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What’s Inflation Cools, but Stays High DOJ, SEC

News CPI rose 6% from year a closely watched inflation five months. Shelter costs rose Consumer-price index, Launch
Inquiries
gauge, rose 6% in February 0.8% over the month, match- change from previous year
earlier, leaving Fed to from a year earlier, down ing the largest monthly gain 10% All items
balance risk of prices from a 6.4% gain the prior since the 1980s.
+6%

Into Bank
Business & Finance month, the Labor Department Economists said Tuesday’s
with banking stability said. It was the smallest in- consumer-price index report 8
crease since September 2021. underscored the urgency of
BY GABRIEL T. RUBIN When excluding volatile food the Fed’s inflation fight. Sev-
T he Justice Department

Collapse
6
and the SEC are inves- AND NICK TIMIRAOS and energy costs, prices ad- eral said they thought it
tigating the collapse of Sil- vanced a slightly slower 5.5%. made officials more likely to
4 Core CPI*
icon Valley Bank, accord- Inflation eased in February Economists view so-called raise rates next week by a
ing to people familiar with but remained stubbornly high, core prices as a better indica- quarter percentage point as +5.5%
the matter, after the lender presenting a challenge for the tor of future inflation. long as the banking sector 2
SVB executives’ share
was taken over by regula- Federal Reserve as it confronts Monthly data showed price didn’t appear to come under sales to be examined;
tors last week. A1, A5-7 how to slow the economy with pressures persisted in many additional stress ahead of its
 Inflation eased in Feb-
higher interest rates at the corners of the economy. Core rate decision. 0 regional lenders’ stocks
same time it moves to stem prices increased by a season- The Fed’s March 21-22 2019 '20 '21 '22 '23 rise after major selloff
ruary but remained stub-
banking problems. ally adjusted 0.5% in February, meeting could feature an in- *Excludes food and energy
bornly high, presenting a
The consumer-price index, the largest monthly gain in Please turn to page A7 Source: Labor Department
challenge for the Fed as it
BY DAVE MICHAELS
confronts how to slow the
economy with higher rates
WASHINGTON—The Justice
at the same time it moves to
stem banking problems. A1
Strike Over Pensions Fills Paris Streets With Garbage Department and the Securities
and Exchange Commission are
 U.S. stocks climbed, with investigating the collapse of
the S&P 500, Nasdaq and Silicon Valley Bank, according
Dow posting gains of 1.6%, to people familiar with the
2.1% and 1.1%, respectively. matter, after the California
Treasury yields rose. B1 lender was taken over by regu-
 First Republic and other lators last week amid a his-
regional banks clawed back toric run on its deposits.
some losses after their worst The separate probes are
selloff in three years. A6 preliminary and might not
lead to charges or allegations
 Meta Platforms said it
of wrongdoing. Prosecutors
would cut about 10,000 jobs

.
and regulators often open in-
over the coming months, the
vestigations after financial in-

ly
company’s second wave of
stitutions or public companies
mass layoffs in what it said is
suffer big, unexpected losses.
a bid to be more efficient. A1
Shares in SVB Financial Group,
 VW plans to spend close
to $200 billion over the next
five years to fix its business
in China and try to hoist the
on the former owner of the bank,
fell 60% last week and haven’t
traded since Friday.
The investigations are also
car maker out of its niche examining stock sales that
us ,

as an also-ran in the U.S. B1 SVB Financial’s officers made

l

days before the bank failed,

e
 Credit Suisse said it found
al a

the people said. The Justice

material weaknesses in its fi-
Department probe involves the
MOHAMMED BADRA/EPA/SHUTTERSTOCK

nancial reporting over the

department’s fraud prosecu-
ci on

past two years because of in-

tors in Washington and San
effective internal controls. B1
Francisco, the people said.
 West Virginia Gov. Jus- SVB Financial Chief Execu-
tice wants to sell his family’s tive Greg Becker and Chief Fi-
coal business, according to nancial Officer Daniel Beck
er s

his lawyer and other people didn’t respond to requests for

familiar with the matter. B1 comment; spokespeople for
m er

the SEC, the San Francisco

 OpenAI introduced a more
U.S. attorney’s office and the
powerful version of the tech-
CITY OF BLIGHT: Tons of garbage piles up on Paris sidewalks Tuesday as sanitation workers were on strike for a ninth Justice Department’s criminal
nology behind ChatGPT. B4
day, one of the most visible, and smelly, signs of opposition to a bill to raise the French retirement age by two years. division declined to comment.
Shares of regional banking
m rp

World-Wide companies on Tuesday clawed

back some of their steep losses

 A Russian jet struck a

U.S. spy drone over the Black
The Party Is Ending for French Retirees from Monday, a sign of calm af-
ter regulators’ emergency mea-
sures to contain a potential
co Fo

Sea and knocked it out of banking crisis. First Republic

the sky, the Pentagon said, in Bank, which lost nearly two-
one of the first direct mili- thirds of its value Monday,
tary confrontations between
Lush benefits are eroding; now President Macron wants to raise the cutoff age to 64 closed about 27% higher after a
the two nations’ forces since near-60% jump earlier Tuesday.
the war in Ukraine began. A1 BY NOEMIE BISSERBE spring after spending the fall in Italy. systems of advanced economies Please turn to page A6
Money isn’t a problem, because the throughout the world.
 The EPA proposed the
MENTON, France—Jean-Pierre couple receives around €6,000 in pen- As people live longer and the popu-
first federal limits on con-
Demoy has been living the dream ever sion checks from the French govern- lation grows older, the number of ac- Collapse of SVB
taminants known as forever
since he retired from the airline indus- ment every month, or $6,444. Says Mr. tive workers who fund each pension
chemicals in public drink-  Policy makers risk populist
try 14 years ago. Demoy: “I feel like a teenager.” check is shrinking. France had more
ing water, with compliance backlash............................. A5
The 75-year-old sleeps in and strolls Younger generations of French work- than four workers for every retiree in
expected to cost water util-  Regional bank stocks
the beach while others in this sun-kissed ers are feeling less optimistes. The the early 1960s, according to the gov-
ities billions of dollars. A3 rebound sharply.............. A6
n-

town on the French Riviera report to golden age of French pensions is com- ernment. That figure stood at 1.7 in
 Biden signed an execu- work. Weekends are for dancing with ing to an end, one way or another, in 2020, and it is projected to fall to 1.5  Bank’s creditors circle,
tive order that he said was his partner Roseline Soudan, 73. They an extreme example of the demo- over the next decade, according to an eyeing assets.................... A7
aimed at reducing gun vio- are planning a trip to Greece in the graphic stress afflicting the retirement Please turn to page A10
no

lence, including changes

that could increase the num-

U.S. Says INSIDE Facebook’s Parent

ber of gun buyers subjected
to background checks. A2

Russian
 North Carolina’s highest
court this week is reconsid-
ering two of its recent elec-
To Cut 10,000 Jobs
Jet Struck
tion-law decisions, a move

In New Layoff Wave

that comes after the Novem-
ber elections flipped the court

Drone Over
F. MARTIN RAMIN/WSJ

to a Republican majority. A4
 House Republicans will

Black Sea
review government reports of BY SAM SCHECHNER “At this point, I think we
suspicious financial transac- should prepare ourselves for
tions related to the president’s Meta Platforms Inc. said it the possibility that this new
family members, resolving an would cut about 10,000 jobs economic reality will continue
early rift with the administra- A Russian jet struck a U.S. WORLD NEWS PERSONAL JOURNAL over the coming months, the for many years,” Mr. Zucker-
tion as Republicans mount an spy drone over the Black Sea Saudi Crown Prince Doctors urge a switch Facebook parent’s second berg wrote. “Given this out-
inquiry into Hunter Biden. A4 and knocked it out of the sky, wave of mass layoffs in what it look, we’ll need to operate
the Pentagon said, in one of the
Mohammed bin to healthier sandwiches said is an effort to be more ef- more efficiently than our pre-
 Novo Nordisk is set to cut Salman tests to fight heart disease
the U.S. list prices for several first direct military confronta- ficient in a difficult economy. vious headcount reduction to
insulin drugs by up to 75%, tions between the two nations’ nonaligned policy. A9 and strokes. A11 Meta Chief Executive Mark ensure success.”
Zuckerberg wrote in an email Meta said in a securities fil-
the latest big drugmaker to
make steep reductions. A3 By Nancy A. Youssef to staff on Tuesday that the ing Tuesday that it expects to
in Washington company would in the coming lower its annual expenses by
 Americans lost more than
$10 billion to online scam-
and Evan Gershkovich
in Moscow
New Government Typeface Rules months conduct multiple
rounds of job cuts, as well as
about $3 billion from an esti-
mated range it gave on Feb. 1.
mers last year, new gov-
ernment data show. A3 forces since the war in Ukraine
Trigger War of Words cancel some projects and re-
duce hiring rates as part of
It now expects to spend a total
of $86 billion to $92 billion
began more than a year ago. i i i what he has dubbed the “year this year, including the costs
 Died: Jiang Yanyong, 91,
doctor who sounded the The collision demonstrated of efficiency.” of its layoffs and restructur-
alarm on SARS in China. A18 how closely the U.S. and Rus- A divide opens between fans of letters Company recruitment ing, which it said could total
sia are operating on the mar- teams will be cut first, fol- $3 billion to $5 billion.
CONTENTS Opinion.............. A15-17
gins of a conflict zone, even as with wings and feet, and those without lowed by restructuring and Meta’s share price rose
they aim to avoid incidents layoffs in its technology more than 7% in Tuesday trad-
Arts in Review.... A13 Personal Journal A11-12
Business News.. B3,5 Property Report... B6 that could inflame tensions BY KATIE DEIGHTON clinical negligence, is a Times groups in late April, Mr. Zuck- ing to just above $194, far out-
Crossword.............. A14 Sports....................... A14 and widen the war in Ukraine. New Roman traditionalist. “It’s erberg wrote. Business teams pacing the broader market.
Equities....................... B9 Technology............... B4 While the U.S. has provided Married couple Catherine an authoritative script,” he will face layoffs in May, he The stock is up more than 60%
Heard on Street. B14 U.S. News............. A2-7
Markets.................... B13 World News. A8-9,18
Kyiv more than $30 billion in Wood and Simon Wheatley, said, and makes sentences ap- wrote. The company will also so far this year, though well
military aid and equipment, as both trial lawyers, pear composed by a stop hiring for about 5,000 below its record of more than
well as intelligence, it has said have irreconcilable grown-up. open positions. $380 in September 2021.
> it wanted to avoid conflict differences when it “But we’ve got to be Mr. Zuckerberg wrote that Tuesday’s announcements
with Russia. comes to the fine print. progressive, we’ve got to his company must cope with a come after Meta’s layoff of
Tuesday’s incident demon- For legal documents, move forward, we’ve got to longer-term change in the about 11,000 employees—or
Please turn to page A8 Ms. Wood prefers the embrace the modern age,” economy, marked by the end Please turn to page A2
s 2023 Dow Jones & Company, Inc.
21st-century Calibri type- said Ms. Wood, who prac- of low interest rates, growing
All Rights Reserved  Russia’s shortage of artillery face. Mr. Wheatley, tices family law. “Cali- geopolitical tensions and  Heard on the Street: ‘Year of
shells hurts its offensive.... A8 who specializes in Wings, feet Please turn to page A10 costly new regulations. efficiency’ looks costly....... B14
 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 15, 2023 * * THE WALL STREET JOURNAL.

U.S. NEWS
Biden Presses Gun Background Checks
Executive order aims den said, directing his remarks FBI firearm background pacity magazines, and make
to lawmakers. “Do something. checks performed, background checks universal,
to reduce violence, Do something big.” change from a year earlier but is using his authority to
president says, urging Under the new order, Mr. Bi-
80%
take the limited actions avail-
den directed the Justice Depart- able at his disposal.
congressional action ment to clarify the definition of “We owe this to the lives
February
being “engaged in the business” that have been lost, the fami-
+0.4%
President Biden signed an of selling firearms. Currently, a lies who have lost their loved
2.6 million
executive order Tuesday that federal background check isn’t 40 ones,” White House press sec-
checks
he said was aimed at reducing required for private sales of retary Karine Jean-Pierre told
gun violence, including firearms between individuals. reporters aboard Air Force
changes that could increase The change could result in more One on Monday.
EVAN VUCCI/ASSOCIATED PRESS
individuals being classified as Mr. Biden met privately with
By Sabrina Siddiqui firearms dealers who are re- 0 first responders and family
in Washington and quired to conduct background members of Monterey Park vic-
Andrew Restuccia in checks for all sales. tims during his visit, which is
Monterey Park, Calif. The president is also urging part of a broader swing through
the Federal Trade Commission –40 the West Coast this week.
the number of gun buyers sub- to produce a public report ex- Advocates for stricter gun
2019 ’20 ’21 ’22 ’23
jected to background checks, amining how manufacturers laws celebrated Mr. Biden’s
while visiting the area of a market guns, with a specific fo- The president spoke in Monterey Park, Calif., on Tuesday. Source: Federal Bureau of Investigation move. John Feinblatt, president
January mass shooting in cus on marketing directed to- of Everytown for Gun Safety,
Monterey Park, Calif. ward minors, including through known as red-flag laws, to allow providers and educators on first visit to Monterey Park said the actions were “the lat-
Mr. Biden said his executive the use of military imagery. people to petition a court to re- public-awareness campaigns since a gunman opened fire on est example of President Bi-
actions are designed to move Last year, Mr. Biden signed move guns from people deemed around red-flag laws, and asks a roomful of people celebrat- den’s leadership on gun safety.”
the U.S. as close to universal the first substantive firearms dangerous. them to expand existing fed- ing the Lunar New Year, leav- The National Rifle Associa-
background checks as possible legislation in decades after law- In a call with reporters Mon- eral campaigns that promote ing 11 dead. Law-enforcement tion said the administration’s
without the passage of legisla- makers on a bipartisan basis day, the White House argued safe storage of firearms. He is officials at the time said the actions wouldn’t reduce crime.
tion in Congress, where parti- approved a requirement that those laws, which are in place also asking the Transportation gunman, Huu Can Tran, took “Until President Biden and his
san divides have left most gun- background checks cover the ju- in 19 states and Washington, Department and Justice De- his own life after officers later allies decide to go after vio-
safety legislation stalled. venile and mental-health re- D.C., are effective only if the partment to crack down on the surrounded his vehicle. lent criminals, violence will
The president, in his re- cords of gun purchasers under public knows how to use them. loss or theft of firearms dur- White House officials said continue to spiral out of con-
marks, said his executive order 21 years of age. The law also Mr. Biden’s new order di- ing shipment between feder- Mr. Biden continues to believe trol as it has,” the group said.
isn’t a substitute for congres- takes steps toward enhancing rects his cabinet to join with ally licensed firearms dealers. Congress should pass a ban on —Zusha Elinson
sional action. “Enough,” Mr. Bi- extreme risk-protection orders, law enforcement, healthcare The stop marks Mr. Biden’s assault weapons and high-ca- contributed to this article.

U.S. WATCH
Meta to gineers who joined the com-
pany in person before working
remotely or remained in per-

Cut 10,000 son performed better on aver-

.
age than those who joined the
company remotely. The analy-

ly
Positions sis also showed that engineers
perform better on average
when they work in person with
on Continued from Page One
about 13% of its workforce—
last fall, in the first broad
teammates at least three days
a week, he wrote. The com-
pany’s hypothesis is that in-
person work helps build trust
head-count reductions in the and is more effective, he wrote.
us ,

company’s history. The new He encouraged employees

l

rounds of cuts are likely to to find more time to work

e
al a

add up to about the same with colleagues in person.

magnitude as those layoffs, “We’re focusing on under-
The Wall Street Journal said standing this further and find-
ci on

last week. ing ways to make sure people

The new rounds of layoffs build the necessary connec-
are likely to hit nonengineer- tions to work effectively,” he
ing roles especially hard, and wrote.
among projects that will be Meta reported a head count
BEN GARVER/THE BERKSHIRE EAGLE/ASSOCIATED PRESS

er s

cut are some wearable devices of 86,482 at the end of Decem-

that were in the works at Re- ber, up 20% from a year ear-
m er

ality Labs, Meta’s hardware lier, but said that figure still
and metaverse division, the included most of the 11,000
Journal reported. employees affected by the No-
While writing that layoffs
were difficult, Mr. Zuckerberg
m rp

in his email on Tuesday also

described what he said were
The cutbacks come
the advantages of a leaner or- after Meta’s layoff of
ganization, expanding on a
new view of management for
roughly 13% of its
workforce last fall.
co Fo

the current economy that he

has been laying out in recent
A tree toppled onto a house Tuesday in Pittsfield, Mass., as a storm brought heavy, wet snow to several states in the Northeast. months.
He wrote that many manag-
OHIO WEATHER JUSTICE DEPARTMENT MARYLAND ers will “become individual vember layoffs.
contributors.” He also wrote Meta’s new layoffs add to
State Sues Railroad Storms Move Into U.S. Joins Suit Against Judge Allows Release that managers might now have waves of job cuts that have
Over Derailment Northeast, California Rite Aid Over Opioids Of Abuse Allegations up to 10 direct reports, rather roiled Silicon Valley, where
than just a handful, because tech giants are now retrench-
Ohio Attorney General Dave A storm dumped heavy, wet Rite Aid Corp. knowingly filled A judge on Tuesday granted the company now doesn’t ex- ing after adding employees by
Yost sued Norfolk Southern Corp., snow in parts of the Northeast unlawful prescriptions for con- the Maryland Attorney General’s pect to increase its head count the tens of thousands through
seeking to hold the company fi- on Tuesday, while the latest at- trolled substances, ignoring red Office permission to publicly re- as quickly as in the past. the pandemic. Technology
nancially responsible for the train mospheric river to drench Califor- flags and helping fuel the coun- lease a redacted version of an in- “It’s well-understood that companies including Ama-
n-

derailment in East Palestine. nia has put nearly 27,000 people try’s opioid epidemic, the Justice vestigative report detailing sex- every layer of a hierarchy adds zon.com Inc. and Google par-
The complaint, filed in U.S. under evacuation orders due to Department alleged in a lawsuit. abuse allegations against more latency and risk aversion in in- ent Alphabet Inc. have cut
District Court of the Northern flooding and landslide risks. The department filed the than 150 Roman Catholic priests formation flow and decision- thousands of jobs in recent
District of Ohio on Tuesday, In the Northeast, the storm’s complaint against the pharmacy and examining the Archdiocese making,” Mr. Zuckerberg months.
no

sought civil penalties, damages, path included parts of New Eng- chain in federal court in Cleve- of Baltimore’s response. wrote. “Every manager typi- Since 2022, layoff tallies at
court costs and other relief for land, upstate New York, north- land, joining an existing whistle- Completed last year by the cally reviews work and pol- tech companies have reached
the Feb. 3 incident, which led to eastern Pennsylvania and north- blower lawsuit filed in Ohio in Maryland Attorney General’s Of- ishes off some rough edges be- nearly 300,000 workers, ac-
the derailment of 38 cars, includ- ern New Jersey. Snow totals by October 2019. It alleges that Rite fice, the report has remained un- fore sending it further up the cording to Layoffs.fyi, a site
ing 11 tankers carrying hazard- the time the storm winds up Aid’s pharmacists filled prescrip- der seal because it contains in- chain.” that is tracking job cuts in the
ous materials that caught fire. Wednesday were expected to tions “with obvious red flags” formation obtained from church He wrote that the company industry. Broadly, employment
The lawsuit asked the court range from a few inches to a over a five-year period from May officials via grand jury subpoe- will be “focused on canceling in the information industry
to order the company to pay for few feet. 2014 through June 2019, and nas. Lawyers for the state asked projects that are duplicative was unchanged between July
damages to natural resources California, meanwhile, has that the company intentionally the court for permission to re- or lower priority” because and January, according to fed-
and property and to make pay- been battered by 10 previous at- deleted notes about prescribers lease their findings, and Balti- those can take broader re- eral data. Total employment
ments for the economic harm mospheric rivers, long plumes of who were deemed suspicious. more Circuit Court Judge Robert sources and managers’ atten- rose in that time.
done to the state and its resi- moisture from the Pacific Ocean, Hundreds of thousands of un- Taylor ruled last month that a re- tion from core priorities. Meta said Tuesday that it
dents. as well as powerful storms lawful prescriptions for controlled dacted version should be made “In retrospect, I underesti- plans to extend a hiring freeze
“The derailment in East Pal- fueled by arctic air that produced substances were filled during that public. mated the indirect costs of and pause internal transfers in
estine, Ohio was both foresee- blizzard conditions. The new time, the Justice Department said. The next step was for Judge lower priority projects,” Mr. the company while the layoffs
able and preventable,” the law- storm initially spread light to They included a combination of Taylor to review a list of pro- Zuckerberg wrote. and restructuring occur. Those
suit said. “Norfolk Southern’s moderate rain over northern and highly abused and dangerous posed redactions, which he ap- Mr. Zuckerberg wrote that freezes will lift in each unit
own record demonstrates that it central regions of the state. The drugs known as “the trinity,” which proved Tuesday. the company analyzed perfor- once the restructuring there is
knew—and should have taken National Weather Service said it consists of an opioid like oxy- According to earlier court fil- mance data and found that en- complete.
appropriate steps to prevent— was moving more quickly than codone, a benzodiazepine such as ings, the nearly 500-page docu-
the significant harm that the de- expected and most of the pre- alprazolam, and a muscle relaxant ment identifies 158 priests ac-
railment would cause the state.” cipitation would shift southward. or stimulant, according to the de- cused of abusing more than 600
Norfolk Southern said it looked Forecasters warned of poten- partment. Other red flags, it said, victims over the past 80 years.
forward to making a final resolu- tially damaging winds with included allowing prescriptions for The attorney general’s investiga-
tion with Mr. Yost and his office. gusts up to 70 mph. Power out- “excessive quantities of controlled tion was launched in 2019.
“Every day since the derailment, ages hit more than 173,000 util- substances” and filling prescription “We will work to complete the
our goal has been to make it ity customers in northern and refills sooner than allowed. court-ordered redactions and re-
right for the people of East Pales- central areas, according to Pow- A spokeswoman for Rite Aid lease the report as expeditiously
tine and the surrounding commu- erOutage.us, which tracks out- declined to comment, citing con- as possible,” Maryland Attorney
nities,” Norfolk Southern said. ages nationwide. tinuing litigation. General Anthony Brown said.
—Joseph De Avila —Associated Press —Talal Ansari —Associated Press

THE WALL STREET JOURNAL

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THE WALL STREET JOURNAL. * * Wednesday, March 15, 2023 | A3

U.S. NEWS

What You Should

Know About PFAS
BY NIDHI SUBBARAMAN absorbed into the bloodstream.

In the eight decades since

they were created, so-called Are PFAS harmful?
forever chemicals have The U.S. lacks comprehen-
reached remote corners of the sive national testing of PFAS
Arctic and been detected in in blood, which makes it diffi-
the open ocean and the tissue cult to know who is most ex-
of animal species as diverse as posed, according to Jane Hop-
polar bears and pilot whales. pin, an environmental
Also known as PFAS, or epidemiologist at North Caro-
JOSHUA A. BICKEL/ASSOCIATED PRESS

per- and polyfluoroalkyl sub- lina State University.

stances, they can stay in the The CDC’s blood-monitoring
environment for years without effort wouldn’t capture con-
breaking down. tamination hot spots where
Nearly everyone in the U.S. people are more highly ex-
is believed to have some level posed to PFAS, she said. That
of PFAS in their blood, accord- is one reason PFAS health
ing to the Centers for Disease harms are difficult to assess.
Control and Prevention. Scientists have found links
Scientists are still studying between PFAS and a handful of
Researchers sorted and examined water samples as part of PFAS research at an EPA facility in Cincinnati last month. the effects of human exposure health problems, including

EPA Proposes Rules to Limit

to PFAS. Here’s what to know. high cholesterol, a decreased
immune response to vaccines,
and an increased risk of kidney
Routes of ingestion cancer, according to a 2022 re-
People can ingest PFAS port published by the National

‘Forever Chemicals’ in Water

through food or water, or en- Academies of Science, Engi-
counter them in consumer neering and Medicine.
products. More than 2,800 lo- Many studies have examined
cations in the U.S. have found PFAS and occurrence of ulcer-
PFAS in the drinking water, ac- ative colitis, thyroid disease,
cording to the Environmental and breast and testicular can-
BY KRIS MAHER diverse properties. The chemis- Working Group, a nonprofit cer, suggesting a link between
JAKE MAY/THE FLINT JOURNAL/ASSOCIATED PRESS

try council said that it has seri- that tracks the chemicals. the chemicals and an increased
The Environmental Protec- ous concerns with the underly- “If people are in a place risk of each disease, said the
tion Agency on Tuesday pro- ing science that the EPA used that has high contamination, National Academies report.
posed the first federal limits on to develop its proposed limits then water is going to be im-
so-called forever chemicals in for PFOA and PFOS and noted portant,” said Phil Brown, an
Risks to pregnancy?

.
public drinking water, a move that the low limits would likely environmental sociologist at
that is expected to cost water result in billions of dollars in Northeastern University in PFAS exposure is linked to

ly
utilities billions of dollars to fil- compliance costs. Boston who has studied the an increased risk of high blood
ter out substances that have The EPA estimates that be- chemicals. “But for the average pressure during pregnancy, ac-
contaminated the water sup- tween 3,400 to 6,300 public person who doesn’t have high cording to the National Acade-
plies of millions of people.
The EPA is proposing maxi-
mum allowable levels for two
compounds in a class of chemi-
on
Foam from PFAS gathered in 2018 at the Van Etten Creek dam in
Michigan. PFAS have been found in some 99% of the U.S. population.
water systems, serving between
70 million and 94 million peo-
ple, would be required to re-
move PFAS under the rule. The
levels of contamination, food
is very often considered to be
the most primary route.”
PFAS might pass to food
mies report. PFAS blood levels
in mothers are also linked
with low birth weight.
Fetuses and infants are gen-
cals known as perfluoroalkyl agency estimated the cost of from packaging, or produce erally more vulnerable to
us ,

and polyfluoroalkyl substances, modern world,” he said. PFAS caused cancers, and other implementing the rule to be and dairy could have PFAS harmful chemicals than adults
l

or PFAS. Known as forever In its new proposed rule, health problems are part of $772 million a year, with eco- from PFAS-tainted sludge used because their brain and critical
e
al a

chemicals because they take a EPA set a limit for two types of some 3,000 PFAS cases consoli- nomic benefits of $1.2 billion a as a fertilizer, Dr. Brown said. organs are rapidly developing,
long time to break down, they PFAS of 4 parts per trillion dated in federal court in South year from fewer cancers and Evidence so far suggests according to Laurel Schaider,
were used for decades in car- each in public drinking-water Carolina. other illnesses. that ingested PFAS is absorbed an environmental-health ex-
ci on

peting, clothing, food packag- systems. The EPA also said it The EPA has requested com- The American Water Works from the intestine, and can pert at the Silent Spring Insti-
ing, firefighting foam and other would regulate four other PFAS ment from the public, water- Association, an industry group travel to the liver, pass into bile tute in Newton, Mass.
consumer and industrial prod- chemicals by requiring treat- system managers and public- whose membership includes and get stored in the gallblad- PFAS can pass through the
ucts. ment if the combined level health professionals on the 4,500 utilities that supply 80% der, said Jamie DeWitt, an envi- placenta of a pregnant woman
Once prized as innovative reaches a certain concentration. proposed rule, which the of the nation’s drinking water, ronmental toxicologist at East to the growing fetus, and PFAS
er s

substances that could resist Chemical industry groups agency has indicated it aims to has estimated that the rule Carolina University. When bile can be transmitted to infants
stains, water, grease and heat, said they had serious questions finalize by the end of 2023. would cost much more. enters the small intestine dur- through breast milk, the re-
m er

PFAS are increasingly viewed about the scientific analysis Utilities typically have three Robert F. Powelson, presi- ing digestion, the PFAS gets re- port said.
as a threat because they persist that the EPA had used to set years to comply, so they would dent and chief executive of Na-
in the environment and have extremely low limits for the have until the end of 2026. tional Association of Water
been found in roughly 99% of PFAS chemicals. The two individual chemi- Companies, which represents Average blood levels of the most common PFAS in people
the U.S. population. “We believe that the stan- cals that the EPA is proposing private water utilities, said the in the U.S., in micrograms per liter, µg/L
m rp

The move represents a seis- dards proposed by the EPA lack limiting are known as PFOA costs will fall disproportion- PFAS have been used since
30 µg/L PFOS
mic shift in the regulation of a sound scientific basis and and PFOS. ately on smaller communities the 1940s. Nearly every U.S.
the nation’s drinking water and that EPA has not shown that Major fast-food chains, cos- and low-income households. resident has PFAS in their
would require sweeping they are necessary to protect metics companies and others Colleen Arnold, president of 25 blood, according to the CDC.
changes for thousands of water public health or the environ- have said they are eliminating Aqua, which operates water Companies have stopped
co Fo

systems that will have to test ment,” 3M Co. said. PFAS from their products amid systems in eight states, said the using some PFAS since the
20
for and treat a group of chemi- The rule, if enacted, is likely growing consumer-products lit- company is applying for federal early 2000s, and blood levels
cals. to fuel fights over who will igation and state laws banning grants and seeking aid from of certain chemicals have
EPA Administrator Michael bear most of the cost for treat- the chemicals in products rang- state legislatures to fund the 15 decreased since then.
Regan cited the pervasiveness ment systems in hundreds of ing from carpeting to food treatment costs, which other-
and emerging health risks of communities. Water companies, packaging and cosmetics. wise could be passed along to
10
the chemicals at a press brief- states and communities have The American Chemistry customers.
ing announcing the proposed already filed thousands of law- Council, which represents Environmental groups
limits. “What began as a so- suits against companies that chemical manufacturers, has praised the proposed regula- 5 PFOA
called miracle, groundbreaking manufactured or used PFAS, said the chemicals are essential tions. Erik Olson, a senior di-
technology meant for practical- seeking to recover costs for for products from cellphones to rector at the Natural Resources PFHxS
0 PFNA
ity and convenience quickly de- cleanups and filtration. medical devices. Defense Council, called the pro-
1999 2000 ’05 2010 ’15 ’18
volved into one of the most Hundreds of firefighters and The council has argued posal groundbreaking. “That’s
n-

Note: Data are two-year cycles ending year shown, except one-year cycles from 2012-13 and ’13-14
pressing environmental and others have also alleged in law- against regulating the chemi- about as stringent as we were Source: National Health and Nutrition Examination Survey
public health concerns in the suits that their exposure to cals as a class, saying they have hoping for,” he said.

Billions Lost
no

Another Insulin Maker Plans

To Online
Sharp Cut to Its List Prices Scammers,
FBI Says
BY PETER LOFTUS Novo’s price cuts follow Eli insulins in the U.S., cost hun-
Lilly & Co.’s decision earlier dreds of dollars a month.
Novo Nordisk A/S is set to this month to reduce list Levemir also is widely used.
cut the U.S. list prices for sev- prices for its most commonly Novo’s NovoLog currently BY GARETH VIPERS
eral insulin drugs by up to prescribed insulin products by has a list price of $558.83 for
75%, the latest big drugmaker 70%, effective in the fourth a five-pack of injection pens Americans lost more than
to make steep price reductions quarter of 2023. Lilly also said and $289.36 for a vial, though $10 billion to online scammers
amid pressure to curb diabe- it would expand a $35 monthly the company said most people last year, new government data
tes-treatment costs. cap on patients’ out-of-pocket with commercial insurance show, the highest level since the
Novo, one of the biggest costs, among other steps. and Medicare don’t pay list Federal Bureau of Investigation
sellers of insulin in the U.S. President Biden said he was price. began tracking losses in 2000.
and around the world, said pleased by Novo’s price cuts, After the price cuts go into The FBI said its Internet
Tuesday it would cut the list and he urged other insulin effect, those list prices will fall Crime Complaint Center, or
price of its NovoLog insulin by makers to follow suit. He said to $139.71 and $72.34, respec- IC3, recorded more than
75% and the prices for Novolin Congress should “cap insulin tively, Novo said. 800,000 complaints in 2022.
and Levemir by 65% starting at $35 for all Americans.” Diabetes is a chronic dis- So-called phishing expedi-
in January 2024. Lilly, Novo and Sanofi SA ease marked by high blood- tions represented the largest
In addition, Novo plans to sugar levels, in which the body number of scams with more
cut prices for its unbranded doesn’t make insulin, or than 300,000 complaints, the
insulin products to match the doesn’t make enough insulin FBI said. Phishing usually in-
reduced price of Novo’s corre-
Novo Nordisk’s or use it well. It affects an es- volves the use of unsolicited
sponding brands. move follows Eli timated 37 million people in email, text messages and phone
“We have been working to the U.S. Many people with dia- calls, purportedly from a legiti-
develop a sustainable path for-
Lilly’s decision betes take insulin to control mate company, requesting per-
ward that balances patient af- earlier this month. their blood-sugar levels. Un- sonal or financial information.
fordability, market dynamics controlled levels can cause The total losses to online
and evolving policy changes,” both immediate and long-term scammers rose to $10.3 billion
said Steve Albers, a Novo se- health problems. last year from $6.9 billion in
nior vice president. “Novo are the leading sellers of insu- Many people without insur- 2021. However, the overall
Nordisk remains committed to lins in the U.S. and worldwide. ance or with high-deductible number of complaints recorded
ensuring patients living with They had substantially raised health plans have had trouble by IC3 fell slightly from 2021.
diabetes can afford our insu- the prices for their insulin paying for the products, and In 2022, investment-scam
lins, a responsibility we take products in the U.S. during the some have been forced to ra- losses more than doubled from
seriously.” 2010s. The companies have tion use. Some U.S. states have the previous year, and were the
Many people with insurance said they didn’t make much enacted insulin-cost caps in most common scheme reported,
may not see a corresponding from the higher list prices, be- recent years. Last year’s Infla- the FBI said. Cryptocurrency in-
drop in costs because they pay cause they had to pay larger tion Reduction Act mandated vestment fraud rocketed to
fixed monthly copays. Yet un- rebates to the companies that that patients covered by Medi- $2.57 billion last year from
insured people and those with manage drug benefits. care should pay no more than $907 million in 2021. Ameri-
high-deductible health plans Before the price cuts, the $35 a month in copays or cans age 60 and older reported
could see reduced costs as a products including NovoLog, other out-of-pocket costs for losing $3.1 billion to scammers,
result of the price cuts. one of the most widely used an insulin prescription. about 30% of the total.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Wednesday, March 15, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS
Mushing to the Finish After Nearly 1,000 Miles House GOP to See
Treasury Reports
On Biden Family
BY ANDREW DUEHREN month, Mr. Davidson said the
AND C. RYAN BARBER Treasury was conferring with
law-enforcement agencies about
WASHINGTON—House Re- sharing the materials with law-
publicans will review govern- makers. “All of these pro-
ment reports of suspicious fi- cesses—which are designed to
nancial transactions related to ensure proper protection of po-
President Biden’s family mem- tential or ongoing investiga-
bers, resolving an early rift with tions and other law enforce-
LOREN HOLMES/ANCHORAGE DAILY NEWS/ASSOCIATED PRESS

the administration as Republi- ment interests—are already

cans mount an aggressive in- well underway for your request,
quiry into the president’s son but they take time,” Mr. David-
Hunter Biden. son wrote on March 3.
Rep. James Comer (R., Ky.), The House Oversight Com-
chairman of the House Over- mittee’s push for the suspicious
sight Committee, and the Trea- activity reports came as the
sury Department have for panel subpoenaed Bank of
weeks negotiated the timing America for records related to
and terms of lawmakers’ access three of Hunter Biden’s business
to the so-called suspicious-ac- associates. Rep. Jamie Raskin,
tivity reports, in which banks the top Democrat on the com-
flag transactions that bear signs mittee, revealed the subpoenas
of money laundering or other in a letter to Mr. Comer on Sun-
potential criminal activity. The day. Mr. Raskin called the re-
Treasury Department will make cords requests “wildly over-
TOP DOGS: Ryan Redington trekked down Front Street on Tuesday to win the 2023 Iditarod Trail Sled Dog Race in Nome, Alaska. the reports available for an in broad” and pointed to an effort
Mr. Redington’s grandfather, Joe Redington Sr., helped co-found the event in 1973 and is known as the ‘Father of the Iditarod.’ camera review, meaning the “to run a political fishing expe-
panel can inspect them in per- dition to turn up any flotsam
son but not retain copies, Mr. and jetsam that might be reeled
Comer said. in relating to members of Presi-

North Carolina Voting-Rights

Hunter Biden’s business deal- dent Biden’s family.”
ings abroad during and after his A Bank of America spokes-
father’s time as vice president man declined to comment.
are a focus of Republican inves- Hunter Biden is the subject
tigative efforts. GOP lawmakers of a separate Justice Depart-

Decisions Get a Second Look

.
are seeking to discover whether ment investigation related to
the younger Mr. Biden’s various his taxes and whether he made

ly
business arrangements with a false statement in connection
wealthy foreigners involved his with a gun purchase. When he
State’s highest court, zens’ right to vote on equal father. said in December 2020 that his

with new Republican

majority, is revisiting
on terms in free and fair elections.
The Legislature argues the
state constitution doesn’t con-
fer on judges the power to sec-
Repeated previous investiga-
tions haven’t revealed a role for
the president. Hunter Biden has
said he wouldn’t work with any
tax matters were under investi-
gation, Hunter Biden said he
was “confident that a profes-
sional and objective review of
rulings from last year ond-guess political decision- foreign companies while his fa- these matters will demonstrate
us ,

making about electoral maps. ther is president. that I handled my affairs legally
l

BY LAURA KUSISTO The original Republican- President Biden has long de- and appropriately.”
e
al a

drawn maps were projected to nied playing any role in busi- During a recent oversight
North Carolina’s highest produce GOP victories in 10 of ness deals pursued by his son
SEAN RAYFORD/GETTY IMAGES

court this week is reconsider- the state’s 14 congressional and his brother, James Biden,
ci on

ing two of its recent election- districts. The state instead neither of whom hold roles in
law decisions that endorsed a used a court-approved map for his administration.
The president has
broad view of voting rights, an November’s election, which re- A lawyer for Hunter Biden, denied playing any
unusual move that comes after sulted in seven seats apiece Abbe Lowell, said that after
the November elections for Democrats and Republi- “five years of the same old, dis-
role in deals his son
er s

flipped the court to a Republi- cans, roughly mirroring the proven conspiracy theories and brother pursued.
can majority. state’s partisan makeup. about Hunter Biden and his
m er

The cases, involving the Voters in November gave the highest court a 5-2 Republican majority. After losing previously at family, Rep. Comer’s political
swing state’s voter-identifica- the state high court, Republi- obsession comes at the high
tion requirements and the and substantial basis in North of the political spectrum, as can legislative leaders urged cost of time and money that hearing, Attorney General Mer-
shape of its electoral maps, re- Carolina law.” the U.S. Supreme Court has re- the U.S. Supreme Court to in- could be spent actually improv- rick Garland said the Trump-ap-
sulted in rulings last year The court granted the re- turned legal issues related to tervene, and the justices ing the lives of Americans.” pointed U.S. attorney in Dela-
m rp

against the GOP-led state Leg- quests last month, citing prece- abortion and political gerry- agreed, hearing oral argu- “Rep. Comer knows all too ware overseeing that
islature. In one, the North Car- dent that said a recently issued mandering back to the states. ments in December to decide well that SARs reports are not investigation, David Weiss, has
olina Supreme Court said law- ruling can be reconsidered “if Groups have spent millions in whether state courts have the uncommon,” Mr. Lowell added. broad independence to pursue
makers in 2021 unlawfully the petitioner makes a satisfac- recent state court elections authority to review congres- The Treasury collects millions charges. “He has been advised
gerrymandered congressional tory showing that the opinion and a number of states have sional districts drawn by state of such reports each year, hold- he is not to be denied anything
co Fo

and state legislative districts may be erroneous.” made changes to how justices lawmakers. The case, which ing them in a database that can he needs,” Mr. Garland testified.
for partisan advantage, in vio- In dissent, the court’s two are selected, including North could have nationwide impli- be used by law enforcement to Senate Republicans have pre-
lation of the state constitu- remaining Democratic justices Carolina, which began putting cations, remains pending, but investigate potential crimes. viously sought and received
tion. In the other, the court said the court had reheard just the party affiliation of candi- the justices this month raised A spokeswoman for James suspicious activity reports
ruled the ID law was intended two cases in the last 30 years. dates for the state supreme questions about whether they Biden declined to comment on about Biden family members
to discriminate against voters Reconsidering the two new court on the ballot in the 2018 still have jurisdiction over the the Treasury Department mak- from the Treasury Department.
of color, who were more likely cases within close succession election. case now that the state high ing suspicious-activity reports In 2020, Sens. Ron Johnson (R.,
to struggle to meet the new threatened to undermine pub- As the role of federal courts court is reconsidering it. They available to House lawmakers. Wis.) and Chuck Grassley (R.,
requirements. lic trust in the justices’ impar- in scrutinizing voting rules asked the parties to file new While Treasury officials had Iowa) obtained such reports
Both rulings came in 4-to-3 tiality and adherence to prece- has diminished, plaintiffs have legal briefs addressing that is- said they were working to re- about transactions involving en-
decisions, with Democratic dent, they said. increasingly looked to state sue, which are due next week. spond to the Republican request tities linked to Hunter and his
justices in the majority and “The legal issues are the constitutions as a basis for The North Carolina Su- for records, Mr. Comer pushed uncle, James Biden.
Republicans in dissent. Repub- same; the evidence is the lawsuits. preme Court is set to rehear for a quicker response and pur- Their investigation detailed
n-

licans flipped two seats on the same; and the controlling law “People have started to real- the voter-ID case, Holmes v. sued testimony from the Trea- money Hunter Biden had been
court in the 2022 election, is the same. The only thing ize that state constitutions have Moore, on Wednesday. At issue sury’s chief legislative liaison, paid from associates abroad, in-
giving them a 5-2 majority. that has changed is the politi- a lot more there in them than is a 2018 law that required Jonathan Davidson, about ac- cluding transactions that Repub-
State legislative leaders pe- cal composition of the Court,” people had thought. I do think voters to provide photo identi- cess to the records. Mr. Comer licans said involved potentially
no

titioned the state Supreme Justice Anita Earls wrote in that the next round of battles is fication at the polls. Voters said Republicans would post- criminal activity. Those included
Court to rehear both cases, ar- the maps case. going to be in the state courts who sued argued that GOP pone Mr. Davidson’s testimony. $100,000 a Chinese energy sub-
guing the prior decisions were The eventual decisions and over state courts,” said Mi- lawmakers saw the ID law as a “It should never have taken sidiary sent directly to Hunter
egregiously wrong and com- could affect the results of the chael Li, senior counsel at New way to entrench their political us threatening to hold a hearing Biden’s law firm and roughly
promised the integrity of the 2024 election and beyond. The York University’s Brennan Cen- power by targeting Black vot- and conduct a transcribed inter- $1.4 million that Hunter Biden’s
electoral process. In the redis- cases also highlight the grow- ter for Justice. ers who reliably supported view with an official under the law firm sent to a consulting
tricting case, the Legislature ing importance of state courts In the redistricting case, Democrats. The Legislature penalty of perjury for Treasury firm linked to James Biden.
argued the original ruling on some of the nation’s most Harper v. Hall, voters and ad- said the law wasn’t discrimina- to finally accommodate part of Hunter Biden previously de-
“was such a sharp departure contentious issues. vocacy groups argue that law- tory and contained generous our request,” Mr. Comer said. clined to comment, while James
from the state’s ordinary State supreme courts have makers, by drawing the maps accommodations to ensure In a letter sent to House Re- Biden previously didn’t respond
modes of constitutional inter- become an intense focus for to maximize Republican politi- that even those without identi- publicans and viewed by The to requests for comment about
pretation that it lacks any fair interest groups on both ends cal advantage, violated citi- fication could ultimately vote. Wall Street Journal earlier this the Senate Republican findings.

FCC Is Urged to Probe Stock Buys

Got extra funds? BY BRODY MULLINS
AND REBECCA BALLHAUS
own thousands of dollars in
stock in companies such as
Street Journal. “These restric-
tions are meaningless if they
This great rate lets you A nonpartisan government-
AT&T Inc., Comcast Corp. and
International Business Ma-
are not enforced.”
An agency isn’t required to
watchdog group called on U.S. chines Corp., according to pub- begin an investigation upon
save more so you can ethics officials to investigate
whether the Federal Commu-
lic financial-disclosure forms
filed by the employees.
receipt of the organization’s
complaints.
nications Commission com- “Despite this ban, the most A spokeswoman for the
plied with financial-conflict recent financial disclosures FCC’s inspector general declined
rules when it permitted sev- publicly available show that to comment. A spokeswoman
eral top officials to own stocks ethics officials allowed multiple for the Office of Government
in apparent violation of the FCC employees to own stock in Ethics declined to comment.
agency’s own rules. telecommunications and other An FCC spokeswoman said

5.00
In a letter sent Monday to companies that appear to fall that the agency’s ethics offi-
14-MONTH CD the Office of Government Eth- under the prohibition,” wrote cials believe that the individu-
Open an
account today at %
APY *
ics, the federal agency that
oversees ethics rules, the
Campaign Legal Center said
Kedric Payne, the group’s gen-
eral counsel, and two other
lawyers in a letter to the FCC’s
als identified in the complaints
“have taken all necessary steps
in order to ensure they were
synchronybank.com the FCC officials owned stocks acting inspector general. and are in full compliance with
in cable and telecommunica- The Campaign Legal Center all relevant ethics conflict of
tions companies. Federal law is a two-decade-old nonprofit interest rules.”
no minimum balance bans FCC employees from organization in Washington The complaint follows a se-
owning stock in any company founded by a former Republi- ries of investigative articles in
that is “significantly regu- can chairman of the Federal the Journal that highlighted
*ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 3/15/23. APY is subject
to change at any time without notice. Offer applies to personal accounts only. Fees lated” by the agency. Election Commission. the shortcomings of federal
may reduce earnings. For CD accounts, a penalty may be imposed for early The group also sent a letter The inspector general rules that seek to prevent se-
withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of to the FCC’s Office of Inspector “should investigate whether nior officials in the executive
interest in effect at that time. Visit synchronybank.com for current rates, terms and General late last week asking the FCC’s ethics officials took branch from having financial
account requirements. investigators to review why appropriate action to enforce conflicts of interest between
© 2023 Synchrony Bank ethics officials allowed seven the ethics laws,” they wrote in the stocks they own and their
FCC officials to collectively a letter, reviewed by The Wall work for the government.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A4A

Silicon Valley
is not a location.
It is an idea.

It is a melting pot where everyone speaks the same language

.
— the language of innovation.

ly
on
Silicon Valley is an actualization of dreams.
And a conviction of notions.
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It is an emotion that starts with a what if

ci on

and ends with a change.

er s

It is a tapestry of tenacity and a fusion of sweat, tears,

m er

laughter, and ringing the bell.

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Silicon Valley is sometimes a graveyard of ideas

yet a fertile ground that blooms a thousand creations.
co Fo

It is a valley of the boom. And sometimes a trough of the bust.

Silicon Valley is not a bank.

n-

It is an institution. A tradition of invention.

A collective where strangers bank on each others’ ideas.
no

To this idea, to this melting pot, to this emotion that is

Silicon Valley, we say — Dream on!

May the best ideas thrive and give birth to a thousand more.

Silicon Valley is a place we are proud to call home .

 
  
 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.

A4B | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

.
ly
on
us ,
l
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al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Wednesday, March 15, 2023 | A5

THE COLLAPSE OF SVB

Policy Makers’ Peril: Populist Backlash

Biden tries to cast bank while ensuring that people at Total assets and deposits at Troubled Asset Relief Program
the center of the crisis bear U.S. commercial banks, weekly resulted in $31 billion of
closures as effort to the brunt of losses. losses, according to Congres-
$25 trillion
punish executives while Still, there are almost al-
Assets
sional Budget Office estimates.
ways trade-offs for policy On the other hand, 96% of
protecting economy makers when they try to strike $793 billion in 2020 federal
a balance between doing what 20 Paycheck Protection Program
BY JON HILSENRATH is popular in a crisis and what loans have been forgiven, ac-
they believe is needed to sta- cording to a committee set up
15 Deposits
After the collapses of Sili- bilize markets. The adminis- to monitor the program.
con Valley Bank and Signature tration’s decision to guarantee Politicians and their back-
Bank, the Biden administration that all depositors get their ers are already blaming each
and regulators are trying to money back is one example of 10 other for the bank failures and
JEFF CHIU/ASSOCIATED PRESS
strike a balance that has these trade-offs. the government’s response.
eluded policy makers in the Many of the depositors be- “Organizations that can’t
past: stabilizing the financial ing extended special protec- 5 manage risk should be allowed
system without stirring popu- tion from losses are tech com- to fail, and taxpayers should
RECESSION
lar backlash for bailing out panies and wealthy Silicon not be forced to bailout the
0
banks. Valley investors who have ac- well-connected and wealthy,”
President Biden emphasized counts far exceeding the usual 2019 ’20 ’21 ’22 ’23 said David McIntosh, president
Monday that executives of $250,000-per-depositor cap The Biden administration faced a risk that firms with money Note: Seasonally adjusted. of the Club for Growth, which
both banks would lose their for FDIC insurance. deposited at SVB wouldn’t be able to meet their payrolls. Source: Federal Reserve via St. Louis Fed supports Republicans.
jobs after the firms were taken For example, Roku Inc., the Democrats have blamed
over by the Federal Deposit streaming company founded cerned that depositors at chairman of the FDIC from cording to the Fed. Trump administration pro-
Insurance Corp. Depositors by billionaire Anthony Wood, other banks would pull their 2012 to 2018 after serving as FDIC deposit insurance is grams that rolled back bank
will get all of their money was one of SVB’s largest de- money if they saw that SVB’s president of the Federal Re- covered by fees assessed to regulatory policies enacted af-
back, but investors won’t be positors, with $487 million depositors lost their funds serve Bank of Kansas City. banks. Those fees could go up ter the 2008 financial crisis.
protected. Administration offi- parked there, according to its during the FDIC takeover, “If you bail out some of if the cost of insuring deposits “Silicon Valley Bank’s col-
cials also have avoided calling filings. propagating a wider panic. these depositors, you are go- rises. lapse is the predictable and di-
on big banks to help solve the The Biden administration Now that the FDIC has as- ing to have a hard time ex- It is hard to know whether rect outcome of a furious 2018
problem by purchasing smaller faced a risk that firms with sured depositors in SVB and plaining yourself if you don’t taxpayers will be affected until effort by bank lobbyists to
rivals, as the U.S. did in 2008. money deposited at SVB Signature that they will get all bail out others,” he said. “That the scope of bank losses be- evade basic oversight, trans-
Those moves were in- wouldn’t be able to meet their of their money back, it will be train has left the station.” comes clear. parency and financial stability
formed, in part, by the experi- payrolls and would lay off hard not to extend that guar- Deposits in the banking sys- Bank bailouts from 2008 in favor of profit,” said Rep.
ences of the Federal Reserve, workers if they didn’t have ac- antee to everyone, a poten- tem totaled $17.6 trillion as of proved less costly than ini- Pramila Jayapal (D., Wash.),
the Bush administration and cess to all of their funds. The tially costly proposition, said March 1, three quarters of the tially expected. The $700 bil- chair of the Congressional
the Obama administration administration was also con- Thomas Hoenig, who was vice value of all of their assets, ac- lion disbursed through the Progressive Caucus.
during the 2007-09 financial
crisis. Washington supported
hundreds of banks and other
financial institutions with fed-
For Bank Customers, Recent Turmoil Offers Important Reminders on FDIC Limits
eral money, and many senior

.
executives at those banks kept The rescues of customers at waive the FDIC cap, Silicon Val- poses, but joint and individual ac- owner’s death is another way have your bank do it for you.
their jobs. In addition, inves- Silicon Valley Bank and Signa- ley Bank customers risked los-

ly
counts are insured separately. to increase protection. FDIC in- Deposit swapping networks
tors were saved from absolute ture Bank have put a spotlight ing up to $150 billion since In addition to joint and indi- surance generally will cover up such as IntraFi Network LLC
losses while some of the big- on deposits in excess of the many accounts held balances in vidual accounts each getting to $250,000 in deposits for work with multiple banks to
gest banks bought rivals and $250,000 limit normally cov- excess of the $250,000 limit. If $250,000 protection per person, each unique beneficiary. For ex- separate large deposits into
grew bigger.
Bailouts during the last cri-
sis proved unpopular, espe-
cially when layoffs mounted
ered by the Federal Deposit In-
surance Corp., or FDIC.
People with large deposits
should take this moment to
on you have more than $250,000
in liquid assets, here are strate-
gies to consider:
families can also increase cover-
age by opening custodial ac-
counts for their children. Each
would be eligible for another
ample, a trust account with five
beneficiaries would be insured
up to $1.25 million.
There are no limits to the
amounts below the federal in-
surance limit and can protect
balances up to $150 million. Us-
ing a network allows customers
and millions of households make sure their money is pro- OPEN MULTIPLE ACCOUNTS $250,000 in coverage. amount of beneficiaries you can to get the insurance benefit of
us ,

suffered under the weight of tected and to understand how The FDIC was established There are no limits to the have insured, but determining having multiple banks while
l

mortgage foreclosures. Politi- FDIC insurance works. 90 years ago to restore trust in number of accounts an individual coverage amounts for trusts dealing with only one bank.
e
al a

cians from both parties, in- At any U.S. bank, accounts the financial system after cus- can have covered—if they are where funds that aren’t divided Brokerages such as Fidelity
cluding Sen. Elizabeth Warren, with balances up to $250,000 a tomers lost money in a series held by different institutions. up equally or have conditional Investments can also join with
a Democrat, and former Presi- person are protected. A married of bank failures during the Customers could open 200 ac- clauses can be complicated and FDIC-insured banks to increase
ci on

dent Donald Trump, a Republi- couple is eligible for $500,000 Great Depression. counts at 200 different banks to require the advice of a financial the coverage they offer to cli-
can, accused the government protection on a joint bank ac- The most obvious way to get $50 million of coverage. adviser. ents in cash-management ac-
of protecting elites while oth- count and $250,000 for each of boost FDIC coverage is to open counts. For example, Fidelity
ers suffered. their individual accounts, for a multiple accounts. Checking and ADD BENEFICIARIES DEPOSIT SWAPPING cash-management accounts can
Mr. Biden has sought to total of $1 million in coverage savings accounts owned by the Designating specific people, One way to manage the offer more than $1 million in
er s

cast his response to the latest at a single bank. same person aren’t considered or nonprofit organizations to in- multiple accounts necessary to protection.
panic as an effort to protect Before Sunday’s deal to separate categories for FDIC pur- herit funds after the account increase FDIC coverage is to —Imani Moise
m er

the little guy and the economy,

Lawmakers Split on Tighter

m rp

Banking Rules After Failure

co Fo

WASHINGTON—Republi-
can and Democratic lawmakers
largely agree that bank regula-
tors were right to step in over
the weekend to stop the failure
of Silicon Valley Bank from be-
coming a contagion. They also
ANNA MONEYMAKER/GETTY IMAGES

think bank examiners and the

company’s management have
ELIZABETH FRANTZ/REUTERS

many questions to answer.

By Natalie Andrews,
n-

Eric Bazail-Eimil
and Siobhan Hughes

But they disagree on many

no

other fronts. Democrats want to House Speaker Kevin McCarthy (R., Calif.) put blame on the White
look at tightening regulations House. Sen. Elizabeth Warren (D., Mass.) seeks tighter regulations.
on midsize banks they say are
too loose, while Republicans to peel back bank regulations nomic effects of the pandemic.
didn’t see a need for Congress passed by Congress in the wake “Some have asserted, ‘Oh,
to take action on new rules, ac- of the financial crisis. In 2018, well, it was the 2018 bill that
cording to people familiar with Congress passed a bill with five years later led to this,’” Mr.
a private call among House Re- some Democratic support in- Kaine said. “I am a little bit

AMPHIBIOUS DELIGHT
publicans on Monday night. Dif- tended to relieve smaller lend- wary of that.”
ferences emerged within each ers from some of the most oner- The wide divisions between
party as well. ous rules put in place after the Republicans and Democrats
These disagreements mean financial crisis. That law raised over the fallout appear to make RENÉ LALIQUE NECKLACE
that any legislation to get ahead to $250 billion from $50 billion chances of Congress taking ac-
of potential future bank prob- the threshold at which big tion that will pass both cham- Art Nouveau aesthetic. Whimsical artistry. Iconic designer.
lems faces an uphill fight. banks automatically face strict bers slim. That the bank failures
In the House GOP Monday stress tests and other rules. were limited to Silicon Valley This exquisite “Grenouilles” necklace by
call, Speaker Kevin McCarthy Sen. Elizabeth Warren (D., Bank and a second bank, Signa- legendary designer René Lalique features
(R., Calif.) blamed the bank’s fail- Mass.) had objected to the pas- ture Bank, also could make con- eye-catching jade green glass and enamel
ure in part on President Biden’s sage of the bill then and this gressional action less likely, if
that takes the whimsical form of small
spending policies that GOP law- week said the changes led to the both are seen as rare cases.
makers say contributed to infla- collapse of Silicon Valley Bank. Mr. Biden has stressed that frogs. A celebration of the naturalist
tion, as well as actions by bank She has proposed rolling back the banking system is safe, aesthetics of the Art Nouveau period,
management and regulators. the rule changes, as well as ex- crediting efforts made by the this masterpiece exemplifies the singular
The Federal Reserve began panding deposit insurance so Treasury Department to guaran- beauty and creativity of Lalique’s coveted
raising rates last year to curb that businesses that are trying tee all depositors with money at jewelry. Circa 1902. Set in original fitted
inflation, and higher rates to pay their employees and con- Silicon Valley Bank following its case stamped “Lalique.” Signed with René
dented the value of SVB’s mas- duct ordinary financial transac- failure, rather than the standard
sive bond portfolio, just as tions are fully covered. $250,000 in insured deposits.
Lalique maker’s mark. 17” length. #31-6689
startups drained their funds Senate Majority Whip Dick He has said he wants Congress
faster than expected, leading to Durbin (D., Ill.) said Democrats to seek new rules on banks, but Scan to view a video
the bank’s crisis last week. are looking at the idea of trying hasn’t offered specifics. of this necklace
The debate comes as Repub- to reverse the 2018 law seri- Democrats’ efforts to tighten
licans are seeking sharp spend- ously. He also dismissed Repub- regulations seemed to gain little
ing cuts later this year as part lican efforts to place blame for traction with the GOP. Sen. Ron
of talks over raising the debt SVB’s failure on Democratic Johnson (R., Wis.), a member of
ceiling. policy rather than bank man- the Senate Finance Committee,
Mr. Biden and Democrats agement. “It was a poor bank- said he expected Treasury Sec-
have said spending packages, ing choice on their part. To retary Janet Yellen to face tough
including a $1.9 trillion blame Joe Biden for this is ri- questions this week when she
Covid-19-related package in diculous,” he said. appears before the panel.
2021, were needed to keep the Sen. Tim Kaine (D., Va.) de- Sen. Bill Cassidy (R., La.) was
economy on track and the pan- fended his vote for the 2018 skeptical that drafting more 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
demic at bay. Mr. Biden says he law, saying the changes had regulations would improve the
wants a clean debt-ceiling in- been supported by his state’s banking system. “You can have Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
crease with no provisions at- community banks, which he said all the regulations in the world, Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
tached. later played an essential role in but if you do a lousy job of im-
Meanwhile, some Democratic delivering money from a small- plementing your regulations, it
lawmakers criticized their Re- business program established doesn’t matter what regulations
publican colleagues for pushing by Congress to blunt the eco- you have,” Mr. Cassidy said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Wednesday, March 15, 2023 * *** THE WALL STREET JOURNAL.

THE COLLAPSE OF SVB

Regional Bank Stocks Rebound Sharply Zions Bancorp added about Services Group Inc. is more
First Republic, other Share-price and index performance, past two days it’s time to sound the all-clear
4.5%, and U.S. Bancorp horn.” than 10% lower.
lenders claw back climbed nearly 3%. The biggest 30% Some investors were still Bank stocks that sold off
some losses, though banks also rose, with Citi- worried that some banks could last week and Monday should
group Inc. up about 6% and 15 experience runs like the one make a full recovery, said
investor jitters remain Wells Fargo & Co. nearly 5% PacWest that doomed Silicon Valley Shana Sissel, chief executive of
higher. 0 Bancorp Bank. S&P Global on Tuesday Banrion Capital Management,
BY GINA HEEB The gains helped the placed First Republic, a bank but it could take a while.
KBW Nasdaq
broader KBW Nasdaq index of –15 Bank Index that caters to the wealthy with “Bank stocks still have
First Republic Bank and commercial banks and the large account balances, on stress in their system,” she
other regional lenders clawed SPDR S&P Regional Banking –30
watch for a credit downgrade. said.
back some losses after their ETF rise about 3% and 2%, re- Western “There’s a high degree of Tuesday, Moody’s Investors
worst selloff in three years, in spectively. Both logged their Alliance uncertainty, a lot of it related Service shifted its outlook on
–45 Bancorp
a volatile trading session that worst performances since to the policy response,” said the U.S. banking system to
reflected how investors were 2020 on Monday. First Republic Christopher McGratty, head of negative from stable. A day
still evaluating regulators’ The Federal Reserve, the –60 Bank U.S. bank research at KBW. earlier, Moody’s said it would
emergency measures to con- Treasury Department and the “Unfortunately, this is the review First Republic and five
tain a banking crisis. Federal Deposit Insurance –75 world we’re in right now. It other banks for potential
Shares of First Republic, Corp. late Sunday rolled out doesn’t go away in a day or downgrades.`
which fell nearly 62% Monday, emergency assistance for –90 Five-minute intervals two.” “This isn’t over yet,” said
closed about 27% higher after banks and said depositors Mon. Tues. Bank stocks are still sharply Eric Compton, a bank analyst
a nearly 60% jump earlier would be made whole after the below where they stood a at Morningstar. “No one
Tuesday. PacWest Bancorp failure of Silicon Valley Bank Source: FactSet week ago. First Republic has knows for sure how it will turn
gained more than 30%, and and Signature Bank. The move lost nearly two-thirds of its out, but there are realistic sce-
Western Alliance Bancorp. was meant to calm customers Valley Bank last week. tive Chris Gorman told The value since then. Comerica narios where most of these
rose 14%. Both had been up worried about the safety of “It’s had a significant posi- Wall Street Journal, speaking Inc. is still down around 35%. banks make it in the end.”
more than 50% earlier in the their uninsured deposits fol- tive impact on settling the on the government’s moves. U.S. Bancorp has declined by —Rachel Louise Ensign
day. lowing the collapse of Silicon market,” KeyCorp Chief Execu- Still, he added, “I don’t think roughly a fifth. PNC Financial contributed to this article.

Fed to Consider Tougher Rules for Midsize Lenders

BY ANDREW ACKERMAN weather a hypothetical reces- rules on banks in response to viewing a number of its regu- is expected to propose changes worst possible time, just
sion, according to a person fa- the last financial crisis. Law- lations, led by Michael Barr, that could require more banks ahead of the Federal Reserve’s
WASHINGTON—The Federal miliar with the latest thinking makers in 2018 rolled back the central bank’s point person to show unrealized gains and rate-hiking campaign. That left
Reserve is rethinking a num- among U.S. regulators. some of those restrictions by on banking supervision. But losses on some securities in it sitting on unrealized losses,
ber of its own rules related to The rules could target firms raising a threshold so that the the past weekend’s banking their regulatory capital. The making it more susceptible to
midsize banks following the with between $100 billion to most onerous standards ap- crisis has caused officials to move would affect their regu- customers pulling funds.
collapse of two lenders, poten- $250 billion in assets, which at plied to firms with more than rethink parts of their review latory capital ratios, a key The changes under consid-
tially extending restrictions present escape some of the $250 billion in assets. The and to refocus their efforts on measure of a bank’s strength. eration at the Fed, had they

.
that currently only apply to toughest requirements. There changes under consideration, smaller institutions. While banks regularly bor- been in place earlier, could
the biggest Wall Street firms. are about two dozen banks which are allowed under that Mr. Barr has warned in the row short term to lend for lon- have reduced SVB’s reported

ly
A raft of tougher capital and within the range, such as Fifth 2018 law, could have the effect past that risks can aggregate ger periods, Silicon Valley capital over time. That might
liquidity requirements are un- Third Bancorp and Regions Fi- of reversing that shift by sig- across the financial system, in- Bank concentrated its balance have forced it to raise more
der review, as well as steps to nancial Corp. nificantly lowering the cluding from institutions of a sheet in long-dated assets. The money sooner or otherwise
beef up annual “stress tests”
that assess banks’ ability to
The Fed and other bank
regulators imposed many new
on threshold.
The Fed was already re-
variety of sizes and types.
In coming months, the Fed
bank essentially reached for
yield to bolster results at the
adjust how it managed its ex-
posures.

Investor Anxiety Climbs After Collapse DOJ, SEC ened rules for the plans, which
us ,

include a 90-day waiting period

l

before sales can be executed.

Will Probe
e
al a

The new rules went into effect

BY GUNJAN BANERJI Daily put options volume Friday on Feb. 27, the same day the ex-
AND ERIC WALLERSTEIN 37.7M ecutives sold.
ci on

Failure
35 million contracts Insiders can generally bene-
Investors are scrambling to fit from the older, less strict
protect against the possibility Put options volume across all stocks rules—including avoiding the
of a protracted stock-market 30 and exchange-traded funds hit the 90-day waiting period—as
downturn. highest level on record Friday. Continued from Page One long as they traded under
er s

The collapse of three banks PacWest Bancorp gained more plans adopted before the new
in the past week exacerbated 25 than 30% Tuesday, while West- rules took effect, according to
m er

recent volatility that crested ern Alliance Bancorp rose 14%. the SEC’s final rule.
through stock, bond and deriv- The biggest U.S. banks also Massachusetts regulators
atives markets. Many traders 20 rose, with Citigroup Inc. up are also investigating the exec-
are reaching for bets that about 6% and Wells Fargo & utives’ trading and what they
would pay out if the haywire Co. up nearly 5%. knew or said about the bank’s
m rp

stretch for markets continues. 15 The broader KBW Nasdaq business in the 90 days before
Put options volume across Bank Index rose 3.2% Tuesday. its demise, according to Secre-
all stocks and exchange-traded Before SVB failed last week tary of the Commonwealth Wil-
funds hit the highest level on 10 and was taken over by the liam Galvin. The state asked for
record Friday, according to Federal Deposit Insurance detailed information about the
co Fo

Cboe Global Markets data go- Corp., it catered mainly to the executives’ trading plans
ing back to 1973, the listed-op- 5 insular world of startups and through a subpoena issued
tions market’s inception. Such the investors who fund them. Monday, according to a copy of
contracts give investors the Its deposits boomed alongside the document request. Silicon
right to sell shares at a spe- 0
the tech industry, rising 86% Valley Bank operated several
cific price, by a stated date. in 2021 to $189 billion. branches in Massachusetts
They can be used to hedge 2019 ’20 ’21 ’22 ’23 The bank fell victim last stemming from its 2021 pur-
portfolios, like stock insurance, week to a run on deposits. Cus- chase of Boston Private Bank.
or bet on bigger declines. Thursday tomers tried to withdraw $42 SVB was the 16th-largest
Other traders are seeking
Daily put options volume, SPDR S&P Regional Banking ETF
495,327 billion—about a quarter of the bank in the U.S., with some
shelter in traditionally safer 400,000 contracts bank’s total deposits—on Thurs- $209 billion in assets as of Dec.
assets such as government day alone. The flood of with- 31, according to the Federal Re-
bonds and gold or bracing for 300,000 drawals destroyed the bank’s fi- serve. Its collapse, the second-
n-

more stress in the broader nances. It had poured large biggest bank failure in U.S. his-
banking sector. The yield on 200,000 amounts of deposits into U.S. tory, set off a cascade that
two-year Treasury notes Treasurys and other govern- threatened to take down start-
plunged to start the week, log- 100,000 ment-sponsored debt securities ups and other companies that
no

ging the sharpest one-day de- whose market value declined as had parked their money at the
cline since 1987, around the 0 the Federal Reserve raised in- bank and didn’t foresee having
Black Monday market crash. 2019 ’20 ’21 ’22 ’23 terest rates over the past year. access to much of their cash.
“What’s happening in the SVB Financial cautioned in
banking sector is likely to drive its latest annual report to in-
increased hedging for several Credit-default swap spreads* vestors that its business was
weeks,” said Randy Frederick, heavily focused on lending to
The CEO expressed
managing director of trading 2.0 pct. pts. newer companies in the tech- optimism days
and derivatives for the Schwab nology, life-science and health-
Center for Financial Research. 1.5 care industries. “Our loan con-
before his bank
Bank of America Wells Fargo JPMorgan Chase
“The market takes the stairs centrations are derived from collapsed.
up and the elevator down—we 1.0 our borrowers engaging in sim-
just went down the elevator ilar activities that could cause
and it will take a while to go 0.5 those borrowers to be similarly
back up the stairs.” impacted by economic or other That changed when the
Hopes that the tumult will 0 conditions,” it said. Treasury Department and
lead the Federal Reserve to 2020 ’21 ’22 ’23 2020 ’21 ’22 ’23 2020 ’21 ’22 ’23 Mr. Becker, the CEO, ex- banking regulators said they
pause its campaign to raise in- pressed optimism days before would guarantee all of SVB’s
*Five-year contracts Sources: Cboe Global Markets (options volume); S&P Global Market Intelligence (spreads)
terest rates, at least for now, his bank collapsed, saying at a deposits, a move designed to
helped stabilize the stock mar- conference last week that it shore up wavering confidence
ket Monday. The S&P 500 fin- March 2020 market crash, ac- bearish,” said Stephen Solaka, hands. That was followed by was “a great time to start a in the banking system.
ished Monday down nearly cording to Cboe Global Markets managing partner at Belmont the second-highest volume on company.” He said at a differ- Signature Bank, a New York
0.2%, then rose 1.7% on Tues- data. Call options tied to the Capital Group. record in Friday’s session, and ent conference last month that firm with cryptocurrency ties,
day after inflationary pres- gauge significantly outpaced Traders appear to be posi- the heavy trading continued the bank’s focus on those in- also failed over the weekend.
sures eased. Those gains pared bets it would fall, a sign that tioning for the recent swoon early this week. dustries didn’t create the risk SVB Financial no longer con-
last week’s 4.5% loss. investors are wary of stocks. in regional bank stocks in par- The fear has also spread to of too much concentration, cit- trols Silicon Valley Bank after
After the rapid collapse of The VIX—Wall Street’s fear ticular to worsen. Some of the the larger banks. The prices of ing clients’ different special- regulators took control of the
Silicon Valley Bank, Silvergate gauge—breached 30 on Mon- options activity has been con- insurance against defaults by a izations and the bank’s busi- bank on Friday. SVB Financial
Capital Corp. and Signature day for the first time since Oc- centrated in trades tied to few of the largest U.S. banks ness overseas. still has three other operating
Bank, some investors are brac- tober. It finished Tuesday be- smaller banks, which have re- shot higher to their most ex- Securities filings show Mr. segments, including investment
ing for other cracks in financial low 24, falling as stock prices corded some of their sharpest pensive levels since the fourth Becker and Mr. Beck, the chief banking and venture-capital
markets, or for the pressure in rose. Levels above 30 typically drops in history. quarter, when fears of further financial officer, both sold arms that it is seeking to sell or
regional banks to extend to indicate traders are scooping Shares of small regional rate increases were dragging shares the week before the restructure, according to a se-
other parts of the economy. up hedges rapidly to protect banks were under siege Mon- down stocks, S&P Global Mar- bank collapsed. Mr. Becker ex- curities filing made Monday.
To some investors, the bank against further stock declines, day, despite the rescue. First ket Intelligence data show. ercised options on 12,451 The SEC’s enforcement
failures were tail risks or while those below 20 signify Republic Bank shed 62% and To be sure, prices on those shares on Feb. 27 and sold probes often involve examin-
black-swan events—extreme complacency. Charles Schwab Corp. slipped contracts—known as credit- them the same day, netting ing whether a firm accurately
scenarios with a small proba- It is a swift turnaround from 12%. Those stocks then whip- default swaps—sit well below about $2.3 million. disclosed financial risks or
bility of happening—that the start of the year, when sawed back 27% and 9.2%, re- highs seen in March 2020. Mr. Beck sold just over business uncertainties before
caught them off guard. Now, many investors seemed cau- spectively, on Tuesday. “At this point, a sharper $575,000 worth of shares on a negative event. Enforcers
some investors are asking tiously optimistic that the mar- On Thursday, when Silicon selloff with a potential equity Feb. 27, about one-third of his typically examine a company’s
what other unexpected risks ket downturn would soon end, Valley Bank parent SVB Finan- flush to the downside accom- holdings in the company. regulated, periodic disclosures
might be looming as the Fed pushing stocks higher from cial led a sector-wide rout, put panied by a heavy volatility Both sales were done under as well as management’s state-
combats inflation. lows hit last year. The S&P 500 options activity tied to re- spike is something investors so-called 10b5-1 plans filed 30 ments to investors or analysts.
Options activity tied to the added 6.2% in January but has gional banks hit a high, out- should be mindful of,” Laurent days earlier. These plans allow SEC Chair Gary Gensler sig-
Cboe Volatility Index, or VIX, since given up a chunk of those pacing previous records from Laskowski, an equity deriva- insiders to schedule share sales naled over the weekend that
on Friday jumped to the high- gains, now up 2.1% in 2023. early 2020, Cboe Global Mar- tives strategist at Mizuho Se- in advance to deter any liability his agency would be looking
est level since 2019, surpassing “Sentiment very quickly kets data show. Nearly half a curities USA, wrote in a note for trading on nonpublic infor- for wrongdoing amid a market
levels recorded during the went from very bullish to very million put contracts changed to clients. mation. The SEC recently tight- rout of regional banks.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, March 15, 2023 | A7

THE COLLAPSE OF SVB

Inflation The consumer-price index rose 6% in February

from a year earlier, the smallest increase
8 pct. pts. SVB Creditors
Cools, but
since September 2021.

Stays High
Consumer-price index contributions
Percentage-point contributions
to 12-month percentage
changes, monthly
Other core

Core services less

6
Circle Above,
Continued from Page One
tense debate over the bene-
fits of holding rates un-
changed to provide more time
energy services
and shelter
4
Eyeing Assets
to see if the banking crisis CPI 12-month Creditors of Silicon Valley company owns other assets
eases versus continuing to percentage Bank’s parent company have that could have significant
Energy
raise rates to avoid creating change formed a group in anticipation value.
new confusion over the cen- 2 of a potential bankruptcy filing, They include SVB Capital,
tral bank’s approach to con- through which they hope to an investment manager that
trolling inflation. profit from a sale of the col- oversees $9.5 billion of funds
Stocks broadly rose on on behalf of third-party inves-
Tuesday, including shares of Food By Alexander Saeedy, tors, as well as an investment
many regional banks, with 0 Miriam Gottfried and bank, SVB Securities, and a
some investors seeing that fi- Juliet Chung wealth-management company,
2020 '21 '22 '23
nancial distress could be con- SVB Private, according to se-
tained. The S&P 500 rose lapsed firm’s private-wealth curities filings.
1.68%, the Dow Jones Indus- and other units, according to In a research note pub-
trial Average added about 1%, people familiar with the matter. lished Monday, Stifel Finan-
CPI, change from February Year-over-year change in CPI for select categories in February
and the tech-centric Nasdaq The investor group, which is cial Corp. estimated that if
Composite climbed 2.14%.
a month earlier* +0.4% being advised by PJT Partners creditors were able to recover
The yield on the bench- 1.0% Eggs +55.4% Inc., includes Centerbridge all of the parent company’s
mark 10-year Treasury note Airfares +26.5% Partners LP, Davidson Kemp- nonbank assets, including its
rose 0.118 percentage point to 0.8 Household energy +12.9% ner Capital Management LP cash and securities, they could
3.633%. and Pacific Investment Man- get close to $4.75 billion in the
The inflation report showed 0.6
Groceries +10.2% agement Co., or Pimco, the event of a liquidation, with
prices for airfare and lodging Eating away from home +8.4% people said. Most members much of that coming from SVB
also rose in February. Gasoline bought parent SVB Financial Private.
0.4 Shelter +8.1% Group’s bonds coming into the SVB Financial’s market cap-
and food prices both increased
last month, but at a slower
New vehicles +5.8% weekend as they traded down italization was approximately
0.2
pace than in January. Consum- Gasoline (all types)
All items -2% to around 30 cents on the dol- $17 billion as of Jan. 31. It had
ers paid less last month to lar, the people said. The group cash and securities worth $2.6
heat their homes, and prices
0 Major appliances
+6% -5.9% now holds a sizable chunk of billion at the end of last year,
Used cars
for medical services and used 2021 '22 '23
and trucks -13.6% SVB Financial’s $3.4 billion face separate from $200 billion of
cars also fell. *Seasonally adjusted value of bonds. assets held at the lending arm,
Source: Labor Department Andrew Barnett and Kurt Wilberding/THE WALL STREET JOURNAL
Elevated inflation, com- It wants the parent com- according to Stifel.
bined with a strong labor mar- pany to file for bankruptcy Depending on the scale of
ket and solid consumer spend- man Sachs. the year. Spending at retailers Wage growth moderated and then auction off its non- losses at Silicon Valley Bank,

.
ing, appeared to put the Fed in The bank expects the Fed to and restaurants rose in Janu- last month, suggesting that bank businesses through a which regulators haven’t yet
a position to consider a larger raise interest rates to around ary at the fastest monthly rate tight labor markets aren’t court-supervised sale process, disclosed, its parent company

ly
interest-rate increase at its 5.4% this year, resuming rate in nearly two years, and em- leading to rapid increases in the people said. SVB Financial may need to help cover them,
next meeting. But the collapse increases after holding steady ployers added more than workers’ paychecks. Group said on Monday that its and that could reduce any re-
of Silicon Valley Bank and next week. 800,000 jobs during the first And job openings, while board had appointed a re-
other financial institutions
could lead the central bank to
Fed officials slowed their
pace of rate increases last
on two months of the year.
At First Watch Restaurants,
still well exceeding the num-
ber of unemployed seeking
structuring committee to ex-
plore strategic alternatives. It
move more cautiously to as-
sess the state of the financial
system.
month when they increased
their benchmark rate by a
quarter-percentage-point to a
Inc., a chain of more than 400
breakfast and lunch cafes,
there has been little sign of a
work, fell in January, the La-
bor Department said. Private-
sector job postings estimates
hasn’t said whether it plans to
file for bankruptcy.
If SVB Financial’s assets
$1.5B
us ,

Investors in interest-rate range between 4.5% and consumer pullback. While la- show continued cooling de- fetch a high enough valuation SVB Financial debt that has
l

futures markets on Tuesday 4.75%. Sharply higher interest bor and related costs rose by mand for labor. in any such auction, the bond- changed hands since Friday.
e
al a

placed a roughly 85% probabil- rates exacerbated problematic 11.4% in 2022, the company While consumer inflation is holder group could profit.
ity of a quarter-point increase risk-taking decisions at the raised menu prices by an aver- down from its recent peak last When a company’s assets are
at next week’s meeting, com- $110 billion Signature Bank age of 7.8% during the year, af- June, it is still well elevated sold through bankruptcy, the
ci on

pared with a 15% chance of no and $209 billion Silicon Valley ter being able to keep prices from a prepandemic rate of proceeds often flow to its covery for the bondholders.
increase, according to CME flat during 2021. Annual sup- just over 2%. High prices have creditors. Bankruptcy laws state that
Group. plier contracts have helped caused some consumers to The trading desk of Gold- companies under court protec-
“The Fed still has more keep the chain’s food costs pull back and seek cheaper al- man Sachs Group Inc. helped tion are required to honor
work to do” to bring inflation
‘The Fed still has predictable, while same-res- ternatives. facilitate around $700 million commitments to banking regu-
er s

back to near its 2% target, said more work to do’ to taurant sales rose 14.5% com- Ruby Koch-Fienberg and of bond trades into distressed- lators “to maintain the capital
Michael Gapen, chief U.S. pared with 2021. Ben Surface, of Dover, N.Y., debt investors’ accounts over of an insured depository insti-
bring inflation back
m er

economist for Bank of Amer- To capitalize on eager cus- shopped around for a contrac- the weekend, according to tution.” That means the Fed-
ica. “If the Fed is successful at to near its 2% target. tomers, the company is work- tor who would replace a mal- people familiar with the mat- eral Deposit Insurance Corp.,
corralling the recent market ing to keep wait times low functioning wood-burning ter. Over $1.5 billion of the as the receiver for Silicon Val-
volatility and ringfencing the during peak periods such as stove and demolish its dam- parent company’s debt has ley Bank, could argue that
traditional banking sector, weekend mornings. It is exper- aged chimney. They were told traded hands since Friday, funds or assets at the parent
m rp

then it should be able to con- Bank, which were taken over imenting with different that there was little chance when Silicon Valley Bank was level should be used to fill any
tinue its gradual pace of rate by government regulators. kitchen configurations and the work could be completed put into receivership. hole in the bank’s balance
hikes until monetary policy is Hot core inflation—prices specialized roles such as dedi- this winter, given the backlogs Silicon Valley Bank, the sheet before bondholders can
sufficiently restrictive.” rose 5.2% over the last three cated beverage runners to free of work, and the job could cost technology-focused lender that be paid a penny.
Other economists said Feb- months at an annualized up servers. thousands of dollars. was SVB Financial’s core busi- Other bankrupt financial
co Fo

ruary consumer inflation fig- rate—has run well above econ- “We have unfulfilled de- They are now contemplat- ness, was taken over by fed- companies successfully auc-
ures were more likely to ex- omists’ expectations and fur- mand that’s right at our front ing doing the chimney demoli- eral regulators Friday after it tioned off their most valuable
tend the Fed’s rate increase ther highlights the tension be- door,” First Watch Chief Exec- tion themselves. was crippled by a dash for the assets through bankruptcy, in-
cycle later into the summer, tween the Fed’s financial- utive Chris Tomasso said. “We could save up to exits by depositors. Over the cluding Lehman Brothers in
with officials forgoing an in- stability and price-stability “We’re investing in improve- $8,000 and have a really fun weekend, regulators tried un- 2008.
crease next week. goals. That could force mar- ment and processes and equip- weekend,” Ms. Koch-Fienberg successfully to sell the busi- Lehman’s U.S. investment-
“We think Fed officials will kets “to reconsider what we ment and things such as that said. ness, and they were planning banking arm was sold to Bar-
be reluctant to take the risk see as an ill-founded view that to capture that demand.” to take another crack at auc- clays PLC, while Nomura Hold-
that monetary policy actions the SVB crisis means the Fed Still, some signs of cooling tioning it this week, The Wall ings Inc. purchased the de-
could work at cross-purposes is likely done raising rates,” have emerged. Economists es- Watch a Video Street Journal reported. funct firm’s Asia-Pacific and
with financial stability policy said Krishna Guha, vice chair- timate that retail spending de- Scan this code Even though government Europe franchises. Barclays
by worsening banks’ balance man of Evercore ISI. clined in February. The Com- for a video on officials have warned that SVB paid around $2 billion and re-
sheet problems and undermin- Before the bank failures, merce Department is the Federal Financial Group’s stock is ported a paper gain on the
n-

ing confidence,” said Jan Hat- the broader economy showed scheduled to release new con- Reserve’s 2% worthless—it hasn’t traded deal of more than $4 billion
zius, chief economist at Gold- surprising strength to start sumer data on Wednesday. inflation target. since Thursday—the parent two years later.
no

Closure Rattles Nonprofits That Relied on Bank’s Loans

BY HANNAH MIAO SVB committed in 2021 to nonprofit clients to make con-
spend $11.2 billion between tingency plans for funding as
Startup founders and ven- 2022 and 2026 supporting un- she expects the collapse of
ture capitalists weren’t the derserved communities. SVB to spook wealthy individ-
only ones cheering regulators’ That money was set aside uals in the tech sector.
decision to backstop all depos- for charitable contributions, “The Bay Area’s known as a
its after the swift collapse of residential mortgages to low- notoriously hard place to
MICHAEL MACOR/THE SAN FRANCISCO CHRONICLE/GETTY IMAGES

Silicon Valley Bank. and middle-income borrowers, fundraise. This is going to im-
Nonprofits were also among small-business and affordable- pact the way that a lot of peo-
the tens of thousands of cli- housing loans, and other in- ple who are already stingy
ents that kept cash at the bank vestments. with their money are going to
and wondered if they could The challenges faced by af- be doing charitable giving in
make payroll if there were a fected nonprofits underscore the coming year,” Ms. Monter-
delay in accessing their ac- the rippling effects of SVB’s roso said.
counts. demise. Like many startup founders
Although leaders of af- A panicked rush to with- and investors, nonprofit lead-
fected nonprofits say they feel draw deposits last week ers are also reassessing their
relieved by the emergency brought SVB down in a matter cash management practices af-
measures, many worry about of days in the second-largest ter SVB’s collapse.
the hole that SVB leaves as a bank failure in U.S. history. San Mateo-Foster City Edu-
dependable lender for afford- The government on Sunday cation Foundation, which
able housing projects and agreed to guarantee even un- funds programming such as
partner for community pro- insured deposits in a bid to arts and sports in schools, had
gramming. Some nonprofit stem widespread risk to the fi- deposits at SVB exceeding the
leaders are also concerned nancial system. Nonprofit Mercy Housing in San Francisco was in the process of securing a $52 million loan from SVB. original insurance cap of
about the fundraising land- Nonprofits comprise a rela- $250,000, according to board
scape moving forward as the tively small part of the bank’s SVB was the largest corporate Nonprofit developer Mercy programming partners. Karla president Annie Tsai.
bank’s closure rattles a donor business compared with tech sponsor for the nonprofit’s an- Housing was in the process of Monterroso, a former non- The board is discussing
base of wealthy technology ex- and healthcare companies. nual fundraiser last year, giv- securing a $52 million loan profit executive for a decade, plans such as diversifying
ecutives. SVB had about $1 billion in ing $50,000, she said. The from SVB for an affordable said SVB often provided space bank accounts and guarantee-
“We cannot do our work loans to nonprofits and busi- nonprofit was counting on a housing project in San Fran- for events, and bank execu- ing that balances are insured,
without partners like Silicon nesses outside the tech and similar sponsorship this year. cisco. The deal was delayed tives volunteered time to she said.
Valley Bank,” said Kimberly healthcare industries at the Although Dorchester Bay with the bank’s closure, and speak with program partici- “There were thousands of
Lyle, chief executive of end of last year, or 1.4% of to- doesn’t have any active loans Mercy Housing is now looking pants when she was CEO of hardworking small businesses
Dorchester Bay Economic De- tal loans. with SVB, Ms. Lyle said other for alternative financing, ac- Code2040, a nonprofit that and entrepreneurs and non-
velopment Corp., an afford- But SVB’s purchase of Bos- affordable housing organiza- cording to the developer. works to increase racial equity profits that really just got
able-housing developer and ton Private Bank in 2021 tions borrowing from the bank Regulators were unable to in the tech industry. caught up in this mess.
small-business lender in brought in nonprofits and will have to find new lenders find a buyer for SVB over the Even nonprofits with no They’re just trying to make
lower-income neighborhoods small businesses outside the at higher interest rates. weekend and are planning to working relationship with SVB payroll and help people out in
in Boston. “Will whoever takes Bay Area tech world, including “Silicon Valley Bank had put the bank up for auction could be affected by the fall- their community. That’s the
them over fill those shoes of Dorchester Bay. some of the best terms in the again, The Wall Street Journal out, according to Ms. Monter- biggest relief, that none of
being such a reliable and con- A number of properties market,” Ms. Lyle said. “It’ll reported. roso, who now runs a consult- those assets will be lost and
sistent supporter of that managed by Dorchester Bay cost even more to build hous- With the future of SVB up ing firm for multicultural we can turn our attention back
work? We just don’t know the had accounts with deposits at ing that’s already incredibly in the air, some nonprofits will institutions. Ms. Monterroso to our missions,” Ms. Tsai
answer.” SVB, according to Ms. Lyle. expensive to build.” have to look elsewhere for said she has been advising said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Wednesday, March 15, 2023 * * THE WALL STREET JOURNAL.

WORLD NEWS
Russian Artillery Shortage Hurts Offensive
BY MATTHEW LUXMOORE On Tuesday, Russian De- Zaluzhny, expressed apprecia-
AND EVAN GERSHKOVICH fense Minister Sergei Shoigu tion Tuesday for the toughness
told Russian arms producers of Ukrainian soldiers in
Shortages of artillery shells to double their production of Bakhmut, and called the opera-
are hampering Russia’s grind- precision-guided weapons, tion there “of paramount stra-
ing advance in eastern Ukraine, Russian state media reported. tegic importance” for deterring
Western officials said Tuesday, As Western countries includ- Russia. “It is key to the stabil-
as Moscow pushes to capture ing the U.S. struggle to increase ity of the defense of the entire
the city of Bakhmut and Kyiv military production to aid front,” he said on Facebook.
gears up for a counteroffensive. Ukraine’s defense effort and The Bakhmutka River that
Russian ammunition short- shore up their own security, bisects Bakhmut is now the line

ARIS MESSINIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

ages recently have worsened to Russia is applying the principles between Russian forces seeking
the extent that extreme ration- of a command economy as its to seize the city center and
ing of artillery shells is likely defense-manufacturing capacity Ukrainian forces defending it.
in force on many parts of the becomes a weak point in its mil- On Tuesday, Russia’s RIA state
front, the U.K.’s Defense Minis- itary campaign, the U.K. said. news agency reported that
try said in its daily intelligence Russia fired artillery as if Moscow’s forces seized part of
briefing. Other European de- its resources were limitless in a metalworks plant in the city.
fense officials agreed with the the first several months of the Russian Deputy Foreign
assessment, with one stressing war, but shortages have under- Minister Alexander Grushko
that Russia was working with mined that strategy. Analysts signaled Tuesday that Moscow
partners including North Korea estimate that Russia is firing would agree to an extension
to buy ammunition quickly some 10,000 shells a day, for a United Nations-backed
while it scaled up production. down from 20,000 to 30,000 deal allowing for safe passage
The U.K. said that artillery last summer—but still well of grain exports from Ukraine,
rationing on the front lines is a above Ukraine’s 3,000 or so. A Ukrainian soldier prepared a shell to fire at Russian positions near Bakhmut on Tuesday. an arrangement which was set
major reason for Russia’s recent “Russia hadn’t imagined in to expire on March 19. Grain
failures to make military gains its worst nightmare that it told The Wall Street Journal. eastern Ukraine that it sees as a forces continued to defend the exports had slowed in recent
in Ukraine, adding that Moscow would end up in this kind of war. Despite the resource short- gateway to other parts of the city despite being at risk of hav- weeks, driving up global
likely is resorting to use of old They expected it to end quickly,” ages, Russia has made some Donbas region, which it claims ing their supply routes cut off. prices, amid shipping delays
munitions stock that was cate- Ukraine’s national security ad- headway in recent weeks as its sovereign territory but The commander of Ukrai- and concerns over the deal’s
gorized as unfit for deployment. viser, Oleksiy Danilov, recently around Bakhmut, the city in only partly controls. Ukrainian nian armed forces, Gen. Valery looming expiration date.

U.S. Says and pulled away. The second

jet then sought to do the same
but collided with the drone, a
official said, and while one
plane was damaged, it ap-
peared operable. The drone
livered the same message to
the Russian foreign minister,
State Department spokesman
ministry said its jets didn’t fire
their weapons, denied they
came into contact with the
vanced drone that comes in
armed and unarmed models,
specializing in intelligence, sur-

Jet Struck defense official said. The colli-

sion knocked off a piece of the
MQ-9 drone and its operators
captured the incident on video,
which the Pentagon intends to
declassify and release to the
Ned Price said. National Secu-
rity Adviser Jake Sullivan
briefed President Biden, the
drone, and said the U.S. craft
went into an uncontrolled flight
as a result of sharp maneuver-
veillance and reconnaissance.
The U.S. has been gathering
intelligence on Russian troop

Its Drone guided it down to the water. public, Pentagon spokesman Air White House said. ing. positions and passing it along

.
The U.S. hasn’t recovered Force Brig. Gen. Pat Ryder said. Russia considered the drone The collision occurred about to the Ukrainians, and Crimea
the wreckage, and officials de- “This incident demon- incident a provocation, Mr. An- 50 nautical miles southwest of is the site of major Russian

ly
clined to discuss any opera- strates a lack of competence in tonov said after his meeting Crimea, and the drone landed military installations, includ-
Continued from Page One tions to recover it. The U.S. no addition to being unsafe and with Ms. Donfried, Russian another 10 miles southwest of ing critical operations for its
strated the challenges of sup- longer sails its ships in the unprofessional,” said U.S. Eu- state news agencies reported. that point, a U.S. defense offi- war in Ukraine.
porting the war while, as the
U.S. warned on Tuesday,
avoiding potential “unintended
escalation.”
Black Sea, following a Turkish
prohibition on warships im-
posed after Russia’s invasion.
Russian officials disputed
on
ropean Command, which is re-
sponsible for U.S. military op-
erations in the region.
The State Department sum-
Ms. Donfried expressed con-
cern over the incident, but
didn’t bring up repercussions
for Russia, he said. Adding that
cial said.
Recovering the drone could
be difficult. U.S. naval ships
stopped operating in the Black
The U.S. regularly operates
drones in the Black Sea. While
both nations have tracked one
another operating in the area,
Early Tuesday, two Russian the U.S. military’s account, moned Russian Ambassador Moscow isn’t looking for a con- Sea shortly after Russia in- there hasn’t been a collision or
us ,

Su-27 jet fighters and the U.S. taking issue with the location Anatoly Antonov for a meeting frontation with Washington, he vaded Ukraine in February reckless engagement, defense
l

MQ-9 surveillance drone origi- of the incident and denying with Assistant Secretary of described the meeting between 2022. Turkey, which controls officials said. John Kirby, the
e
al a

nating from Romania flew near Russian jets made contact State for European and Eur- the diplomats as constructive. who enters the Black Sea, National Security Council coor-
one another for about 30 min- with the drone. asian Affairs Karen Donfried Russian officials said the jet closed its Bosporus entrance dinator for strategic communi-
utes in international airspace, One Pentagon official de- on Tuesday evening, a senior fighters were scrambled be- to warships shortly after the cations, said this was the first
ci on

a U.S. defense official said. At scribed the move as a “juve- administration official said. cause the U.S. drone flew in the war began. Russia, however, time in which a U.S. drone was
about 7 a.m., in an incident nile” but accidental move by The U.S. intended to relay its area of Crimea, the Black Sea still sails warships in the Black downed over the Black Sea.
that lasted seconds, one of the the Russian pilots. The Russian objections to the “unsafe, un- peninsula Moscow annexed Sea that were there when Tur- —Vivian Salama
Russian jet fighters flew past jets landed shortly afterward in professional intercept,” while from Ukraine in 2014, with its key imposed the ban. in Washington
the drone, dumped fuel on it Russian-held Crimea, a defense the U.S. envoy in Moscow de- transponders turned off. The The MQ-9 Reaper is an ad- contributed to this article.
er s
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THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A9

WORLD NEWS

Blinken, Saudi Prince Tests Nonaligned Policy

Harris Aim BY STEPHEN KALIN

To Boost AND SUMMER SAID

RIYADH, Saudi Arabia—

Africa Ties Flush with cash from an oil

boom, Saudi Crown Prince Mo-
hammed bin Salman is making
BY WILLIAM MAULDIN foreign-policy and business
AND NICHOLAS BARIYO moves that test whether it is
possible not to take sides in
The U.S. is seeking to grow the rivalries between the U.S.
more involved in African coun- and Russia and China.
tries facing conflict, debt and Last week’s China-brokered
hunger, boosting its presence in agreement to renew diplomatic
an effort to counter diplomatic relations with Saudi Arabia’s ri-
inroads from China and Russia. val Iran demonstrated a shrewd
Secretary of State Antony pragmatism from the 37-year-
Blinken is visiting Ethiopia old de facto ruler, whose deci-
and Niger this week, in the lat- sion making has been criticized
est swing by Biden administra- in the past as erratic. The deal
tion officials through Africa. would cool tensions across the
U.S. officials want to show Persian Gulf and bring Saudi
that Washington isn’t only a Arabia closer to its biggest

SAUDI PRESS AGENCY/ASSOCIATED PRESS

donor for Africa’s humanitar- trading partner, China, without
ian needs but also a resource alienating its top security part-
in countering terrorism and ner in Washington, where offi-
insurgency and a potential cials said they saw the detente
source of investment and as positive.
other economic support. As Like India, Turkey and the
the U.S. confronts Russia and United Arab Emirates, Saudi
China, Biden administration Arabia is a midsize power
officials are visiting regions looking for advantages as the
where the great powers are U.S.-led world order is chal-
competing—Southeast Asia, lenged by Russia’s invasion of Chinese President Xi Jinping, center, is greeted by Saudi Crown Prince Mohammed bin Salman in Saudi Arabia this past December.
Eastern Europe and Africa. Ukraine and China’s more-as-
Vice President Kamala Har- sertive foreign policy, some Washington’s wishes, leading danger was reinforced by own ballistic missiles, con- period of diplomatic isolation
ris will travel to Ghana, Tanza- analysts said. Saudi leaders the White House to accuse Ri- drone-and-missile strikes sulted on a nuclear program for the crown prince. That
nia and Zambia this month, are also intent on using high yadh of aligning with Moscow. against Saudi oil sites in 2019, and begun investing in Prince largely ended last July with
the White House said Monday. oil prices to fund the country’s Underpinning Saudi Ara- which temporarily knocked Mohammed’s projects, such as the visit to Saudi Arabia by
In January, Treasury Secretary ambitions of becoming a bia’s growing global influence out 5% of global energy sup- Neom, a futuristic new city. President Biden, who had
Janet Yellen visited three global business player with a and willingness to buck U.S. plies but drew no overt mili- China has also pitched to pledged on the campaign trail
countries in Africa, and thriving non-oil economy. interests is a strong financial tary response from the U.S. Saudi officials on setting up a to treat the kingdom as a pa-

.
pledged further U.S. invest- To that end, Prince Moham- position generated by buoyant The attack galvanized Prince local defense-manufacturing riah. In February, Senate Re-
ment and trade. The visits are med announced a new Saudi oil prices. The kingdom’s econ- Mohammed’s belief that Saudi industry, while Russia has publican leader Mitch McCon-

ly
efforts to follow up on com- national airline after The Wall omy has expanded at one of signed a nuclear cooperation nell and two other GOP
mitments the U.S. made in a Street Journal reported that the fastest rates globally, as deal with the kingdom. lawmakers visited the king-
summit of African leaders in the kingdom’s sovereign-wealth the U.S., Europe and many de- Saudi Arabia’s new ap- dom to meet the crown prince.
Prince Mohammed
Washington last year.
“African leaders naturally
want to partner with the U.S.,
but we don’t spend enough
fund was closing a deal for $35
billion in commercial aircraft
from Boeing Co., a boost for a
major American manufacturer
on
veloping economies are facing
rising inflation and recessions.
Driving it all is the belief
espoused by Prince Moham-
believes Saudi
Arabia should have
proach to foreign affairs, which
for decades had been firmly
supportive of U.S. policy and
disinclined to dramatic shifts,
The war in Ukraine has pro-
vided the Saudis with what
they see as an opportunity to
assert their own interests in a
time meeting with them and that would create tens of thou- med that Saudi Arabia should greater global clout. began to take shape early on in world where the U.S. isn’t the
us ,

asking them how they can sands of jobs in the U.S. have greater clout on the Prince Mohammed’s rapid rise undisputed superpower, saying
l

help,” said Mark Green, former Saudi advisers said the Boe- world stage, befitting its sta- to power. He intervened in Ye- they can support Ukraine and
e
al a

U.S. ambassador to Tanzania ing deal is aimed partly at tus as a Group of 20 power. men’s civil war, then joined work with Russia in OPEC+.
and the president of the Wil- boosting the kingdom’s status “It’s very much a Saudi-first Arabia could no longer count neighbors in blockading Qatar In private, Saudi officials
son Center, a Washington in Washington. It showed that ideology,” said Karen Young, a on security guarantees from the and strong-armed Lebanon’s said, the crown prince has said
ci on

think tank. “China and Russia Riyadh remains on friendly senior research scholar at Co- U.S. To safeguard his economic- prime minister into resigning. he expects that by playing ma-
are more nimble and more re- terms with Washington, even lumbia University. development plans, the crown Those moves drew interna- jor powers against each other,
sponsive to requests in Africa after the Saudi-led Organiza- Riyadh has long regarded prince realized he needed to tional criticism, but it was the Saudi Arabia can eventually
for assistance.” tion of the Petroleum Export- its biggest security threat as look east for additional part- 2018 murder of Saudi journal- pressure Washington to con-
Ethiopia has long supported ing Countries and its Russia-led coming from Tehran and the ners, Saudi officials said. ist Jamal Khashoggi by men cede to its demands for better
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U.S. efforts to tackle security allies agreed to an oil-produc- armed groups it supports in In recent years, China has close to Prince Mohammed access to U.S. weapons and
challenges in East Africa. tion cut in October against neighboring countries. That helped Saudi Arabia build its that precipitated an extended nuclear technology.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Wednesday, March 15, 2023 * * THE WALL STREET JOURNAL.

FROM PAGE ONE

VIOLETTE FRANCHI FOR THE WALL STREET JOURNAL (3)

Party Ends is much less generous—with a
net replacement rate of 51% of
preretirement earnings—its
on Jan. 31. She plans to retire
in August, right after her 59th
birthday, with a pension of

For French cost started exceeding its in-

come in 2021. Projections by
trustees for the system’s trust
around €2,620 per month,
about 75% of her current sal-
ary. She plans to vacation on

Retirees funds anticipate combined re-

serves will be depleted in 2035
absent new revenue sources.
the Greek island of Crete and
volunteer as a school tutor
when she gets back to Paris.
Growing concerns about Social “I want to enjoy life,” Ms.
Continued from Page One Security’s solvency are leading Roch said.
independent panel of econo- some people to tap into the Her son, Etienne Roch, a
mists, lawmakers and union system early. 29-year-old pastry chef in the
leaders advising the govern- Unlike France, the U.S. has eastern city of Strasbourg,
ment on pensions. backups: Companies and local said he supports the protests.
French President Emmanuel governments often offer pen- But he doesn’t expect his own
Macron has proposed an over- sions or tax-advantaged retire- retirement to be as lucrative.
haul of the country’s pension ment plans such as 401(k)s “I’m not counting on my
system centered on raising the that provide incentives for The game at a local boules club. Top left, seniors state pension to live after I re-

.
legal age of retirement by two workers to save for their later perform historical dances in Menton, France, tire,” Mr. Roch says.
years to 64. The legislation, years. Adding those to Social The rise of France’s well-

ly
while a couple from Bordeaux visits a garden.
which is currently before Par- Security means on average heeled retirees has grayed en-
liament, has triggered waves 96% of earnings are covered, tire swaths of the Cote
of protests and strikes that according to the OECD. in the decades that followed. started talking about a third consolidate France’s 42 differ- D’Azur.
have taken a toll on France’s
economy.
Mr. Macron says the
changes are necessary to save
Early retirement
Adding to France’s fiscal
on French unions, which were
initially in charge of running
the pension system on behalf
of the state, began hiking up
age, a new phase in life,” he
said.
As France’s baby boomers
began to retire, successive
ent pension plans into one
universal system. Instead of a
mandatory increase in retire-
ment age, Mr. Macron pro-
Spending power
In Menton, a coastal town
France’s pension system from burden, millions of workers pension payments as more French governments struggled posed bonuses for people who located between the principal-
us ,

collapse and maintain fiscal are also entitled to retire baby boomers entered the job to lighten the financial burden worked until age 64 and pen- ity of Monaco and the border
l

discipline. He wants to bring years before the legal retire- market and the tax base on future generations. alties for those who didn’t. with Italy, retirees help power
e
al a

the national deficit—which ment age, because they belong swelled. In 2010, conservative Presi- Unions responded with the the local economy. Thierry
was 5% of gross domestic to sectors such as transport Life expectancy rose along dent Nicolas Sarkozy raised longest transport strike in Pageault, the director of the
product last year—back in line and energy that historically with a new leisure industry for the retirement age to 62. French history, paralyzing the 19th-century Royal Westmin-
ci on

with the European Union’s 3% were considered more physi- retirees with plenty of time on country for seven weeks. The ster and Balmoral hotels, says
target while also boosting cally demanding. That posi- their hands and money to strike fizzled out as cash- retirees account for about half
France’s military budget. tions them for decades of pen- spend. strapped employees went back of the guests at the two land-
France spends around 14.5% of sion checks, as France’s In the early 1980s, France
‘We’ve been happy to work. Then the Covid-19 mark hotels.
its economic output on pen- average life expectancy stands elected its first socialist, Fran- for nearly 20 years,’ pandemic hit, prompting Mr. “We are not trying to at-
er s

sions, compared with 7.5% in at 82.5 years compared with çois Mitterrand, as president. Macron to shelve the plan. tract people who want to
the U.S. and 10.4% in Germany, the U.S. average of 77, accord- He created the Ministry of
said a retiree from Mr. Macron was re-elected party all night,” said Mr.
the French Alps.
m er

according to the Organization ing to the OECD. Free Time to promote leisure last spring after campaigning Pageault.
for Economic Cooperation and French retirees also have and vacation. He also lowered on a pledge to raise the age of That share goes up to more
Development, a club of rich few fixed costs. France’s social the age of retirement to 60 retirement. This winter his than 80% during the city’s an-
nations. healthcare system saves them from 65, saying people who government proposed the in- nual lemon festival, a major
from costly medical bills, and worked hard all their lives had Three years later, Socialist crease to Parliament, along attraction for the aging, which
m rp

about 80% of French retirees a right to happiness. President François Hollande with a plan to eliminate provi- starts in late February and
Fiscal discipline own their homes. Bruno Palier, a political-sci- increased the number of years sions that allow some workers marks the end of the winter,
France has one of the low- Some economists say Mr. ence professor at Paris-based people need to work to get a to retire even earlier than 62. he added.
est rates of retirees at risk of Macron’s proposed changes Sciences Po university and full pension to 43 from Protesters roared back onto Marie Boyer, 78, and her
poverty in Europe and a net won’t keep the system afloat France’s National Center for 41-1/2. the streets. husband were booked into a
co Fo

pension replacement rate—a for long. If the legislation Scientific Research, says Mr. Macron, a former in- Sylvie Roch, a 58-year-old room at the Royal Westmin-
measure of how effectively re- passes, it will provide a spell French society began to relish vestment banker, first tried to schoolteacher, ditched work ster that faces the Mediterra-
tirement income replaces prior of fiscal relief before the sys- the idea of life beyond child- overhaul the pension system and marched with a million nean Sea.
earnings—of 74%, according to tem returns to insolvency after hood and adulthood. “We in 2019 with a proposal to other protesters across France
the OECD. That’s higher than 2030, said Frédéric Bizard, an
the organization’s average of economics professor at Paris- The golden age of retirees in France is ending, as the country's pension system comes No mortgage
62%. based ESCP business school. under growing demographic stress. Ms. Boyer started working at
But in France, these bene- 15. She did administrative and
fits come at a cost. The coun- How well pensions replace Retirees' disposable income compared with the overall accounting work. At first, get-
try’s pension system is ex- Declining fortunes earnings* French population's† ting a job was easy, but over
pected to run a deficit of €1.8 The independent panel ad- time she had to take pay cuts
120%
billion in 2023. That number is vising the Macron government 39% 46 % 2014
2019
and accept work farther away
set to increase to €10.7 billion on pensions says the decline 106.2% 101.5 %
from her house. At 56, she
n-

in 2025 and €21.2 billion in in retirees’ fortunes is already 2070 could no longer find a job. After
2035, according to the inde- under way. A report by the Japan Canada
100 83% collecting unemployment bene-
pendent advisory panel. panel in September found the 1996 fits for awhile, she retired.
The government has ruled disposable income of the aver- 97.6% Ms. Boyer and her husband
53 % PROJECTION
no

out increasing taxes to shore age retiree peaked in 2014 at 80 each receive a monthly pen-
up deficits, saying taxes in 106% of what an average 2000 ’05 ’10 ’15 ’20 ’25 ’30 ’35 ’40 ’45 ’50 ’55 ’60 ’65 ’70 sion of around €1,800, allow-
France are already high. France French person earns. That fig-
U.S.
51 % Germany Ratio of workers to retirees
ing them to live comfortably.
ranked second out of 38 OECD ure is projected to fall some- They bought a home in the
countries in terms of tax-to- where between 90% and 95% French Alps after retiring and
GDP ratio in 2021, according to in 2040, and between 76% and 58 % 74% 2.5 2002
2.1
paid off their mortgage.
the OECD, at 45.1%, compared 87% in 2070, as wages in- 2019
That leaves them with
with the OECD average of crease faster than pensions. 2.0 enough money to travel
1.7 2033 2070
34.1% and 26.6% in the U.S. At the root of the problem
France
1.5 1.2 around France. They enjoy hik-
The U.S. is facing similar lies a generational shift that is U.K. 1.5 ing in the Alps, but lately the
demographic headwinds with affecting countries across the couple has been spending
PROJECTION
its Social Security system, West. France’s pension system 1.0 more time at the beach since
which, like France’s, is largely was established in the 1940s, 2000 ’05 ’10 ’15 ’20 ’25 ’30 ’35 ’40 ’45 ’50 ’55 ’60 ’65 ’70 her husband’s knees have
a pay-as-you-go arrangement, setting the age of retirement grown weaker.
with current workers shoul- at 65, just before the baby *Net pension replacement rates based on people who have had full-time careers †The disposable income figure is divided by the number
“We’ve been happy for
dering the benefits paid to re- boom that swelled the ranks of of household members. Projection based on an annual growth in labor productivity of 1% nearly 20 years,” said Ms.
tirees. Though Social Security workers—and then retirees— Sources: OECD (replacement rates); Pensions Advisory Council (disposable income, ratio of workers) Camille Bressange/The Wall Street Journal Boyer.

Such mandated typeface and typesetters to look impor- ity issues for individuals with you’re going to find an oppo- “traditional,” “conventional”
New Rules changes have divided lawyers,
government officials and aca-
tant, said Matthew Butterick, a
font designer, lawyer and au-
disabilities,” the announce-
ment said.
site study,” said Maria Linden-
feldar, the creative director at
and “trustworthy” values, she
said; Calibri and other sans-
demicians into the sulky and thor of the book “Typography The U.K.’s Supreme Court Princeton University Press in serif typefaces were seen as
Trigger the celebratory.
“Calibri is awful,” tweeted
for Lawyers.” The fixed char-
acter of typewriter keys deter-
switched to a Calibri font—
sans serif, as they say—to im-
New Jersey.
A 2017 study published in
“confident,” “friendly,” and
“honest.”
an account called Legal Style mined the look of legal docu-
Font Fight Blog. “The world is becoming
a better place,” a forensics
ments for a half-century.
Computers allowed key-
prove legibility.
“I think it’s patronizing,
frankly,” said Mr. Wheatley,
the scientific journal Annals of
Dyslexia found that text in
Dyslexie, a typeface designed
“I regard Calibri as per-
fectly readable but less digni-
fied than a font with serifs,”
professor posted on Facebook. strokes to appear in a variety the clinical-negligence lawyer to make reading easier for British legal commentator
Continued from Page One State courts in New Jersey of typefaces and fonts. in London. “It’s basically say- people with dyslexia, didn’t Joshua Rozenberg wrote in an
bri has a much more contem- decided appellate briefs must James Robottom, a London- ing that people can’t under- test any better—whether by email that employed a serifed
porary feel to it.” be filed in Times New Roman, based barrister, is among the stand the script that is used speed or accuracy—than Georgia typeface.
What sounds like a typeface or a similar proportional font, typeface agnostic. He uses for the Times newspaper and words in Times New Roman. Rebecca Creed, a Florida-
tempest-in-a-teapot has boiled rather than Courier, another whatever more senior barris- other papers of authority.” Some typeface executives based appellate attorney, had
over in the U.S. and U.K., serif-style typeface. ters prefer and doubts that a His spouse, Ms. Wood, the say that, in fact, the serif in the past used Times New
where changes in document “I’m banging my head typeface can help determine a family lawyer, said the type- flourish make letters easier to Roman or Courier New for
requirements have set off a against the wall,” said trial win or loss. “If a pretty font is face change marked a small distinguish. They cite the court briefs and other legal
war of words among cantan- lawyer Jerry Geiger, of what tipped a case,” Mr. Ro- but welcome shift toward identical appearance in some documents. In 2021, the Flor-
kerous font factions. Stroudsburg, Pa., who dislikes bottom said, “then they transparency and accessibility Calibri fonts of the lowercase ida Supreme Court adopted a
The State Department an- Times New Roman. He also is wouldn’t be a very good judge, over tradition. In some U.K. “l,” as in look, and uppercase rule requiring Arial or Book-
nounced in January that Cali- dismissive of Courier, a type- would they?” courts, she said, “We’re still “I,” as in India. man Old Style, chosen for
bri would replace Times New face designed for IBM type- The State Department pro- wearing wigs and gowns.” The serif versus sans-serif their readability on screens,
Roman on official documents writers in the 1950s, calling it claimed “The Times (New Ro- Yet the jury is out over debate extends to nonverbal for computer-generated docu-
to make them easier to read. a difficult-to-read throwback man) are Changing!” in a Jan- whether the removal of the communication. ments. At Ms. Creed’s law
U.K.’s Home Office, for similar to the bygone days of stenog- uary announcement of its wings and feet of serifed let- Typographer Sarah Hynd- firm, Bookman Old Style won
reasons, x-ed out the 83-year- raphy pools and typewriter typeface switch. “Fonts like tering make reading easier. man, author of the book “Why out. “We just liked the way it
old Times New Roman, which correction fluid. Times New Roman have serifs “For every study out there Fonts Matter,” found that peo- looked,” she said.
has the wings and feet on let- Legal documents for centu- or decorative, angular features that says that sans serifs are ple saw serif typefaces such as —Vivian Salama
ters known as serif style. ries were drafted by scribes that can introduce accessibil- more legible than serifs, Times New Roman embodying contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A11

cover letter himself and aced the

interviews on his own.

‘How we present
ourselves’
Programs, websites and other tools
to help people fix their résumés
and cover letters aren’t new. Micro-
PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, PICTURE ALLIANCE/GETTY IMAGES, ISTOCK (5)

soft Office and Google Docs offer

résumé and letter templates, while
companies such as Jobscan promise
to optimize résumés to grab the at-
tention of hiring managers, recruit-
ers and hiring-system algorithms.
Candidates need to combine
ChatGPT’s edits with their own ed-
iting and voice, said Sarah Baker
Andrus, chief executive of Avarah
Careers, a career coaching firm in
Delaware. Whatever a candidate
submits for a job should accurately
reflect their skills, she said.
“We’re responsible for how we
present ourselves,” Ms. Andrus
said. “If you decide to use Chat-
GPT, it’s worthwhile to ask, ‘Is that
representing the me that I want to
present?’ ”
Employers are already finding
ways to catch applicants who cheat
with AI.
Engineers applying to San Fran-
cisco-based Cobalt Robotics take
part in a remote one-hour coding
interview where they are paired
with an employee to test collabo-
ration and problem-solving skills.
If candidates need more than an
hour, they can finish on their own,
but a screening program called

Workers Are Using ChatGPT

CoderPad tracks their work.
Last month, one candidate
went from showing no work in

.
CoderPad to suddenly having a

When Seeking Out New Jobs

complete solution, said Erik

ly
Schluntz, Cobalt Robotics’ chief
technology officer and co-founder.
He suspected the applicant had
on
AI can write your cover letter or help with applications, but some bosses think that’s cheating
sought AI assistance and then
copied and pasted its response.
The company declined to move
forward with the candidate with-
out telling the person why, though
us ,

BY ANN-MARIE ALCÁNTARA

I
dinner tables and water coolers. and his résumé with the chatbot suggesting new ways for him to ask Mr. Schluntz tweeted about it.
l

Microsoft, Google, Snap and other to see what it would tweak. Then about company culture and expec- Mr. Schluntz said Cobalt can’t
e
al a

t was an unexpected problem. companies have incorporated artifi- he asked ChatGPT to write a rec- tations for the role. Instead of ask- properly evaluate candidates who
Earlier this year, Christina Qi, cial intelligence into their products. ommendation letter for a role he ing a vague question about what he use AI helpers today, but said he
the chief executive of market People have experimented with us- coveted. The chatbot deemed him should do to excel at the prospec- can envision giving applicants more
ci on

data company Databento, no- ing ChatGPT at work. Some have perfect for the job, as his techni- tive job, ChatGPT suggested Mr. challenging tasks in the future if
ticed almost every job applica- even started using it when looking cal skill set “aligns well with the Stringham be more specific about they want to use tools like ChatGPT
tion included exactly what she for new roles, tapping the chat as- requirements.” as an assistant.
was looking for. sistant to help write cover letters, Mr. Mickey sent the remarks to “Giving a problem to someone
The company prompts candi- tweak résumés and formulate re- a recruiter, saying ChatGPT en- that ChatGPT can solve doesn’t as-
Employers scramble
er s

dates to write a tweet and a press sponses to anticipated interview dorsed his skills. sess someone—it just assesses
release about microwave towers, a questions—without necessarily tell- “The recruiter was immediately to figure out how to ChatGPT,” Mr. Schluntz said.
m er

niche topic that requires research, ing the people doing the hiring. like, ‘Let’s chat, I like the creativ- About a week after first spot-
Ms. Qi said. Normally, most candi- Employers, who have long used ity,’ ” he said. Mr. Mickey didn’t get
assess candidates who ting the AI-boosted applications,
dates fail the test. This time all five AI to screen potential employees, that job, but was hired at another may be using the tool. Ms. Qi started letting potential
passed. aren’t always disqualifying appli- company without ChatGPT’s help. Databento hires use ChatGPT. The
The tests—four from internship cants who use ChatGPT, but they Ryan Stringham, 31, who lives in new prompt requires candidates to
m rp

applicants and one from someone are scrambling to figure out how to Utah and works in product manage- perform additional research and
seeking a full-time content strate- assess candidates who may be us- ment, used it to help write cover the time frame and metrics for de- make edits to supplement what the
gist role—were all so similar, “as if ing the tool to give them an edge. letters, including one that got him termining success. AI tool spits out, and Databento
it was written by one person,” she a foot in the door, and later hired, Mr. Stringham has encouraged gives “extra points” to people who
said. Suspicious, Ms. Qi put the Attention-grabbing at a smart-tech company. others to use chatbots in the job- complete the test bot-free.
co Fo

prompt into ChatGPT, the artificial- applications “You’re always looking, you’re hunt process, posting about them Though Ms. Qi said she can usu-
intelligence chatbot from OpenAI, After being let go by his previous always applying and you’re getting on LinkedIn and giving advice to ally spot when something was writ-
to see what it could produce. employer in January, Kyle Mickey drained,” Mr. Stringham said of job other job seekers. ten by ChatGPT, the company en-
“Lo and behold, I got pretty started job hunting for roles in hunting. The only place he hasn’t dis- lists the aid of a bot detector. “It’s
much the same answer that all five software engineering—alongside He said the bot broke his closed his ChatGPT use: at work. better to be ahead of the game and
candidates had submitted to me,” thousands of laid-off tech workers. writer’s block, distilling his long- “It helped me get past the appli- accept that people are using this
she said. The 38-year-old from Colorado winded cover letter into four tight cation process, and the recruiter rather than try to deny it,” she said.
Since its launch in November, said he turned to ChatGPT for paragraphs. He said it also helped never asked about it,” Mr. String- —Cordilia James
ChatGPT has been a hot topic at help, first sharing job descriptions him prepare for job interviews by ham said, adding that he edited the contributed to this article.
n-

The American Diet Has a Sandwich Problem

no

BY ANDREA PETERSEN With the standard deli sandwich,

T
‘you’re literally eating a heart
he humble sandwich is the bomb,’ warns one expert.
saboteur of the American diet.
Most Americans consume
too much sodium, sugar and satu- Watch the condiments
rated fat, according to government Be sparing with mustard and
survey data. Sandwiches—which al- ketchup, says Dr. Rimm, who calls
most half of Americans eat on any them “salt vehicles.” Ketchup is of-
given day—are a primary culprit. ten high in added sugars, too.
Nutritionists, doctors and public Perhaps surprisingly, mayonnaise
health officials are trying to nudge isn’t a bad option, Dr. Rimm says. It
people to make their sand- usually is made from eggs
wiches healthier, believ- and canola or soybean
ing that even simple oil, which are high in
changes can improve the mono- and polyun-
health. saturated fats that are
Sandwiches are the associated with a lower
No. 1 source of sodium risk of heart disease.
and saturated fat in Americans’ di- their desks, so sandwiches are Switch your bread and sodium content, ideally less (Mayo’s bad reputation is a hang-
ets, making up about one-fifth of easy,” says Erica Kenney, assistant The problem with sandwiches than 150 milligrams of sodium per over from the days when it used to
our daily sodium intake and 19% of professor of public health nutrition starts with the bread, researchers slice, Dr. Rimm says. contain unhealthy trans fats.)
our daily saturated fat calories, ac- at the Harvard T.H. Chan School of say. The classic white bread, sub- Load your sandwich with tomato,
cording to an analysis of federal Public Health. marine bun or French baguette is Skip processed meat lettuce and other vegetables for fi-
survey data. Sandwiches contribute You don’t have to stop eating mostly carbohydrates in the form of The processed meats—roast beef, ber and important nutrients.
F. MARTIN RAMIN/THE WALL STREET JOURNAL; FOOD STYLING BY MIEKO TAKAHASHI

7% of daily added sugars, the same sandwiches, nutritionists say. But highly processed white flour. ham, the bacon in your BLT—you
percentage as breakfast cereals and you can make them healthier, with “It turns into sugar as soon as it find at the deli counter or in pack- Back to basics
bars. more-nutritious breads and fillings. hits your tongue,” says Eric Rimm, ages at the grocery store One surprisingly good option is a
“The standard deli sandwich with Our sandwiches weren’t always professor of epidemiology and nu- are loaded with sodium and preser- healthy version of a kid favorite:
processed meat and cheese, you’re this bad for us. Sandwiches have trition at the Harvard T.H. Chan vatives, says Tufts’ Dr. Mozaffarian. peanut butter and jam, says Dr. Ro-
literally eating a heart bomb,” says grown less healthy in the past 40 School of Public Health. While processed turkey slices berto, if you use 100% whole wheat
Dariush Mozaffarian, a cardiologist years, Dr. Mozaffarian says. Culprits Choose whole grain bread, says have less saturated fat and calories bread and the right peanut butter
and professor of nutrition and med- include highly processed grains in Christina A. Roberto, associate pro- than red meat, a turkey sandwich and jam. (Jam tends to have more
icine at Tufts University. bread and the low-fat push that fessor of health policy at the Uni- isn’t as virtuous as we think, says nutrients and fiber than jelly.)
Excess sodium increases blood took off in the 1980s, which nutri- versity of Pennsylvania’s Perelman Dr. Kenney. It too is high in sodium Peanut butter has protein and
pressure, which raises the risk of tionists now say led to the con- School of Medicine. Whole grains and preservatives. healthy fats that keep you full. Use
heart disease and stroke. People sumption of more deli meats mar- contain a lot of fiber, which helps Instead of processed meat, 100% whole wheat bread and look
also eat an extra nearly 100 calories keted as low-fat. regulate the processing of carbohy- choose fresh chicken breast or for peanut butter without added
on the days they eat sandwiches, Sandwiches’ size—and their cal- drates to prevent blood sugar fresh turkey, which is often offered sugars, she advises. Choose jam low
according to federal survey data an- orie content—have ballooned, too. spikes and keeps you fuller longer, along with processed turkey at the in added sugar, too; it’s even better if
alyzed by University of Illinois at Ur- A typical turkey sandwich in the says Dr. Roberto. grocery store deli counter, says Dr. you can see chunks of whole fruit.
bana-Champaign researchers. Sand- 1980s contained about 320 calo- Look for bread made from 100% Kenney. If you’re a red meat fan, Since a soggy PB&J is unappeal-
wiches are often high in calories ries, according to a report from the whole wheat or whole grain, sug- sliced fresh steak or a burger is ing, Dr. Roberto says it’s pretty easy
compared with other meals. National Heart, Lung and Blood In- gests Dr. Rimm. Visible grains and healthier than processed roast beef to rein in the amount of sweet jam.
“Americans eat so much of their stitute. Twenty years later, a tur- seeds are good, too, since that sig- or salami, says Dr. Mozaffarian. “There’s a built-in mechanism
meals not sitting down at a table. key sandwich contained about 820 nals less processing and more fiber. Tuna—canned or fresh—is a better against overjellying,” she says. “It’s a
They are eating in their cars or at calories. Check the label for added sugars choice, too, he says. really nice type of sandwich.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Wednesday, March 15, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

L.A. Parties in the Snow

BY LANE FLORSHEIM

I
party had the snow in the back.
There’s a tree and pretty moments
n January, Faisal Rangwala and happening inside, but then you
his wife Annie threw a birth- went in the backyard, and that
day party for their 5-year-old moment happened and people just
son, Oliver. The afternoon was
Man-made powder transforms backyards into ’Frozen’ tableaus squealed with delight.”
filled with wintry ac- For some, fake snow
tivities in their front has turned from novelty
yard: packing snowballs, into tradition. Cassandra
making snow angels and Holt gets her yard in
posing for pictures with a Southern California cov-
snowman. “I did sledding!” ered in fake snow from
Oliver said, recalling the SnowParties.com every
party’s highlights. year for her 11-year-old
For a kid raised in Los daughter. “It’s her dream
Angeles County, the day was to live somewhere where
something out of a dream— there’s snow,” said Ms.
and for a price, it’s increas- Holt, adding that her
ingly becoming reality. daughter fell in love with
Families and schools it after skiing for the first
are bringing winter magic time in Mammoth, Calif.
to warm-weather locales The fake-snow tradition
by hiring professional started after Ms. Holt’s di-
snow-makers to dust their vorce. “It just made her be-
lawns with man-made lieve it’s Christmas,” she
powder, construct elabo- said. Now, by October or
rate sled runs and trans- November, her daughter
form palm-flanked back- and her cousins are clamor-
yards into “Frozen”- ing for it, she said. Since
themed party backdrops. the snow sometimes melts
“A lot of these kids have in the heat or gets slushy
never seen snow, so that’s from the rain, Ms. Holt gets
very rewarding,” said Nate one round of it, often on
Cadena, the founder of Christmas Eve, and a re-
Snow Pro Inc. Mr. Cadena fresh on Christmas Day.
estimates he provides snow She said that while the
for 80 to 100 parties a sea- company pays attention to
son. Last December alone, details, like making sure
he did 49 events. He esti- there’s snow on the roof to
mated that the 930 tons of make the scene look as real-
snow he sold in 2022 istic as possible, it’s not as
would cover 100,000 to fluffy as snow from the sky.
115,000 square feet of land. “The snowman aspect of
Mr. Rangwala, who works in Troy Williams facilitated a had money, they were willing to actress and singer Julianne Hough, it is kind of hard,” Ms. Holt said.
medical technology, hired Snow California snow party for the spend it on the snow,” he said. with five days’ notice. His go-to In December 2020, Los Angeles
Pro Inc. for Oliver’s party. He actress and singer Julianne Hough. One of his most memorable jobs snow company was completely Realtor Alex Powers and her
chose a 10-ton snow package with was for a client with a beach house booked, but his connection there mother ordered a truckload of fake

.
a double sled run, bringing the to- who wanted a Christmas-in-July ex- was able to secure him 60 bags of snow to her mother’s front yard in
tal cost to about $3,500. (The pected and fierce storm at the end perience. Despite the challenges of fresh snow. Mr. Williams laid down Manhattan Beach. “We did the

ly
snowman was plastic.) of last month, people in sunny L.A. loading snow over dunes and onto lower-budget option, where they lit-
Costs of snow parties can range were surprised to see the peaks hot sand, Mr. Schwartz and his em- erally just drop off snow and then
from a few hundred dollars for a beyond the Hollywood sign dusted ployees made a snow hill for tobog- you kind of shovel it how you want
Costs of snow parties
truckload of snow that’s dropped
off in a front yard to $80,000 for a
lavish company Christmas party
with reindeer, snow-flurry ma-
on
with real snow. (For those in the
areas hardest hit, the extreme
weather has proven dangerous.)
Some of the snow and ice com-
gans right on the beach.
The following year, his client
wanted to build a sled run that
would start on his rooftop and ter-
can range from a few
hundred dollars for
it,” Ms. Powers said. She estimated
it cost $300. The snow was for their
quarantine pod, and especially her
then 2-year-old, Xena, who dressed
chines and a photo booth with Mr. panies in Southern California also minate in the ocean. But against a truckload to $80,000. up as Disney ice princess Elsa.
us ,

and Mrs. Claus. do work for movies and television. California odds, it rained. “Every day of our life is ‘Fro-
l

Juxtaposed with green grass They say residential demand has “When you are doing a winter- zen,’ ” Ms. Powers said. “Especially
e
al a

and flower beds, the snow can increased in the last few years and wonderland party on the West when you add snow to the equa-
make for a strange sight. Some In- continues to grow. Coast or warmer cities, you need a tarp before covering it with the tion, she will always show up in an
stagram posts show snow piles J. Schwartz, the owner of to start locking stuff down way in snow, to avoid a muddy mess. He Elsa dress.”
ci on

turning into a muddy mix or sled SnowParties.com as well as a pro- advance,” said Troy Williams, who added twinkle lights, three snow- She said the snow lasted a cou-
runs melting into the hay bales fessional mime and entertainment runs Simply Troy Lifestyle + men from a prop shop and cold ple of days. “It was quite the spec-
SARAH ELLEFSON

they’re built with, casualties of the broker, said that snow parties be- Events in Los Angeles. sparklers to make the scene a pic- tacle to be driving to Manhattan
summery temperatures. came particularly popular five to However, a few years ago, he ture-perfect backdrop. Beach and have a front yard filled
Snow in Southern California is eight years ago. “I think when the was asked to do a last-minute “Guests went crazy,” Mr. Wil- with snow, and a snowman built
er s

such a rarity that during an unex- economy changed and everybody party for his client and friend, the liams said. “The fun part was that on top of it,” she said.
m er
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n-

Savers Turn to CDs as a down payment for a

house, financial advisers say.

As Rates Surpass 5%
They aren’t a perfect fit for
no

everyone, Mr. McBride said.

Before opening a CD, it pays
to shop around and consider
BY OYIN ADEDOYIN savers haven’t been aware what you need the money for,

T
of—or had largely forgotten when you think you will need
he search for a safe about—their existence. it back and how much risk
place to save money Kimberly Paige Valor said you’re comfortable taking, ad-
has led Americans to the money she put in a regu- visers said. Taking money out
rediscover the most vanilla of lar savings account after sell- before the CD’s term ends
all financial products: the cer- ing her late mother’s home in comes with a penalty, typi-
tificate of deposit. 2015 accrued almost no inter- cally equivalent to three to
High inflation, rising inter- est. The 47-year-old hair styl- six months of interest.
est rates, and economic anxi- ist and Realtor in Waretown, It may be worth comparing
ety are making CDs cool N.J., recently began noticing other savings options, since
again, with yields rising as ads for CDs in social media, the difference in interest
high as 5.25% recently at on TV, and in letters from her rates between CDs and high-
some banks. Balances in CDs bank. A financial adviser sug- yield savings accounts may
rocketed from $36.5 billion in gested a range of other op- not be enough for some sav-
April 2022 to $418.4 billion in tions, but the safety of the ers to risk locking the funds
January, according to the CD and the 4.5% interest ap- away for a year or more. In a
Federal Reserve. The ac- pealed, so she put $10,000 in high-yield savings account
counts, which are insured by a 13-month CD to start. with a 3.75% yield, $1,000 will
the Federal Deposit Insurance “I’ve never done this type become $1,037 in a year. In a
Corp. up to $250,000, require of thing before,” Ms. Paige CD with a 4.25% yield, it will
savers to commit to saving Valor said. “If I lost any be $1,045 by one year.
money for a set period, typi- money I would beat myself For those who can have
cally six months or a year. up about it for the rest of my their money tied up, opening
Banks have been compet- life.” a CD can be a low-risk way
ing for deposits again after The Fed’s campaign to to diversify your financial
several years of showing lit- stamp out high inflation by portfolio and can teach disci-
tle inclination to do so raising interest rates makes pline for entry-level savers,
The average yield on a 12- CDs more attractive to sav- said Augustine Hong, manag-
month CD is 1.59%, but the ers, along with similarly staid ing director and partner of
top-yielding, nationally avail- and forgotten investments Alexandria Capital, a wealth
able 12-month CDs are now such as I Bonds, government management firm.
between 5% and 5.25% as of savings bonds pegged to in- Rowen Bell, a 51-year-old
Thursday, says Greg McBride, flation. who works for a large ac-
chief financial analyst at Though I Bonds still earn counting firm, opened a CD
Bankrate. Capital One, Syn- 6.89% through April 30, when in his Fidelity IRA in Decem-
chrony Bank and Forbright the rate adjusts, deposits are ber. Allocating some portion
are a few of the banks offer- limited to $10,000 and re- of his retirement savings to
ing a 5% yield for 11 to 14 quire savers to navigate the CDs made sense as interest
months. (If you put $20,000 somewhat clunky Treasury- rates rose, he said.
into a 14-month Synchrony Direct site. Most banks and “I would be surprised if a
CD, it would be $21,000 by credit unions offer CDs, and year from now I still have
GETTY IMAGES

the end of the term.) allow for larger deposits and 20% of my IRA devoted to
Rates on CDs and savings have fewer restrictions. CDs,” Mr. Bell said. “But for
in general have been so low CDs work best for relatively right now, that sort of alloca-
for so long that plenty of short-term saving goals, such tion feels right to me.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A13

ARTS IN REVIEW

KURT ISWARIENKO
MUSIC REVIEW | MARK RICHARDSON ried by the sonic details of the and it comes across like a celebra-
original production. The opening tion. “Dirty Day,” an obscure num-

An Unadorned Trip “One,” originally from 1991’s “Ach-

tung Baby,” for example, has be-
come a modern-day standard, and
it has made itself felt via covers by
ber from 1993’s “Zooropa,” also
wears its homemade origins
proudly, and Bono conveys intensity
even as he sounds like he’s singing

.
artists like Mary J. Blige. But the quietly to avoid waking someone

Through U2’s Catalog poignancy of “Where the Streets sleeping in the room next door.

ly
Have No Name,” from “The Joshua A few adventurous arrange-
Tree,” has everything to do with ments are worth pointing out. “I
the vast guitar soundscape that Still Haven’t Found What I’m
The band reinterprets 40 of its songs on a spare and somber album on fades in and then overwhelms the Looking For” mirrors the gradual

T
song. When Bono sings the tune build of the original in an acoustic
here over a wispy synth, its pri- setting, lending a folky Appala-
he longevity of U2 “Songs of Surrender” (Island/In- Bono’s voice, slightly ragged mary function is to excite the chian flavor to a song that also
makes it difficult to terscope), a kind of companion LP around the edges, is captured in memory of the original in the lis- borrows from black gospel. “De-
us ,

parse the full arc of its consisting of 40 re-recorded and its raw and unprocessed state. tener’s mind, and despite some sire,” a single from 1988’s “Rattle
l

43-year recording ca- reimagined songs from its cata- The Edge is one of the most new words there are no fresh dis- and Hum,” finds Bono singing in a
e
al a

reer. But it is possible to log. The new album, out Friday, is distinctive guitarists in rock—he’s coveries in its meaning. “Pride (In haunting falsetto over stomping
divide the group’s work puzzling and intermittently re- a master of tone and effects, and the Name of Love)” has the most production that stresses the tune’s
roughly in half. In early 2001, tour- warding, ultimately showing us can wring a seemingly limitless notable lyric change on this set— blues roots and its Bo Diddley
ci on

ing behind the hugely successful that it takes more than great number of sounds from his electric it’s a song in part about Martin rhythm. And “The Fly” morphs
album “All That You Can’t Leave songs to make great records. instrument, each echo and chime Luther King Jr., and a line in the into an appealingly sleazy cabaret
Behind,” lead singer Bono took to The album was mostly the perfectly keyed to a song’s under- original incorrectly states that he number in the style of mid-period
saying that U2 was reapplying for brainchild of U2’s guitarist and lying meaning. was shot in Tom Waits.
the job of “best band in the sonic architect, Dave “The Edge” But there’s the morning, Ultimately, though, singling out
er s

world.” From that moment for- Evans. In 2021, he took advantage nothing par- a mistake exceptions on “Songs of Surren-
ward, the Irish rockers exhibited a of the Covid-enforced downtime to ticularly nota- Bono has long der,” either positive or negative,
m er

new kind of self-consciousness: experiment with stripped-down ar- ble about his regretted and doesn’t change the fact that
While each album and tour rangements of old songs in his acoustic guitar has now roughly 30 of the 40 songs have
through the 1980s and ’90s found home studio. Bono joined the proj- work, which is fixed—but near-identical treatments that are
it pushing forward and trying ect, and the pair recorded most of almost all we this remake, spare, slow and somber. Hearing
something new, U2 suddenly be- the basic tracks on their own, hear on this absent the any single track in isolation can be
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came hyper-aware of its own past though bassist Adam Clayton and record. Some- Edge’s dron- enjoyable, but when four or five
and began framing each project in drummer Larry Mullen Jr. both times he repli- ing guitar, such tracks are heard in a row, the
terms of something it had done contributed, along with other mu- cates familiar strips the album slips almost completely into
before. sicians. The Edge was inspired by riffs without song of its vi- the background. And given how
The weight of U2’s history has the idea of reworking the material electricity— tality and bloated this package is, that hap-
co Fo

meant that new music has come to illuminate something new about the ringing yearning. pens far too often. The one poten-
much more slowly, as the group the tracks—melodies and even lyr- upstroke note A few tially exciting thing when thinking
wrestles mightily with its own ics are changed here and there—as of “Bad,” orig- tracks work about the future of U2 is that
perfectionism and internally con- well as to allow for the fact that inally the epic ‘Songs of Surrender,’ the new record precisely be- Bono and the Edge put this set to-
flicted notions of what a U2 al- the band was growing older and centerpiece of from U2, is out Friday. cause they gether relatively quickly and seem
bum should be. And yet the group its perspective had shifted. the 1984 LP sound raw to have made many decisions
has been busy. The past six While this description suggests “The Unfor- and unfin- without second-guessing them-
months have seen a flurry of ac- songs presented in an array of gettable Fire”; the ominous de- ished. Here, “Out of Control,” selves. Perhaps this more instinc-
tivity from the U2 camp, and all styles and approaches, U2 has es- scending progression of “Sunday among the earliest songs U2 wrote, tive approach will spur the band
of it, including the announcement sentially created an unplugged al- Bloody Sunday,” from 1983’s sounds like they recorded it in a to return to and complete “Songs
of a Las Vegas residency this fall, bum. The vast majority of the mu- “War”—but he mostly just strums, closet, and in this case that’s a of Ascent,” an album U2 has been
has had to do with looking back. sic here is unhurried and quiet, with little rhythmic variation. The good thing. You can hear Bono’s ex- rumored to be working on for at
In November, Bono released a with the group’s trademark guitar piano parts often comprise just a citement as he inhabits a song from least five years.
n-

memoir, “Surrender: 40 Songs, processing and layered produc- few repeated notes. his youth and injects it with play-
One Story,” and around the time tions replaced with skeletal piano The success of any such recast- fulness and joy. Unlike most of Mr. Richardson is the Journal’s
of the book’s release, it was an- and acoustic guitar. Percussion is ing has a great deal to do with what’s on this record, there’s no at- rock and pop music critic. Follow
nounced that U2 would release muted when it exists at all, and how much emotional weight is car- tempt to imbue it with profundity, him on Twitter @MarkRichardson.
no

TELEVISION REVIEW | JOHN ANDERSON assistant manager; the team’s nar-

cissistic striker Jamie Tartt (Phil

‘Ted Lasso’: Another Dunster); and Rebecca herself, who

has gone from wanting to “burn
down” her ex’s beloved Richmond
(by hiring Ted) to making a bid for

Win for Coach soccer superstar Zava (Maximilian

Osinksi), a combination Lionel
Messi, Neymar Jr. and Bono. The

A
Richmond players genuflect at the
nyone who has felt burned by mention of Zava’s name. Will he
a television series (who join the team? Will its fortunes
hasn’t?) will approach the change?
third and presumably final lap of Will Keeley (Juno Temple), Rich-
the much-lauded, rightly loved “Ted mond’s ex-marketing manager,
Lasso” with some nervous ques- make good at her new PR firm?
tions in mind: Are they going to foul Will anyone explain why Roy broke
it up? Will the delicate touch that up with her? Will Ted get it to-
has scored so effectively with view- gether with Rebecca’s friend Sassy
ers and Emmy voters be abandoned (Ellie Taylor)? She seems perfect.
for mawkish valedictions? Will the But so do many things. “Ted Lasso,”
“Ted” team own-goal? Will they end for instance. It is embarking on a
with a wedding? 12-episode run and four install-
They won’t, at least not based on ments do not make a season, but
the four episodes made available for the indications are that the third
review. Which is as much of a mira- destroy the team, which he has Lasso is at the airport saying year will be another charm. One
cle as the show has been all along. taken from demotion to promotion goodbye to his son, Henry (Gus would hate to see a show written
Comedy isn’t required to make among the ranks of U.K. soccer, Turner), who is headed back to so well and acted so memorably—
sense and “Ted Lasso” never tried, Juno Temple and Hannah though no one in the sports press Kansas and Ted’s ex-wife, Michelle by Messrs. Goldstein and Sudeikis,
especially during its infancy. One of Waddingham, above; thinks the team will finish this year (Andrea Anders), whom Ted still Ms. Temple, the epic Ms. Wadding-
the very few series ever spun off a Nick Mohammed and Jason in better than 20th place—“Probably loves and who is now dating their ham, Brendan Hunt as Coach Beard
television commercial, the show Sudeikis (foreground), above right because there isn’t a 21st,” quips former marriage counselor. This and Toheeb Jimoh as player Sam
was/is based on the character cre- embittered former “kit boy” and doesn’t do anything to exacerbate Obisanya—end with an exhausted
ated by Jason Sudeikis to promote height of absurdity and had to have strategic genius Nate (Nick Moham- Ted’s anxieties, which have always whimper rather than a bang. One
the 2013 debut of English Premier a subtext. Which it did. med), now coaching the rival, real- been in conflict with his perpetu- can never say never in television,
League soccer on NBC Sports. Ted Much has evolved by now, and life West Ham United for the loath- ally sunny disposition, persistently but if “Ted Lasso” is really at an
was an American football coach the attraction of the series—it was some billionaire Rupert Mannion positive approach to everything end, it should be one of the more
who knew so little about “the beau- probably always the case—is less (Anthony Head). Rupert is the ex- and instinctive kindness—the hall- dignified departures in TV comedy.
tiful game” that even a fundamen- about burlesquing the basics of the husband and bête noire of Rebecca mark of the show, along with joy.
talist NFL fan knew more about it game and much more about the Welton (Hannah Waddingham), Ted’s zen approach to conflict Ted Lasso, season 3
than he. It was a sly play to win rich array of sharply defined charac- Richmond’s owner and Ted’s boss. comes into sharp focus vis-à-vis Begins Wednesday, Apple TV+
APPLETV+ (2)

viewers, but the idea that Ted ters who populate the locker room She really wants to beat Rupert. As his relationship with Nate, just as
would become manager of a Pre- and executive offices of fictional Ted is well aware. it had with the growling Roy Kent Mr. Anderson is the Journal’s
mier League team himself was the AFC Richmond. Ted was meant to As season 3 kicks off, Coach (Brett Goldstein), now Richmond TV critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

SPORTS
Pick This Team in Your NCAA Pool
BY ANDREW BEATON AND BEN COHEN

W
hat team should you pick
to win the national
championship? This year,
that’s deceptively easy: It’s the
There’s value in finding the best, least popular squad to win it all. This year, that’s UCLA.
team that has won the most na-
tional championships.
UCLA has won a record 11
men’s college basketball titles. Yet
this year, it’s possible that the
most counterintuitive thing you
can do as you fill out your 2023
NCAA tournament bracket is se-
lecting UCLA to win a 12th.
That’s because statistical mod-
els give the Bruins a far better
chance of going all the way than
the public—which means they are
your best chance to spend the next
year with bragging rights over
your co-workers now that you’re
back in the office.
Our advice on how to win your
bracket pool remains the same ev-

JON ENDOW/IMAGE OF SPORTS/NEWSCOM/ZUMA PRESS

ery year. Study the data. Look for
value. Find the best, least popular
team. Make it your pick to win the
national title.
Forget about taking crazy risks
and selecting Grand Canyon as the
national champion because they’re
called the Antelopes. That would
be the equivalent of opening a new
Silicon Valley Bank account.
Instead, you want to think of
your bracket as an index fund that
mirrors the stock market, and you
want to anoint a national cham-
pion as if you were running a
hedge fund. Getting the national Statistical models give UCLA a far better chance of winning this year’s NCAA tournament than the public. That’s why the Bruins may be the smart pick.
champion right is good. But get-
ting the national champion right All you have to do is consult In the first season since coach So it isn’t terribly surprising pick a champion that has to get
when almost everyone else in your the numbers on kenpom.com, the Mike Krzyzewski retired, 3.2% of that amateur bracket enthusiasts past a team coached by Rick Pitino
pool is wrong is alpha. bible of college-basketball data run ESPN’s brackets have the Blue Dev- aren’t enamored with UCLA. Only just to get out of the first round.
You probably won’t be right. by statistical guru Ken Pomeroy. ils winning the national title, 5.9% of people on ESPN have them Another coach named Rick is

.
But guess what? You probably The selection committee gave which is highly unlikely: The com- winning the tournament, which why you might also feel queasy
won’t win even if you did happen UCLA a No. 2 seed. Pomeroy’s puters put their chances below 1%. falls far short of the 10.9% chance picking Tennessee. Despite consis-

ly
to be right, because it’s still un- computer models rank UCLA as Utah State, a No. 10 seed, has a Pomeroy’s model gives them. That tently excellent teams at Texas
likely that you would win your the No. 2 team in the entire coun- better probability of winning it all. gap is your opportunity. and Tennessee, Rick Barnes has
pool. That would require you to be try. As it turns out, this is excellent Of course, if you can’t stand the made it past the opening weekend
more accurate in your other
bracket picks than everyone else,
and the chances of that are
roughly the same as the odds you
on
The curious aspect about UCLA
being the wisest selection this
year is that following brand names
is often a losing strategy because
news. It means you have a mathe-
matical excuse to pick against
Duke.
But UCLA’s historical success
idea of UCLA moving to the Big
Ten Conference or you can’t bring
yourself to root for the Bruins be-
cause you prefer bulls to bears,
once in the past decade.
The team you really want to
short is the No. 1 overall seed.
This year, people are betting on
can spell Krzyzewski. people believe in them more than may be the reason the Bruins are there are some other teams wor- Alabama as if the NCAA tourna-
us ,

When choosing the right na- the numbers do. now undervalued. Most of their thy of the same value-oriented ment were played on a football
l

tional champion is worth so many That’s why some of the best national championships came a strategy: field, with 21.3% of ESPN’s brack-
e
al a

points in most pools, the wisest teams in college basketball happen half-century ago with John  No. 1 Houston (KenPom 15.3%, ets picking the Crimson Tide to
thing you can do is follow the to be the worst values. Kansas, Wooden as their coach. Their most ESPN 13.1%) cut down the nets. It wouldn’t be
crowd—and then run far away last year’s national champion and recent one came in 1995, before  No. 4 Tennessee (KenPom 5.5%, crazy to send Alabama to the title
ci on

from the pack. the No. 1 seed in UCLA’s region, is their current players were born. ESPN 1.7%) game in your bracket, considering
This year, you would find your- so far the national champion in These days, they’re mainly known  No. 4 Connecticut: (KenPom the team’s statistical probability of
self on the UCLA bandwagon. 11.4% of ESPN’s 2023 brackets, for being the team that used to 5.2%, ESPN 2%) winning ranks second only behind
To understand why, you don’t even though the Jayhawks have a win titles, not one that still does, The scariest part of betting on Houston’s.
have to know a lick about basket- 4% chance of rock-chalking in and one of their most famous Connecticut to go all the way But that’s when you should pick
er s

ball, and you barely have to know Pomeroy’s models. alumni is a Grateful Dead expert might very well be the Huskies’ a team actually known for winning
when March Madness is. Duke is an even better example. named Bill Walton. opening game against Iona. You titles in basketball: UCLA.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 24 Banes for Olympian Kara Goucher Alleges
m rp

babysitters
13 14 15
25 Danger Assault by Banned Running Coach
16 17 18 26 Hike
BY RACHEL BACHMAN “Here it was, happening That inquiry led to Sala-
co Fo

19 20 21 22 27 ___Gay again. And here I was, again, zar’s four-year suspension

(historic KARA GOUCHER, an Olym- trying desperately to believe from coaching in 2019.
23 24 aircraft) pic runner who worked with it was another mistake.” Salazar also once had
28 Henry VIII famed coach Alberto Salazar The incident followed a tried to kiss Goucher on a
25 26 27 28 29 30 31 32 at the prestigious Nike Ore- conversation on the flight to flight to Daegu, South Korea,
ailment
gon Project training group, Europe that Goucher said she wrote. She told USADA
33 34 35 36 30 In the open alleged that he twice sexu- startled her. In it Salazar, about that in a prep session
ally assaulted her while giv- whom Goucher alleged was for the inquiry on April 9,
37 38 39 40 41 31 What a ing her massages. increasingly intoxicated, 2018, Goucher wrote. In an-
mosque’s Goucher made the allega- “launched into graphic sex- other conversation with
42 43 44 45 46 mihrab tions in a book on her expe- ual stories and probing USADA, she told the lawyers
points riences in running, published questions,” including about present that Salazar had
47 48 49 50 toward Tuesday, and in an interview the sexual habits of her and twice put a finger up her
n-

with “Good Morning Amer- her husband, Adam. shorts during a massage,
51 52 53 32 Cornet
ica.” On Tuesday, Goucher said she wrote.
composition
In a statement to ABC she felt “a huge wash of re- On May 3, 2018, Goucher
54 55 56 57 58 59 60 35 Melody News, Salazar said: “Any lief. While it has been scary wrote, she detailed Salazar’s
no

claim that Ms. Goucher was to share such intimate de- alleged touching to the U.S.
61 62 63 64 38 Absorb the sexually assaulted by me is tails of my life, doing so has Center for SafeSport, which
news categorically untrue. I’ve also taken away the power investigates potential inci-
65 66 67 never sexually assaulted Ms. these memories held for so dents of sexual harassment
40 Portion
Goucher and never would’ve many years to cause me dis- and abuse in sport. In 2021
68 69 70 43 Diner on done so. The accusation is tress and anxiety.” the center permanently
“Alice” deeply hurtful and abhorrent Goucher left the Oregon banned Salazar from coach-
and contrary to my funda- Project in 2011. She told ing for what it called sexual
BRUSH WITH GREATNESS | By Philip Koski 45 Absolutely mental beliefs as a husband, “GMA” she didn’t tell anyone and emotional misconduct.
Across 34 Sound of 57 See 6 Prov. south riveted father and deeply devout about the alleged assaults SafeSport didn’t respond
contempt 54-Across of the 48 Agitated Catholic.” until she was questioned by to a request for comment.
1 You break A lawyer for Salazar lawyers about doping allega- Goucher, 44, won bronze
Hudson Bay state
them to fix 36 Lop off 61 Baskin who didn’t respond to a request tions against Salazar as part medals at the 2009 Boston
them partnered 7 Her mom 50 Pummel for comment. In a state- of a U.S. Anti-Doping Agency Marathon and 2008 New
37 Real cutup with Irv “has got it
5 Mug for a ment, Nike condemned sex- inquiry. York City Marathon. She
39 Fonts of Robbins goin’ on,” in 52 Tree or ual misconduct and said twice represented the U.S. at
shot a Fountains Mountain, in
wisdom 62 Wore Salazar is no longer a con- the Olympics. She finished
9 Pledge target of Wayne a studio tracted coach. eighth in the 10,000 meters
41 Twice penta- 64 “Lonely Boy” song In the book, “The Longest and in the 5,000 meters at
13 “See for 54 French cleric
42 Predominant singer Race,” Goucher—who began the 2008 Beijing Games and
yourself” 8 Pole’s place 55 Seeks office training with the Oregon 10th in the marathon at
Uyghur faith 65 ___B’rith
14 Zulu’s 9 Crestfallen Project in 2004—described a London 2012.
56 Snare
language 44 Canon 66 Pass, as a bill scene from July 2006 in Salazar, 64, is a former
powder 10 The Daily 57 Reliable which Salazar was giving Boston Marathon winner
family 67 Trim Bruin’s sch. sort, her a massage in her hotel Kara and three-time winner of
15 Cavern 46 Some colas room in Rieti, Italy, the day Goucher the New York City Mara-
68 “NFL 11 Carpet variety figuratively
comeback 47 Like the Matchup” before a race. She wrote thon. For nearly two decades
12 Bend an 58 Relative of that she felt Salazar’s hand he oversaw the Nike Oregon
16 Puma part Pentagon channel
elbow -trix making its way higher Project, intended to restore
Papers
17 Rite site 69 Major, e.g. 59 Comparable up her thigh than American distance run-
14 At the plate
49 Current usual, then, “with- ning to its 1970s and
18 Brouhaha events? 70 Sources of 60 Bar fixtures out any words, ‘80s glory. It made
20 Air mattress
1-Across warning, or expla- some gains, includ-
19 Some movie alternatives
51 ___Sports 63 Congressman nation, his finger ing helping turn Ga-
magic Down
Bureau (major 22 Eye piece Crenshaw went into my len Rupp into a
21 Creative stats tracker) 1 Different vagina. Several two-time Olympic
Previous Puzzle’s Solution
patchwork 53 Abbr. implied 2 Forget to B A A G O O N G I L T times.” medalist.
on most mute on S I M B A E U R O O H I O Goucher SafeSport
23 Mite P O T B E L L I E D S T O V E didn’t tell declared Sala-
speed limit Zoom, say A S S Y R I A C O P E S
24 Highly anyone zar ineligible
signs O S T R I C H
competitive 3 Try it and C H E S S P I E C E S W I T
about that to coach for
DON RYAN/ASSOCIATED PRESS

54 With you’ll end up R O M E O F E E C R O W incident. what it

25 Distinguished 57-Across, in the hole U S E A L O T T S A R I N A The same called sex-
status creative S E N T S A W C U E I N thing hap- ual and
4 Clay targets, T A D S H U M B L E B R A G pened again, emotional
getaway, and C A T D O O R
29 Put in a vault informally in 2009, when misconduct. In December
a hint to the A T S E A T A B A S C O
33 End for Euclid circled letters 5 Chums C H E R R Y C O N D I T I O N the two were in 2021, an arbitrator upheld
T A C O E I R E C O S MO Lisbon for a race, Salazar’s ban, leaving him in-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S I T S P A S T P I E she wrote in the book: eligible to coach.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A15

OPINION
Joe Biden’s $19 Trillion Monday BOOKSHELF | By Andrew Stuttaford

Your bank
deposits are
safe from
makes bailouts necessary.
Don’t buy the claim that
bank shareholders and CEOs
of Mancur Olson. He saw
where all this was heading as
advanced, wealthy societies
is the size, inefficiency, in-
debtedness and unsustain-
ability of government. Our
The Border
bank
ures. They
fail-

aren’t safe
from infla-
are being taught a lesson. By
guaranteeing all deposits,
government actually makes
banks an even more attrac-
become paralyzed by vested
interests and bureaucracy.
The problem isn’t just en-
vironmental lawsuits, zoning
political class has a silent
strategy here too: Hope it
blows up on somebody else’s
watch. Already written into
Of Borders
BUSINESS
WORLD tion.
We will
tive source of funding for
swing-for-the-fences bets by
restrictions, union rules and
endless naysayers making it
law are 25% cuts in Social
Security benefits. Medicare
Retracing the Iron Curtain
By Holman W.
never know politically adroit, high-roll- impossible to build anything, can always balance its books By Timothy Phillips
Jenkins, Jr.
if there ing bank entrepreneurs and including new power lines by cutting reimbursements to (The Experiment, 444 pages, $30)

I
would have executives. and wind farms. It’s more doctors and hospitals and
been a generalized run on This problem regulation than just the malign magic letting declining service and n 2019, writer and historian Timothy Phillips embarked
the nation’s banks, at least will then try to solve by dic- wait lists drive patients to on a 3,000-mile trek along the route of Europe’s post-
the small and medium-size tating which bets banks can seek care elsewhere. The so- war dividing line—almost a third was on foot. The trip
banks the public perceives as make with customer deposits. His latest bank lution for global warming, in began in Norway’s far north and ended where Turkey and
not too big to fail. But notice Somehow the necessary clair- the unlikely event the warm- Azerbaijan meet, and in his engrossing “Retracing the
that the giant rout in bank voyance is never found and bailout is a solution ing lives up to the hype, Con- Iron Curtain,” Mr. Phillips uses that journey to tell the
stocks on Monday came after, bank failures keep happening. for him now and a gress might as well admit story of this brutal “border of borders,” which in the
not before, Washington In a weekend, dispensed with now will be a mad rush for early days after World War II reached much further than
stepped in with funding help has been a guardrail that problem for us later. cheap geoengineering to cut is typically recalled.
and an implicit universal de- served the economy well. As the amount of sunlight fall- And so Mr. Phillips shows up in Bornholm, a Danish
posit guarantee in the wake the title of a 1986 paper by ing on the earth. island in the Baltic, which was still being “liberated” by
of the federal seizure of Cali- the Chicago Federal Reserve by which too big to fail in Which brings us to one the Soviets when Churchill spoke of an Iron Curtain. The
fornia’s struggling Silicon Bank succinctly put it: “Unin- the last crisis became, in the imponderable concerning Soviets eventually left, with conditions—just as there were
Valley Bank and New York’s sured deposits [are] a source latest crisis, runs on smaller President Biden and our su- conditions when they handed back Porkkala, a Finnish
Signature Bank. of market discipline.” banks that Mr. Biden had to per-elderly leadership class. peninsula a few miles west of Helsinki that for a decade or
If Monday’s rout in bank The ability to fail was also fix by making small banks A well-known behavioral so had been an exclave of the
stocks further spooked unin- once a strength of the U.S. too big to fail. reality of older people is Leningrad region. The Soviets
sured depositors, it was just economy, and that includes Twenty years ago a presi- their shortened time hori- departed abruptly, but when
one more way government banks testing out new busi- dential candidate could suc- zons. Look who’s making the Finns returned home, “it
was working against itself. ness models (i.e., aside from ceed while talking about the choices to engage in short- wasn’t so much a case of the
Shareholders had reason for trying to be too big to fail). unsustainability of entitle- term, can-kicking exercises coffee still steaming on the
fright as the government The government doesn’t ments. Now the subject is like forgiving student loans stove as of the smoke still
suddenly and unilaterally re- actually eliminate failure; it verboten. Congress enacted a or guaranteeing bank depos- rising from the wreckage.”
wrote the terms of their in- transfers the risk to itself. debt ceiling law so it would its regardless of size—for Both history and geog-
vestments. In essence, out of With enough risk transfer- have to stop, think and de- that’s what last weekend’s raphy brought Mr. Phillips to
the blue, the risks that large, ence, its own solvency and bate before digging the hole sweeping $19 trillion im- Germany and to roads taken
sophisticated uninsured de- ability to maintain the value any deeper. Now the hole is plicit bank guarantee was, a by Kurt Lichtenstein, a West
positors had willingly ac- of its currency are placed at so deep, many in Congress short-term choice aimed at German journalist, more than
cepted were shifted to bank risk. We aren’t there yet but don’t want to talk about it at helping Mr. Biden’s Monday 60 years ago. In late 1961,
shareholders and U.S. taxpay- hard to miss are whispers all for fear of triggering a fi- go better. Lichtenstein had set out to

.
ers so Joe Biden could have a that the Fed should now nancial panic. Or take the Mr. Biden may even be too drive the length of the border
pleasanter start to his week back off its inflation fight to disputed problem of climate young to be president. By between the two Germanies—a

ly
than otherwise would have support the administration’s change: The debate now is now, perhaps only a 90- or border that had, months before, been strengthened by the
been the case. priority of avoiding any owned by two lies, exagger- 100-year-old can be sure of construction of the Berlin Wall. Eventually Lichtenstein
One bird has flown, and more politically noisome ating the problem and pre- being safely out of the pic- arrived, as Mr. Phillips does, in Zicherie, a village in
that’s moral hazard, or the
idea that bailouts only en-
courage the behavior that
bank failures.
Even progressives have
started to speak respectfully
on
tending green handouts will
fix it.
The biggest problem of all
ture when all our can-kicking
blows up in the country’s
face.
Lower Saxony.
Over the centuries, Mr. Phillips explains, Zicherie had
blended into its neighbor, Böckwitz. But after 1945 Zicherie
found itself in what would become West Germany, while
Böckwitz was stranded in the future East Germany. In
us ,

How Silicon Valley Bank Avoided Oversight time, these settlements would have a wall of their own,
l

but, in 1961, the physical border could still be relatively

e
al a

easily crossed. A local tells Mr. Phillips that Lichtenstein

Martin Gruen- soared, SVB’s executives had and other like-minded finan- boards of both the Fed and the had been talking to some farmers in the fields on the
berg, chair- invested in long-term assets ciers bore fruit in 2018, when FDIC, raises some difficult eastern side when he was spotted by East German guards
ci on

man of the without hedging adequately Congress enacted an amend- questions. Taking this step re- and shot, falling mortally wounded in the ditch that
Federal De- against interest-rate risks. And ment to Dodd-Frank that quin- quired federal officials to de- marked the border.
posit Insur- the firm lacked a diversified tupled the threshold of sys- termine that the financial sys- Lichtenstein was cremated in East Germany. His ashes
ance Corp., portfolio of depositors, most of temic importance, from $50 tem faced a “systemic risk.” were mailed to his widow. There are theories that Lichten-
POLITICS delivered re- whom came from the venture- billion to $250 billion. Although There is reason to wonder stein was singled out (he was a former communist), but
er s

marks March capital sector. As the sector SVB’s deposits surged from $50 whether the collapse of a Mr. Phillips believes that it was just as likely that he was
& IDEAS
6 on the state came under increasing pres- billion in 2018 to $220 billion handful of midsize banks actu- simply a man in the wrong place, another victim of a
By William
m er

of the banking sure, its members tried to in early 2022, it remained con- ally posed such a threat, merciless system. His was a very 20th-century death, like
A. Galston
system to the withdraw their funds simulta- veniently below the new stan- though it is understandable that of his parents. They had perished in the Holocaust.
Institute of neously, and the bank couldn’t dard that would have triggered that regulators were risk- As Mr. Phillips travels alongside a largely vanished
International Bankers. He reit- meet its obligations. more oversight and higher cap- averse. With the financial sys- barrier, he sees some tangible remnants—a watchtower
erated his long-held view that But there is a story behind ital-adequacy requirements. tem already in a $620 billion here, a missile silo there. And he succeeds in conveying the
m rp

the regime of high and rising this saga. After the financial hole, a contagion of fear could everyday barbarism that did so much to sustain the Iron
interest rates would impair collapse in 2008 and the en- have spread across the system Curtain. Whether at the frontier or behind it there were,
banks’ longer-term-maturity suing Great Recession, Con- Its CEO lobbied for a with catastrophic results. one way or another, many, many Lichtensteins, as well as
assets, pointing out that rate gress passed the Dodd-Frank Some observers fear that countless lesser examples of cruelty, callousness, repeated
increases had already reduced Act of 2010 to regulate the loosening of Dodd- the decision to disregard the reminders of who was in charge. They worked: One woman
co Fo

the value of these assets by banking practices that had Frank reforms, risking $250,000 cap on insured de- tells Mr. Phillips about the silence that reigned when
$620 billion. He warned that nearly plunged the world into posits could generate irresist- border guards carried out their checks on those on trains
these unrealized losses a second global depression. financial stability. ible pressure to insure depos- entering East Germany, a tacit declaration of submission
“weaken a bank’s future ability Among other measures, Dodd- its fully regardless of the (and something I remember well from a couple of trips to
to meet unexpected liquidity Frank imposed new reporting amount. This would under- Berlin in the late 1970s).
needs.” requirements on banks, In 2019 the Federal Reserve mine the purpose of the cap,
Silicon Valley Bank’s col- toughened standards for capi- compounded the pullback from which was to give large depos-
lapse four days later, followed tal adequacy, and restrained Dodd-Frank by instituting new itors an incentive to monitor Trekking along Europe’s postwar
swiftly by Signature Bank, an- banks’ ability to use deposits rules that eliminated liquidity the conduct of their banks and dividing line—which initially reached
other midsize financial firm, for speculative investment. requirements entirely for subject the system to market
validated his concerns. (A Banks with assets above $50 banks with assets under $250 discipline. A total guarantee, further than is typically recalled.
smaller firm, Silvergate Capital billion were deemed “systemi- billion and softened other reg- many argue, is an invitation to
Corp., had closed at midweek.) cally important” and sub- ulations. In a blunt dissent, irresponsibility. This may be
n-

Depositors’ confidence in the jected to especially strict then-Fed Gov. Lael Brainard, right. On the other hand, it’s “Retracing the Iron Curtain” is not in any sense a con-
soundness of these institutions scrutiny. now the head of President Bi- hard to see how forcing start- ventional history of the Cold War. Its coverage is patchy,
evaporated, generating a clas- These standards brought den’s National Economic Coun- ups to assume the burden of its course is geographical, rather than chronological, and
sic bank run that led federal greater stability to the sector, cil, stated that by going be- due diligence promotes effi- not a little idiosyncratic. A grim description of Mr. Phil-
no

regulators to step in. (Disclo- but also higher expenses and yond the requirements of the ciency or economic growth, es- lips’s visit to Hohenschönhausen, the Stasi’s main political
sure: My son heads two ven- lower profits. Bank leaders 2018 amendments, the central pecially when the government prison (“where it perfected its trademark approach of
ture-capital funds that have in- weren’t pleased and soon be- bank was putting the future is in a better position to han- committing violence without leaving bruises”) was to be
vested in startups with gan lobbying to mitigate the stability of the financial sys- dle it. expected. His detailed analysis of a series of paintings that
substantial deposits in SVB.) legislation’s impact on their tem at risk. She lost that bat- Not all regulations are “bur- hung in the foyer of East Berlin’s Palace of the Republic, an
Over the weekend, regulators operations. SVB’s CEO Greg tle, setting the stage for the densome.” Some are essential unlovely building that once housed, among other wonders,
decided to guarantee deposi- Becker was an early objector recent collapse of three mid- to prevent bad things from East Germany’s parliament, a disco, a bowling alley and
tors for the full amount of who argued that subjecting his size firms and the possible happening, as in this case. 5,000 tons of asbestos, was not.
their accounts, though the for- midsize bank to the full range threat to many others. Congress and the Fed should The author has an eye for a telling yarn, such as that of
mal FDIC guarantee is capped of Dodd-Frank requirements The federal government’s rethink their decision to ex- the countess—“no socialist”—who somehow managed to
at $250,000 per depositor. “would stifle our ability to decision to guarantee unin- empt key parts of the financial give the border a nudge that kept her mansion in Italy and
On one level, this is a saga of provide credit to our clients.” sured deposits, which required system from the discipline of out of Yugoslavia. Together with his accounts of the
bad management. As deposits The advocacy of Mr. Becker a two-thirds vote of the oversight. places he visits, such stories and the recollections of those
he meets produce an excellent, if impressionistic, depic-
tion, not only of the Iron Curtain but also of key elements

A Capitalist Way to Fix Social Security in Europe’s Cold War and, for that matter, some of what
came next.
And, where a different author might recount another
By M. Todd Henderson Americans get more from the life to have even a coin-flip ment accounts might be com- stand-off in Berlin, Mr. Phillips describes a less well-known

D
program than poorer ones. chance of getting more plicated by a temporary mar- confrontation: In 1968 a substantial Soviet force spent days
emocrats say Social Se- Payments are greater for peo- money out of the program ket downturn. But here is gathered at the Norwegian border, its tanks’ guns pointed
curity is untouchable ple who live longer, who tend than one paid in. As of 2012, where a government insur- at the lightly defended Norwegian watchtowers. The worst
and have roped Repub- to be wealthier to begin with. only about half of those who ance program could chip in. A moment was when the tanks opened fire. “It was some
licans into saying the same. In 2012, data from the Social lived to between 75 and 84 modest program could be de- small consolation,” writes Mr. Phillips, that they “were
They also constantly lament Security Administration earned a positive return, in signed to smooth out income only firing blanks.”
the gap between returns to showed that only 1 in 5 people the single digits. The return shocks from private invest- For decades, those who lived on both sides of the Iron
capital and labor. Stock buy- who die before age 70 would on the S&P 500 has been ment, especially for low-in- Curtain generally assumed it would be permanent, and for
backs and even dividends get more money than they around 10% a year since the come workers. all his delight that it wasn’t, Mr. Phillips worries that to-
have come under fire, with paid into the system. 1950s. The upshot of investing day’s Europe is turning away from “openness and liberty.”
Senate Majority Leader Chuck If we must force workers to Americans’ futures in the For the most part, his concerns are overdone. That coun-
Schumer saying that buy- save for retirement, the least stock market is not only that tries denied self-determination for so long would want to
backs—already subject to a Investing retirement we can do is have them invest it would yield better returns, control their borders or assert their nationhood is neither
new surtax—should be in American companies. Ev- but that it would also alleviate surprising nor necessarily sinister.
banned. Democrats’ dogged funds in the market eryone should be given an in- Democrats’ concerns about But then there is Russia. Although Mr. Phillips discusses
attachment to government- will help low-income dividual account at birth, per- the alleged wedge between the invasion of Ukraine in a note that begins the book, I
run investing undermines the haps funded with a small seed capital and labor. If more would guess that much of “Retracing the Iron Curtain”
goal of helping workers save seniors the most. investment from the govern- Americans are invested in was written before the war began. In 2019 Mr. Phillips
for retirement. And fixing So- ment. Current wage taxes stocks—through a no-fee mar- visited Vyborg, a formerly Finnish city close to St. Peters-
cial Security could help solve would fund these individual ket index fund—they would be burg. It was all too clear that Vladimir Putin’s invocation
the capital-labor returns The biggest problem is accounts instead, ensuring ev- the beneficiaries of stock buy- of a carefully edited past, backstopped by tightening re-
problem. that Social Security creates eryone is saving for retire- backs, dividends, and rising pression, was having an influence on the population there.
While Social Security has two economic castes: a rich ment. To insulate from risk— corporate profits. Instead of “Kolya,” a supporter of opposition leader Alexei Navalny,
reduced old-age poverty, it is one that invests outside the which can come from meme stoking class envy, let’s turn told Mr. Phillips “with what now feels like prophetic force”
inefficient in helping those system and a poor one depen- stocks or agenda-driven in- workers into capitalists. that only a major war could bring Mr. Putin down. That
who need it most. To make it dent on the program. Social vestment—and to keep fees prediction, the author felt, seemed “desperately bleak.”
politically salable, Social Se- Security returns—the latter low, investments would be Mr. Henderson is a law Now, however, it looks optimistic.
curity is designed to pay out group’s only “investment”— limited to a small set of broad professor at the University of
in proportion to the amount are meager, at best. One must market indexes. Chicago and a visiting fellow Mr. Stuttaford is the editor of National Review’s Capital
paid in, meaning wealthier live a longer-than-expected To be sure, some retire- at the Hoover Institution. Matters.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

About Those ‘Safe’ SVB Treasurys Does the Constitution Preclude a Wealth Tax?

O
ne surprise for investors in the Silicon Unrealized losses for securities held by U.S. Unfortunately, it isn’t a certainty in the market value of a house, stock
Valley Bank failure is that it didn’t hold banks stood at $620 billion as of December that courts would rule a wealth tax to or painting. Let me offer another ex-
be an unconstitutional “direct tax” ample of wealth whose value appreci-
exotic derivatives, structured debt 2022, according to the Federal Deposit Insur-
(“Biden’s Big Wealth Tax? Unconstitu- ation shouldn’t come within the con-
products or other horrors ance Corp. Other regulators tional,” Review & Outlook, March 11). stitutional meaning of the term
that caused so much financial Any asset can blow around the world are notic- In 1895 the Supreme Court ruled 5-4 “incomes” in the 16th Amendment.
carnage 15 years ago. Far up a bank if monetary ing, too. Germany’s financial that an 1894 income tax was unconsti- That’s money, such as the U.S. dollar.
from it. SVB held boring Trea- regulator in January identi- tutional only because it included an A rise in the market value of the dol-
surys and highly rated mort- policy is bad enough. fied this as a significant con- unapportioned direct tax on income lar (relative to other currencies) isn’t
gage-backed securities in cern for banks in the euro- from real estate. The 16th Amendment itself income to the owner of the dol-
large quantities. How could zone’s largest economy, simply removed that impediment. lar. The Constitution gives Congress
these supposedly safe assets go wrong? though officials believe banks are sufficiently We already tax certain unrealized the power to “coin Money,” but not
Bad management and negligent oversight prepared to absorb the hit for now. asset appreciation. Futures contracts the power to tax as income a rising
from the San Francisco Federal Reserve Bank And that’s without a panic fire sale. For an and straddles are “marked-to-market” market value for the coin.
every year-end and taxed. This was PROF. STEVE CHARNOVITZ
played a role. But the politicians and regula- example of the worst-case scenario, consider
upheld by two circuit courts. The George Washington U. Law School
tors who supposedly fixed the financial sys- what happened to British pension funds in Sep- Ninth Circuit declared, “Failure to Washington
tem after 2008 share responsibility. The bank- tember. When bad interest-rate bets on hedg- withdraw his gains immediately was
ing rules they introduced after 2008 made ing instruments forced pension managers to little different from a failure to with- I have a subtle suggestion for mod-
sovereign bonds such as Treasurys and the sell down government bonds to meet collateral draw interest which has been cred- ernizing the more than 500 systems
mortgage securities of Fannie Mae and Fred- calls, the mass selling caused yields on British ited to a bank account,” refusing to the Internal Revenue Service has cre-
die Mac the coin of the realm for bank capital bonds to spike. rule on whether “Congress could tax ated to keep up with the complexity
standards. Even regulations intended to manage this gains inherent in capital assets prior of the constantly changing tax law
The rules were agreed to at the Bank for In- kind of risk can inadvertently become a danger, to realization.” (“A Modern IRS? Careful What You
ternational Settlements and are known as Basel as appears to have happened with SVB. U.S. ac- Even renouncing citizenship may Wish For” by Jay Starkman, op-ed,
III, after the Swiss city where the BIS is head- counting rules allow banks to avoid recogniz- not help. We also tax unrealized asset March 8). Simplify the overly com-
appreciation of wealthy individuals plex tax code. The geniuses who have
quartered. Banks, especially the largest, now ing losses on assets they declare they’re hold- seeking to expatriate. created this complexity over the
are required to hold a larger quantity of highly ing to maturity, while they must mark-to- JAY STARKMAN, C.P.A. years need to get on TurboTax and go
liquid assets to avoid panics, as well as larger market assets they designate as “available for Atlanta through its step-by-step interview
capital buffers to prevent insolvency. sale” in case of distress. process, answer every question in the
Crucially, regulators put sovereign bonds of That mark-to-market requirement for liquid Your editorial raises the important affirmative and ask themselves: Why
various durations on the preferred list for each assets should give banks and regulators a clear question of what legal limits exist on are we doing all this? A follow-up
type of buffer. That’s because default risk is view of the value of their liquidity cushions. the power of Congress to redefine would be to sit for the tax portion of
low—unless you’re Argentina or Russia—and But it creates an incentive for banks to shift “income” to include accretions in the the C.P.A. exam, but hold them to a
sovereign bond markets tend to be highly liq- more assets into the hold-to-maturity pool as value of assets. The editorial gives passing score of 95 or better.
uid. A buyer can almost always be found if a interest rates rise. SVB was an extreme case examples of wealth not currently sub- TIM GRANEY
ject to federal tax, such as increases Katy, Texas
bank must sell in distress. The helps with in designating an outsized proportion of its as-
credit and liquidity risk. sets as hold-to-maturity, meaning it faced crip-
But what about interest-rate risk? For at pling penalties if it had to sell bonds to satisfy

.
least 15 years the Fed and other central banks deposit withdrawals.
China’s Population Challenge—and America’s

ly
have downplayed this risk—through their reg- This offers a bigger warning about financial
ulatory policies and their loquacious forward regulation, not that anyone in Washington is Nicholas Eberstadt and Ashton ative. I pray our political, military
guidance concerning monetary policy. Their likely to be interested. No law, rule or regula- Verdery’s important point about and business leadership is up to the
on
promises to suppress interest rates to abnor- tion can spare the economy from the conse-
mally low levels for extended periods encour- quences of bad policies, especially bad mone-
aged banks and others to believe sovereign tary policies, which can turn even the safest
China’s perilous demographic (“A
Revolution Is Coming for China’s
Families,” op-ed, March 10) combines
with two other major changes occur-
job. I don’t, however, hold much hope
for the educational complex.
STAN DAHLE
Clinton, Conn.
bonds would hold their market value. of assets into a ticking time bomb.
ring simultaneously. First, President
us ,

But not forever, it turns out. Rising rates Now taxpayers and depositors must wait
Xi Jinping’s one-man autocratic rule Messrs. Eberstadt and Verdery
l

amid high inflation are driving down the value nervously to see if any other fuses are burning will increasingly stifle economic vital- compile a convincing case for the de-
e
of those “safe” assets and plenty of others too. away in the financial shadows.
al a

ity and growth. Second, collective mographic and societal ills that China
alarm has spread in the Pacific region faces in the coming decades. If what
about China’s ambitions, with the U.S. they say is true, they had better
The Fed’s Sticky Inflation
ci on

and Europe finally waking up (one quickly turn their focus on the U.S.

W
hopes) to the threat. These three ma- and other developed nations that
all Street may hope that the bank Service prices (less energy) continued to be jor forces will make the next 10 to 15 have witnessed a similar decline in
panic of the last few days will cause sticky at 0.6% higher for the month, or 7.3% over years unstable, potentially leading to birthrates, albeit not through any
Jerome Powell to stop his monetary 12 months. Shelter roared in at 0.8% or 8.1% over serious military conflict. government-mandated policy. Our
er s

tightening when the Federal China is arguably at or approach- working population has been bol-
12 months. Economists keep
The February CPI ing its peak economic and military stered by immigration, but one won-
Open Market Committee expecting the shelter index to
m er

power. As the slide down the other ders how long that can be sustained
meets next week. But inflation numbers offer little decline as housing prices fall, side of the curve accelerates, China’s here and in Western Europe.
isn’t cooperating, which puts but it isn’t cooperating. So- bellicosity and intransigence will EM. PROF. FRANK D. TINARI
the Fed Chairman in a sticky relief for Jerome Powell. called core prices, less food likely intensify. Western weakness, Seton Hall University
situation. and energy, rose the fastest in should it continue, will prove provoc- Florham Park, N.J.
m rp

In previous episodes of fi- five months at 0.5%.

nancial panic, the Fed would flood the economy The February increase meant another
with liquidity and worry about inflationary im- monthly decline in the real average hourly earn- Jim Buckley and the Best Ballot I’ll Ever Vote
pact later. Mr. Powell and friends may go that ings after inflation. They’re down 1.3% since
route, and you can bet markets would cheer in February 2022, which is a decline in livings Herbert W. Stupp’s op-ed “Jim Mr. Stupp’s salute to Sen. Buckley
co Fo

Buckley’s Century of Service” (March ignored the regrettable outcome of

the short term. Markets have already dis- standards for most Americans. That’s the infla-
9) reminds me of the first time I Mr. Buckley’s rise to power. Following
counted a 50-point increase in fed funds, and tionary pain Washington and much of Wall voted in a federal election, November the assassination of Sen. Robert Ken-
they’re judging a 25-point increase to be far Street would like to ignore, but it’s at the root 1980 in Connecticut’s Third Congres- nedy in 1968, Gov. Nelson Rockefeller
from a sure thing. of much of the public’s frustration and anger sional District. The ballot included appointed Republican Rep. Charles
But the monetary-policy decision isn’t as at the direction of the U.S. Ronald Reagan and George H.W. Bush, Goodell to complete Kennedy’s term.
easy as all that after Tuesday’s report that the The Fed’s new emergency lending facility is Joe Lieberman (House), and James Goodell was pro-choice and opposed
consumer-price index rose another 0.4% in Feb- providing liquidity to banks hurt by rising rates, Buckley (Senate). I haven’t seen so the Vietnam War. Thus, when the
ruary, or 6% for the last 12 months. That’s a and markets are still figuring out how much many distinguished statesmen on a time came for the 1972 election, the
modest monthly decline from 0.5% in January cushion it provides. Whatever the Fed decides single ballot since, and I don’t expect Nixon White House wanted him
but still as high or higher than five of the last next week, its anti-inflation fight is a long way to see their like on a single ballot purged. Vice President Spiro Agnew
seven months. from over. again in my lifetime. led the smear campaign, labeling the
DAVID MCCARTHY moderate Goodell a disloyal and
n-

Chicago “transgender” Republican.

The Missing U.S. Subs for Australia Buckley won the race on the Con-
servative Party line, rising to power

P
There Is a Reason the LSAT through the evisceration of the mod-
resident Biden in San Diego on Monday other analyses suggest the more comfortable
no

erate wing of the Republican Party—a

announced a deal to help Australia ac- number is 70 or even 78. But the sea service Has Been Adopted So Widely destruction that I lament to this day.
quire U.S. nuclear-powered submarines, now has only 50 and that number may dip as I had to read Dean William Tre- Perhaps it is time to name a park af-
a step forward by a stalwart older classes age. The Navy’s anor’s letter “Why Georgetown Law ter Sen. Charles Goodell instead.
ally to check Beijing. But Mr. The defense deal is latest 30-year shipbuilding Can’t Stand U.S. News” (March 13) MICHAEL C. ALCAMO
Biden isn’t highlighting the plan doesn’t reach 66 boats twice to confirm that he actually New York
dysfunctions in American sub-
great, but the boats until the late 2040s at the ear- wrote, “Numbers don’t tell us any-
won’t arrive for years. liest. thing about a student’s potential” in
marine production, nor the ur-
gent need for a generational Congress is buying two Vir-
reference to LSAT scores and GPAs. Trump’s Edge on DeSantis
This assertion bears no resemblance
effort to expand the U.S. ginia-class boats a year and Gerard Baker’s column “DeSantis
to the real world, where LSAT scores
Navy’s undersea fleet. wants three. But the industrial base has churned vs. Trump Pits Accomplishments
and GPAs tend to be reasonably reli-
The submarine deal is an expansion of Au- out only about 1.2 a year over the past five years. Against Narrative” (Free Expression,
able measures of an applicant’s poten-
March 7) presents President Donald
kus, the 2021 defense pact among the U.S., U.K. Defense contractors are swamped trying to build tial to succeed in law school, pass the
Trump as an unaccomplished leader
and Australia. The agreement has three planks: two fast attack boats while also producing ballis- bar exam and obtain gainful legal em-
in comparison with Florida Gov. Ron
Putting submarines on station Down Under; of- tic missile subs, in the first overhaul of the nu- ployment. It is telling that the dean of
DeSantis. Yet Mr. Trump’s national
fering the Aussies at least three U.S. Virginia- clear deterrent in decades. a highly selective law school, charging
and international successes were
class attack submarines in the early 2030s; and The U.S. Navy maintenance backlog is such almost $76,000 in annual tuition,
achieved despite an adversarial Con-
would make such a claim.
a new, late 2030s submarine that blends British that in fiscal 2021 the fleet lost 1,500 days wait- gress and government and a hostile,
JEFF BURK
design and U.S. technology. ing for repair. That’s the equivalent of having Houston
hateful press. Mr. DeSantis passed his
U.S. submarines are making more stops in four fewer submarines, the Navy’s brass has agenda in a red state with a support-
Australian ports, and Aussie sailors will attend said. About 3.5 more were out of commission ive state legislature. He is also un-
Is Mr. Treanor suggesting that
U.S. nuclear-power school as they learn to oper- because repairs took longer than planned. tested on the world scene.
Georgetown Law’s most recent U.S.
MIKE FINNEGAN
ate some of the most sophisticated military as- Having Australia contribute to costs and op- News rank of 14 was egregiously high
Media, Pa.
sets in the world. Submarines from the U.S. and erating these submarines could be a “rising tide or low?
U.K. will rotate through an Australian naval that lifts all boats,” as House lawmakers said BRIAN KELLY
base, slated to begin in 2027. These are excel- in a letter in January. But the Aussies will have Exton, Pa.
lent incremental steps to work with friends to to follow through with billions of dollars, no Pepper ...
put more hard power in the Pacific. easy feat in a country with a defense budget of
‘We Sell Pizza for Money’ And Salt
The U.S. will later sell Australia up to five some $30 billion, about 2.1% of GDP.
THE WALL STREET JOURNAL
Virginia-class submarines to replace the coun- Mr. Biden says he’ll pour $4.6 billion into Dave Seminara’s “Employees Ter-
try’s six aging conventionally powered boats. U.S. submarine development, though that alone rorize Their Bosses Into Going Woke”
Virginia-class subs can travel vast distances can’t compensate for decades of under invest- (op-ed, March 7) is right on the
without surfacing, and U.S. undersea ability is ment, a dearth of skilled labor, supply-chain dis- money: To avoid corporate wokeness,
patronize local businesses. My friend,
“maybe the only true asymmetric advantage we ruption and a shortage of dry docks. Fixing U.S.
a local pizza impresario, has a simple
still have against our opponents,” as a four-star submarine disrepair would require sustained business mantra, “We sell pizza for
admiral put it last year. focus and presidential leadership, so far not in money.” The pizza is good, too.
Take a potential Chinese assault on Taiwan. evidence. Mr. Biden’s budget this week again ROBERT E. KEARNEY
In this year’s war game by the Center for Strate- cuts the Pentagon after inflation and shrinks Berthoud, Colo.
gic and International Studies, U.S. submarines the Navy to 291 ships in 2028.
pummeled the Chinese naval fleet in the Taiwan The Aukus deal is a reminder that the U.S.
Letters intended for publication should
Strait. But as CSIS notes with understatement, remains the friend of choice around the world, be emailed to wsj.ltrs@wsj.com. Please
“numbers were inadequate,” especially with a and it’s an opening to launch a national effort include your city, state and telephone
20% attrition rate per 3.5 days that increased to build three attack subs a year. But meeting number. All letters are subject to
as the war continued. the defense needs of allies and America will editing, and unpublished letters cannot
be acknowledged.
The U.S. Navy’s official goal is 66 boats, and take more than parchment promises. “I wanted thin crust.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | A17

OPINION

A Eulogy Banking Is Always a Risky Business

For Silicon By Nathan Myhrvold probability game. If bank failures

L
Valley Bank ike many tech firms, my
company and some of the
are independent—say, the Building
& Loan goes under because of Uncle
Billy—that’s disconcerting but lim-
startups we’ve created ited in scope. But the economy is in-
By Ken Wilcox spent the weekend worry- terlinked, and bank failures, or even

I
ing as the fate of Silicon the hint of them, in one area can
f you had trouble following the Valley Bank and its depositors hung bring down others. A run on a single
story of Silicon Valley Bank’s in the balance. By Sunday the Fed- bank is tolerable, but a run on the
downfall, don’t feel foolish. Be- eral Deposit Insurance Corp. an- system can suck all the oxygen out
fore retiring in 2019, I worked for nounced that all was OK—no cus- of the economy, as happened in the
SVB for almost 30 years, including 10 tomers would lose any money. But Great Depression.
as CEO (2001-11), and I had difficulty the same day, regulators in New It almost happened again in 2008,
understanding it as it unfolded. York shuttered Signature Bank for li- when a crisis in confidence nearly
Last Thursday, after teaching a quidity issues similar to those that caused a global financial meltdown.
class on Zoom, I read that SVB—my felled SVB. Predictably, recrimina- Banking is a game of confidence—it’s
pride and joy—had announced an tions have already begun. really the only thing that keeps the
equity offering, which hadn’t found I’m here to warn you that another model working. But the problem of
favor with investors. I was bank could implode next. Indeed, keeping the faith keeps getting

ALAMY
shocked. SVB was one of the larg- just about anybody reading this harder. Panic spreads much faster
est and most successful banks in could be at risk of losing everything today than in the Bedford Falls of
the U.S.; I couldn’t imagine why it over the FDIC’s $250,000 deposit in- At the Building & Loan in ‘It’s a Wonderful Life’ (1946). the 1940s. I can speak candidly
would sell stock or why investors surance limit. Which bank am I talk- about every bank being at risk
wouldn’t buy it. ing about? Why, all of them, of support. That turned out about as but they are nothing new. They have mainly because I’m a relative no-
Later that day, I read that several course. well as a wounded zebra appealing occurred in bank runs for as long as body. If Jamie Dimon or Jerome
venture capitalists were encouraging The fundamental business model to the kindness of the local hyena the unstable business model has Powell said the same at the wrong
their portfolio companies to with- of banking is that the bank accepts clan. The result was a run on the been around. A bank run in the town moment, it could spark a financial
draw their deposits from SVB. By the money from depositors and then in- bank. of Bedford Falls is central to Frank crisis overnight.
time I went to bed, it was apparent vests almost all of it. Banking laws Banking relies on probability Capra’s 1946 classic “It’s a Wonder- I wish there were an obvious solu-
that a full-fledged bank run was un- state that a certain amount of de- theory. If you have a large number ful Life,” clips of which were being tion to this problem, but there isn’t.
der way. When I woke up on Friday, positors’ money, called reserve re- of account holders and each of them emailed around tech companies last Tightening reserve requirements, as
it was clear that the bank’s regula- quirements—typically around 15% of makes independent decisions, then week. the Federal Reserve does from time
tors were taking it over. I spent the the total—must be kept for redeem- it’s unlikely you’ll ever have a prob- In the film, Uncle Billy triggers to time, makes it harder for busi-
day trying to figure out what had ing customer accounts. The remain- lem. One account holder might need the run by losing $8,000, which is nesses to get loans. That hurts the
happened. ing 85% gets loaned out, often in to pull his money out to meet finan- purloined by the greedy robber economy and reduces the interest
long-term illiquid loans. If customers cial obligations, but while that’s baron Henry Potter. The number of that deposit holders earn on their
want to withdraw more than the happening, another’s business is zeros has increased over the de- money. Increasing regulation more
Its lending was vitally bank has on reserves in a short time booming. The second keeps money cades, but the dynamics are the generally will tend to make banks
period, a death spiral may ensue. in the bank and might even deposit same, including the natural inclina- more bureaucratic and less respon-
important to America— At that point, the bank has essen- more. Thousands of depositors’ in- tion to blame a single bad guy like sive to their customers. One big rea-
and the loans aren’t what tially two options. Option one is to dependent decisions average out to Mr. Potter. Politicians and the media son Silicon Valley Bank had such an
raise money by selling investments. leave a relatively smooth and pre- are already mounting a search for a outsize hold on the tech industry is
got it into trouble.

.
Selling investments at a loss, how- dictable trend in demand for the villain in the Silicon Valley Bank that it better understood the needs
ever, could push the bank closer to bank’s assets. story. They may find one, but it of young tech companies, and start-

ly
the point where it can’t honor cus- seems more likely that some gar- ups in particular. Would a more gov-
A few years ago the venture-cap- tomers’ withdrawals. Other clients den-variety screw-ups compounded ernment-controlled bank do that?
ital market got frothy, and SVB’s who catch wind of this will under- Most depositor money is unexpectedly. Probably not.
clients deposited huge amounts of
newly acquired cash equity—so
much that the bank’s deposit base
quadrupled within a few years. SVB
on
standably start to worry. Option two
is to try to raise enough money to
bridge its cash needs by selling eq-
uity in the bank itself. But doing that
at work someplace else,
so the possibility of a
The FDIC and heavy government
regulation of banking were created
in part to prevent bank runs by reas-
suring depositors with government-
Even lacking a solution, it is im-
portant to keep the basic instability
of banking in mind. Otherwise, we
risk well-intentioned interventions
couldn’t lend out that much money, requires telling prospective investors run is ever present. backed guarantees. But that’s a fool’s being worse than the problem. Bank-
us ,

but unused deposits are a drain on details about the bank’s situation, errand in our highly connected ing experts and regulators are like
l

return, so the bank had to deploy which might paint a picture of an in- world. Any bank could fail if a large TV meteorologists. For all their skills
e
al a

them somehow. Rather than put all stitution in trouble. But statistical independence enough fraction of its customers in predicting what will happen in the
the excess into low-yielding, short- Silicon Valley Bank did both of rarely exists in the real world. The panic—even Signature Bank, whose short term, they still get surprised.
term investments, the bank decided these things. It sold $21 billion in state of the overall economy tends to board includes former Rep. Barney And they don’t actually control the
ci on

to place a significant chunk of them long-term bonds, reportedly at a $1.8 affect all the bank’s customers in Frank, a primary author of our main weather itself. Sometimes, unexpect-
into higher-yielding longer-term billion loss. That sounds like a lot of similar ways. Worse, rumors of a banking law. edly, a perfect storm comes rolling
securities. money, but it was just under 1% of bank failure and an elevated risk of At best, the FDIC can help clean in.
But the venture market became the approximately $209 billion it losing money can run through the up the mess after the fact, and
less frothy, and the venture capital- had in assets. SVB also attempted to community of customers like wild- where necessary the feds can step in Mr. Myhrvold is founder and CEO
er s

ists’ portfolio companies needed raise $2.5 billion in equity invest- fire. Instead of a steady, predictable to guarantee all deposits, as they of Intellectual Ventures, an invention
some of their deposits back. That ment to help cover that loss—and its increase in withdrawals, there’s a did this weekend for SVB and Signa- hub in Bellevue, Wash., that has
m er

money was locked up in these longer- executives appealed to the venture- gut-wrenching spike. ture depositors. That’s important, spun out more than 15 startup com-
term securities—and in the mean- capital community, representing a Each of these factors occurred given that the overall banking sys- panies, and a former chief technol-
time, the Federal Reserve had raised huge chunk of its customer base, for last week with Silicon Valley Bank, tem—and with it, the economy—is a ogy officer of Microsoft.
interest rates, reducing the value of
SVB’s investments. Selling them
m rp

would have meant taking a hit of

about $1.8 billion—not crippling, but
anxiety provoking. SVB needed cash
Mike Pence Takes the First Swing at Donald Trump
to return the deposits, so it at- Mike Pence spent the stage without being elbowed but still well-positioned to help his they needed and the shots they
tempted to sell stock. When the bank four years being aside, and Mr. Pence deserves party turn the page on Mr. Trump didn’t want to take.” The governor
co Fo

announced that on Thursday, many Donald Trump’s yes credit for being the first to get without depressing Republican can run on his accomplishments.
venture capitalists panicked. man. That changed physical. turnout. Unlike the other front- He doesn’t have to launch insults
When a run ensues, it is usually ir- on Jan. 6, 2021, The Republican Party’s 2024 di- runners, Mr. DeSantis never and will have an easier time de-
reversible and fatal. The regulators when Trump sup- lemma is how to rid itself of Mr. worked in the Trump administra- flecting Mr. Trump’s. He can cri-
had to do something quickly, and porters stormed the Trump without alienating his tens tion, which is baggage that could tique the former president simply
UPWARD
they did. They took control of SVB
MOBILITY Capitol to stop the of millions of supporters. One con- hurt Ms. Haley, Mr. Pompeo and by asking primary voters to com-
and ended its life, all within about 24 certification of Joe cern is that he will win the nomi- pare their records in office.
By Jason L.
hours of the ill-described announce- Biden’s victory and nation and then lose the general For the time being, however,
Riley
ment of the $1.8 billion loss. chanted, “Hang election like he did in 2020. An GOP hopefuls have Mr. Biden faces a Republican
The repercussions of this failure Mike Pence.” even bigger concern, however, is house divided and is positioning
are enormous. Even if the depositors Two years later, Mr. Pence is that Mr. Trump will lose the Re- largely ignored the former himself to run the same type of
are made whole, startups may die for poised to challenge Mr. Trump for publican primary contest and then president, but to ensure centrist campaign that led to his
want of credit. Thousands of employ- the Republican presidential nomi- run as a third-party candidate, victory in 2020. In recent weeks
victory they must attack.
n-

ees may lose their jobs. Many may nation in 2024. But unlike some of splitting the Republican vote, or he has announced that he was sid-
lose confidence in our banking sector his potential rivals, the former vice sabotaging the eventual GOP nomi- ing with a Republican-led effort in
and ultimately in our economy. It president seems to understand that nee by telling Republicans to stay Congress to overturn a District of
may even diminish America’s techno- Mr. Trump must be called out for home. Mr. Pence with independent vot- Columbia law that eases sentences
no

logical pre-eminence and thus its po- his transgressions rather than sim- Mr. Trump already has made it ers. As governor of Florida, he re- for carjackings and other felonies.
sition in the world. ply ignored. “History will hold Don- clear that his second bid for a sec- opened schools and business in The New York Times has reported
It’s important to be clear about ald Trump accountable,” Mr. Pence ond term is motivated by revenge the early days of the pandemic that the administration may re-im-
the cause of SVB’s implosion. For 40 said in a speech on Saturday. and that his focus will be on past when Mr. Trump was calling for plement a Trump-era policy of
years the bank has supported tech “Make no mistake about it: What grievances. “I am your warrior. I shutdowns. And unlike Mr. Trump, family detention for migrants who
companies, making loans that fuel in- happened that day was a disgrace, am your justice. And for those Mr. DeSantis won re-election. cross the border illegally. And this
novation. Well over 95% of SVB’s em- and it mocks decency to portray it who have been wronged or be- “When common sense suddenly week Mr. Biden approved an oil-
ployees are lenders, and their loans in any other way. President Trump trayed, I am your retribution,” he became an uncommon virtue, Flor- drilling project in Alaska. Who are
weren’t what caused the bank to col- was wrong. His reckless words en- told the Conservative Political Ac- ida stood as a refuge of sanity, a you calling a progressive?
lapse. What brought about its down- dangered my family and everyone tion Conference this month. He citadel of freedom throughout the Ideally, the president wants the
fall was bad decisions about what to at the Capitol that day.” sounds like someone willing to United States and indeed through- GOP nominee to be Mr. Trump,
do with excess deposits, which should Mr. Pence has criticized the for- nuke the GOP if he doesn’t get his out the world,” Mr. DeSantis said since he beat him once already
never have been plowed into long- mer president for his behavior on way, and it’s the reason his Repub- in a recent speech at the Ronald and has no reason to believe he
term securities. Jan. 6 before, but seldom this lican rivals have been treating him Reagan Presidential Library in Cal- can’t do it again. If Republicans
By Sunday, 300 venture capitalists harshly. It’s a useful contrast with so cautiously. ifornia. “Nobody in the state of don’t want Democrats to have the
had signed a petition saying that they Nikki Haley, Ron DeSantis, Mike Mr. DeSantis is a distant second Florida was going to be pushed to 2024 matchup that they crave,
would welcome SVB back into the Pompeo and other Republican pres- in the polling at this early stage have to choose between the job they’ll need to contain The Donald.
market and bank with it again. Given idential hopefuls who have chosen
the technology sector’s economic and a different tack. They’re more or
political importance, America needs
somebody to support it with the kind
of debt financing that SVB has pro-
less ignoring Mr. Trump for now,
hoping that his large lead in the
polls will fade over time. Voters
God Is My Global Positioning System
vided for the past 40 years. looking for an alternative to Mr. By Mike Kerrigan do otherwise, I chose to follow my Such is God’s love. He knows and

L
Trump might find Mr. Pence’s de- GPS. wants what’s best for me, always
Mr. Wilcox is a former CEO of Sili- nunciations more self-serving than ike a rebound in basketball Around 30 minutes later I and everywhere. If I ask and—this is
con Valley Bank and author of “Lead- principled and too long in coming. that fortuitously finds a flat- missed the exit for the restaurant. important—in the quiet, listen, he’ll
ing Through Culture.” But Mr. Trump is unlikely to exit footed forward at the 3-point I like to think I was mentally pre- tell me the surest path toward the
line rather than near the rim, grace paring for the important business good I seek.
falls freely on the undeserving if meeting ahead, but the truth is, I’m And when I can’t align my will to
they’re open to it. So I try to be re- his for a measly half-hour, he
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ceptive and hope for a few lucky doesn’t forsake me. Instead, he
Rupert Murdoch Robert Thomson bounces off life’s spiritual backboard. When I stray from his meets me where I am, however
Executive Chairman, News Corp Chief Executive Officer, News Corp A recent Friday morning came lowly and however often, and from
Emma Tucker Almar Latour with such a rebound. These rare mo- course, he recalibrates me there tells me the best way for-
Editor in Chief Chief Executive Officer and Publisher
ments happen on Fridays, when my with grace and commands ward. I am never lost while there’s
Liz Harris, Managing Editor DOW JONES MANAGEMENT: mind isn’t distracted by a full week’s breath in me; in his “proceed to the
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; work in front of me, and usually me: ‘Proceed to the route.’ route” is patient love beyond all
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
when I’m driving somewhere. I understanding.
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, punched my destination—an unfa- I am grateful for life’s long re-
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
miliar lunch spot north of Char- powerless when Gordon Lightfoot bounds, even if I get them only on
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; lotte—into my truck’s GPS and be- comes on my playlist. I couldn’t the occasional Friday drive. Perhaps
Emma Moody, Standards; Shazna Nessa, Visuals; gan to follow the verbal directions. hear the directions over my own to pull down more of these precious
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, Strangely, the way it directed me singing. spiritual boards without confusion,
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief wasn’t the familiar path I wanted to GPS respected my choice, I’ll listen to Gordon Lightfoot on
Paul A. Gigot
Marketing Officer take. GPS knew what I couldn’t: that promptly recalibrated, and calmly my Thursday rather than Friday
Editor of the Editorial Page an accident ahead on my preferred gave me new directions to follow. I commute.
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
route would have prevented me missed no further exits, made the
New York, N.Y., 10036 from arriving at my desired destina- lunch appointment, and had a pro- Mr. Kerrigan is an attorney in
Telephone 1-800-DOWJONES tion on time. Free though I was to ductive meeting. Charlotte, N.C.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Wednesday, March 15, 2023 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Sunak Looks to Market to Fix U.K. Biden

To Visit
Prime minister, a more weapons to be handed to

former financier, aims

to use a turnaround
Ukraine to fight off Russian in-
vaders. This week, he was in
the U.S. to meet with Presi-
Northern
strategy for economy
dent Biden and the Australian
prime minister to discuss a
deal to share nuclear subma-
Ireland
Rishi Sunak, Britain’s prime rine technology to bolster BY CATHERINE LUCEY
minister, is trying to do what their alliance in the Pacific.
none of his recent predecessors Now Mr. Sunak and his WASHINGTON—President

AMANDA ANDRADE-RHOADES FOR THE WALL STREET JOURNAL

have pulled off: Move the U.K. party must try to make the Biden says he will travel to
beyond Brexit, shore up the most out of Brexit, which is Northern Ireland and Ireland to
country’s rickety public services one of several factors, to- mark the 25th anniversary of
and sell the country as a profit- gether with sluggish produc- the Good Friday Agreement,
able destination for business. tivity growth and a shrinking which brought peace to the re-
labor force, that has in recent gion after decades of bloodshed.
By Max Colchester years hampered Britain’s eco- Mr. Biden declared his
in London nomic growth. travel plans on Monday after
and Paul Beckett The International Monetary British Prime Minister Rishi
in San Diego Fund says the U.K. economy is Sunak invited him during a
the only one in the Group of meeting in California. “It’s my
He also has only about a Seven that will shrink this intention to go—to go to
year and a half to persuade year, with the Bank of England Northern Ireland and the re-
British voters that, after 13 expecting the economy to public,” he said.
years in power, the Conserva- grow only 0.7% each of the fol- The British leader stressed
tive Party of Brexit and Prime lowing two years after that. Mr. Biden’s personal and politi-
Ministers Boris Johnson and Liz Prime Minister Sunak says, ‘The best way for us to drive growth...is by increasing business investment.’ The government has still to cal ties to the region, saying: “I
Truss deserves a record fifth convince businesses that Brit- know it’s something that’s very
consecutive term in office. he said in an interview when major industrialized nations. what people want and deliver ain is a stable environment in special and personal to you.
The party trails its main op- asked to define what consti- Many lawmakers in Mr. Su- for them,” he said. “I think which to invest. The country We’d love to have you over.”
position, the Labour Party, by tuted “Rishi-nomics.” nak’s Conservative Party believe people in general are less in- has struggled to strike new In keeping with White
20 percentage points or more in “The best way for us to they will lose the next election terested in politics and politi- trade deals—most notably House tradition, Mr. Biden will
many polls ahead of an election drive growth in the U.K. is by if voters continue to see their cians and they just want a with the U.S.—and it still has host Leo Varadkar, Ireland’s
expected late in 2024. Annual increasing business investment real wages fall thanks to infla- leader and a government most EU regulations on the prime minister, on Friday, St.
inflation is running at about and making sure that we have tion, which has been caused by that’s going to make a differ- books, a state of affairs Mr. Patrick’s Day, for a bilateral
10%. Public-sector unions are the most talented people com- high energy prices triggered by ence to their lives and going Sunak has vowed to change. meeting and a celebration,
conducting frequent strikes. The ing to the U.K. and also being Russia’s invasion of Ukraine and to make an impact on things Together with other factors, press secretary Karine Jean-
economy is in the doldrums. trained in the U.K.,” he added. an acute labor shortage. that they care about.” such as increased trade barri- Pierre said. The White House
The national mood might be de- The problem for Mr. Sunak A big question is whether ers with Europe after Brexit, said they will discuss issues in-
scribed as a malaise. and Britain is that major eco- Britain, outside the EU, has the British economy is 5.5% cluding their shared support
To make his case, Mr. Su- nomic powers are turning in- enough international heft to smaller than it otherwise for the Good Friday Agreement.
nak, a 42-year-old technocrat ward and writing new rules of
Britain should focus compete. would have been, according to The anniversary of that

.
and former financier, is turn- global trade and investment on key areas where Mr. Sunak says the U.K.— estimates by John Springford, agreement, which the U.S.
ing to the playbook of the designed to clearly give their like any good business— the deputy director at the helped to broker, is April 10.

ly
globalized era: attract money, domestic industries an advan-
it has an edge, prime should focus on a few key ar- Center for European Reform Mr. Biden has been vocal
companies and talent from tage and attract new invest- minister says. eas where it has an advantage. think tank in London. about his support for main-
around the world with a tar- ment to their own shores. He cites the development of The current U.K. tax burden taining the deal, particularly
geted tax regime and special
visas; focus overhauls to make
capital raising easier; and in-
sert the private sector into be-
On Wednesday, the U.K.’s
budget is expected to point to
years of slow growth and high
taxes ahead, economists say.
on The former Goldman Sachs
analyst has in the space of a
offshore wind turbines and of
new small nuclear reactors as
two examples. The govern-
ment is also making it easier
is the highest in 70 years.
Once order is restored to pub-
lic finances and inflation is
under control, Mr. Sunak says,
amid the friction in recent
years over Brexit and trade.
Mr. Sunak recently brokered
a potential new trading ar-
leaguered public services, such The corporate tax rate is ex- few weeks reset relations with for people with qualifications he can start cutting taxes. rangement for Northern Ire-
us ,

as Britain’s nationalized health pected to rise to 25% from 19% the EU by ending a long-run- from top universities to enter “I do want to reduce the tax land. The agreement, known
l

service, to rein in spending. in April. That compares with a ning feud over Northern Ire- the country, while clamping burden—that’s something as the Windsor Framework,
e
al a

“It’s about making sure that federal tax rate in the U.S. of land, announced a plan to ban down on illegal migration. that’s important to me and we reshapes the terms of the
the U.K. has got the most in- 21%, although Mr. Sunak notes asylum seekers and started to Meanwhile, Mr. Sunak is can only do that if we can U.K.’s 2019 divorce from the
novative economy in the that rate doesn’t take into ac- tackle the National Health Ser- working to ensure Britain make sure our public services European Union when it comes
ci on

world…that creates jobs for count state taxes, and he says vice’s vast backlog of people punches above its weight on are working as productively to Northern Ireland.
people wherever they happen Britain will still have the low- waiting months—sometimes the global stage as a nimble and efficiently as they can be,” Mr. Biden praised the plan
to live in the U.K.—that’s, in a est effective corporate tax rate years—for treatment. power broker. Under his lead- he said. “That’s what I’m driv- when it was detailed in Feb-
nutshell, what it’s all about,” of any of the Group of Seven “My view is to just focus on ership, the U.K. has pushed for ing to do.” ruary.
er s

WORLD WATCH
Chinese Doctor Raised
m er

Alarm on SARS in 2003

m rp

BY LIYAN QI jing only reported a dozen

SARS cases and three deaths.
Jiang Yanyong, a military Everything changed after
surgeon who sounded the Dr. Jiang challenged the offi-
alarm on Chinese authorities’ cial line, saying that the actual
co Fo

efforts to cover up the extent number of SARS cases in Bei-

of a 2003 outbreak of severe jing was at least several times
acute respiratory syndrome, or the official tally. Dr. Jiang,
SARS, died over the weekend who had retired as a surgeon
at age 91, ac- some years earlier from a Bei-
OBITUARY cording to jing military hospital, made
JIANG people close to the allegation in an email to
YANYONG Dr. Jiang and state television in April 2003.
1931-2023 his family. “I’m not a hero. I simply
Unlike Li told a few truths,” Dr. Jiang
Wenliang, a Wuhan doctor who told the state-run Beijing News
was initially punished for cir- in 2013. When asked about po-
culating an early warning tential repercussions of speak-
n-

about the spread of Covid-19 ing to foreign media, he said he

before his death from the dis- wasn’t scared and didn’t hesi-
ease in 2020, Dr. Jiang wasn’t tate to choose lives over per-
BAGUS INDAHONO/EPA/SHUTTERSTOCK

penalized for drawing attention sonal interests. “If everyone

no

to the impact of SARS in 2003. tells the truth, the country will
Both doctors were eventually naturally be better,” he said.
hailed as heroes in state media. Dr. Jiang’s allegation forced
Nevertheless, no media out- the authorities to confront
lets in mainland China carried SARS head on and embarrassed
reports on Dr. Jiang’s death. China on the global stage. In
Searches and mentions of the the days that followed, the
doctor’s name spiked on the World Health Organization, cit-
popular Chinese app WeChat ing in part Dr. Jiang’s letter,
LABOR PROTEST: Indonesian workers tried to remove a barrier during a demonstration in Jakarta on Tuesday in support of over the weekend. But few men- sent inspectors to hospitals
employment protections and against a law to spur business investment by reducing regulation for permits and land acquisition. tions of his death were on Chi- where he said there were hid-
nese social media on Tuesday. den SARS patients and accused
MEXICO CANADA ARMENIA SOUTHERN AFRICA Dr. Jiang, who was also a China of underreporting cases.
longtime advocate for families China’s health minister and the
Five Men Indicted In Driver Is Charged Moscow Security Cyclone Freddy Kills of victims of the violent 1989 mayor of Beijing were both re-
Slaying of Americans In Pedestrian Deaths Pact Is Criticized More Than 200 Tiananmen Square crackdown moved from their posts.
on democracy protesters, died In 2004, Dr. Jiang was de-
A Mexican judge has indicted Prosecutors on Tuesday Armenia’s prime minister on The devastating Tropical Cy- of pneumonia and other medi- tained for seven weeks after he
five men turned in by a drug charged a 38-year-old man sus- Tuesday accused a Moscow-dom- clone Freddy, which has ripped cal issues, said the people close wrote a letter urging the Com-
gang in the March 3 abduction pected of driving a pickup that inated security alliance of leaving through southern Africa in a rare to his family. munist Party to accept blame
of four Americans, two of whom struck pedestrians in Quebec, his country in the cold in the face second landfall, has killed at least During the spring of 2003, for the Tiananmen Square
were killed, in the violence- killing two people and injuring of a threat of renewed hostilities 219 people in Malawi and Mozam- amid much anxiety and confu- bloodshed. In recent years, he
plagued city of Matamoros, said nine others in what police say with neighboring Azerbaijan. bique since Saturday night, with sion around SARS, officials re- had faced increasing scrutiny at
the top prosecutor in the border was an intentional attack. Prime Minister Nikol Pashin- the storm’s death toll expected to peatedly assured residents and home over his advocacy related
state of Tamaulipas. The driver, Steeve Gagnon, yan has been repeatedly critical increase. foreign tourists that the out- to the Tiananmen victims, hu-
Prosecutors in Tamaulipas, was charged with two counts of of what he described as the fail- Heavy rains that triggered break was under control and man-rights watchers say.
where Matamoros is located, for- dangerous driving resulting in ure of the Collective Security floods and mudslides have killed that no precautionary mea- The State Council, China’s
mally arrested the five men Fri- death. Mr. Gagnon didn’t enter a Treaty Organization, or CSTO, to 199 people in Malawi, authorities sures were necessary. In early cabinet, didn’t respond to
day. They had been left tied up plea during his arraignment. protect member Armenia amid a said Tuesday. President Lazarus April that year, the city of Bei- questions about Dr. Jiang.
the day before on a Matamoros Prosecutors could level other standoff with Azerbaijan over Chakwera declared a “state of di-
street with a sign claiming they charges at Mr. Gagnon, including Nagorno-Karabakh. saster” in the country’s southern
were responsible for kidnapping ones for murder, depending on Russia, which has sought to region and the now-ravaged
and killing the Americans. how the police investigation pro- preserve strong ties with its ally commercial capital, Blantyre.
SIMON SONG/SOUTH CHINA MORNING POST/GETTY IMAGES

The men were indicted Satur- gresses, said Sgt. Claude Doiron, Armenia while maintaining Some 19,000 people in the
day on kidnapping and homicide a spokesman for Sûreté du Qué- friendly relations with energy- south of the nation have been
charges, the state prosecutor, Ir- bec, Quebec’s provincial police. rich Azerbaijan, has engaged in a displaced, according to Malawi’s
ving Barrios, said Tuesday. Investigators are still trying delicate diplomatic balancing act, disaster management director-
Two of the Americans, Lata- to determine a motive for what avoiding any forceful action. ate.
via McGee and Eric James Wil- they said was a voluntary at- The Kremlin’s clout in the re- Reports from Mozambique’s
liams, were found alive on tempt by Mr. Gagnon to hit pe- gion has become more limited disaster institute on Tuesday
March 7 at a safe-house near destrians on Monday in Amqui, as Russia has focused its re- confirmed that 20 people have
Matamoros. Zindell Brown and located almost 400 miles north- sources on the war in Ukraine. died in the country and 1,900
Shaeed Woodard were found east of Montreal, Sgt. Doiron Mr. Pashinyan said it wasn’t homes have been destroyed in
dead at the site. said. Mr. Gagnon was arrested Armenia that was pulling out of the coastal Zambezia province.
The five men under arrest ad- after he turned himself in to the the CSTO, but, on the contrary, Tens of thousands of people
mitted to being involved in the in- provincial police, he said. Three “the CSTO is pulling out of Ar- are still holed up in storm shel-
cident but denied shooting any of of the injured have life-threaten- menia, whether it wishes so or ters and accommodation cen-
the victims, state prosecutors said. ing injuries, Sgt. Doiron said. not.” ters.
—Juan Montes —Vipal Monga —Associated Press —Associated Press Dr. Jiang challenged the official line on the severity of the disease.
 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.

TECHNOLOGY: MICROSOFT REACHES DEAL ON STREAMING ‘CALL OF DUTY’ B4

BUSINESS & FINANCE

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WSJ $ IDX À 0.12% 2–YR. TREAS. yield 4.221%

Wednesday, March 15, 2023 | B1

NIKKEI (Midday) 27298.01 À 0.28% See more at WSJ.com/Markets

VW to Invest Stocks
Jump as
$200 Billion Investors
In China, EVs Unwind
Dire Bets
Auto maker has lost rival auto makers as he tries
to claw back market share in
market share in China and make the company’s Bank stocks climbed and
country to Tesla and U.S. business relevant after Treasury yields rose Tuesday,
decades of failed attempts to as some traders anticipated
local manufacturers build significant market share. that financial-sector distress
The big spending by Volks-
KRISZTIAN BOCSI/BLOOMBERG NEWS

BY WILLIAM BOSTON wagen—totaling 180 billion By Caitlin McCabe,

euros, equivalent to $193.2 bil- Matt Grossman
BERLIN—Volkswagen AG is lion—comes as governments and Rebecca Feng
planning a spending spree of around the world shell out
close to $200 billion over the subsidies to encourage compa- could remain contained and
next five years to fix its strug- nies to invest in technologies leave the Federal Reserve free
gling business in China and try that speed up the transition to focus on tackling inflation.
to hoist the German car maker away from greenhouse-gas Trading steadied compared
out of its niche as an also-ran emitting fossil fuels. VW is rel- with Monday’s stormy session,
in the U.S. atively flush with cash after The move is the first major strategy announcement by CEO Oliver Blume since taking over in September. which brought a deep rout for
The German auto maker said reaping billions in proceeds bank stocks and a rally for gov-
Tuesday it would target 68% of from the listing of sports-car Volkswagen passenger-car deliveries by market in 2022 ernment bonds. Over the past
that investment, or about $131 maker Porsche AG last year. week, the collapse of Silicon

.
billion, on the development of The Biden administration’s 3,182,428 Valley Bank and the shutdowns
China
electric vehicles and new digi- Inflation Reduction Act un- of Signature Bank and Silver-

ly
tal technology, with a particular leashed more than $300 bil- gate Capital heaped new fears
focus on expansion in China lion in government spending Western Europe 2,615,864 of financial strain on top of in-
and the U.S. That compares aimed to encourage so-called vestors’ yearlong preoccupation
with about 56% in the previous
investment plan.
The move is the first major
strategy announcement by
clean tech investments, and
has sparked a race between
the U.S., Europe and other
economies to attract green
on North America

Central/Eastern
Europe
418,513
759,791

Annual revenue
2022
€279B
with inflation.
The S&P 500 rose 63.53
points, or 1.6%, to 3919.29. The
Dow Jones Industrial Average
€200 billion
Chief Executive Oliver Blume corporate investments. added 336.26 points, or 1.1%,
us ,

South America 397,539

since he took the reins at VW VW said on Monday that it ending at 32155.40, and the
l

in September after the board would build its first battery 100 techcentric Nasdaq Composite
e
320,128
al a

Asia Pacific*
ousted his predecessor, Her- plant outside Europe in Can- climbed 239.31 points, or 2.1%,
bert Diess. With the com- ada. That announcement fol- 0 to 11428.15.
Other 263,025
pany’s new five-year invest- lowed a decision this month to The KBW Bank index rose
ci on

2013 ’15 ’20 ’22

ment plan, Mr. Blume is now invest $2 billion to build a 2.60 points, or 3.2%, to 84.07,
starting a spending war with Please turn to page B2 *Excludes China Note: €1 = $ 1.07 Sources: the company (deliveries); S&P Capital IQ (revenue) bouncing higher after a brutal
few days for the sector.
As the anxiety rippling

Crypto Upheaval Benefits Stablecoin Tether

through the banking sector be-
er s

gan to ease, investors reversed

some of their more dire bets
m er

from a day earlier. Some bank

Tether’s market cap BY VICKY GE HUANG regulators have shut down its $1 peg on Coinbase, Bi- firm converted single-digit stocks recovered sharply. First
AND CAITLIN OSTROFF new U.S. issuance of the nance and other centralized millions of USD Coin to tether Republic Bank, which came un-
$85 billion
world’s third-largest stable- exchanges on Monday, accord- late last week as an immediate der pressure over the weekend,
Turmoil in the dollar- coin, Binance USD. ing to Kaiko, a digital-assets hedge against the uncertainty climbed $8.42, or 27%, to
m rp

TerraUSD depegs
backed cryptocurrency world Crypto investors flocked to data and information services facing Circle. $39.63. Charles Schwab gained
80 has helped tether, the largest tether over the weekend after provider. “Many of our customers $4.77, or 9.2%, to $56.68 and
stablecoin, to increase its lead. USD Coin dropped sharply be- The shift away from USD chose to do the same, putting KeyCorp rose 79 cents, or 6.9%,
So far this year, tether’s low its fixed value of $1. Circle Coin, which markets itself as a lot of sell pressure on the to $12.17. Zions Bancorp, which
market cap has risen 10% to $73 had more than $3 billion in re- the most transparent and reg- USDC-USDT trading pair,” Mr. has also faced investor scrutiny,
co Fo

75 billion while that of its chief ri- serves—significantly above ulated stablecoin, marks a March said, referring to USD rose $1.34, or 4.5%, to $31.31.
val, USD Coin, fell by more than the amount guaranteed by the sharp reversal of market con- Coin and tether by their trad- On Monday, the bond market
11% to $39 billion, according to Federal Deposit Insurance ditions last year when the col- ing symbols. had been awash in fear that
USD Coin depegs CoinMarketCap data. Binance Corp.—that were backing the lapse of algorithmic stablecoin Tether is the best-known bank distress would force the
70
USD has fallen by almost half to coin tied up in the collapsed TerraUSD spooked investors, and most widely traded sta- Fed to soften its plans for con-
just over $8 billion. Silicon Valley Bank. leading them to redeem bil- blecoin—a breed of cryptocur- tinued interest-rate increases,
Traders are relying on As traders rushed to con- lions of tether and switch to rency that converts to and even though inflation is still
65 tether more than ever now vert their USD Coin for tether, USD Coin. from dollars at a fixed price. above target. A flight to the
that Circle Internet Finan- demand for tether was so Kevin March, co-founder of Despite its tenure, the coin has safety of government debt sent
April 2022 ’23
cial’s USD Coin has broken strong that the stablecoin con- Floating Point Group, an insti- faced controversy over the the two-year Treasury note’s
Source: CoinMarketCap from its peg and New York tinued to trade slightly above tutional trading desk, said the Please turn to page B8 Please turn to page B13

INSIDE West Virginia’s Governor Puts

n-

Credit Suisse Finds

Lapses in Reporting Family Coal Business Up for Sale
no

BY MARGOT PATRICK terial respects, the group’s con-

solidated financial condition.” BY JULIE STEINBERG from the now-collapsed firm election. Former President
Credit Suisse Group AG Credit Suisse had to delay Greensill Capital. Donald Trump won the state
said it had found material its annual report last week be- West Virginia Gov. Jim Jus- Mr. Justice is expected to by 39 percentage points in the
weaknesses in its financial re- cause of last-minute questions tice wants to sell his family’s make a decision soon about 2020 presidential election.
porting over the past two from the U.S. Securities and coal business, according to his whether to run for the seat Steven Ruby, a lawyer for
years because of ineffective in- Exchange Commission around lawyer and other people famil- held by Mr. Manchin, who the Justices’ businesses, said
ternal controls, the latest set- earlier cash flow statements, iar with the matter, a move hasn’t said if he will run for the Justice family retained Per-
back in its efforts to move past which the bank had revised in that would help resolve sub- ella Weinberg Partners to ad-
a series of costly blunders. its 2021 annual report for 2019 stantial debts in advance of a vise them on strategic options
The bank’s management, in- and 2020. AIRLINES possible challenge for the U.S. for Bluestone Resources Inc.,
cluding Chief Executive Ulrich
Körner and Chief Financial Of-
ficer Dixit Joshi, who both
started in their jobs in 2022,
Mr. Körner said the bank’s
financial results for 2022 and
previous years were unaf-
fected by the finding, and
Southwest identifies
solutions to the types
of weather disruptions
Senate seat held by centrist
Democrat Joe Manchin.
Mr. Justice, a Republican in
his second term as governor,
$850M
Loans taken out by Justice
the Justices’ coal operations.
“The intent of a sale pro-
cess would be to pay off the
Bluestone debt in full so that
concluded that the controls that it made the disclosure that caused chaos. B2 owns a sprawling empire of family from Greensill Capital the company will be debt-free
weren’t effective, Credit following the SEC’s questions, coal mines, processing facili- going forward,” he said.
Suisse said in its annual re- which he said were part of a ties, agricultural interests and Mr. Ruby said that the gov-
port. The weaknesses meant longer dialogue. BUSINESS NEWS the landmark Greenbrier re- ernor’s potential Senate candi-
that controls around 2021 fi- “We wanted to appropri- Smithfield Foods sort in West Virginia. But he re-election and hasn’t ruled dacy has no bearing on the
nancial reporting also weren’t ately respond to feedback has endured financial difficul- out a run for president instead sale process and that the sale
effective. which we had from the SEC,
defends its Chinese ties in recent years, made in 2024. Mr. Manchin’s seat is is part of a previously agreed-
Despite the lapses, Credit and we did,” Mr. Körner said. ownership amid worse after he and his family a prime target for Republicans upon restructuring plan.
Suisse said its financial state- “This has led into…material lawmaker criticism. B5 members took out $850 mil- and could help determine con- Shedding some or all of the
ments “fairly present, in all ma- Please turn to page B2 lion in personally backed loans trol of the chamber in the next Please turn to page B6

interlakemecalux.com
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION (877) 632-2589
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Wednesday, March 15, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A-H
Activision Blizzard......B4
Airbus..........................B3
Alphabet....................B14
Etihad Airways...........B3
First Republic Bank
..........................A1,A6,B1
General Electric .......... B3
PJT Partners...............A7
PNC Financial Services
.....................................A6
Qatar Airways.............B3
Airlines Expect Solid Demand
AMC Entertainment...B3 Goldman Sachs...........A7 Roku............................A5 BY ALISON SIDER Share price over the past two days for that shift. The 15 daily
American Airlines.......B2 Hillwood Development Signature Bank.........B14 flights it offered between New
Apollo Global .....................................B8 Silicon Valley Bank...B14 0%
Hines ........................... B6
Executives from major U.S. York’s LaGuardia Airport and
Management...........B13 Smithfield Foods ........ B5
Honeywell International Southwest Airlines .... B2 airlines on Tuesday said they Boston no longer seem neces-
Bed Bath & Beyond....B8
Blackstone...................B8 .....................................B5 Stem..........................B14 were optimistic about travel sary, he said.
HSBC ......................... B14 –2
Bloom Energy ........... B14 Stifel Financial ........... A7 demand for the rest of the United shares tumbled
Boeing ......................... B3 Hudson Bay Capital Sunrun.......................B14
Management.............B8 year, shaking off worries about more than 5% Tuesday. Other
BYD..............................B2 Tesla............................B2
Centerbridge PartnersA7 J-Z Turkish Airlines .......... B3 creeping operating costs and carriers entered negative ter-
–4
Charles Schwab .......... B1 JetBlue Airways ......... B2 Tyson Foods................B5 fears of ebbing demand. Delta ritory Tuesday afternoon, giv-
Circle Internet Financial KeyBank .................... B14 U.S. Bancorp ............. B14 Travel appetite surged last Air Lines ing up earlier gains. American
.....................................B1 KeyCorp.......................B1 UBS............................B14 year and airlines began to Airlines Group Inc. shares
Citigroup ..................... A6 Meta Platforms...A1,B13 United Airlines....B2,B13 –6 American
Comerica ..................... A6 Univar Solutions.......B13 make money again after losing Airlines
traded down about 1.3%, while
Microsoft.....................B4
Credit Suisse..B1,B6,B14 Morgan Stanley..........B4 Visit Equity Partners . B8 billions of dollars during the Delta fell less than 1%.
Cvent ........................... B8 Nintendo......................B4 Volkswagen.................B1 Covid-19 pandemic. –8
Southwest Inflation eased in February
Delta Air Lines......B2,B3 Novo Nordisk..............A3 Wells Fargo.................A6 Carriers’ shares have Airlines but remained elevated, accord-
Dragoneer Growth OpenAI ........................ B4 Western Alliance
Opportunities............B8 Pacific Investment Bancorp.....................A6
climbed this year, but airlines ing to data released Tuesday.
Duolingo......................B4 Management ............ A7 WH .............................. B5 have been dogged by worries –10 The consumer-price index, a
East West Bank........B14 PacWest Bancorp ....... A6 Zions Bancorp......B1,B14 that demand will falter amid United closely watched inflation
higher fares, and that rising Airlines gauge, rose 6% in February
costs of fuel and labor would from a year earlier, down from
INDEX TO PEOPLE
–12 Five-minute intervals
dent profits. a 6.4% gain the prior month,
Monday Tuesday
Consumers’ habits are set- the Labor Department said.
tling into postpandemic pat- Source: FactSet The airline fares index rose
A H P terns, but executives say de- 6.4% from January, ending a
Adamczyk, Darius.......B5 Hammoud, Billal.........B5 Patel, Viraj................B13 mand is still strong from Co.’s investor conference Tues- leisure travel have blurred, string of four consecutive
Ardoino, Paolo ............ B8 Hayes, Robin...............B2 R leisure travelers and those day that the problem was the airline executives say. monthly declines.
Aron, Adam.................B3 J Rix, David....................B8 mixing business with vacation, airline’s overly aggressive “As I tell many of my CEO Mr. Bastian of Delta said
B Javanmardian, Kia......B8 S known as “bleisure.” forecast, and that its optimis- friends across the industry that 10 of the airline’s best-
Bastian, Ed..................B2 Jordan, Bob.................B2
Sheldon, Michael......B13 United Airlines Holdings tic outlook for the year re- and outside of the industry, I ever sales days have come
Beaulieu, Cindy.........B13 Joshi, Dixit..................B1 Inc. said it is now seeing lower mains intact. know where your employees within the past month, and
Smith, Brad.................B4
Blume, Oliver..............B1 K Smith, Shane..............B5 troughs in traditionally slower “It’s the first time we’ve are. They may not be in the of- said fares remain strong.
Brandt, Ted ............... B14 Kapur, Vimal...............B5 Solanki, Anjee.............B6 months, such as January and gone through a January and fice, but you can find them on Airline executives have said
Brockman, Greg..........B4 King, Donnie................B5 February, and stronger growth February since Covid, and so my airplanes,” Mr. Bastian that factors like the time
W
C Kirby, Scott.................B2
Watterson, Andrew....B2 in busier months. The airline we got it wrong,” Mr. Kirby said. “That’s because of the needed to hire and train pilots,
Caron, Jim.................B13 Körner, Ulrich..............B1 rattled investors on Monday said. “But our March numbers new way of work, the new hy- air-traffic control constraints,
Wood, Anthony...........A5
Chambers, Penni.........B8 L Wright, Doug..............B5 when it tempered its outlook are good…April, May, June, all brid, new mobility.” and delayed aircraft deliveries
Costello, Jim...............B6 Lehmann, Axel............B2 Z for the current quarter, pro- look better.” Executives said some routes are likely to limit their growth
D M Zuckerberg, Mark jecting a loss and citing Gains in traditional corpo- that were once frequented by this year—helping to prop up
Diess, Herbert.............B1 Morris, Wes................B5 ............................. A1,B14 weaker demand growth in rate travel demand have lev- road warriors have less de- fares.
Douglas, Tony ............. B3 Munk, Alfonso............B6 Zyuzin, Igor.................B6 January and February, along eled off somewhat. It remains mand as some types of corpo- Southwest Airlines Co., for
with higher fuel costs and the about 80% recovered, Delta rate travel have dropped off. instance, said Tuesday that it
impact of a potential new la- Air Lines Inc. Chief Executive JetBlue Airways Corp. now expects to receive 90

.
Credit nal controls is an embarrass-
ment for any big company. It is
bor agreement with pilots.
Chief Executive Scott Kirby
Ed Bastian said, speaking at
the same conference. But the
Chief Executive Robin Hayes
said the airline is having to
plane deliveries this year,
down from the 100 planes it

ly
often seen by analysts and in- said at JPMorgan Chase & lines between business and adjust its network to account previously expected.

Suisse Cites vestors as reflecting badly on a

company’s finance function.
on Southwest Outlines Plan to Handle
Such failures can also worry

Lapses shareholders and heighten the

risk of accounting problems.
“Investors are extremely

Issues Caused by Severe Weather

concerned about changes in
us ,

Continued from page B1 numbers, but much less con-

l

weaknesses in the financial re- cerned about weaknesses in in-

e
al a

porting controls, which we are, ternal controls that don’t result

as you would expect from us, in restatements,” said Jeffrey BY ALISON SIDER
addressing very forcefully with Johanns, accounting professor
ci on

the appropriate actions,” he at the University of Texas at Southwest Airlines Co. said
said at a banking conference. Austin. it has identified several solu-
As part of the annual report, The weaknesses first tions to manage the kind of se-
PricewaterhouseCoopers, the emerged in the bank’s 2021 an- vere winter-weather disrup-
bank’s auditor, issued an ad- nual report cycle, according to tions that caught it off guard
er s

verse opinion on the effective- Credit Suisse disclosures and late last year, resulting in thou-
ness of its internal controls people familiar with the matter. sands of flight cancellations.
m er

over financial reporting as of In the 2021 report, Credit Chief Executive Bob Jordan
Dec. 31. PwC said the bank’s Suisse said it had identified ac- said the company understood
control system for preparing counting issues that led it to what caused the holiday disrup-
consolidated financial state- revise consolidated cash-flow tion. “We expect to mitigate the
ments had deficiencies, includ- statements for 2019 and 2020. risk of an event of this magni-
m rp

ing ineffective controls over It moved some items in- tude ever happening again,” he
how noncash items were classi- volving securities lending said Tuesday.
RICK BOWMER/ASSOCIATED PRESS

fied and presented in its con- Southwest said it is buying

solidated cash flow statements. additional deicing trucks, secur-
Credit Suisse has stumbled ing deicing pads and fluid ca-
The bank said 2022
co Fo

repeatedly over the past few pacity at key airports, buying

years. The 2021 collapse of cli- and earlier results more engine covers and heaters
ents Greensill Capital Manage- for cold weather operations,
ment and Archegos Capital
weren’t affected by and bolstering staffing during
Management sparked uncer- the weaknesses. extreme cold.
tainty about its future and was The airline said it would also
followed by an investor and cli- improve its technology, enhance The airline’s plan includes buying additional deicing trucks and bolstering staffing during extreme cold.
ent exodus that the bank has tools it uses to communicate
been unable to reverse. and borrowing and share- with flight crews and upgrade caused problems to ripple out Andrew Watterson said in an Using that system, as many
The bank’s stock fell 4% based compensation to differ- phone systems for customers across the country. interview Tuesday. other airlines do, would have
early Tuesday before recover- ent lines on its consolidated and crew to better handle surg- The storm initially hit Den- The new application uses allowed Southwest to keep op-
ing to trade flat, having hit a cash flow statements, with- ing call volumes. Mr. Jordan ver and Chicago’s Midway Air- sensors that take measure- erating, Mr. Watterson said.
new low Monday on concerns out affecting overall financial said Tuesday that the airline is port, where about one-quarter ments such as temperature, Mr. Watterson said: “That
n-

about its financial prospects. results. aiming to have made the of the airline’s crew is based, wind and the liquid content of was really the very first big
Market jitters surrounding the In the 2021 annual report, changes it needs to by October triggering a domino effect of snow to calculate those times. handicap for us.”
collapse of Silicon Valley Bank bank management, including to be ready for next winter. crew schedule changes. As the
hammered bank stocks globally. the then-chief executive, Frigid temperatures, snow, weather continued to move
no

Credit Suisse raised $4 bil- Thomas Gottstein, and then-fi- ice and high winds in the days east, the cascade of last-minute
lion in new shares last year and nance chief, David Mathers, leading up to Christmas chal- cancellations overwhelmed
it is cutting 9,000 jobs and concluded that the internal lenged all airlines, but South- Southwest’s processes and
spinning off its investment
bank. So far the effort hasn’t
controls over financial report-
ing were effective, as did PwC.
west couldn’t recover.
By Dec. 26, the problems had
technologies, forcing it to re-
sort to tedious manual pro- Let’s walk
stabilized the situation, with
funding costs continuing to rise.
In a reflection of the stress
The cash-flow revisions
caught the SEC’s attention,
and led to months of questions
become so overwhelming that
the airline slashed nearly two-
thirds of its schedule for three
cesses that set it even further
behind.
Southwest said it has added
together.
on the bank, prices have slid on that weren’t fully resolved be- days to reset itself. Southwest new functionality to a software
Credit Suisse’s so-called bail-in fore last week on the eve of said the storm was more severe system it uses to help reassign It makes things better.
bonds, which get wiped out if the bank publishing its annual than it had anticipated, describ- crew after disruptions, fixing
the bank runs into trouble. Its report. Companies are re- ing that as a key root cause of what it has described as an un-
2027 perpetual securities is- quired under U.S. securities the debacle. foreseen gap revealed during
sued last year dropped to 72 law to test and disclose the ef- In total, Southwest canceled the crisis.
cents on the dollar Tuesday fectiveness of their controls. over 16,700 flights from Dec. 21 Mr. Jordan acknowledged
from 89 cents at the start of Credit Suisse also said through Dec. 31. The airline that the airline is bigger and
March, according to Tradeweb. Chairman Axel Lehmann will said in a filing ahead of an in- more complicated than it ever
That is lower than in early De- waive part of his pay this year, vestor conference Tuesday that has been and said increasingly
cember in the days after Credit after making around $3.5 mil- the disruption continued to severe weather has posed new
Suisse warned of large cus- lion in 2022. weigh on revenue in January as challenges.
tomer outflows. —Jean Eaglesham customers turned to rival air- After its own review and an
Material weakness in inter- contributed to this article. lines in January and February. assessment by Oliver Wyman,
The total pretax impact, includ- an aviation consulting firm,
ing lost revenue and added Southwest doesn’t see a need

VW VW executives have been

lobbying EU officials to bolster
European subsidies to match
costs, comes to about $1.2 bil-
lion, Mr. Jordan said Tuesday.
Southwest said bookings for
to revamp its business model or
change how its network is
structured, Mr. Jordan said. He

To Invest President Biden’s moves to at-

tract investment. The German
car maker has been wrangling
March and beyond had picked
up, however. About half the
customers who were caught up
said the airline hasn’t been
chronically slow to adopt new
systems.

In China with Eastern European gov-

ernments for months in a bid
to squeeze more state aid out
in the December problems have
booked or flown Southwest
since, the company said.
“The big discovery, the big
‘aha’ for me was the winter ops
preparedness,” Mr. Jordan
of them for building a planned Southwest said it plans to said.
Continued from page B1 battery factory in the region. take a more conservative ap- The airline plans to adopt a
new factory in South Carolina It still has made no decisions proach to its schedule at the new tool to calculate how
to build Scout brand all-elec- about the plant. end of this year, reducing its quickly planes need to take off
tric trucks and SUVs. In China, VW’s single larg- fourth-quarter capacity. after they have been sprayed
“We have set clear and am- est market, sales fell 41% in The disruption over the with deicing fluid instead of re-
bitious targets and took neces- January and accounted for Christmas holiday prompted lying on subjective observa-
sary decisions to streamline 33% of its worldwide sales. sharp criticism from lawmak- tions, Chief Operating Officer
processes,” Mr. Blume said. VW has lost market share to ers, regulators and labor
After several failed attempts Tesla Inc. and local Chinese groups, some of whom raised
to boost VW’s market share in manufacturers such as BYD questions about the pace of the Watch a Video
the U.S., Mr. Blume is building Co. Recently, BYD began ad- airline’s investments in new Scan this code
on his predecessor’s strategy of vertising on television in Ger- technology and whether its for a video of
stepping up investment in EV many, with images of its elec- longtime strategy of flying the Southwest 1-800-776-6767 | ChildFund.org
development, which will benefit tric cars cruising European planes from city to city, rather CEO’s apology
from the IRA’s incentives. roads. than in and out of hubs, had for meltdown.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, March 15, 2023 | B3

BUSINESS NEWS

Saudi Airlines to Purchase Boeing Jets

The deal for dozens of While President Biden didn’t
raise the potential deal during
787 Dreamliners aims his visit to Saudi Arabia in
to advance kingdom’s July, several senior U.S. offi-
cials discussed it with their
tourism-building effort Saudi counterparts in the hope
that both countries might ben-
BY ANDREW TANGEL efit from its success, the senior
administration official said.
Two Saudi Arabian airlines Saudi Arabia first disclosed
said they would buy almost 80 plans in 2021 to create a new
Boeing Co. 787 Dreamliners, international airline, but faces
part of a broader plan to boost competition from a host of es-

LOGAN CYRUS/AGENCE FRANCE-PRESSE/GETTY IMAGES

travel to the oil-rich kingdom. tablished players.
U.S. administration officials Dubai-based Emirates Air-
said the deal announced Tues- line, Qatar Airways Ltd., Abu
day was worth a combined Dhabi’s Etihad Airways and
$37 billion and included op- Turkish Airlines have for
tions to take the sale up to 121 years taken advantage of the
aircraft. The jets would be location of their home airports
powered by U.S.-made General to build themselves into long-
Electric Co. engines. haul carriers for travelers be-
The orders, earlier reported tween Asia and Europe and
by The Wall Street Journal, are onward to and from North
split between a new govern- America.
ment-backed startup airline, Dubai and Qatar have also
Riyadh Air, and Saudi Ara- used their airlines to help turn
bian Airlines, or Saudia, the U.S. officials said the deal was worth a combined $37 billion and included options to take the sale up to 121 aircraft. their small, desert emirates
country’s existing flag carrier. into world-class tourism hubs.
They are targeting a nascent 33 more of the wide-body jets. erations as it expands its with a fleet of more than 140 ministration official said the The Saudi government has ear-
tourism market and the inter- Saudia is taking 39 Dreamlin- network and connects custom- Boeing and Airbus SE jets, is a deal would support tens of marked $1 trillion over the
national traffic handled largely ers in a confirmed order, as ers to Saudi Arabia with other member of the SkyTeam alli- thousands of new jobs. The next decade to turn the king-
by other carriers in the Gulf. well as options to buy 10 more. global destinations. ance that includes Atlanta- White House said Tuesday the dom into a mass-market tour-
The 39 Dreamliners destined Riyadh Air Chief Executive Riyadh Air was unveiled based Delta Air Lines Inc. Dreamliner deal marked an- ism destination, after many
for Riyadh Air would make it Tony Douglas said the Dream- last weekend by the Saudi sov- Boeing and GE’s supply other milestone in eight de- years of self-imposed isolation.
one of the largest-ever airline liners would serve as the foun- ereign-wealth fund. Saudia, chains cross about 44 U.S. cades of Saudi Arabia’s work —Vivian Salama
startups, with options to add dation of the new carrier’s op- the country’s largest airline states, and a senior U.S. ad- with American industry. contributed to this article.

AMC Gets Shareholder Approval to Sell More Stock

.
BY ALEXANDER GLADSTONE stock split and will likely al- of the Covid-19 pandemic, vised a workaround to the tion than common shares and The movie-theater chain

ly
low AMC to convert its AMC but the company posted a net problem of being unable to make it more likely the agreed not to implement the
AMC Entertainment Hold- Preferred Equity units, or loss of nearly $1 billion for issue new common shares. It shareholder vote would go transactions that sharehold-
ings Inc. on Tuesday won Ape, into common shares. 2022. It had $631 million of created Ape, a new class of AMC’s way, according to in- ers approved Tuesday pend-
shareholders’ backing to sell
new common stock, a finan-
cial lifeline for the movie-
theater chain as it continues
The Ape units closed at
$1.62, down 6%, after having
rallied earlier in the day,
while AMC common shares
on
cash on its balance sheet as
of Dec. 31, down from close
to $1.6 billion at the end of
2021.
securities, each amounting to
one-hundredth of a preferred
share. The name nodded to
the crowd of individual in-
vestors and analysts.
Ape units are likely to ap-
preciate under the company’s
proposal to convert them
ing further proceedings in
the lawsuit, filed by the Al-
legheny County Employees’
Retirement System, which
to lose money because of low fell 15% to close at $4.64. The company tried twice vestors, known as apes, who into common shares, giving owns AMC common shares.
us ,

cinema attendance. “The surest way to combat in 2021 to persuade share- had helped rescue the chain holders of the Ape units a Common shareholders who
l

Shareholders voted to in- naysayers and prophets of holders to let it sell more from bankruptcy. reason to vote yes on the voted on Tuesday were over-
e
al a

crease the number of com- doom is to keep our cash re- common shares to capitalize AMC issued a special divi- proposals. whelmingly in favor of the
mon shares that AMC can serves robust, manage our on a dizzying rally in its dend to its common stock- AMC’s victory isn’t final proposals, as were holders of
sell, an important tool for the balance sheet smartly, and stock. holders last year of a single because a Pennsylvania-based Ape units.
ci on

company to stay afloat and operate our company as best AMC withdrew those pro- Ape unit for each common pension fund has sued the Amid the pending lawsuit,
potentially weather a down- we know how,” Chief Execu- posals under pressure from share they owned. The com- company in Delaware’s top the price of Ape units and
turn in the cinema industry tive Adam Aron said on a some members of its share- pany also launched an offer- business court, alleging that common shares didn’t con-
that has pushed some com- conference call with share- holder base of primarily indi- ing to sell as many as 425 AMC stripped common share- verge Tuesday as they were
petitors into bankruptcy. holders on Tuesday. vidual investors who were million additional Ape units. holders of their rights by expected to do if the share-
er s

The shareholder vote also AMC’s revenue has re- concerned about dilution. That ensured there would granting voting powers to holder vote went the com-
authorized a 10-for-1 reverse bounded from the worst days Last year, the company de- be more Ape units in circula- holders of Ape units. pany’s way.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Wednesday, March 15, 2023 NY * * THE WALL STREET JOURNAL.

TECHNOLOGY

OpenAI Rolls Out

Updated Version
Of Viral Chatbot
BY DEEPA SEETHARAMAN day through data-sharing part-
nerships, which companies in-
The company behind the vi- cluding Morgan Stanley and
ral chatbot ChatGPT launched Duolingo Inc. are paying to ac-
a new version of its artificial- cess. It will also be offered to
intelligence technology on ChatGPT Plus subscribers, who
Tuesday, saying it was more pay $20 a month for faster

RICHARD B. LEVINE/ZUMA PRESS

powerful and predictable than and more available service. It’
previous versions and capable isn’t yet available to those
of analyzing images and han- who use the free service.
dling much larger blocks of In an online presentation
text. Tuesday, OpenAI demonstrated
The announcement from how the tool could be used to
OpenAI, a startup backed by do things like explain obscure
billions of dollars from Micro- tax codes or summarize arti-
soft Corp., is the latest in a cles into sentences with every The deal would allow Boosteroid customers to stream Activision games including ‘Call of Duty’ if Microsoft’s acquisition goes through.
string of generative AI an- letter beginning with Q.

Microsoft’s Cloud Deal Aims

nouncements as companies try OpenAI said it can now bet-
to get ahead in the race to ter analyze images for infor-
build and use the buzzy new mation. For example, users can
technology. use it to scan a picture of in-
Many regulators, scholars gredients and then get sugges-
and activists have urged tech
companies to exercise more
caution in developing the tools
which haven’t yet been fully
tions of potential dishes and
recipes that could be made
from the ingredients. The abil-
ity to analyze images hasn’t
yet been widely rolled out, a
To Boost ‘Call of Duty’ Access
spokeswoman said. BY KIM MACKRAEL Nintendo makes the Switch pretty hard case to make to a which owns the studios that
GPT-4 makes fewer mis- gaming console and hit game court,” Mr. Smith said. He said make the “Call of Duty” fran-
‘It’s not perfect but takes than its predecessor, B R U S S E L S — M i c ro s o f t franchises like “Mario” and any decision on the deal would chise. Microsoft has said the
neither are you,’ GPT 3.5 but still works best Corp. reached a deal with “The Legend of Zelda.” Nvidia be subject to judicial review. company isn’t interested in di-
when used in tandem with cloud-gaming company Boost- offers a cloud-streaming ser- Decisions from regulators vesting part of Activision’s
OpenAI President people who can check its eroid on distributing “Call of vice for computers and other in Europe and the U.K. are ex- business.
Greg Brockman says. work, said OpenAI President Duty” videogames and expects devices. pected this spring. The Euro- “The reason we want to buy
and co-founder Greg Brockman more agreements to follow as Microsoft President Brad pean Commission, which is re- Activision Blizzard is to round
at the presentation. the software giant pushes to Smith said in an interview that sponsible for competition out our titles to have a fuller

.
“It’s not perfect but neither convince regulators to approve the company wants to show regulation in the EU, has until library, especially to have
tested. Generative AI technol- are you, and together it’s this its planned $75 billion acquisi- through the distribution agree- April 25 to decide whether to more mobile titles where we

ly
ogy—special because it can amplifying tool that lets you tion of the videogame fran- ments that its plan to buy Ac- approve the acquisition, and don’t have a strong presence,
generate original images, text just reach new heights,” he chise’s owner, Activision Bliz- tivision will improve users’ ac- the U.K. regulator has set an and build a stronger gaming
and other content from basic said. zard Inc. cess to “Call of Duty.” April 26 deadline. business,” Mr. Smith said.
language prompts—sometimes
produces responses that seem
unhinged and contain made-up
facts or racist and sexist state-
When OpenAI used the lat-
est version of the technology
on standardized exams, includ-
ing the LSAT and Uniform Bar
on Microsoft said Boosteroid is
the largest independent cloud-
streaming company, with
about four million users glob-
Competition authorities in
the EU, the U.S. and the U.K.,
which are examining the acqui-
sition, have said they are con-
Some antitrust lawyers
have said the U.K.’s Competi-
tion and Markets Authority
could pose the biggest hurdle
Mr. Smith said behavioral
commitments in the videogam-
ing industry would be similar
to those Microsoft agreed to
ments. Exam, it did much better than ally, including in the European cerned it could allow Microsoft for the deal. The CMA prefers with the European Commission
us ,

In a blog post on Tuesday, most people and better than Union, the U.K. and the U.S. to control how consumers ac- structural change, such as di- in 2009, when the company
l

OpenAI introduced a more the previous version. It still The 10-year agreement would cess Activision games, poten- vestments, to resolve competi- settled an antitrust investiga-
e
al a

powerful version of the tech- struggled with English lan- allow its customers to stream tially reducing competition in tion concerns, rather than tion after making commitments
nology behind ChatGPT called guage and literature tests, ac- Activision games including the videogame market. commitments to behave in a regarding its Internet Explorer
GPT-4. The updated chatbot is cording to company data. ‘‘Call of Duty” if the acquisi- “If the only argument is particular way. browser and its Office software
ci on

“more creative and collabora- Microsoft has integrated AI tion goes through, Microsoft that Microsoft is going to The CMA recently pub- suite and server.
tive” than previous versions into its Bing search engine and said. It is the third such pact withhold ‘Call of Duty’ from lished a list of possible ways “Regulators have in fact
when it comes to tasks like this week is scheduled to out- Microsoft has signed. It previ- other platforms, and we’ve for Microsoft to ease the regu- dealt with these issues for a
composing songs or writing line how it is going to bring it ously reached similar deals now entered into contracts lator’s concerns about the long time. So have we. And
screenplays, the blog said. to its most-popular software with console maker Nintendo that are going to bring this to deal. One of the suggestions they have proven to be emi-
er s

The company is rolling out including Word, Excel and Co. and chip maker Nvidia many more devices and many was for Microsoft to divest nently manageable,” Mr. Smith
the technology starting Tues- PowerPoint. Corp. more platforms, that is a Activision’s publishing unit, said.
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game.qu.edu
co Fo

The Wall Street Journal

would like to thank the
sponsors of the 2023
n-

CIO Network March

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THE WALL STREET JOURNAL. NY Wednesday, March 15, 2023 | B5

BUSINESS NEWS

Smithfield CEO Defends China Link Honeywell

President
Shane Smith points to could be used to carry out espi-

sales growth since

WH Group acquired
onage, including Chinese-made
cranes in U.S. ports. Espionage
concerns deepened last month
Picked as
the Virginia company
after a suspected Chinese spy
balloon was identified in U.S.
airspace and shot down.
Next CEO
BY PATRICK THOMAS Chinese ownership of U.S.
farmland has also stirred de- BY COLIN KELLAHER
SMITHFIELD, Va.—Smith- bate. The mayor of Grand
field Foods Inc., the country’s Forks, N.D., in January stopped Honeywell International
largest pork producer, is de- supporting plans to build a Inc. tapped a 34-year company
fending its turf against grow- Chinese-owned $700 million veteran to succeed current
ing concerns from lawmakers corn mill on the outskirts of Chief Executive Darius Adamc-
over Chinese control of U.S. town after an official from the zyk, a switch that comes as
agriculture. U.S. Air Force said it presented the company faces slowing
The Virginia company, which a national security risk. growth in the year ahead.

JIM LO SCALZO/EPA/SHUTTERSTOCK
was acquired in 2013 by Chi- Some lawmakers have called Honeywell on Tuesday
nese pork company WH Group for a ban on Chinese purchases named Vimal Kapur, 57 years
Ltd., said its ownership has of U.S. farmland. Roughly half old, as its next CEO, effective
helped fuel steady growth over of the approximately 350,000 June 1. Mr. Kapur, who is join-
the past decade and export acres of U.S. farmland owned ing the Honeywell board, has
more of its products to China, by Chinese entities is repre- been president and chief oper-
the world’s biggest pork mar- sented by Smithfield’s more ating officer of the Charlotte,
ket. Shane Smith, Smithfield’s than 400 company-owned hog N.C., company since June.
chief executive, said WH’s back- farms and 43 plants, according Honeywell said the 57-year-
ing has helped the company in- Smithfield is the biggest U.S. pork processor by volume, slaughtering about 30 million hogs a year. to federal data. Some politi- old Mr. Adamczyk, who has
crease its sales, hire more U.S. cians, such as Sen. Tom Cotton been CEO since 2017 and
workers and expand its plants’ fice overlooking Virginia’s Pa- to Smithfield. risks of foreign acquisitions, ul- (R., Ark.), have said allowing chairman since 2018, would
processing capabilities. gan River. “When you meet The company was founded in timately cleared the deal. WH China to have a presence in the continue to serve as executive
Smithfield’s Chinese owner- with politicians and have 1936 by the Luter family in Group is publicly traded in U.S. supply chain is dangerous. chairman. He has been with
ship has also made the 86-year- those discussions, they seem Smithfield, Va., a town of about Hong Kong and has investors “From purchasing fields and Honeywell since 2008, joining
old company a focus of criti- to understand that.” 9,000 people and home to a across the globe, including from pastures to gobbling up compa- as part of the company’s ac-
cism in Washington, D.C., as Mr. Smith said Smithfield 120-year-old ham. The town the U.S., the company said. nies like Smithfield, Chinese in- quisition of Metrologic.
U.S.-China tensions have grown. has discussed contingency once hosted George Washington Concerns over China’s in- fluence in American agriculture Honeywell also said Doug
Some lawmakers in Washington plans in the event China esca- as a guest at a Main Street inn. volvement in the U.S. economy means that China’s needs, not Wright, president and CEO of
and at the state level say they lates efforts to absorb Taiwan, Smithfield sold itself to WH have increased since the ac- America’s, come first,” Mr. Cot- its building-technologies seg-
want to ensure the U.S. food- a concern among U.S. leaders. Group a decade ago for $4.7 bil- quisition. Alleged pressure on ton, who has criticized Smith- ment, is leaving to pursue an-
supply chain is protected and Smithfield is the biggest lion, after years of high grain U.S. companies from Beijing to field’s ownership in the past, other opportunity. The com-
that China can’t use U.S. farm- U.S. pork processor by volume, costs and an industry glut of hand over intellectual prop- said in an emailed statement. pany named Billal Hammoud,
land to facilitate spying. slaughtering about 30 million hogs pressured pork producers. erty was a central part of the Smithfield’s Mr. Smith said currently president of its
Mr. Smith, a longtime hogs a year, and a major sup- At the time, WH Group’s acqui- U.S.-China trade fight under he has spent more time in smart energy and thermal so-

.
Smithfield executive who took plier of hams and other fresh sition ranked as the biggest the Trump administration. Washington since becoming lutions business, to succeed
over as CEO in 2021, said pork cuts to grocers’ meat Chinese takeover of a U.S. com- U.S. national security offi- CEO, meeting with govern- Mr. Wright effective April 1.

ly
those concerns are misplaced. cases. The company sells prod- pany, prompting concerns in cials have pointed to technol- ment officials and explaining Honeywell shares closed at
“We’re as American today ucts under brand names in- Washington. The Committee on ogy and equipment made in that his company operates $192.97, declining less than 1%
as we were in 2013,” he said cluding Armour, Farmland and Foreign Investment in the U.S., China or owned by Chinese with WH just as it would with on Tuesday. They are up about
during an interview at his of- Nathan’s Famous, in addition on
which reviews national security companies that they warn

ADVERTISEMENT
any other investor. 5% over the past 12 months.

Tyson to Close Two

us ,

The Marketplace
l
e
Chicken Plants,
al a

To advertise: 800-366-3975 or WSJ.com/classifieds

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Cutting 1,700 Jobs

BUSINESS OPPORTUNITIES CAREERS BANKRUPTCIES

1st Trust Deed Assoc. Director – Global Loan

Syndications LATAM
IN THE UNITED STATES BANKRUPTCY COURT 4. The Bar Dates apply to all claims against the Debtors aris-
er s

FOR THE SOUTHERN DISTRICT OF TEXAS ing under section 503(b)(9) of the Bankruptcy Code; provided,
BY PATRICK THOMAS company’s largest year-over-
year decline in quarterly net 11% Return The Bank of Nova Scotia seeks Assoc. Dir. –
Global Loan Syndications LATAM in NY, NY to
prepare client proposals & customized pitch
HOUSTON DIVISION
In re: CORE SCIENTIFIC, § Chapter 11
INC., et al., § Case No. 22-90341 (DRJ)
however,that the Bar Dates do not apply to the Excluded Claims
listedinparagrapheight(8)oftheBarDateOrder.
5. ANY PERSON OR ENTITY (EXCEPT A PERSON OR
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Tyson Foods Inc. plans to income since 2009, according docs, incl bank mrkt slides, mrkt pricing & syn- ENTITY WHO IS EXCUSED BY THE TERMS OF THE BAR
64% L.T.V.• 18 MONTHS
Debtors.1 § (Jointly Administered)
dication strategy slides. Req’mnts: Bachelor’s DATE ORDER) WHO FAILS TO FILE A PROOF OF CLAIM ON
shut down two of its poultry to FactSet data. NOTICE OF DEADLINES FOR FILING
OR BEFORE THE APPLICABLE BAR DATE IN ACCORDANCE

VILLA PARK
or foreign equiv in Bus. Admin, Econ., Finance, PROOFS OF CLAIM
plants and lay off nearly 1,700 Shares of Tyson have or rel. & 4 yrs of exp in job offered or rel. occu- WITH THE INSTRUCTIONS ABOVE WILL NOT BE TREATED
PLEASETAKE NOTICE OFTHE FOLLOWING: AS A CREDITOR FOR PURPOSES OF VOTING UPON, OR
pation: anlyzng bank mrkt dynamics & trends;
workers as it tries to improve fallen nearly 33% over the conducting analysisof feasibility of execution &
1. On December 21, 2022 (the “Petition Date”), the RECEIVING DISTRIBUTIONS UNDER, ANY PLAN OR PLANS
its chicken operations that past 12 months and closed up CUSTOM SFR distribution of debt transactions; utilizing fin’l
Debtors filed voluntary petitions for relief under chapter 11 of OF REORGANIZATION OR LIQUIDATION IN THE CHAPTER 11
m rp

the Bankruptcy Code in the United States Bankruptcy Court for CASES.
modeling & credit skillset to understand capital the Southern District of Texas (the“Court”).Set forth below are

866-700-0600
produce about one-fifth of the slightly on Tuesday at structure of companies being financed, as well the name,federal tax identification number and the case number
6. Proof of claim forms and a copy of the Bar Date Order may
be obtained by visiting https://cases.stretto.com/CoreScientific,
U.S. supply. $57.30. as debt repayment capacity of borrower; inter-
acting & communicating w/clients; executing &
for each of the Debtors:DEBTOR, EIN, CASE NO.: Core Scientific maintained by the Debtors’ claims and noticing agent, Stretto.
Mining LLC, 92-1386971, 22-90340 (DRJ); Core Scientific, Inc.2
Tyson notified the nearly Earlier this year, Tyson ALLIANCE PORTFOLIO negotiating legal loan documentation; preparing (f/k/a Power & Digital Infrastructure Acquisition Corp., XPDI
Stretto cannot advise you how to file,or whether you should file,
a proof of claim. Questions concerning the contents of this Notice
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 concise pitching materials & mrktng presenta-
1,000 employees at its Van Bu- ousted the president of its www.AlliancePortfolio.com tions; dvlpng relationships w/other lending insti-
and Core Scientific Holdings Co.), 86-1243837, 22-90341 (DRJ);
Core Scientific Acquired Mining LLC (f/k/a Blockcap, Inc.), 92-
and requests for copies of filed proofs of claim should be directed
to Stretto through email at TeamCoreScientific@stretto.com
ren, Ark., chicken plant on poultry business, David Bray, RE Broker • CA DRE • 02066955 Broker License ID tutions; training & dvlpng jr members of team. 2226074, 22-90342 (DRJ); Core Scientific Operating Company or phone by calling Stretto at 949.404.4152 (Toll-Free Number
co Fo

Fluency in Spanish req’d. 15% trvl req’d. Tele- (f/k/a Core Scientific, Inc.3 and MineCo Holdings, Inc.), 82-
Monday that it would close on who had led the business commuting &/or working from home may be 3805526, 22-90343 (DRJ); Radar Relay, Inc. (f/k/a Radar Relay,
within the U.S./Canada) and 888.765.7875 (International).
Please note that neither Stretto’s staff,counsel to the Debtors,nor
May 12, the company said. since 2021. Diabetes Reversal Company permissible pursuant to company policies. LLC), 82-3430496, 22-90344 (DRJ); Core Scientific Specialty theClerkoftheCourt’sOfficeispermittedtogiveyoulegaladvice.
When not telecommuting, must report to work Mining (Oklahoma) LLC (f/k/a GPU One Holdings, LLC), 84-
About 700 workers at Tyson’s The company named Wes With Only Patent In The World
site. Offered salary is between $185,000- 5164327, 22-90345 (DRJ); American Property Acquisition,
AHOLDEROFAPOSSIBLECLAIMAGAINSTTHEDEBTORS
SHOULDCONSULTANATTORNEYREGARDINGANYMATTERS
Make a difference in the world with a Limited
plant in Glen Allen, Va., also Morris, who had retired from Investment opportunity in our Company. $185,000/yr. Submit resumes to HR_VC, Sco- LLC, 82-5490825, 22-90346 (DRJ); Starboard Capital LLC, 36- NOTCOVEREDBYTHISNOTICE,SUCHASWHETHERTHE
tiabank, 250 Vesey St., NY, NY 10281. Indicate 4896677, 22-90347 (DRJ); RADAR, LLC, 84-4125106, 22-90348 HOLDERSHOULDFILEAPROOFOFCLAIM.
found out on Monday that its Tyson in 2017 and previously 14-yr track record, proven results, life- (DRJ); American Property Acquisitions I, LLC (f/k/a 155 Palmer
changing testimonials, independent study, code AD022823WJ. 1
The Debtors in these chapter 11 cases, along with the last
plant would close in May, ac- ran its prepared-foods busi- celebrity spokesmen & the only Patented Lane, LLC.), 82-5469717, 22-90349 (DRJ); American Property
AcquisitionsVII,LLC,83-1663198,22-90350(DRJ).
four digits of each Debtor’s federal tax identification number,are
Type 2 Diabetes Reversal system in the world. as follows: Core Scientific Mining LLC (6971); Core Scientific, Inc.
cording to the local United ness, as the new leader of its 3 investment options: 1-Proven 50/50 2. On March 9,2023,the Court entered an order (Docket No. (3837);Core Scientific Acquired Mining LLC (6074);Core Scientific
partnership 2-Equity with projected 18-24 month 652) (the“Bar Date Order”)4 establishing certain deadlines for
Food and Commercial Workers chicken division. exit; 3-Convertible Note Call (800) 937-2401 Sr. Technical Support & thefilingofproofsofclaimintheDebtors’chapter11cases.
Operating Company (5526); Radar Relay, Inc. (0496); Core
Scientific Specialty Mining (Oklahoma) LLC (4327); American
International Union, which Mr. Bray had been leading QA Engineer 3. Pursuant to the Bar Date Order, all persons, entities, Property Acquisition, LLC (0825); Starboard Capital LLC (6677);
and Governmental Units who have a claim or potential claim,
represents employees at the an effort to revamp the (NY, NY) FinMkt, Inc.: dsgn tst plns, scenarios, including any claims under section 503(b)(9) of the Bankruptcy
RADAR LLC (5106);American Property Acquisitions I,LLC (9717);
and American Property Acquisitions,VII,LLC (3198). The Debtors’
HIGH COMMISSION scripts & procedures. Req’mts: Master’s in
Virginia plant. chicken business, which had Comp Info Systs, Telecommunications Systs &
Code,5 against any of the Debtors that arose prior to the Petition corporate headquarters and service address is 210 Barton
OPPORTUNITY! Date,no matter how remote or contingent such right to payment SpringsRoad,Suite300,Austin,Texas78704.
The Springdale, Ark., meat struggled for years to hatch Ntwrks, or rel. fld or equiv, & 2 yrs of exp docu- or equitable remedy may be, MUST FILE A PROOF OF CLAIM 2
Integrated Refunds wants menting SW defects using a bug tracking syst on or before April 14, 2023 at 5:00 p.m. (prevailing Central The name “Core Scientific, Inc.” was used by Core Scientific
company said production enough chicks and meet cus- Referral Partners for the & reporting defects to SW dvlprs. Prior exp must Time) for general creditors (the “General Bar Date”) and Operating Company from June 13, 2018 until January 19, 2022,
n-

whenPower&DigitalInfrastructureAcquisitionCorp.changedits
would be shifted to other Ty- tomer demand while paying Employee Retention Credit (ERC) program. incl 2 yrs of debugging production logs & inves- June 19, 2023 at 5:00 p.m. (prevailing Central Time) for
nametothecurrentCoreScientific,Inc.
Earn 5% commissions. Average refund is $200k. tigating issues incl performance; wrk’g w/ srvrs, Governmental Units (the “Governmental Bar Date,” and
son plants. The company said more for labor to staff its Go to www.integratedrefunds.com to sign -up. diagnosing & troubleshooting tchncl issues, & together with the General Bar Date, the “Bar Dates”), by (i)
3
The name “Core Scientific, Inc.” was used by Core Scientific
Operating Company from June 13, 2018 until January 19, 2022,
the closures were part of a plants and grain to feed its researching & identifying solutions to resolve submitting such Proof(s) of Claim electronically through Stretto,
whenPower&DigitalInfrastructureAcquisitionCorp.changedits
info@integratedrefunds.com syst issues & optimize the syst; installing & con- Inc. (“Stretto”), at https://cases.stretto.com/CoreScientific;
broader plan in its chicken di- chickens. fig recreations of SW production environs to al- (ii) filing such Proof(s) of Claim electronically through PACER nametothecurrentCoreScientific,Inc.
4
Capitalizedtermsusedbutnototherwisedefinedhereinhave
no

vision to improve operations “We are cleaning up and low tst’g of SW performance; dsgn’g & dvlp’g (Public Access to Court Electronic Records), at https://ecf.txsb.
uscourts.gov;or (iii) by delivering the original proof(s) of claim to themeaningsascribedtothemintheBarDateOrder.
automated tst’g tools; performing initial debug-
and use full available capacity have been cleaning up some ging procedures by reviewing config. files, logs Strettobymailorhanddeliveryatthefollowingaddress: Stretto 5
A claim arising under section 503(b)(9) of the Bankruptcy
CAREERS Address for Receipt of Claims:Core Scientific,Inc.,et al.Claims code is a claim arising from the value of any goods received by the
at each plant. issues,” Chief Executive Don- or code pieces to determine breakdown
Processing,c/oStretto,410Exchange,Suite100,Irvine,CA92602. Debtors within twenty (20) days before Petition Date, provided
sources; eval. & recommending SW for tst’g &
nie King said on a call with bug tracking; & wrk’g w/ CentOS Linux, Ac- PROOFS OF CLAIM SENT BY FACSIMILE OR E-MAIL WILL NOT that the goods were sold to the Debtors in the ordinary course of
BEACCEPTED. theDebtors’business.
analysts last month. “We still tiveMQ, MongoDB, Matomo, Prometheus,
Monit, Grafana, ELK stack, Statuscake, Post-
feel really good about our Sitecore Developer
Chicken production chicken business.”
man, BrowserStack, Shell & Python scripts,
Continuous Integration & bld tools, Jira, Bit-
Avanade Inc. seeks a Sitecore bucket, & Confluence. Salary: $98,000 -
overall in the U.S. is Mr. Morris, the new head Developer in Florham Park, NJ to $120,000 /yr. Email resumes to meredythe.goe-
CAREERS NOTICE OF SALE
of poultry, said on the call focus on content mgmt., digital the@finmkt.io & indicate job code MR5773080.
expected to increase last month that Tyson can do mktg., & e-commerce platforms NO CALLS. EOE.
such as Sitecore, Episerver,
by about 3% in 2023. a better job of making sure it Adobe Experience Manager, Business Analysis Specialist-
has the right amount of Umbraco, & other similar products.
IT-Assistant Vice President Production Support Specialist SUPREME COURT - COUNTY OF NEW YORK
chicken at the right locations Periodic travel to client sites MICHAELANGELO GIIK FLATIRON LLC, NEW TRIPLE
(New York, NY): Design & develop low latency The Bank of Nova Scotia seeks Bus. Analysis CROWN LLC, FLATIRON NEWMARK PARTNERS LLC and
(domestic/int’l) is expected. Must infrastructure solutions for the Equities, Fixed
to meet shifting consumer live w/in reasonable commuting Income, & Wealth Management business. De-
Specialist-Production Support Specialist in NY, FLAT IRON ACQUISITION LLC, Plaintiffs -against- NRS
NY to serve as Bus. Analysis Specialist for crit- FLATIRON LLC, Defendant. Pursuant to an Interlocutory
“The current scale and in- demand. distance of Florham Park, NJ. vise & implement automation & operational im- ical Risk & Margin platform in Prime Srvcs Tech Judgment dated January 6, 2023 and entered on January
provements of low latency & high frequency 19, 2023, I, the undersigned Referee, will sell at a public
ability to economically im- Chicken prices have fallen Position requires a 3 or 4 yr. U.S.
electronic trading systems as well as other stra-
organization. Req’mnts: Bachelor’s or foreign
equiv in CS, Comp Eng’g, Elect Eng’g or rel. auction, to be held outside at the portico at the front
or foreign bach. deg., plus at least
prove operations has led to sharply in recent months as tegic architecture initiatives globally. Use Fore- field & 7 yrs of progressivelyresponsible exp in entrance of the New York County Courthouse, located
at 60 Centre Street, New York, New York, or such other
3 yrs. exp. For full position details man to generate disk images for installing oper- job offered or rel. occupation: utilizing exp w/
the difficult decision to close processors increase supply. and requirements, and to apply ating systems (OS) on low latency electronic capital mrkts tech that support asset classes
space in said Courthouse as the Court may designate, on
March 22, 2023 at 2:00 p.m., the real property located
the facilities,” a spokesman Boneless, skinless breast online, please visit hosts & Puppet to configure servers after OS incl Equities & Fixed Income in Prime Finance at 175 Fifth Avenue, New York, New York, being the
installation. Utilize Ansible playbooks to run & Securities Lending; working w/Agile softw building commonly known as “The Flatiron Building,”
said. meat prices fell from $3.50 in www.avanade.com [Click Careers:
firmware upgrades & Kernel patches. Work with dvlpmnt tech using DevOps/Continuous Inte- and described as follows: Block 851, Lot 1 on the tax
Choose “Search for your dream
Tyson reported last month May of last year to about $1 job”: Search by Keyword: [62875]
Python, Perl, & Bash scripts for day-to-day rou- gration/Continuous Dvlpmnt methodology to map of the Borough of Manhattan, and more particularly
described as follows:
tine health checks of servers. Perform Red Hat support release mgmt; dvlpng & anlyzg com-
its biggest percentage drop in by January, according to re- OR visit RPM package creation & repository manage- plex database SQL queries incl Oracle &
ALL that certain plot, piece, or parcel of land, lying and
being in the Borough of Manhattan, County, City, and
quarterly profit in over a de- search firm Urner Barry. The https://careers.avanade.com/ ment using Puppet. Apply knowledge of version MYSQL Sybase that support Risk & Margin State of New York, and being more particularly bounded
jobsenus/JobDetail/ control with GIT & Jenkins to check daily Pup- products in Prime Finance/Capital Mrkts; work- and described as follows:
cade. Its long-dominant price drop squeezed profits Sitecore-Developer/62875 pet reports on servers. Req’s Master’s degr plus ing w/Softw Testing methods incl Unit Testing, BEGINNING at the corner formed by the intersection of
chicken business is under in- at Tyson and rival chicken 2 yrs exp or Bachelor’s degr plus 5 yrs exp. The Syst Integration Testing (SIT), User Ac- the northerly side of East 22nd Street and easterly side
salary is $138,590 annually. Please forward ceptance Testing (UAT), Regression Testing, & of Fifth Avenue.
creased pressure as the com- company Pilgrim’s Pride your resume to Credit Suisse, P.O. Box Load Testing. Telecommuting &/or working THENCE easterly along the northerly side of East
22nd Street, 85 feet 8 inches to the westerly side of
pany’s profit margins fall Corp. D116CSNY, 909 Third Avenue, 15th floor, New from home may be permissible pursuant to Broadway.
York, NY 10022. No phone calls. company policies. When not telecommuting,
from historic highs during Chicken production overall COMMERCIAL REAL ESTATE must report to work site. Offered salary is be-
THENCE northerly along the westerly side of Broadway,
214 feet 6 inches to the southerly side of Madison
the pandemic. in the U.S. is expected to in- tween $138,590-$203,600/yr. Submit resumes Square South;
to HR_VC, Scotiabank, 250 Vesey St., NY, NY THENCE westerly along the southerly side of Madison
Tyson has about 124,000 crease by about 3% in 2023, 10281. Indicate code SP030923WJ. Square South, 2 feet to the easterly side of Fifth
Avenue;
employees in the U.S. and according to the U.S. Agricul- Assoc., Debt Capital Mrkts Latin
more than 140,000 globally, ture Department.
 FOR SALE SO. TEXAS  America & Caribbean (“DCM”)
THENCE southerly along the easterly side of Fifth
Avenue, 197 feet 6 inches to the point or place of

according to its most recent The company has shuffled A 98% LEASED SHOP. Scotia Capital (USA) Inc. seeks Assoc., Debt
PUBLIC NOTICES
BEGINNING.
The Premises will be sold subject to the provisions
Capital Mrkts Latin America & Caribbean
annual securities filing. much of its leadership team CTR UNDER $100 PSF (“DCM”) in NY, NY to champion customer fo-
of the said Interlocutory Judgment and Terms of
Sale, which may be reviewed on the New York County
The company said it is over the past six months, GROCERY ANCHORED AT $6.3M cused culture to deepen client relationships in Supreme Court’s electronic docket under Index Number
Debt Capital Mrkts (DCM) Latin America & Car- Notification is hereby given that Bank of America 654176/2021. The purchaser shall pay the charge for
working with affected em- naming new heads for its in- CALL/EMAIL, B. BROOKS, BROKER, ibbean coverage area & leverage broader Bank National Association, 100 North Tryon Street, Suite
recording the deed to be given by the Referee, any
relationships, systs & knowledge. Req’mnts: charge or tax (excluding any applicable real property
ployees to apply for open ternational, prepared foods (512) 328-7800, bb3105@Hotmail.com 170, Charlotte, Mecklenburg County, NC, 28202, transfer taxes) upon the delivery or recording of said
Bachelor’s or foreign equiv in Bus. Admin, has filed an application with the Comptroller of the deed, and the reasonable charge of the Referee for
jobs at other facilities. and chicken divisions, as well Econ., Finance, or rel. & 2 yrs of exp in job of- Currency on March 15, 2023, as specified in 12 CFR 5 drawing the deed. The reasonable costs of the Referee’s
fered or rel. occupation: working w/debt capital
Tyson last month reported as for its beef and pork unit. mrkts & econ. on assisting clients in accessing
of the Comptroller’s Licensing Manual, for permission to actions are expenses of the sale and shall be paid by the
Referee from the proceeds of the sale. At the conclusion
establish a domestic branch in the vicinity of:
declining operating income Hundreds of corporate Ty- international capital mrkts thru bond issuances; of the auction sale, the successful bidder will be required
anlyzg LatAm mrkts & industries to better un- to agree to be bound by the terms of the Interlocutory
from its chicken business to son employees are also leav-
$69 million for the quarter, ing the company as it closes
THEMARKETPLACE derstand trends & impact on debt issuers in or-
der to advise clients to meet financing needs;
• 2001 Rockaway Parkway, Brooklyn, Kings County,
NY 11236
Judgment and Terms of Sale, including but not limited
to the terms specifying the successful bidder’s liability
for damages in the event of a default; and to pay a down
compared with $140 million a several offices housing em- ADVERTISE TODAY utilizing finance softw incl Capital IQ & Bloom-
Any person wishing to comment on this application payment of ten percent (10%) of the amount of the
berg; advising & communicating w/clients on successful bid as detailed in the Interlocutory Judgment
(800) 366-3975 may file comments in writing with the Director for
year earlier. ployees of its beef and pork mrkt reads & deal execution processes. Tele-
Large Bank Licensing, Office of the Comptroller of
and Terms of Sale. Please consult the Interlocutory
commuting &/or working from home is permis- Judgment and Terms of Sale for other conditions
Overall, Tyson said its and prepared-foods divisions For more information visit: sible. 25% trvl req’d. Salary offered is between the Currency, 400 7th Street S.W., Mail Stop 10E-2, applicable to this auction. PETER A. AXELROD, ESQ.,
Washington, DC 20219, within 30 days after the date of Referee 260 Madison Avenue, 15th Floor New York, New
profit for the three-month and moves those functions to wsj.com/classifieds
$175,000-$225,000. FINRA Securities Industry
this publication. The public may find information about York 10016
Essentials (SIE), Series 79 & Series 63 certs
period ended Dec. 31 fell to northwest Arkansas, The req’d. Submit resumes to HR_VC, Scotiabank, the filing in the OCC’s Weekly Bulletin available at www.
occ.gov. Additionally, the public portion of the filed
$316 million from $1.1 billion Wall Street Journal has re- © 2023 Dow Jones & Company, Inc.
250 Vesey St., NY, NY 10281. Indicate code
application is available upon request.
All Rights Reserved. IA022823WJ.
a year earlier. It was the ported.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Grocery-Store Complexes Draw Buyers
Real-estate firm Hines fices dashed in to buy lunch.
The complex, called the Source,
is acquiring a center houses the U.S. headquarters of
anchored by Whole Danone SA, a French food com-
pany, and the offices of Hudson
Foods for $112 million Gateway Association of Real-
tors.
BY KATE KING Melvin Kohn, 77 years old,
walked out with frozen blue-
Global real-estate invest- berries and spring rolls, a salad
ment manager Hines is paying for lunch and a bottle of green
$112 million for a suburban tea. The White Plains resident,
New York shopping center fea- who is retired, said he visits
turing a Whole Foods, the larg- the store every other day to
est grocery-anchored retail sale pick up items as needed. “I en-
in the U.S. since September. joy coming here and shopping,”
The sale of the 262,000- he said. “I know the quality is
square-foot property in White good. It’s convenient.”
Plains, N.Y., shows how demand Whole Foods and its up-
for grocery-store complexes stairs neighbor Dick’s Sporting
persists, despite rising interest Goods, another pandemic win-

RYAN BOWLBY FOR HINES

rates and slowing activity for ner as people stocked up on
other property types. These athletic and outdoor gear, re-
outlets have become increas- cently signed 10-year lease re-
ingly attractive as the pan- newals, according to Hines. The
demic winds down and con- Cheesecake Factory, furniture
sumers return to shopping in retailer Raymour & Flanigan
person. Grocery-store complexes, like the one Hines bought in White Plains, N.Y., are more attractive now as in-person shopping returns. and a Department of Motor Ve-
“We’re confident in retail, hicles branch are also tenants.
we’re confident in New York,” tello, chief economist for “Even with inflation, you’re fresh produce,” he said. Colliers. The recent increase in Hines paid $41 million less
said Alfonso Munk, chief in- MSCI’s real-assets team. still going to buy milk, you’re Grocery is also a high-vol- workers returning to offices than the previous owner, UBS
vestment officer of the Ameri- Mr. Munk said grocery-an- still going to buy eggs, you’re ume, low-margin business, doesn’t appear to have dented Realty Investors LLC, paid for
cas for Houston-based Hines, chored shopping centers have still going to buy butter,” said which has historically proven grocery-store foot traffic, par- the property in 2005, accord-
which closed on the property held up well during recent eco- Anjee Solanki, national director less prone to disruption by e- ticularly in the suburbs, Ms. ing to MSCI. A spokeswoman
last week. nomic headwinds and will be a of retail services and practice commerce, Mr. Munk said. Solanki said. for UBS declined to comment.
Retail was the only real-es- focus for Hines moving for- groups, U.S., for real-estate Transportation costs make it “Even though they’re com- Mr. Munk said he believes
tate sector where sales grew ward, along with housing and firm Colliers. “You’re still going difficult for delivery companies ing into the office, it doesn’t investors are overlooking the
last year compared with 2021, industrial acquisitions. “We’re to go to the grocery store.” to turn profits and customers mean they’re leaving at 5,” she New York metro area in their
according to data firm MSCI. staying away from malls, office The proliferation of online don’t like paying large delivery said. “There’s still that weird zeal to snap up Sunbelt proper-
Sales activity, which totaled for now,” he said. grocery-delivery services like fees. flexibility of, ‘I’ll leave at 4, ties. White Plains has thou-
$85.7 billion in 2022, was Grocery stores have proved Fresh Direct has cut into some Foot traffic to high-end gro- pick up stuff on the way sands of housing units under

.
mostly front-loaded in the first relatively resilient to both in- stores’ business. But Mr. Munk cers dipped in January when home.’ ” construction.
half of the year, with transac- terest rates and inflation. Foot said most shoppers still prefer some shoppers traded down On a recent Thursday after- “You’ll see Hines doing more

ly
tions declining as interest rates traffic at mid- and low-tier to buy their groceries in per- amid rising prices. But overall, noon in White Plains, the park- of these [deals] going forward,
rose. Shopping-center sales grocers in January topped 2019 son. people are visiting more gro- ing lot outside Whole Foods taking advantage of the arbi-
similarly declined, but to a levels, according to data-ana- “There’s a very strong num- cery stores and shopping more was humming as people trage that exists between more
lesser degree than single-ten-
ant retail space, said Jim Cos-
lytics firm Creditntell’s Real
Estate Intelligence platform.
on
ber of people that like to go to
the grocery store, like to seek
frequently than they did in pre-
vious decades, according to
pushed shopping carts inside
and workers from nearby of-
favored and less favored mar-
kets,” Mr. Munk said.

Traffic Jams in the Sunbelt Vehicle transit speed change during evening rush hour, 2019 to 2022*
us ,
l
e
DOWNTOWN
al a

Are Threatening Growth

ci on

65
Cu m

be
rl a
nd

BY KONRAD PUTZIER dents lost 105 hours to traffic able commute of a site. Poor 24
jams on average in 2022, ac- traffic shrinks the radius, and nd
Ri v e r
er s

Bruce Jordan, a 69-year-old cording to Inrix, up 30% from by extension the labor pool, e r la
Speed change mb
Cu

retired corporate attorney, has 2019. Nashville’s lost hours hurting a city’s chances of at- NASHVILLE
0 25% Less traffic
m er

lived in the Miami area for over the same period rose 13% tracting companies.
most of his life. He likes the to 41. Other Sunbelt metropol- “It’s becoming an increas-
beach and being close to fam- itan areas with worsening de- ingly important factor, post-
ily. But reaching either one is lays include Las Vegas; Sara- Covid,” Mr. Seeley said.
becoming increasingly diffi- sota, Fla.; St. Petersburg, Fla.; Changing travel patterns
m rp

DICKSON
cult. and Savannah, Ga. during the pandemic explain 231
Roads are often clogged by Bad traffic hurts regional some of the gridlock. E-com-
snowbirds, tourists and recent economies because people lose merce deliveries are up, and
FRANKLIN
arrivals from the Northeast. time they could be spending construction sites proliferate
Driving to a pharmacy less working. Shops and restau- in the faster-growing cities. As Speed change MURFREESBORO
co Fo

than a mile from his suburban rants miss out on customers Americans spend more time 840
home north of Miami used to who can’t reach them. working from home, they More traffic -25% 0
be a breeze. Now, he says, it Gridlock also threatens to drive to stores or the gym
can take more than 45 minutes make regions less competi- during the day.
during rush hour. tive. Sunbelt cities have at- “If they don’t commute, *Data from 3:00 to 6:00 p.m.
Mr. Jordan and his wife are tracted migrants from the they compensate by making Source: INRIX Emma Brown/THE WALL STREET JOURNAL
thinking about leaving Miami other trips,” said Mr. Cervero.
for Delray Beach, Fla., and The trips are clogging roads Estimated share of workers
spending part of the year in in residential areas. In an who drive or carpool to work,
rural New Hampshire, where
Traffic hurts regions analysis of changing Nashville by metro area
their son lives and where cars because people lose travel speeds between 2019
WILLIAM DESHAZER FOR THE WALL STREET JOURNAL

move freely. and 2022, Inrix found that Las Vegas 85.9%
“I’m retired and really don’t
time they could most speed decreases were on
n-

want to spend a good part of spend working. roads linking one suburb to Nashville, Tenn. 85.3
the rest of my life sitting in another, while speeds im-
traffic,” he said. proved in the city’s downtown Miami 84.2
In most U.S. cities, traffic is office district.
no

less congested than it was in Northeast and California The changing patterns Washington 69.2
2019, as fewer people com- partly because of their low mean even people who don’t
mute to offices, according to cost of living. A big, suburban commute to city centers are San Francisco 62.0
mobility data company Inrix. house in the south can cost routinely stuck in traffic. Jen-
In some Sunbelt cities, such as less than a one-bedroom nifer Baumann, 37, who lives New York 53.5
Miami, Nashville and Las Ve- apartment in Brooklyn. But in a suburb north of Miami,
gas, where the population has longer travel times force said late notices from her 5- Source: U.S. Census Bureau 2017-2021
surged in recent years, it has more people to crowd closer year-old daughter’s school American Community Survey Nashville commuters lose more hours each year to traffic.
become worse. to city centers where homes are piling up because traffic
These cities also attracted are scarce, pushing up hous- makes it increasingly impos- ple take the subway. Most Jim Schmitz, market leader posal to add toll lanes on state
more companies and tourists ing costs and making cities sible to get her there on southern cities offer no such for Nashville at business ser- roads. Florida Republican Gov.
during the pandemic. Local like Nashville and Miami less time. alternative. vices firm Elliott Davis and Ron DeSantis recently pro-
roads, built decades ago for a affordable. “We wake up earlier, but Miami’s Metromover, an el- chair of the Transit Alliance of posed spending more than $5
much smaller population, are Companies are also hesitant how much earlier should I evated train, extends for only Middle Tennessee, said the billion on highway construc-
struggling to accommodate to move operations some- have to suggest our daughter 4.4 miles. Miami-Dade County city needs better public trans- tion and more than $800 mil-
the new reality. where with congested traffic, to wake up because traffic is Mayor Daniella Levine Cava, a portation to remain competi- lion on rail and transit
“They way underestimated said Mark Seeley, an executive so bad?” she said. Ms. Bau- Democrat, recently proposed tive. “If you’re able to create throughout the state.
their growth,” said Robert vice president at CBRE Group mann said she started driving extending the system to Miami those transit lines to places Some locals are skeptical
Cervero, professor emeritus of Inc. who advises companies on an SUV to get a higher- Beach. Buses abound, but with further out, you make afford- that the investments are
city and regional planning at site selection. perched view of the gridlock few express lanes they, too, able housing more accessible enough. “You’ll see an extra
the University of California, Firms like to open factories in front of her. get stuck behind cars, often for essential workers,” he lane here or there, but by and
Berkeley, College of Environ- and offices in cities with Sunbelt cities are particu- ones with New York and On- said. large it just can’t keep up,”
mental Design. plenty of skilled workers. larly vulnerable to congestion tario license plates. Nashville For now, Sunbelt states are said Marla Ross, 68, a retired
The traffic tie-ups aggra- When choosing between cities, because of poor public tran- voters in 2018 rejected a pro- hoping to fight congestion by teacher living in the Miami
vated by the newcomers they typically run an analysis sit. Driving in New York posal to raise sales taxes to adding more roads and ex- suburb of Aventura.
threaten to become a drag on to see how many potential em- City’s rush hour can be bum- pay for light rail and expanded press lanes. Tennessee law- —Deborah Acosta
economic growth. Miami resi- ployees live within a reason- per-to-bumper, but many peo- bus service. makers are considering a pro- contributed to this article.

Gov. Justice sill’s defunct banking unit in

Bremen, Germany.
That deal reduced how
Around 10% of the proceeds
of certain Bluestone assets are
earmarked to a previous
sill Bank.
Bluestone comprises several
mines and two plants that pre-
sill for loans to rebuild the
company, the governor has
said, and his family ultimately
of those investor funds. The
money Credit Suisse recovers
from Mr. Justice’s companies

Aims to Sell much Bluestone could poten-

tially pay to $620 million, de-
pending on how much money
owner, Mechel PAO, a Russian
metals and mining company.
Mechel is majority-owned by
pare coal to be transported.
The company mines metallur-
gical coal, the kind used in
became one of Greensill’s big-
gest borrowers. Bluestone re-
ceived financing over a three-
is going toward paying back
the investors in the funds.
Mr. Justice and his family

Coal Firm the mines produce and how

much it makes if the mines are
sold. The first $320 million
board chairman Igor Zyuzin
and his family, according to a
2022 company filing. The com-
steelmaking.
Mechel bought Bluestone
from the Justice family in
year period starting in 2018.
Many of the loans were backed
by “prospective receivables”
had made personal guarantees
on the loans, the Journal re-
ported earlier. In 2021, Mr.
goes to pay off debt. Any addi- pany isn’t sanctioned by the 2009 in a cash-and-stock deal. connected to sales that had yet Justice described what he
Continued from page B1 tional proceeds would be split U.S., U.K., or European Union, Including debt, the deal was to be generated, The Wall owed as “a burden on our fam-
coal assets would be the latest among the Justices, Credit according to government da- worth more than $1.5 billion, Street Journal earlier reported, ily beyond belief.”
chapter in two years of legal Suisse and the Greensill Bank tabases. A Mechel spokesper- Mr. Ruby said. citing court documents. A rebound in coal prices has
wrangling between the Justice administrator. son didn’t respond to a re- In 2015, after the price of The loans Greensill made to lifted Bluestone’s fortunes and
family and Greensill’s main fi- The Bluestone operations quest for comment. coal collapsed, the Justice Mr. Justice and others were made what it owns more at-
nancing partner, Credit Suisse have generated enough cash to Mr. Ruby said any amount family bought Bluestone back. packaged into notes and tractive to buyers, though it
Group AG. The Justices struck pay off roughly $30 million due to Mechel would be paid The Justices paid $5 million bought by Credit Suisse invest- isn’t known how much Blue-
a repayment agreement last and the Justices’ debt balance from Bluestone’s share of any plus royalty payments on fu- ment funds. When Greensill stone would be worth in a sale.
summer with Credit Suisse and is declining by $1 million a sale after settling its debts ture coal sales. collapsed in March 2021, —Ben Dummett
the administrator for Green- week, Mr. Ruby said. with Credit Suisse and Green- Mr. Justice turned to Green- Credit Suisse froze $10 billion contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | B7

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B8 | Wednesday, March 15, 2023 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Firms Face Disaster Insurance Woes Bed Bath

& Beyond
Higher inflation has
made it costlier to
guard against
Salvages
worksite catastrophes Funding
BY RICHARD VANDERFORD BY ALEXANDER GLADSTONE

Persistent inflation has had Bed Bath & Beyond Inc. said
spillover effects on the insur- on Tuesday it has reached a
ance that companies use to new agreement with investors
guard against disaster at their that will allow the distressed
facilities, with higher construc- retailer to get an additional
tion costs making it harder to $100 million in funding, even
get coverage and harder to get though its share price has
paid on claims. sunk.
Businesses usually insure The agreement with hedge
against events such as fire and fund Hudson Bay Capital
hurricanes in one-year cycles, Management LP reduces the
which in a typical economic en- share-price threshold the re-
vironment doesn’t pose major tailer needs to maintain as
difficulties. If a factory would part of an equity offering deal
cost $40 million to build in to $1 from $1.25 until April 3,
January, it probably will cost the company said.
MATT ROURKE/ASSOCIATED PRESS

slightly more than $40 million The lower threshold will al-
to replace in December, if, for low the company to collect an
example, a wildfire struck. additional $100 million by sell-
But in the current inflation- ing equity warrants to Hudson
ary environment, the cost of re- Bay and other investors, bring-
building could be significantly ing the total amount Bed Bath
higher, which has caused head- & Beyond has raised since last
aches for businesses and insur- month to $460 million. At the
ers. While broad consumer time, the company had been on
costs, as measured by the con- Construction costs have risen, pushing up the expense to rebuild following a disaster at a company’s facility. the verge of bankruptcy after
sumer-price index, went up by having missed interest pay-
6.4% in January from a year represents companies that try something that until recently the current market can have ing firm McKinsey & Co. who ments before it signed the eq-
earlier, some construction-re- to recover money from insur- had received far less attention: several bad outcomes. advises insurance companies uity offering.
lated costs have risen much ers. “This is an issue that has how much an insured commer- If a company has inadver- and brokerages. Hudson Bay, along with some
more. impacted insurance claims cial property is actually worth. tently undervalued its portfolio, Though some policies will other investors, provided $225
Paint prices, for example, across the board. Everything is Amid the surging inflation it can find renewal premiums cover companies for losses up million to Bed Bath & Beyond
jumped more than 26% from remarkably more expensive.” for building materials, insurers much more costly than antici- to a particular dollar amount, last month as the first install-

.
November 2021 to November Hillwood Development Co., are asking companies to show pated. “A lot of companies others insure against the re- ment of the complex equity
2022, according to an analysis a real-estate developer in the more data on how they have aren’t prepared for that,” Mr. placement value, whatever that deal, involving a mix of war-

ly
released in December by the Perot group of companies, is determined the valuation of Rix said. might be at a given moment. rants for preferred convertible
Associated General Contractors still waiting on an insurance their assets, both when policies If a company has to make a An insurer that issued a policy and common shares.
of America, a trade group. The payment for hail damage to its are up for renewal and when claim against an existing policy, with the understanding that it The agreement called for
same analysis showed glass got
12% more expensive and roof-
ing materials 13%. The actual
roofing contractors themselves
multifamily homes in the Dal-
las-Fort Worth area from a
storm in 2021, said Penni
Chambers, vice president of
on
claims are made.
“You’re going to have to de-
fend your values,” said David
Rix, a risk engineering ex-
under some policies an under-
valuation can mean the com-
pany is left with a gap in its
coverage. A company can also
would cover a building worth a
certain amount can be left pay-
ing much more when a loss ac-
tually occurs.
Hudson Bay and others to pro-
vide an additional $800 million
over 10 months by purchasing
more warrants, provided that
cost 21% more to hire. risk management for the com- pert at TÜV SÜD Global Risk face long delays, as property Research by McKinsey Bed Bath & Beyond meet cer-
us ,

“Inflation and cost run-ups pany. Consultants. The analysis can developer Hillwood is, as an in- showed that rising prices con- tain conditions, including the
l

as a result of supply-chain is- “This is the first time I’ve take “months and months.” surer pores over the valuations. tributed to a roughly $32 bil- stock’s volume-weight-average
e
al a

sues and the pandemic have ever had a loss that has taken A mismatch between how Insurers face their own diffi- lion increase in how much in- price not sinking below $1.25.
wreaked havoc,” said Scott this long,” said Mrs. Chambers, much a company thinks its culties: “They are losing gobs surers had to pay out in 2022 The stock fell 7.3% to $1.15
Godes, a partner at law firm who blamed the wait on insur- buildings are worth and how of money,” said Kia Javanmard- when compared with historical on Tuesday after the amend-
ci on

Barnes & Thornburg LLP who ance company scrutiny on much they are actually worth in ian, a senior partner at consult- trends. ment was announced.

ADVERTISEMENT
Upheaval at Yale University’s program
on financial stability. Blackstone
er s

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To Take
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run. We don’t really know as

BMW Tether much about tether, and it just

seems safer for that reason
alone,” said Mr. Kelly.
Cvent
m rp

Continued from page B1

transparency of its operations
Paolo Ardoino, chief technol-
ogy officer of Tether, said on
Twitter that the stablecoin is-
Private
and lack of information on suer has no exposure to Silicon BY COLIN KELLAHER
how it invests the reserves Valley Bank and Signature Bank.

HERB CHAMBERS
co Fo

that back its cryptocurrency. Federal regulators on Sunday Cvent Holding Corp. on
In 2021, Tether settled with Tuesday said it has agreed to
the New York state attorney be acquired by an affiliate of

WE DON’T SELL CARS. general’s office, which claimed

the company misrepresented
the dollar reserves backing its
The currency’s lack
of transparency may
private-equity funds managed
by Blackstone Inc. at an en-
terprise value of about $4.6

WE HELP PEOPLE BUY THEM stablecoin in 2017. In late

2018, when the companies be-
hind tether were struggling to
actually be working
in its favor.
billion.
Under the agreement, Black-
stone would pay $8.50 a share
maintain their access to the for Cvent, a nearly 12% pre-
global banking system, some mium to Monday’s closing price
2017 MINI COOPER of their backers turned to
shadowy intermediaries, falsi- shut down Signature Bank, one
of $7.40 and 29% above its clos-
ing price of $6.57 on Jan. 30,
CONVERTIBLE
n-

fied documents and shell com- of the last major banks servic- before The Wall Street Journal
panies to get back in, The Wall ing crypto companies. reported that the Tysons, Va.,
MOONWALK GREY SEMIMETALLIC
Street Journal has reported. On Monday, USD Coin traded cloud-based event-software
STK# BP1496, 38,727 MILES
However, tether’s lack of just shy of its $1 peg—regaining provider was exploring a sale.
no

transparency might be work- much of its weekend losses—af- Cvent, which was taken pri-
ing in its favor right now. ter U.S. regulators stepped in to vate by private-equity firm
SMART PRICE “This is a validation of guarantee all deposits of the Vista Equity Partners in 2016
what we know about money failed Silicon Valley Bank. in a $1.6 billion deal, went pub-
$
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money—which is when you
Some traders restored their
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lic again in late 2021 through a
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you are susceptible to runs,” shortfall by using company portunities Corp. II. Cvent
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FERRARI-LUND REAL ESTATE
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Lester Conklin s.32291 775-762-0338
Coming to Auction in Early June!
BMW Certified Pre-Owned Medford 40981 & 40907 Spaulding Ridge Rd
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wsj.com/classifieds
*Pricing excludes tax, title, registration and doc fee. Offer valid through 4/3/23. 800.801.8003 • williamsauction.com/GoldMine
All offers subject to vehicle availability. © 2023 Dow Jones & Company, Inc.
OR WILLIAMS & WILLIAMS WORLDWIDE REAL ESTATE, LLC. PHILIP R. HEILIGER, LIC. NO. 201211071. All Rights Reserved.
BUYER’S PREMIUM MAY APPLY.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, March 15, 2023 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32155.40 s 336.26, or 1.06% Trailing P/E ratio 21.34 18.63 3919.29 s 63.53, or 1.65% Trailing P/E ratio * 17.85 23.68 11428.15 s 239.31, or 2.14% Trailing P/E ratio *† 25.04 30.25
High, low, open and close for each P/E estimate * 17.10 17.43 High, low, open and close for each P/E estimate * 18.12 18.85 High, low, open and close for each P/E estimate *† 24.25 23.57
trading day of the past three months. Dividend yield 2.18 2.10 trading day of the past three months. Dividend yield * 1.76 1.44 trading day of the past three months. Dividend yield *† 0.92 0.78
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

34700 4150 12300

34000 4075 11900

33300 4000 11500

Session high 32600 3925 11100

DOWN UP
65-day
t

Session open Close

31900 moving average 3850 65-day moving average 10700
Close Open
t

65-day moving average

Session low 31200 3775 10300

Bars measure the point change from session's open

30500 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*1,300,612,509 12,369,121
Industrial Average 32306.59 31805.40 32155.40 336.26 1.06 35294.19 28725.51 -4.1 -3.0 11.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 954,262,813 5,310,937
Transportation Avg 14289.35 13708.10 13921.04 -53.66 -0.38 16718.54 11999.40 -10.3 4.0 20.6 Most-active issues in late trading Decl. volume* 328,057,467 6,636,263
Utility Average 919.56 903.91 912.54 11.46 1.27 1071.75 838.99 -7.7 -5.7 6.2 Volume After Hours Issues traded 3,157 317
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 39564.77 38894.74 39350.18 652.63 1.69 46941.20 36056.21 -8.6 2.2 13.0 Advances 2,305 159
SPDR Ptf Interm Treasury SPTI 39,006.4 28.59 0.01 0.03 28.62 28.25
Barron's 400 934.05 905.98 919.32 13.34 1.47 1051.05 825.73 -6.7 -0.1 18.3 Declines 763 141
iSh 7-10Y Treasury Bond IEF 16,932.7 97.54 -0.04 -0.04 97.79 97.40
Unchanged 89 17
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 13,138.5 391.75 0.02 0.01 395.19 379.52 New highs 18 3
Nasdaq Composite 11467.02 11284.93 11428.15 239.31 2.14 14619.64 10213.29 -11.7 9.2 13.2 Bunge Ltd BG 12,102.5 104.30 -0.32 -0.31 104.70 104.01 New lows 99 14
Nasdaq-100 12217.87 12035.22 12199.79 276.62 2.32 15239.32 10679.34 -9.4 11.5 15.1 SPDR Bloomberg 1-3M TBill BIL 11,495.9 91.61 … unch. 91.62 91.61 Closing Arms† 1.23 0.98
iSh Short Treasury Bd SHV 9,643.8 110.21 0.01 0.01 110.24 110.19 Block trades* 5,410 120
S&P

.
1.65
JPMorgan Ult Short Incm JPST 7,100.2 50.24 … unch. 50.26 50.23
500 Index 3937.29 3873.63 3919.29 63.53 4631.60 3577.03 -6.1 2.1 13.1 Nasdaq NYSE Arca

ly
Insulet PODD 6,798.0 312.00 -0.77 -0.25 312.77 306.89
MidCap 400 2480.34 2425.46 2451.60 45.00 1.87 2773.72 2200.75 -5.2 0.9 16.6 Total volume*5,533,129,563 473,884,482
SmallCap 600 1184.30 1154.38 1166.43 22.63 1.98 1357.33 1064.45 -9.1 0.8 17.1 Percentage gainers… Adv. volume*3,327,970,195 349,377,307
First Republic Bank FRC 2,666.1 44.12 4.49 11.33 45.98 39.50 Decl. volume*2,159,473,623 121,291,873
Other Indexes
Russell 2000
NYSE Composite
Value Line
1802.12 1760.08 1776.89
15044.65 14764.37 14944.74 180.37
549.62 536.11 543.82
32.59

7.71
on
1.87
1.22
1.44
2133.10 1649.84
17014.76 13472.18
653.15 491.56
-9.8
-6.0
-10.2
0.9
-1.6
1.4
13.7
11.3
12.4
Smartsheet
Western Alliance Bancorp WAL
Huntington Bancshares HBAN
SMAR 409.1
1,483.8
133.4
42.66
32.80
11.81
4.34
2.93
0.76
11.33
9.81
6.88
43.50
33.77
11.81
35.70
29.00
11.04
Issues traded
Advances
Declines
Unchanged
4,682
2,885
1,576
221
1,758
1,282
467
9
NYSE Arca Biotech 5238.93 5155.89 5208.12 52.24 1.01 5644.50 4208.43 10.1 -1.4 6.2
SentinelOne S 829.6 15.25 0.78 5.39 15.36 12.76
New highs 31 3
us ,

NYSE Arca Pharma 804.50 796.13 804.12 6.44 0.81 887.27 737.84 -0.7 -7.3 11.3 ...And losers New lows 214 18
l

KBW Bank 86.83 82.67 84.07 2.60 3.19 132.22 81.47 -33.1 -16.6 4.1 96.0 4.58 -0.41 -8.22 5.05 4.40 Closing Arms† 1.19 1.41
e
SOPHiA GENETICS SOPH
al a

PHLX§ Gold/Silver 119.61 117.27 119.11 1.17 0.99 167.76 91.40 -22.2 -1.4 19.2 Guess GES 67.9 19.65 -1.62 -7.62 22.50 19.00 Block trades* 31,711 1,955
PHLX§ Oil Service 81.67 77.69 79.18 0.54 0.69 93.94 56.08 7.9 -5.6 43.0 Steel Dynamics STLD 50.9 111.00 -5.29 -4.55 117.17 111.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3026.93 2960.57 3010.15 88.44 3.03 3625.58 2162.32 -5.3 18.9 24.9 Evolus EOLS 171.8 8.36 -0.35 -4.02 8.71 8.36 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 27.24 22.27 23.73 -2.79 -10.52 34.75 17.87 -20.4 9.5 -25.7 NOV NOV 112.4 18.54 -0.69 -3.59 19.23 18.54 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 619.38 5.17 0.84 2.3 Ambipar Emergency Resp AMBI 12.25 6.60 116.81 50.50 5.26 23.7 Toro Wi TORO 2.41 -1.54 -39.02 26.00 2.30 ...
MSCI ACWI ex-USA 287.94 –1.22 –0.42 2.4 Metropolitan Bank MCB 34.19 9.59 38.98 107.35 13.98 -66.6 Oportun Financial OPRT 2.74 -1.45 -34.61 14.91 2.71 -79.7
MSCI World 2674.36 30.72 1.16 2.8 Lavoro LVRO 7.77 2.13 37.77 15.82 5.25 -19.3 RAPT Therapeutics RAPT 19.70 -6.91 -25.97 32.45 9.86 -7.5
MSCI Emerging Markets 945.12 –16.38 –1.70 –1.2 SOPHiA GENETICS SOPH 4.99 1.36 37.47 9.31 1.69 -39.2 Starbox Group Holdings STBX 2.26 -0.73 -24.41 46.21 1.37 ...
m rp

Americas MSCI AC Americas 1488.77 23.50 1.60 2.2 Corbus Pharmaceuticals CRBP 3.07 0.82 36.44 18.72 2.11 -73.1 GitLab Cl A GTLB 33.96 -10.64 -23.86 70.96 30.92 -4.8
Canada S&P/TSX Comp 19694.16 105.26 0.54 1.6 Avid Bioservices CDMO 18.79 4.97 35.96 22.38 11.30 -3.4 Rite Aid RAD 2.66 -0.62 -18.90 11.61 2.50 -69.4
Latin Amer. MSCI EM Latin America 2124.95 –16.79 –0.78 –0.2 PacWest Bancorp PACW 13.05 3.30 33.85 46.84 5.00 -70.3 BigBear.ai BBAI 1.87 -0.41 -17.98 16.12 0.58 -77.1
Brazil BOVESPA 102932.38 –188.98 –0.18 –6.2 Kiromic Biopharma KRBP 5.27 1.30 32.62 27.09 3.71 -75.5 Live Oak Bancshares LOB 23.90 -5.23 -17.95 59.27 17.31 -56.9
Chile S&P IPSA 3192.76 –23.05 –0.72 0.6 First Republic Bank FRC 39.63 8.42 26.98 174.21 17.53 -75.4 Texas Community Bcshs TCBS 12.40 -2.41 -16.27 19.61 12.15 -27.5
co Fo

Mexico S&P/BMV IPC 52691.66 –320.59 –0.60 8.7 Cardio Diagnostics Hldgs CDIO 5.00 0.94 23.15 10.25 0.80 -49.4 Brera Holdings BREA 2.70 -0.52 -16.15 5.40 2.25 ...
EMEA STOXX Europe 600 449.56 6.76 1.53 5.8 Momentive Global MNTV 9.28 1.56 20.21 18.48 5.14 -36.8 Dermata Therapeutics DRMA 3.22 -0.62 -16.11 23.52 2.59 -78.5
Eurozone Euro STOXX 447.40 8.06 1.83 9.1 SMX (Security Matters) SMX 3.57 0.60 20.20 18.89 2.75 -64.0 Natura Co. Holding ADR NTCO 4.71 -0.88 -15.74 12.34 3.61 -44.5
Belgium Bel-20 3728.72 68.72 1.88 0.7 Vaccitech ADR VACC 2.91 0.48 19.75 7.45 2.02 -45.1 Okyo Pharma ADR OKYO 1.78 -0.33 -15.64 7.00 1.61 ...
Denmark OMX Copenhagen 20 1909.73 24.04 1.27 4.1 SiNtx Technologies SINT 2.71 0.43 18.60 70.80 2.13 -93.7 Paranovus Ent Tech PAVS 3.80 -0.70 -15.56 7.40 2.08 -30.9
7141.57 1.86 10.3 First Foundation FFWM 9.15 1.40 18.06 26.44 7.53 -64.6 AMC Entertainment AMC 4.64 -0.82 -15.02 21.09 3.77 -47.8
France CAC 40 130.07
Germany DAX 15232.83 273.36 1.83 9.4
Israel Tel Aviv 1756.26 19.12 1.10 –2.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26800.98 617.44 2.36 13.1 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 737.52 10.27 1.41 7.0
Oslo Bors All-Share 1370.89 1.24 0.6 ProShares UltraPro QQQ TQQQ 215,913 14.0 22.78 6.80 62.96 16.10 Ambipar Emergency Resp AMBI 6,505 8366 12.25 116.81 50.50 5.26
Norway 16.82
Mullen Automotive MULN 175,341 -17.8 0.16 -5.17 4.18 0.15 Momentive Global MNTV 88,365 6685 9.28 20.21 18.48 5.14
South Africa FTSE/JSE All-Share 75008.68 –493.60 –0.65 2.7
n-

2.23 ProSh UltraPro Shrt QQQ SQQQ 174,194 32.4 37.46 -6.79 69.55 31.17 Cvent Holding CVT 20,373 4027 8.36 12.97 8.38 3.30
Spain IBEX 35 9159.00 200.10 11.3
832.60 1.62 6.5 Bank of America BAC 153,722 255.1 28.76 0.88 44.63 27.87 Bunge Ltd BG 39,922 3858 104.62 14.48 128.40 80.41
Sweden OMX Stockholm 13.27
0.80 –0.1
SPDR S&P 500 ETF Trust SPY 148,453 72.7 391.73 1.65 462.07 348.11 Home Plate Acquisition HPLT 1,112 3587 10.20 0.10 10.66 9.72
Switzerland Swiss Market 10716.72 84.67
Turkey BIST 100 5207.32 –115.87 –2.18 –5.5 Tesla TSLA 142,927 -19.8 183.26 5.03 384.29 101.81 Insulet PODD 16,390 3433 312.77 3.07 320.00 181.00
no

U.K. FTSE 100 7637.11 88.48 1.17 2.5 Finl Select Sector SPDR XLF 127,824 182.5 32.27 2.02 40.01 29.59 Screaming Eagle Acqn A SCRM 5,503 3207 10.13 -0.10 11.50 9.58
19129.66 1.62 1.5 Troika Media Group TRKA 120,418 77.6 0.24 -5.80 1.42 0.10 First Republic Bank FRC 117,188 2473 39.63 26.98 174.21 17.53
U.K. FTSE 250 304.58
First Republic Bank FRC 117,188 2473.4 39.63 26.98 174.21 17.53 Berenson Acquisition I BACA 1,461 2323 10.17 0.10 10.43 9.71
Asia-Pacific MSCI AC Asia Pacific 155.18 –3.62 –2.28 –0.4 SCHW 111,721
Charles Schwab 853.0 56.68 9.19 93.16 45.00 Direct Selling Acqn Cl A DSAQ 2,519 2312 10.45 0.10 10.53 9.97
Australia S&P/ASX 200 7008.90 –99.95 –1.41 –0.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3245.31 –23.38 –0.72 5.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19247.96 –448.01 –2.27 –2.7
57900.19 –0.58 –4.8
Scan this code
India S&P BSE Sensex –337.66
Japan NIKKEI 225 27222.04 –610.92 –2.19 4.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3129.75 –2.62 –0.08 –3.7 and track most-active stocks,
South Korea KOSPI 2348.97 –61.63 –2.56 5.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15360.42 –200.07 –1.29 8.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1523.89 –49.18 –3.13 –8.7
All are available free at WSJMarkets.com US$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 .0050200.6384 13.5 Europe
Brazil real .1903 5.2541 –0.6 Czech Rep. koruna .04513 22.156 –1.8
Canada dollar .7306 1.3687 1.0 Denmark krone .1441 6.9378 –0.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001246 802.65 –5.4 Euro area euro 1.0733 .9317 –0.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000211 4746.00 –2.12 Hungary forint .002754 363.06 –2.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007141 140.04 –1.1
A consumer rate against its Five-year ARM, Rate Mexico peso .0538 18.5964 –4.6 Norway krone .0948 10.5528 7.6
benchmark over the past year 5.00% Uruguay peso .02541 39.3500 –1.6 Poland zloty .2280 4.3853 0.1
Bankrate.com avg†: 5.80% 28% Asia-Pacific Russia ruble .01320 75.750 2.7
t
5-year adjustable- Raymond James Bank, NA 3.00% 4.00 WSJ Dollar Index Sweden krona .0955 10.4763 0.4
s Australiadollar .6683 1.4963 2.0
rate mortgage 5.00% St. Petersburg, FL 800-718-2265 Tradeweb ICE 14 Switzerland franc 1.0939 .9142 –1.2
China yuan .1455 6.8716 –0.4
(ARM) Tuesday Close 3.00 Turkey lira .0527 18.9750 1.5
t Star One Credit Union 5.13% Hong Kong dollar .1274 7.8487 0.5
4.00 0 Ukraine hryvnia .0271 36.8500 unch
2.00 India rupee .01215 82.296 –0.5
Sunnyvale, CA 408-742-2801 Euro UK pound 1.2159 .8224 –0.5
s Indonesia rupiah .0000651 15368 –1.3
One year ago
t

3.00 Clinton Savings Bank 5.25% 1.00 –14 Japan yen .007450 134.23 2.4 Middle East/Africa
Kazakhstan tenge .002166 461.61 –0.3 2.6525 .3770 –0.01
t
Clinton, MA 888-744-4272 s Bahrain dinar
5-year Treasury 2.00 0.00 Yen Macau pataca .1236 8.0900 0.5 Egypt pound .0324 30.9016 24.8
Hanscom Federal Credit Union 5.50% –28
note yield Malaysia ringgit .2229 4.4870 1.9 Israel shekel .2760 3.6235 2.8
Hanscom AFB, MA 800-656-4328 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.00 New Zealand dollar .6237 1.6033 1.8 Kuwait dinar 3.2590 .3068 0.3
STAR Financial Bank 5.63% month(s) years
AM J J A S ON D J F M Pakistan rupee .00359 278.650 22.9 Oman sul rial 2.5975 .3850 –0.01
Fort Wayne, IN 765-622-4185 maturity Philippines peso .0182 55.090 –1.1 Qatar rial .2731 3.661 –0.2
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7434 1.3452 0.3 Saudi Arabia riyal .2663 3.7551 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007663 1304.94 3.4 South Africa rand .0552 18.1282 6.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0029423 339.87 –7.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.00 l 4.75 3.50 Taiwan dollar .03278 30.508 –0.4
Yield (%) 52-Week Total Return (%) Thailand baht .02892 34.580 –0.1 WSJ Dollar Index 97.03 0.11 0.12 0.49
Prime rate* 7.75 7.75 3.25 l 7.75 3.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.94 5.03 0.92 l 5.15 4.10 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2127.990 4.020 4.510 4.560 2.120 –6.530 –3.928
Money market, annual yield 0.48 0.48 0.07 l 0.48 0.09
Five-year CD, annual yield 2.78 2.77 0.46 l 2.79 1.65 U.S. Treasury Long, Bloomberg 3288.600 3.880 4.040 4.570 2.490 –17.690–10.665 Commodities
30-year mortgage, fixed† 6.98 7.14 4.45 l 7.41 2.76 Aggregate, Bloomberg 1981.310 4.560 4.940 5.210 2.720 –6.310 –2.959 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.21 6.24 3.64 l 6.53 2.88 Fixed-Rate MBS, Bloomberg 1963.570 4.520 4.920 5.380 2.790 –6.633 –3.095
Jumbo mortgages, $726,200-plus† 7.01 7.24 4.49 l 7.44 2.65 DJ Commodity 989.67 -10.52 -1.05 1251.61 989.67 -13.92 -5.63
High Yield 100, ICE BofA 3173.479 8.092 7.818 8.753 5.329 –2.638 3.374 Refinitiv/CC CRB Index 261.08 -3.59 -1.36 329.59 261.08 -7.21 -6.00
Five-year adj mortgage (ARM)† 5.80 5.80 2.96 l 5.82 2.15
Muni Master, ICE BofA 564.415 3.198 3.392 3.936 2.027 –1.488 0.196 Crude oil, $ per barrel 71.33 -3.47 -4.64 122.11 71.02 -26.04 -11.13
New-car loan, 48-month 6.75 6.75 3.58 l 6.77 2.30
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 776.394 7.811 7.821 9.159 5.919 –5.520 –1.599 Natural gas, $/MMBtu 2.573 -0.033 -1.27 9.680 2.073 -43.67 -42.50
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. 1906.20 -5.50 -0.29 1982.90 1623.30 -1.16 4.75
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures May 55.90 57.08 55.71 56.18 .32 171,217 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mexican Peso (CME)-MXN 500,000; $ per MXN
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 95.3850 95.4000 95.3525 95.3625 –.0325 178,110 April .05240 .05347 .05198 .05337 .00101 30
Contract Open April 95.2950 95.3150 95.2000 95.2450 –.0400 458,640 June .05188 .05292 .05125 .05277 .00101 276,519
March 16.73 .38 2
Open High hi lo Low Settle Chg interest 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 16.69 17.19 16.69 17.16 .48 5,820 Euro (CME)-€125,000; $ per €
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (CBT)-5,000 bu.; cents per bu. June 97-125 97-125 96-095 96-250 –1-10.0 10,444 April 1.0760 1.0772 1.0705 1.0763 .0002 2,616
March 4.0395 4.0620 4.0010 4.0105 –0.0590 2,762 March 686.50 14.25 33 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 1.0800 1.0815 1.0741 1.0803 .0001 734,435
May 4.0420 4.0525 3.9820 4.0030 –0.0505 123,155 May 683.00 699.75 677.50 696.25 11.75 196,294 Dec 95.5550 95.5550 95.5525 95.5525 –.0025 690,542
Gold (CMX)-100 troy oz.; $ per troy oz. June'23 95.7100 95.7850 95.1250 95.3350 –.2450 1,583,916
Wheat (KC)-5,000 bu.; cents per bu.
Eurodollar (CME)-$1,000,000; pts of 100% Index Futures
March 1912.20 1912.20 1901.10 1906.20 –5.50 732 March 813.50 … 3
April 1919.40 1919.40 1899.80 1910.90 –5.60 222,818 May 800.00 820.50 795.50 817.75 17.25 84,152
April 94.7375 94.9575 94.6675 94.7725 .0925 74,231 Mini DJ Industrial Average (CBT)-$5 x index
May 1926.70 1926.70 1911.10 1918.60 –5.60 258 June 95.1200 95.2450 s 94.7750 94.8950 –.0450 632,494 March 31909 32311 31805 32161 331 50,341
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 95.8000 95.8150 95.0100 95.3750 –.2500 603,313
June 1935.80 1935.80 1916.40 1927.40 –5.60 200,797 June 32135 32552 32035 32402 347 50,480
March 191.175 191.375 189.625 189.925 –.900 5,350
Aug 1952.00 1952.00 1934.60 1944.30 –5.50 18,443 Dec 95.9750 95.9850 95.1750 95.5750 –.2550 604,329 Mini S&P 500 (CME)-$50 x index
May 202.525 202.975 200.900 201.300 –1.100 17,478
Oct 1965.10 1966.20 1950.80 1960.80 –5.30 6,060 March 3865.75 3938.00 3852.25 3920.50 63.75 1,244,986
Cattle-Live (CME)-40,000 lbs.; cents per lb. Currency Futures
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 3897.25 3972.50 3885.00 3954.25 65.50 1,341,228
April 163.800 163.900 162.875 163.050 –.500 91,004
March 1469.50 1495.00 1469.50 1503.50 41.80 34 June 158.475 158.550 157.625 157.750 –.450 128,422 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P Midcap 400 (CME)-$100 x index
June 1457.50 1532.00 1432.50 1517.70 41.00 12,219 March 2412.00 2480.10 2406.00 2452.70 46.20 19,495
Hogs-Lean (CME)-40,000 lbs.; cents per lb. April .7549 .7555 .7451 .7491 –.0048 941
Platinum (NYM)-50 troy oz.; $ per troy oz. June 2427.10 2500.80 2421.60 2471.70 48.20 33,345
April 86.225 86.325 85.025 85.400 –.825 60,336 June .7620 .7627 .7520 .7560 –.0049 177,838
March … 994.90 –7.60 June 102.700 102.975 101.550 101.575 –1.025 67,474 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Nasdaq 100 (CME)-$20 x index
April 1009.40 1009.50 983.30 997.30 –7.60 36,217 .7276 .7324 .7274 .7321 .0034 51,262 March 11960.00 12223.00 11921.75 12207.00 275.25 164,843
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March
June 12080.00 12356.50 12032.25 12337.00 282.00 120,607
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 350.30 359.90 t 336.50 344.00 –9.60 85 June .7294 .7336 .7282 .7320 .0022 195,842
March 21.510 21.910 21.500 21.929 0.136 64 May 415.00 430.40 413.00 416.70 3.10 1,866 British Pound (CME)-£62,500; $ per £ Mini Russell 2000 (CME)-$50 x index
21.920 22.090 21.465 22.040 0.117 102,417 April 1.2165 1.2221 1.2147 1.2182 –.0026 1,683 March 1748.50 1805.10 1744.80 1779.10 34.00 265,697
May Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 17.72 17.99 17.72 17.95 .17 5,563 June 1.2216 1.2250 1.2157 1.2199 –.0025 184,255
April 74.70 74.90 t 70.78 71.33 –3.47 156,926 Swiss Franc (CME)-CHF 125,000; $ per CHF March 2148.80 2162.40 2118.50 2152.50 36.70 8,854
April 17.93 18.53 17.80 18.53 .75 5,518
May 74.77 75.02 t 70.94 71.49 –3.42 283,680 Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.1091 1.1119 1.1032 1.1066 –.0041 38,156 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 1.1180 1.1210 1.1137 1.1168 –.0046 372 June 103.25 103.78 103.09 103.22 .03 35,722
June 74.81 75.06 t 71.04 71.57 –3.38 247,502 March 2,606 2,606 2,600 2,628 15 10
Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 103.24 103.34 102.88 102.97 .08 476
July 74.65 74.91 t 70.98 71.49 –3.33 145,321 May 2,650 2,671 2,625 2,658 5 138,289
Sept 74.11 74.17 t 70.50 71.00 –3.16 118,917 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .6672 .6704 .6640 .6694 .0011 364
Dec 72.80 72.99 t 69.51 70.00 –2.92 206,832 March 180.90 –2.30 91 June .6692 .6724 .6655 .6709 .0011 149,902 Source: FactSet
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 178.70 179.05 175.10 175.45 –3.75 78,446
April 2.7704 2.7960 2.7017 2.7144 –.0471 55,000 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 2.6990 2.7065 2.6115
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
2.6243 –.0607 62,915 May
July
20.86
20.29
21.02
20.46
20.65
20.15
20.68
20.17
–.12 379,090
–.12 233,164
Bonds | wsj.com/market-data/bonds/benchmarks
April 2.6078 2.6127 2.5369 2.5530 –.0384 73,442 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May 2.5900 2.5998 2.5207
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.5362 –.0447 76,251 May
July
37.00
37.00
…
…
2,601
2,335
Tracking Bond Benchmarks
April 2.624 2.674 2.530 2.573 –.033 134,867 Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 2.740 2.789 2.650 2.690 –.036 284,459 May 80.60 82.49 80.30 81.37 .19 93,999 highs and lows for different types of bonds
July 3.190 3.228 3.100 3.128 –.056 101,502 July 81.55 83.08 80.87 81.93 .28 45,064
Total Total
Sept 3.193 3.215 3.101 3.124 –.062 97,850 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
return YTD total Yield (%) return YTD total Yield (%)
Oct 3.269 3.297 3.175 3.201 –.065 94,971 May 234.85 244.90 234.70 244.60 9.70 8,503
close return (%) Index Latest Low High close return (%) Index Latest Low High
Jan'24 4.172 4.181 4.085 4.113 –.058 76,530 July 230.00 237.20 230.00 236.30 9.05 914
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Agriculture Futures Interest Rate Futures
1981.31 1.6 U.S. Aggregate 4.560 2.720 5.210 1963.57 1.4 Mortgage-Backed 4.520 2.790 5.380
Corn (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 624.00 627.50 624.00 627.50 3.00 159 March 140-180 142-210 138-300 139-200 –2-15.0 6,146 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1934.08 1.5 Ginnie Mae (GNMA) 4.540 2.780 5.370
May 612.75 621.75 609.25 620.75 7.25 510,901 June 141-120 143-010 138-280 140-000 –2-11.0 1,460,389
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2908.52 1.4 U.S. Corporate 5.440 3.500 6.130 1155.19 1.4 Fannie mae (FNMA) 4.510 2.800 5.390
Oats (CBT)-5,000 bu.; cents per bu.
March 129-000 130-140 128-090 128-190 –1-17.0 13,803
March 342.00 340.25 –5.50 4 2810.60 1.0 Intermediate 5.400 3.190 6.050 1771.50 1.5 Freddie Mac (FHLMC) 4.530 2.800 5.370
June 130-270 132-040 129-100 129-300 –1-19.0 1,187,794
May 348.75 351.00 345.75 349.00 1.00 3,038
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3874.79 2.1 Long term 5.530 4.020 6.370 564.42 1.4 Muni Master 3.198 2.027 3.936
Soybeans (CBT)-5,000 bu.; cents per bu. March 113-215 114-245 112-255 113-110 –25.5 5,232
March 1501.00 1502.50 1499.75 1499.75 –.25 38 403.88 1.5 7-12 year 2.841 2.055 3.794
June 114-120 115-075 113-090 113-275 –25.5 4,207,742 565.12 1.6 Double-A-rated 4.780 3.010 5.320
May 1490.00 1496.75 1484.00 1493.75 2.50 316,881 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Soybean Meal (CBT)-100 tons; $ per ton. March 108-225 109-150 107-282 108-097 –20.5 2,232 770.78 1.4 Triple-B-rated 5.710 3.770 6.440 451.57 2.0 12-22 year 3.663 2.326 4.428
March 487.50 492.20 487.50 492.20 … 18 June 109-065 109-287 108-082 108-232 –19.7 4,293,904
High Yield Bonds ICE BofA 423.11 2.6 22-plus year 4.353 2.814 5.131
May 479.30 482.70 472.20 481.20 1.90 220,182 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 103-060 103-165 102-150 102-272 –9.5 1,999 472.53 2.0 High Yield Constrained 8.843 5.940 9.623 Global Government J.P. Morgan†
March 55.84 .50 151 June 103-157 103-263 102-211 103-006 –12.5 2,406,202
440.69 4.8 Triple-C-rated 14.917 9.837 16.916 532.02 2.0 Global Government 2.920 1.510 3.250

.
3173.48 1.9 High Yield 100 8.092 5.329 8.753 787.89 3.2 Canada 3.000 2.210 3.780

ly
Cash Prices | wsj.com/market-data/commodities Tuesday, March 14, 2023 413.76 2.0 Global High Yield Constrained 8.872 6.201 9.945 336.91 1.2 EMU§ 3.239 0.994 3.490
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 316.23 2.4 Europe High Yield Constrained 7.495 4.313 8.508 625.22 0.9 France 3.070 0.850 3.310
separate from the futures price on an exchange, which reflects what the commodity might be worth in future U.S Agency Bloomberg Fixed Income Indices 447.22 0.8 Germany 2.480 0.270 2.760
months.

Energy
Tuesday
Iron Ore, 62% Fe CFR China-s
Shredded Scrap, US Midwest-s,m
on
Tuesday
133.0
n.a.
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-u
Tuesday
9.5500
6.8625
1713.80
1515.15
1.4
1.2
U.S Agency
10-20 years
3.6 20-plus years
4.480 2.150 5.080
4.470 2.080 5.100
285.19
483.56
2.7
0.8
Japan
Netherlands
0.750 0.500 1.060
2.760 0.510 3.000

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 128.600 Steel, HRC USA, FOB Midwest Mill-s 1150 Wheat - Hard - KC (USDA) $ per bu-u 8.7175 3304.43 4.600 2.890 5.240 796.07 1.7 U.K. 3.730 1.610 4.690
us ,

Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.7500 2573.62 1.6 Yankee 5.150 3.180 5.840 776.39 1.1 Emerging Markets ** 7.811 5.919 9.159
54925
l

BMI Lithium Carbonate, EXW China, =99.2%-v,w Food

Metals *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 61700
e
al a

Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5760 Beef,carcass equiv. index ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Engelhard industrial 1916.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616 choice 1-3,600-900 lbs.-u 261.46
Handy & Harman base 1907.55 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 248.64
Broilers, National comp wtd. avg.-u,w 1.2760 Global Government Bonds: Mapping Yields
ci on

Handy & Harman fabricated 2117.38

LBMA Gold Price AM *1882.10
Fibers and Textiles Butter,AA Chicago-d 2.3800
LBMA Gold Price PM *1911.30 Cheddar cheese,bbl,Chicago-d 184.00 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Burlap,10-oz,40-inch NY yd-n,w 0.7100
Krugerrand,wholesale-e 1992.82
Cheddar cheese,blk,Chicago-d 192.50
Cotton,1 1/16 std lw-mdMphs-u 0.8037 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Maple Leaf-e 2040.49
Milk,Nonfat dry,Chicago lb.-d 118.50
Cotlook 'A' Index-t *92.55 Coffee,Brazilian,Comp-y 1.9082
American Eagle-e 2040.49 Hides,hvy native steers piece fob-u n.a. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coffee,Colombian, NY-y 2.2893
Mexican peso-e 2460.22 Wool,64s,staple,Terr del-u,w n.a. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Eggs,large white,Chicago-u 2.9150
er s

Austria crown-e 1872.24 4.625 U.S. 2 4.221 s l 4.030 4.620 1.847

Grains and Feeds Flour,hard winter KC-p 21.00
Austria phil-e 2002.35
Hams,17-20 lbs,Mid-US fob-u 0.90 3.500 10 3.633 s l 3.515 3.760 2.139
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 80.72
22.0500 3.250 Australia 2 3.107 t l 3.266 3.505 1.344 -108.9 -71.9 -52.3
m er

Engelhard industrial Bran,wheat middlings, KC-u,w 166 Pork bellies,12-14 lb MidUS-u 1.1853
Handy & Harman base 21.8720 Corn,No. 2 yellow,Cent IL-bp,u 6.1800 Pork loins,13-19 lb MidUS-u 1.0474 1.750 10 3.464 t l 3.530 3.751 2.444 -4.7 30.1
-16.5
Handy & Harman fabricated 27.3400 Corn gluten feed,Midwest-u,w 207.6 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£17.4500 Corn gluten meal,Midwest-u,w 663.4 Steers,feeder,Okla. City-u,w 224.75 0.000 France 2 3.059 s l 2.839 3.040 -0.269 -113.7 -114.6 -213.6
(U.S.$ equivalent) *21.0950 Cottonseed meal-u,w 393
Fats and Oils 2.000 10 2.973 s l 2.818 2.904 0.845 -65.6 -75.9 -129.9
Coins,wholesale $1,000 face-a 19376 Hominy feed,Cent IL-u,w 215
m rp

Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a. 2.500 Germany 2 2.873 s l 2.685 2.850 -0.344 -132.3 -130.0 -221.1
LBMA Platinum Price PM *988.0 Oats,No.2 milling,Mnpls-u 4.1400 Grease,choice white,Chicago-h 0.5250 2.300 10 2.415 s l 2.257 2.440 0.368 -121.5 -132.0 -177.6
Platinum,Engelhard industrial 1000.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1525.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.5886 2.500 Italy 2 3.475 s l 3.302 3.218 0.177 -72.1 -68.3 -169.0
Aluminum, LME, $ per metric ton *2236.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 506.80 Tallow,bleach;Chicago-h 0.5450 4.400 10 4.310 s 4.205 4.227 1.971 62.8 -17.3
l 68.1
Copper,Comex spot 4.0105 Soybeans,No.1 yllw IL-bp,u 14.7900 Tallow,edible,Chicago-u n.a.
0.005 Japan 2 -0.024 s l -0.026 -0.057 -0.029 -422.1 -401.0 -189.6
co Fo

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; 0.500 10 0.283 t l 0.306 0.504 0.195 -334.6 -327.1 -194.9
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/13 0.000 Spain 2 3.184 s l 2.933 3.102 0.068 -101.2 -105.2 -179.9
Source: Dow Jones Market Data
3.150 10 3.516 s l 3.358 3.353 1.352 -11.3 -21.9 -79.2
0.625 U.K. 2 3.448 s l 3.360 3.782 1.455 -74.9 -62.4 -41.2
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 4.250 10 3.474 s l 3.369 3.523 1.597 -15.5 -20.8 -54.7
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Money Rates March 14, 2023
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Corporate Debt
guide to general levels but don’t always represent actual transactions. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Investment-grade spreads that tightened the most…
Feb. index Chg From (%)
Spread*, in basis points
n-

level Jan. '23 Feb. '22 Federal funds Libor Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Effective rate 4.6000 4.5800 4.6000 0.0900 One month 4.72771 4.71900 4.80600 0.42857
U.S. consumer price index High 4.9000 4.9000 4.9090 0.1400 Three month 4.94100 5.02571 5.15371 0.91643 Ally Financial ALLY 8.000 7.56 Nov. 1, ’31 391 –47 272
All items 300.840 0.56 6.0 Low 4.5900 4.5600 4.5900 0.0500 Six month 4.96843 5.34614 5.49986 1.23786
Core 304.011 0.68 5.5 Morgan Stanley MS 3.950 5.14 April 23, ’27 134 –47 n.a.
Bid 4.5800 4.5800 4.5800 0.0700 One year 4.99229 5.71671 5.88071 1.68514
–41
no

Offer 4.6000 4.6200 4.6200 0.1000 Secured Overnight Financing Rate PNC Financial Services PNC 4.050 5.28 July 26, ’28 148 94
International rates
4.55 4.55 4.56 0.05 Toyota Motor Credit TOYOTA 3.050 4.87 March 22, ’27 104 –36 80
Treasury bill auction
Week 52-Week
4 weeks 4.640 4.590 4.640 0.135 Value 52-Week
Latest ago High Low
Latest Traded High Low Delta Air Lines DAL 7.000 5.66 May 1, ’25 142 –30 73
13 weeks 4.750 4.765 4.765 0.450
Prime rates 26 weeks 4.700 4.970 4.970 0.820 DTCC GCF Repo Index HSBC Holdings HSBC 6.500 5.89 Sept. 15, ’37 225 –27 207
U.S. 7.75 7.75 7.75 3.25 Secondary market Treasury 4.609 28.992 4.609 0.040 Citigroup C 4.750 5.78 May 18, ’46 185 –22 171
Canada 6.70 6.70 6.70 2.70 MBS 4.646 45.600 4.646 0.059
Fannie Mae NatWest NWG 4.800 5.85 April 5, ’26 180 –22 113
Japan 1.475 1.475 1.475 1.475 Notes on data:
30-year mortgage yields U.S. prime rate is the base rate on corporate
Policy Rates
30 days 6.010 6.232 6.812 3.754 loans posted by at least 70% of the 10 largest …And spreads that widened the most
Euro zone 3.00 3.00 3.00 0.00 6.036 6.257 6.988 3.828 U.S. banks, and is effective February 2, 2023.
60 days
Other prime rates aren’t directly comparable; Credit Suisse CS 3.750 10.61 March 26, ’25 624 113 324
Switzerland 1.50 1.50 1.50 0.00
lending practices vary widely by location;
Britain 4.00 4.00 4.00 0.50 Other short-term rates Discount rate is effective February 2, 2023. KeyCorp KEY 2.250 6.89 April 6, ’27 301 106 n.a.
Australia 3.60 3.35 3.60 0.10 Secured Overnight Financing Rate is as of
Week 52-Week Banco Santander SANTAN 3.496 6.03 March 24, ’25 171 62 n.a.
March 13, 2023. DTCC GCF Repo Index is
Overnight repurchase Latest ago high low Depository Trust & Clearing Corp.'s weighted 30
average for overnight trades in applicable
HSBC Holdings HSBC 5.625 6.08 March 17, ’25 176 n.a.
U.S. 4.58 4.56 4.59 0.01
Call money CUSIPs. Value traded is in billions of U.S. dollars.
29
Federal-funds rates are Tullett Prebon rates as JPMorgan Chase JPM 7.625 5.34 Oct. 15, ’26 128 n.a.
U.S. government rates 6.50 6.50 6.50 2.00 of 5:30 p.m. ET.
Barclays BACR 4.375 5.90 Jan. 12, ’26 184 15 108
Discount Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet; Vodafone VOD 4.125 5.05 May 30, ’25 84 15 38
4.75 4.75 4.75 0.25 90 days n.a. n.a. 4.84 0.61 Tullett Prebon Information, Ltd.
Celanese CE 6.050 5.83 March 15, ’25 160 14 131

Exchange-Traded Portfolios | WSJ.com/ETFresearch High-yield issues with the biggest price increases…
Bond Price as % of face value
Closing Chg YTD Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
SPDR S&P Div SDY 121.65 1.20 –2.8 Liberty Interactive LINTA 8.250 30.40 Feb. 1, ’30 37.500 1.50 34.813
Tuesday, March 14, 2023 Closing Chg YTD
ETF Symbol Price (%) (%) TechSelectSector XLK 139.66 2.31 12.2 1.49
Closing Chg YTD UtilitiesSelSector XLU 66.27 1.31 –6.0
Bath & Body Works BBWI 5.250 6.86 Feb. 1, ’28 93.437 93.500
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.71 –0.38 0.7 VangdInfoTech VGT 357.46 2.26 11.9 Venture Global Calcasieu Pass VENTGL 4.125 6.21 Aug. 15, ’31 86.482 1.23 86.250
CnsmrDiscSelSector XLY 140.84 1.70 9.0 iShPfd&Incm PFF 30.73 2.43 0.7 VangdSC Val VBR 156.81 1.67 –1.3
CnsStapleSelSector XLP 72.12 0.91 –3.3 iShRussMC IWR 67.99 1.54 0.8 VangdExtMkt VXF 136.42 1.68 2.7 Ford Motor Credit … 4.134 6.56 Aug. 4, ’25 94.727 1.22 95.155
DimenUSCoreEq2 DFAC 24.62 1.61 1.4 iShRuss1000 IWB 215.56 1.64 2.4 VangdDivApp VIG 149.12 1.28 –1.8
EnSelSectorSPDR 81.75 0.99 –6.5 iShRuss1000Grw IWF 229.83 1.94 7.3 1.20
XLE
iShRuss1000Val IWD 148.69 1.47 –2.0
VangdFTSEAWxUS VEU 51.79 0.86 3.3 Navient NAVI 5.625 9.98 Aug. 1, ’33 72.250 76.510
FinSelSectorSPDR XLF 32.27 2.02 –5.6 VangdFTSEDevMk VEA 43.86 1.18 4.5
HealthCareSelSect XLV 126.43 0.89 –6.9 iShRussell2000 IWM 176.52 1.85 1.2
VangdFTSE EM VWO 39.10 0.05 0.3 OneMain Finance OMF 6.875 8.84 March 15, ’25 96.472 1.15 98.300
IndSelSectorSPDR XLI 99.48 1.06 1.3 iShS&P500Grw IVW 60.63 1.75 3.6
VangdFTSE Europe VGK 59.33 1.85 7.0
InvscQQQI QQQ 297.37 2.30 11.7 iShS&P500Value IVE 146.59 1.65 1.0
VangdGrowth VUG 233.16 2.18 9.4 QVC QVCN 4.850 13.92 April 1, ’24 91.468 0.95 91.550
InvscS&P500EW RSP 140.70 1.41 –0.4 iShSelectDiv DVY 114.84 1.34 –4.8
VangdHlthCr VHT 233.05 1.13 –6.0 0.84
iShCoreDivGrowth DGRO 48.75 1.31 –2.5 iSh7-10YTreaBd IEF 97.58 –0.94 1.9
VangdHiDiv VYM 103.52 1.16 –4.3
CSC Holdings CSCHLD 5.250 8.09 June 1, ’24 96.779 98.597
iShCoreMSCIEAFE IEFA 64.74 1.33 5.0 iShShortTreaBd SHV 110.20 –0.05 0.3
VangdIntermBd BIV 75.41 –0.59 1.5
47.00 0.6 iShTIPSBondETF TIP 108.31 –0.55 1.8
iShCoreMSCIEM
iShCoreMSCITotInt
IEMG
IXUS 59.89
...
0.88 3.5 iSh20+YTreaBd TLT 104.09 –1.64 4.6
VangdIntrCorpBd VCIT 78.30 –0.47 1.0 …And with the biggest price decreases
VangdLC VV 178.83 1.76 2.7
iShCoreS&P500 IVV 393.58 1.68 2.4 iShUSTreasuryBd GOVT 23.09 –0.75 1.6
244.87 1.2 JPMEquityPrem JEPI 52.83 1.21 –3.0
VangdMC VO 205.18 1.41 0.7 Global Marine GLBMRN 7.000 12.68 June 1, ’28 78.807 –1.19 n.a.
iShCoreS&P MC IJH 1.94
JPM UltShIncm JPST 50.24 –0.06 0.2 VangdMC Val VOE 131.76 1.22 –2.6
iShCoreS&P SC IJR 95.75 2.04 1.2 –1.00
iShCoreS&PTotUS ITOT 86.89 1.63 2.5 SPDRBbg1-3MTB BIL 91.61 0.01 0.2 VangdMBS VMBS 46.05 –0.56 1.2 Occidental Petroleum OXY 7.950 6.87 June 15, ’39 110.500 110.005
VangdRealEst VNQ 82.66 0.96 0.2
iShCoreTotalUSDBd IUSB 45.49 –0.50 1.2 SPDR DJIA Tr DIA 322.19 1.06 –2.8
VangdS&P500ETF VOO 359.96 1.66 2.5 Intesa Sanpaolo ISPIM 5.710 7.34 Jan. 15, ’26 95.900 –0.73 96.423
iShCoreUSAggBd AGG 98.29 –0.59 1.3 SPDR Gold GLD 176.83 –0.58 4.2
31.02 1.04 4.5 VangdST Bond BSV 75.75 –0.30 0.6 –0.69
iShESGAwareUSA ESGU 86.62 1.61 2.2 SPDRPtfDevxUS SPDW
VangdSTCpBd VCSH 75.31 –0.03 0.2
Regal Rexnord RRX 6.050 6.16 Feb. 15, ’26 99.709 98.952
iShEdgeMSCIMinUSA USMV 70.01 0.94 –2.9 SPDRS&P500Value SPYV 39.32 1.65 1.1
VangdShtTmInfltn VTIP 47.25 –0.13 1.2
iShEdgeMSCIUSAQual QUAL 118.34 1.78 3.8 SPDRPtfS&P500 SPLG 46.06 1.68 2.4 Dish DBS … 5.125 16.64 June 1, ’29 56.423 –0.45 58.875
iShGoldTr IAU 36.07 –0.61 4.3 SPDRS&P500Growth SPYG 52.54 1.72 3.7 VangdShortTrea VGSH 58.20 –0.36 0.7
iShiBoxx$InvGrCpBd LQD 106.59 –0.30 1.1 SPDR S&P 500 SPY 391.73 1.65 2.4 VangdSC VB 185.48 1.72 1.1 Liberty Interactive LINTA 8.500 31.59 July 15, ’29 38.250 –0.25 36.625
iShJPMUSDEmBd EMB 84.63 –0.27 0.0 SchwabIntEquity SCHF 33.69 1.14 4.6 VangdTaxExemptBd VTEB 49.90 –0.26 0.8
iShMBS MBB 93.67 –0.48 1.0 SchwabUS BrdMkt SCHB 45.91 1.75 2.5 VangdTotalBd BND 72.79 –0.63 1.3 Telecom Italia Capital TITIM 6.000 8.16 Sept. 30, ’34 84.020 –0.23 84.449
iShMSCIACWI ACWI 87.33 1.38 2.9 SchwabUS Div SCHD 71.56 0.89 –5.3 VangdTotIntlBd BNDX 48.63 –0.59 2.5
iShMSCI EAFE EFA 69.09 1.33 5.3 SchwabUS LC SCHX 46.28 1.62 2.5 VangdTotIntlStk VXUS 53.49 0.89 3.4 Ford Motor F 7.450 7.05 July 16, ’31 102.500 –0.19 104.625
iSh MSCI EM EEM 37.92 0.05 0.1 SchwabUS LC Grw SCHG 60.89 2.32 9.6 VangdTotalStk VTI 195.89 1.78 2.5
iShMSCIEAFEValue EFV 47.68 1.15 3.9 SchwabUS SC SCHA 41.15 1.88 1.6 VangdTotWrldStk VT 88.64 1.33 2.8 *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.
iShNatlMuniBd MUB 106.25 –0.21 0.7 Schwab US TIPs SCHP 52.69 –0.30 1.7 VangdValue VTV 135.35 1.19 –3.6 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCorpBd IGSB 49.97 –0.08 0.3 SPDR S&PMdCpTr MDY 448.16 1.90 1.2 WisdTrFRTrea USFR 50.38 –0.02 0.2 Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * Wednesday, March 15, 2023 | B11

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. Heico HEI 169.14 3.07 MetLife MET 59.07 0.11 RobertHalf RHI 77.15 -0.18 ValmontInds VMI 306.19 7.07 WalgreensBoots WBA 33.29 -0.28 WillisTowers WTW 227.60 0.11
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Heico A HEI.A 133.49 2.44 Mettler-Toledo MTD 1469.87 30.30 Robinhood HOOD 9.11 0.12 VeevaSystems VEEV 173.08 4.03 Walmart WMT 138.10 0.73 WillScotMobile WSC 48.15 0.40
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four HenrySchein HSIC 77.77 0.21 MicrochipTech MCHP 83.24 1.96 Roblox RBLX 43.19 1.78 Ventas VTR 46.14 1.22 WarnerBrosA WBD 14.05 Wipro WIT 4.66 -0.01
0.03
that include primary market trades as well as quarters. Wolfspeed WOLF 65.08 1.57
Hershey HSY 242.00 1.43 MicronTech MU 54.27 0.37 RocketCos. RKT 8.46 -0.20 VeriSign VRSN 192.06 0.80 WarnerMusic WMG 29.75 0.28
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading.
Hess HES 124.88 0.05 Microsoft MSFT 260.79 6.87 Rockwell ROK 294.30 8.29 VeriskAnalytics VRSK 180.90 0.28 WasteConnections WCN 134.98 2.37 WoodsideEnergy WDS 21.82 -0.19
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
Nasdaq ISE. standards HessMidstream HESM 27.13 -0.05 MidAmApt MAA 151.40 -0.10 RogersComm B RCI 45.12 0.75 Verizon VZ 36.88 0.34 WasteMgt WM 154.36 3.12 WooriFin WF 25.43 -0.26
The list comprises the 1,000 largest companies lf-Late filing HewlettPackard HPE 14.14 0.13 Middleby MIDD 143.21 1.12 Roku ROKU 61.71 2.17 VertexPharm VRTX 295.25 1.79 Waters WAT 311.73 5.39 Workday WDAY 183.41 2.16
based on market capitalization. q-Temporary exemption from Nasdaq Hilton HLT 139.07 1.53 MitsubishiUFJ MUFG 6.27 -0.24 Rollins ROL 35.84 0.80 Viatris VTRS 9.85 0.02 Watsco WSO 298.00 3.85 WynnResorts WYNN 108.33 2.08
Underlined quotations are those stocks with requirements. Hologic HOLX 79.36 1.06 MizuhoFin MFG 2.85 -0.08 RoperTech ROP 428.07 6.59 Vipshop VIPS 15.07 0.44 WebsterFin WBS 39.64 2.09 XcelEnergy XEL 65.44 0.66
large changes in volume compared with the t-NYSE bankruptcy HomeDepot HD 285.57 -0.95 Mobileye MBLY 41.76 1.71 RossStores ROST 103.68 0.29 Visa V 218.66 4.19 XPeng XPEV 7.92 -0.35
WellsFargo WFC 40.17 1.76
issue’s average trading volume. v-Trading halted on primary market. HondaMotor HMC 25.41 -0.31 Moderna MRNA 151.28 3.38 RoyalBkCanada RY 97.14 1.52 Vistra VST 25.50 1.16 Xylem XYL 99.90 2.00
Welltower WELL 71.56 2.35
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Honeywell HON 192.97 -0.13 MohawkInds MHK 97.16 0.16 RoyalCaribbean RCL 64.57 0.36 VMware VMW 118.57 2.57 YPF YPF 9.78 -0.13
WescoIntl WCC 155.26 3.54
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, HorizonTherap HZNP 109.70 0.25 MolinaHealthcare MOH 261.14 -2.55 RoyalGold RGLD 119.88 1.62 Vodafone VOD 11.70 0.12 Yum!Brands YUM 126.70 1.81
previous closing price was $2 or higher. or securities assumed by such companies. WestPharmSvcs WST 328.57 7.35
YumChina YUMC 60.68 1.54
t HormelFoods HRL 39.31 -0.02 MolsonCoorsA TAP.A 57.99 2.78 RoyaltyPharma RPRX 33.21 0.44 VoyaFinancial VOYA 67.96 2.13 WesternDigital WDC 35.29 -0.03
DR Horton DHI 97.52 1.93 MolsonCoorsB TAP 51.85 -0.23 RyanSpecialty RYAN 37.57 1.93 VulcanMatls VMC 167.51 1.53 ZTO Express ZTO 26.27 0.56
WesternMidstrm WES 25.73 -0.25 ZebraTech ZBRA 292.46 7.54
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HostHotels HST 15.96 0.19 Mondelez MDLZ 66.29 0.75 Ryanair RYAAY 91.51 1.06 Westlake WLK 109.50 0.97
changes in the closing prices from 4 p.m. the previous day. HowmetAerospace HWM 40.78 0.75 MongoDB MDB 204.68 2.94 SAP SAP 118.12 3.09 W X Y Z t WestRock WRK 28.34 -0.09
Zillow C Z 40.42 0.22
Zillow A ZG 39.61 0.15
Hubbell HUBB 245.96 8.97 MonolithicPower MPWR 493.72 7.42 S&P Global SPGI 332.73 7.94 WEC Energy WEC 92.43 1.27 Weyerhaeuser WY 29.99 -0.17
Tuesday, March 14, 2023 ZimmerBiomet ZBH 126.63 2.38
Net Net HubSpot HUBS 392.85 13.45 MonsterBev MNST 101.64 1.32 SBA Comm SBAC 250.79 1.74 WEX WEX 176.84 5.90 WheatonPrecMet WPM 43.90 0.63 Zoetis ZTS 164.56 1.15
Net Stock Sym Close Chg Stock Sym Close Chg Humana HUM 481.97 -0.51 Moody's MCO 293.02 7.71 SEI Investments SEIC 55.86 0.74 W.P.Carey WPC 79.40 -0.07 Whirlpool WHR 131.97 0.17 ZoomVideo ZM 68.99 0.32
Stock Sym Close Chg JBHunt JBHT 168.32 -5.23 MorganStanley MS 89.97 1.98 SK Telecom SKM 20.23 0.36 WPP WPP 59.01 1.01 Williams WMB 29.25 0.24
Boeing BA 207.28 3.91 Disney DIS 93.36 0.76 HuntingtonBcshs HBAN 11.05 -0.07 ZoomInfoTech ZI 21.36 -0.06
Morningstar MORN 187.96 1.37 SS&C Tech SSNC 54.88 0.54 Wabtec WAB 100.78 1.96 Williams-Sonoma WSM 118.94 0.67 Zscaler ZS 107.97 -1.89
BookingHldgs BKNG 2475.75 36.86 DocuSign DOCU 55.49 2.42 HuntingIngalls HII 208.35 -0.81
A B C BoozAllen BAH 91.33 1.59 DolbyLab DLB 80.95 0.95 HyattHotels H
Mosaic MOS 46.58 -0.75 Saia SAIA 276.43 6.00
110.35 2.57 MotorolaSol MSI 266.25 5.98 Salesforce CRM 182.89 7.38
ABB ABB 33.76 0.84 BorgWarner BWA 47.61 1.25 DollarGeneral DG 215.51 -1.29 ICICI Bank IBN 20.42 0.41 NICE NICE 206.79 4.30 Samsara IOT 19.69 0.18
ADT ADT 7.12 0.04 t BostonProps BXP 53.43 -2.41 DollarTree DLTR 141.49 -0.80 ICL Group ICL 7.04 0.22 NIO 8.42 -0.13 Sanofi
AECOM ACM 85.08 1.36 BostonSci BSX 48.31 0.71 DominionEner D 54.71 0.51 IdexxLab IDXX 471.42 10.50 NOV
NIO SNY 47.86 0.83
NOV 19.23 -0.01 SareptaTherap SRPT 144.90 2.13 Dividend Changes
AES AES 23.22 0.32 BristolMyers BMY 66.47 0.47 Domino's DPZ 307.10 5.72 ING Groep ING 12.69 0.27 NRG Energy NRG 31.58 0.70 t Sasol SSL 13.23 0.03
Aflac AFL 63.12 0.96 BritishAmTob BTI 36.79 -0.06 Donaldson DCI 64.66 1.50 Invesco IVZ 16.24 0.21 NVR NVR 5371.72105.04 Schlumberger SLB 49.36 0.52
AGCO AGCO 128.41 2.13 BrixmorProp BRX 21.54 0.29 DoorDash DASH 56.99 3.19 IQVIA IQV 200.71 2.59 NXP Semi SCHW 56.68 4.77 Amount Payable /
NXPI 178.82 4.90 SchwabC
Ansys ANSS 308.30 5.55 Broadcom AVGO 632.46 15.99 Dover DOV 145.66 2.21 ITT ITT 86.12 1.48 Nasdaq Company Symbol Yld % New/Old Frq Record
NDAQ 52.76 0.79 Sea SE 76.64 1.85
APA APA 34.83 0.31 BroadridgeFinl BR 137.03 0.60 Dow DOW 52.29 -0.11 IcahnEnterprises IEP 50.34 -0.05 Natera NTRA 56.43 1.25 Seagate STX 61.02 0.68
ASE Tech ASX 7.48 0.15 BrookfieldAsset BAM 31.66 0.68 DrReddy'sLab RDY 53.56 -0.19 Icon ICLR 215.25 3.46 NationalGrid NGG 64.64 0.15 Seagen
Increased
SGEN 199.84 2.19
ASML ASML 620.30 15.52 Brookfield BN 29.49 0.45 DraftKings DKNG 18.08 -0.14 IDEX IEX 223.96 4.94 NatlInstruments NATI 49.92 1.10 SealedAir SEE 45.32 0.36 AGNC Invt Pfd. C AGNCN 9.3 .6213 /.57438 Q Apr17 /Apr01
AT&T T 18.44 0.14 BrookfieldInfr BIP 32.50 0.44 Dropbox DBX 19.56 0.59 IllinoisToolWks ITW 234.14 3.88 Applied Materials AMAT 0.9 .32 /.26 Q Jun15 /May25
NatlRetailProp NNN 43.77 0.49 Sempra SRE 146.85 2.88
AbbottLabs ABT 98.55 0.36 BrookfieldRenew BEPC 30.74 1.36 DukeEnergy DUK 95.09 0.92 Illumina ILMN 225.88 -1.06 NatWest NWG 6.76 0.14 SensataTechs ST 48.40 1.24 Hurco Cos HURC 2.1 .16 /.15 Q Apr10 /Mar27
AbbVie ABBV 153.85 1.90 Brown&Brown BRO 55.04 0.97 DuPont DD 70.30 1.05 ImperialOil IMO 47.68 -0.80 NetApp NTAP 61.12 -0.23 ServiceCorp SCI 65.06 1.59
AcadiaHealthcare ACHC 69.16 0.81 Brown-Forman B BF.B 62.29 0.01 Dynatrace DT 39.11 0.75 Incyte INCY 74.00 0.82 NetEase NTES 85.31 1.54 ServiceNow NOW 424.54 9.61 Stocks
Accenture ACN 252.48 1.17 Brown-Forman A BF.A 62.35 -0.12 EMCOR EME 158.39 2.71 Infosys INFY 17.33 0.06 Netflix ShawComm B SJR 28.67 0.13 Dermata Therapeutics DRMA 1:16 /Mar14
NFLX 294.94 1.43
ActivisionBliz ATVI 79.09 0.95 Bruker BRKR 74.88 2.73 ENI E 27.78 0.23 IngersollRand IR 55.70 0.99 Neurocrine NBIX 95.48 1.04 Shell SHEL 59.40 0.30
Adobe ADBE 333.33 9.06 BuildersFirst BLDR 81.05 1.21 EOG Rscs EOG 109.20 0.10 Ingredion INGR 97.26 2.19 SherwinWilliams SHW 216.99 3.39 Foreign
t AdvanceAuto AAP 121.70 -2.66 Bunge BG 104.62 13.23 EPAM Systems EPAM 285.50 4.83 InspireMedical INSP 238.64 4.12 NewFortressEner NFE 30.75 -0.04
NewOrientalEduc EDU 39.26 -1.41 ShinhanFin SHG 27.00 0.12 Lufax Holding ADR LU 9.9 .05 SA Apr21 /Apr07
AdvDrainageSys WMS 83.66 0.99 BurlingtonStrs BURL 212.54 7.64 EQT EQT 30.69 0.41 Insulet PODD 312.77 9.33 Newmont NEM 44.87 -0.25 ShockwaveMed SWAV 201.05 14.23 Tecnoglass TGLS 0.9 .09 Q Apr28 /Mar31
AdvMicroDevices AMD 87.45 5.44 CACI Intl CACI 284.35 5.37 EastWestBncp EWBC 57.38 5.56 Intel INTC 28.01 1.06 NewsCorp B NWS 16.07 0.41 Shopify SHOP 43.80 2.02
Aegon AEG 4.57 -0.04 CBRE Group CBRE 75.77 0.40 EastGroup EGP 164.68 4.99 InteractiveBrkrs IBKR 79.98 3.59 Vale ADR VALE 6.5 .35415 SA Mar29 /Mar15
NewsCorp A NWSA 15.91 0.41 Sibanye-Stillwater SBSW 8.45 -0.21
AerCap AER 54.52 -0.48 CDW CDW 191.30 2.88 EastmanChem EMN 82.88 3.98 ICE ICE 98.85 1.18 NexstarMedia NXST 165.53 -0.72 SignifyHealth SGFY 28.97 0.20 ZIM Integrated Shipping ZIM 73.6 6.40 Q Apr03 /Mar24
AgilentTechs A 138.40 1.71 t CF Industries CF 74.61 -0.63 Eaton ETN 171.83 2.66 InterContinentl IHG 67.55 1.41
NextEraEnergy NEE 74.55 1.26 SimonProperty SPG 112.20 0.78 Sources: FactSet; Dow Jones Market Data
agilon health AGL 23.68 0.62 CGI GIB 92.56 1.50 eBay EBAY 41.16 0.07 IBM IBM 124.65 -0.93 Nike NKE 119.00 2.14 t SiriusXM SIRI 3.51 -0.12
AgnicoEagleMines AEM 47.86 0.12 CH Robinson CHRW 97.78 -3.51 Ecolab ECL 160.59 2.79 IntlFlavors IFF 84.21 0.62 NiSource KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
NI 27.76 0.43 SiteOneLandscape SITE 138.70 2.70
AgreeRealty ADC 68.57 0.15 CME Group CME 185.37 5.66 Ecopetrol EC 10.51 0.13 IntlPaper IP 35.44 0.59 Nokia SkechersUSA SKX 43.08 1.42 spin-off.
NOK 4.68 0.02
AirProducts APD 285.90 4.91 CMS Energy CMS 60.12 0.58 EdisonIntl EIX 68.30 0.91 Interpublic IPG 34.02 0.81 Nomura NMR 3.77 -0.05 Skyworks SWKS 113.23 1.96
Airbnb ABNB 116.36 0.40 CNA Fin CNA 38.20 0.14 EdwardsLife EW 78.20 1.58 Intuit INTU 408.30 16.74 Nordson
CNH Indl CNHI 15.12 0.18 NDSN 212.21 1.49 SmithAO AOS 67.48 1.70
AkamaiTech AKAM 71.83 1.08 ElbitSystems ESLT 173.52 -0.81 IntuitiveSurgical ISRG 235.28 7.50 Smith&Nephew SNN 29.40 0.47
NorfolkSouthern NSC 208.08 0.45
Albemarle
Albertsons
ALB 225.36 2.37 CRH
ACI 19.64 0.01 CSX
CRH 50.26 1.36 ElectronicArts EA 111.48 1.41 InvitatHomes INVH 31.26 0.13
CSX 29.26 0.20 ElevanceHealth ELV 458.58 -0.37 iQIYI IQ 7.19 0.01
NorthernTrust NTRS 86.27 4.06 Smucker SJM 151.56 1.65 BANKRATE.COM® MMA, Savings and CDs
Alcoa AA 44.59 -0.12 t CVS Health CVS 75.56 -0.72 EmersonElec EMR 83.09 1.19 IridiumComm IRDM 61.99 2.65 NorthropGrum NOC 453.66 -4.08 Snap SNAP 10.37 0.14
Novartis Snap-On SNA 240.76 3.20
ALC 65.71 0.90 s CadenceDesign CDNS 203.52 7.25 Enbridge
NVS 82.09 0.48
Alcon
AlexandriaRlEst ARE 126.53 0.41 CAE CAE 21.76 0.29 Endeavor
ENB 38.25 0.02 IronMountain IRM 52.26 0.21
EDR 23.39 0.68 ItauUnibanco ITUB 4.48
NovoNordisk NVO 142.95 2.41 Snowflake SNOW 139.82 2.09 Average Yields of Major Banks Tuesday, March 14, 2023
...
Novocure NVCR 67.28 -0.74 SOQUIMICH SQM 78.85 1.10
Alibaba BABA 83.85 0.95 CaesarsEnt CZR 45.99 0.40 EnergyTransfer ET 12.34 0.08 SolarEdgeTech SEDG 314.27 -1.94 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
J K L NuHoldings NU 4.48 -0.04
AlignTech ALGN 320.76 5.35 CamdenProperty CPT 108.18 -0.38 EnphaseEnergy ENPH 213.01 1.48
Nucor NUE 156.24 0.81 Sony SONY 85.44 -0.12 National average
Allegion ALLE 107.62 2.09 Cameco CCJ 25.49 0.12 Entegris ENTG 82.45 2.82 Southern SO 66.18 1.03
JD.com JD 40.44 0.33 Nutrien NTR 76.11 2.04
AllegroMicro ALGM 45.16 1.87 CampbellSoup CPB 53.77 0.49 Entergy ETR 103.69 1.84 Savings 0.31 0.23 0.28 0.68 0.87 1.34 1.18 1.09 1.08
CIBC CM 41.99 0.61 JPMorganChase JPM 134.62 3.37 nVentElectric NVT 44.23 1.81 SoCopper SCCO 73.81 1.28
AlliantEnergy LNT 52.06 0.58 EnterpriseProd EPD 25.69 0.29 t
Jabil JBL 82.95 1.60 NVIDIA NVDA 240.63 10.97 SouthwestAir LUV 30.53 -0.53 Jumbos 0.74 0.23 0.27 0.78 0.95 1.44 1.30 1.19 1.17
Allstate ALL 114.36 0.18 CanNtlRlwy CNI 116.17 -0.03 Envista NVST 38.67 1.06 Splunk SPLK 89.70 0.28
JackHenry JKHY 141.79 0.52 Weekly change
... CanNaturalRes CNQ 53.58 -0.86 Equifax
AllyFinancial ALLY 23.05
AlnylamPharm ALNY 187.10 2.24 CanPacRlwy CP 72.98 -0.38 Equinix
EFX 198.35 3.35
EQIX 691.47 8.77
JacobsSolns J 118.67 2.41 O P Q Spotify SPOT 125.54 2.15
JamesHardie JHX 20.73 0.53 StanleyBlackDck SWK 80.38 0.11 Savings 0.00 0.02 0.03 0.03 0.02 0.02 0.01 0.03 0.03
Alphabet C GOOG 94.25 2.59 CapitalOne COF 96.07 2.75 t Equinor EQNR 28.64 -0.36 OGE Energy OGE 35.33 0.70 Stantec

.
STN 57.79 0.42
Alphabet A GOOGL 93.97 2.86 CardinalHealth CAH 70.72 0.62 Equitable EQH 25.66 0.58
JazzPharm JAZZ 135.27 1.29
ONEOK OKE 64.38 0.74 Starbucks Jumbos 0.01 0.02 0.00 0.03 0.01 0.02 0.00 0.03 0.02
JefferiesFin JEF 32.01 1.53 SBUX 99.46 0.38
Altria MO 46.74 0.06 Carlisle CSL 237.33 0.10 EquityLife OReillyAuto ORLY 821.23 3.00 StateStreet STT 76.74 2.77

ly
ELS 66.07 0.33
Amazon.com AMZN 94.88 2.45 Carlyle CG 30.28 0.19 EquityResdntl EQR 59.92 0.68 J&J JNJ 153.92 0.86
OakStreetHealth OSH 35.24 0.67 SteelDynamics STLD 116.29 -0.79
Ambev
Amcor
ABEV 2.65 0.09 CarMax
AMCR 10.89 0.14 Carnival
KMX 60.33 -0.88 ErieIndemnity A ERIE 232.86 8.76
CCL 9.07 -0.17
EssentialUtil WTRG 42.78 0.48
JohnsonControls
JonesLang
JCI 62.57
JLL 150.03 0.17
2.04
OccidentalPetrol OXY 60.19 1.04 Stellantis
Okta OKTA 81.81 1.82 Steris
STLA 17.53 0.18 Consumer Savings Rates
JuniperNetworks JNPR 31.25 0.56 STE 178.54 -0.06
Amdocs DOX 91.71 1.81 Carnival CUK 8.32 -0.09
EssexProp ESS 214.49 0.50 OldDomFreight ODFL 333.59 4.37 STMicroelec STM 49.32 1.52 Below are the top federally insured offers available nationwide according to Bankrate.com's
KB Financial KB 37.07 -0.33
Ameren AEE 83.71 1.03 CarrierGlobal CARR 45.75 1.00 EsteeLauder EL 240.42 5.46 OldRepublic ORI 24.70 0.80 Stryker SYK 275.69 8.98 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
AmericaMovil AMX 21.04 0.33 CaseysGenStores CASY 209.15 -1.25 Etsy
AmericaMovil A AMOV 20.98 0.16 Catalent
AmerAirlines AAL 14.66 -0.19 Caterpillar
AEP AEP 90.25 0.87 Celanese
CTLT 70.31 4.64 EverestRe
CAT 225.67 0.97 Evergy
CE 108.00 2.76 EversourceEner ES
AmerExpress AXP 163.91 6.28 CelsiusHldg CELH 84.52 2.88 ExactSciences EXAS 64.46 0.92
AmericanFin AFG 119.75 1.95 Cemex CX 5.09 0.09
on
ETSY 102.79 -0.92
RE 358.67 12.53
EVRG 59.69 0.80
75.93 1.13
KBR

KKR
KLA
Kanzhun
KBR 53.71 1.20
KE Holdings BEKE 17.60 0.15
KKR

BZ
50.87 1.04
KLAC 379.02 14.20
17.98 -0.34
KarunaTherap KRTX 187.98 3.18
Olin

Omnicom
OnHolding
ON Semi
OLN 52.45 0.94 SumitomoMits SMFG 7.86 -0.31
OmegaHealthcare OHI 28.63 1.08 SunComms SUI 138.64 -0.36
OMC 87.37 1.73 SunLifeFinancial SLF 46.04 0.46
ONON 20.97 0.72 SuncorEnergy SU
ON 81.20 3.45 Suzano SUZ
31.51 -0.40
8.56 0.14
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
High yield savings
Bank
Phone number Minimum
Yield
(%)
Bank
Phone number Minimum
Yield
Exelon EXC 41.34 -0.05 OpenText OTEX 36.37 0.76 SynchronyFin SYF 30.46 1.21 (%)
Kellogg K 64.65 0.39
AmHomes4Rent AMH 30.07 0.33 CenovusEnergy CVE 16.99 -0.19 Expedia
us ,

EXPE 94.10 -0.90 Oracle ORCL 84.56 -0.37 Synopsys SNPS 369.84 12.55
AIG AIG 51.12 1.05 t Centene CNC 63.34 -0.83 ExpeditorsIntl EXPD 106.14 -1.61 KeurigDrPepper KDP 34.63 0.38
Orange ORAN 11.54 0.02 Sysco SYY 74.66 0.81
Money market and savings account Six-month CD
KeyCorp KEY 12.17 0.79
AmerTowerREIT AMT 199.83 3.50 CenterPointEner CNP 28.69 0.48 ExtraSpaceSt EXR 157.37 1.40
l

Orix IX 83.08 -1.73 UFB Direct $0 5.02 Bank5 Connect $500 4.75
AmerWaterWorks AWK 137.67 1.30 t CentraisElBras EBR 6.13 0.05 KeysightTech KEYS 156.77 2.58
OtisWorldwide OTIS 83.43 1.49 T U V
e
ExxonMobil XOM 106.94 0.40
(877) 472-9200 (508) 679-8551
al a

KimberlyClark KMB 123.65 0.57

AmericoldRealty COLD 29.08 0.30 CeridianHCM CDAY 69.99 1.93 F5 FFIV 138.70 1.86 t Ovintiv OVV 36.99 -0.37
CharlesRiverLabs CRL 205.02 3.00 KimcoRealty KIM 19.20 0.24 $1,000 4.70 $25,000 4.60
Ameriprise AMP 297.71 10.89 FMC FMC 120.26 0.82 OwensCorning OC 92.65 0.44 TC Energy TRP 39.64 0.46 CFG Community Bank Merrick Bank
KinderMorgan KMI 16.94 0.09
AmerisourceBrgn ABC 149.29 0.92 CharterComms CHTR 336.14 0.88 FTI Consulting FCN 196.14 0.90 PDD PDD 92.73 1.56 TD Synnex SNX 92.10 1.95 (888) 205-8388 (866) 638-6851
KinsaleCapital KNSL 295.26 7.23
Ametek AME 138.51 3.16 CheckPoint CHKP 126.79 3.01 FactSet FDS 409.55 12.08 Knight-Swift KNX 53.03 -0.50 PG&E PCG 15.99 0.23 TE Connectivity TEL 126.51 2.49
ci on

AMGN 230.58 -2.60 Chemed CHE 516.00 10.46 BankPurely, a division of Flushing Bank $25,000 4.45 Vio Bank $500 4.50
Amgen FairIsaac FICO 696.89 14.00 Philips PNC Fin PNC 130.53 0.47 Telus TU 19.57 0.22
PHG 17.02 0.28
AmkorTech AMKR 25.25 0.25 CheniereEnergy LNG 150.31 -3.64 Fastenal FAST 52.35 0.65 KoreaElecPwr KEP POSCO PKX 60.73 -0.55 Ternium TX 42.32 0.70 (800) 581-2889 (888) 999-9170
CheniereEnerPtrs CQP 46.97 -0.87 6.47 -0.22
Amphenol APH 77.60 1.35 FederalRealty FRT 97.98 1.22 KraftHeinz KHC 38.14 0.02 PPG Ind PPG 129.16 4.45 TFI Intl TFII 119.39 1.51
AnalogDevices ADI 186.58 4.03 ChesapeakeEner CHK 74.72 0.46
FedEx FDX 197.89 0.50 Kroger PPL PPL 26.99 0.23 TJX TJX 74.76 1.22 One-month CD One-year CD
KR 47.18 0.33
AngloGoldAsh AU 19.71 0.43 Chevron CVX 160.76 2.05
Ferguson PTC 119.96 2.63 T-MobileUS TMUS 143.01 3.28 $10,000 2.48 $500 5.15
ChewyA CHWY 38.60 -0.66
FERG 134.20 -0.07 LKQ LKQ 54.51 1.10 PTC VirtualBank CFG Community Bank
AB InBev BUD 60.81 1.33 Ferrari RACE 262.90 2.84 LPL Financial LPLA 205.97 3.27 Paccar PCAR 72.55 1.13 TPG TPG 27.21 -0.24
NLY 18.92 0.43 Chipotle CMG 1590.76 24.42 (877) 998-2265 (888) 205-8388
AnnalyCap FidNatlFin FNF 33.97 0.19 L3HarrisTech LHX 202.59 1.24 PackagingCpAm PKG 131.35 1.91 T.RowePrice TROW 106.57 1.15
t AnteroResources AR 23.14 0.11 Chubb CB 194.01 2.03 TaiwanSemi TSM 89.29 1.55 Colorado Federal Savings Bank $5,000 1.00 Rising Bank $1,000 5.00
er s

FidNatlInfo FIS 53.32 3.50 LabCorp.ofAmerica LH 222.23 2.98 PalantirTech PLTR 7.89 0.02
Aon AON 292.57 -0.87 ChunghwaTel CHT 38.88 0.08 FifthThirdBncp FITB 26.38 0.13 TakeTwoSoftware TTWO 113.81 2.48 (877) 484-2372 (888) 222-9484
Church&Dwight CHD 84.77 0.36 LamResearch LRCX 493.98 18.70 PaloAltoNtwks PANW 184.48 -1.42 TakedaPharm TAK 16.08 0.17
ApellisPharm APLS 65.17 2.51 t FirstCitizBcshA FCNCA 565.80 -23.02 LamarAdv LAMR 98.46 0.35 ParamountA PARAA 23.04 0.30 Tapestry State Bank of India California $1,000 0.50 Barclays Bank $0 5.00
ApolloGlbMgmt APO 59.76 1.29 ChurchillDowns CHDN 240.28 5.72 FirstHorizon FHN 16.30 0.26 TPR 41.49 0.62
LambWeston LW 98.62 2.31 ParamountB PARA 19.65 0.25 TargaResources TRGP 72.37 0.16
m er

Apple AAPL 152.59 2.12 Ciena CIEN 50.70 1.02 (877) 707-1995 (888) 720-8756
FirstIndRlty FR 52.28 1.26 LandstarSystem LSTR 172.90 -2.38 ParkerHannifin PH 334.22 2.13 Target
ApplMaterials AMAT 120.34 4.50 Cigna CI 272.13 -0.92
FirstSolar FSLR 207.29 3.71 LasVegasSands LVS 55.88 -0.06 Paychex PAYX 108.24 -0.09 TGT 158.37 0.45
Aptargroup ATR 115.08 3.11 CincinnatiFin CINF 111.12 2.36 FirstEnergy FE 39.19 0.39 s LatticeSemi LSCC 92.48 4.42 PaycomSoftware PAYC 280.51 5.97
TeckResourcesB TECK 36.45 0.91 Two-month CD Two-year CD
Aptiv APTV 113.00 2.75 Cintas CTAS 441.75 10.89 TeledyneTech TDY 414.72 7.24
Fiserv FISV 110.53 6.28 Lear LEA 140.36 8.44 Paylocity PCTY 180.24 4.02 VirtualBank $10,000 2.74 First Internet Bank of Indiana $1,000 4.70
Aramark ARMK 34.42 0.41 CiscoSystems CSCO 49.05 0.64 FiveBelow FIVE 197.84 2.06 LegendBiotech LEGN 47.21 1.95 PayPal PYPL 73.24 0.63 Teleflex TFX 227.06 4.03
Citigroup C 47.40 2.66 (877) 998-2265 (888) 873-3424
ArcelorMittal MT 29.28 0.69 FleetCorTech FLT 194.08 3.73 Leidos LDOS 93.27 1.40 Pearson PSO 10.24 0.02 Ericsson ERIC 5.50 0.03
CitizensFin CFG 31.90 1.25 Colorado Federal Savings Bank $5,000 0.75 $25,000 4.70
m rp

ArchCapital ACGL 67.34 2.16 TelefonicaBras VIV 7.46 0.12 Merrick Bank
CLVT 10.10 0.10 Flex FLEX 21.36 0.23 Lennar A LEN 100.77 1.81 PembinaPipeline PBA 32.07 0.22 Telefonica
ArcherDaniels ADM 78.95 1.73 Clarivate TEF 4.07 0.02 (877) 484-2372 (866) 638-6851
CleanHarbors CLH 136.40 6.24 Floor&Decor FND 88.98 0.13 Lennar B LEN.B 84.49 1.82 PenskeAuto PAG 134.79 -2.26 TelekmIndonesia TLK 26.38 0.29
AresMgmt ARES 75.67 2.94
Cleveland-Cliffs CLF 19.38 0.26 FomentoEconMex FMX 88.86 1.39 LennoxIntl LII 247.75 3.65 Pentair PNR 53.35 1.12
TempurSealy TPX 38.60 0.06 State Bank of India California $1,000 0.50 5 Star Bank $1,000 4.60
arGEN-X ARGX 357.98 5.34 11.93 -0.10 LeviStrauss LEVI 15.91 0.10 Penumbra PEN 259.36 7.28
s AristaNetworks ANET 153.15 6.28 Clorox CLX 153.79 2.51 FordMotor F
(877) 707-1995 (800) 776-2265
Cloudflare NET 54.80 -0.45 Fortinet FTNT 60.89 1.62 LiAuto LI 21.99 -0.29 PepsiCo PEP 173.53 -0.18 Tenaris TS 31.13 0.24
ArrowElec ARW 117.10 2.10 TencentMusic TME 7.76 0.14
60.03 0.22 Fortis FTS 40.44 0.61 LibertyBroadbandC LBRDK 77.62 0.19 PerformanceFood PFGC 54.42 0.42
AspenTech AZPN 218.61 4.92 Coca-Cola KO
Fortive FTV 66.22 2.26 LibertyBroadbandA LBRDA 77.36 0.08 PerkinElmer PKI 123.32 3.16
Teradyne TER 105.17 2.44 Three-month CD Five-year CD
AstraZeneca AZN 65.09 -0.09 Coca-ColaEuro CCEP 56.35 1.15 FortuneBrands FBIN 57.54 0.60 Tesla TSLA 183.26 8.78 Popular Direct $10,000 4.10 GTE Financial Credit Union (U) $500 4.54
Cognex CGNX 48.03 0.74 LibertyGlobal C LBTYK 19.18 0.05 PetroleoBrasil PBR 10.25 -0.18 TetraTech TTEK 139.96 6.31
co Fo

Atlassian TEAM 159.98 1.66 FOXA 32.90 0.62 LibertyGlobal B LBTYB 18.50 -2.96 PetroleoBrasilA PBR.A 9.05 -0.18
AtmosEnergy ATO 112.05 1.52 CognizantTech CTSH 58.44 0.46 FoxB
FoxA
TevaPharm TEVA 8.91 -0.03 (800) 274-5696 (888) 871-2690
FOX 30.19 0.46 Pfizer PFE 39.90 0.04
Autodesk ADSK 199.22 1.35 CoinbaseGlbl COIN 62.65 3.48 Franco-Nevada FNV 136.89 0.93 LibertyGlobal A LBTYA 18.26 0.05 PhilipMorris PM 97.35 -0.02 TexasInstruments TXN 175.73 1.84 Goldwater Bank $5,000 4.00 CFG Community Bank $500 4.50
ColgatePalm CL 72.24 0.74 LibertyFormOne C FWONK 69.91 1.42
Autoliv ALV 92.00 2.43 FranklinRscs BEN 27.32 0.27 LibertyFormOne A FWONA 63.17 1.47 Phillips66 PSX 97.95 2.43 TexasPacLand TPL 1649.64 -28.28 (480) 281-8200 (888) 205-8388
ADP ADP 213.59 0.04 Comcast A CMCSA 35.28 -0.23 FreeportMcM FCX 38.04 0.43 TexasRoadhouse TXRH 104.60 1.86
LibertyBraves A BATRA 32.14 0.10 PinnacleWest PNW 77.89 2.44 Textron Luana Savings Bank $2,000 3.65 Popular Direct $10,000 4.45
AutoNation AN 127.37 -4.21 CommerceBcshrs CBSH 59.86 1.00 FreseniusMed FMS 19.96 0.15 Pinterest PINS 24.99 1.30 TXT 68.19 1.06
SABESP SBS 9.94 0.19 LibertyBraves C BATRK 31.73 0.23 ThermoFisher TMO 555.96 14.75 (800) 666-2012 (800) 274-5696
AutoZone AZO 2427.41 -2.45 FullTruck YMM 7.50 0.04 t LibertySirius C LSXMK 26.67 -0.33 PioneerNatRscs PXD 195.24 -0.12
Avalonbay AVB 170.21 1.83 ConagraBrands CAG 35.48 0.38 Futu FUTU 46.92 0.87 LibertySirius B LSXMB 28.72 1.06 PlainsAllAmPipe PAA 12.34 0.03
ThomsonReuters TRI 122.82 2.06
Avangrid AGR 39.03 0.27 Concentrix CNXC 124.66 0.81 t 3M MMM 102.78 -0.72 High yield jumbos - Minimum is $100,000
t LibertySirius A LSXMA 26.73 -0.36 PlainsGP PAGP 13.02 0.12
Avantor AVTR 21.05 -0.40 ConocoPhillips COP 101.36 0.68 G H I Toast TOST 17.73 0.35
AveryDennison AVY 174.22 2.72 ConEd ED 94.01 1.22 LifeStorage LSI 120.28 1.34 PlanetFitness PLNT 75.44 0.29 Toll Bros TOL 58.48 1.08
AvisBudget CAR 185.77 -2.70 ConstBrands A STZ 215.05 4.05 s GE HealthCare GEHC 77.14 0.90 EliLilly LLY 327.07 2.58 PlugPower PLUG 12.16 -0.24
Toro TTC 110.49 1.62
Money market and savings account Six-month CD
Polaris PII 111.04 0.09
AxaltaCoating AXTA 29.53 0.51 ConstellationEner CEG 77.93 0.83 GFLEnvironmental GFL 32.43 0.79 LincolnElectric LECO 169.40 3.93 t PolestarAuto PSNY 3.98 -0.31 TorontoDomBk TD 59.25 0.29 UFB Direct 5.02 Bank5 Connect 4.75
AxonEnterprise AXON 215.00 4.00 Cooper COO 339.14 5.18 GSK GSK 33.72 0.20 Linde LIN 342.44 7.61 TotalEnergies TTE 59.94 0.78
Copart CPRT 69.31 1.39 Gallagher AJG 183.35 3.38 LithiaMotors LAD 220.46 -16.23 Pool POOL 350.64 5.37
ToyotaMotor TM 136.67 -0.45
(877) 472-9200 (508) 679-8551
BCE BCE 43.29 0.26
Littelfuse LFUS 263.23 4.95 PrincipalFinl PFG 73.37 1.88 TractorSupply TSCO 229.65 1.72 4.70 4.60
BHP Group BHP 61.00 0.28 CorebridgeFin CRBG 17.24 0.40 Gaming&Leisure GLPI 50.78 0.35 ProcoreTech PCOR 59.71 0.43
CFG Community Bank Merrick Bank
BILL BILL 74.28 0.46 Corning GLW 33.56 0.49 Garmin GRMN 97.03 1.83 LiveNationEnt LYV 67.63 0.66 TradeDesk TTD 56.53 2.28 (888) 205-8388 (866) 638-6851
320.32 7.04 LloydsBanking LYG 2.30 0.05 Procter&Gamble PG 139.85 1.71 Tradeweb
BJ'sWholesale BJ 74.86 1.27 Corteva CTVA 58.92 0.30 Gartner IT TW 69.56 2.20
GEN 15.90 -0.52 LockheedMartin LMT 478.87 1.54
Progressive PGR 141.84 2.31 BankPurely, a division of Flushing Bank 4.45 Live Oak Bank 4.50
BP BP 38.25 0.24 CoStar CSGP 67.62 0.78 t GenDigital TraneTech TT 189.10 4.03
GNRC 112.91 -0.73 Loews L 56.28 0.74 Prologis PLD 119.83 1.46 (800) 581-2889 (866) 518-0286
DOOO 80.18 1.48 Costco COST 481.92 9.92 Generac
n-

BRP TransDigm TDG 728.20 25.54

CoterraEnergy CTRA 24.89 0.42 GeneralDynamics GD 219.83 1.04 LogitechIntl LOGI 53.50 0.40 PrudentialFin PRU 83.67 1.49 TransUnion TRU 61.35 1.67
Baidu BIDU 136.70 3.05
BakerHughes BKR 28.36 0.22 Coty COTY 10.98 0.27 GeneralElec GE 91.17 2.20 Lowe's LOW 196.83 -0.72 Prudential PUK 28.67 0.39
Travelers TRV 171.76 -0.46 One-month CD One-year CD
80.16 0.37 Lucid LCID 7.54 -0.30 PublicServiceEnt PEG 58.52 1.45 Trimble
Ball BALL 52.98 0.56 Coupang CPNG 13.22 0.04 GeneralMills GIS TRMB 48.45 0.77 VirtualBank 2.48 CFG Community Bank 5.15
Crane CR 117.07 5.70 GeneralMotors GM 35.60 -0.16 lululemon LULU 295.10 2.20 PublicStorage PSA 287.64 1.05 Trip.com TCOM 37.81 0.53
BancoBilbaoViz BBVA 7.05 0.18
... LyondellBasell LYB 87.39 0.61 PulteGroup PHM 55.02 0.81 TruistFinl (877) 998-2265 (888) 205-8388
BancoBradesco BBDO 2.23 0.02 Credicorp BAP 129.85 3.28 Genmab GMAB 36.03 TFC 31.88 -0.36
CreditSuisse CS 2.51 -0.03 PureStorage PSTG 23.46 0.37 Colorado Federal Savings Bank 1.00 Barclays Bank 5.00
BancodeChile BCH 21.50 Genpact G 44.91 0.53 Twilio TWLO 62.99 -0.22
no

...
BancSanBrasil BSBR 5.03 0.07 Crocs CROX 116.24 4.93 Gentex GNTX 26.69 0.19
M N Qiagen QGEN 46.34 -0.08
TylerTech TYL 325.07 3.01 (877) 484-2372 (888) 720-8756
Qorvo QRVO 96.28 1.61
BcoSantChile BSAC 17.24 0.24 CrowdStrike CRWD 128.01 6.60 GenuineParts GPC 163.80 1.30 M&T Bank MTB 127.43 0.32 Qualcomm TysonFoods TSN 57.30 0.09
QCOM 116.55 2.12 State Bank of India California 0.50 Popular Direct 5.00
BancoSantander SAN 3.63 0.10 CrownCastle CCI 131.15 2.14 Gerdau GGB 5.15 0.08 MGM Resorts MGM 42.33 0.59 UBS Group UBS 19.99 0.63
QualtricsIntl XM 17.66 -0.02 (877) 707-1995 (800) 274-5696
t BanColombia CIB 23.77 -0.18 CrownHoldings CCK 81.35 0.91 GileadSciences GILD 79.77 1.01 MinisoGroup MNSO 19.07 0.19 UDR UDR 40.64 0.38
QuantaServices PWR 159.74 3.87
BankofAmerica BAC 28.76 0.25 CubeSmart CUBE 46.87 0.34 t GitLab GTLB 33.96 -10.64 MPLX MPLX 34.67 0.22 UGI UGI 35.46 0.79
BankofMontreal BMO 88.11 0.97 Cullen/Frost CFR 111.52 7.77 GlobalPayments GPN 101.20 5.22 MSCI MSCI 548.25 19.97
QuestDiag DGX 133.90 0.84
U-Haul UHAL 57.95 -0.90 Two-month CD Two-year CD
BankNY Mellon BK 45.73 1.61 Cummins CMI 237.79 1.53 GlobalFoundries GFS 65.85 1.80 MagellanMid MMP 53.15 0.45
R S U-Haul N UHAL/B 52.19 0.35 VirtualBank 2.74 First Internet Bank of Indiana 4.70
BankNovaScotia BNS 48.28 0.40 Curtiss-Wright CW 170.54 3.40 Globant GLOB 158.79 4.26 MagnaIntl MGA 52.47 0.82 US Foods USFD 36.55 0.45
(877) 998-2265 (888) 873-3424
Barclays BCS 7.40 0.16 GlobeLife GL 111.02 4.24 ManhattanAssoc MANH 142.76 5.68 RBC Bearings RBC 222.80 7.37 UWM UWMC 4.62 0.02
BarrickGold GOLD 17.07 0.05
D E F GoDaddy GDDY 72.59 0.70 ManulifeFinl MFC 18.80 0.35 RELX RELX 30.99 0.57 Uber UBER 32.36 1.54 Colorado Federal Savings Bank 0.75 Merrick Bank 4.70
Bath&BodyWks BBWI 35.95 -0.65 DCP Midstream DCP 41.75 0.04 GoldFields GFI 10.75 0.21 MarathonOil MRO 23.23 0.28 RPM RPM 86.22 1.78 Ubiquiti UI 268.20 4.71 (877) 484-2372 (866) 638-6851
BaxterIntl BAX 39.37 0.47 DTE Energy DTE 107.48 0.61 GoldmanSachs GS 322.15 6.64 MarathonPetrol MPC 127.78 4.00 RalphLauren RL 111.82 1.10 UiPath PATH 14.36 0.06
State Bank of India California 0.50 Luana Savings Bank 4.60
BectonDicknsn BDX 232.89 1.50 Danaher DHR 244.85 4.46 Grab GRAB 2.91 0.05 Markel MKL 1259.08 24.93 RangeResources RRC 25.69 0.43 UltaBeauty ULTA 518.42 4.74
BeiGene BGNE 231.32 9.09 Darden DRI 147.58 1.56 Graco GGG 68.90 1.76 MarketAxess MKTX 371.52 7.19 RaymondJames RJF 92.32 3.01 Unilever UL 49.67 0.53 (877) 707-1995 (800) 666-2012
BentleySystems BSY 40.00 1.08 DarlingIngred DAR 58.88 1.51 Grainger GWW 686.13 11.27 Marriott MAR 162.69 2.13 RaytheonTech RTX 98.32 0.86 UnionPacific UNP 195.15 0.05
Berkley WRB 61.18 0.95 Datadog DDOG 65.96 -0.28 GraphicPkg GPK 23.97 0.77 Marsh&McLen MMC 157.26 2.00 RealtyIncome O 63.22 0.43 UnitedAirlines UAL 46.21 -2.62 Three-month CD Five-year CD
BerkHathwy B BRK.B 305.33 2.45 DaVita DVA 76.60 1.54 Grifols GRFS 7.72 0.08 MartinMarietta MLM 337.38 3.59 RegalRexnord RRX 150.27 1.76 UnitedMicro UMC 8.43 0.03 Popular Direct 4.10 GTE Financial Credit Union (U) 4.80
BerkHathwy A BRK.A 4618043754.98 DeckersOutdoor DECK 420.00 10.27 GpoAeroportuar PAC 184.13 2.47 MarvellTech MRVL 38.61 0.62 RegencyCtrs REG 60.15 1.98 UPS B UPS 185.06 2.83 (800) 274-5696 (888) 871-2690
BerryGlobal BERY 57.45 0.77 Deere DE 402.45 4.23 GpoAeroportSur ASR 295.43 8.60 Masco MAS 50.67 0.42 RegenPharm REGN 766.80 14.47 UnitedRentals URI 416.09 7.94
BestBuy BBY 74.84 -0.93 DellTechC DELL 37.55 0.98 HCA Healthcare HCA 250.69 3.62 Masimo MASI 178.88 3.22 RegionsFin RF 18.96 0.11 US Bancorp USB 37.51 0.97 Goldwater Bank 4.00 CFG Community Bank 4.50
Bilibili BILI 21.50 0.40 DeltaAir DAL 35.47 -0.21 HDFC Bank HDB 64.37 0.70 MasTec MTZ 93.30 0.68 ReinsGrp RGA 130.22 4.71 UnitedTherap UTHR 220.66 -4.06 (480) 281-8200 (888) 205-8388
Bio-Techne TECH 73.27 1.45 DentsplySirona XRAY 38.13 0.58 HF Sinclair DINO 47.06 0.39 Mastercard MA 352.82 8.11 RelianceSteel RS 251.48 2.79 UnitedHealth UNH 464.58 0.90 Luana Savings Bank 3.80 Popular Direct 4.45
Bio-RadLab A BIO 492.55 3.84 DescartesSystems DSGX 76.90 2.01 HP HPQ 27.81 0.47 MatchGroup MTCH 36.74 1.95 RenaissanceRe RNR 197.71 8.64 UnitySoftware U 27.45 -0.41
Biogen BIIB 262.35 3.80 DeutscheBank DB 11.26 0.39 HSBC HSBC 35.13 0.53 McCormickVtg MKC.V 72.40 -0.61 RentokilInit RTO 30.98 0.40 UnivDisplay OLED 141.81 4.85 (800) 666-2012 (800) 274-5696
BioMarinPharm BMRN 90.25 0.23 t DevonEnergy DVN 49.22 0.13 H World HTHT 49.35 0.23 McCormick MKC 71.84 -0.28 Repligen RGEN 174.23 5.14 UniversalHealthB UHS 116.59 0.05
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
BioNTech BNTX 130.38 0.61 DexCom DXCM 113.16 2.50 Haleon HLN 7.85 0.25 McDonald's MCD 265.90 2.82 RepublicSvcs RSG 132.03 3.63 UnumGroup UNM 39.85 3.21
BlackKnight BKI 56.18 0.47 Diageo DEO 172.75 1.79 Halliburton HAL 33.42 0.04 McKesson MCK 336.50 1.10 ResMed RMD 208.55 2.23 t VF VFC 20.74 -0.10
compounding and rate stated for the lowest required opening deposit to earn interest. CD
BlackRock BLK 637.83 12.06 DiamondbkEner FANG 132.64 1.10 HartfordFinl HIG 68.23 1.23 Medtronic MDT 77.86 -0.12 RestaurantBrands QSR 61.16 0.62 VICI Prop VICI 32.30 0.37 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
Blackstone BX 86.21 2.73 Dick's t
DKS 148.92 3.83 Hasbro HAS 47.15 -0.48 MercadoLibre MELI 1214.96 52.63 RexfordIndlRealty REXR 59.06 1.34 VailResorts MTN 216.27 0.05 which may be checks. Rates are subject to change.
Block SQ 73.63 4.17 DigitalRealty DLR 105.70 0.99 HealthcareRealty HR 19.25 0.35 Merck MRK 106.97 1.97 RioTinto RIO 69.39 0.98 Vale VALE 15.94 0.22 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
BlueOwlCapital OWL 10.28 0.15 DiscoverFinSvcs DFS 101.44 3.92 HealthpeakProp PEAK 21.56 0.09 MetaPlatforms META 194.02 13.12 t Rivian RIVN 13.21 -0.52 ValeroEnergy VLO 131.62 3.51 Internet: www.bankrate.com

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Income 12.40 -0.05 1.7 Idx2040InsPre 19.50 +0.19 2.8 CapApInst 69.00 +1.72 9.9 LrgCpStr NA ... NA IntlEqIdxInst 20.03 +0.21 4.9 TotIntBdIdxAdm 19.35 -0.18 2.4 IdxIntl 17.15 +0.10 2.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 44.13 +0.50 2.4 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.70 +0.17 3.0 MdCpGrAdml 80.77 +1.29 4.4
Stock 211.65 +4.23 -1.9 Balanc 23.76 +0.20 3.7 IntlEq 24.38 +0.30 NA ParnEqFd 48.00 +0.96 2.3 500Adml 362.79 +6.08 2.5 TotStAdml 95.34 +1.60 2.4 MdCpVlAdml 68.26 +0.84 -2.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 125.08 +2.82 11.2 Invesco Funds A PGIM Funds Cl Z BalAdml 40.52 +0.30 2.2 TxMCapAdml202.98 +3.42 2.6 SmValAdml 67.39 +1.13 -1.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.95 -0.07 2.7 Contra 12.62 +0.25 5.9 9.67 +0.08 -1.5 TotalReturnBond 11.89 -0.06 NA CAITAdml 11.22 -0.01 1.3 TxMIn r 14.06 +0.11 4.0 TotBd2 9.48 -0.06 1.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.09 +0.05 1.8 Invesco Funds Y CapOpAdml r148.49 +2.12 1.6 USGroAdml 109.63 +2.42 TotIntlInstIdx r114.76 +0.68 3.0
PIMCO Fds Instl 8.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 33.50 +0.71 7.0 GroCo 24.46 +0.48 8.7 DevMktY 37.57 +0.27 7.5 AllAsset DivAppIdxAdm 40.47 +0.50 -1.8 ValAdml TotItlInstPlId r114.79 +0.68 3.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 10.59 -0.04 NA 52.80 +0.63 -3.6
Fidelity InvGrBd 9.98 -0.06 2.1 JHF III DispVal TotRt 8.55 -0.07 NA EMAdmr 32.44 -0.04 NA WdsrllAdml 66.72 +1.01 0.9 TotSt 95.31 +1.60 2.4
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem136.39 +2.29 2.5 LowP 45.78 +0.31 -0.9 DispValMCI 24.22 +0.32 NA PIMCO Funds A EqIncAdml 81.04 +0.98 -4.2 WellsIAdml 58.90 +0.06 VANGUARD INSTL FDS
-0.6
Contrafund K6 17.75 +0.34 5.6 Magin 11.13 +0.20 4.1 John Hancock IncomeFd 10.39 -0.04 NA ExplrAdml 90.05 +1.61 3.6 WelltnAdml 66.32 +0.60 ... BalInst 40.53 +0.30 2.2
Tuesday, March 14, 2023 ExtMktIdxInstPre 64.71 +1.11 2.7 NASDAQ 144.32 +3.05 9.4 BondR6 13.49 -0.07 2.0 PIMCO Funds I2 ExtndAdml 103.53 +1.78 2.7 WndsrAdml 68.26 +1.03 ... DevMktsIndInst 14.08 +0.11 4.1
Net YTD Net YTD Net YTD FidSerToMarket 12.95 +0.22 2.5 OTC 13.79 +0.27 7.5 JPMorgan I Class Income 10.39 -0.04 NA GNMAAdml 9.27 -0.05 1.5 VANGUARD FDS DevMktsInxInst 22.01 +0.18 4.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 16.58 +0.32 7.7 Puritn 20.96 +0.19 2.2 CoreBond NA ... NA PIMCO Funds Instl GrwthAdml 120.04 +2.57 9.4 DivdGro 34.09 +0.38 -3.2 ExtndInst 103.53 +1.78 2.7
InflPrBdIndInsPr 9.18 -0.03 1.8 SAIUSQtyIdx 15.78 +0.27 3.1 EqInc NA ... NA IncomeFd 10.39 -0.04 NA HlthCareAdml r 86.34 +0.96 -3.9 IntlVal 37.33 +0.31 4.4 GrwthInst 120.05 +2.57 9.4
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 43.18 +0.42 4.8 SrsEmrgMkt 15.88 +0.02 1.7 LgCpGwth NA ... NA Price Funds HYCorAdml r 5.17 +0.02 1.5 InPrSeIn 9.60 -0.04 1.8
Ultra 59.87 +1.33 8.5 IntlVal Inst 40.78 +0.48 5.7 MktNeutI 14.03 +0.06 2.0 LifeCon 19.52 +0.02 2.3
LgCpGwId InstPre 22.33 +0.42 7.3 SrsGlobal 12.75 +0.08 3.2 JPMorgan R Class
BlChip 112.22 +2.64 8.4 InfProAd 23.57 -0.08 1.8 InstIdx 329.52 +5.53 2.5
American Funds Cl A Baird Funds Columbia Class I LifeGro 36.93 +0.32 2.5
MidCpInxInstPrem 26.12 +0.38 0.8 SrsGroCoRetail 14.81 +0.29 7.6 CoreBond NA ... NA IntlGrAdml 96.39 +1.66 6.6 InstPlus 329.52 +5.53 2.5
AmcpA 31.57 +0.56 5.0 AggBdInst 9.73 -0.06 1.8 DivIncom I 28.06 +0.34 -3.0 DivGro 63.33 +0.83 -1.2 LifeMod 28.09 +0.13 2.4
SAIUSLgCpIndxFd 17.22 +0.29 2.4 SrsIntlGrw 15.11 +0.25 6.0 CorePlusBd NA ... NA ITBondAdml 10.21 -0.06 1.8 InstTStPlus 68.65 +1.15 2.4
AMutlA 47.31 +0.52 -2.3 CorBdInst 9.99 -0.07 1.7 Dimensional Fds Growth 66.81 +1.46 8.4 PrmcpCor 27.13 +0.37 -0.2
SeriesBondFd 8.97 -0.06 1.7 SrsIntlVal 10.34 +0.08 3.1 Lord Abbett I ITIGradeAdml 8.39 -0.03 1.6 MidCpInst 56.13 +0.78 0.6
BalA 28.70 +0.15 0.1 BlackRock Funds 5GlbFxdInc 9.94 -0.01 1.1 HelSci 85.80 +1.11 -4.5 STAR 24.86 +0.20 2.9
SeriesOverseas 11.48 +0.15 5.7 TotalBond 9.45 -0.05 2.1 ShtDurInc p 3.85 -0.01 1.4 LarCapAd 90.30 +1.52 2.6 MidCpIstPl 276.85 +3.89 0.7
BondA 11.48 -0.07 1.5 HiYldBd Inst 6.69 +0.02 1.7 EmgMktVa 26.60 -0.16 0.6 LgCapGow I 49.03 +1.11 6.8 TgtRe2020 25.92 +0.05 2.2
SerLTTreBdIdx 6.10 -0.10 4.7 Fidelity SAI Metropolitan West LTGradeAdml 7.93 -0.04 2.6 RealEstaInstl 18.13 +0.17 0.2
CapIBA 62.38 +0.34 -0.3 BlackRock Funds A EmMktCorEq 20.48 -0.08 1.7 SmCpIdxInstPrem 21.97 +0.41 1.2 TotalBd TotRetBdI NA ... NA MidCap 91.71 +1.38 3.4 TgtRe2025 17.07 +0.07 2.3
8.94 -0.05 2.1 MidCpAdml 254.10 +3.56 0.6 SmCapInst 88.89 +1.49 1.1
CapWGrA 52.58 +0.66 2.3 GlblAlloc 16.66 +0.08 0.7 IntlCoreEq 14.11 +0.11 4.4 TMktIdxInstPrem108.63 +1.83 2.5 U.S.TreBdIdx 8.80 -0.07 2.1 TRBdPlan NA ... NA NHoriz 48.69 +0.80 5.1
MuHYAdml 10.40 -0.01 2.2 TgtRe2030 32.13 +0.16 2.4 SmCapIstPl 256.57 +4.30 1.1
EupacA 51.38 +0.61 4.8 BlackRock Funds III IntSmCo 18.08 +0.12 3.8 TotalMarketIndex 13.68 +0.23 2.5 First Eagle Funds MFS Funds R2020 17.07 +0.09 2.0 MuIntAdml 13.47 -0.01 1.4 TgtRe2035 19.83 +0.13 2.5 STIGradeInst 9.98 -0.04 0.8
FdInvA 61.41 +0.95 1.9 iShS&P500IdxK461.01 +7.73 0.7 IntSmVa 19.61 +0.07 4.3 TtlIntIdxInstPr 12.08 +0.08 3.2 GlbA 59.19 +0.40 2.1 IIE 29.73 +0.33 5.7 R2025 14.92 +0.10 2.1 MuLTAdml 10.68 -0.02 1.8 TgtRe2040 34.86 +0.28 2.5 STIPSIxins 23.71 -0.02 1.2
GwthA 52.48 +0.97 6.0 BlackRock Funds Inst LgCo 26.79 +0.45 2.4 USBdIdxInstPrem 10.29 -0.07 1.6 Franklin A1 MFS Funds Class I R2030 22.34 +0.19 2.2 MuLtdAdml 10.71 ... 0.8 TgtRe2045 23.41 +0.22 2.6 TotBdInst 9.59 -0.06 1.7
HI TrA 9.09 +0.04 1.6 EqtyDivd 17.93 +0.23 -3.2 US CoreEq1 30.27 +0.49 1.6 Fidelity Freedom IncomeA1 2.26 ... 1.0 GrowthI 138.34 +2.86 4.3 R2040 24.99 +0.30 2.3 MuShtAdml 15.60 ... 0.6 TgtRe2050 38.78 +0.40 2.6 TotBdInst2 9.48 -0.06 1.8
ICAA 42.20 +0.63 2.3 StratIncOpptyIns 9.22 -0.03 1.1 US CoreEq2 27.52 +0.45 1.4 FF2020 13.09 +0.03 2.6 FrankTemp/Frank Adv ValueI 45.99 +0.49 -3.8 Putnam Funds Class A PrmcpAdml r132.00 +1.80 0.9 TgtRe2060 39.84 +0.40 2.6 TotBdInstPl 9.59 -0.06 1.7
IncoA 22.17 +0.14 -1.3 Bridge Builder Trust US Small 39.23 +0.75 1.3 FF2025 12.04 +0.04 2.7 IncomeAdv 2.24 +0.01 1.0 Neuberger Berman Fds PutLargCap p 27.81 +0.42 -1.1 RealEstatAdml117.17 +1.14 0.3 TgtRet2055 43.27 +0.45 2.6 TotIntBdIdxInst 29.04 -0.27 2.4
N PerA 49.87 +0.87 5.4 CoreBond 8.94 -0.06 1.9 US SmCpVal 38.97 +0.63 -0.8 FF2030 15.04 +0.07 2.8 FrankTemp/Franklin A LCVal Inst 41.70 +0.39 -3.1 Schwab Funds SmCapAdml 88.89 +1.49 1.1 TgtRetInc 12.49 -0.01 2.0 TotStInst 95.36 +1.60 2.4
NEcoA 45.75 +0.69 5.2 CorePlusBond 8.81 -0.05 1.9 US TgdVal 27.29 +0.44 -0.4 FF2035 12.95 +0.09 2.9 Growth A 105.91 +2.03 3.7 Northern Funds 1000 Inv r NA ... NA SmGthAdml 73.65 +1.24 4.5 WellsI 24.31 +0.02 -0.6 ValueInst 52.80 +0.63 -3.6
NwWrldA 68.29 +0.72 2.8 Intl Eq 11.32 +0.11 5.6 USLgVa 40.65 +0.54 -2.0 FF2040 9.17 +0.09 3.1 RisDv A 82.43 +1.06 -0.2 StkIdx 41.82 +0.70 2.4 S&P Sel NA ... NA STBondAdml 9.93 -0.05 1.0 Welltn 38.40 +0.34 -0.1 WCM Focus Funds
SmCpA 58.15 +0.75 3.7 LargeCapGrowth 17.78 +0.34 4.0 Dodge & Cox Freedom2030 K 15.03 +0.07 2.8 Guggenheim Funds Tru Nuveen Cl I TSM Sel r NA ... NA STIGradeAdml 9.98 -0.04 0.8 WndsrII 37.61 +0.57 0.9 WCMFocIntlGrwIns 20.61 +0.24 4.8
TxExA 12.17 -0.01 1.6 LargeCapValue 14.80 +0.18 -1.4 Balanced 93.13 +0.99 -0.2 Idx2030InsPre 17.24 +0.08 2.6 TotRtnBdFdClInst 23.68 -0.11 2.9 HYMunBd NA ... NA TIAA/CREF Funds STIPSIxAdm 23.69 -0.02 1.2 VANGUARD INDEX FDS Western Asset
WshA 50.88 +0.63 -2.1 MunicipalBond 9.78 -0.01 1.4 GblStock 12.77 +0.22 1.3 Idx2035InsPre 19.24 +0.14 2.8 Harbor Funds Old Westbury Fds EqIdxInst 27.80 +0.46 2.4 TotBdAdml 9.59 -0.06 1.7 ExtndIstPl 255.49 +4.39 2.7 CorePlusBdI 9.43 -0.04 NA
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B12 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * * Wednesday, March 15, 2023 | B13

MARKETS

China Demand Keeps OPEC on Target

Univar Solutions share price
$35

34
Vienna-based oil with its previous estimates. Crude-oil futures price tions that demand for oil from of 2.6% this year, with China’s
Despite that, OPEC expects the Asian nation and its economy growing by 5.2%,
33 cartel leaves forecasts oil demand in Western na- $88 a barrel
neighbors will surge this year, while the eurozone and the
for economic growth tions and in Asia—particularly 86 Brent particularly as international U.S. economies growing by
China—to head in different di- travel to and from China be- 0.8% and 1.2%, respectively.
32 unchanged rections and adjusted some 84 gins to return to prepandemic After tumbling from the
forecasts to account for that. levels. highs they hit following Rus-
82
BY WILL HORNER It lowered its demand fore- That had led many oil ana- sia’s invasion of Ukraine, oil
31
casts for the wealthier coun- 80 lysts to expect higher oil prices have remained largely
OPEC left its forecasts for tries that make up the Organi- prices, as global oil supplies— unchanged for most of this
global oil-demand growth this zation for Economic 78 still constrained by sanctions year. Brent crude, the interna-
30 Five-minute intervals
year steady as growing opti- Cooperation and Develop- 76
on Russia—struggle to keep tional oil benchmark, has hov-
Mon. Tues.
mism about Chinese demand ment, while raising its de- pace with the additional de- ered at around $80 a barrel,
Source: FactSet for crude was countered by mand forecast for non-OECD 74 mand. But weakness in the U.S. though prices have been
concerns about the economic countries, which include and European economies, be- highly volatile.

Apollo
72 WTI
picture in the China and India. set by rising interest rates and In recent days, worries
COMMODITIES U.S. and Eu- OPEC expects non-OECD 70 still-high inflation, is weighing about the impact of interest

To Acquire
rope. demand of 55.67 million bar- on oil demand there and com- rates on the U.S. banking sec-
Jan. 2023 Feb. March
In its monthly market re- rels a day this year, 270,000 pensating for the additional tor—sparked by Silicon Valley
port, the oil producers’ group barrels a day more than its Source: Dow Jones Market Data demand in Asia, OPEC said. Bank’s collapse—have spilled

Chemical said it expected oil demand to

grow by 2.3 million barrels a
earlier forecasts. OPEC cuts
its forecasts for OECD oil de- barrels a day.
The Vienna-based oil cartel
also left its forecasts for eco-
over into the oil market, send-
ing prices lower.

Company
day this year to 101.90 million mand this year by 240,000 China’s move to reopen its nomic growth unchanged. On Tuesday, Brent crude oil
barrels a day, largely on par barrels a day to 46.23 million economy has driven expecta- OPEC expects global growth fell 4.1% to $77.45 a barrel.

Univar Index performance Tuesday

Nasdaq Composite
2.5%
BY LAURA COOPER S&P 500
AND LAUREN THOMAS Dow Jones Industrial Average

Apollo Global Manage- 2.0

ment Inc. agreed to acquire
chemical company Univar So-
lutions Inc. for $8.1 billion in-
cluding debt, in one of the 1.5
biggest recent leveraged buy-
outs.
The deal values Univar at 1.0
$36.15 a share. Shares of Uni-
var rose 12% to $34.91 on
Tuesday.
0.5

.
Apollo struck the deal
DINA SAKR/REUTERS

alongside the Abu Dhabi In-

ly
vestment Authority. The
agreed-upon purchase in- 0 Five-minute intervals
cludes a financing package of
10 a.m. 11 noon 1 p.m. 2 3 4
more than $4 billion from
nine banks, according to a
spokesperson for Apollo.
on
Facebook parent Meta’s market value topped $500 billion for the first time since June. Source: FactSet

In early January, Univar

said it had ended discussions Stocks Cindy Beaulieu, chair of as-
set manager Conning’s invest-
there are more skeletons to
come out of the closet as a
since June, after peaking at
$1.078 trillion in September
added 1.5%, snapping a three-
session losing streak.
us ,

with Brenntag SE about a ment-policy committee, said ramification of rates going up 2021. Japan’s Nikkei 225 fell 2.2%

Move
l

merger with the German that barring additional bank as quickly as they have.” Brent crude, the global in its worst one-day decline of
e
al a

chemicals company and would distress, her team expects a United Airlines stock fell benchmark for oil prices, fell the year on Tuesday as shares
continue exploring a deal quarter-percentage-point rate $2.62, or 5.4%, to $46.21 after 4.1% to $77.45 a barrel, its low- of the country’s largest banks
with other interested parties.
Higher increase following the Fed’s the Chicago-based carrier est close of 2023. The Organi- tumbled. Early Wednesday, the
ci on

Univar is a global specialty meeting next week. warned that it expects a first- zation of the Petroleum Export- Nikkei was up 0.3%. Elsewhere
chemical and ingredients “The Fed is doing everything quarter loss. Facebook parent ing Countries on Tuesday in the morning, Asian stocks
business that supplies manu- they can to quickly build confi- Meta Platforms climbed trimmed its oil-demand fore- surged, with Hong Kong’s Hang
facturers in the food, pharma- Continued from page B1 dence in this market,” Ms. $13.12, or 7.3%, to $194.02 after cast for the rest of the year. Seng Index up 2.3% and South
ceutical and cleaning indus- yield to a historic decline. Beaulieu said. “They’re in a the company said it would cut Overseas, bank stocks’ per- Korea’s Kospi up 1.9%. S&P 500
er s

tries, among others. Yields fall when bond prices very precarious spot now, be- an additional 10,000 jobs. formance diverged. In Europe, futures rose 0.1%.
The company is no rise. And the KBW index tum- cause if they don’t move, there Meta’s market value topped bank shares mostly climbed. —Dave Sebastian contributed
m er

stranger to deal making or to bled 12% as traders worried will be this question: How bad $500 billion for the first time Overseas, the Stoxx Europe 600 to this article.
private-equity ownership. It turmoil would spread among fi- is this bank situation that they
was backed by private-equity nancial institutions. feel like they can’t address in-
investors CVC Capital Part- “The action in regional flation?”
ners and Clayton, Dubilier & banks was cer- Investors in interest-rate fu-
m rp

Rice LLC before going public TUESDAY’S tainly concerning, tures markets now see roughly
in 2015. MARKETS but at this point it 1-in-4 odds that the Fed holds
In 2019, it bought rival seems limited to a rates steady at its meeting this
Nexeo Solutions Inc. and sold handful of unique names,” said month, down from approxi-
a plastics business it acquired Michael Sheldon, chief invest- mately 1-in-3 odds on Monday,
co Fo

in the deal later that year. ment officer at RDM Financial. according to CME Group data.
Apollo has been busy of Jim Caron, a Morgan Stanley The shift lifted the yield on
late, even as a worsening in Investment Management port- the two-year Treasury note,
credit conditions and a turbu- folio manager, said his team which closely follows interest-
lent stock market have has been adding to holdings of rate expectations. It rose to
crimped buyout activity. bank stocks at attractive dis- 4.221% Tuesday from 4.030% at
The firm, which has more counts. Monday’s settlement.
than $500 billion in assets The relative calm boosted The yield on the benchmark
under management, in Febru- bond traders’ confidence that 10-year Treasury note climbed
ary made a bid for aerospace- in its meeting next week, the to 3.633% from 3.515% a day
parts maker Arconic Corp., Fed may be able to stick to its earlier.
The Wall Street Journal re- guns in its battle against infla- Still, some strategists cau-
ported. tion. tioned it was too early to sound
n-

In August, an Apollo-led Consumer-price-index data the all-clear.

group agreed to buy air- out Tuesday showed that head- “Macro volatility is here to
freight company Atlas Air line prices rose by 6% annually stay,” said Viraj Patel, global
Worldwide Holdings Inc. for in February, cooling for an macro strategist at Vanda Re-
no

$3.2 billion. eighth consecutive month. search. “My view here is that

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Inter INTR 1.61 -8.9 PhoenixMotor PEV 0.80 -3.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Investar ISTR 15.87 -4.7 PiedmontOfficeA PDM 7.62 -4.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Ioneer IONR 7.88 -3.3 PolestarAuto PSNY 3.96 -7.2
iSun ISUN 1.12 -4.3 Popular BPOP 51.77 -2.7
in the latest session. % CHG-Daily percentage change from the previous trading session. JBG SMITH Prop JBGS 15.07 -1.3 PortageBiotech PRTG 2.89 -2.8
Joann JOAN 2.07 0.7 PrecisionBio DTIL 0.86 -4.4
Tuesday, March 14, 2023 JaguarHealth JAGX 1.04 -3.7 Prenetics PRE 0.75 -6.4
JupiterWellness JUPW 0.31 -3.4 ProcessaPharm PCSA 0.50 -3.3
52-Wk % 52-Wk % 52-Wk %
KT KT 11.25 -0.1 PureCycleTechWt PCTTW 1.92 -10.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg QualTekSvcs QTEK 0.30 -7.0
Kalera KAL 3.50 -1.1
AlignmentHlthcr ALHC 5.93 -3.1 Cryptyde TYDE 0.14 -4.7 KY FirstFedBncp KFFB 6.06 -4.2 QurateRetailA QRTEA 1.10 -4.3
Highs AllarityTherap ALLR
AlpineSummit ALPS
0.13 -5.5
1.81 -2.6
DISH Network DISH
D-WaveQuantum QBTS
9.83 -2.7
0.59 -2.5
KilroyRealty
Knightscope
KRC
KSCP
29.85 -3.5
0.86 -6.9
RF Industries RFIL
Recruiter.com RCRT
4.14 -8.7
0.23 -5.2
AfricanGoldAcqn AGAC.U 10.32 0.9 AlterityTherap ATHE 2.86 -7.1 DevonEnergy DVN 48.31 0.3 Kohl's KSS 21.93 -0.1 RegionalMgmt RM 26.05 0.1
AfterNextA AFTR 10.22 -0.1 AlzamendNeuro ALZN 0.48 -6.0 DigitalAlly DGLY 3.70 -5.8 KronosWorldwide KRO 8.40 -4.3 RelianceGlobal RELI 3.40 9.3
AimfinityUn AIMBU 10.35 1.4 Amedisys AMED 76.93 -3.7 DouglasElliman DOUG 3.11 -2.8 LavaTherap LVTX 1.75 0.6 ReWalkRobotics RWLK 0.68 -3.2
AllianzIMUSLCBuffer20Mar MARW 25.56 0.6 AmericanAssets AAT 18.68 -3.0 DouglasEmmett DEI 11.99 -4.1 LDH Growth I Wt LDHAW 0.01 -25.4 RiteAid RAD 2.50 -18.9
AlphaHlthIII A ALPA 10.11 0.3 AmerSoftware AMSWA 12.70 0.9 DragonflyEnergy DFLI 3.12 -10.4 LeeEnterprises LEE 14.70 -3.6 Rivian RIVN 13.10 -3.8
AlphaPtrsTech APTMU 10.84 ... AmerStratInvt NYC 10.11 -5.5 Dun&Bradstreet DNB 11.05 -0.4 LibertySirius C LSXMK 26.52 -1.2 RocketPharmWt RCKTW 0.12 -6.3
AmRltyInv ARL 29.24 0.7 AmnealPharm AMRX 1.35 -2.7 DunxinFinl DXF 0.14 -0.7 LibertySirius A LSXMA 26.62 -1.3 Ryvyl RVYL 0.34 -11.3
AquaronAcqn AQU
AristaNetworks ANET
11.12 0.4
153.25 4.3
AmpriusTech AMPX
AnteroResources AR
5.47 -6.2
22.59 0.5
E-HomeHousehold EJH
EagleBncpMT EBMT
0.12 -6.7
14.16 -9.8
LifeMD LFMD 1.26 -8.0 SHF Wt
SLGreenRealty SLG
SHFSW 0.03 -12.5
27.28 -3.6
Discover how tax laws will affect you and
Lifevantage LFVN 3.35 -0.6
AtlCoastalA
BiglariA
ACAH
BH.A
10.75 0.4
909.70 0.9
AquaBountyTech AQB
Arcimoto FUV
0.57 -7.1
1.51 -3.2
Energous
EnergyVault
WATT
NRGV
0.51 -2.3
1.95 -9.6
LiquidMedia
LocalBounti
YVR
LOCL
0.16 -6.9
0.41 -8.9
SQZ Biotech
Sabre
SQZ
SABR
0.53 8.5
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BiomeaFusion BMEA 15.74 11.3 ArcutisBiotherap ARQT 11.38 -2.2 ENGlobal ENG 0.55 -5.8 LogicMark LGMK 0.13 3.0 Safe&Green SGBX 0.87 -1.4
CCNeubergerIII PRPC.U
CadenceDesign CDNS
10.30 0.2
203.68 3.7
ArdaghMetalWt AMBP.WS
AridisPharm ARDS
0.32 -5.6
0.35 -22.6
EntFinlSvsPfdA EFSCP
Enviva EVA
15.95 -1.9
30.56 -2.3
LucyScientific LSDI 1.23 -7.3 SangamoTherap SGMO
SarcosTech&Robotic STRC
2.12 -4.0
0.44 -4.6
2023. Compiled by trusted WSJ reporters
LuokungTech LKCO 0.10 -2.4
CalliditasTherap CALT
ChainBridgeIA CBRG
25.00 10.3
10.42 0.2
ArqitQuantumWt ARQQW
AshfordHosp AHT
0.25 4.8
3.39 -1.1
EnzoBiochem ENZ
Equinor EQNR
1.04 -5.5
28.30 -1.2
MSD Acqn Wt MSDAW
MSP Recovery LIFW
0.00 -1.2
0.90 -5.2
Sasol
SatixFyComms SATX
SSL 13.15 0.2
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ChurchillCapVII CVII.U 10.12 0.2 AspenGroup ASPU 0.11 -19.2 EquityCommonPfdD EQCpD 24.31 -0.5 30.69 -0.5 Science37 SNCE 0.21 -1.7
ChurchillVII A CVII
Cvent CVT
10.11 ...
8.38 13.0
Atento
AudioCodes
ATTO
AUDC
1.79 -8.5
13.99 -0.6
EsperionTherap ESPR
EveloBiosci EVLO
3.99 -5.6
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Marcus&Millichap MMI
Marqeta MQ 4.06 -1.4 ScorpioTankersNts SBBA
ScrippsEW SSP
24.17 1.1
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Materialise MTLS 7.62 -1.5
EsgenAcqn
Embraer
ESACU
ERJ
10.97 0.1
15.06 4.9
AultAllPfdD
AuroraMobile JG
AULTpD 11.95 -4.3
0.56 -1.0
FARO Tech
FGI Industries FGI
FARO 24.42 -0.2
1.71 -4.4
MexcoEnergy MXC
MicrobotMed MBOT
12.05 -2.8
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SecooHolding SECO
ShiftTech SFT
0.60 -12.2
1.08 -6.7 personal and business rules come tax time.
EverestConsol MNTN.U 10.47 0.2 Bark BARK 1.10 -4.3 FathomDigitalWt FATH.WS 0.03 60.9 Sigmatron SGMA 3.31 -0.6
MidSouthBncp MSVB 11.04 -11.1
Fanhua FANH 9.10 0.1 BIMI Intl BIMI 0.75 -6.1 FirstCitizBcshA FCNCA 564.35 -3.9 SiloPharma SILO 1.98 -2.4
MidlandStBncpPfA MSBIP 23.60 -2.8
GE HealthCare GEHC 78.76 1.2 BM Tech BMTX 2.70 -8.8 FirstGuarBcshs FGBI 14.96 -7.6 SilverSpikeII Wt SPKBW 0.00 -81.6
MobiquityTechs MOBQ 0.19 -4.7
GX Acqn II A GXII 10.22 -0.3 SingingMachine MICS 2.12 0.7
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GabelliPfdA GLUpA 58.16 -4.3 BayCom BCML 16.87 -0.5 FirstWaveBio FWBI 2.76 -9.1 SingularGenomics OMIC 1.30 -13.8
MultiMetaVerse MMV 1.14 -5.0
GenerationAsiaI GAQ.U 10.50 1.0 BaytexEnergy BTE 3.41 1.2 FreshVineWine VINE 0.70 -3.8 SiriusXM SIRI 3.49 -3.3
NL Industries NL 6.10 -1.9
GreencityAcqn GRCYU 11.42 5.5 SmithMicro SMSI 1.14 -2.6
HNR Acqn HNRA 10.47 0.1
BedBath BBBY
BensonHillWt BHIL.WS
1.10 -7.3
0.09 -30.5
FrontierAcqnWt FRONW
fuboTV FUBO
0.00 -88.3
1.25 -3.8
NSTS Bancorp NSTS
NanoVibronix NAOV
9.09 -2.9
2.94 4.7
SonidaSrLiving SNDA 11.01 -3.9 WSJ.com/taxguide2023
HeritageGlobal HGBL 3.04 1.8 BensonHill BHIL 1.47 -15.7 GH Research GHRS 7.93 -0.8 SonnetBio SONN 0.56 -7.6
NatlEnerSvs NESR 5.37 -2.5
HomePlateAcqn HPLTU 10.23 0.1 Biocept BIOC 0.37 -5.0 GenDigital GEN 15.73 -3.2 SouthwestAir LUV 30.12 -1.7
NationalVision EYE 18.90 0.3
HubCyberSecurityWt HUBCZ 0.50 -38.8 BlueFoundryBncp BLFY 8.94 -3.7 GenerationsBncp GBNY 10.41 -5.0 StrawberryFldREIT STRW 7.00 -2.6
NauticusRobot KITT 2.52 -0.4
InceptionGrowth IGTA 10.71 -1.2 BostonProps BXP 52.92 -4.3 Genesco GCO 36.14 -2.4 SunlightFinl SUNL 0.63 -2.8
Nayax NYAX 16.60 2.0 16.84 0.5
InfiniteAcqnA NFNT 10.41 -0.1 BrandywineRealty BDN 4.95 -2.9 Genprex GNPX 0.85 -6.6 Surmodics SRDX
NektarTherap NKTR 1.15 ... TTEC TTEC 35.97 1.0
InsightEnt NSIT 139.30 2.5 Braskem BAK 7.00 -2.5 Getaround GETR 0.40 2.5
NetSolTech NTWK 2.54 1.6 TetraTech TTI 2.94 -0.3
inTEST INTT 17.66 8.7 CBD Pao CBD 2.64 -1.1 GitLab GTLB 30.92 -23.9
Newmark NMRK 6.85 -0.7 TexasCommBcshs TCBS 12.15 -16.3
JattAcqnA JATT 11.61 2.5 CBREGlbREIncmRt IGRr 0.02 24.4 GlobusMedical GMED 52.08 -1.1
NextPlayTech NXTP 0.95 -11.1 Theratechnologies THTX 0.70 22.2
LFCapAcqnIIA LFAC 10.43 0.1 CF Bankshares CFBK 19.37 -2.9 GranTierraEner GTE 0.76 -0.6
CF Industries CF 74.02 -0.8 GreenbrookTMS GBNH 0.70 -1.0 Nogin NOGN 0.36 -5.6 ThermoGenesis THMO 2.11 -5.0
LatticeSemi LSCC 93.91 5.0
CURO 1.66 -8.6 GreenlandTech GTEC 1.78 -0.6 Novavax NVAX 6.22 -8.5 3M MMM 101.37 -0.7
Limbach LMB 16.55 3.4 Curo
CVS 74.79 -0.9 GreenLightBio GRNA 0.32 -1.2 Nuwellis NUWE 4.60 -1.4 TianRuixiang TIRX 1.01 -4.9
MagnumOpusA OPA 10.24 ... CVS Health
CANG 1.08 -9.2 GrindrodShipping GRIN 12.36 -2.6 OP Bancorp OPBK 9.30 -3.2 TItanIntl TWI 11.11 -1.3
MillerIndustries MLR 32.88 2.5 Cango
11.11 2.3 CanooWt GOEVW 0.10 -1.7 GuardforceAI GFAI 4.55 -4.8 OaktreeCapPfdA OAKpA 21.06 3.5 ToroWi TORO 2.30 -39.0
PlumAcqnI PLMIU
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7GC A VII 10.35 0.5 CatalystBncp CLST 11.90 -1.6 HCW Biologics HCWB 1.61 -5.3 OncologyInst TOI 0.70 -3.7 TriumphFinlPfdC TFINP 21.25 3.7
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ViscogliosiBros VBOC 10.33 0.1 Centene CNC 62.88 -1.3 HammerheadEnergy HHRS 7.04 1.5 1895Bancorp BCOW 8.30 -0.1 UcommuneIntl UK 0.87 6.6
Vitru VTRU 23.99 1.7 CentraisElBras EBR 5.97 0.8 Hasbro HAS 46.79 -1.0 1stdibs.com DIBS 3.92 -1.2 UniqueFabricating UFAB 0.20 -3.2
Yext YEXT 9.80 9.9 ChicagoAtlRealEst REFI 13.03 -0.1 HawaiianHoldings HA 8.70 -2.2 OneStopSystems OSS 2.64 -1.1 Unisys UIS 3.56 -2.4
ChickenSoupA CSSE 3.00 -7.7 HennessyAdvsrs HNNA 7.95 -0.3 OportunFin OPRT 2.71 -34.6 Uniti UNIT 3.89 -8.5
Lows ChickenSoupPfdA CSSEP
ChinaSXTPharm SXTC
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ATAI Life ATAI 1.15 -5.6 CivistaBcshrs CIVB 17.38 -6.4 HourLoop HOUR 2.01 -5.9 Owens&Minor OMI 12.74 -3.0 VirTra VTSI 4.00 -0.2
Absci ABSI 1.71 -0.9 CommWestBcshs CWBC 12.50 -4.7 HubCyberSecurityWt HUBCZ 0.05 -38.8 Parts Id ID 0.20 -14.6 VirtusCvPfdA NCVpA 20.92 1.2
AcelRxPharm ACRX 0.86 -21.0 ComSovereign COMS 1.78 -6.0 HudsonPacProp HPP 7.20 -4.1 P3HealthPartners PIII 0.88 -6.0 VitalEnergy VTLE 44.52 -1.0
AdamasOne JEWL 1.10 0.9 ConsensusCloud CCSI 30.92 -2.3 IMAC BACK 0.15 5.3 PactivEvergreen PTVE 8.26 -1.1 VornadoRealty VNO 16.02 -5.3
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AdvHlthInt AHI 0.35 -7.6 CorazonV838 Wt CRZNW 0.00 -96.1 icad ICAD 1.41 -7.1 PathfinderBncp PBHC 16.90 4.9 WarbyParker WRBY 10.27 -2.8
AEye LIDR 0.42 -6.8 CousinsProperties CUZ 20.82 -2.3 ImpelPharm IMPL 0.96 -8.3 PAVmedWtZ PAVMZ 0.10 -13.7 Wejo WEJO 0.37 -8.8
Agriforce AGRI 0.83 -2.7 CredoTech CRDO 8.42 -4.0 IndependentBank IBTX 46.56 -2.0 PeoplesFinSvcs PFIS 44.73 -1.1 WesternUnion WU 10.23 -2.2
AirNetTech ANTE 0.82 -3.7 CrescentCapBDC5% FCRX 23.39 -4.1 InnovidWt CTV.WS 0.09 -7.5 PerformShipping PSHG 0.75 -8.5 WestRock WRK 28.06 -0.3
AkariTherap AKTX 0.27 -1.8 CrescentEnergy CRGY 10.50 -2.0 Inogen INGN 13.06 0.3 PermianvilleRT PVL 2.20 -1.8 Wiley B WLYB 34.46 -4.0 © 2023 Dow Jones & Co., Inc. All rights reserved. 3DJ9318
AlarumTech ALAR 1.59 -3.8 Cryo-Cell CCEL 3.10 -12.4 Inseego INSG 0.62 -3.8 PetrosPharm PTPI 1.32 -5.8 WindtreeTherap WINT 4.28 -0.2
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B14 | Wednesday, March 15, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Fed Plans Collide With SVB Fallout Banking

Selloff
Silicon Valley Bank and Signature Bank failures could put rate increases on hold
The collapse of Silicon Valley raise rates at all. 5.0% The last time the Fed was deal-
Points
Bank and Signature Bank give
Federal Reserve policy makers two
good reasons to hold off on raising
The primary reason the Fed
might hold is clear: Raising rates
would be at cross-purposes to its
4.5
4.0 The midpoint of
ing with burgeoning financial
problems and too-high inflation
was in the late 1980s, when the
To Bargains
interest rates when they meet next
week. But the latest run of eco-
nomic data can only serve to re-
efforts to contain the fallout from
the failures of Silicon Valley and
Signature. If the aim now is to
3.5
3.0
the Federal Reserve’s
target range on
overnight rates
savings and loan crisis was getting
under way. Transcripts from the
central banks’ meetings show that
In Europe
mind them why, until last week soothe the nerves of regional bank policy makers were worrying
anyway, they planned to keep rais- customers worried that their de- 2.5 about the thrift industry as early
ing rates. posits aren’t safe, raising rates 2.0 as 1988—Fed governor Martha Region’s financial
Investors’ expectations for the wouldn’t be a good way to do it. Seger called it “a disaster area, institutions aren’t in the
Fed have been whipsawing this Another reason: Rate increases 1.5 and something we have to pay at-
year. Early on there were hopes work on the economy with a lag, 1.0 tention to” in May of that year. same boat as U.S. ones
that cooler inflation would lead and bank failures count as evidence But even as the problems intensi-
the Fed to raise its range on over- that the hiking campaign the Fed 0.5 fied, the Fed kept raising rates As the dust settles on Silicon
night rates by a final quarter point began a year ago is now having a 0 through May 1989. Valley Bank’s collapse, bargains
at its March meeting, and then go pronounced effect. Even if the cri- In retrospect, perhaps the Fed will likely emerge. Europe’s lend-
2016 ’20
on hold. A monster January em- sis is quickly contained, banks will should have eased off sooner—in ers are a good place to look.
ployment report and unexpectedly likely remain more wary about Source: Federal Reserve addition to helping provoke the The Stoxx Europe 600 bank in-
strong inflation reports changed lending than they were just a few 1990 recession, the pall cast by the dex is down about 11% since
that. Last week, on the back of weeks ago. And that could have a be. This puts the Fed in a different S&L crisis was part of why the Wednesday evening, when SVB an-
some hawkish-sounding testimony chilling effect on the economy. place than it has been when con- early stages of the ensuing recov- nounced a capital raise, triggering
from Fed Chairman Jerome Powell, Not that the economy seems fronted with crises over the past ery were tepid. a bank run. European lenders fell
interest-rate futures put the very chilly now. The February jobs few decades. Low inflation made it Even so, today’s Fed isn’t about some on Thursday and Friday, and
chances of a half-point increase at report that came out last Friday easier for the central bank to stop to stop worrying about inflation more again on Monday before
the March meeting, rather than a was unimpeachably strong, and the raising rates when the Asian finan- on account of Silicon Valley and finding a more stable footing on
quarter-point one, at nearly 80%. February consumer-price report cial crisis hit in 1997, for example, Signature’s collapse. Policy makers Tuesday.
And now? The chance of a half- that came out Tuesday showed and to cut rates when confronted might hit the pause button next Some investors might be wor-
point increase implied by futures that inflation continues to retreat with 1998’s Russian debt crisis, week, but if the economic data ried about trans-Atlantic conta-
has fallen to zero, and there is rea- only gradually, and remains far 2000’s dot-com collapse and stay strong, they will be itching to gion, or that Europe’s banking
son to believe the Fed might not higher than the Fed would like it to 2008’s financial crisis. hit play, again. —Justin Lahart complex shares risks crystallized

.
by SVB in the U.S. In most cases,
they probably shouldn’t be. Banks

ly
are in a very different place in Eu-

Lender Is a Cloud Over Clean Energy

rope, with excess capital, blanket
regulation, low valuations and

Silicon Valley Bank’s fallout has

on more to gain from rising interest
rates.
The read-across from SVB to
Europe was never obvious: The
clearly spooked some investors in U.S. company was unusual in its
us ,

clean-energy stocks. How worried high exposure to the now-deflating

l

should they really be? tech bubble. Europe can for once
e
al a

Even after a rebound Tuesday, be glad not to have a huge startup

residential solar company Sunrun, scene that is now running down
battery-storage company Stem and cash balances built up during the
ci on

fuel-cell manufacturer Bloom En- pandemic.

ergy are all down around 7% to
10% since SVB Financial proposed
a capital raise on March 8. All
three companies are previous or
Banks are in a very
er s

current clients of the bank. different place in Europe,

This is despite some of those
with excess capital and
m er

companies’ assurances that their

AUDRA MELTON FOR THE WALL STREET JOURNAL

exposure to SVB is manageable. low valuations.

Sunrun, which disclosed Friday
that it had $40 million of undrawn
loan commitments from SVB, said
m rp

in an emailed statement that the European banks also tend to be

company is confident in its ability more diversified: Analysts at Citi
to replace those. Meanwhile, Stem find no equivalent in the region of
said less than 5% of its cash and the concentrated, business-skewed
short-term investments could be deposit base that made SVB vul-
co Fo

affected. Both Sunrun and Stem nerable to a run, and now has in-
stressed that they have relation- vestors worried about a handful of
ships with a large group of banks. other midsize U.S. banks.
While the initial stock-price re- SVB made about $1.2 billion worth of project finance loans to U.S. renewable energy projects in 2022. Deposits are still growing in ag-
actions may have been overdone, gregate in Europe, albeit at a slow-
they do underscore SVB’s impor- turns and the green profile of re- projects, which allow multiple to lend. Some regional banks are ing rate, while in the U.S. they are
tance as a lender in the clean-en- newable energy projects using ma- households or small businesses to active lenders and advisers to shrinking as excess pandemic sav-
ergy space. It made about $1.2 bil- ture technologies. “I think there’s buy power from a local solar facil- clean energy projects. ings are depleted and bank cus-
lion of project finance loans to U.S. more money out there than good ity, can be more complex than KeyBank, for example, was the tomers move to Treasurys.
renewable-energy projects in 2022, deals that can be done,” said Ted those with a single utility or in- second-largest provider of U.S. re- The underlying cause of that
according to data provider Infra- Brandt, chief executive officer of vestment-grade corporate buyer. newable project finance loans last migration is rising interest rates.
logic. That made SVB the sixth- boutique investment bank Mara- Of course, many SVB bankers year, according to Infralogic. Zions Central banks in Europe have been
largest lender in the space. Earlier thon Capital. will likely land jobs at other lend- Bancorp and East West Bank are raising rates too, but not as ag-
n-

this year, SVB announced that it Still, access to lending could get ers and could continue those rela- active lenders in the space, and gressively: The main policy rate of
has committed to provide at least slower for smaller clean-energy tionships. SVB’s collapse is likely U.S. Bancorp has been a regular the European Central Bank is at
$5 billion by 2027 in financing to spaces where SVB carved out a to leave a more noticeable gap for tax equity provider. For now, that 3%, compared with the U.S. Fed-
support sustainability investments, niche, such as fuel cells and com- the types of early stage, small risk seems to be at bay: After a eral Reserve’s range of 4.5% to
no

including renewable energy. munity solar projects, at least as clean-energy technologies that are rout on Monday, regional bank 4.75%.
Industry advisers say there is other lenders get comfortable with in the domain of venture capital. stocks rebounded sharply Tuesday Deposits also tend to be much
more than enough appetite from those risk profiles. SVB estimated Another thing worth monitoring morning. less sensitive to rate increases in
banks to fill the gap. Japanese and that it participated in about 62% is how much the fallout from SVB SVB’s collapse could cast a Europe, says Guy de Blonay, a fund
European banks have traditionally of all community solar financings affects other regional banks, such slight shadow on clean energy, but manager at Jupiter Fund Manage-
been big lenders in the space; they as of March 31, 2022. Credit as- as by prompting deposit with- one that should pass fairly quickly. ment.
like the steady—albeit low—re- sessment for community solar drawals and limiting their ability —Jinjoo Lee One sign that the European sell-
off has been indiscriminate is that
larger, stronger lenders were hit as
hard as smaller ones. At Monday’s

Meta’s ‘Year of Efficiency’ Still Looks Costly close, Swiss giant UBS was down
12%, compared with 16% for its
fragile peer Credit Suisse—though
the gap widened on Tuesday in a
sign that the market is becoming
Wall Street loves it when Meta nue forecast assumes some recov- Share price and index performance, employees to return to the office— more discerning.
Platforms fires people. Maybe a ery in the online advertising mar- past six months a major change from just a year Even HSBC, the region’s largest
bit too much. ket, which is no sure thing. ago, when Meta was spreading em- bank and the acquirer of SVB’s
The parent of Facebook said But even zero-revenue growth 30% Meta Platforms ployees and top officers across the London operation, has fallen about
Tuesday it is planning to lay off a this year would—with the head- Nasdaq Composite globe in what looked like an inter- 10%. Investors are likely taking
further 10,000 employees this year. count shrinkage—put revenue per 20 nal hard sell of its dreams for profits after a sector rally since
That would amount to about 13% employee about 16% higher than First cuts announced building the “metaverse.” October.
of the remaining workforce after what it has averaged over the past 10 The metaverse is still a dream, Some might be tempted back by
last year’s announced job cuts of five years. That has investors and Mr. Zuckerberg didn’t signal the prospect of fat shareholder re-
11,000, confirming a Wall Street cheering. Meta’s stock jumped 0 any intention of backpedaling on turns.
Journal report from last week. more than 7% Tuesday, adding to that vision, noting Tuesday that Europe’s banks are on the whole
In a memo to employees, Chief gains that juiced the share price –10 the concept “remains central to well capitalized, having been
Executive Mark Zuckerberg said by 78% since the first layoffs were defining the future of social con- forced to withhold payouts during
the reductions would start rolling announced in early November of –20 nection.” the pandemic and then, last year,
out through the company’s recruit- last year. That is nearly eight Facebook’s hard pivot in that di- keep generous levels of capital on
ing team this week, then through times the Nasdaq Composite’s gain –30 rection in late 2021 inflated the hand to deal with a winter energy
its technology and business groups over that time. company’s costs and sent investors crisis that didn’t happen. Combine
over the next couple of months. He Meta now trades at a nearly –40 fleeing. But the company now excess capital with still-low valua-
said Meta would close about 5,000 10% premium to Google parent Al- Oct. 2022 ’23 known as Meta faces a world of tions and HSBC’s prospective divi-
open roles not yet filled. phabet Inc. as a multiple of for- slower growth, expensive artifi- dend yield for the next 12 months
The move is part of the social ward earnings, after spending Source: FactSet cial-intelligence technology plus is currently clocking in at 8.7%, ac-
network’s “Year of Efficiency”—a most of the past year at a discount the need to maintain investments cording to FactSet.
term Mr. Zuckerberg deployed to its larger rival, according to should prepare ourselves for the in the safety and security of its SVB and cryptocurrency finance
seven times in his 2,100-word post. FactSet. possibility that this new economic Facebook and Instagram platforms were the ultimate Icarus stocks:
And it will certainly make an im- The hopes driving such gains reality will continue for many that drive nearly all revenue. highfliers thanks to low interest
pact. A surge in hiring brought might prove premature. Even with years.” Analysts expect Meta’s operat- rates that became big fallers when
down Meta’s annual revenue per the severity of the latest cuts, Meta’s plan as outlined by Mr. ing margins to average 27% over the cycle turned.
employee by 18% last year to about Meta reduced its full-year expense Zuckerberg suggests plenty of in- the next three years compared European banks are the oppo-
$1.35 million—its lowest level since range for 2023 by 3%, according to ternal turmoil ahead this year. He with an average of 34% over the site, having for years struggled to
2014. The announced cuts would a filing Tuesday. And Mr. Zucker- said the company will be asking last three. deal with the impact of negative
bring that number to a record high berg himself acknowledged he “many managers to become indi- Mr. Zuckerberg may have fewer interest rates. Putting them in the
of $1.85 million, based on Wall doesn’t expect a major improve- vidual contributors,” effectively friends these days, but his bills same boat now doesn’t make much
Street’s current projected revenue ment to business conditions, stat- amounting to demotions. keep on growing. sense.
for Meta for this year. That reve- ing in his memo that “I think we He signaled a move to get more —Dan Gallagher —Stephen Wilmot