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      A Century Ago, Golf Fans Watched a ‘Do-or-Die’ Moment

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      Bobby Jones won the first of his four U.S. Opens at a course near what is now Kennedy Airport. The New York Times was there.Good morning. It’s Friday. Today we’ll look at a moment in the history of golf that will be recreated where it happened 100 years ago tomorrow. We’ll also get details on why there will probably be more squabbling over the maps for New York’s congressional districts.Bobby Jones in 1927, four years after he won the U.S. Open at Inwood Country Club.Fox Photos/Getty ImagesOn July 15, 1923, 100 years ago tomorrow, a 21-year-old golfer named Bobby Jones stood just off the 18th fairway at Inwood Country Club, now just across from Kennedy International Airport. My colleague Corey Kilgannon explains how Jones made history:Jones had squandered a commanding lead in a playoff for the U.S. Open the day before, but he still had a chance to salvage a victory over the Scottish star Bobby Cruickshank — if Jones made a daunting shot. The New York Times described what happened as “truly miraculous.”“Without a moment’s hesitation,” The Times said, “Jones drew his No. 1 iron out of the bag, took a momentary look at the lie, glanced at the flag and swung. The ball flew off the face of his club, rose in the air and carried squarely on the green, 190 yards away.” The ball landed within six feet of the cup.That moment will be memorialized on Saturday at Inwood, where several of Jones’s descendants are expected at a club tournament and dinner. Among them is a grandson, Dr. Bob Jones IV, who said his grandfather had been on a losing streak and was considering quitting championship golf until his “do-or-die moment” in 1923.“When he got to Inwood, he was really considering that this might be his last tournament,” Dr. Jones said. “If he had not executed that shot and won, I think he would have given up tournament golf and become an obscure sports trivia item.”Instead, Jones drilled the ball next to the hole and two-putted to win the first of his four U.S. Opens.It jump-started golf’s most successful amateur career, one that would include Jones’s 13 majors, four of them in a single calendar year (1930) — golf’s Grand Slam. He became a lawyer but later designed the Augusta National Golf Club and co-founded the Masters tournament.Bobby Jones receiving the trophy after winning the U.S. Open in 1923.Edwin LevickHis triumph at Inwood came at a time when golf had assumed a place in the debonair lives of the well-to-do in the Jazz Age, when the New York area was the cradle of golf in America. There’s a reason F. Scott Fitzgerald made the blasé Jordan Baker a golfer in “The Great Gatsby,” published two years after Jones’s Inwood victory. Babe Ruth and the Three Stooges used to frequent Van Cortlandt, a public course in the Bronx.Inwood will try to recapture the old-fashioned vibe on Saturday. On several holes, players will have to use hickory-shafted replicas of Jones’s clubs. For the putting contest, they will have to use a replica of Jones’s favorite putter, which was known as Calamity Jane, and old-fashioned golf balls. For the dinner in the clubhouse, guests are encouraged to wear Jazz Age dress.But first, during the cocktail hour, they will get a chance to replicate Jones’s storied shot from the same spot. If they can. It is still a daunting shot, even with modern high-compression golf balls and titanium-shafted clubs.“With a wooden shaft, it’s a lot harder to get the ball up in the air,” said Kyle Higgins, the club’s head pro, who added that Jones often played in a long-sleeve dress shirt and tie — something Higgins has tried himself, to get the feel of hitting the way Jones did. (“It’s definitely restrictive and makes it pretty tough to swing,” he said.)Jones had wasted a three-shot lead in the final round to let Cruickshank into a playoff. But Jones’ shot on 18 “sealed the fate of the little Scottish gamecock,” The Times reported, and “opened up the portals of fame” to Jones.The celebration, with spectators carrying Jones triumphantly toward the clubhouse as a kilted bagpiper wailed away, is known to many club members even today.“The day is less about competition and more about celebrating the anniversary,” said the club’s golf chairman, Brian Ziegler. “We try to make sure everyone who joins is aware of the club’s history, and we knew we needed to celebrate the 100th anniversary.”WeatherIt’s going to be mostly cloudy, with temperatures in the 80s. There’s a chance of showers and thunderstorms in the afternoon persisting into the evening. At night, temps will fall to the mid-70s.ALTERNATE-SIDE PARKINGIn effect until Aug. 15 (Feast of the Assumption).The latest New York newsSeth Harrison/USA Today NetworkPolice fatally shoot man after report of stolen fruit: A 37-year-old man was shot by the police in New Rochelle, N.Y., on July 3 after he was accused of eating grapes and a banana without paying, his family’s lawyer said. The man died a week later.Mayor turns to his religious base: As signs of trouble have arisen in recent weeks, Mayor Eric Adams has leaned heavily on the religious segment of his multiethnic, outer Manhattan base for support.One man’s war on pickleball: “Paddleball Paul” is making his last stand to eradicate pickleball from the handball courts of Central Park. It’s not going very well.More squabbling over mapsCarlos Bernate for The New York TimesA New York appeals court ordered the state’s congressional map redrawn yet again. Or re-re-redrawn.Language aside, the Appellate Division of the State Supreme Court in Albany sided with Democrats in a long-running legal fight, saying that the districts drawn last year on orders from the state’s highest court had been only a temporary fix. The justices ordered the state’s bipartisan redistricting commission to restart a process that would effectively give the Democrat-dominated State Legislature final say over the contours of New York’s 26 House seats for the rest of the decade.My colleague Nicholas Fandos writes that if that decision is upheld, as many as six Republican-held seats could go the Democrats’ way.The state’s highest court, the Court of Appeals, will have the final say, because Republican leaders immediately said they would appeal. And it was the Court of Appeals that blocked Democrats’ attempt to gerrymander the maps of the state’s congressional districts last year. The high court said then that the Democrats had violated the state Constitution and ignored the will of voters who approved a 2014 constitutional amendment intended to limit political influence in redistricting.The current district lines were drawn by a court-appointed expert last year to maximize competition. The new map helping Republicans flip four seats on the way to taking control of the House.If Thursday’s ruling stands, both parties believe that Democrats could draw maps that would pass muster legally while making re-election almost impossible for incumbent Republicans, such as Representatives Mike Lawler and Marc Molinaro in the Hudson Valley, or Anthony D’Esposito and George Santos on Long Island and in Queens.New Democratic seats in New York could help offset expected Republican gains in North Carolina, where a newly conservative top court is allowing the G.O.P. to replace a more neutral map. Separately, Democrats won an unexpected victory at the U.S. Supreme Court. The court said Alabama had used a map that watered down the power of Black voters in a decision that could affect redistricting in several southern states.Representative Hakeem Jeffries of New York, the top House Democrat, praised Thursday’s ruling and called the current New York congressional map undemocratic. METROPOLITAN diaryBarefoot on the FDear Diary:It was a hot summer day in the late 1990s. Dressed in a sundress and slide-style sandals, I was about to step onto an arriving F at 14th Street when one of my sandals slipped off and fell between the train and the platform and then down onto the tracks.I sheepishly entered the car and looked for a seat, praying that no one had noticed. Of course, several people had“Well, that’s a first!” said one of them, an older man.With my bare foot tucked behind my sandaled one, I spent the rest of the ride home to Brooklyn pondering what I would do once I got off.Should I walk through the station and the three blocks to my apartment with one sandal and one bare foot? Should I remove the other shoe and go fully barefoot?As we pulled into the station, a woman sitting a few seats away approached me and pulled something from her bag.“Excuse me,” she said, “but I saw what happened when you got on the train, and I wanted to offer you this pair of flip-flops.”— Megan WormanIllustrated by Agnes Lee. Send submissions here and read more Metropolitan Diary here.Glad we could get together here. See you on Monday. — J.B.P.S. Here’s today’s Mini Crossword and Spelling Bee. You can find all our puzzles here.Johnna Margalotti and Ed Shanahan contributed to New York Today. You can reach the team at nytoday@nytimes.com.Sign up here to get this newsletter in your inbox. More

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      Vivek Ramaswamy Takes Aim at Political Fund-raising Oligopoly

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      The longshot Republican candidate is seeking to raise an army of fund-raisers — by giving them a cut of any money they collect for his campaign.The Republican presidential candidate Vivek Ramaswamy wants to disrupt the “oligopoly” of political fund-raising.Michael M. Santiago/Getty ImagesRamaswamy rethinks political giving As a biotech entrepreneur, investor and conservative activist, Vivek Ramaswamy cuts a different profile from the veteran politicians who are also seeking the Republican presidential nomination.With the plan that he announced on Monday — in which fund-raisers will get 10 percent of what they drum up for him — Mr. Ramaswamy told DealBook that he’s trying to shake up the business of politics now, too.How it works: Called “Vivek’s Kitchen Cabinet,” the system will give participants a personal link they can share with others, and the campaign will pay them as independent contractors.Mr. Ramaswamy said he’s taking aim at a political norm. After announcing his candidacy in February, he said he had met with professional fund-raisers who promised that they could find wealthy donors in Palm Beach, Fla., in Silicon Valley, and on Wall Street.He wasn’t impressed with their work, he said, but he found their fee structure, in which they are paid up to 20 percent of what donors give, interesting. That got him thinking about disrupting the model: “Anytime there’s an oligopoly, there’s a need and an opportunity to break it up,” he said.It’s a novel way of attracting support, since it goes against how candidates traditionally spend money to get donors. (Most campaigns will spend heavily on marketing to draw donors, though the Republican hopeful Doug Burgum is trying something different by doling out $20 gift cards.) News coverage of the plan could also help bump up awareness of Ramaswamy, who’s currently polling at about 4 percent.Drawing more donors isn’t necessary for Mr. Ramaswamy to qualify for the first Republican presidential debate — he told DealBook that he had amassed about 65,000 already, more than the 40,000 minimum. But it could help alleviate his need to self-fund his campaign, to which he has given more than $10.5 million in loans and contributions as of the first quarter.Is it legal? Campaign finance experts told DealBook that the plan didn’t appear to raise any legal issues. Ramaswamy said that it had been vetted by the Federal Election Commission.But some experts see other problems. For instance, supporters may pressure and coerce others in their networks to give to the candidate, according to Saurav Ghosh, director of campaign finance reform at the advocacy group Campaign Legal Center and a former F.E.C. enforcement attorney. (Some on social media have jokingly compared it to a multilevel marketing campaign.)HERE’S WHAT’S HAPPENING China reportedly plans tighter rules for artificial intelligence. Beijing officials will compel companies developing A.I. services to obtain a license before releasing their products to the public, according to The Financial Times. Regulators are seeking a balance between controlling content while allowing domestic tech companies to innovate.Foxconn withdraws from a $19.5 billion chip venture in India. The electronic components giant said it wouldn’t move forward with plans to partner with the conglomerate Vedanta to build factories in Gujarat. The decision is a blow to India’s efforts to become a hub for chip making and to seize on desires by Apple and others to diversify their supply chains away from China.Tucker Carlson’s Twitter show isn’t holding onto its audience. Views of his broadcasts on the social network have fallen as much as 85 percent since their debut last month. It’s bad news for Carlson, who had counted on his strong viewership at Fox News to carry over to his Twitter show after the network fired him this spring.Hollywood faces the prospect of a second strike. Actors are set to join writers on the picket lines if their union, SAG-AFTRA, doesn’t reach a deal with studios by midnight on Wednesday. Another strike could completely shut down Hollywood, disrupting local communities depending on movie and TV production. At issue are disagreements over streaming payments and the use of artificial intelligence.The heat grows on Twitter’s chief Just a month into the job as the social media platform’s C.E.O., Linda Yaccarino has had to deal with a major new competitor, unpopular limits placed on power users and the unpredictability of Elon Musk. It hasn’t been a smooth debut by any means.She has set herself a tough task. Ms. Yaccarino, the former head of advertising at NBCUniversal aims to repair relations with Madison Avenue, no small feat in the middle of a global ad slump. In her favor is her strong reputation: “Linda was a good hire and the right hire as long as she has the freedom to do what’s necessary,” Martin Sorrell, an advertising mogul, told DealBook last week.But many suspect that Twitter’s owner will be reluctant to relinquish control. Indeed, Mr. Musk hasn’t made things easier for Ms. Yaccarino, tweeting juvenile content and apparently neglecting to copy her on his threat to sue Threads, Meta’s rival short-messaging platform. (Referring to Ms. Yaccarino, Bill Grueskin, a Columbia Journalism School professor, tweeted that he was “trying to think of a worse career decision.”)A request for comment to Twitter’s P.R. team was answered with an auto-reply of a poop emoji.And Threads keeps growing. The Twitter competitor has now surpassed 100 million users, setting a record for an app to reach that milestone. Analysts at Evercore ISI have estimated that Threads could add $8 billion to Meta’s annual revenue by 2025. It’s worth noting that Threads currently doesn’t feature any advertising.Its rise appears to be hurting Twitter: Traf­fic to Twit­ter’s web­site fell 5 percent week-on-week in the first two days of Thread’s existence, ac­cord­ing to The Wall Street Journal, citing Sim­i­lar­Web.Ms. Yaccarino sought to rally the Twitter faithful. “Twitter, you really outdid yourselves!” she posted on Monday. “Last week we had our largest usage day since February. There’s only ONE Twitter. You know it. I know it. 🎤” (That said, the tech journalist Casey Newton expressed skepticism of her claim.)Inflation nation Americans’ spending spree on cars, airline tickets and hotel stays appears to be cooling off. Markets are anxiously waiting to see if that restraint will be born out in Wednesday’s Consumer Price Index reading.What to watch: Economists polled by Bloomberg expect the headline inflation number to drop to 3.1 percent, a huge decline from last July’s reading of 9 percent. (That said, more frugal consumers could crimp Amazon’s annual Prime Day shopping bonanza, which starts today.)But progress from here is expected to be tough. Core inflation, which excludes more volatile food and fuel prices, is predicted to drop to 5 percent, well above the Fed’s 2 percent target. In an investor note on Monday co-written by Jan Hatzius, Goldman Sachs’s chief economist, the firm said that it expected further gradual progress in the inflation fight in the coming months, but didn’t see core inflation dipping below 3 percent until 2025.The Fed is also still worried about inflation. On Monday, three officials said that more interest rate increases were needed to bring down prices. “Inflation is our No. 1 problem,” said Mary Daly, president of the San Francisco Fed and a nonvoting member of the central bank. She added that she believed two more rate raises were needed this year.The futures market is betting on that as well, pricing in a quarter-percentage-point increase at this month’s Fed rate-setting meeting and, increasingly, anticipating another raise this fall.But that uncertainty over inflation, as well as worries about recession and a slowing labor market, has led some on Wall Street to warn that the S&P 500 is overvalued and that a stock sell-off is coming. (Investors will keep an eye on corporate earning reports, which begin this week, for more clues on how businesses are faring.)“It’s also important to set the record straight: This is not a merger. The PGA Tour remains intact.” — Ron Price, the C.O.O. of the PGA Tour, in a preview of his testimony today before the Senate Permanent Subcommittee on Investigations about the proposed tie-up with the Saudi-backed LIV Golf circuit. Price added that there would be no changes to the PGA Tour’s C.E.O. or on the board level should the framework deal move forward.A fight over banking rules draws closerThe Fed’s top banking overseer, Michael Barr, outlined on Monday major parts of his plan to update regulations in the wake of the regional lender crisis that was prompted by the collapse of Silicon Valley Bank this spring.Among them are tougher capital requirements meant to make banks more resilient in turbulent times — but the financial industry is warning that the proposals go too far.Mr. Barr wants banks to hold more in capital reserves, to the tune of an additional $2 for every $100 of risk-weighted assets, he said in a speech. He also wants to extend his stricter rules to all institutions with $100 billion or more in assets; the toughest requirements currently apply only to lenders that are internationally active or have at least $700 billion in assets.It’s a recognition of “gaps in the current rules,” he said, since even midsize lenders — which are more lightly regulated — can pose dangers to the American financial system.Banks are threatening a fight. Washington and Wall Street appear to have been surprised by how tough Mr. Barr is being: “It’s definitely meaty,” Ian Katz, an analyst at Capital Alpha, told The Times. But industry figures said that tougher restrictions would come at a price. “Further capital requirements on the largest U.S. banks will lead to higher borrowing costs and fewer loans for consumers and businesses,” said Kevin Fromer, head of the banking group Financial Services Forum.The rules aren’t a done deal yet. Up next is the public comment period. If the Fed’s board approves, it will still take time to implement the rules.THE SPEED READ DealsBerkshire Hathaway will buy control of a liquefied natural gas export project in Maryland for $3.3 billion. (Bloomberg)Banks including Citigroup, HSBC and JPMorgan Chase are said to be seeking potential investors for the seed giant Syngenta’s $9 billion I.P.O. in China, which is expected to be the biggest market debut this year. (Bloomberg)Morgan Stanley has reportedly hired Marco Caggiano, JPMorgan’s head of North American mergers, as a vice chairman of M.&A. (Reuters)PolicyThe United States and the European Union reached a deal to let tech giants continue sharing user data between their jurisdictions. (NYT)Jay Clayton, former head of the S.E.C., and Tim Massad, former chair of the C.F.T.C., offered a road map to regulating the crypto markets. (WSJ)Best of the restEuropean regulators are investigating whether the popular weight-loss drugs Ozempic and Saxenda increase the risk of suicidal thoughts among users. (WSJ)India’s economy could surpass that of the United States in size by 2075, Goldman Sachs predicts — though high taxes and bureaucracy could stand in the way. (Insider)“Disney World Hasn’t Felt This Empty in Years” (WSJ)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Behind RFK Jr.’s Popularity With Tech Elites Like Jack Dorsey

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      Robert Kennedy Jr.’s contentious claims on issue including vaccines are drawing acclaim from tech executives who are giving him money and exposure.Tech executives are drawn to Robert Kennedy Jr.’s iconoclastic takes.Ryan David Brown for The New York TimesThe money men aiding Robert Kennedy Jr.’s political surge As the 2024 race heats up, President Biden faces a persistent thorn in his side: Robert Kennedy Jr., the scion of the Democratic dynasty, who both touts an array of fringe theories and boasts surprisingly durable poll numbers.The Times notes that Mr. Kennedy is drawing support from an array of political outsiders. But perhaps his most powerful base is a group of financial and tech moguls, including the Twitter co-founder Jack Dorsey, who have given him money and something arguably more important: exposure.Kennedy speaks to many of their interests. That includes things like cryptocurrency — he has spoken at industry conferences and accepts campaign donations in Bitcoin. Mr. Kennedy has also embraced some of their favored podcasts, speaking with popular hosts like Joe Rogan and the venture capitalists behind the show “All-In.”And in endorsing Mr. Kennedy, Mr. Dorsey (who’s also a major Bitcoin booster) cited the candidate’s criticism of government censorship.But Mr. Kennedy’s most powerful draw may be his iconoclasm, particularly his willingness to buck institutional thinking on matters like the benefits of vaccines. (That has led to YouTube removing a Kennedy interview because it promoted vaccine misinformation.)“I think he is a lower-intellect, Democratic version of Donald Trump, so he attracts libertarian-leaning, anti-‘woke,’ socially liberal folks as a protest vote,” Robert Nelsen, an investor at Arch Venture Partners, told KFF Health News.Well-heeled supporters have given him money and airtime. Figures including Elon Musk and the investor David Sacks have pushed for a public debate between Mr. Kennedy and Peter Hotez, a vaccine researcher who criticized Mr. Rogan’s decision to let the candidate spout unfounded conspiracy theories on his show.Mr. Sacks and his fellow “All-In” co-hosts Jason Calacanis and Chamath Palihapitiya have had Kennedy on their podcast as well, praising him for being “willing to engage in vibrant debates” and “tearing down all these institutions of power.” Mr. Sacks, who with Mr. Musk also interviewed Kennedy in a Twitter Spaces event, and Mr. Palihapitiya held a fund-raiser for him this month that, according to CNBC, raised $500,000.Meanwhile, the entrepreneur Mark Gorton helped create a Kennedy-focused PAC that, its leaders say, has raised at least $5.7 million. And CNBC reported that the investor Omeed Malik plans to host a $6,600-a-head fund-raiser in the Hamptons for Kennedy next month.HERE’S WHAT’S HAPPENING Smoke from Canadian wildfires again threatens U.S. cities. New York City and other places in the Northeast are facing the return of hazardous air quality, after whitish smoke enveloped Midwestern cities like Chicago. Mayors warned residents to take precautions, raising the prospect of further disruptions to outdoor activities and businesses.The Kremlin moves to seize the Wagner Group’s empire. Russian officials told leaders in countries like Syria and the Central African Republic, where the mercenary group operated, that Moscow was assuming its operations there. Meanwhile, a top Russian general who had prior knowledge about the Wagner Group’s short-lived rebellion has reportedly been detained.Nvidia warns against further U.S. curbs on A.I. chip exports. The semiconductor giant’s C.F.O. said that additional steps to limit sales to China of chips meant for artificial intelligence systems could “result in a permanent loss of opportunities” for U.S. companies in a major market. Shares of Nvidia fell yesterday after The Wall Street Journal reported on White House deliberations about new export rules.Aspartame reportedly will be declared “possibly carcinogenic.” The World Health Organization will say next month that one of the world’s most popular artificial sweeteners could cause cancer, according to Reuters. Aspartame is used in countless products, including diet sodas, chewing gum and candy.The fate of Microsoft’s big deal may be decided soonYesterday was a big day in proceedings over the F.T.C.’s effort to block Microsoft’s $70 billion takeover of the video game titan Activision Blizzard, with three key players testifying: Satya Nadella, Microsoft’s C.E.O.; Bobby Kotick, Activision’s leader; and Jim Ryan, who heads Sony’s PlayStation division (and gave evidence by video).If the presiding judge agrees to delay the transaction, as the F.T.C. is asking, Microsoft’s deal will probably die. But if she doesn’t, the agency may drop its opposition.Mr. Nadella and Mr. Kotick said the takeover wouldn’t hurt consumers. The Microsoft chief reiterated that top titles like Call of Duty wouldn’t be restricted to its Xbox platform. “If it was up to me, I would love to get rid of the entire ‘exclusives on consoles,’” Mr. Nadella said — and blamed Sony for maintaining that business model.Mr. Kotick agreed: “You would have a revolt if you were to remove the game from one platform.” (That said, Mr. Ryan testified that he was worried about PlayStation receiving “degraded” versions of Call of Duty if the deal went through.)But testimony showed that Microsoft isn’t averse to exclusives. The company’s gaming chief, Phil Spencer, has acknowledged that the company held discussions about excluding other Activision games from PlayStation. The F.T.C. sought to highlight contradictions in Microsoft’s case, including Mr. Nadella’s recent boasts about sales figures for the latest Xbox console despite Mr. Spencer saying the platform was “not a robust business.” And the agency’s lawyers noted that Mr. Nadella had told investors the new business of cloud gaming was “one of the big bets that’s paying off,” despite downplaying the importance of that market in court.A decision is expected as soon as Monday. At points, Judge Jacqueline Scott Corley seemed skeptical of the F.T.C.’s questions. Historically, the F.T.C. drops its opposition to a deal if it loses an injunction request.If that happens, the last hurdle for Microsoft would be an appeal of a British regulator’s decision to block the transaction — a potentially even more uphill battle.Central bankers issue a warning on inflation Two big themes emerged from this week’s central bankers’ meeting in Portugal: Policymakers are far from finished raising interest rates as inflation remains stubbornly high, and it is not yet clear how high they will go.A significant data dump on inflation comes tomorrow. The Commerce Department will publish its report on personal consumption expenditures (P.C.E.) at 8:30 a.m. Eastern, a few hours after the eurozone’s preliminary report on consumer prices is released.Both reports are expected to show that headline inflation is cooling, but that prices are still well above policymakers’ 2 percent target. Jay Powell, the Fed chair, said yesterday that “core” inflation — which excludes energy and food prices — will probably not reach that level until 2025.That is forcing the Fed’s hand on interest rates. Mr. Powell added that the Fed could raise rates at consecutive meetings — and keep them at a “restrictive” level for some time. On the subject of cuts, he said “we’re a long way from that,” adding, “That’s not something we’re thinking about now.”The futures market this morning seems to be getting that message, betting on further rate increases this year and pushing out the forecast for cuts well into 2024.The good news: Powell and his counterparts, including Andrew Bailey, the Bank of England governor, said that a strong labor market was keeping their countries out of recession — for now.What to watch tomorrow: Economists forecast that “headline” P.C.E. came in at 3.8 percent in May, its lowest reading in two years. But “core” P.C.E. is expected to tell a different story, hitting 4.7 percent. A possible bright spot: Some economists expect that used car prices and rents will begin to recede this summer.In Europe, inflation is running hotter. Its C.P.I. data is expected to show that prices rose by 5.7 percent from a year ago. Christine Lagarde, the E.C.B. president, has warned that inflation is beginning to become entrenched in all layers of the economy. Her antidote to that: More interest-rate increases are in the cards.$1 trillion — The drop in the value of deals announced in the first half of 2023, compared with the same period last year, according to Bloomberg. The fall in mergers, acquisitions and I.P.O.s makes this one of the worst periods for deal making in a decade, as high inflation, financing pressures and geopolitical tension have sapped activity.How strong are the nation’s banks, really? Months after Silicon Valley Bank’s collapse set off a panic over America’s smaller lenders, the Fed yesterday gave the country’s biggest banks a clean bill of health. But regulators warned that their recently concluded stress tests were just one way of evaluating stability — and that other risks could still pose a threat.What the tests found: The country’s 23 biggest banks could withstand a 40 percent drop in commercial real estate prices — a major concern for lenders now — and $541 billion in losses without failing. They could also handle steep unemployment and sharp drops in home prices.Though the examinations began well before SVB’s troubles in March, regulators did explore whether eight banks heavily involved in trading could withstand sudden panics in the markets for stocks, bonds and other financial instruments. Bank investors were keenly watching the tests, since strong results mean that lenders are likely to have their capital requirements lowered, allowing them to buy back more stock or pay increased dividends.Banks are expected to unveil their new capital requirements tomorrow, along with any changes in investor payouts.But regulators warned that the stress tests aren’t the final word on banks’ health. “This stress test is only one way to measure that strength,” said Michael Barr, the Fed’s top banking supervisor.Regulators are still overhauling the rules. Beyond ramping up supervision, authorities are expected to tighten capital requirements, including for smaller lenders. That said, even if SVB had been subject to this year’s tests, The Financial Times notes, it might still have passed.In other banking news: Bank of America is sitting on more than $100 billion in paper losses tied to bad bond trades, far more than its rivals. THE SPEED READ DealsHong Kong conglomerates have announced more than $8 billion worth of asset sales to help cut their debt loads amid rising borrowing costs. (Bloomberg)The investment firm Silver Lake plans to focus on only giant takeovers, as its rivals instead keep busy with smaller deals. (FT)Artificial intelligenceTop news publishers, including The New York Times Company, are reportedly discussing the creation of a coalition to address the effects of artificial intelligence on their industry. (WSJ)“How Easy Is It to Fool A.I.-Detection Tools?” (NYT)Best of the restSome applicants for jobs at Bill Gates’s private investment firm were reportedly asked invasive personal questions by a third-party contractor that some experts contend were illegal. (WSJ)OPEC banned reporters from three major news organizations from its next meeting, the second time it has done so in a month. (Bloomberg)Britain could renationalize its biggest water utility after the sudden exit of its C.E.O. and its struggles under $17 billion worth of debt. (Sky News)South Koreans became a year or two younger instantly yesterday. (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Can Bidenomics Revive Biden’s 2024 Presidential Bid?

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      The president plans to extol his economic achievements in a big campaign-style speech. But inflation and recession fears could overshadow the message.President Biden heads to Chicago tomorrow to hail his economic record.John Minchillo/Associated PressBidenomics gets a reboot President Biden plans to double down on his economic record in a big campaign-style speech on Wednesday. He will hail the country’s record job growth, along with the administration’s signature policy wins aimed at expanding manufacturing, reinvesting in aging infrastructure and reorienting the economy for a clean-energy future.Yet despite the good news, Mr. Biden hasn’t seen a big jump in his popularity, and he trails his Republican rivals, according to some polls. High inflation and recession fears are dragging down his approval ratings, and the Biden administration is rethinking its messaging to try to convince Americans they should vote for him next November.“Bidenomics” will be at the heart of the president’s message. In a memo shared with journalists this week, two top Biden advisers, Anita Dunn and Mike Donilon, use the term repeatedly to frame the president’s accomplishments. They credit Bidenomics with helping the country bounce back from the pandemic “more quickly than most experts thought possible.” But as The Times’ Michael D. Shear reports, voters appear skeptical.What is Bidenomics? The president himself joked that the messaging is a work in progress. “I don’t know what the hell that is,” he told a rally this month. “But it’s working.” The Donilon-Dunn memo tries to give the messaging around Bidenomics a reboot. They point to how, for example, the CHIPS Act, the Inflation Reduction Act and the infrastructure law are creating jobs in the high-tech, manufacturing and green sectors.The numbers behind Bidenomics look impressive. Employers have added 13 million jobs during his presidency. And the unemployment rates of Black and Hispanic Americans are at or near a historic low. The White House also averted a potentially disastrous debt-default standoff with the Republican-controlled House, a victory that largely registered as a nonevent with voters.Those successes aren’t translating into an uptick in support. According to a Pew Research Center survey, Biden’s approval ratings fell to the lowest level of his presidency this month.Mr. Biden’s reboot will compete with a contrasting message from the Fed. Hours before the president steps to the microphone in Chicago, the Fed chair Jay Powell will engage with other central bankers in a panel discussion in Portugal on a topic that’s been weighing on the markets: how further interest rate increases are probably needed to bring down stubbornly high inflation.At the same gathering in Portugal yesterday, Gita Gopinath, the International Monetary Fund’s deputy managing director, warned central banks not to ease up in their inflation fight. “Monetary policy should continue to tighten and then remain in restrictive territory until core inflation is on a clear downward path,” she said.For now, the boosterism of Bidenomics may get overshadowed a by a hawkish Fed.HERE’S WHAT’S HAPPENING Goldman Sachs plans to add an ally of David Solomon to the board. Tom Montag, who led trading at the firm before joining Bank of America as a senior executive, is set to return as a director. DealBook hears that the move is seen by some internally as a message from the board that Mr. Solomon, Goldman’s embattled C.E.O., isn’t going anywhere soon.KPMG plans to lay off 5 percent of its U.S. employees. The accounting giant, which had 39,000 workers in the United States last year, cited “economic headwinds” in announcing the move. It’s the latest sign of how a slowing economy is battering a wider array of businesses, including white-collar industries.Janet Yellen reportedly plans to travel to China next month. The Treasury secretary is arranging a meeting with her new Chinese counterpart, according to Bloomberg, in another effort to lower tensions between Washington and Beijing. But China’s premier, Li Qiang, chastised Western countries today for trying to limit ties to Chinese businesses.Could Saudi money disrupt tennis’s pay-equity goals?The WTA, the women’s pro tennis tour, will commit on Tuesday to bringing prize money for its tournaments in line with that of men’s competitions, in what’s meant to be a major step toward pay equity in the sport.But the question looms: How will Saudi Arabia greet the effort? The kingdom has poured billions into pro sports as part of a global campaign to expand its soft power, and is keen to bring its deep pockets to the ATP men’s tour, potentially aggravating the sport’s already sizable pay divide.The WTA’s effort is set to ramp up over the course of a decade, to allow the tour to raise the revenue necessary to bring its payouts in line with those of men’s competitions. (While men and women receive equal prize money for Grand Slam tournaments, the campaign is focused on the two tiers of competitions below that.)Saudi Arabia’s plans for tennis complicate the matter. As the kingdom has dug into sports like soccer and golf, its playbook has involved flooding competitions with cash to attract top-flight players. It may now do so for tennis, where it already hosts a lucrative men’s exhibition event, is bidding to host the ATP Next Gen Finals and has plans to launch a similar women’s event.But the WTA hasn’t committed to that plan — or to holding any competitions in Saudi Arabia, which only recently gave women the right to drive, and which faces criticism over its human rights record. The WTA has taken stances on human rights before, notably by suspending operations in China for 18 months over the country’s treatment of the former player Peng Shuai.Things could change, given that the WTA has held talks with Saudi officials. But it’s unclear how the kingdom’s plans for tennis will affect the effort by the women’s tour to more tightly integrate with the ATP.In other Saudi sports news, a five-page pact between the PGA Tour and Saudi-sponsored LIV Golf shows the two sides have agreed on ending their litigation — but it lacks details of their planned alliance.A new shield for pregnant workersA new federal law will go into effect on Tuesday that provides protections for pregnant workers. More than a decade in the making and passed in December with bipartisan support, the Pregnant Workers Fairness Act is meant to help close loopholes in existing rules that left millions of women subject to discrimination, The Times’s Alisha Gupta writes for DealBook.What the act requires: Companies with more than 15 employees, including hourly workers, must provide “reasonable accommodations” for pregnancy, childbirth and related medical events like fertility treatments, abortion and pregnancy loss.Left intentionally undefined, reasonable accommodations can include a stool to sit on during long shifts, a flexible schedule to accommodate morning sickness or time off to recover from childbirth complications. But companies aren’t expected to suffer “undue hardship” in their business.It’s an effort to stop pregnancy discrimination. Advocates say that the Pregnancy Discrimination Act of 1978 was riddled with ambiguity. That has had disastrous consequences for many women:Twenty-three percent of mothers have considered leaving their jobs because of a lack of accommodations or fear of discrimination, according to a poll last year by the Bipartisan Policy Center.At least a third of the more than 2,000 pregnancy discrimination complaints that the Equal Employment Opportunity Commission received last year were about companies that failed to accommodate pregnant workers.The law signals growing recognition of pregnancy discrimination’s economic toll. The Fairness Act helps ensure that women no longer have to choose between “maintaining a healthy pregnancy or a safe recovery from childbirth and a paycheck,” said Dina Bakst, the co-president of the advocacy group A Better Balance, which helped Congress draft the new law.$377 million — The medical costs associated with pickleball injuries in the United States this year, according to a new research report by UBS analysts.Remembering Jim CrownJames Crown, the billionaire financier who was a longtime board member of JPMorgan Chase and General Dynamics, died on Sunday, The Times’s Emily Flitter writes for DealBook. He was 70.The scion of a Chicago industrialist family, Mr. Crown became a major figure in business, philanthropy and political giving. He died on his birthday in Aspen, Colo., when a vehicle he was driving crashed into a barrier on a racetrack, according to the Pitkin County coroner’s office.Mr. Crown was C.E.O. of Henry Crown and Company, which managed the fortune built up by his grandfather Henry by investing in an array of real estate and corporate investments. He joined the firm after working for Salomon Brothers.Mr. Crown was also a prominent corporate director. He had served on the board of what became JPMorgan Chase since 1991: His family had owned a major stake in Chicago’s Bank One, where he was a director and helped recruit Jamie Dimon as C.E.O. In 2004, Bank One merged with J.P. Morgan.“He has been a trusted adviser to me for nearly 20 years, playing a key role in helping our company navigate numerous business and economic challenges,” Mr. Dimon wrote to employees on Monday.Mr. Crown was also the lead director of General Dynamics, the aerospace giant that bought his grandfather’s Material Service Corporation in 1959.He also played a role beyond corporate America. Mr. Crown split his time between Chicago and Aspen, where he once served as chair of the Aspen Institute, which is holding its annual Ideas Festival now. As managing director of the Aspen Skiing Company, he played a big role in the American skiing industry.Mr. Crown was also a major Democratic donor, and he attended last week’s state dinner for Prime Minister Narendra Modi of India. “Jim represented America at its best — industrious, big-hearted and always looking out for each other,” President Biden said in a statement.THE SPEED READ DealsLordstown Motors, the embattled electric truck maker, filed for bankruptcy protection and sued the electronics giant Foxconn over its failure to invest in the company. (Reuters)Group Black, a Black-owned media investment firm, is reportedly in talks to buy control of the publisher of Sports Illustrated. (WSJ)Despite companies’ concerns about universal proxy, which makes it easier for investors to vote for board candidates from different slates, the policy had a muted impact in proxy fights this year. (Kirkland & Ellis)PolicyPresident Biden announced a $42 billion initiative to expand access to high-speed internet to all American households by 2030. (CNBC)Federal efforts to help develop next-generation vaccines are running into bureaucratic hurdles that may hamper efforts to fight future pandemics. (NYT)The wife of Justice Samuel Alito leased a 160-acre plot of land in Oklahoma to an oil company, as the Supreme Court justice weighed in on cases involving the E.P.A. (The Intercept)Best of the restHow the North Sea, long one of Europe’s biggest hubs for oil and gas production, may pivot to wind power. (NYT)“Will Taylor Swift’s ‘Eras Tour’ Become the First $1 Billion Tour?” (WSJ)Richard Ravitch, the developer and public servant who helped rescue New York City from financial collapse in the 1970s, died on Sunday. He was 89. (NYT)The New York Mets may have the biggest payroll in the major leagues and a deep-pocketed owner in Steve Cohen — but that hasn’t translated into success on the field. (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      The Politics of Class

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      We’re covering the class inversion in American politics, severe weather in Texas and the Indian prime minister’s visit to the U.S.The class inversion in American politics — Republicans’ struggles with college graduates and Democrats’ struggles with the working class — is a running theme of this newsletter. To help make sense of it, I asked four Times Opinion writers to join me in an exchange this morning. They are Michelle Cottle, Carlos Lozada, Lydia Polgreen and Ross Douthat, and they’re also the hosts of a new podcast, “Matter of Opinion.”David: Democrats are nearly shut out of statewide office in almost 20 states, largely because of their weakness with working-class voters. And in the past five years, the party has lost ground with working-class voters of color. How can Democrats do better?Michelle: There are concrete issues on which some Democrats stumbled too far to the left, crime being notable. But I don’t think the main problem is with the party’s policies so much as its overall vibe. Dems need to relearn how to talk to working-class voters — to sound less condescending and scoldy. Too many Democrats radiate an aura of, If only voters understood what was good for them, they would back us.Carlos: Dispensing political strategy is not my comfort zone, so all I’ll say is that it seems a bit shortsighted when politicians talk to Latino voters as if the only thing they care about is immigration and the border, or when they address Black voters as if all that animates them is policing reform or racial discrimination. Don’t try to woo large and varied voting groups with narrow appeals. It’s pandering, it’s obvious and it’s dismissive.Lydia: As Michelle hinted at, the Democrats have become the party of officious technocracy, which makes so many things they propose sound, well, ridiculous. A classic for me was Kamala Harris’s student loan forgiveness plan from the 2020 race: You had to be a Pell Grant recipient, start a business in a disadvantaged community and keep that business going for three years. That’s no “Make America Great Again.” They should talk about big, bold and simple ways you will improve people’s lives.Michelle: “Officious technocracy” is my new favorite term, Lydia! I’m officially — and officiously — appropriating it.Carlos: The irony of the Democrats’ officious technocracy is that, in some cases, it misrepresented how science works. Admonishing people to “follow the science” on Covid can be counterproductive when recommendations should change as new data comes in. Science is a method of inquiry, not a set of off-the-shelf solutions.Ross: Talking about working people’s material interests in language that doesn’t sound like it was lifted from a glossary of progressive-activist terminology is the right path for Democrats. Right now, though, I think they have a lot to gain by treating the Covidian and George Floyd-era breakdown in public order as their major political problem — treating homicide rates, drug abuse, school discipline and border security as key issues where they need to separate themselves from their own activist class, which has a tendency to act like living with disorder is an essential part of left-wing tolerance.Remember Kamala Harris the prosecuting attorney, once disdained by the left? The Democrats could use a leader like that.Brian Kemp, Georgia’s governor.Audra Melton for The New York TimesCraziness and chaosDavid: What about the other side of the class inversion? Republicans used to win white-collar professionals. Not anymore.Ross: The G.O.P. has multiplied the reasons for college graduates to turn against them: The craziness and chaos of the Trumpist style cost them with one group; the fact that they can now legislate against abortion costs them with another.I think you can see in the success of Brian Kemp in Georgia a model for how they can advance pro-life legislation without suffering dramatic losses. But the Kemp model requires a rigorous reasonability, a studied outreach to suburbanites, a moderate and competent affect, none of which a Trump 2024 candidacy is likely to offer, and the effort to defeat Donald Trump may push Ron DeSantis from the Kempian sweet spot as well.Lydia: I think it’s brave to take a principled stand on a defining moral question like abortion, electoral consequences be damned! Just ask the Democrats what embracing civil rights cost them. Maybe there is something for the G.O.P. to learn from Bill Clinton, who was able to triangulate his way into the Oval Office by undercutting the critiques of liberal overreach.Michelle: It goes beyond the Trumpian crazy. Republicans have, for a while now, been spinning up their voters by painting every issue as an existential crisis such that compromise, triangulation and moderation are anathema. College-grad-moderate-swing-voter-suburban types find it unsettling.Carlos: Maybe the thing to remember is that “rigorous reasonability,” as Ross calls for, is relative, and the G.O.P. could benefit from the soft bigotry of low expectations. It might not take all that much for college grads turned off by Trumpism but still wary of the activist left to consider a Republican who combines populist policy impulses with a more sober governing style. In his book, DeSantis brags that his administration in Florida was “substantively consequential.”Michelle: I like your optimism, Carlos. But I’d venture that DeSantis’s nerdier approach is a key reason he’s getting his booty stomped in polls by the MAGA king. Not juicy enough and way too wonky/jargony at times.Listen to the latest episode of “Matter of Opinion” — about America’s place in the world and the significance of this week’s visit to the U.S. by Narendra Modi, India’s prime minister.THE LATEST NEWSPoliticsRepresentative Adam Schiff, right.Haiyun Jiang for The New York TimesThe Republican-led House voted to censure Representative Adam Schiff, a Democrat, for his role leading investigations into Trump.Justice Samuel Alito took a vacation with a billionaire who frequently has cases before the Supreme Court, ProPublica reported. Alito sought to rebut the report ahead of time with a Wall Street Journal op-ed.A federal judge sentenced a rioter who assaulted an officer on Jan. 6 to more than 12 years in prison.Modi’s U.S. VisitPresident Biden is welcoming Narendra Modi, India’s prime minister, today, hoping to woo the country at a time of conflict with Russia and rising tension with China.By staying neutral in the war in Ukraine, India has profited: It has emerged as a primary buyer of Russia’s crude oil, which it refines and exports.Severe WeatherA storm barreled through a Texas town with about 600 residents, killing at least three people.Extreme heat is stalled over Oklahoma and Texas and could linger until the Fourth of July, straining the power grid.Other Big StoriesA superyacht helped rescue 100 migrants thrown overboard in a deadly wreck in the Mediterranean, reflecting a new inequality of the seas.The search for the missing submersible continues in the North Atlantic. The vessel’s oxygen could run out today.Math and reading scores for 13-year-olds in the U.S. hit their lowest levels in decades.The U.S. approved the production and sale of laboratory-grown chicken meat.A Florida county is trying to contain an invasive species of giant snail that can grow as big as a fist.OpinionsAs Modi visits the U.S., President Biden should promote shared democratic values with an increasingly autocratic ally, The Times’s editorial board writes.Here are columns by Tressie McMillan Cottom on a Black rodeo in Portland, Ore., and Zeynep Tufekci on the lab-leak theory.MORNING READSThe New York headquarters of Salesforce.Jeenah Moon for The New York TimesReturn to office: Bosses have reached the desperation phase.Beauty: The salon where a corporation tries to understand Black women’s hair.The Ethicist: “My wife lives in a nursing home. Can I take a lover?”Lives Lived: Haim Roet survived the Holocaust by hiding in a Dutch village. At a protest in 1989, he read out the names of people murdered by the Nazis, starting a practice that has become a part of memorial ceremonies around the world. He died at 90.SPORTS NEWS FROM THE ATHLETICN.B.A. blockbuster: Kristaps Porzingis is heading to Boston and Marcus Smart to Memphis in a three-team swap.Wunderkind: Meet Ness Mugrabi, the N.F.L.’s youngest agent.Scrutiny: Leaders of the PGA Tour, Saudi Arabia’s Public Investment Fund and the LIV Tour were invited to testify in front of a congressional committee.ARTS AND IDEAS Clive, a prince, is out for revenge in this new incarnation of the Final Fantasy franchise.Square EnixRole-playing games: The Final Fantasy video game series has been around for more than three decades. Recently, as its creators worked on the next entry, Final Fantasy XVI, they confronted what The Times’s Brian X. Chen calls the “Star Wars” problem: Can a long-running franchise reinvent itself to win over new audiences without losing longtime fans who crave nostalgia?Final Fantasy XVI is out today, and Corey Plante writes at Kotaku that it successfully threads the needle: “It just may be the best the series has been in more than 20 years.”More on cultureThe second season of “And Just Like That …” premieres today. Catch up.Six writers selected essential works of queer literature.THE MORNING RECOMMENDS …David Malosh for The New York Times. Food Stylist: Simon Andrews.Broil miso-honey chicken.Exercise your body and mind with tai chi.Visit the site where Caesar was killed.Upgrade your bath towels.Skip the silicone baking mats.GAMESHere are today’s Spelling Bee and the Bee Buddy, which helps you find remaining words. Yesterday’s pangrams were autocracy and carryout.And here are today’s Mini Crossword, Wordle and Sudoku.Thanks for spending part of your morning with The Times. See you tomorrow. — DavidP.S. The Society for News Design named The Times best-designed newspaper.Sign up here to get this newsletter in your inbox. Reach our team at themorning@nytimes.com. More

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      Donald Trump Has a Polling Problem

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      Most Republicans still support Trump. But the polls still suggest the federal indictment is hurting him.The 50 percent threshold in a poll can sometimes be distracting. When more than half of people give a certain answer, it often becomes the dominant message to emerge from the poll question. It is the answer that appears to have won. Yet the most important information may nonetheless be lurking elsewhere.Consider the surveys over the past week that have asked Americans their opinions about the federal charges against Donald Trump. Here are the results of an ABC News/Ipsos survey, which were similar to other poll results:Americans’ views on Trump’s latest indictment More

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      Trump and the Fun Factor

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      How his legal challenges play into his reputation as an entertainer.When Donald Trump was indicted on criminal charges in New York City two months ago, I tried to make sense of the political fallout with my colleague Nate Cohn, The Times’s chief political analyst. After poring over traditional markers about fund-raising and poll numbers, Nate mentioned another standard I’ve been thinking about over the past few days: Do Trump’s legal challenges make him more (or less) fun?The question is awkward, as it suggests that the reasons some Americans are drawn to politicians are divorced from the seriousness of their office. But after Trump’s arraignment in federal court in Miami this week, I’m reminded of its importance. Nate wasn’t calling Trump fun as a self-evident fact, but rather identifying a set of voters who are attracted to showmanship and celebrity, are distinct from Trump’s base and follow politics only casually, if at all.These voters matter for Trump’s 2024 campaign. Five percent of Trump’s voters in 2016 were disengaged from politics, a study by Democracy Fund, a pro-democracy group, found, and that is the type of margin that made a difference in such a close contest.What distinguishes this group? Perhaps you have a friend who doesn’t care about politics, but can’t believe Trump said THAT. Or who recognizes the belittling nicknames he bestowed on Republicans in the 2016 primary, like “Little Marco” Rubio and “Lyin’ Ted” Cruz, monikers that have stuck beyond Republican circles.Such awareness is part of the effect of Trump’s celebrity and ability to command attention in ways no other candidate can. When Trump was at his political peak, that quality extended beyond his most ardent supporters to political outsiders who were attracted to his style — or were at least entertained by it.2024 challengeAhead of the 2024 election, though, Trump’s crusade for supporters is failing to live up to his 2016 effort. At both of Trump’s arraignments, the number of people who came to the courthouse to defend him was smaller than expected. I’ve heard from Republican leaders — on Capitol Hill and in early voting states like Iowa — who say they have gotten fewer calls defending Trump than they anticipated. Even his return to CNN, in a widely criticized town hall last month, fell short of the ratings that Trump once delivered for cable networks.Perhaps most important, Trump himself looks miserable. Even as Republican voters have largely rallied behind him, and even as he remains the front-runner to secure the Republican nomination despite his cascading legal problems, he appears to be wrestling with the reality that his freedom is in jeopardy.“Some birthday,” he grumbled in Miami this week, ignoring a clear attempt by supporters to cheer him up on the week he turned 77.According to my colleagues Shane Goldmacher and Maggie Haberman, who have closely followed Trump’s political career, his speech in New Jersey after his arraignment brought down the mood of the party instead of jump-starting it. Trump turned what was meant to be a moment of defiance into a familiar litany of grievances. He invoked the tone of personal victimhood that Republicans have told me cost them votes in the 2022 midterms, when Trump focused on the lie that the 2020 election was stolen from him.It’s not just that the indictments distract Trump from laying out an affirmative vision for the country. They can also stop him from being the most free version of himself.In a competitive Republican primary where another candidate can gain traction with the electorate (a possibility that remains to be seen), Trump’s inability to summon his freewheeling style is the type of difficult-to-quantify factor that can keep him from securing votes — and leave opportunities for opponents.Trump can, of course, return anytime to the unconstrained approach that won him so much attention in 2016 and since. His Republican primary competitors are already dreading the amount of media coverage they will lose this summer to his indictments, my colleagues Jonathan Swan and Jonathan Weisman reported.Yet these factors are part of the reason that many Democrats feel good about a potential matchup between President Biden and Trump. They argue that the electorate is simply exhausted with the chaos that he brought to national politics and that his legal troubles are a reminder of that aspect of his presidency. What was once fun (for some) no longer is.More Trump newsTrump’s own aides and lawyers could become witnesses against him.Judge Aileen Cannon is presiding over Trump’s case. Her experience as a judge in criminal cases has included just 14 trial days.The trial will test the legal system’s ability to guard national secrets while guaranteeing a fair and open trial, Politico writes.Groups like the Proud Boys have called for retribution, but large protests haven’t materialized outside Trump’s court appearances.Trump tried to undermine the charges by lashing out at Biden.Former Trump advisers are drawing up a plan to minimize the Justice Department’s independence from a future president.THE LATEST NEWSBusinessThe Federal Reserve left interest rates unchanged after more than a year of increases. Officials say rates could rise twice more this year.European Union legislators took a major step toward regulating artificial intelligence. They want to put guardrails on risky uses of the technology.Retailers are fleeing downtown San Francisco. Read an interview with the mayor, who said she wants to turn offices into homes.Google is offering a small payment to anyone who clicked a search link between 2006 and 2013 to settle a lawsuit over privacy violations.InternationalThe U.S. has quietly resumed diplomacy with Iran, negotiating to limit Iran’s nuclear program and free imprisoned Americans.Boris Johnson misled British lawmakers over Covid lockdown parties, a damning report concluded. He quit Parliament last week after seeing an early version of the findings.Some Republicans want to cut military aid to Ukraine at a critical moment in the war. Here’s what you need to know about the counteroffensive.Pakistan is in political crisis. The military is cracking down on supporters of former Prime Minister Imran Khan as elections approach.A prominent journalist in Guatemala was sentenced to prison. Critics say the trial is a sign that the country’s democracy is crumbling.ClimateThe U.S. is paying Russia billions for enriched uranium for nuclear power.Global oil demand is likely to drop sharply over the next five years because of a shift to electric vehicles and other cleaner technologies.Minnesota, Wisconsin and North Dakota residents have been under the polluted, orange skies seen in New York last week.South Korea is converting food waste, a major source of emissions, into fuel and fertilizer. See the process.Other Big StoriesA Baptist pastor appealing a decision to expel her church from the denomination.Christiana Botic for The New York TimesSouthern Baptists voted to restrict women in church leadership, opening hundreds of churches to investigation and expulsions.Francis Suarez, Miami’s mayor, entered the race for the Republican presidential nomination.A morgue manager at Harvard Medical School sold body parts from donated cadavers and let buyers choose which parts they wanted, prosecutors say.Starbucks workers in 21 states were told by their managers not to decorate for Pride Month, a union said.OpinionsNew York has a flooding problem. But proposed flood walls won’t solve it — and will block off beloved waterfront areas, Robert Yaro and Daniel Gutman write.Here are columns by Pamela Paul on estimating time and Charles Blow on Florida’s anti-transgender legislation.MORNING READSEid prayer in Brooklyn.Jonah Markowitz for The New York TimesDawn to dusk: A photographer spent two years immersed in Brooklyn’s fast-growing Bangladeshi community.Discovery: One of Saturn’s moons has all the ingredients for life, scientists found.Coming of age: In Detroit, a debutante ball where young Black women feel like they belong.The fixer: When he accidentally stole a Picasso, he knew who to call: Dad.Adjust your expectations: Lots of couples skip wedding night sex.Lives Lived: The editor Robert Gottlieb shaped novels, nonfiction books and magazine articles by a pantheon of acclaimed writers. He died at 92.SPORTS NEWS FROM THE ATHLETICBeal’s murky future: The Washington Wizards and Bradley Beal will work together to trade him if the team decides to rebuild.Messi’s M.L.S. limbo: Lionel Messi’s announcement last week that he plans to come to Inter Miami caught M.L.S. officials by surprise, a big reason he hasn’t yet finalized his contract.ARTS AND IDEAS The dad influencers Dave Ogleton, left, and Aaron Martin.via @fitdadceo, @stayathomedadDigital fatherhood: Dad influencers are finding big audiences on social media. The trend exploded during the pandemic, when many fathers were suddenly home all the time, and it has grown as men become more comfortable sharing the joys and struggles of parenting — often with dad jokes.“Our goal was mostly to have fun,” said Kevin Laferriere, a comedian who posts about his home life on TikTok. “Then we heard from dads who said heartfelt things like, ‘I’m the only stay-at-home dad I know, and your content helped me feel seen.’”More on cultureCormac McCarthy, who died this week at 89, was part of a generation that expanded what American prose could do, The Times’s A.O. Scott writes.Nine women filed a sexual assault lawsuit against Bill Cosby in Nevada. The state recently eliminated the statute of limitations for civil cases.The executive director of American Ballet Theater resigned without explanation.THE MORNING RECOMMENDS …Bobbi Lin for The New York TimesServe this pasta salad the day you make it for the brightest flavor.Stay calm during a bumpy flight with these tips.Try these $30 earbuds that tricked Wirecutter’s testers.Protect your eyes with cheap, yet effective sunglasses.Squash spotted lanternflies, an invasive species. They’re back for another summer.GAMESHere are today’s Spelling Bee and the Bee Buddy, which helps you find remaining words. Yesterday’s pangram was headwind.And here are today’s Mini Crossword, Wordle and Sudoku.Thanks for spending part of your morning with The Times. See you tomorrow.Sign up here to get this newsletter in your inbox. Reach our team at themorning@nytimes.com. More

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      When Should a Former President Be Charged

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      What if Donald Trump were someone else? Two weeks ago, a federal judge sentenced Robert Birchum, a former Air Force lieutenant colonel, to three years in jail for removing hundreds of secret documents from their authorized locations and storing them in his home and officer’s quarters.In April, a judge sentenced Jeremy Brown, a former member of U.S. Special Forces, to more than seven years in prison partly for taking a classified report home with him after he retired. The report contained sensitive intelligence, including about an informant in another country.In 2018, Nghia Hoang Pho received a five-and-a-half-year sentence for storing National Security Agency documents at his home. Prosecutors emphasized that Pho was aware he was not supposed to have taken the documents.These three recent cases are among dozens in which the Justice Department has charged people with removing classified information from its proper place and trying to conceal their actions. That list includes several former high-ranking officials, like David Petraeus and John Deutch, who each ran the C.I.A.Now, of course, the list also includes Donald Trump, who was arraigned in a Miami federal courthouse yesterday and pleaded not guilty to 37 charges.Above the law?Are federal prosecutors singling out Trump because of his signature role in American politics? Or are they basing their decision to indict him solely on the facts of the case?Sean Trende, a political analyst with RealClearPolitics, has offered a helpful way to understand these questions — and specifically when a former president should, and should not, be charged with a crime.Start by thinking about all the other people who had engaged in behavior similar to that for which the ex-president was charged with a crime. If just some of those other people were charged, the ex-president should not be, Trende wrote. Prosecutors have a large amount of discretion about which cases to bring, and they should err on the side of not indicting a former president because of the political turmoil it is likely to cause, he argued.But if the ex-president did something that would have caused anybody else to be charged with a crime, he should be, too. “The president shouldn’t be above the law,” Trende explained.There is ample reason to believe that the document case against Trump falls into the second category: Had any other American done what he is accused of doing, that person would almost certainly be prosecuted. “The real injustice,” the editors of The Economist magazine wrote yesterday, “would have been not to indict him.”Consider: Prosecutors have accused Trump of removing classified documents from government property and bringing them home with him. Those documents contained sensitive information, such as military plans and intelligence about foreign militaries. Trump made clear to others that he knew he should not have the documents and took steps to mislead investigators about them, prosecutors claim.It’s true — as Trump’s defenders repeatedly point out — that other government officials, including President Biden, Mike Pence and Hillary Clinton, have also mishandled classified information without having been charged with crimes. But those cases were very different from Trump’s. The transgressions seemed to be accidental. The officials returned the documents when asked. They did not try to mislead federal investigators.Trump’s alleged actions instead resemble those of the obscure officials I mentioned at the top of today’s newsletter. His behavior also seems to have been much more brazen than that of Deutch and Petraeus.This pattern helps explain why legal experts have been much more supportive of the Justice Department’s indictment of Trump than of the case in New York charging Trump with violating campaign-finance law. The New York case has made some experts uncomfortable because it lacked a clear precedent. It does not seem to pass Trende’s standard for when a former president should be charged with a crime. There are no good analogies.The New York case relies on a novel combination of statutes to charge Trump with a felony for hiding payments he made to conceal a sexual encounter. Perhaps the most similar case — the trial of John Edwards, a former Democratic presidential candidate, also on charges of concealing payments connected to an affair — ended with an acquittal on one charge and a hung jury on five others.By contrast, the list of analogies to the document charges against Trump just keeps growing. Next week, Kendra Kingsbury, a former F.B.I. analyst, is scheduled to be sentenced to federal prison. She has pleaded guilty to having brought hundreds of classified documents to her home in Dodge City, Kan.The day’s news“We most certainly enter a plea of not guilty,” Todd Blanche, Trump’s lawyer, told the judge during the 50-minute courtroom appearance. Trump did not speak.Trump was fingerprinted at the courthouse, but did not get a mug shot taken. Officials considered it unnecessary because of his fame.The judge said Trump was not allowed to discuss the case with Walt Nauta, his personal aide, who is also charged. Nauta accompanied Trump to court, but his own arraignment was postponed because he does not yet have a Florida-based lawyer.Trump has a new nemesis: Jack Smith, the special counsel who charged him. Their paths finally crossed yesterday.What’s next? “The government will begin to reveal its evidence through the discovery process,” The Times’s Alan Feuer said. “Pretrial motions will be filed and argued. All that will likely take months.” Our colleague Maggie Haberman explained: “Trump is determined to fight this battle in the court of public opinion for as long as possible.”“Trump may well be waiting for a trial when voters cast their presidential ballots next fall,” Russell Berman writes in The Atlantic.President Biden spent his day meeting with the NATO secretary general and taking in a Juneteenth concert. “Anything but pay attention to Donald Trump,” The Times’s Michael Shear wrote.After leaving court, Trump visited Versailles Restaurant in Miami, where patrons sang “Happy Birthday” (he turns 77 today). He then traveled back to his golf club in Bedminster, N.J., and told supporters, “I did everything right, and they indicted me.” He displayed less energy than usual during the speech.Here’s a fact-check of Trump’s speech.THE LATEST NEWSInternationalFour Colombian children who survived 40 days in the jungle after a plane crash had been fleeing for their lives.A woman in Britain was sentenced to prison for using abortion pills to end her late-stage pregnancy.A boat capsized on the Niger River, killing at least 103 people. Many of the passengers were returning home from a wedding.Other Big Stories More