr. Darkshire
he is proceeding in a reckless method of selecting judges are very high. Israel’s declara- sions have exploded into one of is a witty observer and (despite bouts of narcolepsy that
and destructive manner. He rather than the government’s tion of independence, which the most divisive confronta- his employers politely ignore) a fast learner.
has divided his country and proposed political takeover of established the state, promises tions in Israel’s history. The cur- “Managing the expectations and desires of collectors is
m rp
driven many of its citizens to the process. According to the to ensure “complete equality rent moment is the coalition’s at the heart of the rare book business,” he explains, “a
protest in the streets. He has IDI, a majority of Israelis fear a of social and political rights to best chance to redress what it strange kind of symbiosis in which the least social of
lost the confidence of Israel’s all its inhabitants irrespective sees as decades of judicial usur- people, each allergic to daylight in our own way, come
economic leaders and has led of religion, race, or sex” and to pation. For the opposition, this together to serve a mutually beneficial purpose.” And
many members of the coun- Facing discord, his guarantee “freedom of reli- effort represents a mortal collectors, we learn, fall into two broad categories: the
co Fo
try’s defense forces to ques- gion, conscience, language, ed- threat to its version of a just “Smaugs,” as Mr. Darkshire calls polymaths for whom
tion his government’s orders. government should ucation, and culture.” and inclusive society governed “one subject is not enough, when they could have fifty,”
Members of his own Likud step back and make These commitments distin- by Israel’s founding ideals. The and the “Draculas,” who “have one very specific interest
Party are signaling that he is guish a liberal democracy from opposition believes it could lose that sustains them . . . Rare plants. Gothic table deco-
going too far, too fast. room for compromise. pure majoritarianism, which everything if its resistance to rations. Calligraphy.” In either case, the bookseller’s bait
Mr. Netanyahu also has can run roughshod over the these reforms fails. has always been the sales catalog. And to this day, these
driven a wedge between Israel rights of individuals and mi- While the government’s pro-
and a growing majority of range of negative consequences, norities. But they are not self- posals are deeply flawed, the
American Jews. The Jewish including “damage to their per- executing. America’s founders status quo is far from perfect. A cub-pilot’s tour of the erudite, jargon-
Federation of North America sonal savings, restrictions on understood that without insti- The court’s jurisdiction has ex- laden, eccentric-haunted world of London’s
sent him a letter last month freedom of expression, exposing tutional support, verbal guar- panded into what are clearly
opposing major portions of his IDF soldiers to international antees—whether the separa- political issues, the require- enduring rare-book trade.
proposed legislation and urg- war crimes charges, [and] polit- tion of powers or a bill of ments for bringing a case before
n-
ing compromise. The American icization of the civil service.” rights—would be, in the words the court are too permissive,
Israel Public Affairs Commit- Mr. Netanyahu, who as finance of James Madison, mere and key criteria that the court densely informative brochures remain rich in decorous
tee, which has given Mr. Ne- minister helped create Israel’s “parchment barriers.” uses to settle cases are subjec- terms employed both to describe and to entice. A listed
tanyahu a hero’s welcome in dynamic economy, has assured As a parliamentary democ- tive at best. There is room for item will be described as “foxed” rather than mottled;
no
the past, has fallen silent. his people that his judicial plan racy with a one-chamber leg- an honorable compromise. “sophisticated” rather than tampered-with; “mellowed” not
“Great innovations should will not harm the economy, but islature, Israel has fewer The government has re- faded. In a similar vein, “furbishing” refers to a book repair
not be forced on a slender ma- only 35% believe him. checks and balances than the cently offered to pause some that is “not quite restoration, and . . . not quite cheating.”
jority,” Thomas Jefferson ad- Tellingly, 70% of Israelis—in- U.S., and Israel’s Supreme parts of its legislation while The in-house furbisher at Sotheran’s, for example, im-
vised. It isn’t even clear that cluding 60% of the coalition’s Court emerged as the princi- proceeding with its plan to presses Mr. Darkshire by replacing an entire endpaper
Israel’s prime minister entered own voters—favor negotiations pal barrier against the tyranny take over the judicial selection “with no outward indication that the new one was not the
office with majority support. between the government and of the majority. Over time, process. This is a start, but it’s original” (such repairs are, of course, declared when a fur-
Yes, his coalition controls 64 the opposition to find common however, the court expanded not enough. Mr. Netanyahu bished book is sold). Which leads us to bookbinders, those
seats in the 120-seat Knesset, ground. In a series of speeches, its jurisdiction and asserted a should freeze the entire legis- specialists who, it turns out, have a sly way of punishing
Israel’s parliament, but it rep- President Isaac Herzog has broad right of judicial review, lative process to make space clients who haggle. As Mr. Darkshire puts it, “When you
resents only 48.4% of the votes done his best to jump-start which its critics saw as a for negotiations, which are the wait eight months for a book to turn up, only to find it
cast in last year’s election, such a process. After consulting power grab. And as Israel’s only alternative to unending titled in fancy gold letters Great Expactions or Little Dorito,
while the opposition parties leaders across the political electorate came to reflect the discord. you quickly learn to pay the asking price.”
All of this—the craft and customs of an esoteric enter-
prise; the delights and irritations of buying and selling—
The Danger of Cameras to the High Court is conveyed in charming short chapters with titles like
“Kerfuffles,” and in a prim tone perfectly suited to Mr.
Darkshire’s subject. Regarding customer requests of an
By Ryan J. Owens speaker’s face while he spoke. watched a neutral exchange be- If Congress insists on cam- anti-Semitic or racist nature, for example, he simply states
And Ryan Black Others viewed a static wide-an- tween judge and attorney found eras, our findings suggest the that “one does not sell books to Nazis.” And when it comes
S
gle shot of the full bench from the court to be more legitimate static video feed approach to more quotidian matters, little escapes his droll scrutiny.
ens. Dick Durbin (D., Ill.) a distance. than did those who merely lis- would do the least damage. Thus a leaky basement calls forth “an extraordinarily un-
and Chuck Grassley (R., After presenting these clips, tened to that exchange. Showing the full bench from a prepared-looking old man carrying a small tube of sealant
Iowa) have reintroduced we measured respondents’ Respondents who viewed ex- distance, with the majesty of . . . and whistling through his teeth in a way that tradesmen
a bipartisan bill to require the views of judicial legitimacy. We changes through a static the courtroom in the back- do when they know they’re about to disappoint you,” while
Supreme Court to televise oral asked whether courts ought to view—with a camera angle that ground, might be enough to off- an inspection by the “well-meaning, government-funded
arguments. Mr. Grassley says it be made less independent, included the full court—were set the legitimacy losses from Centre for Proper Apprentice Training” conjures up Kylie,
“would be a victory for trans- whether judges who consis- contentious exchanges. an emissary “possessed of a bundle of binders, a takeaway
parency and would help the tently decide cases at odds with It is unclear if Congress has coffee, a laptop bag and far too much confidence in the
American people grow in con- public opinion should be re- Our study showed the constitutional authority to System” (one easily defeated, of course, by Sotheran’s
fidence and understanding of moved, and similar questions. require the court to allow cam- own topsy-turvy procedures).
the judiciary.” A forthcoming The results show that cameras they can diminish eras. What is clear is that it This entertaining narrative ends with Mr. Darkshire
study suggests otherwise. can as easily harm the courts’ the perception of the has costs as well as benefits. making way for the next apprentice. In a few days, a fresh
With political scientists legitimacy as help it. Because the court’s support is innocent will be drawn into the “wonderful, collective
Timothy Johnson and Justin Respondents who observed judiciary’s legitimacy. fragile, broad institutional dream” of trading and coveting the marks made by humans,
Wedeking we conducted an ex- the Zoom-like approach were changes should occur incre- over thousands of years, in an ingenious variety of ways.
periment that exposed respon- most likely to change their mentally and with sufficient And if the author of “Once Upon a Tome” leaves the reader
dents to real TV clips from two views about judicial legitimacy. less influenced by the nature of analysis. If Congress is serious wanting more (some of us would have welcomed a detour
state supreme courts. Some lis- Those who watched a conten- the exchange and the difference about this issue, it should into London’s Type Archive, where gigantic typographical
tened to an oral argument; oth- tious exchange between the between audio and video. commission further research machines, centuries old, are housed in a building once
ers watched it. Some saw a jus- judge and attorney found the These results suggest the to examine the consequences used as a hospital for circus animals), we should hardly be
tice aggressively question an court to be less legitimate than justices are on reasonable before it takes action. surprised. Like any good bookseller, he has learned the
attorney; others observed a po- those who listened to the ex- grounds to hesitate. Conten- rules of enticement. “A customer hurried is easily lost,” the
lite exchange. Some saw a dy- change. Watching a justice com- tious exchanges are those the Mr. Owens is a professor of Sotheran’s Staff Manual informed Mr. Darkshire when he
namic camera angle that batively interrogate a lawyer— media will cover. If the media American politics at the Uni- eventually got around to reading it, “but so is a customer
showed the judge and lawyer in as some U.S. Supreme Court are able to present such sto- versity of Wisconsin-Madison. given too long to make up their mind. Persuasion should
a Zoom-like format—up close, justices do—caused immediate ries with the Zoom-like camera Mr. Black is a professor of po- be gentle and careful; and above all, finely timed.”
with frequent camera changes, and significant harm to the angle, the results for the court litical science at Michigan
and with the ability to see each court’s legitimacy. Those who could be devastating. State University. Ms. Mundow is a writer in central Massachusetts.
A16 | Wednesday, March 22, 2023 * *** THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The End of Market Discipline for Banks Barr Responds to Mexican Foreign Secretary
F
inancial regulators have ignored their part of Dodd-Frank. Now Ms. Yellen is throwing In his letter (March 11) replying to the U.S., they’ll be more peaceful in-
post-2008 rule book to contain the lat- out residual discipline by telling even uninsured my op-ed “The U.S. Must Defeat Mex- side Mexico. This policy has failed.
ico’s Cartels” (March 3), Mexican For- Mr. Ebrard’s letter reflects AMLO’s
est banking panic. And on Tuesday Trea- depositors that they needn’t worry.
eign Secretary Marcelo Ebrard Casau- standard obfuscations: Instead of tak-
sury Secretary Janet Yellen The consequences will be bon cites my pressing for cooperation ing concrete, sustained action, engage
tore it up by announcing a de Yellen essentially says far-reaching even if the dam- against the cartels in 2019 and 2020. I in endless blather about “frame-
facto guarantee of all $17.6
trillion in U.S. bank deposits.
all deposits are insured. age isn’t immediately clear.
Bank executives won’t have an
argued then, as now, that the cartels
can be effectively dismantled if the
works.” Next, jealously invoke Mex-
ico’s sovereignty to block the Ameri-
Regional bank stocks rallied, From now on, moral incentive to manage conserva- U.S. and Mexico joined in an all-out cans from taking action, while
but it’s important to under- tively if they know their de- campaign, using every tool we have. surrendering sovereignty to the narco-
stand what this moment
hazard rules. posits aren’t at risk of fleeing. Mr. Ebrard ignores the obstacles to terrorists. Harp on sovereignty but ig-
means: the end of market dis- Large depositors will be less real progress. First, the cartels’ grip nore Mexico’s corresponding duty un-
cipline in U.S. banking. likely to spread their cash on Mexico is so strong that Mexico der international law to ensure its
“Our intervention was necessary to protect across multiple banks. Deposits and risk could lacks the ability to free itself from territory isn’t a sanctuary for groups
their domination. This impotence is preying on the U.S.. Justify inaction by
the broader U.S. banking system,” Ms. Yellen become more concentrated at poorly managed
largely due to the cartels’ success in blaming the existence of the cartels on
told the American Bankers Association conven- banks that offer more customer perks, as hap- corrupting Mexico’s government at all American demand for drugs, though
tion. “And similar actions could be warranted pened at SVB. levels. Breaking free will require U.S. somehow this demand hasn’t made
if smaller institutions suffer deposit runs that Sen. Elizabeth Warren says no one should ex- help inside Mexico, hopefully working Canada into a narcostate, or prevented
pose the risk of contagion.” pect small businesses with more than $250,000 cooperatively with the Mexicans. Colombia from breaking free. Nor is
Translation: Depositors needn’t worry about in cash to be savvy enough to know the differ- Second, President Andrés Manuel there U.S. demand for the mass mur-
the safety and soundness of banks. Uncle Sam ence between a well and poorly run bank, so de- López Obrador has no interest in seri- der caused by the poison fentanyl.
will make sure you don’t lose money. posits should be guaranteed. “The one excep- ously confronting the cartels and It is the Mexican government that
This isn’t an explicit guarantee, but it’s close tion I might draw to that is the billion-dollar won’t allow the U.S. to do it. He wants allows cartels to flourish. Efforts to
enough for government work. Dodd-Frank lets depositor,” she told Roll Call. to “hug” them, not fight them. Only reduce demand might help over the
the Federal Deposit Insurance Corp. guarantee after President Trump threatened to long term but aren’t a substitute for
But most mom-and-pop businesses don’t
designate the cartels as terrorists did decisive steps now to reduce the
uninsured deposits under its “systemic risk” ex- have more than $250,000 sitting in the bank. AMLO make halfhearted gestures at slaughter today.
ception.” But banks must fail for the exception The small businesses she’s referring to are cooperation—for show. These WILLIAM P. BARR
to apply and the systemic risk is supposed to be hedge funds, venture and law firms and well- abruptly stopped when Mr. Trump Washington
genuine. Regulators stretched that exception with funded startups. Many VCs didn’t do due dili- lost re-election. AMLO’s plan: If the Mr. Barr served as U.S. attorney
SVB and Signature, and the Treasury Secretary gence before parking money at SVB, but it’s not cartels are left free to traffic drugs to general, 1991-93 and 2019-20.
is now making clear that they will stretch it again unreasonable to expect that they should.
to prevent more bank runs on her watch. Ms. Yel- Letting uninsured depositors at SVB and Sig-
len would court criticism in Congress if she nature take a modest haircut would have pro-
straight up declared a guarantee for all uninsured vided useful market discipline. The Administra- Who Is Really in Charge at Stanford Law?
deposits, but it’s now clearly implied. tion is doing the opposite. It’s creating moral
Judge Stuart Kyle Duncan’s op-ed when they allow such behavior. How
But why does she feel the need to provide hazard that will seed future trouble by encour-
“My Struggle Session at Stanford Law many of these impostors can these
this assurance if “the situation is stabilizing, aging more risky behavior by bank management School” (March 18) seems to answer universities employ before the world
and the U.S. banking system remains sound,” and reducing caution among depositors, inves-
.
the question raised earlier on your outside their bubbles stops taking
as she claimed? Perhaps because bank depositors and creditors pages: “Who Owns the University?” them seriously? I hope not many.
ly
tors and investors fear the trouble in banks is The Administration is presenting its inter- (op-ed by Richard Vedder, March 17). JAMES OLIVEIRA
wider than she claims. vention as a one-off. But once regulators do Apparently, the answer at Stanford Oakdale, Calif.
i i i something, they create the market expectation Law is the 100 students who were en-
on
A stable financial system requires clear and that they will do it again. And if they don’t, the
transparent capital standards, sound regula- ensuing market panic will invariably impel
tion, and above all market discipline to punish them. Biden officials are crossing a Rubicon
couraged by a diversity dean to abol-
ish free expression and peaceful as-
sembly. Where are the other owners:
the board, the administrators, the fac-
Tirien Steinbach, the Stanford Law
associate diversity dean, is Exhibit A
in the case for eliminating the DEI
blob in higher education (“The Tyr-
reckless behavior. The current panic has shown here, and they’re doing it essentially by fiat
ulty, the other students, the alumni, anny of the DEI Bureaucracy,” Review
us ,
that none of those exist in the U.S. without approval by Congress.

even the accrediting agencies? & Outlook, March 18). Instead, use
l
Risk-weighted capital standards have made Regulators have become all too accustomed HARRY RUFFALO those funds to hire personnel who
e
banks look healthier than they are. The Dodd- to doing anything they want during a market
al a
Phoenixcan contribute to an education. Her

Frank regulatory architecture failed to protect panic, reaching for extraordinary power even embarrassing and contradictory ti-
against the interest-rate risk that landed Silicon in non-emergencies. Ms. Yellen may have Given that a new fiasco emerges rade—“Me and many people in this
ci on
Valley (SVB), Signature and First Republic shored up confidence in midsize banks, but the from Stanford every week, I thought I administration do absolutely believe
banks in trouble. Market discipline fell sharply cost of her guarantee will be a less sound and could hardly be surprised by anything in free speech”—also demonstrates
with the creation of too-big-to-fail banks as safe U.S. banking system. that might happen there. I was the need for more English professors.
wrong. Judge Duncan’s account of SUSAN DENCH
events left me gasping. While there is Portland, Maine
er s
Crime and Consequences in Seattle no shortage of overentitled, infantile

antics for review at our nation’s There is a well-established legal
P
m er
soon-to-be formerly great universities maxim regarding criticisms by the

olicy news flash: Fighting crime reduces ferrals by this group has dropped to 2.7. What put on by students, I couldn’t believe media after Judge Duncan called the
crime. The latest evidence comes from changed? that an employee of the university— protesting Stanford Law students
Seattle, of all places, where City Attor- Well, start with arrests and punishment. In in a leadership position, no less— “appalling idiots,” “bullies” and “hyp-
ney Ann Davison’s efforts are the past year 142 of Seattle’s joined in the absurdity, and thereaf- ocrites”: Truth is an absolute defense
m rp
showing results. The new City Attorney 168 top recidivists were be- ter kept her job. to all libel charges.
Ms. Davison took office in ALVARO GARCIA-TUNON
January 2022 after voters
gets results by pursuing hind bars at some point. King
County jails had limited book-
Schools like Stanford sow the
seeds of their eventual irrelevance Pittsburgh
elected her on a law-and-or- repeat offenders. ings for most misdemeanors.
der mandate. She has fo- But last spring Ms. Davison
What McKinsey Hasn’t Proved About Diversity
co Fo
cused on the 168 troublemak- brokered an agreement to

ers responsible for a disproportionate make an exception for Seattle’s most prolific In her letter (March 17) replying to Haubegger about the research.
amount of crime—nearly 3,500 misdemean- misdemeanor criminals. Andy Kessler column (“Who Killed Sil- In each of its 2015, 2018 and 2020
ors in Seattle over a five-year period, by her She also pushed through a reform that ex- icon Valley Bank?” Inside View, March diversity reports, McKinsey is careful
office’s estimates. cludes from Seattle’s notoriously lenient Com- 13), Christy Haubegger states, “It has to state that the positive correlations
These miscreants had an average of 6.3 mis- munity Court anyone who had 12 or more long been established by academics, it finds between executive racial or
demeanor criminal incidents referred for prose- charges referred to the city attorney for prose- McKinsey and others that there is a ethnic diversity and profitability
cution in Seattle in a year. Their most common cution over the past five years, including one positive correlation between board don’t imply causation. Ironically,
crimes were theft to buy fentanyl or meth, in the past eight months. Their cases are now and executive diversity and company however, McKinsey issues this caveat
which often led to more serious charges, such handled by the Municipal Court, where they can stock performance.” Setting aside my because its analyses are structured to
as assaults and “robbery if someone attempts face bail requirements and jail time. doubt that Mr. Kessler is correct in hisevaluate the reverse direction of cau-
idea that diversity demands “dis- sality—that higher profitability
to stop them,” the Seattle City Attorney’s office Ms. Davison has persevered despite criticism
n-
tracted” the SVB board in a way that causes higher executive diversity.
says in a new report. from Seattle progressives, but the facts vindi- could be material to the bank’s col- Even using McKinsey’s causality-
But new numbers show that on Ms. Davison’s cate her approach. Imagine: Crime falls when lapse, I firmly disagree with Ms. flawed methodology, my own re-
watch the number of annual misdemeanor re- you arrest and punish criminals. search with Jeremiah Green at Texas
no
A&M fails to find any reliably non-

All the Warning Signs Were zero correlation, positive or negative,
A Big Donor, Nancy Pelosi and the FCC There. They Were Ignored between prior firm performance and
present firm executive racial or eth-
W
e recently told you that Federal Com- cessity.” Leftwing groups piled in with com- Regarding Daniel Henninger’s “Was nic diversity. I urge caution in claim-
munications Commission Chair Jes- ments opposing the deal. SVB a Twitter Panic?” (Wonder Land, ing that studies such as McKinsey’s
sica Rosenworcel’s move to scuttle March 16): The two things government show that publicly traded U.S. firms
On Oct. 6, 2022, Mrs. Pelosi and then chair-
does best are nothing and overreact. can deliver improved financial perfor-
Standard General’s acquisition man of the House Energy and The warning signs were there, mance by increasing the racial or eth-
of TV station operator Tegna Follow the timing of Commerce Committee Frank from long-sounding predictions of nic diversity of their executives. Sim-
Inc. is dubious as a matter of campaign cash, a letter, Pallone sent Ms. Rosenworcel rising interest rates and a depositor ply stated, they don’t.
law. Now evidence suggests a letter praising the agency’s list bloated with dice-rolling startups PROF. JOHN R.M. HAND
she may have been doing the and an agency decision. decision to seek more informa- to offering interest on deposits mate- University of North Carolina, Chapel Hill
bidding of a major Democratic tion and urging it to do a rially above market and the lack of
donor. “more thorough review of the safety precautions like rate hedges.
Byron Allen’s Allen Media Group made a play public interest claims.” Yet regulators did nothing. Isn’t ChatGPT Redundant?
for Tegna in autumn 2021. Bloomberg News re- FEC records show that five days later—a Then, when the Twit-storm broke
Regarding Ted Rall’s “ChatGPT Li-
ported at the time that he was seeking to raise month before the midterm election, as Demo- and the Twit hit the fan, government
beled Me. Can I Sue?” (op-ed, March
overreacted by blowing up the de-
money from investment funds to buy Tegna and crats scrambled to hold their House majority— 17): ChatGPT apparently inserts
posit-insurance rules. But, hey, the
roll his existing stations into the new company. Mr. Allen donated another $250,000 to the supposedly independent, big-name
poorly researched falsehoods into the
Around the same time, Mr. Allen made several House Majority PAC. Was the timing a coinci- most generic discussions, fooling the
accountants didn’t catch this stuff,
contributions to then House Speaker Nancy Pelosi dence? Were we born yesterday? naive user. I thought the mainstream
signing off on SVB’s audit only weeks
and Democratic campaign committees. On Feb. 24 of this year, Ms. Rosenworcel’s Me- media already provided that service.
before. Which leaves one to wonder
BOB SPEAR
According to Federal Election Commission re- dia Bureau chief issued a memo designating the about the whole sorry bunch: What
Coronado, Calif.
cords, in early October 2021 he donated to Mrs. deal for an administrative hearing. This will good are they?
Pelosi’s campaign ($2,900); to PAC to the Future likely have the effect of killing the Standard Gen- ART HUDMAN
($5,000); the Democratic Congressional Cam- eral transaction without a vote of the full FCC Plano, Texas
paign Committee ($36,500) and the Nancy Pelosi since the financing deadline for the deal is May Pepper ...
Victory Fund ($44,000). That December he con- 22. In the past 30 years, no broadcast license
Pope Francis’s New Rules And Salt
tributed another $219,000 to the Democratic Con- transfer has completed the FCC hearing process
THE WALL STREET JOURNAL
gressional Campaign Committee. in fewer than 358 days. The German Catholic bishops con-
Was he trying to leverage political pressure Who would be the most likely beneficiary if the ference has entered formal schism
on Tegna to accept his bid? If so, he wasn’t Standard General deal falls through? Why, none (“Apostasy in Germany’s Catholic
successful—at least not with Tegna. In Febru- other than Mr. Allen. A spokesperson for the Allen Church” by George Weigel, Houses of
Worship, March 17), but if I want to at-
ary 2022, the company agreed to an offer from Media Group says Mr. Allen’s campaign contribu-
tend a centuries-old Latin Mass I must
Standard General financed in part by Apollo tions and Mrs. Pelosi’s letter weren’t connected do so in the attic of a school gym? This
Global Management, which would infuse the and that he has contributed to numerous charities pontificate has been a Bizarro World.
new company with capital to expand local pro- and political campaigns for decades. KENNETH J. WOLFE
gramming. It sure looks like the former House Speaker Alexandria, Va.
A few months later, Ms. Rosenworcel’s Media lobbied the FCC Chair to scuttle a business deal
Bureau opened the deal to public comment. It in a way that would promote the business inter-
Letters intended for publication should
was an unusual decision. The FCC doesn’t have ests of a major Democratic donor. Standard Gen- be emailed to wsj.ltrs@wsj.com. Please
the authority to block acquisitions, but the 1934 eral offered Tegna a better financial deal, but the include your city, state and telephone
Communications Act lets the agency block the hedge fund appears to have been outbid by Mr. number. All letters are subject to
transfer of station licenses if it finds they don’t Allen’s campaign contributions and Nancy editing, and unpublished letters cannot “The vet had to keep her overnight,
be acknowledged.
serve “the public interest, convenience, and ne- Pelosi’s political influence. but they gave us a loaner.”
OPINION
Life’s Certainties: Death, Taxes and Bailouts

By Niall Ferguson Program, or BTFP, gives banks us about this long-running ar-
And Moritz Schularick access to Fed liquidity to meet gument between central-bank
B
potential deposit outflows by hawks and doves. The ver-
enjamin Franklin famously borrowing against long-term dict—based on four centuries
observed that nothing is securities that the banks own. of data—is clear. In the short
certain in life except death In the financial world, such run, the doves have the better
and taxes. If he were lending against securities is case. Output falls less and re-
around today he’d be standard practice. It is the fuel covers more quickly when
tempted to add one more to the list: behind the $15 trillion repo doves are in charge and a cen-
bailouts. The recent collapse of Sili- market, one of the largest and tral bank intervenes more
con Valley Bank—a midsize institu- most liquid financial markets readily. Monetary aggregates
tion at best with 17 branches in Cali- in the world. remain stable and deflation—a
fornia and Massachusetts and $175 Yet such markets function typical byproduct of full-
GEORGE RINHART/CORBIS VIA GETTY IMAGES

billion in total deposits—followed an based on so-called haircuts. blown financial crises—is
all-too-familiar script of panic and Those with a security worth mostly avoided.
rushed government intervention. $100, for example, can borrow But over the longer run the
Financial distress never takes under its market value—say, at hawks have a point. The histor-
long to cross the Atlantic. Credit $90—which leaves a safety ical record also shows that pro-
Suisse, one of Switzerland’s two margin for the lender. The viding a financial safety net in-
Fed’s new program is best vites riskier behavior in the
thought of as a hair-extension period after a financial crisis.
The Fed stuck to its operation. Under the BTFP, We show that the risk of an-
banks can borrow $100 from other boom-bust episode in the
playbook with Silicon the central bank for securities future rises significantly after
Valley Bank. That may with that face value but far A 1927 bank run in New York central banks have come to the
less actual value. It’s a boon rescue with their expanding
guarantee the next crisis. for institutions with security portfo- interventions by central banks have central bank has expanded its bal- balance sheets. Bankers conclude
lios that are deep under water. grown bolder and now play a crucial ance sheet to calm financial mar- that the central bank can always be
JPMorgan estimates that under role in stabilizing an inherently frag- kets in more than half of the crises counted on to bail them out. In
megabanks, had been beleaguered the program the Fed might lend up ile credit system. The invisible hand since World War II. And central- other words, bailouts and loose
ever since the financial crisis be- to $2 trillion to banks and expand of the market has, time and again, bank balance sheets have risen to monetary policy prepare the ground
cause of a series of missteps and its own balance sheet by the same needed an outsize helping hand. unprecedented heights relative to for the next crisis, but this time with
scandals. The bank reported a loss of amount. The same week it launched Historically, the main role of cen- gross domestic product since the even more leverage.
$7.9 billion in 2022 and depositors BTFP, the central bank appeared to tral banks was to help the govern- 2008-09 financial crisis and the Where does this leave us? We
withdrew more than $100 billion in abandon its attempt to shrink its ment—especially during war. Indeed, 2020-21 pandemic. have an emergency escape hatch in
the same year. When share prices balance sheet after various rounds for most modern history, large ex- Such lender-of-last-resort opera- the central bank’s balance sheet. Yet
plunged and deposit flight acceler- of quantitative easing since the fi- pansions in their balance sheets tions have always encountered criti- we still haven’t figured out how to
ated following SVB’s collapse, the nancial crisis. In response, traders were driven primarily by geopoliti- cism. Hawks in charge of central prevent the moral-hazard problem
Swiss National Bank had to step in have sharply pared down their bets cal conflicts. In the 19th century, banks have typically been skeptical from getting bigger each time, forc-
with a $54 billion lending lifeline. It for further interest-rate increases however, central banks led by the of providing liquidity support to ing the central bank to run ever
wasn’t enough. On Sunday Credit and are now even pricing in interest- Bank of England created a second badly managed banks. In their view, faster only to stand still. That means
Suisse was sold at a knock-down rate cuts later this year. Never mind reason for balance-sheet expansion: emergency lending encourages more it isn’t only death, taxes and bailouts
.
price to its old rival UBS. that inflationary pressures are still the role of lender of last resort in fi- risk-taking—and enmeshes the cen- that are inevitable—the next finan-
In the U.S., the bailout came in running high. nancial emergencies. When nobody tral bank in the tricky business of cial crisis is, too.
ly
the form of a blanket guarantee for As we show in a new paper on the else was willing to lend, the central picking winners and losers among
uninsured depositors with more than history of the central-bank “safety bank stepped in to calm the markets, imperiled banks. Doves, by contrast, Mr. Ferguson is a senior fellow at
$250,000 in the bank, effectively net,” the SVB crisis elicited a classic stop bank runs and halt fire sales of emphasize the dangers of inaction, the Hoover Institution at Stanford
eliminating the limit on deposit in-
surance. But the government re-
sponse didn’t end there. The Federal
Reserve also devised a new way to
on
response of Fed balance-sheet ex- assets.
pansion to offset private losses. The Yet it wasn’t until the second half
past half century has witnessed a of the 20th century that large-scale
dramatic rise in the frequency of fi- liquidity provisions in crises be-
pointing to the negative economic
consequences of unchecked bank
runs. Why should Main Street be
made to pay for the excesses of Wall
University, a Bloomberg Opinion col-
umnist, and founder of Greenmantle
LLC, a consulting firm. Mr. Schular-
ick is a professor of economics at
ease the pain of banks that forgot to nancial crises and market melt- came a systematic response. Our Street, as happened so disastrously Sciences Po Paris and incoming pres-
us ,
hedge their exposure to rising inter- downs. We now live in an age of la- work, consisting of a sample of 17 after 1929? ident of the Kiel Institute for the
l
est rates. Its new Bank Term Funding tent financial fragility. Policy advanced economies, shows that the History has something to teach World Economy.
e
al a
Eric Adams Wants to Send Illegal Immigrants to College

ci on
Want to attend col- forces beyond our control,” Mr. Ad- Last spring, Republican Gov. Greg Midtown Manhattan. By fall, how- sections of the Rio Grande or, after
lege free? Here’s ams said during a recent news con- Abbott of Texas decided to test the ever, shelters were overrun, city successfully crossing, died falling
how. ference. That there’s a crisis isn’t in resolve of liberals like Mr. Adams services were buckling, and he de- from cliffs along mountain passes or
er s
First, move out doubt. More than 50,000 migrants who claim that border states and clared a state of emergency. Mr. Ad- from dehydration while lost.” How
of the U.S. and re- have arrived in the city in the past cities complain about illegal immi- ams seemed shocked that so many many of them were headed to sanc-
m er
nounce your citizen- year, and some 30,000 are still there gration only because they lack the migrants had taken him up on his tuary cities at the urging of progres-
ship. Second, sneak and being cared for with local re- compassion of those on the political offer. sive activists? How many were com-
UPWARD
MOBILITY back into the coun- sources. Shelter, meals and other left or are simply racist. Texas be- Even before Gov. Abbott decided ing because this administration has
try across the services for these new arrivals cost gan busing illegal migrants to New to troll Mayor Adams, New York made it clear through lax border en-
By Jason L.
southern border, re- the city some $4.6 million every day, was struggling with a growing forcement that if they make it into
m rp
Riley
quest asylum and which works out to $1.7 billion a homeless population that had al- the country, there’s a good chance
then ask to be sent year, according to data provided by Most want to make a most nothing to do with illegal im- that they will be released into the
to New York City, where Mayor Eric City Hall. A spokeswoman for the living. It would make migration. According to Bloomberg general population and allowed to
Adams has graciously offered to mayor told reporters that the city News, the city’s Department of stay?
provide tuition, room and board to has spent “more than $500 million more sense to make it Homeless Services spent more than Mr. Adams would do better to
co Fo
illegal aliens courtesy of U.S. tax- on asylum seeker needs in this fiscal easier to obtain work $3 billion in 2021, which was three drop the free-college gambit and fo-
payers. And no, you’re not reading year, which began July 1, and antici- times what it had spent a year ear- cus instead on securing work per-
the Babylon Bee. pates spending $4.2 billion across permits. lier. The conscious decision to lure mits for migrants, which he has
Earlier this month, Mr. Adams re- this fiscal year and the next.” more illegal immigrants to the city called for in the past. It makes little
leased a blueprint for dealing with But Mr. Adams conveniently without any means of taking care of sense to allow foreigners to remain
a surge of illegal immigrants arriv- omitted the role that he and other York and other Democratic strong- them properly and while city ser- in the country for years while peti-
ing in the Big Apple. The plan in- liberal Democratic politicians have holds to draw attention to President vices were already stretched thin tioning for asylum but not let them
cludes a pilot program, overseen by played in exacerbating the situation. Biden’s failed border policies. Soon was not only foolish but potentially earn a living while they wait. The
the newly created Office of Asylum Cities such as New York, Chicago it was Mr. Adams who was com- cruel. vast majority of people coming ille-
Seeker Operations, that would allow and Washington have long declared plaining. “The bodies of more than 890 mi- gally are coming to work. They’re
undocumented migrants to attend themselves sanctuaries for illegal Initially, the mayor’s office said it grants, a record number, were recov- not fleeing persecution like tradi-
community college gratis in the migrants, which means that local of- would welcome the migrants “with ered by U.S. authorities along the tional asylum seekers. They’re
state while their asylum claims are ficials are discouraged or prohibited open arms.” Mr. Adams told the border in the 2022 fiscal year that searching for job opportunities, and
n-
being adjudicated. from cooperating with federal immi- mayor of El Paso to send him as ended Sept. 30, according to the Bi- it’s in America’s economic and hu-
“Over the past year, New York gration-enforcement authorities. many as 200 migrants a day, and he den administration, a 58% increase manitarian interests to improve bor-
City has faced an unprecedented hu- When you turn a blind eye to illegal greeted new arrivals personally at over 2021,” the Journal reported last der security while also giving mi-
manitarian crisis caused by global behavior, you often get more of it. the Port Authority Bus Terminal in week. “They drowned in fast-moving grants more legal ways to come.
no
Lukashenko, Belarus’s Dictator, Is a Junior-Varsity Putin

By Sviatlana Tsikhanouskaya Mr. Lukashenko allowed Russian the Nobel Peace Prize last year, and against Mr. Lukashenko. Well, that war in Ukraine, but I am relieved
T
troops to pass through Belarus en Roman Protasevich, a dissident jour- last one may be true—I conspired that Belarus’s own fight for freedom
he Russian warplane that route to northern Ukraine last year. nalist currently on trial for opposi- with millions of voters to get rid of hasn’t been forgotten.
downed a U.S. drone over the He allows Russian warplanes to use tion activities including blogging him. Since the 2020 election in Be-
Black Sea this month provided Belarus’s air bases, and in the past from Poland about the rigged 2020 Immediately after Mr. Lukashenko larus, Mr. Lukashenko has become a
a sharp reminder of how easily few weeks he has been cozying up to election. Mr. Protasevich made inter- stole the 2020 election, my children threat to international peace and se-
Vladimir Putin’s war might spread Iran and China to dodge Western national headlines two years ago and I received death threats. I left curity. The international community
beyond Ukraine’s borders. sanctions. when Belarusian agents devised a Belarus for Lithuania, where I now must apply stronger pressure to his
As the exiled president-elect of He also destroyed my family life, bogus bomb threat and forced a ci- live in exile, but I haven’t stopped regime, including tougher sanctions.
Belarus, the country that borders drove me into exile and put me on vilian flight crossing Belarusian air- He is two-faced and ruthless and
Ukraine to the north, I’m painfully trial for supposed treason—all be- space to divert to Minsk, with the will do anything to save his own
aware of the damage that Mr. Putin cause I beat him in the 2020 presi- goal of arresting him. He was hauled He stole an election, helps skin. He never stopped issuing blus-
and his puppets in the region are in- dential election. He rigged the re- off the plane and thrown in jail after tering threats against Ukraine. “If
flicting on millions of people far be- sults, declared himself the winner, the plane landed. Last week two dis- Russia against Ukraine, they commit aggression against Be-
yond the battlefield. arrested thousands of opposition ac- tinguished journalists, Maryna Zolat- and is making common larus,” he said last month, “the an-
Chief among those puppets is tivists, and climbed into Mr. Putin’s ava and Valeryia Kastsiuhova, were swer will be the most severe.”
Alexander Lukashenko, the Belaru- pocket to secure his corrupt regime. convicted of charges that included cause with Iran and China. Mr. Lukashenko increasingly acts
sian dictator. U.S. State Depart- He is also imprisoning journalists inciting hatred and distributing ma- contrary to U.S. interests. The State
ment spokesman Ned Price recently who tell the truth about his regime. terials that endangered national se- Department described his recent
said Mr. Lukashenko has “essen- Among those now languishing in Be- curity. Ms. Zolatava was sentenced fighting to fulfill my only election visit to Tehran as “an extension of
tially ceded his sovereignty to the larus’s jails is Ales Bialiatski, the to 12 years in prison. Ms. Kastsi- promise—to bring democracy to Be- the deepening relationship between
Kremlin.” veteran dissident who was awarded uhova was sentenced to 10. larus. Meanwhile, the heroic Belaru- Iran and Russia.” The visit ended
I never planned to run against Mr. sian resistance hasn’t been blud- with Iranian President Ebrahim Raisi
Lukashenko in 2020. My husband, geoned into submission. openly boasting that his regime was
Siarhei Tsikhanouski, who ran a pop- Last month antiwar partisans dis- “ready to share our experiences” of
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ular opposition blog and YouTube gusted by Mr. Lukashenko’s support Western sanctions “with the friendly
Rupert Murdoch Robert Thomson channel, bravely put himself forward for Mr. Putin sent a pair of drones to Belarus in this regard.”
Executive Chairman, News Corp Chief Executive Officer, News Corp as a presidential candidate. Thou- drop bombs on Russian targets at We hope that Washington and its
Emma Tucker Almar Latour sands of his supporters used to the Machulishchy airfield outside allies will continue to apply as much
Editor in Chief Chief Executive Officer and Publisher
chant his anti-Lukashenko slogan Minsk. They succeeded in severely pressure as possible on Mr. Lukash-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: “Stop the cockroach!” He was ar- damaging a $330 million Beriev A-50 enko’s vile regime. We need his role
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; rested two days after his announce- spy plane used for target-spotting in in Mr. Putin’s war to end and for
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
ment and prevented from registering Ukraine. Russian troops to leave Belarus for
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, with the election commission. For With heroes like these, Belarus good. We need the gulags to empty
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
some reason, the commission ac- continues to fight for liberation. and the people of Belarus to be able
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; cepted my name instead. Perhaps That is why I am visiting the U.S., to decide without fear of retribution
Emma Moody, Standards; Shazna Nessa, Visuals; Mr. Lukashenko didn’t believe he whose support for democracy and how they want to be governed. The
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, could be beaten by a woman. sovereignty in Belarus has been in- choice is between democratically
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief Siarhei eventually was sentenced valuable. On Wednesday I will meet elected leaders and a Kremlin
Paul A. Gigot
Marketing Officer to 18 years in jail. I was sentenced in House Speaker Kevin McCarthy and stooge.
Editor of the Editorial Page absentia this month to 15 years in senior State Department officials.
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
prison for the usual made-up Next week I will testify before the Ms. Tsikhanouskaya was a candi-
New York, N.Y., 10036 charges: endangering national secu- Senate Foreign Relations Committee. date for president of Belarus in
Telephone 1-800-DOWJONES rity, inciting unrest and conspiring The world’s attention is fixed on the 2020.
WORLD NEWS
Israel Reverses Settlement Policy Uganda

Passes New
Parliament overturns reversing Israeli policy and re- center-left Labor party, and disengagement law comes dur- ishment of Palestinians “effec-
a 2005 law that
uprooted some Jewish
flecting the power of the set-
tler movement in Prime Minis-
ter Benjamin Netanyahu’s
opposed amending the disen-
gagement law. “On the way, we
abandon our own security.”
ing one of the deadliest peri-
ods in the occupied West Bank
and Israel for both Israelis and
tive, moral and accepted” on
his social-media accounts on
Sunday after a Palestinian
Antigay
enclaves in West Bank
government.
“We’re undoing this crime,”
Ms. Son Har-Melech said. “No
The amended law—which
doesn’t apply to Gaza—would
allow Israelis to enter parts of
Palestinians in years. Since
January, over 85 Palestin-
ians—both militants and civil-
shot and seriously wounded an
Israeli man driving through
the West Bank town of Hu-
Legislation
BY AARON BOXERMAN longer will we be so-called oc- the northern West Bank that ians—and 15 Israelis—all civil- wara. He called for “reprisal BY NICHOLAS BARIYO
AND DOV LIEBER cupiers in our land.” were declared off-limits during ians except for one police operations.”
Israeli lawmakers have long the disengagement, including officer—have been killed. Rabbi Ben-Shachar declined KAMPALA, Uganda—
BURQA, West Bank—When resisted settler demands to Homesh, where Jewish settlers Israeli civilians have stayed interview requests. Uganda’s Parliament passed
Limor Son Har-Melech was still amend the disengagement law, have long tried to re-establish out of Gaza since the disen- Last March, eight Homesh sweeping new antigay legisla-
a young mother grieving her which dismantled all Jewish a presence. It would also engagement, but some settlers yeshiva students were ar- tion that allows death sen-
husband’s death in a terrorist settlements in the Gaza Strip able new settlements in an have tried to revive the disman- rested for allegedly assaulting tences for HIV-positive people
attack, Israeli troops pulled her and four outposts in the West area that has been a hotbed of tled outposts in the West Bank. Israeli troops and Palestinians. who engage in repeated inter-
family out of her home as they Bank, including Homesh. There Palestinian militant activity. In Homesh, a handful of Israelis All were eventually released course with someone of the
demolished the Jewish settle- is international pressure, in- The changes to the law returned a few years later to without charges. same gender and life impris-
ment of Homesh, part of the cluding from the U.S., to stop aren’t yet in force. Israel’s establish an illegal yeshiva, or Monday’s reversal doesn’t onment for same-sex relations.
country’s disengagement more settlements from becoming army, which rules the terri- religious school. It continues to immediately legalize Homesh, The bill, which now goes to
than 15 years ago from the more entrenched on occupied tory, will need to issue orders operate on the hilltop in defi- but paves the way for it to be President Yoweri Museveni for
Gaza Strip and parts of the territory that many Palestin- to incorporate the amend- ance of Israeli law, with Israeli legalized if the government so his signature, also calls for
northern West Bank. ians see as their future state. ments into the occupied terri- soldiers keeping watch. chooses. Yuli Edelstein, a law- prison terms of up to 20 years
Late on Monday night, Ms. “We’re continuing to slide tory’s system of military rule. Human-rights groups say maker who sponsored the bill, for anyone identifying as gay,
Son Har-Melech, now a far- down a path where we are The State Department said students of the yeshiva are re- said he hoped the government lesbian, transgender or nonbi-
right Israeli lawmaker, voted mixed up in territory not un- on Tuesday that the Biden ad- sponsible for violence against would build new settlements nary, and criminalizes actions
with a majority in parliament der our sovereignty, ruling ministration was “extremely local Palestinians. in the northern West Bank. such as touching another per-
to overturn parts of a 2005 over others who are neither troubled” by the changes to The rabbi of the yeshiva in “This bill will fix an injus- son “with the intention of
law that made Jewish settle- Jewish nor citizens,” said disengagement law. Homesh, Menachem Ben- tice that was done here 17½ committing the act of homo-
ments in those areas illegal, Merav Michaeli, who leads the The decision to repeal the Shachar, called collective pun- years ago,” he said. sexuality.”
Mr. Museveni has signaled
he will sign the bill, that would
Brazil Aims to Take Guns Amid Buying Surge

make Uganda one of the coun-
tries with the strictest antigay
legislation in Africa. Homosexu-
ality is illegal in more than half
BY LUCIANA MAGALHAES signed with gun compartments. of the continent’s 54 states.
AND SAMANTHA PEARSON Men’s bags had gun pockets. An earlier, 2014 antigay law
But in 2003, the year that prompted several of Uganda’s
SÃO PAULO—Since taking of- Mr. da Silva, a union activist- Western donors, including the
fice three months ago, Brazil’s turned-politician, took office U.S., to freeze aid payments,
leftist president, Luiz Inácio as president for the first time, before it was struck down by
Lula da Silva, has reversed Brazil passed some of the the country’s top court. Uganda
.
looser gun laws introduced by world’s most far-reaching poli- gets about $2 billion in annual
his conservative predecessor, cies controlling gun owner- foreign aid to support health
ly
Jair Bolsonaro, suspending new ship. His government said it services, the reconstruction of
firearm registrations and reduc- was a necessary response to conflict-hit areas and refugees
ing the number of guns a per- surging crime rates. from neighboring countries.
TUANE FERNANDES FOR THE WALL STREET JOURNAL
son can own to three from six.

Now comes the hard part:
getting people to give up their
weapons.
on In a 2005 referendum, 64%
of Brazilians said they didn’t
agree with a ban on firearm
sales in the country. But the
Ugandan law now allows
the death penalty for capital
offenses including murder or
robbery, but the country hasn’t
Of the some three million restrictions imposed in 2003 executed anyone since 2005.
us ,
guns now registered by Brazil- remained in place until the “We want to shape the fu-
l
ians for civilian use, 1.6 million Workers’ Party lost the presi- ture of our children by protect-
e
al a
were bought during Mr. Bolson- dency in 2016. ing them from homosexuality,”
aro’s four-year stint in office Michel Temer, Mr. Bolson- Mutasingwa Kagyenyi, a parlia-
until 2022, according to esti- aro’s predecessor, eased some mentarian for Mr. Museveni’s
ci on
mates based on army and po- restrictions on owning and National Resistance Movement
lice data by the Igarapé Insti- carrying guns. But it was un- who co-wrote the bill with op-
tute, a Brazilian think tank. The der Mr. Bolsonaro, a former position lawmakers, told a
increase occurred in a country Lizandra Pascoal at a gun club. Brazilians, she says, have a right to defend themselves with guns. army captain, that gun owner- packed chamber Tuesday.
that has historically imposed ship surged. Existing, colonial-era law in
er s
strict firearms controls. pass a presidential decree loosening weapons restrictions 2022 under Mr. Bolsonaro’s Brazil’s to and fro on gun Uganda criminalizes homosex-
Mr. da Silva’s Workers’ forcing owners to sell firearms to bring what he called “U.S.- government. Gun enthusiasts control in recent decades has uality, but no one has been
m er
Party is back in power, but to the state that exceed the style gun legislation” to Brazil. said that buttressed their ar- turned the country into a type convicted for consensual same-
many of Brazil’s gun owners new three-per-person rule, or At a newly opened shooting gument that arming law-abid- of laboratory experiment on sex relations since the country
say they don’t want to give up face arrest, Brazil’s justice gallery in São Paulo, Lizandra ing citizens deters criminals. firearms legislation, said Fab- gained independence from Brit-
their firearms despite the minister, Flávio Dino, told The Pascoal swept back her long Antigun campaigners point ricio Rebelo, a legal expert and ain in 1962. Still, many mem-
clampdown. Wall Street Journal. hair after firing her Stribog out that murders were already head of the Center for Re- bers of Uganda’s LGBTQ com-
m rp
“It’s time to put down your “Any gun that is not de- semiautomatic 9mm handgun. in decline in 2018 before Mr. search on Law and Public Se- munity live in secrecy because
weapons, weapons that should clared will be considered an il- Like many gun owners here, Bolsonaro took office, attribut- curity. But the existence of of stigma and antigay violence.
never have been wielded,” Mr. legal weapon.…They’ll be com- she says civilians deserve the ing the reduction partly to a multiple official databases for Human Rights Watch
da Silva said after winning the mitting a crime,” Mr. Dino right to defend themselves truce in a bloody turf war be- crimes and gun ownership warned last week that after
October presidential election. said. According to the disar- with firearms. tween rival gangs, rather than makes it difficult to draw con- the 2014 law was passed,
co Fo
“Guns kill and we choose life.” mament law, having illegal “They can in the U.S., so to looser gun laws. clusions, he said. members of Uganda’s LGBTQ
To determine just how guns can lead to two to four why can’t we?” she said. For many younger Brazil- During Mr. Bolsonaro’s ad- faced reduced access to health
many guns came into circula- years in prison plus a fine. The Workers’ Party pub- ians, Mr. Bolsonaro’s adminis- ministration, a new shooting services, including HIV pre-
tion under his predecessor, Only 60% of gun owners lished a campaign video last tration marked the first time club opened every day on av- vention. Many were evicted by
Mr. da Silva has given owners have complied with register- May on U.S. school shootings. that guns had been readily erage, according to official fig- landlords or fired from jobs on
until March 31 to take any ing, according to government “This is the result of looser gun available in their lifetime. ures, with an increasing num- the basis of their perceived
guns they bought under looser figures. laws,” reads the text overlay. “Is Gun laws were relatively lax ber of women among their sexual orientation.
rules since May 2019 to the Several politicians and citi- this what you want for Brazil?” in the 1980s as the country’s numbers. Many began to oper- Uganda has one of the larg-
nearest police station for in- zens have referenced U.S. gun After Brazil registered more military dictatorship came to ate 24 hours a day. Under est HIV/Aids epidemics in Af-
spection and registration in a policy amid the debate. Mr. homicides than anywhere in an end: Anyone over the age of April’s decree, Mr. da Silva rica, with at least 1.4 million
government database. Bolsonaro, as president, the world in 2017, homicides 21 could buy a firearm in a will ban shooting clubs from people living with HIV.
In April, Mr. da Silva will passed more than 40 decrees dropped to a 15-year low in shopping mall. Cars were de- operating around the clock.
n-
WORLD WATCH
no
UNITED KINGDOM SOUTH KOREA

London Police Accused Seoul Will Restore
Of Racism, Misogyny Japan’s Trade Status
An independent report con- South Korean President Yoon
cluded that London’s Metropoli- Suk Yeol said Tuesday his gov-
tan Police force—Britain’s larg- ernment would move to restore
est—is institutionally racist, Japan’s preferential trade status
antigay and sexist, and should as he pushes to resolve history
be broken up if it can’t change. and trade disputes with Japan
The review into the Met’s cul- despite domestic opposition.
tures and standards, which was Mr. Yoon defended his moves,
released Tuesday, was written by saying that leaving ties with Japan
Baroness Louise Casey, who has as fraught as they are would be
held a number of top government neglecting his duty because
posts working in social welfare, af- greater bilateral cooperation is vital
ter the rape and murder of Sarah to resolve diverse challenges fac-
Everard by a serving Met police ing Seoul. He said the need to
officer in 2021. It details failings boost ties with Japan has grown
about which it says the force has because of North Korea’s advanc-
been in denial for years. A previ- ing nuclear program, the intensify-
ous independent report in 1999 ing U.S.-China strategic rivalry and
called the Met institutionally racist. global supply-chain challenges.
“We have found widespread —Associated Press
SEDAT SUNA/EPA/SHUTTERSTOCK
bullying, discrimination, institu-

tional homophobia, misogyny PAKISTAN-AFGHANISTAN
and racism, and other unaccept-
able behaviors which are a far Quake Rattles
cry from the high ethical stan- Region; Two Killed
dards the public rightly expects
of its police officers,” the report A magnitude 6.5 earthquake
said. The report concluded that rattled much of Pakistan and Af-
independent progress reviews HOLIDAY FLIGHT: A supporter of the pro-Kurdish People’s Democratic Party is thrown in the air by friends during a New Year ghanistan on Tuesday, sending
should be conducted in two celebration in Diyarbakir, Turkey, on Tuesday. The Newroz or Nowruz holiday originating in Persia marks the arrival of spring. panicked residents fleeing from
years and if matters aren’t being homes and offices and frighten-
resolved the force should be bro- SAUDI ARABIA Saad Ibrahim Almadi, 72 years comment on Mr. Almadi’s release. citizen to be detained in Saudi ing people even in remote vil-
ken up into smaller entities. old, was arrested in 2021 after President Biden placed hu- Arabia during the Biden adminis- lages. At least two people died.
Mark Rowley, the recently ap- U.S. Dual National traveling to the kingdom to visit man rights at the center of his tration and the first to be re- More than 100 people were
pointed Met commissioner, said Is Released From Jail family and convicted on charges policy toward Saudi Arabia when leased from prison there since brought to hospitals in the Swat
he would take immediate action that included trying to destabilize he entered office, even as his February 2021, when two other valley region of Pakistan’s Khyber
to fix the issues it raised. “We’ve Saudi Arabia released a U.S. the kingdom and supporting ter- administration sought to main- dual nationals were released in an Pakhtunkhwa province in a state
got hundreds of toxic individuals citizen who had been sentenced rorism. The charges have been tain key strategic ties with the apparent gesture to the new of shock, Bilal Faizi, a spokesman
that need sorting out,” he said. to 19 years in prison over dropped but Mr. Almadi—who kingdom. Saudi Arabia is the president. In the past two years, for Pakistan’s emergency services
“We’re removing officers at a tweets criticizing the kingdom’s also holds Saudi citizenship—still world’s top oil exporter, hosts the kingdom’s courts have handed said. He said two people died, in-
faster rate than ever before.” He policies that he posted while liv- can’t leave the country, according thousands of American troops, out some of their lengthiest cluding a girl who was killed in a
cautioned that change wouldn’t ing in Florida, his son said Tues- to his son Ibrahim, who spoke and supports U.S. efforts to prison sentences ever to Saudi stampede of fleeing people, and a
come overnight. day, following pressure from the with his father by phone. counter Iran in the region. nationals, according to activists. man whose roof collapsed on him.
—Max Colchester Biden administration. Saudi and U.S. officials didn’t Mr. Almadi was the first U.S. —Stephen Kalin —Associated Press
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Google Launches ChatGPT Rival Crisis Stirs

Jitters Over
Alphabet unit stops into its flagship search engine. would offer at a dedicated site, ing basis, without providing a introduced a new version of
short of integrating
new computer tool
After years of development,
Google on Tuesday said it
would expand access to Bard
bard.google.com, instead of
within its current products.
Bard is designed to respond
specific timeline. Google said it
plans to expand Bard’s avail-
ability to additional countries
its AI technology last week.
Microsoft said it was using the
system, GPT-4, to power a new
Billions in
into its search function
to more users in the U.S. and
U.K. The move intensifies the
battle between Google and Mi-
to written prompts using infor-
mation sourced from websites
such as Wikipedia and can han-
and non-English languages.
A pioneer of the artificial-
intelligence technology behind
chatbot embedded in its
search engine Bing.
China’s search giant Baidu
Safe U.S.
BY MILES KRUPPA
Google is opening public ac-

crosoft Corp. to dominate the
release of advanced artificial-
intelligence tools that can be
dle follow-up questions in a
conversational manner, accord-
ing to a demonstration shown
ChatGPT, Google has been
slower than its rivals to re-
lease competing products,
Inc. this month introduced a
new chatbot named Ernie.
Several smaller rivals, includ-
Securities
cess to the conversational used to generate humanlike to The Wall Street Journal. partly out of caution for how ing DuckDuckGo Inc. and Ne- BY MATT WIRZ
computer program Bard, its text responses. Sissie Hsiao, a vice president they could affect its dominant Please turn to page B4
answer to the viral chatbot The Alphabet Inc.-owned in charge of Google Assistant, search-advertising business. Strains in the banking sector
ChatGPT, while stopping short search giant said Bard is an said the company would enroll OpenAI, the company that re-  Google blocks China’s are roiling a roughly $8 trillion
of integrating the new tool “early experiment” that it users from a wait list on a roll- leased ChatGPT in November, Pinduoduo app.......................... B4 bond market considered almost
.
as safe as U.S. government
bonds.
ly
Netflix Aims to Create Next Big Franchise
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on Most popular English language films based on hours viewed
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ply to the weakened market and
m rp
‘Stranger Things’ star Millie Bobby Brown on the set of ‘The Electric State’ in October. *As of March 12 Source: the company pushing prices lower.
Last week, the risk premium
BY SARAH KROUSE The price tag for the “The original-film projects ever, puted the budget number broad releases in theaters, it on a widely followed Bloomberg
AND ROBBIE WHELAN Electric State”—featuring A-list people familiar with its spend- while declining to say what also is common for streaming index of agency MBS hit its
talent including Chris Pratt of ing said. the streamer plans to spend. companies such as Netflix to highest level since October,
co Fo
Netflix Inc. is spending big the “Guardians of the Galaxy” Netflix hopes the new film There are several ways to ac- pay actors and filmmakers when climbing interest rates
on a science-fiction movie franchise and “Stranger will be enough of a hit with count for the budget of a more upfront to compensate for turned global markets topsy-
from the filmmaking team be- Things” star Millie Bobby viewers to warrant franchise movie, which can include the the lack of revenue in the form turvy. The move reflected fears
hind “Avengers: Endgame,” un- Brown—is likely to be in the opportunities such as a TV costs of acquiring intellectual of box-office receipts and other that other regional banks might
derscoring the company’s will- high $200 million range, people show spinoff, merchandise or property, production and writ- payments, including licensing Please turn to page B15
ingness to invest heavily in familiar with the matter said. videogames, the people famil- ers fees, as well as actor and fees, that are referred in Holly-
projects it thinks can be That would make it one of iar with the matter said. director compensation. wood as the “back end.” Netflix  Heard on the Street: Banks
turned into major franchises. the company’s most expensive A Netflix spokeswoman dis- For movies that don’t get Please turn to page B2 need update on rate risk.... B16
INSIDE Property Debt Adds to Lender Worries

n-
BY KONRAD PUTZIER lysts are growing increasingly higher rates when they have to will have a hard time paying
AND PETER GRANT concerned about commercial- refinance. off their loans, said Tomasz
real-estate debt, particularly This year will be critical be- Piskorski, the Edward S. Gor-
no
A record amount of com- loans backed by office build- cause about $270 billion in don professor of real estate at
mercial mortgages expiring in ings, according to industry commercial mortgages held by Columbia Business School.
2023 is set to test the finan- participants. Many skyscrap- banks are set to expire, ac- “The destruction of value is
cial health of small and re- ers, business parks and other cording to Trepp—the highest quite big,” he said.
gional banks already under office properties have lost figure on record. Most of While a number of banks
pressure following the recent value during the pandemic era these loans are held by banks have seen drops in the value
failures of Silicon Valley Bank as their business tenants have with less than $250 billion in of their bondholdings—a key
and Signature Bank. adopted new remote and hy- assets. factor in Silicon Valley Bank’s
Smaller banks hold around brid workplace strategies. If those loans pay off, collapse—figuring out by how
$2.3 trillion in commercial- High interest rates also it would reassure markets. But much the value of their mort-
real-estate debt, including have wreaked havoc on com- a large number of defaults gages has dropped is trickier
rental-apartment mortgages, mercial-property valuations. could force banks to mark because they aren’t publicly
according to an analysis from Many owners with floating- down the value of these and traded and every building is
ART MARKET data firm Trepp Inc. That is al- rate mortgages have to pay other loans, analysts say, rein- different.
A record $2.8 million is paid for a Hokusai most 80% of commercial mort- much more in monthly debt forcing fears over the financial In a recent paper, a group
gages held by all banks. service, cutting into their cash health of the U.S. banking of economists including Mr.
‘Great Wave’ print at a Christie’s auction. B14 With the banking industry flows. Owners with fixed-rate system. Piskorski estimated that the
in turmoil, regulators and ana- mortgages will feel the pain of Many of these borrowers Please turn to page B8
Bitcoin Receives a Boost From the Turbulence in Banking

BY VICKY GE HUANG week, investors added a record Number of bitcoin quotes where bid and ask prices are within 2% of bitcoin’s mid-price whims of central banks,” said
AND CAITLIN OSTROFF $35 million into exchange- Michael Safai, managing part-
traded products that bet 14,000 ner at crypto high-frequency
Bitcoin was all but left for against bitcoin, according to trading firm Dexterity Capital.
dead after the implosion of data compiled by crypto asset 12,000 Bitcoin’s rally has been
crypto exchange FTX, but its manager CoinShares. driven by a small number of
recent rally is proving naysay- Still, the banking turmoil rat- wealthy crypto investors. On
ers wrong. tling global financial markets 10,000 Monday, the number of bitcoin
The world’s largest crypto- has boosted the confidence of buyers and sellers was near its
currency has risen 21% so far investors who view the digital 8,000 lowest point since summer
this month on the back of the currency as an alternative to 2022, according to Kaiko.
banking crisis, bringing bit- the traditional banking system. When markets have fewer
coin’s rally to almost 70% so “Narratives are more pow- 6,000 traders, it can lead to outsize
far this year. Bitcoin traded erful in crypto in generating moves—higher and lower.
above $28,000 on Sunday for real price movements than any 4,000 These investors bought bit-
the first time since June. other asset class,” Clara Med- coin on hopes that the Fed
June 2022 July Aug. Sept. Oct. Nov. Dec. Jan. ’23 Feb. March
Bitcoin has surged in the alie, director of research at may slow its pace of interest-
face of a federal regulatory Kaiko, said. “No matter what Note: As of noon UTC Monday Source: Kaiko rate increases and benefit bit-
crackdown on crypto companies your thoughts on how power- coin, said Ms. Medalie.
and an increasingly risk-averse ful that narrative is, people ac- cial crisis. The cryptocurrency among speculative investors in government bonds. “A lot of people in crypto
market environment. Many in- tually believe this.” initially attracted interest the roughly decade and a half “When you see the banking think that interest rates are
vestors think the rally won’t An internet user using the from a niche group of inves- since, it has retained a status system in peril, you realize that turning around and that’s go-
last—and have placed bets name Satoshi Nakamoto tors following bank failures among some as being an asset bitcoin was really invented to ing to be great and spark a
against the token’s price. launched bitcoin in 2009 on and government rescues. more removed from the bank- create independence from those new bull run,” Dexterity Capi-
Amid bank turbulence last the heels of the global finan- While its popularity has grown ing system than stocks and risks and to get away from the Please turn to page B15
B2 | Wednesday, March 22, 2023 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
Netflix
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
tor Nancy Meyers after a dis- Monthly subscriber platforms. After back-to-back
agreement between Netflix churn rate* quarters of subscriber losses
A Good Meat .................. B4 O and the filmmaker over its Average of 10 last year, the company moved
7%
Aims for
Abbott Laboratories...A7 Great Wall Motor.....B16 OpenAI ........................ B1 swiftly to cut costs and told
cost, people familiar with that streaming services
Alphabet...........A6,B1,B4 H P film said. shareholders last year that it
B Hilton Worldwide ....... B8 PacWest Bancorp ....... A4 6
Netflix film chairman Scott plans to keep its content budget
Franchises
Baidu ........................... B1 Hospitality Ventures PDD..............................B4
Management.............B8 Stuber is trying to balance steady in the next few years.
BYD............................B16 Pernod Ricard..............B3
Hyundai Motor............B6 higher-budget blockbusters 5 While Netflix has had suc-
ByteDance ............. A6,B4 R
C J that have a chance of fran- cess with some franchises such
Renault........................B6
JPMorgan Chase.........A4 chise opportunities, with a 4 as “Stranger Things”—turning
Coinbase Global........B15 S
CoinShares..................B1 K Continued from page B1 steady diet of less-pricey mov- Netflix the show into a five-season se-
Stellantis...................B16
Credit SuisseA4,B15,B16 Knight-Swift has resisted putting its movies ies that a sizable portion of ries, videogames and a coming
Transportation..........B6 Suzuki Motor..............B6 3
D T in theaters on a large scale. subscribers watch, people fa- stage play—executives have
Diageo ......................... B3 L
Tata Motors................B6 Discrepancies in calculating miliar with the strategy said. said getting better at building
Dominion Voting Lazard..........................A4 2
Tencent........................B4 movie budgets can stem from “The Electric State,” based franchises and worlds is part of
Systems....................B2 M-N Tesla..........................B16
Dongfeng Motor ....... B16 what expenses are included in on a 2018 graphic novel by the its content strategy.
Mahindra & Mahindra B6 U 1
DuckDuckGo................B1 Mark Anthony.............B3 the tally—for example, Swedish author Simon Stålen- Franchise building can take
E McDonald's..................B8 UBS ......... A4,B4,B15,B16 whether the figure is gross or hag, describes a cross-country time. Netflix announced plans
McNeill Investment....B8 Upside Foods...............B4
Eat Just.......................B4
U.S. Xpress Enterprises
net after factoring things such journey taken by a teenage girl 0 to make its first original film
Meta Platforms..........A6
F-G Microsoft.....................B1 .....................................B6 as tax credits for filming in a and a robot. It is directed by Feb. 2022 ’23 in 2014 and has grown its li-
First Republic Bank MicroStrategy...........B15 V certain jurisdiction. Joe and Anthony Russo, who brary of those films since.
*Excludes involuntary churn, such as when a
........................A1,A4,B15 Mitsubishi Motors......B6 The investment in “The directed “Avengers: Endgame,” Netflix bought the right to
Volkswagen..........B6,B16 credit card is declined.
Ford Motor...........B6,B16 Netflix.........................B1
Fox...............................B2 W Electric State” comes as Net- the second-highest grossing Source: Antenna make two sequels to Rian John-
News Corp.............A4,B2
GameStop....................B3 Nike.............................B3 Western Alliance flix tries to maximize the $17 movie of all time behind son’s movie “Knives Out” for
General Motors...........B6 Nissan Motor..............B6 Bancorp.....................A4 billion content budget that it 2009’s “Avatar.” quel due this June. nearly $450 million in 2021,
spends each year in an ultra- Other bets Netflix is placing Netflix, with 231 million sub- The Wall Street Journal re-
competitive streaming market on new franchises include scribers, has spent heavily on ported at the time. “Glass On-
INDEX TO PEOPLE in which investors give prior-
ity to profitability.
Zach Snyder’s space fantasy
“Rebel Moon,” due this year,
producing original content as it
tried to depend less on movies
ion: A Knives Out Mystery”
nabbed an Oscar nomination
The company recently action film “The Old Guard,” and shows from entertainment for best adapted screenplay and
A H Patel, Bhavik...............B8 pulled the plug on a more than which has a sequel under way, rivals, which in recent years was among the most-watched
Ablin, Jack .................. A4 Halligan, Patrick.......B14 Portillo, Matthew.......B8 $100 million romantic comedy and “Extraction,” another moved to keep their best con- English-language movies on
Harrington, Tim..........B6 Prasad, Akshay...........B6
B written and directed by direc- Russo Brothers film with a se- tent for their own streaming Netflix after its release.
Hsiao, Sissie...............B1 Q
Bolton, Valerie............B8 Hwang, Bill................B14
Butterfill, James ...... B15 Quinlan, Tim...............A4
K S
C Kauffmann, Patrik....B15 Safai, Michael.............B1
Caloni, Artaud...........B15 L Schiraldi, Frank...........B8
Castro, Ramon de.....B15 Shah, Seema...............A4
Lawler, John................B6
Cohen, Ryan................B3 Stuber, Scott...............B2
Collins, Eli...................B4 M
Maginnis, Christine....B8 T
D
Mandl, Anthony von...B3 Tannenbaum, Carl.......A4
Dimon, Jamie..............A4 Medalie, Clara.............B1 Tetrick, Josh................B4
Divounguy, Orphe.......A4 Mehta, Ankur............B15 U-W
How much interest is

Dusaniwsky, Ihor......B15 Morakis, Todd ........... B15
Upadhyay, Sid.............B8
F-G Murdoch, Rupert.........B2
Warnock, Bob............B16
Furlong, Matt..............B3 O-P Wetherbee, Christian
Gwinn, Blake...............A4 O’Callaghan, Cathy ..... B6 .....................................B6
your broker paying you?
.
Fox, Dominion
ly
Spar Before Trial on
BY ERIN MULVANEY nal publisher Dow Jones & Co.,
us ,
AND ISABELLA SIMONETTI share common ownership.

l
Fox attorney Erin Murphy

e
al a
A Delaware judge on Tues- said Dominion can’t prove its

day voiced skepticism that Fox defamation case because a rea-
News and Fox Business on-air sonable viewer wouldn’t be-
ci on
hosts reported fairly and neu-

trally about unsupported alle-
gations that a voting-machine
lieve the hosts were making
statements of fact about a sto-
len election but rather inter-
IBKR pays up to USD 4.08%
company helped rig the 2020 viewing Trump associates
on instantly available cash in

presidential election. about their claims.
er s
Superior Court Judge Eric Judge Davis said some Fox

Davis made the comments as News and Fox Business hosts,
m er
he heard pretrial arguments in such as Jeanine Pirro, Lou

a defamation case that Domin- Dobbs and Maria Bartiromo,
your brokerage account

ion Voting Systems brought appeared to be making false
against Fox News. Each side is factual claims against Domin-
asking the judge to rule in its ion in segments where they in-
m rp
favor before the dispute goes in terviewed the pro-Trump

front of a jury next month. guests about the vote-rigging
The judge, addressing Fox allegations.
lawyers, questioned whether Dominion told Fox more
the network was entitled to than 3,600 times that the elec-
co Fo
free-speech protections if, as tion claims from Trump allies

Dominion alleges, it knowingly
broadcast false stolen-election
were false, and the network’s
own system to backstop and
Broker Interest Rate
claims to retain viewers who fact check—known as the brain
supported then-President Don- room—determined the allega-
4.08%
1
ald Trump.
“What would the Supreme
tions weren’t true ahead of
nearly all of the broadcasts in
Interactive Brokers
Court think if a publisher says, which the claims were aired,
‘I don’t care about who I am Dominion lawyers said in the
defaming because I have an hearing.
0.01%
economic interest to protect?’” Judge Davis raised that is-
Judge Davis asked. “Do you
think that’s the First Amend-
sue when questioning Fox.
“If I go to the brain room,
E-Trade
n-
ment?” and they say we fact-checked

The hearing came a day af- this and it’s not true and I go
ter the network was hit with on and report it, I can avail my-
2.32%
other lawsuits in which a Fox self of neutral reportage, even
Fidelity
no
News producer alleged Fox’s if it’s not true? How can that
lawyers coached her to give be neutral?” the judge asked.
false and misleading answers Ms. Murphy pushed back
during her deposition testi- and said the hosts didn’t make
mony in the Dominion suit to defamatory statements on air.
0.45%
protect male colleagues and ex- Dominion’s court papers
ecutives.
Dominion sued Fox News for
cited hundreds of pages of ma-
terial, including a deposition in
Schwab
defamation in 2021, seeking which Rupert Murdoch, the
$1.6 billion in damages on alle- chair of Fox News parent Fox
gations that the network en- Corp., said some Fox News and
dorsed false claims that the
voting-machine company
helped rig the presidential elec-
Fox Business commentators en-
dorsed the idea of a stolen
election to varying degrees. Mr.
TD Ameritrade 0.35%
tion against Mr. Trump. Fox Murdoch said Fox News itself
News says it was reporting on didn’t endorse that narrative
newsworthy allegations made but could have been stronger in
by the president’s supporters. denouncing it, according to the
The bar for proving defama- filing.
tion is high, and will require Other internal documents
Dominion to prove that Fox cited by Dominion indicated
News acted with actual malice, there was a deep fissure in the
by either knowingly publishing network between high-profile
a false statement or showing a prime-time opinion hosts and
reckless disregard for the truth. other personnel who were
Evidence presented so far by deeply skeptical of election-
Dominion in court documents fraud claims.
includes internal communica- Fox says Dominion cherry-
tions and interviews from Fox picked quotes from internal
executives and on-air hosts pri- network communications with-
vately expressing skepticism out context and that much of
about the allegations against the voting-technology com-
Dominion, even while Fox News
and Fox Business programs
pany’s alleged evidence isn’t
relevant to its defamation
ibkr.com/instant
broadcast appearances in claims. It also says Dominion
which Trump allies such as Sid- hasn’t suffered the kind of fi-
ney Powell and Rudy Giuliani nancial harm it claims.
made the allegations on air. In lawsuits filed Monday
Member NYSE, FINRA, SIPC. Supporting documentation for any claims and statistical information will be provided upon
“It’s not just that Sidney against Fox News and Fox Corp.
Powell wasn’t a reliable source, in New York and Delaware, request. Competitor rates and offers subject to change without notice. Services vary by firm. [1] Rate shown applies to IBKR
but that the reporting can’t be Abby Grossberg, a producer on Pro clients only. Long-settled cash balances held in the securities segment of accounts with NAV>100k earn the stated
characterized as neutral,” said shows for hosts including interest rate 3/2/2023 and those with NAV<100k earn a proportional rate. Cash held in the commodities segment of an
Dominion lawyer Rodney Tucker Carlson and Ms. Bar- account does not earn interest. For more information, see ibkr.com/interestpaid
Smolla. Defamation law, he tiromo, said she got the im-
said, is about “protecting the pression she should avoid Neither Nasdaq, Inc. nor its affiliates make any recommendation to buy or sell any security or any representation about any
integrity of our public dis- speaking negatively about Mr.
company’s financial condition. Investors should undertake their own due diligence before investing. © 2023. Nasdaq, Inc. All
course itself.” Carlson and other male co-
Fox Corp. and News Corp, workers during her deposition Rights Reserved. Nasdaq.com. 03-IB23-1606CH1607
the parent of Wall Street Jour- in the Dominion case.
THE WALL STREET JOURNAL. * * Wednesday, March 22, 2023 | B3
BUSINESS NEWS
GameStop Posts Surprise Profit White Claw

Brand
Videogame retailer close to two years under the the stock had fallen 25% over have been downloading games GameStop said that in addition
records first quarterly

net in two years,
leadership of a revamped exec-
utive team and board.
The Grapevine, Texas, com-
the previous 12 months.
During the holiday quarter,
GameStop said sales of collect-
on smartphones and tablets,
and publishers have been re-
leasing more free games that
to cutting costs such as by re-
ducing its head count, its lat-
est results reflect efforts to
Expands
fueled by holiday sales
pany on Tuesday recorded a
net profit of $48.2 million for
the three months ended in
ibles and game hardware in-
creased, while sales of its flag-
ship products—new and used
generate revenue from sales of
virtual goods.
The new leadership at
optimize inventory and en-
hance the customer experi-
ence. The company will con-
Into Vodka
BY SARAH E. NEEDLEMAN January, up from a loss of videogames—declined. GameStop, led by Chairman tinue to focus on profitability BY JENNIFER MALONEY
$147.5 million a year earlier. GameStop has been strug- Ryan Cohen, which took over going forward, including by
GameStop Corp. said cost Revenue fell about 1% to $2.23 gling to find a way to predict- in 2021 has tried to diversify continuing to reduce its foot- The billionaire who up-
cutting helped it record its billion. able profit for years as many by doing more online sales and print in Europe. ended the beer industry with
first quarterly profit after Analysts surveyed by Fact- console- and computer-game starting a market in nonfungi- “Although there is a lot of White Claw hard seltzer has
seven consecutive quarters of Set had projected it would an- players have moved to down- ble tokens. Over the past year, hard work and necessary exe- turned his sights on vodka.
losses, sparking a rally in the nounce a loss on revenue of loading games over the inter- it has pulled back on its e- cution in front of us, GameStop Anthony von Mandl has
company’s shares in after- $2.18 billion. net, instead of buying the hard commerce efforts and returned is a much healthier business launched a line of vodka sold
hours trading. GameStop shares rose about copies that the company spe- focus to getting its stores to be today than it was at the start under his popular brand.
GameStop has been working 45% in after-hours trading fol- cializes in selling. more efficient. of 2021,” said Chief Executive Straight and flavored versions
to turn around its business for lowing its results. Before that, Meanwhile, more people On a conference call, Matt Furlong on the call. of White Claw Premium Vodka
will be sold in bottles; vodka
and soda cocktails will be
Nike Inventory
available in 12-ounce cans.
The 73-year-old sole owner
of White Claw’s parent com-
pany, Mark Anthony Group,
Buildup Slows
said a change in U.S. regula-
tions opened the door for inno-
vation in the way vodka is
made. The Alcohol and Tobacco
As Sales Rise
Tax and Trade Bureau in 2020
changed a definition that had
previously required vodka to
be “without distinctive charac-
BY INTI PACHECO the quarter fell 11% to $1.24 ter, aroma, taste, or color.”
billion. The chief executive said his
Nike Inc. made progress Recent unrest in the bank- R&D team came up with a new
SCOTT OLSON/GETTY IMAGES
working through the inventory ing sector adds to the elevated filtration process that uses in-
glut that squeezed the sneaker inflation and rising interest tense pressure to create what
giant last year, reporting a 14% rates that have weighed on Mr. von Mandl described as a
jump in quarterly sales and U.S. consumer spending in re- smoother drink.
raising its revenue growth tar- cent months. Spending at re- White Claw Premium
get. tailers declined in February, Vodka is entering a U.S. mar-
The sportswear company according to the Commerce ket led by Tito’s Handmade
.
said its inventory increased Department, and consumer Nike had started discounting last summer but worked more aggressively in the fall quarter. Vodka, which is made by
16% in the quarter ended Feb. sentiment fell in March for the Texas-based Fifth Generation
ly
28 compared with the same first time in four months, ac- peak. Nike had started increas- term plans to focus on direct- Nike’s quarterly revenue Inc. Tito’s is a juggernaut that
period a year ago. Inventories cording to a University of ing discounting last summer to-consumer sales. $12.39B after its introduction in 1997
but worked more aggressively Wholesale revenue growth $14 billion grew to outsell Diageo PLC’s
had swelled by more than 40% Michigan survey. +14%*
in each of the prior two quar-
ters. The company ended Feb-
ruary with $8.9 billion of in-
ventories, down from $9.3
Mr. Friend said Nike was
monitoring the building pres-
sure on consumer confidence
but said demand remained
on to clear out items in the fall
quarter.
For the past two years, sup-
ply-chain snarls have pinched
will be moderate for the next
few quarters as the company
expects less product from its
suppliers, but executives said
12
10
Smirnoff vodka and become
the biggest spirits brand in
the U.S.
The largest global spirits
billion at the end of November. strong despite macroeconomic growth. The company initially gross margins would decline makers, Diageo and Pernod
us ,
“We are increasingly confi- uncertainty. had a lack of inventory be- in the next quarter. 8 Ricard SA, have so far failed
l
dent that we will exit the year Executives said full-price cause of Covid lockdowns and Executives said inflationary to unseat Tito’s in the U.S.
e
al a
with healthy inventories sales remained strong and the factory closures in Vietnam costs in logistics and increased 6 vodka market, as have upstart
across the marketplace,” Nike company had been able to in- and China. Then the company product input costs added craft brands.
finance chief Matthew Friend crease prices across its portfo- increased orders to meet con- pressure on profitability. “We 4 White Claw Premium
ci on
said Tuesday on a conference lio. The company is now fore- sumer demand and get ahead will continue to focus on man- Vodka is distilled in Illinois,
call with analysts. casting a revenue growth rate of transit constraints. aging those levers together in 2 bottled in Kentucky and
Higher markdowns once in the high mid-single digit To deal with excess inven- order to try to drive profitable priced comparably to Tito’s,
again hurt profit margins, percentage for the fiscal year tory, executives said in Decem- growth,” Mr. Friend said. 0 the company said. A 750 ml
though Nike’s quarterly earn- ending in May. ber they were cutting orders In China, Nike saw a re- FY2021 ’22 ’23 bottle of Tito’s costs about
er s
ings came in above Wall Nike executives said last from suppliers. The company bound in traffic at its stores in Note: Fiscal quarter ended Feb. 28
$20. A four-pack of White
Street’s expectations. The year they believed the com- also leaned on wholesale part- January and strong sales *Change from a year earlier Claw’s canned vodka and soda
m er
company said net income in pany was past its inventory ners, a reversal from its long- through February. Sources: S&P Capital IQ; the company will be sold for around $11.
Who’s Who of Distinguished Leaders: 2023 Honorees

m rp
Since 1898, Marquis Who’s Who has remained the

standard for reliable and comprehensive biographical
reference material. We are proud to highlight hand-selected
listees who have been recognized as Distinguished Leaders
co Fo
in their fields of endeavor.

Of 1.5 million listees, only a small percentage is recognized
www.marquiswhoswho.com
with the Distinguished Leaders honor. We laud these
individuals for their ambition, professional fortitude, industry
contributions, and career accomplishments.
n-
no
Sandra A. Chamberlain, MS David Debs Dixon, FAIA Robert Doyle, MA, DDS, MD
Senior Technical Assistant Stantec’s Urban Places Fellow Physician
Monroe Community College Stantec’s Urban Places Mass. General Hospital
Nancy Ehlen Dr. Richard G. Linowes Lewis David Lowenfels

MIS, CLHMS, IAHSP, Realtor President, Founding Professor Attorney, Author
Royal Shell Real Estate, Inc. Clarewood University Law Offices of Lewis D. Lowenfels
Paul H. Mitchell Julia Davis Rhodes, RN Nasir Shansab

Nike VP Special Projects (Ret.) Team Leader Neuro Surgery (Ret.) Owner, Manager
Nike, Inc Athens Regional Medical Center ACATCO, LLC
B4 | Wednesday, March 22, 2023 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Google Blocks China’s Pinduoduo FDA Says

Chicken
Alphabet unit says PDD’s Temu, which sells low-
versions of platform
for online shopping
price goods mostly made in
China, alongside TikTok and
video editing app CapCut —
From Lab
contain malware
both developed by ByteDance
Ltd.—and fashion marketplace
Shein have soared in the U.S.
Is Safe
BY CLARENCE LEONG TikTok has especially been BY KRISTINA PETERSON
AND NEWLEY PURNELL under the spotlight. The Biden AND JESSE NEWMAN
administration has pushed
Alphabet Inc.’s Google ByteDance’s founders to divest WASHINGTON—The U.S.
CHAN LONG HEI/BLOOMBERG NEWS

blocked downloads of e-com- their holdings in TikTok to ad- Food and Drug Administration
merce app Pinduoduo after dress concerns over its threats said it considered cultivated
versions of it not carried in its to American national security chicken made by Good Meat
app store were found to con- or face a ban. TikTok has said Inc. safe to eat, making it the
tain malware, adding to secu- it wouldn’t share data with second company in the growing
rity concerns about Chinese- Chinese authorities. Its chief industry to have cleared a key
developed apps. executive is slated to testify regulatory hurdle.
The Pinduoduo app, which before the U.S. House Energy Good Meat, based in
is owned by PDD Holdings and Commerce Committee on Alameda, Calif., is the culti-
Inc., has been suspended from Pinduoduo had around 750 million monthly active users during the first quarter of last year. Thursday. vated-meat arm of food-tech-
Google Play over security con- A feature of Google Play nology company Eat Just Inc. It
cerns while it conducts an in- apps from app stores operated PDD, hasn’t been affected and with Google for more informa- that monitors apps and de- is now the only company selling
vestigation, a Google spokes- by Chinese tech companies, is still available to download, tion,” he said. vices for harmful behavior has its chicken to consumers—but
person said Tuesday. such as Tencent Holdings Ltd. according to Google. As the popularity of Chi- been set to block attempts to that is just in Singapore, the
Google Play isn’t available and Baidu Inc. Pinduoduo had PDD was informed by nese-developed apps surges in install the malicious apps only country so far to permit
to users in China, which is the around 750 million monthly Google Play that Pinduoduo’s the U.S., concerns have grown linked to Pinduoduo, the the sale to consumers of meat
biggest market for Pinduoduo, active users during the first app has been temporarily sus- about their safety, including Google spokesperson said. Us- grown from cells, outside of an
a popular e-commerce plat- quarter of last year—the most pended because the current how their operators handle ers who have malicious ver- animal.
form best known for offering recent figure released by the version isn’t compliant with user data and whether such sions of the app downloaded “We have no questions at
deals for goods by banding company. Google policies, a Pinduoduo information could be handed will be warned and prompted this time regarding Good Meat’s
consumers together. Android Temu, a popular shopping spokesman said. over to the Chinese govern- to uninstall them, according to conclusion that foods com-
users in China can download app in the U.S., also run by “We are communicating ment. App store downloads of the spokesperson. prised of or containing cultured
chicken cell material…are as
safe as comparable foods pro-
ChatGPT claimer at the bottom of the

site that reads: “Bard may dis-
play inaccurate or offensive in-
“We see it as a complement
to search,” Ms. Hsiao said.
“That said, it is a box,” she
take over this past weekend,
Bard responded with a multi-
paragraph passage beginning,
for the ZZ plant when asked
for examples of easy indoor
plants. It said large AI models
duced by other methods,” the
FDA said in a letter to the com-
pany posted Tuesday.
Competitor formation that doesn’t repre-

sent Google’s views.”
Google recently accelerated
added, acknowledging that us-
ers might type similar
prompts into both products.
“Credit Suisse is a Swiss multi-
national investment bank and
financial services company
could sometimes replicate bi-
ases and stereotypes present
in the physical world.
The FDA issued its first “no
questions” letter to another
California-based company, Up-
Launched efforts to create products such Ms. Hsiao said Google headquartered in Zurich.” Bard is based on LaMDA, side Foods, indicating that it
.
as Bard and incorporate AI de- wouldn’t place ads in early ver- The response didn’t men- short for “language model for considered its chicken filet safe
velopments into products such sions of Bard and that tests tion the bank’s sale to UBS, or dialogue applications,” an AI to eat. Both Upside and Good
ly
as search, the Journal has re- with users, for now, are focused a run of customer outflows system Google engineers be- Meat will have to receive clear-
Continued from page B1 ported. Last week, the com- last week. At the bottom of its gan developing as far back as ance from the U.S. Agriculture
eva Inc., have incorporated AI pany said it would build AI answer, Bard cited a Wikipedia 2015. Google researchers said Department before selling their
tools that can summarize in-
formation from the internet.
The technology has dis-
played growing pains. Micro-
tools for generating text into
Gmail and other business soft-
ware products, ahead of a sim-
ilar Microsoft announcement.
on
Ms. Hsiao said
Google wouldn’t
link as its sole outside source.
Bard was built on Google’s
understanding of high-quality
information and might not al-
last year that LaMDA was
based on 1.56 trillion words
from public forums and other
websites. Two of the main re-
cultivated meat to consumers in
the U.S. If approved, Good Meat
plans to work with celebrity
chef and anti-hunger advocate
soft, soon after rolling out the For Google, the financial
place ads in early ways incorporate the most up- searchers in charge of LaMDA José Andrés to start serving its
us ,
new version of Bing, placed stakes are particularly high versions of Bard. to-date events in its responses, left the company in 2021 after cultivated chicken at one of his
l
limits on its chatbot last given its dominance of the said Eli Collins, a Google vice Google executives blocked restaurants in Washington, D.C.,
e
al a
month after users reported in- search-ad market. The com- president of research. The their attempts to release the the company said.
accurate answers and some- pany generated $162 billion in chatbot has the ability to an- chatbot to the public, the “Since Singapore approved
times odd responses when revenue last year from ads on improving the program. swer questions with “recent Journal reported. Good Meat for sale, we knew
ci on
pushing the app to its limits. placed next to search results Early tests show Bard performs information,” he said. this moment was next. I am so
“We want to be both bold in and other websites such as well on tasks such as summa- Google executives said Bard proud to bring this new way of
how we innovate with the tech- Gmail, the main source of rizing passages and drafting would sometimes produce in- Watch a Video making meat to my country and
nology but also responsible at sales for Alphabet. A virtual emails, Ms. Hsiao added. accurate or fabricated infor- Scan this code to do it with a hero of mine,
the same time,” said Google’s button at the bottom of Bard’s Asked on Monday, “What is mation, a problem common to to watch a Chef José Andrés,” Josh Tetrick,
er s
Ms. Hsiao. “Our gradual rollout responses redirects users to happening with Credit Suisse,” large AI models. As one exam- video on co-founder and chief executive
is really key to that.” find answers to the same topic the Swiss banking giant that ri- ple, Google said Bard provided Google’s rival to of Good Meat and Eat Just, said
m er
Bard comes with a dis- on Google search. val UBS Group AG agreed to the incorrect scientific name ChatGPT. in a news release.
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THE WALL STREET JOURNAL. Wednesday, March 22, 2023 | B5
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TECHNOLOGY WSJ.com/Tech
European Ports Brace for Cyber Rules

Law will impose tech- Campus Antwerp, which works neglected, said Rob Nijman,
on technology innovation with spokesman for FERM, a group
security standards maritime companies including that shares cybersecurity in-
on companies using ports and shipowners. telligence from government
A prior version of the com- bodies among around 50 mem-
shipping centers ing EU cyber law mandated ber companies at the Port of
fewer safeguards than does Rotterdam. “There’s of course
BY CATHERINE STUPP the finalized one and applied opportunities for companies to
only to large companies in a get their stuff in order be-
European ports are prepar- handful of critical sectors. cause they have to,” he said.
WILLIAM LOUNSBURY FOR THE WALL STREET JOURNAL

ing for a major regulatory Starting next year, the ex- The port of Rotterdam is
change next year in how the panded cyber rules will apply assessing whether it could set
hundreds of companies in their to a larger pool of companies, up a security operations cen-
global supply chains address including many medium-size ter modeled on a similar ini-
cybersecurity as ports have be- firms, and to sectors including tiative at the port of Los An-
come a target for hacker groups waste management, space and geles, Mr. van Schoote said.
and state-sponsored attacks. technology providers that pre- His office will decide before
Cybersecurity rules ap- viously didn’t fall under the the summer whether to go
proved by the European Union 2018 law. EU countries have ahead.
for pharmaceuticals, transpor- until October 2024 to start im- The Los Angeles port
tation, en- plementing the requirements shares information about
CYBERSECURITY ergy and and ensuring national regula- threats through a cyber de-
other critical tors enforce the rules. fense center with around 20
infrastructure companies are Around five companies in members including companies
set to take effect in 2024 and Cyberattacks disrupted companies at Dutch ports in early 2022. The Port of Rotterdam, Netherlands. the port of Rotterdam fall un- and groups such as the port’s
will require hundreds of firms der the jurisdiction of the ear- dockworkers. A separate secu-
that operate out of Europe’s two largest ports by cargo vol- Drougkas, a security expert at hit with ransomware in Febru- lier law, said Marijn van rity operations center at the
big ports to use basic security ume, are hubs for energy in- Enisa, the European cyberse- ary 2022 at the same time Schoote, head of cybersecurity port runs around the clock and
measures and report hacks to frastructure and other critical curity agency. “It will make that cyberattacks disrupted at the Port of Rotterdam. That stops about 40 million at-
cybersecurity authorities. The sectors. A cyberattack three their lives easier,” he said. German energy-storage com- number will jump to around tempted cyberattacks a month,
regulation will be the first such weeks before Russia invaded The rules will apply to criti- panies and firms at Dutch 200 when the updated version said Gene Seroka, the port’s
cybersecurity requirements for Ukraine in February 2022 dis- cal infrastructure operators and ports. The victims suspended is in effect, he said. executive director.
many companies that provide rupted operations at energy companies in their supply some operations and tankers The new law requires criti- More than 200,000 compa-
services to critical sectors. Vio- storage and distribution com- chains, including technology crowded outside the port of cal-infrastructure companies to nies use the Port of Los Ange-
lators face fines of up to 10 panies and a large terminal service providers. A growing Antwerp-Bruges waiting to un- make sure they carry out cyber- les every year, with shipping
million euros, equivalent to operator in Antwerp and other number of cyber threats have load. “It’s getting more and risk assessments, use technical lines, trucks and railways
roughly $10.7 million, or up to Belgian and Dutch ports. targeted critical-infrastruc- more important that you need protections such as encryption transporting cargo there. “It’s
2% of global revenue, which- For port authorities that ture companies during the war to have control over this sup- and measures to prevent and a really complex set of partici-
ever is higher. ensure cargo moves safely in Ukraine, highlighting the vul- ply chain,” he said. respond to cyberattacks, and pants,” he said.
The war in Ukraine, rising through harbors, the coming nerability of supply chains. “We Over time, the coming Euro- due diligence for the cybersecu-
WSJ PRO
energy prices and supply- rules could simplify their jobs felt that there was a bull’s-eye pean cybersecurity law for crit- rity protections that service
chain disruptions during the because it can be difficult to on the company,” said Yannick ical infrastructure will likely providers have in place.
.
pandemic have put port au- nudge port-based companies, Herrebaut, chief information have a similar effect as the Eu- “A lot of work has to be
thorities on high alert for a such as storage providers for security officer at Belgium’s ropean Union’s broad privacy done in the upcoming years,”
ly
rising number of cyberattacks.
Ports in cities such Rotterdam
oil and goods, terminal opera-
tors or logistics firms, to vol-
Port of Antwerp-Bruges NV, re-
ferring to the port authority.
rules known as the General
Data Protection Regulation,
Mr. van Schoote said.
The expansion will push
CYBERSECURITY
in the Netherlands and An- untarily adopt cybersecurity Companies based at the said Deepak Mehta, an ecosys- companies to improve cyber- wsj.com/pro/cybersecurity
twerp in Belgium, Europe’s protections, said Athanasios on
Port of Antwerp-Bruges were
BUSINESS NEWS
tem developer at the Maritime security measures they have
us ,
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Car Makers Look to India as China Cools Ford EV

e
al a
Unit Starts
ci on
BY RIVER DAVIS
Global auto makers facing

stalling sales in China and
elsewhere are fixing their
Separate
er s
sights on India, a market that

executives say has become too Reporting
m er
big to neglect despite histori-

cal challenges. BY JENNIFER WILLIAMS-ALVAREZ
Over the past year, Nissan
Motor Co., Renault SA, Hyun- With Ford Motor Co. split-
dai Motor Co. and Volks- ting its electric-vehicle busi-
m rp
wagen AG have announced ness out as a separate divi-

new plans for India. sion, it becomes the first of
For years, Nissan “kept In- the Big Three auto makers in
dia on the backstage ready for the U.S. to change how it re-
growth,” Nissan Chief Operat- ports its financial results to
co Fo
ing Officer Ashwani Gupta said acknowledge the fast-growing

PRADEEP GAUR/SOPA IMAGES/ZUMA PRESS
in an interview. “Now the mar- EV future alongside the legacy

ket is growing.” business of making gasoline-
After passenger-vehicle powered vehicles.
sales increased by 24% last Ford has already been sell-
year, India is on a par with ing electric vehicles, including
Japan as the No. 3 country in its Mustang Mach-E sport-util-
terms of vehicle sales after ity vehicle and the F-150
China and the U.S. By 2030, Lightning, and it has said it
management-consulting firm would spend more than $50
Arthur D. Little expects annual billion on EVs through 2026.
passenger-vehicle sales in In- The auto maker also expects
dia to top 7.5 million, roughly A Hyundai EV at a January auto show in India. Hyundai in 2021 said it would spend over $500 million launching EVs in India by 2028. electric vehicles to account for
n-
doubling from last year’s 3.8 one-third of global sales by

million. that it had accumulated bil- threefold last year over the planned to spend more than Passenger-vehicle sales 2026, or about two million
Until recently, India’s pas- lions of dollars in losses in the previous year to top 41,000, $500 million introducing six in India EVs total, and half of its global
senger-vehicle market has market and was seeing lower- according to government EVs in India by 2028. On sales by 2030, compared with
4 million vehicles
no
been dominated by small, bud- than-expected demand for its data. March 13, the South Korean 3.79M a previous target of 40%.
get-friendly cars produced by new models. In these segments, “non- auto maker said it planned to With the split, the car
Maruti Suzuki. The India unit That perspective may be Maruti Suzuki players have acquire a closed plant in west- maker is creating a new divi-
of Japan’s Suzuki Motor Corp. changing. With income levels been given more hope to try ern India owned by General sion, called Ford Model e, to
has captured close to half of rising, “a new generation of to tap in,” Mr. Prasad said. Motors. 3 house the EV business, along-
India’s annual passenger-cars middle-class consumer is Nissan first invested in the In August, Volkswagen said side the traditional gas or hy-
sales over the past two de- emerging today that is pur- southeastern city of Chennai it agreed with Mahindra & brid-vehicle division, renamed
cades. chasing bigger SUVs and more than a decade ago, build- Mahindra Ltd. to supply com- Ford Blue, and Ford Pro for
Many of the world’s top crossovers and showing more ing a development center and ponents for five electric SUVs 2 commercial customers. The
auto makers have found it dif- interest in EVs,” said Akshay factory there. But in the years to be produced by the Indian separation of the EV business,
ficult to stake a claim in the Prasad of Arthur D. Little. since, the Japanese auto auto maker. The companies which comes with separate
market with the bigger, Data from ratings firm Cri- maker paid more attention to said they would explore fur- profit-and-loss statements for
higher-margin vehicles they sil show that utility vehicles core markets such as China ther opportunities to collabo- the three business segments,
1
sell elsewhere. made up more than 40% of all and the U.S. rate on EV projects. Mumbai- is meant to provide investors
In 2021, Ford Motor Co. passenger-vehicle sales in In- In February, Nissan and alli- based Tata Motors also is with more transparency about
joined a handful of other auto dia in the year ended March ance partner Renault said they adjusting its vehicle lineup to the company and Ford’s fast-
makers, including Mitsubishi 2022, up from less than one- planned to invest about $600 meet shifting consumer de- growing electric-vehicle busi-
Motors Corp. and General third five years earlier. Elec- million in India to produce six mands, unveiling two electric 0 ness, executives say.
Motors Co., that have exited tric-vehicle passenger-car new models. SUVs at an auto show in India 2005 ’10 ’15 ’20 The split is being closely
India. Ford said at the time shipments increased roughly In 2021, Hyundai said it earlier this year. Source: Arthur D. Little watched by investors and ana-
lysts to see how the company
will report on its separate seg-
Trucking Giant Knight-Swift to Buy U.S. Xpress ments. Meanwhile, some won-
der whether Ford can meet its
targets for its EV segment as
higher interest rates act as a
BY COLIN KELLAHER load revenue, bringing its an- members of U.S. Xpress’s co- Knight-Swift, will serve as tory with Swift of purchasing drag on vehicle demand.
nual revenue run rate to founding Fuller family plan to president of U.S. Xpress, and underperforming [truckload] An event Thursday aims to
Knight-Swift Transporta- nearly $10 billion. Knight- roll shares valued at about $33 that members of the Fuller assets and improving profit- share with investors and oth-
tion Holdings Inc. is buying Swift, which has bulked up million into a new Knight- family will transition out of ability through the cycle and ers how and why Ford is reor-
rival trucker U.S. Xpress En- through a series of acquisi- Swift unit formed to hold the their executive roles. we’d expect a similar opportu- ganizing its operations and is
terprises Inc. in a deal valued tions in recent years, is the acquired business. Knight-Swift said the U.S. nity here,” Citigroup Inc.’s the culmination of a process
at about $808 million that will largest operator in trucking’s The company also will as- Xpress deal offers economies Christian Wetherbee wrote in the company began discussing
bolster the scale of one of the truckload sector, in which sume $484 million of U.S. of scale, adding that it sees a research report. in late 2021, said Chief Finan-
country’s largest trucking op- trucks carry full loads for sin- Xpress debt. limited opportunities for or- Knight-Swift counted about cial Officer John Lawler.
erators. gle customers for deliveries The deal is the biggest for ganic growth in the current $7.4 billion in overall revenue “Model e was a startup com-
Phoenix-based Knight-Swift such as transports to distribu- Knight-Swift, formed by the trucking environment. The last year from all its opera- pany buried within Ford Motor
said Tuesday it would pay tion centers, according to SJ 2017 merger with Swift Trans- company said it expects the tions, a nearly 24% increase Company and now they’ll see
$6.15 a share in cash for U.S. Consulting Group. portation Co., since it acquired acquisition to begin adding to from 2021 as the carrier bene- transparently where Model e
Xpress, more than four times The addition of U.S. AAA Cooper Transportation in adjusted per-share earnings fited from strong freight de- is,” Mr. Lawler said of inves-
Monday’s closing price of Xpress’s 7,200 tractors and a $1.35 billion deal in 2021. next year, with a target of mand triggered by pandemic- tors. They will also have a bet-
$1.50 for the Chattanooga, 14,400 trailers would boost Knight-Swift said U.S. adding at least $1 a share in driven restocking by retailers ter look at the two other seg-
Tenn.-based carrier and 13% Knight-Swift’s truckload fleet Xpress will continue to oper- 2026. during the first half of the ments as well, the CFO said.
above the stock’s 52-week high to roughly 25,000 tractors and ate as a separate brand with Analysts said they expect year. Investors will see categories
of $5.44 reached last April. 93,000 trailers. separate operations, in line Knight-Swift to drive operat- The freight market has such as revenue, earnings be-
Knight-Swift said the deal Knight-Swift said it would with past acquisitions. ing improvements at U.S. slowed since then, and Knight- fore interest and taxes, margins
will add about $2.2 billion in pay about $291 million in cash The company said Tim Har- Xpress that will improve earn- Swift’s revenue declined 4% in and assets for each segment of
total operating revenue, in- at closing, expected by the end rington, currently executive ings. the fourth quarter from the the business, said Ford Con-
cluding $1.8 billion in truck- of the third quarter, while vice president for sales at “Clearly, Knight has a his- year before, to $1.74 billion. troller Cathy O’Callaghan.
DISRUPTION IS UNSTOPPABLE.
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THE PROPERTY REPORT

Hotels Offer Career Growth to Hire Staff
Opportunities for tional compensation for that tioned the program received
role would come through lump- 20% more clicks than typical
advancement appeal sum bonuses. Nath has in- ads, said Christine Maginnis,
to housekeepers, creased starting pay for front- senior vice president of HR
desk employees to about $16 an strategy and talent.
front-desk workers hour today from $12 in 2019, Hospitality Ventures Man-
and the higher labor costs are agement Group, which man-
BY KATE KING straining the company’s bottom ages 55 hotels across the U.S.,
line, Mr. Patel said. is rolling out new in-depth
KEITH KING FOR THE WALL STREET JOURNAL (2)
When hotel operator Nath Other hoteliers are feeling a training of operations manag-
Inc. reopened its eight hotels in similar strain. Wage growth in ers for general-manager roles
the summer of 2020, it strug- leisure and hospitality skyrock- at select-service properties, a
gled to fill openings for house- eted in 2021. But it peaked in position that has seen high
keepers and front-desk employ- December of that year, when turnover compared with full-
ees. The company boosted wages were up nearly 14% com- service hotels since 2020. The
wages for some positions by pared with the prior year, ac- eight-month program includes
more than 30% but was still cording to the BLS. Since then, intensive training in areas such
short-staffed. wage growth has moderated as revenue, financial reporting
Then Nath tried a different but remains above the prepan- and people and facilities man-
tack: The company created a demic pace, with earnings in- agement, job shadowing and in-
career-development program creasing nearly 7% from a year terim general-manager assign-
with cross-department training COO Bhavik Patel, left, said Nath Inc.’s career-development program has helped the hotelier compete earlier to $20.83 an hour last ments.
and leadership workshops. Pro- for scarce employees. Lindsey Damron, right, moved into a sales job from a general manager role. month. The company spends
spective housekeepers liked the Benefit growth also has lev- $60,000 on training each par-
idea that the company offered The percentage of job post- at the Hilton Garden Inn in telling Mr. Patel that she was eled off. The number of hospi- ticipant, said Sue Sanders, chief
a path from cleaning rooms to ings on the online hiring plat- Twin Falls, Idaho. burned out as a general man- tality job postings that listed human resources officer.
running housekeeping or even form Wizehire emphasizing ca- “There were days I wanted ager at the company’s Best benefits, typically health insur- McNeill Investment Group
managing a hotel, said Chief reer-development programs to quit because I didn’t get Western property in Kalama- ance, doubled to 16% but the has started lining up training
Operating Officer Bhavik Patel. has increased to 8% from 2% training,” she said. zoo, Mich. number hasn’t changed much within the first 90 days of hir-
“We want to develop you to prepandemic. Then McNeill Investment Mr. Patel offered her a posi- since mid-2022, according to ing chief engineers at its hotels.
grow within the company,” he This approach has become Group, which took over the ho- tion selling blocks of rooms Wizehire Chief Executive Sid The company has struggled in
said. another way for hoteliers to tel around the time Ms. Erd- and making cold calls to poten- Upadhyay. recent years to find qualified
Despite a recent jump in the compete with remote jobs, fast- mann was hired, began requir- tial customers, as well as the Some early indications sug- candidates for the position,
hospitality sector’s hiring, ho- food chains and delivery coming managers to train their opportunity to shadow a sales gest that the promise of career which involves building mainte-
tels and restaurants are still panies that are hiring from the staff for higher-level roles. Ms. director with the intention of growth is helping hotels hire. nance and repair, planning
understaffed. The accommoda- same pool of workers. The exo- Erdmann, by then assistant promoting Ms. Damron to that Job postings for entry-level maintenance employees’ sched-
tion and food-services sector dus of hospitality employees housekeeper, stayed after her level within a year or so. At the roles that emphasize career de- ules, ordering supplies and
had nearly 1.5 million job open- during the pandemic showed shift to learn the hotel’s com- same time, Ms. Damron is velopment are seeing more ap- working with vendors.
ings as of January, according to that hotels needed to offer puter systems and how to training her own replacement plications, and interview and McNeill pays for new hires
seasonally adjusted numbers more opportunities for career schedule shifts and order sup- at the Best Western. hire rates are 5% to 10% higher, to get certified in areas ranging
from the U.S. Bureau of Labor training and advancement, ac- plies. These skills enabled her Nath is hoping that career according to Wizehire. from pool operation to HVAC
.
Statistics. cording to hotel owners. to take over the executive advancement can counter com- At Hilton, a new education repair. The company has found
Beyond raising wages and “There’s still a lot of turn- housekeeping position last panies offering higher pay. In benefit launched in May 2022 the perk helps them win over
ly
increasing benefits, hotel own- over, but it’s been more suc- summer. October, a front-desk associate offers staff at all corporate of- candidates who were interview-
ers, lodging operators and cessful for us this way,” Mr. Pa- “Now I really like my job,” at a hotel in Traverse City, fices and nonfranchised proper- ing with competing hotels, said
global brands such as Hilton tel said. she said. Mich., told Mr. Patel that she ties free opportunities ranging Valerie Bolton, executive vice
Worldwide Holdings Inc. are
trying to attract and retain em-
ployees with the prospect of
greater responsibility down the
Shelby Erdmann, 24 years
old, said she didn’t receive
much career support when she
started six years ago as an en-
on Some hotel employees in
management positions also
have embraced retraining.
Lindsey Damron, 41, moved
had been offered a dollar more
an hour for a job at
McDonald’s.
Mr. Patel matched the offer
from high school and profes-
sional certifications to college
courses. In the first month fol-
lowing the program’s launch,
president of human resources.
“They have a strong founda-
tion, usually. We just need to
add to that to round them out,”
line. try-level maintenance worker into a sales job at Nath after but told the employee any addi- online job postings that men- she said.
us ,
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Loan
e
al a
Annual volume of commercial restructured to give borrowers after the fiscal crisis who is
JOURNALISTS DON’T real estate loans expiring more time and more flexibility now an adjunct instructor at
to pay what they owe. Much of the University of Cincinnati’s
ci on
Worries
‘JUST WRITE STORIES.’ $450 billion
the guidance the Federal Re- department of finance.
400 serve and other regulators are The Fed in September said
following was enacted during it would revisit its financial-
THEY RECORD HISTORY.
Increase 350 the global financial crisis to
shore up the economy.
crisis-era guidance regarding
commercial-property restruc-
er s
300 For example, in 2009 regu- turings but noted that new
Other lators issued a policy state- policy would “build on exist-
250
m er
Continued from page B1 ment that allowed banks to ing guidance.” The new policy
value of loans and securities keep loans on their books at “is timely in the postpandemic
held by banks is around $2.2 200 full value in many situations era, as trends such as in-
trillion lower than the book even if the property backing creased remote working may
value on their balance sheets. 150 the loan was worth less than shift historic patterns of de-
m rp
That drop in value puts 186 the loan balance. While banks mand…in ways that adversely
100
banks at risk of failure if half had a reasonable expectation affect the financial condition
their uninsured depositors de- 50 of being repaid, critics warned and repayment capacity” of
cide to pull their money, the Held by banks at the time that this guidance commercial property land-
economists estimate. Real-es- 0 would hurt the economy in the lords, the Fed said.
co Fo
tate loans account for more 2000 ’05 ’10 ’15 ’20
long run because the pain was Still, a flexible approach to
than a quarter of the shortfall, only being deferred. real estate workouts among
said Mr. Piskorski. Source: Trepp But the strategy was suc- regulators has limitations.
At the median U.S. bank, cessful. Commercial-property Banks are still typically re-
commercial-real-estate loans their mortgages even if they values rose steadily in the years quired to cut the value of the
account for 38% of loan hold- suffer a loss in value. “The sav- after the crisis thanks in large debt on their books if a bor-
ings, according to an analysis ing grace here is that you do part to low interest rates. rower defaults. Already the
by KBW Research. have a decent-sized cushion,” Eventually, many borrowers number of defaults is growing,
The good news is that banks said Frank Schiraldi, a stock an- were able to pay off the loans partly because of high interest
lent more conservatively in re- alyst at Piper Sandler. that were modified and ex- rates, work from home and
cent years compared with the Also, government regula- tended during the tough years. tech layoffs. Landlords that
period before the 2008 finan- tors have given banks ways to Regulators “turned out to be have defaulted include Pimco
cial crisis. Many buildings avoid taking losses even when correct,” said Tyler Wiggers, a and Brookfield Asset Manage-
n-
might still be worth more than loans are in trouble and are senior staff member at the Fed ment.
BUSINESS NEWS
no
Learn more about the impact your

Oil Market’s Optimistic Outlook Dims
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth BY DAVID UBERTI month lows after strains in financial stress on both sides eral Reserve’s meeting this
and others share career advice at the U.S. banking system sent of the Atlantic. After falling week for another potential in-
dowjonesnewsfund.org/careers. Wall Street’s outlook for oil tremors throughout financial 13% last week, benchmark U.S. terest-rate hike and more
this year is suddenly looking a markets and intensified fears crude futures rose 2.5% Tues- clarity on whether the finan-
bit less bright. of a broader economic slow- day to $69.33 a barrel. Brent, cial-sector turmoil could
Crude prices dropped to 15- down. Those worries have hit the global price gauge, ticked translate to real-world eco-
prices just as energy-hungry up 2.1%, to $75.32. nomic pain.
China has finally shown signs Last week’s declines, while “Crude oil is reflecting
of revving up from strict pan- a relief to drivers who faced something between a moder-
demic lockdowns. skyrocketing prices at the ate and severe recession at
That split has left traders pump last year, have helped these levels,” said Matthew
and analysts weighing de- drag down shares in energy Portillo, head of research at
Got extra funds? clines in U.S. construction,
manufacturing and vacation-
companies, the stock market’s
major winners in 2022. The
TPH & Co.
Still, he and some other an-
This great rate lets you ing during a potential reces-
sion against resurgent Chinese
S&P 500 Energy Sector lost
7% last week, according to
alysts said the volatility could
change directions as the sum-
demand for diesel, gasoline FactSet, while the broader in- mer driving season begins and
save more so you can and jet fuel.
For now, some speculators
dex edged 1.4% higher.
Drillers, refiners and major
the Chinese economy kicks
into higher gear.
have taken money off the ta- international oil companies “It’s kind of been a shoot-
ble, evaluating how U.S. and rebounded in recent days as first, ask-questions-later mar-
European regulators react to investors looked to the Fed- ket,” he added.
$130 a barrel Crude-oil futures price over the past year Energy stocks vs. the broader
Front-month contract market this year
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WAKEFIELD
NEW HIGHS AND LOWS WSJ.com/newhighs
52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. Athenex ATNX 0.98 -19.0 ElectraVehicles SOLO 0.55 0.4 MultiMetaVerse MMV 0.88 -3.6 Oragenics OGEN 2.83 -2.4 ProFrac ACDC 11.88 -18.7 SarcosTech&Robotic STRC 0.38 -2.7 SuperiorGroup SGC 8.13 -5.1
AtlisMotor AMV 0.67 ... ENGlobal ENG 0.47 12.5 NCS Multistage NCSM 20.56 -9.1 OrganiGram OGI 0.59 9.2 ProtagenicTherap PTIX 0.31 6.3 SaveFoods SVFD 0.69 -10.3 Swvl SWVL 1.16 -0.8
AultAllPfdD AULTpD 11.72 0.4 EssexProp ESS 204.78 -1.2 NecessityPfdC RTLPO 18.41 -2.5 OrionOffice ONL 5.73 1.5 Qutoutiao QTT 0.25 -58.9 SelinaHosp SLNA 1.35 1.4 TayshaGene TSHA 0.68 6.4
Tuesday, March 21, 2023 AvaloTherap AVTX 2.07 0.5 EveloBiosci EVLO 0.23 -8.0 NektarTherap NKTR 0.86 -6.2 PearTherapWt PEARW 0.04 -43.8 RelianceGlobal RELI 2.50 6.2 Shapeways SHPW 0.40 1.1 UpHealth UPH 1.54 -1.9
52-Wk % 52-Wk % 52-Wk % AziyoBiologics AZYO 1.13 -15.9 FathomDigitalWt FATH.WS 0.02 29.4 NewtekNts2026 NEWTZ 22.83 0.4 PhunwareWt PHUNW 0.25 3.5 Remark MARK 0.87 1.0 Sigmatron SGMA 2.25 -25.2 urban-gro UGRO 2.38 -7.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AzurePowerGlbl AZRE 1.62 -7.2 FirstMajestic AG 5.53 -22.6 Nkarta NKTX 3.51 -9.7 PlanetLabsWt PL.WS 0.65 -2.2 ReWalkRobotics RWLK 0.65 -2.2 SiloPharma SILO 1.71 -2.1 VBI Vaccines VBIV 0.24 6.6
BM Tech BMTX 2.60 -3.6 FiscalNoteWt NOTE.WS 0.10 -3.8 Nuburu BURU 3.10 -5.2 PlanetLabs PL 3.38 0.9 RhinebeckBncp RBKB 8.26 -1.3 SilvergateCapital SI 1.30 -12.5 Vaccinex VCNX 0.39 -2.1
Duolingo DUOL 135.77 2.1 ProQR Therap PRQR 3.85 15.5
BM Tech Wt BMTX.WS 0.18 -20.9 FEAM 5.36 -0.2 OCAXU 9.84 -0.1 PSTV 0.27 -2.7 RichmondMutBncp RMBI 10.21 0.1 SingingMachine MICS 2.10 -11.3 VORB 0.41 -14.6
Highs EzgoTech
eMagin
EZGO
EMAN
1.54
2.30
4.5
8.6
RedwoodsAcqn RWOD
RemitlyGlobal RELY
11.13 0.3
17.01 4.4
BRileyFinlPfdA RILYP 14.67 1.3
5EAdvMatls
FlexShopper FPAY 0.74 -3.5
OcaAcqn
OconeeFedFinl OFED 17.40 -1.2
PlusTherap
PLxPharma PLXP 0.12 -2.6 RiverNorthCapPfd RMPLp 24.38 -0.8 SolGelTech SLGL 3.24 0.9
VirginOrbit
VornadoPfdL VNOpL 12.81 2.6
AfterNextHealth AFTR.U 10.26 0.8 Beachbody BODY 0.49 3.4 FlotekIndustries FTK 0.82 -14.3 OhioValleyBanc OVBC 21.96 -5.0 PolyPid PYPD 0.50 -6.6 SellasLifeSci SLS 1.20 1.6 SolidBiosci SLDB 3.55 -1.1 WiSA Tech WISA 2.06 -2.3
EmbraceChange EMCGU 10.51 0.9 ReneoPharm RPHM 6.27 5.5
AimfinityWt AIMAW 0.14 58.7 BellicumPharm BLCM 0.27 ... FocusUniversal FCUV 3.54 2.4 Ohmyhome OMH 3.80 ... PortageBiotech PRTG 2.59 6.0 SHF SHFS 0.46 -10.9 Soligenix SNGX 2.02 -5.6 XortxTherap XRTX 0.47 -2.1
Embraer ERJ 15.58 2.1 SAP SAP 123.61 1.7
AllegroMicro ALGM 47.68 ... BerkeleyLights BLI 1.14 -5.9 FrequencyTherap FREQ 0.48 -1.1 OncternalTherap ONCT 0.60 -7.1 PowerREIT PfdA PWpA 8.50 -5.6 SHF Wt SHFSW 0.02 14.0 Sono SEV 0.42 -8.9 YSBiopharma YS 7.35 -10.2
FederatedHermes FHI 41.43 -1.2 Sanfilippo JBSS 98.55 -0.3
ApolloStratII A APGB 10.24 0.1 BetterChoice BTTR 0.41 -2.9 GH Research GHRS 6.30 -9.4 OneStopSystems OSS 2.43 2.4 PriorityIncmPfdF PRIFpF 20.93 -2.0 SMXSecurityMatters SMX 1.25 -8.8 SoundPointWt SPCMW 0.05 -49.8 ZeroFoxWt ZFOXW 0.04 -3.1
FifthWallIII A FWAC 10.20 0.2 Squarespace SQSP 28.90 2.2
Aravive ARAV 2.46 20.6 BigLots BIG 11.07 -2.9 Getaround GETR 0.25 -7.1 Opthea OPT 4.19 -4.1 ProcessaPharm PCSA 0.36 0.4 SaratogaInv8.125Nt SAY 24.55 -0.5 StrawberryFldREIT STRW 6.60 -2.2 ZuraBio ZURA 6.85 -11.3
FortuneRiseA FRLA 11.57 10.0 SuperMicroComp SMCI 108.35 9.9
Ardelyx ARDX 4.22 6.7 Biomerica BMRA 2.23 -1.3 GraybugVision CALC 4.88 15.1
GSquaredIIA GSQB 10.33 ... 10XCapVentureII A VCXA 10.14 0.3
AristaNetworks ANET 169.17 2.4 BitNileMetaverse BNMV 0.11 -13.4 GrindrodShipping GRIN 11.20 -1.0
GigCapital5 GIA 10.55 0.1 ThomsonReuters TRI 127.74 ...
ArogoCapA AOGO 10.38 0.2 BogotaFinl BSBK 10.35 ... HawaiianHoldings HA 8.00 ...
GoGreenInvtsWt GOGN.WS 0.70 7.5 374Water SCWO 4.59 7.5
AultDisruptive ADRT
AxcelisTechs ACLS
10.43
136.26
0.2
1.5
GoldenbridgeWt GBRGW 0.16
GrAeroportuario OMAB 84.01
34.4
1.8
TristarAcqnI
US Xpress
TRIS
USX
10.59 ...
6.03 298.7
BridgelineDigital BLIN
BrightMindsBio DRUG
0.97 -5.3
0.45 -3.8
Hempacco HPCO
HennessyAdvNts HNNAZ
0.62 -3.1
19.80 3.6 Bonds | wsj.com/market-data/bonds/benchmarks
BellevueLifeSciWt BLACW 0.08 14.3 BrookfieldDTLAPf DTLAp 1.25 -21.5 HyzonMotorsWt HYZNW 0.02 4.1
HealthStream HSTM 26.84 0.9 ViemedHealthcare VMD 10.14 -1.5
BellevueLifeSciRt BLACR 0.16 5.0 BullfrogAI BFRG 2.47 9.4 ITTechPkg ITP 0.44 ...
BellevueLifeSci BLAC
BlackSpadeAcqn BSAQ.U
10.13
10.26
0.3
-1.3
HomePlateAcqn HPLTU 10.51
HubCyberSecurityWt HUBCZ 1.38
-0.4
-1.1
VisionSensingA VSAC
Winmark WINA
10.51 ...
306.08 2.7
CNB Fin PfdA CCNEP
CamdenProperty CPT
19.19 -2.9
100.79 -1.1
ImmunoPrecise IPA
InnovativeIndProp IIPR
2.64 ...
78.30 -0.6
Tracking Bond Benchmarks
InfiniteAcqnA NFNT 10.49 1.0 YottaAcqn YOTA 10.27 0.3
BlackSpadeA BSAQ 10.36 ...
InsightAcqnA INAQ 10.71 4.9
CandelTherap CADL 1.38 -4.7 InovioPharm INO 1.04 -2.8 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
BostonSci
Broadcom
BSX
AVGO
48.95
646.59
...
-0.4 InsightEnt NSIT 141.23 -0.2 Lows Canna-GlobalWt CNGLW
CarismaTherap CARM
0.01 -1.0
2.85 -2.0
iTeosTherap
KoreGroup
ITOS
KORE
13.61 -0.4
1.22 15.2 highs and lows for different types of bonds
CF Acqn VII CFFSU 10.93 ... Insulet PODD 326.74 2.4 ADC Therap ADCT 2.06 -1.4 Centerspace CSR 51.78 -1.8 KulrTech KULR 0.90 -2.3
InterParfums IPAR 142.96 0.9 Total Total
CFAcqnVII A CFFS 10.80 0.4 AerwinsTech AWIN 0.78 ... CentraisElBras EBR 5.89 -3.3 Kineta KA 2.87 5.3
CavcoIndustries CVCO 300.50 1.7 JupiterWellnessA JWAC 11.39 0.5 AMTD Digital HKD 7.15 ... Check-Cap CHEK 1.60 -42.2 Knightscope KSCP 0.64 4.3 return YTD total Yield (%) return YTD total Yield (%)
Certara CERT 24.83 8.1 KhoslaVenturesIII KVSC 10.14 0.1 ASP Isotopes ASPI 1.05 -6.3 Check-Cap WtC CHEKZ 0.00 -44.8 Koss KOSS 4.34 0.7 close return (%) Index Latest Low High close return (%) Index Latest Low High
Chase CCF 103.25 2.2 Limbach LMB 16.82 8.1 Adamis ADMP 0.10 3.5 ChinaPharma CPHI 0.36 -7.5 LeapTherap LPTX 0.33 -3.8
ChurchillCapVI CCVI.U 10.14 ... MagnumOpusA OPA 10.58 0.2 AdicetBio ACET 6.40 2.5 CloopenGroup RAAS 1.51 -9.5 LionGroup LGHL 0.24 0.3 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
ChurchillDowns CHDN 258.33 1.7 Mangoceuticals MGRX 4.37 ... Agriforce AGRI 0.65 -2.1 ComeraLifeSci CMRA 0.87 -2.9 LixiangEduc LXEH 0.70 -13.3
CidaraTherap CDTX 2.10 11.9 NVR NVR 5542.72 -0.2 Agrify AGFY 0.21 -8.7 ConsldComm CNSL 2.35 -0.4 Longeveron LGVN 2.50 ...
1991.10 2.1 U.S. Aggregate 4.520 2.850 5.210 1972.27 1.8 Mortgage-Backed 4.550 2.910 5.380
Cohu COHU 38.63 1.0 NovoNordisk NVO 147.43 2.6 AlimeraSciences ALIM 1.30 ... Cosan CSAN 10.48 -2.4 MaiaBiotech MAIA 3.06 -3.8
Cvent CVT 8.40 0.5 NubiaBrandA NUBI 10.48 0.2 AlphaTauMed DRTS 2.91 -0.7 CresudWt CRESW 0.27 ... MSP Recovery LIFW 0.83 -7.2
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1944.12 2.0 Ginnie Mae (GNMA) 4.570 2.890 5.370
DPCapAcqnIA DPCS 10.44 0.1 OCA Acqn A OCAX 10.33 ... AlphaVestAcqnRt ATMVR 0.12 ... CXApp CXAI 1.78 -6.2 MaidenNts46 MHLA 13.98 -2.4
Ohmyhome OMH 4.24 ...
Daktronics DAKT 5.29 7.7
OsirisAcqn OSI.U 10.25 ...
AmerStratInvt NYC 8.02 0.7 DLH Holdings DLHC 10.61 0.9 Mangoceuticals MGRX 2.96 ...
2933.45 2.2 U.S. Corporate 5.360 3.600 6.130 1160.28 1.8 Fannie mae (FNMA) 4.540 2.920 5.390
Darden DRI 153.69 1.2 AngionBiomed ANGN 0.46 -1.9 DieboldNixdorf DBD 0.70 -24.6 MarsAcqnRt MARXR 0.18 ...
DataIO DAIO 4.95 1.4 PDF Solutions PDFS 41.15 1.2 Appreciate SFR 0.65 -1.0 DigitalBrands DBGI 1.11 -3.3 MaxproCapitalAcqn JMACU 8.99 -5.5
DescartesSystems DSGX 79.24 0.7 PerspectiveTherap CATX 0.67 3.4 ArcadiaBiosci RKDA 6.98 -3.6 DixieGroup DXYN 0.70 -0.1 MaxproCapA JMAC 7.50 -24.3 2825.16 1.5 Intermediate 5.320 3.310 6.050 1777.79 1.8 Freddie Mac (FHLMC) 4.550 2.910 5.370
DiamondHeadA DHHC 11.30 4.1 PonoCapitalThreeUn PTHRU 10.35 0.1 ArdaghMetalWt AMBP.WS 0.30 -2.4 DoubleDown DDI 7.41 -0.6 MicroVision MVIS 2.06 -0.5
DirectSellingA DSAQ 10.57 -0.1 ProgressSoftware PRGS 59.36 0.4 ArenaGroup AREN 4.72 -1.6 DunxinFinl DXF 0.12 3.4 Mind CTI MNDO 2.00 -2.4 3933.03 3.6 Long term 5.430 4.020 6.370 566.15 1.7 Muni Master 3.115 2.145 3.936
DistokenAcqnUn DISTU 10.30 ... ProjectEnReimagUn PEGRU 10.74 0.3 AridisPharm ARDS 0.35 -1.8 E-HomeHousehold EJH 0.10 2.6 MineralysTherap MLYS 13.52 -2.8
571.67 2.6 Double-A-rated 4.660 3.110 5.320 405.87 2.0 7-12 year 2.751 2.177 3.794
777.47 2.2 Triple-B-rated 5.650 3.870 6.440 452.55 2.2 12-22 year 3.627 2.443 4.428
Cash Prices | wsj.com/market-data/commodities Tuesday, March 21, 2023 High Yield Bonds ICE BofA 422.66 2.5 22-plus year 4.361 2.936 5.131
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 472.42 2.0 High Yield Constrained 8.894 5.940 9.623 Global Government J.P. Morgan†
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 435.61 3.6 Triple-C-rated 15.298 9.837 16.916 535.09 2.6 Global Government 2.850 1.600 3.250
months. 786.28 3.0 Canada 3.040 2.330 3.780
3185.21 2.3 High Yield 100 8.076 5.329 8.753
Tuesday Tuesday Tuesday
Iron Ore, 62% Fe CFR China-s 124.7 Wheat,Spring14%-pro Mnpls-u 10.3575 412.65 1.7 Global High Yield Constrained 8.976 6.201 9.945 341.60 2.6 EMU§ 3.050 1.103 3.490
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.7325
Wheat - Hard - KC (USDA) $ per bu-u 8.7025 314.75 1.9 Europe High Yield Constrained 7.630 4.313 8.508 633.05 2.1 France 2.910 0.980 3.310
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 88.800 Steel, HRC USA, FOB Midwest Mill-s 1160
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.950 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.7250 U.S Agency Bloomberg Fixed Income Indices 453.28 2.2 Germany 2.290 0.400 2.760
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 51125 Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 59875 1715.55 1.5 U.S Agency 4.470 2.370 5.080 285.27 2.7 Japan 0.740 0.520 1.060
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5760 Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u 257.32 1516.58 1.3 10-20 years 4.460 2.310 5.100 489.87 2.1 Netherlands 2.600 0.640 3.000
Engelhard industrial 1966.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616
Handy & Harman base 1952.50 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 245.99 3312.11 3.8 20-plus years 4.590 3.000 5.240 805.32 2.9 U.K. 3.610 1.610 4.690
Handy & Harman fabricated 2167.28 Broilers, National comp wtd. avg.-u,w 1.3014
LBMA Gold Price AM *1981.95
Fibers and Textiles Butter,AA Chicago-d 2.4050 2582.18 1.9 Yankee 5.110 3.290 5.840 776.41 1.1 Emerging Markets ** 7.828 5.919 9.159
LBMA Gold Price PM *1969.35 Cheddar cheese,bbl,Chicago-d 195.25
Burlap,10-oz,40-inch NY yd-n,w 0.7175 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Krugerrand,wholesale-e 2025.00
Cheddar cheese,blk,Chicago-d 198.50
Cotton,1 1/16 std lw-mdMphs-u 0.7685 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Maple Leaf-e 2073.45
Milk,Nonfat dry,Chicago lb.-d 115.50
Cotlook 'A' Index-t *92.30 Coffee,Brazilian,Comp-y 1.8720
American Eagle-e 2073.45 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2627
2499.95
Global Government Bonds: Mapping Yields
.
Mexican peso-e Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.2850
Austria crown-e 1902.43
Grains and Feeds Flour,hard winter KC-p 21.65
ly
Austria phil-e 2034.69 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 77.52
Engelhard industrial 22.6000 Bran,wheat middlings, KC-u,w 165 Pork bellies,12-14 lb MidUS-u 1.1571
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Handy & Harman base 22.2570 Corn,No. 2 yellow,Cent IL-bp,u 6.2900 Pork loins,13-19 lb MidUS-u 1.0221 Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Handy & Harman fabricated 27.8210 Corn gluten feed,Midwest-u,w 204.9 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
LBMA Platinum Price PM
*£18.3900
*22.4950
20015
*985.0
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
644.4
393
215
430
4.0400
on Steers,feeder,Okla. City-u,w
Fats and Oils
Degummed corn oil, crude wtd. avg.-u,w
Grease,choice white,Chicago-h
218.50
n.a.
0.5250
Coupon (%) Maturity, in years
4.625
3.500
3.250
U.S. 2 4.175 s
Australia 2
10 3.603 s
Latest(l)-1
2.850 t
0 1 2
l
3
l
4 5 Previous
l 3.922
3.477
2.863
Month ago
4.729
3.953
3.636
Year ago
2.132
2.315
1.394 -132.5
Latest Prev
-112.8
Year ago
-73.0
Platinum,Engelhard industrial 1005.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 n.a. 1.750 10 3.204 t l 3.253 3.828 2.575 -39.3 -23.3 28.0
us ,
Lard,Chicago-u
Palladium,Engelhard industrial 1430.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.5971 0.000 France 2 2.713 s l 2.478 3.094 -0.235 -146.2 -151.3 -235.9
l
Aluminum, LME, $ per metric ton *2237.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 478.00 Tallow,bleach;Chicago-h 0.5475
4.0185 14.5300 2.000 10 2.808 s l 2.656 3.012 0.913 -78.9 -82.9 -138.1
e
Copper,Comex spot Soybeans,No.1 yllw IL-bp,u Tallow,edible,Chicago-u n.a.
al a
2.500 Germany 2 2.615 s l 2.350 2.953 -0.280 -156.0 -164.1 -240.4

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;
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 2.300 10 2.296 s l 2.119 2.531 0.470 -130.1 -136.6 -182.4
ci on
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/20
Source: Dow Jones Market Data 2.500 Italy 2 3.003 s l 2.868 3.453 0.129 -117.2 -112.3 -199.5
4.400 10 4.104 s l 3.987 4.470 1.978 50.7 50.1 -31.6
0.005 Japan 2 -0.072 l -0.072 -0.026 -0.021 -424.7 -406.3 -214.5
0.500 10 0.247 l 0.247 0.503 0.208 -335.1 -323.9 -208.6
ADVERTISEMENT
0.000 Spain 2 2.837 s l 2.660 3.243 0.046 -133.8 -133.1 -207.8
er s
Showroom 3.150
0.625
10
U.K. 2
3.314 s
3.275 s
l
l
3.193
3.239
3.525
3.884
1.383
1.311
-28.3
-90.0
-29.3
-75.2
-91.1
-81.3
m er
To advertise: 800-366-3975 or WSJ.com/classifieds

4.250 10 3.369 s l 3.312 3.611 1.639 -22.8 -17.3 -65.6
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
BMW
Corporate Debt
m rp
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
HERB CHAMBERS
co Fo
Credit Suisse CS 3.750 8.17 March 26, ’25 398 –299 624
UBS UBS 4.125 5.79 April 15, ’26 185 –72 n.a.
Banco Santander SANTAN 5.147 6.16 Aug. 18, ’25 200 –48 133
WE DON’T SELL CARS. Societe Generale

HSBC Holdings
SOCGEN
HSBC
7.367
4.300
7.36
5.82
Jan. 10, ’53
March 8, ’26
365
184
–46
–41
385
185
WE HELP PEOPLE BUY THEM

KeyCorp KEY 4.900 6.69 Aug. 8, ’32 310 –38 350
Bank of Nova Scotia BNS 4.850 5.20 Feb. 1, ’30 151 –30 161
Walt Disney DIS 3.350 4.46 March 24, ’25 28 –30 31
…And spreads that widened the most

13
2017 MINI COOPER Siemens Financieringsmaatschappij
Fifth Third Bancorp
SIEGR
FITB
6.125
8.250
4.74
6.99
Aug. 17, ’26
March 1, ’38
75
340 11
n.a.
275
CONVERTIBLE
n-
Caterpillar Financial Services … 3.400 4.63 May 13, ’25 51 3 n.a.

Manulife Financial MFCCN 4.150 4.86 March 4, ’26 88 2 n.a.
MOONWALK GREY SEMIMETALLIC
STK# BP1496, 38,727 MILES High-yield issues with the biggest price increases…
Bond Price as % of face value
no
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Credit Suisse CS 6.500 35.69 Aug. 8, ’23 90.250 7.75 92.875

SMART PRICE
Deutsche Bank DB 4.500 8.10 April 1, ’25 93.407 1.67 97.182
$
20,998* Teva Pharmaceutical Finance Netherlands
Navient
…
NAVI
3.150
5.625
6.75
10.23
Oct. 1, ’26
Aug. 1, ’33
88.875
71.000
1.64
1.50
87.250
72.250
Occidental Petroleum OXY 7.500 6.11 May 1, ’31 108.780 1.28 108.400
OneMain Finance OMF 6.875 8.59 March 15, ’25 96.947 1.21 96.472
Intelsat Jackson Holdings 6.500 9.43 March 15, ’30 85.250 1.02 87.000
2018 JEEP
INTEL
Sprint Capital S 8.750 5.85 March 15, ’32 120.045 1.02 119.240
GRAND CHEROKEE …And with the biggest price decreases
OVERLAND 4X4 Goldman Sachs Capital I … 6.345 6.21 Feb. 15, ’34 101.081 –0.99 n.a.
BRIGHT WHITE Dish DBS … 5.875 16.31 Nov. 15, ’24 85.438 –0.96 88.938
STK# BP1320, 44,818 MILES Occidental Petroleum OXY 6.950 5.56 July 1, ’24 101.670 –0.62 n.a.
Liberty Interactive LINTA 8.500 33.88 July 15, ’29 35.400 –0.60 38.250
SMART PRICE Hat Holdings I … 3.750 8.50 Sept. 15, ’30 74.125 –0.40 75.250
*
$
33,998 Navient
CSC Holdings
NAVI
CSCHLD
5.875
5.250
8.34
10.26
Oct. 25, ’24
June 1, ’24
96.399
94.506
–0.23
–0.22
97.677
96.779
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
2018 LAND ROVER ADVERTISEMENT

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SMART PRICE INVESTMENT PROPERTIES MASSACHUSETTS
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prOpErTiEs
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BMW Certified Pre-Owned Medford JV or sale, financing available.
FOR SALE
214-651-1656 LIST YOUR
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60 Mystic Avenue Medford nationsgaspartners@gmail.com Approximately 24 acres of
buildable undeveloped land
617-765-1385 on a MA number highway
(800) 366-3975
RENO NEVADA LAND FOR SALE
herbchambersbmwmedford.com 26 +/- Acres Approved & Entitled close to US 495 and US95. Advertise today:
wsj.com/classifieds
Casino Resort Hotel
Qualifies for non-restricted license Broker: 781-449-3719 or
*Pricing excludes tax, title, registration and doc fee. Offer valid through 4/3/23. FERRARI-LUND REAL ESTATE
All offers subject to vehicle availability.
robertgparks@yahoo.com
Larry Barnes Bs.21554 775-846-5080 © 2023 Dow Jones & Company, Inc.
Lester Conklin s.32291 775-762-0338 All Rights Reserved.
THE WALL STREET JOURNAL. NY Wednesday, March 22, 2023 | B11
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures May 22.665 22.785 22.290 22.425 –0.221 97,907 June 114-315 115-145 114-020 114-040 –31.0 4,150,488
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Contract Open March 108-225 108-315 108-182 108-202 –18.7 427
Open High hi lo Low Settle Chg interest April 67.62 69.60 66.77 69.33 1.69 17,608 Corn (CBT)-5,000 bu.; cents per bu.
May June 109-197 109-310 108-272 108-290 –25.5 4,360,320
May 67.83 69.77 66.90 69.67 1.85 373,250 632.75 638.25 628.75 630.00 –3.00 493,243
Copper-High (CMX)-25,000 lbs.; $ per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June 67.99 69.85 67.10 69.77 1.78 236,220 July 615.00 620.25 610.25 611.25 –4.25 352,937
March 4.0510 4.0515 4.0140 4.0185 0.0430 1,690 March 102-302 103-013 102-288 102-295 –15.7 545
July 68.04 69.79 67.14 69.72 1.71 184,346 Oats (CBT)-5,000 bu.; cents per bu.
May 3.9555 4.0345 3.9285 3.9940 0.0425 113,865 May 356.50 362.50 356.50 359.00 3.25 3,000
June 103-158 103-218 103-021 103-030 –16.5 2,348,445
Gold (CMX)-100 troy oz.; $ per troy oz. Sept 67.75 69.30 66.90 69.26 1.55 121,447 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 354.00 359.25 352.50 354.25 1.00 748
March 1973.80 1973.80 1939.90 1938.00 –41.20 428 Dec 67.00 68.40 66.25 68.34 1.30 217,252 Soybeans (CBT)-5,000 bu.; cents per bu. March 95.3700 95.3725 95.3600 95.3650 –.0050 179,983
April 1983.10 1988.70 1938.60 1941.10 –41.70 168,783 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 1483.75 1497.00 1465.00 1467.00 –19.00 292,187
April 95.2350 95.2600 95.2100 95.2200 –.0250 531,372
May 1995.20 1996.20 1948.30 1949.50 –41.50 377 April 2.6856 2.6990 2.6363 2.6902 .0031 42,834 July 1464.75 1476.25 1446.75 1448.50 –18.25 173,233
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 2.5571 2.5793 2.5112 2.5729 .0151 74,005 Soybean Meal (CBT)-100 tons; $ per ton. June 97-130 97-205 97-020 97-050 –1-03.0 10,589
June 2000.70 2005.70 1955.90 1958.30 –41.40 261,369
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 462.00 468.40 459.70 460.60 –2.10 189,577
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Aug 2017.70 2021.10 1973.60 1975.40 –41.10 21,255 March 95.1700 95.2000 95.1250 95.1350 –.0450 1,041,868
Oct 2036.50 2036.50 1990.00 1991.70 –40.40 7,727 April 2.5360 2.5708 2.5055 2.5389 .0029 49,560 July 455.40 461.00 453.60 454.30 –1.40 112,599
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 95.4300 95.5400 95.1550 95.1750 –.3350 1,605,219
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 2.4968 2.5321 2.4721 2.5063 .0095 82,797
Eurodollar (CME)-$1,000,000; pts of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 58.02 58.24 56.08 56.24 –1.75 159,402
March 1369.30 –17.20 47 April 94.9175 94.9175 94.7550 94.8425 –.0325 116,472
April 2.246 2.358 2.127 2.348 .125 71,023 July 57.97 58.15 56.21 56.35 –1.59 114,620
June 1408.00 1412.50 1375.50 1383.10 –17.50 11,388 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 95.0250 95.1400 94.8000 94.8150 –.2650 612,981
Platinum (NYM)-50 troy oz.; $ per troy oz. May 2.339 2.493 t 2.240 2.485 .154 337,514 Sept 95.4900 95.6000 95.1150 95.1400 –.4300 613,848
May 17.34 17.44 17.23 17.27 –.04 4,959
March 974.80 –20.10 2 July 2.788 2.964 2.698 2.957 .185 105,229
Sept 15.42 15.55 15.40 15.43 –.02 2,324
Dec 95.6750 95.8100 95.3550 95.3900 –.4050 584,717
July 998.70 1002.30 971.50 981.40 –16.00 38,181 Sept 2.795 2.959 2.714 2.952 .174 97,624 Wheat (CBT)-5,000 bu.; cents per bu.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 2.883 3.046 2.800 3.037 .175 96,847 May 700.00 705.50 680.25 683.25 –17.50 184,129 Currency Futures
March 22.570 22.600 22.205 22.324 –0.209 28 Jan'24 3.847 4.029 t 3.785 4.020 .204 76,924 July 708.25 714.00 689.50 692.50 –16.00 99,802 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Wheat (KC)-5,000 bu.; cents per bu. April .7652 .7662 .7571 .7575 –.0073 1,061
May 829.25 843.00 815.00 820.25 –9.50 78,707 June .7718 .7734 .7639 .7645 –.0074 163,840
July 815.00 827.75 802.50 806.75 –8.50 50,745
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Canadian Dollar (CME)-CAD 100,000; $ per CAD
April .7323 .7331 .7283 .7293 –.0030 495
March 188.500 189.150 187.800 188.775 .575 3,362 June .7327 .7339 .7290 .7301 –.0030 176,047
May 199.275 199.975 197.775 199.550 .400 21,304 British Pound (CME)-£62,500; $ per £
Money Rates March 21, 2023 Cattle-Live (CME)-40,000 lbs.; cents per lb. April 1.2281 1.2289 1.2187 1.2224 –.0065 1,817
April 162.275 162.875 161.700 162.425 .400 55,487 June 1.2306 1.2308 1.2204 1.2241 –.0066 179,542
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a June 155.750 156.500 t 154.625 156.150 .625 127,032 Swiss Franc (CME)-CHF 125,000; $ per CHF
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1.0882 1.0966 1.0847 1.0946 .0057 35,434
guide to general levels but don’t always represent actual transactions. April 77.575 78.100 t 77.000 77.050 –.725 39,547 Sept 1.1040 1.1059 1.0950 1.1048 .0059 361
Week —52-WEEK— Week —52-WEEK— June 92.150 92.775 90.975 91.350 –.525 86,166 Australian Dollar (CME)-AUD 100,000; $ per AUD
Inflation Latest ago High Low Latest ago High Low Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. April .6700 .6733 .6657 .6671 –.0051 539
Feb. index Chg From (%) May 442.30 448.70 437.00 440.70 –3.70 1,496 June .6741 .6748 .6672 .6687 –.0051 147,323
level Jan. '23 Feb. '22 Federal funds Libor Milk (CME)-200,000 lbs., cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Effective rate 4.6000 4.6000 4.6000 0.3300 One month 4.77929 4.72771 4.80600 0.42857 March 18.07 18.07 18.02 18.05 … 5,095 April .05290 .05338 .05278 .05337 .00053 24
U.S. consumer price index 4.94100 5.15371 0.95371 April 19.02 19.08 18.87 18.99 –.03 5,085 June .05222 .05285 .05205 .05276 .00053 223,212
High 4.9100 4.9000 4.9100 0.3400 Three month 5.01771
All items 300.840 0.56 6.0 Six month 5.00657 4.96843 5.49986 1.38457
Cocoa (ICE-US)-10 metric tons; $ per ton. Euro (CME)-€125,000; $ per €
Low 4.5800 4.5900 4.5900 0.3000 May 2,788 2,823 2,781 2,817 32 126,197
Core 304.011 0.68 5.5 One year 4.99671 4.99229 5.88071 2.01086 April 1.0735 1.0805 1.0722 1.0782 .0041 2,142
Bid 4.5800 4.5800 4.5800 0.3100 July 2,757 2,785 2,752 2,780 24 83,799 June 1.0782 1.0845 1.0762 1.0821 .0040 721,854
Offer 4.6200 4.6000 4.6200 0.3300 Secured Overnight Financing Rate Coffee (ICE-US)-37,500 lbs.; cents per lb.
International rates March 186.70 1.80 1
Treasury bill auction 4.55 4.55 4.58 0.26
May 179.35 182.85 178.85 180.30 1.80 76,469
Index Futures
Week 52-Week Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Latest High Low 4 weeks 4.220 4.640 4.640 0.135 Value 52-Week
ago Latest Traded High Low May 20.60 20.92 20.49 20.80 .32 357,472 June 32474 32830 32441 32774 318 79,833
13 weeks 4.675 4.750 4.765 0.480
4.620 4.700 4.970 0.870 July 20.13 20.35 19.99 20.28 .29 242,144 Sept 32659 33044 32659 33001 342 93
Prime rates 26 weeks DTCC GCF Repo Index
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
U.S. 7.75 7.75 7.75 3.50 Treasury 4.588 23.400 4.613 0.239 May 38.00 .50 1,850 June 3986.50 4043.25 3981.75 4035.75 52.75 2,124,752
Secondary market MBS 4.629 63.070 4.665 0.286
Canada 6.70 6.70 6.70 2.70 July 37.90 .45 2,313 Sept 4018.00 4076.75 4014.50 4069.25 55.25 4,121
Fannie Mae Cotton (ICE-US)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
Japan 1.475 1.475 1.475 1.475 Notes on data:
May 77.30 79.16 77.22 77.85 .63 93,156
30-year mortgage yields June 2435.90 2488.50 2434.10 2476.90 44.80 41,756
U.S. prime rate is the base rate on corporate
Dec 78.80 80.53 78.80 79.54 .73 46,912 Sept 2493.30 43.60 n.a.
Policy Rates 30 days 6.015 6.010 6.812 3.995 loans posted by at least 70% of the 10 largest
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
U.S. banks, and is effective February 2, 2023. Mini Nasdaq 100 (CME)-$20 x index
Euro zone 3.00 3.00 3.00 0.00 60 days 6.037 6.036 6.988 4.066 May 238.00 240.40 235.55 238.50 .35 8,375 June 12699.75 12898.25 12676.50 12867.25 178.75 212,143
Other prime rates aren’t directly comparable;
Switzerland 1.50 1.50 1.50 0.00 lending practices vary widely by location; July 230.50 231.95 228.60 231.20 .65 981 Sept 12819.00 13031.00 12805.50 13000.75 187.00 999
Britain 4.00 4.00 4.00 0.75 Other short-term rates Discount rate is effective February 2, 2023. Mini Russell 2000 (CME)-$50 x index
Australia 3.60 3.60 3.60 0.10 Secured Overnight Financing Rate is as of Interest Rate Futures June 1763.90 1808.20 1761.10 1793.30 32.60 483,845
Week 52-Week March 20, 2023. DTCC GCF Repo Index is Sept 1793.30 1819.20 1774.20 1806.50 32.40 34
Overnight repurchase Latest ago high low Depository Trust & Clearing Corp.'s weighted Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mini Russell 1000 (CME)-$50 x index
.
average for overnight trades in applicable March 142-100 142-100 140-050 140-130 –1-21.0 443
U.S. 4.58 4.58 4.59 0.15 CUSIPs. Value traded is in billions of U.S. dollars. June 2203.00 2216.30 2182.20 2211.70 29.70 6,802
Call money June 141-200 142-170 139-310 140-080 –1-21.0 1,427,526
U.S. Dollar Index (ICE-US)-$1,000 x index
ly
Federal-funds rates are Tullett Prebon rates as Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
U.S. government rates 6.50 6.50 6.50 2.25 of 5:30 p.m. ET. June 102.96 103.15 102.64 102.90 –.04 33,959
March 130-240 130-240 128-140 128-230 –1-09.0 5,239
Sources: Federal Reserve; Bureau of Labor Sept 102.75 102.85 102.50 102.62 –.04 496
Discount Commercial paper (AA financial) June 131-070 131-280 129-270 130-000 –1-14.0 1,215,413
Statistics; DTCC; FactSet; Treasury Notes (CBT)-$100,000; pts 32nds of 100%
4.75 4.75 4.75 0.50 90 days n.a. n.a. 4.84 0.61 Tullett Prebon Information, Ltd. March 114-150 114-210 113-190 113-205 –30.5 500 Source: FactSet
Exchange-Traded Portfolios | WSJ.com/ETFresearch

on Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
us ,
Closing Chg YTD iShMSCIEAFEValue EFV 47.24 1.88 3.0 JPMEquityPrem JEPI 53.40 0.74 –2.0 SPDR S&P Div SDY 121.10 0.46 –3.2 VangdMC VO 206.57 1.55 1.4
l
Tuesday, March 21, 2023

ETF Symbol Price (%) (%) iShNatlMuniBd MUB 106.48 –0.33 0.9 JPM UltShIncm JPST 50.29 –0.06 0.3 TechSelectSector XLK 144.69 0.81 16.3 VangdMC Val VOE 131.64 1.20 –2.7
Closing Chg YTD
e
iSh1-5YIGCorpBd IGSB 50.21 0.14 0.8 SPDRBbg1-3MTB BIL 91.73 ... 0.3 UtilitiesSelSector XLU 65.65 –2.01 –6.9 VangdMBS VMBS 46.26 –0.30 1.6
al a
ETF Symbol Price (%) (%) iShCoreS&P MC IJH 245.59 1.76 1.5 iSh1-3YTreaBd SHY 81.86 –0.38 0.9 SPDR DJIA Tr DIA 325.62 1.03 –1.7 VangdRealEst VNQ 81.11 –0.44 –1.7
VangdInfoTech VGT 371.35 1.13 16.3
CnsmrDiscSelSector XLY 145.43 2.76 12.6 iShCoreS&P SC IJR 95.94 1.67 1.4 iShPfd&Incm PFF 30.37 1.71 –0.5 SPDR Gold GLD 180.37 –1.89 6.3 VangdS&P500ETF VOO 367.88 1.31 4.7
VangdSC Val VBR 156.64 1.88 –1.4
CnsStapleSelSector XLP 72.70 –0.08 –2.5 iShCoreS&PTotUS ITOT 88.63 1.49 4.5 iShRussMC IWR 68.37 1.67 1.4 SPDRPtfDevxUS SPDW 31.11 1.34 4.8 VangdST Bond BSV 76.02 –0.28 1.0
VangdExtMkt VXF 137.70 2.15 3.6
ci on
DimenUSCoreEq2 DFAC 24.91 1.59 2.6 iShCoreTotalUSDBd IUSB 45.71 –0.22 1.7 iShRuss1000 IWB 220.15 1.41 4.6 SPDRS&P500Value SPYV 39.63 1.23 1.9 VangdSTCpBd VCSH 75.68 0.19 0.7
VangdDivApp VIG 151.17 0.90 –0.4
EnSelSectorSPDR XLE 80.39 3.46 –8.1 iShCoreUSAggBd AGG 98.80 –0.30 1.9 iShRuss1000Grw IWF 238.01 1.51 11.1 SPDRPtfS&P500 SPLG 46.88 1.27 4.2 VangdShtTmInfltn VTIP 47.33 –0.23 1.3
VangdFTSEAWxUS VEU 51.78 1.15 3.3
FinSelSectorSPDR XLF 31.96 2.53 –6.5 iShESGAwareUSA ESGU 88.58 1.43 4.5 iShRuss1000Val IWD 149.53 1.32 –1.4 SPDRS&P500Growth SPYG 53.98 1.45 6.5 VangdShortTrea VGSH 58.31 –0.38 0.8
iShEdgeMSCIMinUSA USMV 70.88 0.14 –1.7 VangdFTSEDevMk VEA 43.76 1.30 4.3
HealthCareSelSect XLV 127.73 0.61 –6.0 iShRussell2000 IWM 176.65 1.84 1.3 SPDR S&P 500 SPY 398.91 1.31 4.3 VangdSC VB 186.06 1.88 1.4
iShEdgeMSCIUSAQual QUAL 121.34 1.11 6.5 VangdFTSE EM VWO 39.19 1.06 0.5
IndSelSectorSPDR XLI 98.68 1.16 0.5 iShS&P500Grw IVW 62.49 1.43 6.8 SchwabIntEquity SCHF 33.75 1.23 4.8 VangdTaxExemptBd VTEB 50.06 –0.14 1.2
310.34 1.43 16.5 iShGoldTr IAU 36.80 –1.87 6.4 VangdFTSE Europe VGK 59.09 1.91 6.6
InvscQQQI QQQ iShS&P500Value IVE 148.43 1.22 2.3 SchwabUS BrdMkt SCHB 46.85 1.47 4.6 VangdTotalBd BND 73.20 –0.27 1.9
InvscS&P500EW RSP 140.98 1.34 –0.2 iShiBoxx$InvGrCpBd LQD 108.19 0.48 2.6 iShSelectDiv DVY 115.65 0.85 –4.1 SchwabUS Div SCHD 72.33 1.06 –4.2 VangdGrowth VUG 242.12 1.61 13.6 VangdTotIntlBd BNDX 48.81 –0.49 2.9
iShCoreDivGrowth DGRO 49.17 0.92 –1.7 iShJPMUSDEmBd EMB 84.81 0.71 0.3 iSh7-10YTreaBd IEF 98.00 –0.87 2.3 SchwabUS LC SCHX 47.28 1.35 4.7 VangdHlthCr VHT 236.01 0.70 –4.9 VangdTotIntlStk VXUS 53.48 1.19 3.4
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iShCoreMSCIEM IEMG 47.19 0.98 1.0 iShMSCIACWI ACWI 88.57 1.33 4.3 iShTIPSBondETF TIP 108.49 –0.21 1.9 SchwabUS SC SCHA 41.31 1.95 2.0 VangdIntermBd BIV 75.77 –0.53 2.0 VangdTotWrldStk VT 89.50 1.31 3.8
iShCoreMSCITotInt IXUS 60.02 1.23 3.7 iShMSCI EAFE EFA 69.26 1.51 5.5 iSh20+YTreaBd TLT 105.00 –0.86 5.5 Schwab US TIPs SCHP 52.80 –0.19 2.0 VangdIntrCorpBd VCIT 79.20 0.16 2.2 VangdValue VTV 136.09 1.11 –3.0
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ADVERTISEMENT
m rp
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
co Fo
CAREERS CAREERS NOTICE OF SALE BUSINESS OPPORTUNITIES
Senior Consultant Finance-Vice President NOTICE OF PUBLIC UCC SALE

The Capital Markets Company seeks Sr Con-
(New York, NY): Partner with business groups
Openpay Pty Ltd (Receivers and Managers Appointed)

sultant in NY, NY to provide cross-functional PLEASE TAKE NOTICE, that in accordance with
project delivery that spans various products, to understand their sources of liquidity risk & the
impact on the company’s risk appetite. Lead applicable provisions of the Uniform Commercial Code
platforms, & srvcs offered by Wealth & Asset as enacted in New York, by virtue of certain Event(s)
Mgrs. Req’mnts: Bachelor’s or foreign equiv in deep dive & ad hoc projects on Liquidity & of Default under that certain Ownership Interests
Comp Apps, CS, Info. Systs or rel. field & 5 yrs Treasury Risk matters to ensure compliance Pledge and Security Agreement dated as of June 24,
of progressively responsible exp in job offered with regulatory requirements, including coordi- 2021 ( “Haight Street Pledge Agreement”) executed
or rel. occupation: implementing & delivering nation with businesses, Treasury, Risk, IT, & and delivered by 41 Haight Street Mezzanine, LLC (“41
Reporting teams on both a local & global basis. Haight Street Pledgor”) and that certain Ownership
Distributed Ledger Tech (DLT) platform to re- Interests Pledge and Security Agreement dated as
solve cross-border payment issues; validating Provide coverage of various products, busi-
nesses, & liquidity metrics & topics for stress of June 24, 2021 (“Haight Street Townhouse Pledge
SWIFT payment messages & fulfilling payment Agreement”; together with Haight Street Pledge
transactions using crypto-currencies & stable-
coins; utilizing blockchain enabled softw& srvcs
testing, liquidity coverage ratio, net stable fund-
ing ratio, internal liquidity adequacy assess-
Agreement, collectively, the “Pledge Agreements”)
executed and delivered by 41 Haight Street Townhouse
Barry Kogan, Jonathan Henry and Rob Smith in their capacity
for wealth mgmt transactions; performing bus.
analyses incl custody of Digital Assets& Cryp-
ment process, intraday, cash flows, & secured
& unsecured funding. Apply knowledge of finan-
Mezzanine, LLC (“41 Haight Street Townhouse Pledgor”;
together with 41 Haight Street Pledged, collectively, as Receivers and Managers of Openpay Pty Ltd, are seeking
“Pledgor”), Haight Street Mixed Use LLC (the
expressions of interest for the highly differentiated Openpay
n-
tocurrencies, digital asset custodial srvcs, digi- cial risk modeling; programming in Python & R;
quantitative stress testing; &, liquidity/funding “Secured Party”) will offer for sale at public auction
tal asset custody providers, global digital assets all of Pledgor’s right, title, and interest in and to the
risk, treasury, or asset liability management.
regulatory landscape & framework to scale cus-
todial srvcs internationally; presenting & pro- Req’s Master’s degr plus 3 yrs exp. The salary
range is $146,370 - $210,000 annually, based
following: (i) 100% of the limited liability membership
interests in 41 Haight Street Owner, LLC; (ii) all other
B2C ‘Buy Now, Pay Later’ embedded consumer finance platform,
ducing analysis results, & dvlpng growth strate-
gies by sourcing data, dsgn’g framework, secu- on various factors such as experience, educa-
tion, skills, internal & external market data, etc.
collateral pledged pursuant to the Haight Street Pledge
Agreement (collectively, (i) and (ii) are the “Haight
Street Collateral”); (iii) 100% of the limited liability
with global application having been operational in the United
no
rity considerations, econ. sanctions, country

risks, regulatory compliance, & reporting & dis- Please forward your resume to Credit Suisse,
P.O. Box AL176CSNY, 909 Third Avenue, 15th
membership interests in 41 Haight Street Townhouse
Owner, LLC (together with 41 Haight Street Owner,
States, Australia and the United Kingdom.
closure concerns; & performing project mgmt LLC, collectively, “Companies” and, each individually,
activities, incl dvlpng platforms, governing pro- Floor, New York, NY 10022. No phone calls.
“Company”); and (iv) all other collateral pledged
ject timelines, dvlpng stakeholder presentation pursuant to the Haight Street Townhouse Pledge
decks, & regulatorycompliance mgmt. In alter-
native, employer will accept Master’s in above
Agreement (collectively, (iii) and (iv) are the “Haight
Street Townhouse Collateral”).
The sale process represents an opportunity to purchase the B2C
listed fields & 3 yrs of exp in above listed skills.
50% trvl req’d. Offered salary: $140,000-
NOTICE OF SALE Based upon information provided by Pledgor and its
affiliates, Secured Party’s understanding (made without Openpay platform on an exclusive basis or non-exclusive basis.
any representation or warranty by Secured Party as to
$140,000. 40 hrs/wk. Pls email resume to the accuracy or completeness of the following matters)
Rossy.perez@capco.com. Ref: BD022323 LA. NOTICE OF UCC PUBLIC AUCTION SALE is that: (i) 41 Haight Street Pledgor owns 100% of
PLEASE TAKE NOTICE, that in accordance with
applicable provisions of the Uniform Commercial Code
the limited liability company membership interests
in 41 Haight Street Owner, LLC; (ii) 41 Haight Street Key investment highlights include; a loan management system,
Finance-Transaction Execution
Group Associate
of the States of Delaware and New York (as applicable),
CPIF WTB, LLC, a Washington limited liability company
Townhouse Pledgor owns 100% of the limited liability
company membership interests in 41 Haight Street
Townhouse Owner, LLC; (iii) the principal asset of the
ease of access through native consumer applications and
(as successor-in-interest to CPIF Lending, LLC, the
(New York, NY): Review, analyze, & negotiate
investment banking transactions, including
“Secured Party”), will sell at public auction all limited
liability company interests held by 44 Hudson JV LLC,
41 Haight Street Townhouse Owner, LLC is that certain
fee interest in real property commonly known as 41-27
integrations, as well as a merchant portal, all having proven
credit documentation, & monitor requests for
new deals, new participations, amendments,
a New York limited liability company (“Pledgor”), in
44 Prime Manhattan Development LLC, a Delaware
Haight Street, Queens, NY (“41-27 Haight”); (iv) the
principal asset of the 41 Haight Street Owner, LLC is that
certain fee interest in real property commonly known as
transaction volume at scale.
extensions, & waivers. Develop credit memos & limited liability company (such entity, the “Pledged
supporting credit request documentation to ob- Entity”; such interests, the “Equity Interests”). The 41-31 Haight Street, Queens NY (“41-31 Haight”); and
Equity Interests secure indebtedness owing by Pledgor (v) 41-27 Haight and 41-31 Haight are encumbered and
tain credit risk management approvals for loan to Secured Party in a principal amount of not less than subject to, among other things, a first priority mortgage
commitments, amendments, waivers, & further $11,150,000.00 plus unpaid interest, attorneys’ fees held by Haight Senior LLC (as successor by assignment
adjustments of existing credit agreements. Per- and other charges including the costs to sell the Equity to CREIF 216 LLC) securing indebtedness in the original
form financial analysis, including creating mar- Interests (“Debt”). principal amount of $15,700,000.00.
ket-based pricing shortfall analysis as well as The public auction sale will be held at 2:00 p.m. (EST) Mannion Auctions, LLC (“Mannion”), under the Offers are urgently sought by no later than Tuesday, 28 March 2023.
economic contribution & marginal return on on May 3, 2023 (“Public Sale”) by virtual bidding via direction of Matthew D. Mannion, licensed auctioneer
capital analysis for different kinds of financing Zoom via the following Zoom meeting link: https://bit. (DCA #1434494) (the “Auctioneer”), will conduct a
public sale consisting of the Collateral (as set forth in
Interested parties can contact Laura Cafari of McGrathNicol at
ly/44HudsonUCC (case sensitive), meeting ID: 859 3529
transactions. Handle new financing opportuni-
ties & liaise with Investment Banking coverage 7378, passcode: 042629 (or by telephone at +1-646-558-
8656 (US), using same meeting ID and passcode). The
Schedule A below) on May 5, 2023 at 3:00pm via Zoom,
Meeting link: https://bit.ly/HaightUCC; Meeting ID:
openpaysalesprocess@mcgrathnicol.com.
professionals on origination issues. Create Public Sale will be conducted by auctioneer Matthew 886 6956 6134, Password: 818653. One tap mobile:
funds flows & monitor closing processes for D. Mannion, of Mannion Auctions, LLC, New York City +16465588656,, 88669566134#,,,,*818653# US (New
bank-led deals. Interact with attorneys, clients, Division of Consumer Affairs Licensed Auctioneer, York); +16469313860,,88669566134#,,,, *818653# US.
sponsors, & product specialists on credit docu- License No. 1434494. Dial by your location: +1 646 558 8656 US (New York).
mentation & other required documents to At the Public Sale, Secured Party reserves the right The Collateral will be sold to the qualified bidder BUSINESS OPPORTUNITIES NOTICE OF SALE
to: (i) credit bid up to the amount of the Debt; (ii) set submitting the highest and best bid; provided, however,
achieve each milestone of a transaction. Req’s that Secured Party reserves the right to (i) for itself
Master’s degr plus 2 yrs exp. The salary range minimum price(s) for the Equity Interests; (iii) reject
bids, in whole or in part; (iv) cancel or adjourn the Public and any assignee, bid (whether by cash and/or by
is $125,000 - $225,000 annually, based on var-
ious factors such as experience, education,
Sale, in whole or in part; and (v) establish the terms and
conditions of the Public Sale (“Terms of Public Sale”).
crediting some or all of its secured claim) and to become
the purchaser at the sale, (ii) reject any and all bids,
alliance mortgage fund
skills, internal & external market data, etc. (iii) cancel the sale in its entirety, and/or (iv) adjourn
Please forward your resume to Credit Suisse,
P.O. Box D118CSNY, 909 Third Avenue, 15th
Floor, New York, NY 10022. No phone calls.
Secured Party’s understanding, without making
any representation or warranty as to accuracy or
completeness, is that the principal asset of the Pledged
Entity is the real property located at 44 Hudson St., New
the sale. The sale is being held to enforce Secured
Party’s rights in the Collateral which secures payment
of outstanding indebtedness owing from Pledgor to
7%-8% Return
York, NY, which includes a vacant, 10,992 sq. foot mixed-
used building.
Secured Party, following Pledgor’s defaults under
applicable loan documents. There shall be no warranty REAL ESTATE SECURED
Finance-Financial Quantitative Prospective and winning bidder(s) will be required
to represent in writing to Secured Party that they will
or representations relating to title, possession, quiet
enjoyment, merchantability, fitness, or the like, in this
FIXED INCOME FUND
Analyst adhere to the Terms of Public Sale and are purchasing
the Equity Interests for their own account, not acquiring
disposition.
The public sale of the Collateral shall be subject to
SEEKING RIA’S & Mr. Claudio Sforza, in his capacity of Attorney of the segregated perimeter (patrimonio destinato) set up pursuant
to articles 2447bis et seq. of Italian Civil code by virtue of Astaris S.p.A. (formerly Astaldi S.p.A.) Board of Directors’
(New York, NY): Design, develop, & present
quantitative enhancements to the Factor Li- them with a view toward the sale or distribution
thereof and will not resell the Equity Interests unless
the further terms and conditions set forth in the
“Terms of Sale” (including without limitation terms and
ACCREDITED INVESTORS resolution dated 2020, May 24th by deed of notary in Rome, Salvatore Mariconda, registered in the Commercial
Register on 2020, May 27th, and in his capacity of Sole Representative of Gestione Concessioni S.p.A., having the
brary framework & Company Scorecard tool us-
ing company data & equity valuation frame-
pursuant to a valid registration under applicable federal conditions with respect to the availability of additional CALL: necessary powers
866-700-0600
and/or state securities laws, or a valid exemption information, bidding requirements, deposit amounts, INFORMS
work. Review & finalize strategy to process & from the registration thereunder. The Equity Interests bidding procedures, and the consummation of the public
store historical & current factor & facet data for have not been registered under such securities laws sale), which are available by contacting the broker for That he intends to proceed to the sale of entire interest of the segregated perimeter of Astaris S.p.A. and Gestione
global companies. Develop quantitative tools to and cannot be sold by the winning bidder(s) without Secured Party, Brock Cannon, Head of National Sales, Concessioni S.p.A. in Ankara Etlik Hastane Saglik Hizmetleri Isletme Yatirim A.S. (“Etlik”) concessionaire of the
research, visualize, & report analytical & aggre- registration or application of a valid exemption. The Newmark, 125 Park Avenue, New York, New York ALLIANCE PORTFOLIO Ankara Etlik Integrated Health Campus in Ankara (Turkey).
gate data. Extract insights from financial mod- Equity Interests will be offered for sale at the Public 10017, (212) 372-2066, brock.cannon@nmrk.com (the 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 Those wishing to acquire more information about the project and the access to this procedure for the selection of a
Auction “as-is, where-is”, and there are no express or “Broker”). Upon execution of a confidentiality and non- www.AlliancePortfolio.com potential buyer are invited to make a request to the following email address in order to obtain the project teaser,
els to generate industry & company specific re- implied warranties or representations relating to title, disclosure agreement, additional documentation and RE Broker • CA DRE • 02066955 Broker License ID along with the confidentiality agreement and the appropriate format to be used for any expression of interest,
ports for clients. Apply knowledge of financial possession, quiet enjoyment, merchantability, fitness, information will be made available. Parties interested
data analysis & equity valuation with data sci- or the like as to the Equity Interests. THIS NOTICE in bidding must contact the Broker well in advance to be returned duly signed, no later than the peremptory deadline of 6:00 p.m. (CET time) on March 28th, 2023.
ence & data management techniques; data- DOES NOT CONSTITUTE AN OFFER TO SELL, NOR THE of the auction to receive the Terms of Sale, bidding Upon receipt of the signed documents an information memorandum, comprising of the Etlik’s business plan, and a
driven applications used in investment banking SOLICITATION OF AN OFFER TO BUY, THE DISPOSITION instructions, and required deposit and registration COMMERCIAL REAL ESTATE process letter containing indications for the possible submission of a non-binding offer will be provided. Anyone who
businesses; factor data research & related ASSETS TO OR FROM ANYONE IN ANY JURISDICTION information. Parties who do not qualify to bid prior to intends to access the virtual data room and initiate due diligence is invited to submit a non-binding offer no later
quantitative methods; financial model develop- IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT 10:00 a.m. New York time on April 28, 2023 and deliver than the peremptory deadline of 6:00 p.m. (CEST time) on April 11th, 2023, according to the indications set out in
AUTHORIZED. a good faith deposit of $160,000 by 10:00 a.m. New York the aforementioned process letter. Bidders who will be selected to participate in this further phase will be provided
ment & support; portfolio analysis, portfolio at- time on May 4, 2023 will forfeit their opportunity to
tribution, & systematic portfolio rebalance; Parties interested in bidding on the Equity Interests
must contact Brock Cannon, Secured Party’s broker, register and may be barred from bidding. Only qualified  FOR SALE SO. TEXAS  with a further process letter relating to such second phase.
The deadline set forth in this procedure for the receipt of a binding offer is approximately mid-May 2023, provided
Bloomberg; FactSet; Axioma Portfolio; Sybase; NEWMARK (“Broker), via email at NewmarkUCCTeam@ bidders will be permitted to bid. All deposits must be
ClariFi; &, statistical languages (R, Python, & ngkf.com. Upon execution of a standard non-disclosure paid via wire transfer. Persons interested in bidding A 98% LEASED SHOP. that a precise indication on the timing of the sale procedure will be provided during the course of this procedure.
Incorta). Req’s Master’s degr plus 2 yrs exp or agreement, additional documentation and information should contact the Broker to obtain wire transfer Each of the aforementioned documents should be sent by the relevant deadlines to the following email address:
Bachelor’s degr plus 5 yrs exp. The salary is will be available. Interested parties who do not contact instructions. Within 24 hours after the conclusion of the CTR UNDER $100 PSF etlikproject@astaldi.com.
Broker and register before the Public Sale will not auction the successful bidder must deliver an additional
$200,000 annually. Please forward your re-
sume to Credit Suisse, P.O. Box D125CSNY, be permitted to participate in bidding at the Public deposit to the Secured Party such that the successful GROCERY ANCHORED AT $6.3M Mr. Claudio Sforza
Sale. Additional information can be found at https:// bidder has deposited an amount equal to 10% of the
909 Third Avenue, 15th Floor, New York, NY rimarketplace.com/listing/29974/ucc-foreclosure-sale- successful bid. CALL/EMAIL, B. BROOKS, BROKER,
10022. No phone calls. mixed-use-building-new-york-ny. (512) 328-7800, bb3105@Hotmail.com
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32560.60 s 316.02, or 0.98% Trailing P/E ratio 21.61 19.33 4002.87 s 51.30, or 1.30% Trailing P/E ratio * 17.62 24.53 11860.11 s 184.57, or 1.58% Trailing P/E ratio *† 25.37 32.75
High, low, open and close for each P/E estimate * 17.04 18.00 High, low, open and close for each P/E estimate * 17.93 16.52 High, low, open and close for each P/E estimate *† 24.72 24.97
trading day of the past three months. Dividend yield 2.15 2.03 trading day of the past three months. Dividend yield * 1.73 1.42 trading day of the past three months. Dividend yield *† 0.89 0.71
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
Current divisor 0.15172752595384

34300 4150 12300
33750 4075 11900
33200 4000 11500
Session high 32650 3925 11100

DOWN UP
t
Session open Close 65-day moving average

32100 3850 65-day moving average 10700
Close Open
t
65-day moving average
Session low 31550 3775 10300
Bars measure the point change from session's open

31000 3700 9900
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,137,673,830 12,089,825
Industrial Average 32593.68 32346.12 32560.60 316.02 0.98 35294.19 28725.51 -6.5 -1.8 19.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 923,905,435 6,750,169
Transportation Avg 14092.81 13852.33 13993.97 229.26 1.67 16718.54 11999.40 -15.3 4.5 27.0 Most-active issues in late trading Decl. volume* 190,522,064 4,590,626
Utility Average 932.12 896.82 909.10 -22.36 -2.40 1071.75 838.99 -8.1 -6.0 12.1 Volume After Hours Issues traded 3,154 319
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40169.14 39809.44 40100.72 564.29 1.43 46941.20 36056.21 -12.3 4.1 20.2 Advances 2,392 170
Finl Select Sector SPDR XLF 17,325.9 31.90 -0.06 -0.19 32.03 31.90
Barron's 400 926.99 904.55 925.05 20.50 2.27 1051.05 825.73 -10.8 0.5 25.4 Declines 679 130
SPDR S&P 500 Value SPYV 13,654.5 39.81 0.18 0.45 39.81 39.28
Unchanged 83 19
Nasdaq Stock Market Certara CERT 11,704.6 24.72 … unch. 24.79 24.52 New highs 25 4
Nasdaq Composite 11879.16 11724.91 11860.11 184.57 1.58 14619.64 10213.29 -15.9 13.3 19.9 SPDR S&P 500 ETF Trust SPY 9,047.5 398.85 -0.06 -0.02 399.21 397.41 New lows 44 14
Nasdaq-100 12762.45 12582.76 12741.44 178.83 1.42 15239.32 10679.34 -13.1 16.5 22.1 GameStop Cl A GME 7,972.1 26.40 8.75 49.58 26.45 17.60 Closing Arms† 0.65 0.97
Exponent EXPO 7,729.4 98.33 … unch. 98.33 98.10 Block trades* 4,887 127
S&P
.
First Republic Bank FRC 6,991.3 14.42 -1.35 -8.56 16.38 13.76
500 Index 4009.08 3971.19 4002.87 51.30 1.30 4631.60 3577.03 -11.3 4.3 20.2 Nasdaq NYSE Arca
ly
Bank of America BAC 6,553.4 28.52 -0.07 -0.24 28.64 28.51
MidCap 400 2468.59 2440.20 2458.12 44.08 1.83 2773.72 2200.75 -9.4 1.1 25.0 Total volume*4,829,875,146 338,319,884
SmallCap 600 1179.90 1163.23 1168.10 19.11 1.66 1357.33 1064.45 -12.6 0.9 24.5 Percentage gainers… Adv. volume*3,807,929,529 238,568,582
GameStop Cl A GME 7,972.1 26.40 8.75 49.58 26.45 17.60 Decl. volume* 991,239,844 99,074,392
Other Indexes
Russell 2000
NYSE Composite
Value Line
1788.37 1761.87 1777.74
15010.58 14777.70 14985.95 208.25
547.16 536.49 545.61
32.75
9.12
on
1.88
1.41
1.70
2133.10 1649.84
17014.76 13472.18
653.15 491.56
-14.9
-10.5
-14.8
0.9
-1.3
1.7
20.6
17.9
20.3
Maxpro Cap Acqn Cl A JMAC
AMC Entertainment
Hudson Pacific Properties HPP
AMC
54.4
2,616.9
264.9
10.25
4.70
6.95
1.40
0.29
0.40
15.82
6.58
6.11
14.00
4.77
6.95
9.20
4.38
6.50
Issues traded
Advances
Declines
Unchanged
4,728
3,311
1,211
206
1,746
1,368
368
10
NYSE Arca Biotech 5215.87 5159.68 5186.40 21.90 0.42 5644.50 4208.43 0.9 -1.8 9.3
Syndax Pharmaceuticals SNDX 187.7 24.22 1.15 4.98 24.22 23.07
New highs 60 3
us ,
NYSE Arca Pharma 814.55 807.66 814.06 2.39 0.29 887.27 737.84 -1.8 -6.2 16.5 ...And losers New lows 127 18
l
KBW Bank 84.00 81.55 83.35 3.94 4.96 132.22 78.80 -37.0 -17.4 11.2 6,991.3 14.42 -1.35 16.38 13.76 Closing Arms† 0.71 1.60
e
First Republic Bank FRC -8.56
al a
PHLX§ Gold/Silver 123.80 120.25 121.50 -4.17 -3.32 167.76 91.40 -22.8 0.5 20.1 Customers Bancorp CUBI 62.9 18.80 -0.97 -4.91 19.97 18.80 Block trades* 29,862 1,546
PHLX§ Oil Service 77.87 76.47 77.14 2.58 3.46 93.94 56.08 -0.5 -8.0 49.9 Cerence CRNC 140.2 25.28 -1.02 -3.88 26.30 25.28 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 3169.86 3071.21 3116.89 2.18 0.07 3625.58 2162.32 -9.5 23.1 33.9 KKR KKR 57.5 49.11 -1.92 -3.76 51.20 49.11 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 24.16 21.29 21.38 -2.77 -11.47 34.75 17.87 -6.8 -1.3 -31.3 Luminar Technologies LAZR 183.5 7.44 -0.29 -3.75 7.81 7.38 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

er s
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er
World MSCI ACWI 627.63 7.60 1.23 3.7 Envirotech Vehicles EVTV 3.00 0.75 33.33 7.60 1.78 -55.7 Altimmune ALT 4.95 -5.97 -54.67 23.49 3.83 -29.2
MSCI ACWI ex-USA 288.21 2.90 1.02 2.5 First Republic Bank FRC 15.77 3.59 29.47 174.21 11.52 -90.8 Check-Cap CHEK 1.75 -1.28 -42.24 9.20 1.60 -78.9
MSCI World 2711.84 33.55 1.25 4.2 Mawson Infrastructure MIGI 3.50 0.75 27.27 33.78 1.15 -86.9 Ambipar Emergency Resp AMBI 9.90 -4.22 -29.89 50.50 5.26 -0.1
MSCI Emerging Markets 952.45 9.47 1.00 –0.4 On Holding ONON 27.26 5.69 26.38 29.18 15.44 -1.8 Sigmatron SGMA 2.34 -0.79 -25.24 9.83 2.25 -74.2
m rp
Americas MSCI AC Americas 1518.13 19.71 1.32 4.2 Eargo EAR 4.92 0.92 23.00 116.80 4.00 -95.5 Maxpro Cap Acqn Cl A JMAC 8.85 -2.84 -24.29 15.78 7.50 -11.4
Canada S&P/TSX Comp 19654.92 135.49 0.69 1.4 Unity Biotechnology UBX 4.12 0.71 20.82 18.50 2.09 -69.3 First Majestic Silver AG 5.76 -1.68 -22.58 14.59 5.53 -58.2
Latin Amer. MSCI EM Latin America 2099.85 23.29 1.12 –1.3 Aravive ARAV 2.46 0.42 20.59 2.46 0.58 27.5 Viking Therapeutics VKTX 9.38 -2.25 -19.35 11.99 2.02 181.7
Brazil BOVESPA 100998.13 75.24 0.07 –8.0 CareMax CMAX 3.36 0.57 20.43 8.82 2.41 -60.1 ProFrac Holding Cl A ACDC 11.93 -2.74 -18.68 27.00 11.88 ...
Chile S&P IPSA 3155.38 76.86 2.50 –0.5 BIT Mining ADR BTCM 2.74 0.46 20.18 31.76 1.40 -90.3 HUYA ADR HUYA 3.32 -0.60 -15.31 6.50 1.64 -37.6
co Fo
Mexico S&P/BMV IPC 52652.65 727.04 1.40 8.6 Kala Pharmaceuticals KALA 15.15 2.53 20.05 93.50 3.54 -80.9 9F ADR JFU 1.83 -0.29 -13.68 23.00 1.52 -89.4
EMEA STOXX Europe 600 446.47 5.87 1.33 5.1 Babylon Holdings BBLN 7.17 1.15 19.10 113.75 5.75 -93.5 Belite Bio ADR BLTE 25.61 -3.89 -13.19 44.70 8.80 ...
Eurozone Euro STOXX 445.79 7.16 1.63 8.7 PacWest Bancorp PACW 12.21 1.93 18.77 46.76 5.00 -73.7 Convexity Dly 1.5x Spikes SPKY 14.82 -2.19 -12.87 37.50 12.21 ...
Belgium Bel-20 3685.24 54.25 1.49 –0.4 Atlas Lithium ATLX 16.74 2.63 18.64 23.51 1.55 168.9 FG Financial Group FGF 2.18 -0.32 -12.80 4.03 1.31 -29.0
Denmark OMX Copenhagen 20 1917.60 25.85 1.37 4.5 Dragonfly Energy DFLI 4.71 0.72 18.05 28.75 2.61 -53.2 Zedge Cl B ZDGE 1.92 -0.28 -12.73 6.46 1.62 -67.3
1.42 9.9 GraniteSh 1.5x Lg Coin CONL 14.52 2.18 17.67 24.43 3.80 ... Roivant Sciences ROIV 7.64 -1.07 -12.28 10.00 2.52 39.7
France CAC 40 7112.91 99.77
Germany DAX 15195.34 261.96 1.75 9.1
Israel Tel Aviv 1744.67 13.64 0.79 –2.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26554.33 654.76 2.53 12.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 736.18 7.13 0.98 6.8
0.87 –2.2 Mullen Automotive MULN 222,512 -1.1 0.14 6.82 3.60 0.13 Invsc RAFI Strat Dev xUS ISDX 9,249 11062 27.63 -0.07 30.61 22.82
Norway Oslo Bors All-Share 1333.28 11.55
South Africa FTSE/JSE All-Share 74271.06 … Closed 1.7 First Republic Bank FRC 217,200 1256.7 15.77 29.47 174.21 11.52 Hawks Acquisition Cl A HWKZ 1,460 7947 10.15 ... 10.40 9.70
n-
Spain IBEX 35 9049.40 216.30 2.45 10.0 Credit Suisse Group ADR CS 209,576 435.9 0.97 2.46 8.35 0.90 Exponent EXPO 11,684 5729 98.33 0.98 112.75 80.97
1.30 4.3 Tesla TSLA 152,637 -15.1 197.58 7.82 384.29 101.81 Invsc S&P SC Low Vol XSLV 3,350 5030 42.90 1.54 50.23 40.55
Sweden OMX Stockholm 815.80 10.50
ProShares UltraPro QQQ TQQQ 134,169 -29.6 25.88 4.23 62.96 16.10 Certara CERT 29,528 3771 24.72 8.14 24.83 10.60
Switzerland Swiss Market 10792.58 148.94 1.40 0.6
Turkey BIST 100 4906.63 –68.84 –1.38 –10.9 Finl Select Sector SPDR XLF 115,853 128.6 31.96 2.53 40.01 29.59 Invsc FTSE Dev Mkts xUS PXF 3,694 3401 42.80 1.54 47.05 34.56
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U.K. FTSE 100 7536.22 132.37 1.79 1.1 ProSh UltraPro Shrt QQQ SQQQ 104,373 -22.6 32.74 -4.18 69.55 31.17 Schultze Special II Cl A SAMA 262 3121 10.26 -0.19 10.28 9.76
1.54 –0.4 Cerberus Cyber Sentinel CISO 101,264 13046.4 0.39 67.87 10.78 0.23 Healthwell Acquisition I HWEL 1,250 2792 10.13 ... 10.67 9.63
U.K. FTSE 250 18779.10 283.97
SPDR S&P 500 ETF Trust SPY 91,215 0.8 398.91 1.31 462.07 348.11 CIIG Capital Partners II CIIG 1,647 2758 10.35 0.19 10.98 9.84
Asia-Pacific MSCI AC Asia Pacific 156.18 0.61 0.39 0.3
ProSh Ult Bbg Nat Gas BOIL 87,997 87.0 4.57 7.78 140.50 3.93 Invsc 1-30 Lad Treasury PLW 3,143 2653 29.64 -0.74 33.87 27.35
Australia S&P/ASX 200 6955.40 56.89 0.82 –1.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3255.65 20.74 0.64 5.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19258.76 258.05 1.36 –2.6
0.77 –4.5
Scan this code
India S&P BSE Sensex 58074.68 445.72
Japan NIKKEI 225 26945.67 … Closed 3.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3173.93 34.17 1.09 –2.4 and track most-active stocks,
South Korea KOSPI 2388.35 9.15 0.38 6.8 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15513.45 93.48 0.61 9.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1577.18 21.73 1.40 –5.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004240 23585 –0.2
CREDIT MARKETS Argentina peso .0049204.9780 16.0 Europe
Brazil real .1907 5.2434 –0.8 Czech Rep. koruna .04526 22.093 –2.1
Canada dollar .7292 1.3714 1.2 Denmark krone .1446 6.9148 –0.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001215 822.75 –3.0 Euro area euro 1.0771 .9285 –0.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000208 4813.43 –0.73 Hungary forint .002769 361.12 –3.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007174 139.39 –1.5
A consumer rate against its New car loan Mexico peso .0538 18.5987 –4.6 Norway krone .0948 10.5470 7.5
benchmark over the past year 5.00% Uruguay peso .02547 39.2550 –1.8 Poland zloty .2301 4.3466 –0.7
Bankrate.com avg†: 6.76% 28% Asia-Pacific Russia ruble .01294 77.250 4.7
t
First Savings Bank of Hegewisch 4.75% 4.00 WSJ Dollar Index Sweden krona .0967 10.3379 –1.0
s Australiadollar .6669 1.4995 2.2
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14 Switzerland franc 1.0840 .9225 –0.3
China yuan .1453 6.8845 –0.2
Prime rate Tuesday Close 3.00 Turkey lira .0525 19.0306 1.8
.1275 7.8460 0.5
t
Colonial Savings, FA 5.49% Hong Kong dollar

t
6.00 0 Ukraine hryvnia .0271 36.9500 0.3
One year ago 2.00 India rupee .01209 82.702 –0.1
Garland, TX 972-495-4032
t
New car loan Euro UK pound 1.2217 .8185 –1.0

s Indonesia rupiah .0000654 15301 –1.7
5.00 First Command Bank 5.49% 1.00 –14 Japan yen .007548 132.49 1.0 Middle East/Africa
Fort Worth, TX 888-763-7600 s Kazakhstan tenge .002152 464.64 0.4 Bahrain dinar 2.6518 .3771 0.01
4.00 0.00 Yen Macau pataca .1237 8.0849 0.5 Egypt pound .0324 30.8980 24.8
Frost Bank 5.49% –28
Malaysia ringgit .2236 4.4725 1.5 Israel shekel .2735 3.6568 3.7
Houston, TX 800-513-7678 1 3 6 1 2 3 5 7 10 20 30 2022 2023
3.00 New Zealand dollar .6193 1.6147 2.5 Kuwait dinar 3.2618 .3066 0.2
Third Coast Bank, SSB 5.50% month(s) years
AM J J A S ON D J F M Pakistan rupee .00355 281.750 24.3 Oman sul rial 2.5972 .3850 0.01
Humble, TX 281-446-7000 maturity Philippines peso .0184 54.258 –2.6 Qatar rial .2728 3.665 –0.1
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7484 1.3361 –0.4 Saudi Arabia riyal .2662 3.7572 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007670 1303.84 3.3 South Africa rand .0540 18.5347 8.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031104 321.50 –12.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.25 l 4.75 4.50 Taiwan dollar .03280 30.485 –0.5
Yield (%) 52-Week Total Return (%) Thailand baht .02902 34.460 –0.5 WSJ Dollar Index 96.73 0.09 0.10 0.18
Prime rate* 7.75 7.75 3.50 l 7.75 4.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.02 4.94 0.95 l 5.15 3.81 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2136.260 3.960 4.020 4.560 2.320 –5.296 –3.903
Money market, annual yield 0.48 0.48 0.07 l 0.48 0.12
Five-year CD, annual yield 2.78 2.78 0.49 l 2.79 1.76 U.S. Treasury Long, Bloomberg 3310.400 3.840 3.880 4.570 2.540 –16.108–10.346 Commodities
30-year mortgage, fixed† 6.97 6.98 4.56 l 7.41 3.04 Aggregate, Bloomberg 1991.100 4.520 4.590 5.210 2.850 –5.523 –2.052 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.20 6.21 3.80 l 6.53 2.82 Fixed-Rate MBS, Bloomberg 1972.270 4.550 4.630 5.380 2.910 –5.743 –2.913
Jumbo mortgages, $726,200-plus† 7.06 7.01 4.59 l 7.44 3.06 DJ Commodity 974.73 2.57 0.26 1251.61 967.84 -18.36 -7.05
High Yield 100, ICE BofA 3185.214 8.076 8.092 8.753 5.329 –3.333 7.444 Refinitiv/CC CRB Index 257.68 2.51 0.98 329.59 254.03 -13.85 -7.23
Five-year adj mortgage (ARM)† 5.72 5.80 3.16 l 5.82 2.16
Muni Master, ICE BofA 566.147 3.115 3.198 3.936 2.145 –0.833 2.676 Crude oil, $ per barrel 69.33 1.69 2.50 122.11 66.74 -37.97 -13.62
New-car loan, 48-month 6.76 6.75 3.82 l 6.77 2.36
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 776.412 7.828 7.811 9.159 5.919 –6.079 1.421 Natural gas, $/MMBtu 2.348 0.125 5.62 9.680 2.073 -54.73 -47.53
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1938.00 -41.20 -2.08 1982.90 1623.30 0.90 6.50
THE WALL STREET JOURNAL. * Wednesday, March 22, 2023 | B13
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Hasbro HAS 49.73 1.35 ManulifeFinl MFC 18.00 0.13 Procter&Gamble PG 144.08 -1.05 Tenaris TS 29.63 1.18 UnionPacific UNP 189.54 -0.15 WasteConnections WCN 133.33 -2.17
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HealthcareRealty HR 18.76 -0.49 MarathonOil MRO 22.96 1.22 Progressive PGR 140.23 1.16 TencentMusic TME 7.14 -0.72 UnitedAirlines UAL 44.26 1.17 WasteMgt WM 154.51 -0.36
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four HealthpeakProp PEAK 20.90 -0.10 MarathonPetrol MPC 128.29 2.04 Prologis PLD 118.36 -0.34 Teradyne Waters WAT 308.63 8.12
TER 106.36 -0.14 UnitedMicro UMC 8.73 -0.02
that include primary market trades as well as quarters.
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Heico HEI 167.82 2.68 Markel MKL 1243.80 12.22 PrudentialFin PRU 82.45 2.14 Tesla TSLA 197.58 14.33 UPS B UPS 186.79 3.30 Watsco WSO 303.50 3.30
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Heico A HEI.A 132.90 1.88 MarketAxess MKTX 384.50 -2.09 Prudential PUK 26.10 1.28 TetraTech TTEK 142.81 1.93 UnitedRentals URI 398.29 19.84 WebsterFin WBS 41.92 2.77
Nasdaq ISE. standards HenrySchein HSIC 80.24 1.42 Marriott MAR 167.76 4.72 PublicServiceEnt PEG 58.53 -0.79 TevaPharm TEVA 8.80 0.27 US Bancorp USB 37.52 3.07 WellsFargo WFC 38.48 1.00
The list comprises the 1,000 largest companies lf-Late filing Hershey HSY 243.19 -1.35 Marsh&McLen MMC 160.42 2.21 PublicStorage PSA 292.92 -5.45 TexasInstruments TXN 178.41 -0.75 UnitedTherap UTHR 222.33 -2.78 Welltower WELL 69.39 0.26
based on market capitalization. q-Temporary exemption from Nasdaq Hess HES 126.09 4.33 MartinMarietta MLM 335.16 10.31 PulteGroup PHM 55.82 0.46 TexasPacLand TPL 1706.50 26.22 UnitedHealth UNH 480.10 3.14 WescoIntl WCC 147.56 5.84
Underlined quotations are those stocks with requirements. HessMidstream HESM 27.38 1.04 MarvellTech MRVL 41.13 0.78 PureStorage PSTG 25.08 0.76 TexasRoadhouse TXRH 106.40 0.13 UnitySoftware U 29.80 1.56 WestFraserTimber WFG 72.83 0.46
large changes in volume compared with the t-NYSE bankruptcy HewlettPackard HPE 14.75 0.31 Masco MAS 51.30 1.17 Qiagen QGEN 46.41 0.57 Textron TXT 68.70 1.46 UnivDisplay OLED 146.45 1.57 WestPharmSvcs WST 335.03 3.07
issue’s average trading volume. v-Trading halted on primary market. Hilton HLT 140.86 2.83 Masimo MASI 176.63 1.91 Qorvo QRVO 100.92 1.71 ThermoFisher TMO 556.70 6.13 WesternDigital WDC 35.47 0.27
UniversalHealthB UHS 125.88 2.59
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Hologic HOLX 79.77 1.46 MasTec MTZ 89.89 1.56 Qualcomm QCOM 123.80 1.98 s ThomsonReuters TRI 125.78 -0.03 WesternMidstrm WES 26.22 0.92
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, UnumGroup UNM 39.56 0.97
HomeDepot HD 289.43 0.17 Mastercard MA 354.57 5.25 QualtricsIntl XM 17.72 0.05 3M MMM 104.29 -0.02 VF VFC 21.60 0.16 Westlake WLK 109.82 2.30
previous closing price was $2 or higher. or securities assumed by such companies.
HondaMotor HMC 25.53 0.28 MatchGroup MTCH 38.35 1.11 QuantaServices PWR 161.62 4.33 Toast TOST 17.30 0.63 VICI Prop VICI 31.53 ... WestRock WRK 28.56 0.19
Honeywell HON 191.16 1.28 McCormickVtg MKC.V 72.16 -0.84 QuestDiag DGX 135.91 3.00 Toll Bros TOL 58.26 0.70 VailResorts MTN 223.79 2.40 Weyerhaeuser WY 29.84 ...
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HorizonTherap HZNP 109.23 0.52 McCormick MKC 72.79 -0.49 Toro TTC 110.53 2.00 WheatonPrecMet WPM 45.05 -1.03
Vale VALE 15.72 -0.14
changes in the closing prices from 4 p.m. the previous day. HormelFoods HRL 38.51 -0.25 McDonald's MCD 270.21 -0.53 R S TorontoDomBk TD 57.21 0.29 ValeroEnergy VLO 132.19 3.28 Whirlpool WHR 130.99 -0.02
DR Horton DHI 96.84 0.21 McKesson MCK 347.47 2.22 RBC Bearings RBC 220.63 TotalEnergies TTE 58.86 1.71 ValmontInds VMI 311.77 5.99 Williams WMB 29.18 0.29
Tuesday, March 21, 2023 7.83
Net Net HostHotels HST 15.85 0.16 Medtronic MDT 81.23 1.62 RELX ToyotaMotor TM 135.78 0.65 VeevaSystems VEEV 177.08 3.54 Williams-Sonoma WSM 123.22 4.14
Stock Sym Close Chg Stock Sym Close Chg HoulihanLokey HLI 94.13 RELX 31.45 0.14
Net 1.29 MercadoLibre MELI 1220.42 37.67 TractorSupply TSCO 235.67 3.48 Ventas VTR 43.90 -0.31 WillisTowers WTW 229.78 2.18
RPM RPM 86.71 1.45
Stock Sym Close Chg HowmetAerospace HWM 40.55 1.07 Merck MRK 105.54 -0.31 RalphLauren RL 114.53 TradeDesk TTD 59.24 2.40 VeriSign VRSN 200.60 2.42 WillScotMobile WSC 47.40 1.21
BookingHldgs BKNG 2571.32 77.59 DigitalRealty DLR 97.83 -3.83 Hubbell 2.47
HUBB 242.02 0.50 MetaPlatforms META 202.16 4.35 Tradeweb TW 75.33 0.29 VeriskAnalytics VRSK 186.10 0.60 Wipro WIT 4.47 -0.05
BoozAllen BAH 91.41 0.99 DiscoverFinSvcs DFS 98.34 RaymondJames RJF 95.13 3.25
A B C BorgWarner BWA 47.21 1.18 Disney DIS 96.54
4.52 HubSpot
2.32 Humana
HUBS 401.30 11.55 MetLife MET 58.53 1.55 RaytheonTech RTX 98.01 0.48
TraneTech TT 183.04 1.64 Verizon VZ 37.74 0.31
Wolfspeed WOLF 63.80 1.52
HUM 500.87 6.48 Mettler-Toledo MTD 1500.22 25.50 TransDigm TDG 716.46 16.49 VertexPharm VRTX 302.66 3.71
WoodsideEnergy WDS 21.37 0.29
ABB ABB 33.27 0.71 BostonProps BXP 53.59 1.87 DocuSign DOCU 58.51 2.72 JBHunt RealtyIncome O 61.27 -0.70
JBHT 170.38 4.72 MicrochipTech MCHP 82.29 ... RegalRexnord RRX 143.01 TransUnion TRU 60.62 2.10 WooriFin WF 26.12 0.76
ADT ADT 7.17 0.13 s BostonSci BSX 48.84 0.01 DolbyLab DLB 83.36 0.75 2.53 Viatris VTRS 9.65 0.21
HuntingtonBcshs HBAN 11.24 0.60 MicronTech MU 58.63 0.99 RegencyCtrs REG 58.09 Travelers TRV 171.75 3.04 Vipshop VIPS 14.56 -0.13
Workday WDAY 190.70 0.06
AECOM ACM 83.95 1.39 BoydGaming BYD 61.93 1.02 DollarGeneral DG 210.09 -0.24 0.39
HuntingIngalls HII 205.53 2.20 Microsoft MSFT 273.78 1.55 RegenPharm REGN 759.76 Trimble TRMB 49.90 0.92 WW Ent WWE 86.12 1.33
AES AES 22.97 0.32 BristolMyers BMY 67.51 0.27 DollarTree DLTR 140.98 -0.10 0.51 Visa V 221.95 3.80
HyattHotels H 111.71 2.27 MidAmApt MAA 144.89 -1.67 RegionsFin Trip.com TCOM 38.10 1.66 WynnResorts WYNN 108.19 0.55
Aflac AFL 64.70 1.32 BritishAmTob BTI 36.65 0.28 DominionEner D 54.09 -1.53 RF 18.98 0.90 Vistra VST 25.06 0.16
ICICI Bank IBN 20.77 0.37 Middleby MIDD 140.53 4.01 ReinsGrp TruistFinl TFC 33.70 2.79 XP XP 11.78 0.31
AGCO AGCO 129.32 4.52 BrixmorProp BRX 20.62 0.13 Domino's DPZ 317.64 0.46 RGA 130.59 3.24 VMware VMW 118.57 0.79
ICL Group ICL 6.69 0.13 MitsubishiUFJ MUFG 6.39 0.09 Twilio TWLO 65.58 3.00 XcelEnergy XEL 65.50 -1.89
Ansys ANSS 314.42 0.82 s Broadcom AVGO 636.75 -2.36 Donaldson DCI 64.20 0.72 RelianceSteel RS 250.54 3.83 Vodafone VOD 11.25 -0.03
IdexxLab IDXX 495.40 12.14 MizuhoFin MFG 2.80 0.05 RenaissanceRe RNR 195.97 TylerTech TYL 329.57 2.47 XPeng XPEV 9.91 0.76
BroadridgeFinl BR 136.93 0.71 DoorDash DASH 60.37 1.05 3.50 VoyaFinancial VOYA 67.87 2.49
APA APA 35.04 2.16 ING Groep ING 11.95 0.67 Mobileye MBLY 42.55 -0.69 RentokilInit RTO 34.18 TysonFoods TSN 58.23 -0.34 Xylem XYL 98.52 0.87
BrookfieldAsset BAM 31.68 0.43 Dover DOV 142.21 2.07 0.85 VulcanMatls VMC 166.14 2.87
ASE Tech ASX 7.53 -0.13 Invesco IVZ 16.02 0.57 Moderna MRNA 152.10 -2.42 Repligen UBS Group UBS 21.05 2.25 YPF YPF 9.82 0.69
ASML ASML 642.13 -4.20 Brookfield BN 29.83 0.74 Dow DOW 52.06 0.80 RGEN 174.05 1.73
AT&T T 18.54 0.05 BrookfieldInfr BIP 32.10 -0.53 DrReddy'sLab RDY 54.37 -0.21
IQVIA IQV 196.76 4.95 MolinaHealthcare MOH 266.24 1.14 RepublicSvcs RSG 130.61 -1.16 UDR UDR 39.23 -0.17 W X Y Z Yum!Brands YUM 128.55 -0.33
ITT ITT 84.10 2.27 MolsonCoorsB TAP 50.91 0.05 ResMed RMD 213.87 3.20 UGI UGI 35.42 -0.07 YumChina YUMC 61.17 0.22
AbbottLabs ABT 98.33 0.46 BrookfieldRenew BEPC 31.79 0.37 DraftKings DKNG 18.31 1.08 IcahnEnterprises IEP WEC Energy WEC 91.91 -2.64
Brown&Brown BRO 55.79 1.44 Dropbox DBX 21.15 0.63 Icon
50.87 0.20 MolsonCoorsA TAP.A 65.00 -1.01 RestaurantBrands QSR 61.90 -0.05 U-Haul UHAL 57.18 1.13 ZTO Express ZTO 28.23 0.21
AbbVie ABBV 156.77 0.65 ICLR 213.32 4.74 monday.com MNDY 137.84 7.61 RexfordIndlRealty REXR 57.09 U-Haul N UHAL/B 51.13 0.64 WEX WEX 177.33 5.34 ZebraTech ZBRA 294.43 3.59
Brown-Forman B BF.B 62.38 ... DukeEnergy DUK 94.77 -2.54 IDEX -0.59
AcadiaHealthcare ACHC 70.96 0.51 IEX 222.51 2.42 Mondelez MDLZ 67.83 0.10 RioTinto US Foods USFD 36.20 1.53 W.P.Carey WPC 77.77 -1.13 Zillow C Z 42.63 1.99
Accenture ACN 257.62 5.07 Brown-Forman A BF.A 63.01 0.13 DuPont DD 69.67 0.74 IllinoisToolWks ITW 235.16 RIO 65.98 -0.48
1.27 MongoDB MDB 218.56 7.64 Rivian UWM UWMC 4.68 0.24 WPP WPP 58.22 1.36 Zillow A ZG 41.94 2.11
ActivisionBliz ATVI 79.75 0.41 Bruker BRKR 73.92 1.18 Dynatrace DT 39.24 0.87 Illumina RIVN 13.61 0.59
ILMN 221.61 1.84 MonolithicPower MPWR 498.44 4.10 RobertHalf RHI 77.26 1.84 Uber UBER 32.86 0.93 Wabtec WAB 97.94 1.52 ZimmerBiomet ZBH 127.79 1.46
Adobe ADBE 374.22 11.34 BuildersFirst BLDR 84.23 2.21 EMCOR EME 162.02 0.37 ImperialOil IMO 47.73 1.13 MonsterBev MNST 103.79 -0.76 Ubiquiti UI 271.05 1.12 WalgreensBoots WBA 33.54 0.35 Zoetis ZTS 166.24 0.42
AdvanceAuto AAP 119.79 1.11 Bunge BG 97.20 2.16 ENI E 26.91 0.75 Incyte Robinhood HOOD 9.34 0.54
INCY 73.49 -0.73 Moody's MCO 297.09 5.65 Roblox UiPath PATH 17.40 0.95 Walmart WMT 140.42 -0.48 ZoomVideo ZM 71.85 2.55
BurlingtonStrs BURL 212.24 0.44 EOG Rscs EOG 108.62 3.17 Infosys RBLX 44.74 1.38
AdvDrainageSys WMS 80.02 4.06 INFY 16.89 -0.04 MorganStanley MS WarnerBrosA WBD 15.09 0.85 ZoomInfoTech ZI 24.07 0.55
CACI Intl CACI 286.71 5.47 EPAM Systems EPAM 279.66 4.62 IngersollRand IR
88.76 3.12 RocketCos. RKT 8.55 0.16 UltaBeauty ULTA 515.91 5.68
AdvMicroDevices AMD 95.93 -0.88 55.90 1.99 Morningstar MORN 187.88 4.17 WarnerMusic WMG 30.57 0.23 113.02 7.56
CBRE Group CBRE 75.17 0.41 EQT EQT 31.00 0.84 Ingredion Rockwell ROK 283.16 4.83 Unilever UL 50.56 0.57 Zscaler ZS
Aegon AEG 4.41 0.17 INGR 99.71 1.32 Mosaic MOS 45.37 1.76 RogersComm B RCI
CDW CDW 194.49 3.05 EastWestBncp EWBC 60.30 5.48 InspireMedical INSP 248.52 45.46 -0.34
AerCap AER 53.05 1.28 0.44 MotorolaSol MSI 271.66 3.55
CF Industries CF 74.69 2.12 EastGroup EGP 161.07 -0.94 s Insulet RoivantSciences ROIV 7.64 -1.07
AgilentTechs A 137.01 2.47 PODD 326.03 7.73 NICE NICE 210.41 -0.20 Roku ROKU 65.91 4.09
agilon health AGL 27.92 1.02
AgnicoEagleMines AEM 49.47 -1.40
CGI GIB
CH Robinson CHRW 96.62
91.65 -0.55 EastmanChem EMN 81.59
0.65 Eaton ETN 166.94
0.46 Intel INTC 28.46
3.38 InteractiveBrkrs IBKR 82.34
-0.70 NIO
3.71 NOV
NIO 9.27 0.52 Rollins
NOV 18.35 0.56 RoperTech
ROL 36.77 0.21 BANKRATE.COM® MMA, Savings and CDs
AgreeRealty ADC 67.27 -1.57 CME Group CME 182.71 -2.07 eBay EBAY 43.75 0.71 ICE ROP 430.44 -1.74
ICE 99.72 1.68 NRG Energy NRG 33.19 -0.44
RossStores ROST 104.14 2.00
AirProducts APD 278.81 -0.40
Airbnb ABNB 123.69 5.29
CMS Energy CMS 59.95
CNA Fin CNA 38.80
-1.94 Ecolab
0.75 Ecopetrol
ECL 157.79
EC 10.22
1.50 InterContinentl IHG
0.38 IBM
66.83 0.67 s NVR NVR 5482.24 -12.23 RoyalBkCanada RY 94.67 0.55 Average Yields of Major Banks Tuesday, March 21, 2023
IBM 126.57 0.63 NXP Semi NXPI 180.46 -0.09 RoyalCaribbean RCL 63.39
CNH Indl CNHI 14.76 0.64 EdisonIntl EIX 67.81 -1.19 IntlFlavors 2.04
AkamaiTech AKAM 75.70 0.56 IFF 84.66 0.78 Nasdaq NDAQ 54.01 1.09 RoyalGold Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Albemarle ALB 222.93 9.73 CRH CRH 50.45 1.13 EdwardsLife EW 81.73 0.65 IntlPaper RGLD 121.89 -4.05
IP 35.24 0.41 Natera NTRA 56.63 0.37 RoyaltyPharma RPRX 35.19
Albertsons ACI 19.34 0.14 CSX CSX 29.32 0.14 ElbitSystems ESLT 174.74 -0.40 Interpublic IPG 35.39 0.68 NationalGrid NGG 63.93 -0.79
-0.19 National average
CVS Health CVS 75.56 0.58 ElectronicArts EA 114.94 1.42 Intuit RyanSpecialty RYAN 38.81 0.69
Alcoa AA 41.91 1.63 INTU 422.03 10.19 NatlInstruments NATI 51.23 0.59 Savings 0.31 0.25 0.30 0.70 0.88 1.35 1.20 1.11 1.09
CadenceDesign CDNS 207.88 0.81 ElevanceHealth ELV 469.70 2.71 IntuitiveSurgical ISRG 246.68 Ryanair RYAAY 92.38 3.12
Alcon ALC 67.46 1.53 6.18 NatlRetailProp NNN 42.44 -0.22
CAE CAE 21.10 0.48 EmersonElec EMR 83.99 1.72 InvitatHomes INVH 30.19 s SAP SAP 123.48 2.10 Jumbos 0.74 0.25 0.29 0.80 0.96 1.45 1.32 1.21 1.19
AlexandriaRlEst ARE 122.97 1.07 -0.42 NatWest NWG 6.67 0.37 S&P Global SPGI 341.60
CaesarsEnt CZR 44.45 0.98 Enbridge ENB 37.08 -0.07 iQIYI 7.01
Alibaba BABA 83.70 2.70
t CamdenProperty CPT 102.19 -1.15 Endeavor EDR 23.46
IQ
0.64 IridiumComm IRDM 60.92
6.95 0.11 NetApp NTAP 64.19 1.22 SBA Comm SBAC 254.84 -2.37 Weekly change
AlignTech ALGN 327.64 11.28 0.30 NetEase NTES 86.08 0.21 SEI Investments SEIC 56.72
Cameco CCJ 25.40 0.53 EnergyTransfer ET 12.11 0.27 IronMountain IRM 51.21 1.17 Savings 0.00 0.02 0.02 0.02 0.01 0.01 0.02 0.02 0.01
Allegion ALLE 106.92 1.11 0.13 Netflix NFLX 305.79 0.66 SK Telecom SKM 20.94
CampbellSoup CPB 54.08 ... EnphaseEnergy ENPH 207.63 15.12 ItauUnibanco ITUB 0.46
s AllegroMicro ALGM 46.55 -0.01 4.51 0.11 Neurocrine NBIX 96.44 -0.77 SS&C Tech SSNC 55.66 Jumbos 0.00 0.02 0.00 0.02 0.01 0.01 0.02 0.02 0.02
CIBC CM 42.06 0.47 Entegris ENTG 81.57 -1.21 1.16
AlliantEnergy LNT 52.01 -1.75 NYTimes A NYT 38.76 0.87 Saia
Allstate ALL 112.54 3.34 CanNtlRlwy CNI 114.84 -0.49 Entergy ETR 103.15 -2.92 J K L Newmont NEM 46.60 -1.22 Salesforce
SAIA 281.51
CRM 188.68
10.86
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CanNaturalRes CNQ 52.91 1.35 EnterpriseProd EPD 25.12 0.20
AllyFinancial ALLY 25.30 1.80
AlnylamPharm ALNY 190.43 2.91 CanPacRlwy CP 77.26 -0.20 Envista NVST 39.12 0.81 JD.com JD 39.54 0.88 NewsCorp B NWS 16.30
JPMorganChase JPM 130.55 3.41 NewsCorp A NWSA 16.21 0.14 Sanofi
0.11 Samsara IOT 18.77
SNY 48.56
0.45
0.56
Consumer Savings Rates
CapitalOne COF 94.56 4.32 Equifax EFX 202.92 2.04
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Alphabet C GOOG 105.84 3.91
CardinalHealth CAH 72.26 1.12 Equinix EQIX 687.94 -1.51 Jabil JBL 82.54 1.44 NextEraEnergy NEE 75.36 -0.61 SareptaTherap SRPT 131.17 -0.21 Below are the top federally insured offers available nationwide according to Bankrate.com's
Alphabet A GOOGL 104.92 3.70
Carlisle CSL 223.26 2.19 Equinor JackHenry JKHY 152.17 0.16 Nike NKE 125.61 4.41 Sasol SSL 12.76 0.15 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
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Altria MO 46.20 0.13 EQNR 27.92 0.58
Carlyle CG 31.71 1.42 Equitable EQH 25.69 1.57 JacobsSolns J 114.89 0.86 NiSource NI 26.98 -0.84 Schlumberger SLB 48.28 2.06 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
Amazon.com AMZN 100.61 2.90
CarMax KMX 59.12 2.36 EquityLife ELS 64.64 -1.25 JamesHardie JHX 20.60 0.34 Nokia NOK 4.65 0.08 SchwabC SCHW 59.47 3.36
Ambev
Amcor
ABEV 2.63 -0.05
AMCR 10.99 0.07 Carnival CCL 9.12 0.51 EquityResdntl EQR 57.43 -0.73 JazzPharm JAZZ 139.71 1.73 Nomura NMR 3.68 0.06 Sea SE 79.86 2.95 High yield savings
Carnival CUK 8.26 0.43 ErieIndemnity A ERIE 229.67 -3.26 JefferiesFin JEF 31.36 0.61 Nordson NDSN 208.79 0.63 Seagate STX 62.10 0.74
Amdocs DOX 93.66 0.41 NorfolkSouthern NSC 205.39 0.06 Bank Yield Bank Yield
CarrierGlobal CARR 45.20 0.21 EssentialUtil WTRG 41.76 -1.04 J&J JNJ 153.89 ... Seagen SGEN 199.91 -0.50
Ameren AEE 83.74 -2.23
AmericaMovil AMX 20.58 -0.03
AmerAirlines AAL 14.37 0.41
AEP AEP 88.90 -2.86
AmerExpress AXP 164.56 5.82
AmericanFin AFG 122.28 2.62
CaseysGenStores CASY 209.82
Catalent
Caterpillar
Celanese
CTLT 66.78
CAT 224.92
CE 105.17
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EVRG 58.95 -1.09
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KB Financial KB
KBR
59.67 1.13 NorthernTrust NTRS 87.25 2.96 SealedAir
JLL 149.30 2.57 NorthropGrum NOC 449.98 0.72 Sempra
JuniperNetworks JNPR 32.14 0.15 Novartis NVS 83.67 0.24 SensataTechs ST
37.31 0.36 s NovoNordisk NVO 147.29 3.70 ServiceCorp SCI
KBR 52.56 1.02 Novocure
KE Holdings BEKE 18.82 0.43 NuHoldings
NVCR 58.74 0.29 ServiceNow NOW 445.46
NU 4.43 ...
SEE 44.97
SRE 145.59
ShawComm B SJR 28.52

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AmHomes4Rent AMH 29.89 -0.57 Cemex CX 5.01 0.15 EversourceEner ES 74.92 -1.26
KKR KKR 51.03 2.43 Nucor NUE 152.10 4.23 Shell SHEL 57.12 1.88
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AIG AIG 51.25 2.40 CenovusEnergy CVE 16.88 0.67 ExactSciences EXAS 66.45 3.01 CFG Community Bank $1,000 4.80 Merrick Bank $25,000 4.60
Centene CNC 65.29 1.14 Exelon EXC 40.68 -1.14 KLA KLAC 385.06 -4.88 Nutrien NTR 75.22 1.39 SherwinWilliams SHW 220.80 1.25
AmerTowerREIT AMT 198.19 -3.76 nVentElectric NVT 42.60 0.66 (888) 205-8388 (866) 638-6851
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AmerWaterWorks AWK 138.86 -3.70
t CentraisElBras EBR KarunaTherap KRTX 161.33 -21.17 NVIDIA NVDA 261.99 2.99 ShockwaveMed SWAV 215.02 8.31 BaskBank,adivofTexasCapitalBank,NA ... 4.45 Banesco USA $1,500 4.55
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Ameriprise AMP 301.97 14.16
CharlesRiverLabs CRL 198.67 6.08 ExxonMobil XOM 107.04 4.59 KeurigDrPepper KDP 35.15 -0.07 O P Q SignifyHealth SGFY 29.23 0.02 (877) 839-2265 (888) 228-1597
AmerisourceBrgn ABC 156.04 2.18
CharterComms CHTR 352.29 KeyCorp KEY 12.76 1.09 OGE Energy OGE 36.03 -0.50 SimonProperty SPG 109.12 2.00
Ametek AME 140.07 1.53 3.54 F5 FFIV 144.83 2.21 One-month CD One-year CD
CheckPoint CHKP 129.52 KeysightTech KEYS 157.25 1.69 ONEOK OKE 61.87 1.11 SiriusXM SIRI 3.80 0.09
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Amgen AMGN 232.95 -1.77 -1.49 FMC FMC 121.53 2.67

Chemed CHE 526.14 -0.12 FTI Consulting FCN 193.85 -2.16 KimberlyClark KMB 128.02 -0.46 OReillyAuto ORLY 819.63 3.57 SkechersUSA SKX 45.27 1.27 VirtualBank $10,000 2.48 CFG Community Bank $500 5.15
AmkorTech AMKR 25.31 0.30
CheniereEnergy LNG 148.96 2.96 FactSet KimcoRealty KIM 18.22 0.12 OakStreetHealth OSH 35.78 0.08 Skyworks SWKS 116.77 1.64
Amphenol APH 78.37 0.70 FDS 419.20 7.65 (877) 998-2265 (888) 205-8388
CheniereEnerPtrs CQP 44.69 1.51 FairIsaac FICO 696.88 14.33 KinderMorgan KMI 16.82 0.29 OccidentalPetrol OXY 60.24 1.26 Smartsheet SMAR 48.01 1.58
AnalogDevices ADI 188.40 1.34
ChesapeakeEner CHK 74.94 1.20 Fastenal FAST 53.14 -0.01 KinsaleCapital KNSL 295.95 5.54 Okta OKTA 84.48 0.24 SmithAO AOS 66.92 0.47 Colorado Federal Savings Bank $5,000 1.00 Colorado Federal Savings Bank $5,000 5.15
AngloGoldAsh AU 20.81 -0.37
Chevron CVX 159.31 4.73 FederalRealty FRT 94.74 0.49 Knight-Swift KNX 56.70 3.62 OldDomFreight ODFL 336.15 2.72 Smith&Nephew SNN 28.66 0.16
(877) 484-2372 (877) 484-2372
AB InBev BUD 61.30 0.88
ChewyA CHWY 39.88 1.88 FedEx FDX 219.83 3.59 Philips PHG 16.60 0.55 OldRepublic ORI 24.43 0.12 Smucker SJM 154.11 -0.35
AnnalyCap NLY 18.59 0.24 State Bank of India California $1,000 0.50 First Internet Bank of Indiana $1,000 5.06
Chipotle CMG 1627.96 17.73 Ferguson FERG 133.58 2.45 KoreaElecPwr KEP 6.80 -0.14 Olin OLN 52.89 0.82 Snap SNAP 11.38 0.72
AnteroResources AR 22.79 0.58
KraftHeinz KHC 38.04 0.10 OmegaHealthcare OHI 26.81 -0.45 Snap-On SNA 239.08 2.00 (877) 707-1995 (888) 873-3424
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Aon AON 304.83 4.36 Chubb CB 194.29 4.70 Ferrari RACE 266.64 4.16
ApellisPharm APLS 62.10 -0.95 ChunghwaTel CHT 38.65 -0.20 FidNatlFin FNF 34.52 0.88 Kroger KR 47.76 0.41 Omnicom OMC 89.90 1.23 Snowflake SNOW 141.47 6.00
ApolloGlbMgmt APO 60.71 3.90 Church&Dwight CHD 84.54 -1.18 FidNatlInfo FIS 53.09 1.54 LKQ LKQ 55.22 0.47 OnHolding ONON 27.26 5.69 SOQUIMICH SQM 81.92 4.42 Two-month CD Two-year CD
s ChurchillDowns CHDN 254.82 4.22 FifthThirdBncp FITB 27.39 1.18 LPL Financial LPLA 214.80 9.16 ON Semi ON 81.35 1.37 SolarEdgeTech SEDG 296.51 24.20
Apple AAPL 159.28 1.88 VirtualBank $10,000 2.74 First Internet Bank of Indiana $1,000 4.70
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ApplMaterials AMAT 120.40 -3.64 Ciena CIEN 50.10 -0.10 FirstCitizBcshA FCNCA 589.68 27.34 L3HarrisTech LHX 197.80 0.76 OpenText OTEX 38.27 0.61 Sony SONY 89.37 0.95
Aptargroup ATR 113.02 0.24 Cigna CI 276.62 3.72 FirstHorizon FHN 16.13 0.90 LabCorp.ofAmerica LH 221.31 3.92 Oracle ORCL 87.58 0.62 Southern SO 67.13 -1.42 (877) 998-2265 (888) 873-3424
Aptiv APTV 110.98 2.17 CincinnatiFin CINF 111.27 0.86 FirstIndRlty FR 51.25 -0.44 LamResearch LRCX 507.36 -5.93 Orange ORAN 11.68 0.15 SoCopper SCCO 71.35 0.34
Colorado Federal Savings Bank $5,000 0.75 Merrick Bank $25,000 4.70
Aramark ARMK 34.25 0.84 Cintas CTAS 443.12 1.33 FirstSolar FSLR 209.25 4.57 LamarAdv LAMR 96.20 0.50 Orix IX 81.45 1.17 SouthwestAir LUV 31.04 0.96
CiscoSystems CSCO 50.67 -0.27 FirstEnergy FE LambWeston LW 99.65 0.57 OtisWorldwide OTIS 82.31 0.53 Splunk SPLK 94.43 4.66 (877) 484-2372 (866) 638-6851
ArcelorMittal MT 28.08 1.09 39.38 -0.94
Citigroup C 45.07 0.98 FirstService FSV 135.70 -0.90 LandstarSystem LSTR 174.42 2.70 Ovintiv OVV 35.86 1.54 Spotify SPOT 128.81 2.40 State Bank of India California $1,000 0.50 5 Star Bank $1,000 4.60
ArchCapital ACGL 67.21 1.60
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CitizensFin CFG 33.02 1.47 Fiserv FISV 113.04 2.23 LasVegasSands LVS 55.16 0.20 OwensCorning OC 92.86 1.57 StanleyBlackDck SWK 79.67 1.03
ArcherDaniels ADM 77.69 0.76
Clarivate CLVT 9.91 0.21 FiveBelow LatticeSemi LSCC 93.04 0.97 PDD Stantec STN 56.54 -1.07 (877) 707-1995 (800) 776-2265
AresMgmt ARES 78.52 3.78 FIVE 199.59 0.49 PDD 78.93 0.02
CleanHarbors CLH 137.89 2.87 FleetCorTech FLT 210.63 11.55 Lear LEA 139.29 3.77 PG&E PCG 15.97 -0.03 Starbucks SBUX 100.54 0.69
arGEN-X ARGX 357.53 -7.45
ClearwayEnergyC CWEN 30.23 -0.08 Flex LegendBiotech LEGN 44.97 -1.26 PNC Fin PNC 131.62 4.27 StateStreet STT 76.72 3.28 Three-month CD Five-year CD
s AristaNetworks ANET 168.08 3.88 FLEX 21.56 0.55
ClearwayEnergyA CWEN.A 28.81 -0.24 Floor&Decor FND 93.76 1.33 Leidos LDOS 92.64 1.06 POSCO PKX 61.34 -0.29 SteelDynamics STLD 111.05 3.38 Goldwater Bank $5,000 4.25 GTE Financial Credit Union (U) $500 4.54
ArrowElec ARW 118.63 1.00
Cleveland-Cliffs CLF 18.38 0.50 FomentoEconMex FMX 88.01 0.01 Lennar B LEN.B 87.01 1.03 PPG Ind PPG 126.60 1.29 Stellantis STLA 17.42 0.46
AscendisPharma ASND 108.92 -0.88
Lennar A LEN 103.47 1.16 PPL (480) 281-8200 (888) 871-2690
AspenTech AZPN 203.20 4.44 Clorox CLX 156.73 0.28 FordMotor F 11.72 0.54 PPL 26.78 -0.49 Steris STE 184.49 3.23
Cloudflare NET 57.26 3.54 Fortinet FTNT 62.46 0.92 LennoxIntl LII 249.38 -0.11 PTC PTC 120.39 1.27 Stevanato STVN 23.40 0.22 Popular Direct $10,000 4.10 CFG Community Bank $500 4.50
AstraZeneca AZN 66.99 0.25
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LeviStrauss LEVI 16.59 0.38 Paccar PCAR 71.44 1.09 STMicroelec STM 49.71 0.85
Atlassian TEAM 154.30 5.40 Coca-Cola KO 60.32 -0.28 Fortis FTS 40.83 -1.24 (800) 274-5696 (888) 205-8388
Coca-ColaEuro CCEP 56.68 0.55 Fortive FTV 65.94 0.51 LiAuto LI 23.53 0.69 PackagingCpAm PKG 132.96 -0.54 Stryker SYK 278.12 1.29
AtmosEnergy ATO 110.21 -4.67 Luana Savings Bank $2,000 3.85 First Internet Bank of Indiana $1,000 4.49
Cognex CGNX 49.64 0.32 FortuneBrands FBIN 58.62 0.67 LibertyBroadbandC LBRDK 80.04 0.74 PalantirTech PLTR 8.45 0.37 SumitomoMits SMFG 7.98 0.11
Autodesk ADSK 207.15 6.73
CognizantTech CTSH 59.18 0.48 FoxA FOXA 33.73 0.30 LibertyBroadbandA LBRDA 80.08 1.14 PaloAltoNtwks PANW 194.49 5.06 SunComms SUI 133.57 -2.31 (800) 666-2012 (888) 873-3424
Autoliv ALV 89.42 2.75
CoinbaseGlbl COIN 83.99 8.85 FoxB FOX 31.03 0.33 LibertyGlobal B LBTYB 19.76 1.37 ParamountA PARAA 24.75 1.32 SunLifeFinancial SLF 45.47 0.41
ADP ADP 218.10 2.23
LibertyGlobal A LBTYA 19.29 0.06 ParamountB PARA 21.25 1.25 SuncorEnergy SU 30.43 0.71
AutoZone
Avalonbay
AZO 2394.95 3.78
AVB 161.08 -1.58
ColgatePalm CL
Comcast A CMCSA 36.99
72.38 -0.70 Franco-Nevada FNV 140.74 -3.84
0.56 FranklinRscs BEN 26.94 0.60 LibertyGlobal C LBTYK 20.13 0.05 ParkerHannifin PH 326.21 10.38 Suzano SUZ 8.16 -0.09 High yield jumbos - Minimum is $100,000
CommerceBcshrs CBSH 60.74 1.90 FreeportMcM FCX 38.26 0.81 LibertyFormOne A FWONA 66.33 0.98 Paychex PAYX 110.29 0.59 SynchronyFin SYF 29.90 1.45
Avangrid AGR 38.79 -1.03 Money market and savings account Six-month CD
SABESP SBS 9.38 -0.24 FreseniusMed FMS 20.06 0.62 LibertyFormOne C FWONK 73.14 1.16 PaycomSoftware PAYC 277.35 6.98 Synopsys SNPS 374.36 -1.23
Avantor AVTR 21.60 0.61
ConagraBrands CAG 36.42 0.27 FullTruck YMM 7.26 0.22 LibertyBraves A BATRA 33.97 0.88 Paylocity PCTY 182.24 4.71 Sysco SYY 75.20 1.11
AveryDennison AVY 172.38 2.80 UFB Direct 5.02 Bank5 Connect 4.75
Concentrix CNXC 120.95 0.90 Futu FUTU 45.75 1.68 LibertyBraves C BATRK 33.20 0.69 PayPal PYPL 76.72 3.51
AvisBudget CAR 183.97 8.86
ConocoPhillips COP 99.71 3.55 LibertySirius A LSXMA 27.46 0.59 Pearson PSO 10.16 -0.15
T U V (877) 472-9200 (508) 679-8551
AxaltaCoating AXTA 28.54 0.65
AxonEnterprise AXON 219.68 5.96 ConEd ED 93.19 -3.72 G H I LibertySirius C LSXMK 27.37 0.67 PembinaPipeline PBA 31.28 0.30
TC Energy TRP 38.12 0.30 CFG Community Bank 4.80 Merrick Bank 4.60
ConstBrands A STZ 216.17 0.77 LifeStorage LSI 123.88 -1.90 PenskeAuto PAG 136.05 2.18
BCE BCE 44.16 -0.29 TD Synnex SNX 92.76 1.48
ConstellationEner CEG 76.52 -0.48
GE HealthCare GEHC 76.52 1.32 EliLilly LLY 331.08 -2.52 Pentair PNR 52.80 1.35 TE Connectivity TEL 125.42 0.85
(888) 205-8388 (866) 638-6851
BHP Group BHP 58.20 -0.56 GFLEnvironmental GFL 33.00 -0.20 LincolnElectric LECO 167.08 3.16 Penumbra
BILL BILL 78.43 4.93 Cooper COO 350.83 6.32
GSK GSK 35.05 0.12
PEN 270.07 3.90 Telus TU 19.79 -0.24 BankPurely, a division of Flushing Bank 4.45 Popular Direct 4.55
Copart CPRT 71.17 0.64 Linde LIN 341.30 2.49 PepsiCo PEP 178.01 0.42 Ternium
BJ'sWholesale BJ 76.08 0.23 Gallagher AJG 183.88 1.42 TX 40.02 0.72 (800) 581-2889 (800) 274-5696
CorebridgeFin CRBG 16.68 0.88 Littelfuse LFUS 259.68 2.56 PerformanceFood PFGC 56.85 1.61
BP BP 37.02 1.22 Gaming&Leisure GLPI 50.56 0.20 TFI Intl TFII 118.70 0.61
Corning GLW 33.67 0.44 LiveNationEnt LYV 69.23 1.20 PerkinElmer PKI 125.55 1.78
BRP DOOO 79.29 1.21 TJX TJX 76.36 0.96 One-month CD One-year CD
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Garmin GRMN 97.36 0.54 LloydsBanking LYG 2.32 0.10

Baidu BIDU 151.75 1.57 Corteva CTVA 58.51 0.89 PetroleoBrasil PBR 10.00 0.23 T-MobileUS TMUS 144.67 -0.94
Gartner IT 314.06 5.91 LockheedMartin LMT 474.76 -0.94 PetroleoBrasilA PBR.A 8.94 0.21
BakerHughes BKR 28.04 1.09 CoStar CSGP 67.86 1.10
GenDigital GEN 17.06 0.42 TPG TPG 28.76 1.69 VirtualBank 2.48 CFG Community Bank 5.15
Costco COST 490.85 1.56 Loews L 56.02 0.76
Pfizer PFE 40.66 -0.15 T.RowePrice TROW 110.48
Ball BALL 52.67 0.93 Generac GNRC 114.73 3.02 LogitechIntl LOGI 53.69 0.42 PhilipMorris PM
2.91 (877) 998-2265 (888) 205-8388
BancoBilbaoViz BBVA 7.05 CoterraEnergy CTRA 24.13 0.54 95.70 -0.60 TaiwanSemi TSM 92.50 2.46
0.44 GeneralDynamics GD 222.37 2.46
Coty COTY 11.29 0.22 Lowe's LOW 196.79 ...
Phillips66 PSX 95.55 ... TakeTwoSoftware TTWO 118.59 2.28 Colorado Federal Savings Bank 1.00 Colorado Federal Savings Bank 5.15
BancoBradesco BBDO 2.21 0.01 GeneralElec GE 92.18 2.26 Lucid LCID 8.19 0.49 PinnacleWest PNW 77.40 -2.22
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Bio-Techne TECH 73.85 1.29 Deere DE 402.59 8.09 GpoAeroportSur ASR 284.90 0.87
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Boeing BA 204.70 -0.07 Dick's DKS 146.64 2.89 HartfordFinl HIG 69.56 2.52 spin-off. Internet: www.bankrate.com
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
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Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
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e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 130.37 +2.62 15.9 IntlEq 24.39 +0.30 4.1 PGIM Funds Cl Z BalAdml 41.07 +0.28 3.6 TxMCapAdml207.17 +2.82 4.7 SmValAdml 67.28 +1.24 -1.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
TotRetBdI 8.96 -0.05 2.8 Contra 12.95 +0.19 8.7 Invesco Funds A TotalReturnBond 11.87 -0.04 NA CAITAdml 11.24 -0.02 1.5 TxMIn r 14.02 +0.15 4.1 TotBd2 9.52 -0.03 2.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
Edgewood Growth Instituti CpInc 9.09 +0.06 1.9 EqIncA 9.73 +0.11 -0.9 PIMCO Fds Instl CapOpAdml r151.76 +1.94 3.9 USGroAdml 113.72 +2.25 12.2 TotIntlInstIdx r114.65 +1.23 3.1
EdgewoodGrInst 34.60 +0.56 10.5 GroCo 25.37 +0.40 12.7 Invesco Funds Y AllAsset NA ... NA DivAppIdxAdm 41.02 +0.36 -0.5 ValAdml 53.09 +0.57 -3.0 TotItlInstPlId r114.68 +1.23 3.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Fidelity InvGrBd 10.01 -0.02 2.5 DevMktY 37.70 +0.37 7.8 TotRt 8.56 -0.03 NA EMAdmr 32.56 +0.36 0.5 WdsrllAdml 67.81 +1.06 2.5 TotSt 97.18 +1.36 4.4
500IdxInstPrem139.34 +1.80 4.7 LowP 45.98 +0.57 -0.5 JHF III DispVal PIMCO Funds A EqIncAdml 80.77 +0.81 -3.9 WellsIAdml 58.70 +0.14 -0.1 VANGUARD INSTL FDS
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Tuesday, March 21, 2023 ExtMktIdxInstPre 65.27 +1.39 3.6 NASDAQ 149.79 +2.34 13.6 John Hancock PIMCO Funds I2 ExtndAdml 104.44 +2.21 3.6 WndsrAdml 68.87 +1.20 0.8 DevMktsIndInst 14.04 +0.15 4.2
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Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 17.16 +0.28 11.5 Puritn 21.25 +0.18 3.7 JPMorgan I Class PIMCO Funds Instl GrwthAdml 124.63 +1.96 13.6 DivdGro 34.49 +0.25 -2.1 ExtndInst 104.43 +2.21 3.6
American Century Inv Artisan Funds Calamos Funds
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Ultra 62.18 +1.05 12.7 IntlVal Inst 41.02 +0.70 6.3 MktNeutI 14.05 +0.04 2.3
IntlIdxInstPrem 43.22 +0.55 4.9 SrsEmrgMkt 15.89 +0.20 1.7 EqInc 21.55 +0.25 NA Price Funds HYCorAdml r 5.16 +0.03 1.5
LifeCon 19.68 +0.06 3.1
InPrSeIn 9.61 -0.02 1.9
LgCpGwId InstPre 23.13 +0.34 11.1 SrsGlobal 12.77 +0.14 3.4
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BANKING & FINANCE

Archegos’s
‘Great Wave’ Sells for Record Bid Hwang Loses
The Hokusai print,
an icon of Asian art,
Attempt to
gets $2.8 million Toss Charges
at Christie’s auction BY JAMES FANELLI
AND CORINNE RAMEY
BY KELLY CROW
A federal judge on Tuesday
Who knew it was still possi- denied a request by lawyers
ble to collect an iconic work of for Archegos Capital Manage-
art for under $3 million? Case ment founder Bill Hwang to
in point: On Tuesday, Chris- throw out criminal charges
tie’s in New York sold Katsu- tied to the meltdown of the in-
shika Hokusai’s “Under the vestment firm.
Well of the Great Wave off Ka- Mr. Hwang’s lawyers argued
nagawa” for $2.8 million—a at a hearing in New York that
record for the 1830-32 wood- federal prosecutors have mis-
block print. characterized legal trading as
Christie’s expected the criminal market manipulation.
work to sell for only between U.S. District Judge Alvin Heller-
$500,000 and $700,000, but stein acknowledged Mr. Hwang’s
six bidders pushed it higher in lawyers had raised legitimate
a battle that lasted 13 minutes. questions but said it would be a
The telephone bidder, fielded mistake for him to dismiss the
by Christie’s deputy chairman indictment before a trial.
CHRISTIE’S IMAGES LIMITED 2023
Tash Perrin, remains anony- “I think it needs to be done

mous. Dealers said they might on a complete record,” he said
start looking among a younger of the case. He added that he
generation of contemporary- planned to provide a written
art collectors who have lately ruling but reserved the right
started pivoting to prints, par- to change his mind.
ticularly well-known works Archegos collapsed during a
that look like bargains. volatile stretch in the market in
“To contemporary guys, it’s The 1830-32 woodblock print inspired Monet and Van Gogh in the 1800s, and is seen as a relative bargain today for some collectors. March 2021, leading to billions
nothing to spend over $1 mil- of dollars in losses for banks
lion to own an absolute icon,” eventually made its way out of “Great Wave.” Wave.” But once the artist outline of a cloud against a and investors. Federal prosecu-
said Sebastian Izzard, a long- cloistered Japan—likely as a Despite this ubiquity, ver- signed off on its woodblock pale pink sky. tors said Mr. Hwang built up
time Japanese prints dealer in sailor’s souvenir—and made an sions of Hokusai’s masterpiece design, the publisher had free Collectors also rank Hoku- big, concentrated positions in
New York. “Hokusai has be- equally big splash among art- still tend to sell for a fraction rein to issue as many copies as sai’s works higher if the prints companies using swaps—deriv-
come a big deal.” ists in Europe. Curators credit of anything painted by Mo- possible. It’s unclear how aren’t torn or creased, and ative contracts struck with
One of the most famous im- the “Great Wave” with helping net—and that price gap largely many “Waves” exist in the Christie’s “Great Wave” was banks for a fee—that allowed
.
ages in Asian art, the “Great inspire Claude Monet’s roiling explains why the “Great Wave” world, so collectors must be never folded, Mr. Murakami him to inflate the prices of
Wave” poised to crest claw- coastal seascapes as well as appeals to younger, interna- wary of potential fakes. said. The anonymous family stocks in his portfolio and hide
ly
like onto a trio of tiny boats Vincent Van Gogh’s “Starry tional collectors, said Takaaki Mr. Izzard said he has proba- selling the work bought it in Archegos’s market power.
with Mount Fuji in the dis- Night,” in which the artist sub- Murakami, head of Japanese bly sold 40 versions of the the early 1900s, he added. When the fund fell, more than
tance has proven wildly popu- stituted the wave in his com- and Korean art at Christie’s “Great Wave” over the course of Mr. Murakami said Tues- $100 billion in stock-market
lar since the artist created it
at the age of 70 during the
waning years of isolationist
Edo, now Tokyo. Although in-
position for roiling, moonlit
clouds. Claude Debussy’s three
symphonic sketches from 1905,
“The Sea,” also took Hokusai’s
on
New York. “With the ‘Great
Wave,’ new buyers come out of
the blue,” Mr. Murakami said.
Wading into the Hokusai
his career, with prices easily tri-
pling over the past decade for
worthy versions, he said. The
most recent version surpassed a
day’s “Wave” was also spared
attempts to touch up its quiv-
ering black outlines or fill in
its blue ink—a deep indigo hue
value vanished in a matter of
days. Credit Suisse Group AG
took more than a $5 billion hit.
The U.S. attorney’s office in
tended to appeal to everyday work as their muse. market requires navigating the “Great Wave” sold at Christie’s that defined Hokusai’s series April 2022 charged Mr. Hwang
us ,
audiences in Japan who The “Great Wave” remains vagaries of the prints market. in 2021 for $1.5 million, over its of “Thirty-six views of Mount with racketeering, securities
l
bought and swapped such a paragon of popular culture Whereas paintings are prized $250,000 high estimate. Fuji,” a paean to the mountain fraud and market manipula-
e
al a
prints for small sums, Hoku- today, reproduced on every- as being one of a kind, the He said collectors tend to that the artist saw as sacred. tion, alleging he and others
sai’s “Great Wave” influenced thing from calendars to car- “Great Wave” was printed in pay more for “Great Wave” Savvy collectors know the committed a manipulation
rivals like Utagawa Hiroshige pets to the cover of Gabrielle untold multiples over several prints whose lines remain artist actually created 46 dis- scheme that nearly jeopar-
ci on
and Utagawa Kuniyoshi, who Zevin’s current bestselling decades, with print runs ex- sharp because it means they tinct views, with Japanese col- dized the U.S. financial sys-
soon attempted their own tsu- novel, “Tomorrow, and Tomor- tending long after Hokusai were printed on the woodblock lectors long preferring a differ- tem. Mr. Hwang has pleaded
nami scenes, including the lat- row, and Tomorrow.” On Tues- died in 1849. Hokusai, hailed early on—as opposed to later, ent scene from the series not guilty.
ter’s circa-1835 “Monk day, Google listed around 125 as a celebrity in Edo during fuzzier versions created once known as “Red Fuji,” Mr. Iz- Patrick Halligan, Archegos’s
Nichiren Calming the Stormy million search results for Leo- his lifetime for his detailed the block itself had worn down zard said. “Red Fuji” prints former chief financial officer,
er s
Sea,” now owned by the Met- nardo da Vinci’s “Mona Lisa”; landscapes, was commissioned from use. Another way to tell: have sold at auction for as was also charged with securi-
ropolitan Museum of Art. the search engine logged by publisher Nishimuraya Yo- Early versions, like the one much as $1.4 million, accord- ties fraud and racketeering. He
m er
Hokusai’s “Great Wave” nearly 1.4 billion hits for the hachi to create the “Great Christie’s sold, show the subtle ing to auction database Artnet. has pleaded not guilty.
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no
THE WALL STREET JOURNAL. * * NY Wednesday, March 22, 2023 | B15
MARKETS
Fifth Third Bancorp
Signature Bank
First Republic Bank

Agency mortgage debt
in billions
Investor Confidence Is Shaken
KeyCorp
Zions Bancorp
Available-for-sale
Held-to-maturity
In European Capital Bonds
Truist Financial In Credit Suisse’s risk premium across the spec- Volume of AT1 issuance The complete write-down of
trum, with cost of AT1 issu- Credit Suisse’s securities had
Silicon Valley Bank $17 billion write-off, ance potentially rising into €150 billion been pushed for by UBS execu-
U.S. Bancorp holders of this type double digits,” they wrote.
125
tives to reduce the burden the
Over the past year, banks firm inherited by taking over
Charles Schwab of debt got nothing have typically issued such its rival.
bonds paying annual percent- 100 Other Some investors were caught
$0 25 50 75 100 125 150
BY JOSH MITCHELL age interest rates of mid-to- Europe off-guard because Credit
Note: Debt held as of year-end 2022. Source: the companies AND ANNA HIRTENSTEIN high single digits. 75 Suisse common shares were
Market pricing initially ap- spared, with UBS paying $3.2
Jitters Felt prices because they are meant

to be held until repayment.
The strategy backfired
Switzerland’s move to wipe
out $17 billion of Credit
Suisse Group AG bonds has
peared to back that position.
The value of most AT1 bonds
inched back up Tuesday along
50 billion for them via its own
stock, even as the AT1s were
written down.
Over Safe
25
when a rash of withdrawals prompted investors to reas- with global bank stocks, but While that upends the com-
forced SVB to sell the securities sess a market integral to the most prices remained substan- mon order in an insolvency,
at a loss, triggering a bank run. safety and resilience of Eu- tially below levels from before 0 there was a fierce debate over
Securities Now bank analysts and MBS in-

vestors alike are probing the
holdings of other midsize banks
rope’s banking system.
The Credit Suisse bonds
that were written down as
Credit Suisse’s implosion.
Some fund managers said
they aren’t likely to invest in
2013 ’15 ’17 ’19 ’21
Note: 2023 figures are as of March 20;
€1 billion=$1.07 billion
’23 whether Credit Suisse AT1s in
fact allowed such a move in
their documentation.
out of fear their depositors will part of its takeover by UBS Swiss bank AT1s because of Source: Dealogic Finma, the Swiss financial
Continued from page B1 also lose confidence. Group AG were known as how bondholders were regulator, said Sunday that
have to sell their holdings, bond- “We immediately went to AT1s, or Additional Tier 1 treated. high return, you have to be Credit Suisse was experiencing
fund managers said. look at their holdings,” said Ra- bonds. These instruments ex- “We wouldn’t be too willing careful about what’s behind a crisis of confidence and
Paul Varunok, a mortgage- mon de Castro, a mortgage- ploded in popularity in Europe to bet on those terms, there is it,” said Prof. Franzoni. “Inves- risked becoming illiquid, even
bond portfolio manager at bond portfolio manager at T. over the past decade and were too much uncertainty,” said tors were not discerning if it remained solvent, and re-
Franklin Templeton Invest- Rowe Price Group Inc. “You go seen as a way to build buffers Artaud Caloni, a credit portfo- enough—or they trusted their quired the state-engineered
ments, said the market is deep back to the playbook from the that could protect banks in lio manager at Meeschaert As- bankers.” deal to stay alive. The govern-
enough to absorb even large liq- [2008] great financial crisis.” times of trouble without hav- set Management. For their part, European ment provided a more than $9
uidations as cheaper valuations Signature Bank, which was ing to tap taxpayer funds. Banks hold capital to protect banks liked this form of capi- billion backstop to UBS on po-
attract new buyers. Still, he ex- taken over by regulators, and The total write-off by Swiss against losses. European regu- tal because their depressed tential losses.
pects any further turmoil at First Republic Bank, which is in regulators has divided opinion, lators, stung by taxpayer bail- share prices made issuing Sowing consternation among
banks to spark more volatility. stock-market free fall, own far with some market watchers outs in 2008-2009 and con- common shares punishing on AT1 investors: Swiss authorities
“We will continue to see fits less agency MBS than the saying it was justified under cerned about financial stability existing investors. hastily passed a law last week
and starts as we continue to roughly $78 billion SVB re- the terms of the bonds, while during the region’s sovereign- that expedited the regulators’
hear about the risk of other ported as of Dec. 31. The real others dispute that analysis. debt woes in the early 2010s, ability to write down the riskier
banks putting supply into the worry is that a larger institu- Whatever the legal basis, encouraged banks to issue AT1s bonds to zero.
market,” he said. tion will tumble next. investors and analysts say the as part of their capital mix,
‘We wouldn’t be too “It’s all about credibility,
When benchmark interest Charles Schwab Corp., Truist deal undermined confidence in which also includes common willing to bet on and if you have laws and regu-
.
rates rise, bonds that were sold Financial Corp. and U.S. Ban- the roughly $250 billion AT1 stock and other bonds. lations in place you should fol-
at times of lower rates lose corp are some of the largest market, threatening to drive “Regulators wanted better-
those terms...too low them,” said Patrik Kauff-
ly
value. Prices of such “low cou- holders of agency MBS among up funding costs for European capitalized banks” after the fi- much uncertainty,’ mann, a portfolio manager at
pon” agency MBS started drop- midsize U.S. financial institu- and Asian banks. nancial crisis, said Francesco Aquila Asset Management AG,
ping about a year ago, when tions, according to filings with Some bondholders are Franzoni, professor of finance which holds some AT1 bonds
the Federal Reserve raised
rates to fight inflation and indi-
cated it might start selling MBS
it owned.
the U.S. Securities and Ex-
change Commission. Brokerage
giant Schwab makes up the
lion’s share, with $237 billion
on thinking about challenging the
wipeout. “What investors look
at when they are investing is
certainty of process and rule
at the University of Lugano
and senior chair of the Swiss
Finance Institute. “AT1s were
created as a new avenue to in-
U.S. regulators considered
promoting them as well but
decided against it, preferring
issued by Credit Suisse.
Mr. Kauffmann said these
bondholders absorbing more
losses than shareholders went
Some of the bonds lost 15% of securities. The companies of law. That has just been crease banks’ capital.” banks to hold more common against the letter and spirit of
us ,
or more in a matter of months, say they have ample capital to swiped away in one fell swoop Sometimes called contin- equity, or shares, as well as the law before the last-minute
l
trading as low as 80 cents on meet withdrawals, but shares by Switzerland, ” said Natasha gent convertible bonds, or Co- other instruments such as pre- law change.
e
al a
the dollar, according to data have dropped between 27% and Harrison, managing partner at Cos, such securities can be ferred stock. “I don’t say you need to pay
from FactSet. 35% since the start of March. law firm Pallas, which is as- written down or converted to AT1 bonds differ from coun- 100% to AT1 holders, but they
Money managers, who must Any paring of such large sembling an investor group for equity in an emergency, de- try to country and bank to perhaps should recover a sub-
ci on
mark investments at market portfolios would hurt prices of potential litigation. pending on the terms of bonds bank. Some can get converted stantial amount of their in-
prices, sold a lot of their low- the low-coupon bonds most The write-down “could lead issued by individual banks. into common shares or written vestment,” he said.
coupon MBS at a loss. Banks banks hold, but measures taken to contagion for wholesale They were attractive to inves- down partially or completely. —Margot Patrick
largely held on. They classified by U.S. regulators would pre- funding costs across the sectors because, while relatively They get triggered when a and Patricia Kowsmann
much of the debt as “hold-to- vent a fire sale, said Ankur tor,” JPMorgan analysts said in risky, they carried high yields bank’s overall capital ratios contributed to this article.
er s
maturity,” which—unlike “avail- Mehta, global head of securi- a research note Tuesday. “We during a decade of low, and fall below a certain level or
able-for-sale” securities—can tized products research at Citi- expect that credit investors are sometimes negative, rates. when a regulator determines a  Heard on the Street: Credit
alexa
m er
be marked at above-market corp. now likely to demand a higher “Whenever they pay you a bank isn’t viable. Suisse was easy target..... B16
FREE INSIDE THE

m rp
co Fo
OUT
TODAY
AL DRAGO/BLOOMBERG NEWS
n-
So far this year investors who have bet against crypto have lost. A Bitcoin ATM at a gas station.
no
Bitcoin So far this year, the inves-

tors who have bet against
crypto have lost.
contracts trading on ex-
changes—measures market
sentiment and strength behind
Gets Boost ProShares Short Bitcoin

Strategy ETF, which tracks the
inverse of the daily perfor-
price trends.
Some investors remain cau-
tiously optimistic about the
From Crisis mance of the S&P CME Bitcoin

Futures Index, has declined 46%
this year, according to Morning-
trajectory of bitcoin’s price,
especially as it has surged
against the backdrop of a
star data as of Monday. banking crisis.
Continued from page B1 Shorting crypto stocks also Todd Morakis, co-founder of
tal’s Mr. Safai said. hasn’t been a profitable trade. digital-asset financial-services
In contrast to bitcoin’s re- Short sellers borrow shares firm JST Digital, said his firm
cent rally, the bearish senti- and sell them on the open mar- bought some bitcoin before
ment on the token has been ket, hoping to buy them back the recent rally and is assess-
building up for a while. at a lower price and pocket the ing whether it is time to take
“Investors are becoming difference as profit. some profits off the table.
more proactive with short posi- Investors betting against “The whole idea of owning
tions,” said James Butterfill, crypto exchange Coinbase bitcoin, at least initially, is
head of research at CoinShares. Global Inc. and bitcoin-buying that people weren’t trusting
THE
“That’s not a trade that has software intelligence firm Mi- the banking system,” Mr. Mor-
done particularly well this year croStrategy Inc. were down akis said. “But I think we will
given the price increases, yet 76% and 62%, respectively, this follow the lead of the U.S.
people are quite active in it.” year, according to Ihor Du- stock market.”
Mr. Butterfill noted that saniwsky, managing director
SPRING
crypto investors have been par- of predictive analytics at S3
ticularly sensitive to regulatory Partners. Coinbase and Mi- AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
and interest-rate developments. croStrategy are among some All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
They tend to pull money from of the most heavily shorted between that price and the face value.
long-bitcoin funds while adding crypto stocks. About 23% of 52-WEEK BILLS
to short-bitcoin products after Coinbase’s shares available for
ISSUE
Applications $97,992,540,100
the Federal Reserve announces trading were sold short, while Accepted bids $35,026,365,100
" noncompetitively $978,925,400
interest-rate increases and reg- 33% of MicroStrategy’s shares " foreign noncompetitively $3,200,000
ulators take action against available for trading were sold Auction price (rate) 95.561222
(4.390%)
crypto companies. short, according to S3 Part- Coupon equivalent 4.617%
Since regulators started to ners data as of March 17. Bids at clearing yield accepted 26.71%
Cusip number 912797LL9
crack down on some of the Crypto’s recent rally has The bills, dated March 23, 2023, mature on March 21,
Suki Waterhouse
biggest crypto players, inves- lured some investors back into 2024.
tors have pulled about $424 the market. Open interest in 19-YEAR, 11-MONTH BONDS
million from global exchange- bitcoin options on the crypto
rocks the season’s
Applications $30,313,256,600
Accepted bids $12,000,001,600
traded products that track the derivatives exchange Deribit " noncompetitively $36,006,600
price of bitcoin while adding reached a record high of
best fashions
" foreign noncompetitively $0
around $45 million into ETPs 388,000 with a notional value Auction price (rate) 99.526236
(3.909%)
that track the inverse of bit- of about $11 billion, according 3.875%
3NYP101
Interest rate
coin’s price, according to data to data from the exchange. Bids at clearing yield accepted 70.98%
Cusip number 912810TQ1
compiled by CoinShares for Open interest—the number of The bonds, dated March 31, 2023, mature on Feb. 15,
the six weeks ended March 17. unsettled and active futures 2043.
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Credit Suisse Bonds Were Easy Target Fed Flies

In the Dark
Central banks’ assurances to debtholders need to be taken with a grain of salt
Switzerland’s decision to give signed after the 2008 financial cri- Invesco AT1 Capital Bond UCITS ETF vestors can draw solace from the
As Turmoil
priority to shareholders over some
bondholders in its rescue of Credit
Suisse is counterintuitive for fi-
sis precisely to provide a capital
buffer in times such as these.
What isn’t totally clear is
price performance, past 10 days
0%
fact that Credit Suisse’s AT1 bonds
likely offered regulators a bit more
flexibility in their legal language
Upends
nance folk. But it has a political
logic and, in bank failures, politics
matters.
whether the deal with UBS is the
kind of event that justified regula-
tory action. The Swiss government
–5
UBS-
Credit Suisse
deal
and jurisdiction than most U.K. or
eurozone peers. Even after a
bounce on Tuesday, AT1s aren’t
Its Plans
Financial markets welcomed the acted pre-emptively, before Credit –10 back at last week’s closing level,
takeover of Credit Suisse by UBS Suisse failed. The authorities based on the performance of the
arranged by Swiss authorities over tweaked a law over the weekend
–15
Invesco AT1 Capital Bond ex- It is hard to tell the
the weekend. After an initial panic, to cement their case, implying that change-traded fund. impact of bank roiling
European bank stocks rose on they didn’t feel they could rely on At least some markdown seems
Monday, and they were up almost the bond documentation alone. –20 justified, and investors shouldn’t
4% on Tuesday in a sign that the Lawyers will presumably argue be too reassured by the apparent When the Federal Reserve’s
deal calmed investor nerves. over the fine print for years. –25 commitments of central banks. For rate-setting committee gathers for
The exceptions are aggrieved So why did Switzerland put the example, what the Bank of England one of its two-day meetings, it is
bondholders who will be wiped out stock first? The readiest explana- –30 would do “in a resolution or insol- usually pretty clear ahead of time
even as shareholders can expect a tion seems to be politics. AT1 vency scenario,” as it put it, would what it is going to do.
March 8 10 14 16 20
modest $3.25 billion payout. A bondholders, being global financial be steered by the U.K. treasury. In an era of greater central-
company’s equity is typically con- institutions, made an easier target Source: FactSet And they might take action before bank transparency, Fed policy
sidered the riskiest part of its cap- than shareholders, who tend to in- a formal resolution or insolvency, makers usually telegraph their in-
ital structure and the lowest rank- clude ordinary citizens. Credit evitably political, leading to poten- as Switzerland did. Authorities tentions.
ing in the hierarchy of creditor Suisse’s top shareholders are from tial conflicts with the financial learned from 2008 that acting Investors also have generally
claims. But the Swiss regulator the Middle East, a region that agenda. Could the pattern be re- early to keep things together is been able to take a look at what is
chose to write off Credit Suisse’s gives plenty of business to Swiss peated in future bank collapses? easier than picking up pieces later. going on with the economy to
roughly $17 billion worth of Addi- private banks. Investors initially feared so, AT1 bonds are a useful source of make an educated guess.
tional Tier 1 (AT1) debt. The deal needed capital from ditching other AT1 bonds on Mon- capital for European lenders. Cen- But the meeting that will con-
Its legal basis for doing so is up somewhere to add up for UBS. The day. That prompted statements tral banks are naturally eager to clude on Wednesday isn’t like that.
for debate. Documentation for the Swiss government was desperate from the European Central Bank keep the market going. But in a Worries about the banking system
bail-in bonds appears to allow the to avoid the appearance that this and Bank of England—fearful of crisis such as Credit Suisse, fi- have upended the central bank’s
regulator broad sway to do what it was a taxpayer-funded bailout. contagion in a $250 billion asset nance folk are far from the only plans, and heading into their meet-
.
likes in an emergency, as you There is a wider lesson here: class—that they rank all bondhold- voices in the room. ing on Tuesday, policy makers
might expect of a security de- Too-big-to-fail bank failures are in- ers above shareholders. Bond in- —Stephen Wilmot themselves might not have known
ly
what they would decide.
Economists are divided, with
some, like those at Goldman Sachs,
Foreign Car Makers Get Knocked in China on saying the Fed will pause its inter-
est-rate increases, while others, like
JPMorgan’s, reckoning it will raise
its target range on overnight rates
by a quarter of a percentage point.
us ,
Domestic brands in China have Futures markets have been flip-

l
stolen a march on foreign auto flopping on the question, and lately

e
al a
makers, especially in regard to EVs. have been implying that a quarter-

Genteel price competition in point increase is more likely.
China’s auto industry has turned Part of the Fed’s difficulty is
ci on
into a brawl. That adds another that while the case for raising
challenge for foreign car makers, rates has been clear—inflation is
which are lagging in the country’s still too high and the job market is
electric-vehicle race. strong—the problems with the
What began as price cuts led by banking system are hard to quan-
er s
Tesla in late 2022 and early 2023 tify. One moment it can look as if
evolved into a price war for the
m er
whole market. China’s Dongfeng

Motor and the provincial govern-
ment of Hubei are offering rebates
Part of the Fed’s difficulty
of up to around $13,000 on some of is that the problems with
its cars. That means discounts on a
m rp
the banking system are

ORIENTAL IMAGE/REUTERS
gas-powered Citroën C6, made by a

joint venture between Dongfeng and hard to quantify.
Jeep maker Stellantis, run up to
around 40% of the listed price. Auto
makers including domestic EV cham-
co Fo
pion BYD and foreign companies the latest rescues have stopped
such as Volkswagen and Ford Mo- the panic, and the next another
tor are slashing prices on their cars. Foreign car makers mostly operate through joint ventures in China. A FAW-Volkswagen Automobile Co. facility. bank looks like it needs saving. It
China’s car market moved into is an environment where a rate in-
the slow lane this year. Auto sales An emissions-standard upgrade, 20% over the same period. car makers have been slow to com- crease could suddenly inflame
fell nearly 20% year over year in the which will become effective in And the price war will put pres- pete. Tesla is the only foreign brand problems that the Fed didn’t know
first two months of 2023, according July, has likely prompted dealers sure on foreign car makers, which among the top-selling EV models in were there.
to the China Passenger Car Associa- to clear out legacy gas-powered mostly operate through joint ven- China. EVs make up around 30% of The other issue is that the roil-
tion. Gasoline-powered cars are the car inventories—similar to the pat- tures in the country. China has be- China’s auto sales and the penetra- ing of banks to some extent has
main reason for the decline as their tern preceding the previous stan- come a lucrative market for them, tion rate will likely rise further. done the Fed’s job for it. Even if
sales dropped about 30% from a dards change in 2019. but they lost market share to do- Slowing sales and cutthroat the potential for contagion were to
year earlier. New-energy cars, which The aggressive price cuts will mestic competitors as Chinese EV price competition will make for a end right now, regional and com-
include hybrids, grew 23% year over likely hurt margins for auto mak- sales skyrocketed. tough year in China’s auto indus- munity banks in particular will
n-
year in January and February but ers: Shares of most Chinese auto Domestic brands accounted for try. But foreign car makers, which likely be more cautious about
growth slowed from last year’s fre- makers fell in the past month or around half of car shipments in have been thriving in the country lending in the months ahead and
netic pace. EV subsidies and pur- so. Dongfeng’s Hong Kong-listed China this year, compared with 38% for decades, have a more funda- could also be under increased reg-
chase tax cuts expired at the end of shares lost almost a quarter of in 2019, according to the China Pas- mental problem too: They need to ulatory oversight. But is this the
no
last year, so many buyers probably their value since the end of Janu- senger Car Association. The EV catch up in the EV sector, before it equivalent to a half-point rate in-
brought forward their purchases. ary. Great Wall Motor dropped boom is the main reason: Foreign is too late. —Jacky Wong crease, a full point, or even more?
Conventional measures of finan-
cial stress aren’t flashing any
warning signs, but this might be
more a reflection of what goes
Bankers’ Understanding of Deposits Needs Update into them rather than what is ac-
tually happening. For example, a
Goldman Sachs gauge, which is
based on measures including ex-
How could Silicon Valley Bank Noninterest-bearing deposits as a What turned those moves into deposit insurance. Noninterest- change rates, corporate-bond
and other lenders have been so percentage of domestic deposits fateful mistakes was also failing to bearing deposits then surged past spreads and the 10-year Treasury
blind to interest-rate risk? Habits contemplate how depositors would 30% during the pandemic. yield, shows that as of Monday, fi-
30.0%
formed over many years of low react to rising rates. Even before Now those deposits have been nancial conditions were actually a
rates may have had a lot to do depositors got skittish about the falling faster than deposits overall. bit easier than they were at the
27.5
with it. impact of interest rates on banks’ Were they to return to the average end of last month. Evercore ISI
As it accumulated billions worth assets, savers were already seeking level as a percentage of domestic strategists point out that the Fed
of fixed-rate Treasurys and mort- 25.0 out higher rates, with options rang- deposits from the early 1990s to the has some information that inves-
gage bonds in recent years, ing from money funds to online present, that could imply a shift of tors don’t, such as data on bank
SVB failed to anticipate the speed 22.5 banks and brokers. around $1 trillion at today’s levels, deposits. But it has less visibility
at which the Federal Reserve would For example, many banks have potentially adding billions to banks’ into things like what loans to
move with interest-rate increases 20.0 become accustomed to having a collective interest expenses. small businesses aren’t being ap-
last year. But the bank’s rapid rise base of deposits that aren’t paid Some banks may experience pos- proved today that would have
this century took place mostly in an 17.5 any interest. These can be things itive changes to their deposit stabil- been approved two weeks ago.
era of very low interest rates and like checking accounts for people ity or costs from the recent crisis, And unfortunately, this is one of
freely flowing money. 15.0 and businesses. such as megabanks that customers those situations in which what you
SVB isn’t alone in this. Bankers, 1995 2000 ’10 ’20 These accounts can be inconve- view as havens. But for investors, can’t see can, in fact, hurt you.
regulators, analysts and investors nient to move, because customers trying to figure out which banks are —Justin Lahart
are now being asked to contemplate Source: Federal Deposit Insurance Corp. are using them every day, and they most at risk of deposit shifts or
things that may not have happened can be a key part of banks’ overall rapid repricing won’t be easy. Goldman Sachs
in decades, while relying on expec- The Fed has raised interest rates at relationships with their customers. Hal Schroeder, a former Finan- financial-conditions index
tations of market and customer be- the fastest pace in decades. The last Having these deposits has been cial Accounting Standards Board
102
havior formed during the easy- comparable episode may be then- seen as a source of strength, and a member and investment manager
money era. Fed Chairman Paul Volcker’s cam- driver of what is known as asset who teaches accounting at Western
“For the last 15 years, almost all paign to slay inflation in the early sensitivity—that a bank was more Connecticut State University, says 101
deposit behaviors were masked, and 1980s. exposed to the benefits of rising in- investors don’t have quarterly Tighter
Tig
Tighte
hter
hter
looked similar,” says Bob Warnock, The problem for banks right now terest rates than to their draw- transparency into key things like 100 financiiall
financial
senior client adviser at Curinos, isn’t just that some lenders locked backs. banks’ continuous estimates of how conditions
which provides data and insight to up their money in bonds and mort- But noninterest-bearing deposits long different types of deposits will 99
financial institutions on deposits gages at what could prove to be haven’t always played as big of a stick around to fund their assets.
and lending. “You would need a well-below market rates for a long role. Unpaid deposits hovered “Key information never seems to 98
team that has been around since time. That can be mostly an earn- around just 15% of domestic depos- work its way down to investors,”
the 1980s to understand what the ings problem. And buying Treasurys its back in the early 1990s, accord- says Mr. Schroeder. These risks
97
next several years might look like.” was in some ways a logical re- ing to Federal Deposit Insurance were much more in focus after the
Even as the Fed’s rate increases sponse to regulatory incentives, Corp. data. They inched up to 20% savings-and-loan crisis that began
began in 2022, bankers might have since they counted as zeros when it in the early 2000s, then jumped to in the 1980s, he added. “Banking 96
thought they would have more time came to calculating the risky assets 25% in 2011, during which time history doesn’t repeat. But it 2019 ’20 ’21 ’22 ’23
to adjust to a new normal. But that that determine how much equity many noninterest-bearing deposits rhymes.” Note: Average level from 2000 is 100.
isn’t how things have played out: capital a bank needs. were temporarily granted unlimited —Telis Demos Source: Goldman Sachs

Putin-Xi Summit Showcases Growing Challenge To The West: For Personal, Non-Commercial Use Only

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I ncreased investor opti-

yearlong streak of declining

Putin-Xi Summit Showcases

Growing Challenge to the West

 Netflix is spending big

tial major franchise. B1

 China’s Xi and Russia’s

Girls’ Schooling Ban

A2 | Wednesday, March 22, 2023 THE WALL STREET JOURNAL.

Lessons of Past Are Lost in Banking Scare

High Court Rules in

Favor of Deaf Student

BY JESS BRAVIN Tuesday’s case came from

WASHINGTON—A unani- student, Miguel Luna Perez,

needs, allowing them to pur- many children with disabilities

local districts. to more than 7.5 million chil-

token, it might add to the only to award a certificate of

Los Angeles School Workers Walk Out

those costs in resisting parent federal law dating from the

THE WALL STREET JOURNAL. * * * * Wednesday, March 22, 2023 | A3

L.E. BASKOW/LAS VEGAS REVIEW-JOURNAL/ASSOCIATED PRESS

Clip Shows Police Piled On in Hospital Death

AND JOSHUA JAMERSON commonwealth’s attorney for

An attorney for the family spond to requests for comment.

Video of the hospital intake Caroline Ouko, Mr. Otieno’s

Our new Reserve Membership, designed

A4 | Wednesday, March 22, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

Consumers’ Confidence Gets Tested Anew

economy. cess savings, benefited from

Stocks Rise Index performance, past two days

2.5% people said. Some analysts have warned

Home could weigh on demand, he

Prices harder for home buyers to ob-

Decline “Buyers have been very re-

THE WALL STREET JOURNAL. Wednesday, March 22, 2023 | A5

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School Ban cupied areas of Ukraine, China

has put forward a more am-

U.S. allies in Asia are con-

Taliban that Russian success in Ukraine

Continued from Page One

neighboring Pakistan, where