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.
DJIA 34063.10 À 518.76 1.5%
What’s
News
Business & Finance
ed officials voted to
F raise the benchmark
federal-funds rate by a
quarter percentage point
and penciled in six more
rate increases by year’s
end in an escalating effort
to slow inflation. A1, A2
 Stocks climbed in a vol-
atile session and bond yields
jumped after the Fed meet-
ing. The S&P 500, Nasdaq
and Dow rose 2.2%, 3.8%
and 1.5%, respectively. B1, B11
 A Senate panel advanced
Powell’s nomination for a
second term leading the Fed,
along with three others for top
posts at the central bank. A2
 Americans increased re-
tail spending in February,
though at a slower pace than
at the start of the year. A2
 Walmart wants to hire
tens of thousands of work-
ers by the end of April as the
company pushes to expand its
retail and other businesses. B1
 Howard Schultz is re-
turning to lead Starbucks
for a third time, saying the
coffee chain needs to rein-
vent itself once more. B1
 Sycamore and Hudson’s
Bay plan to submit bids for
Kohl’s that could value it
at more than $9 billion. B1
 Tech shares led a rebound
in Chinese stocks as inves-
tors seized on supportive
comments from top Chinese
economic policy makers. B1
 EQT AB struck a $7.5 bil-
lion cash-and-stock deal to
buy rival private-equity firm
Baring Private Equity Asia. B10
 Former CNN anchor Chris
Cuomo is seeking at least
$125 million from his old
employer over his firing. B3
World-Wide
 Ukraine’s Zelensky
pressed the U.S. Congress for
further military assistance
and new sanctions in a speech
broadcast from Kyiv, making
a personal plea to lawmakers
and Biden to expand and
accelerate shipments of
weapons. Ukraine said its
military launched a counter-
offensive in the capital and
other key cities. A1, A8, A10-13
 Russia’s finance minister
said the country paid what it
owed on its foreign debts on
Wednesday but wasn’t sure
if the payments would go
through, blaming U.S. sanc-
tions for setting Russia on
the path toward default. A10
 The Biden administration
can move forward on poli-
cies that incorporate an
increased estimate of the
cost of climate change, a
panel of judges ruled. A3
 Iran released two impris-
oned British nationals, a sign
that an agreement to restore
the 2015 nuclear deal with
Tehran could come soon. A14
 A Honduran supreme
court judge ruled that for-
mer President Hernández can
be extradited to the U.S. A14
 The Justice Department
unsealed a series of com-
plaints accusing Chinese
agents of harassing dissi-
dents living in the U.S. A4
 The Biden administration
is offering a form of tempo-
rary humanitarian protec-
tion to thousands of Afghans
living in the U.S. without a
permanent legal status. A4
 China reported a drop
in new coronavirus cases
as authorities worked to
contain outbreaks. A14
CONTENTS
Arts in Review... A17
Business News. B3-4
Crossword.............. A18
Equities....................... B8
Heard on Street. B12
Markets..................... B11
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * * * THURSDAY, MARCH 17, 2022 ~ VOL. CCLXXIX NO. 62
NASDAQ 13436.55 À 3.8% STOXX 600 448.45 À 3.1%
‘I call on you to do more.’
Volodymyr Zelensky, president of Ukraine, in an address to the U.S. Congress
J. SCOTT APPLEWHITE/PRESS POOL
Members of Congress, gathered at an auditorium at the Capitol, gave the Ukrainian leader a bipartisan standing ovation.
Zelensky Urges U.S. to Step Up
Support in Impassioned Appeal
BY LINDSAY WISE
AND ANDREW RESTUCCIA
us ,
l
WASHINGTON—President
e
al a
Volodymyr Zelensky of Ukraine
pressed the U.S. Congress for
further military assistance and
ci on
new sanctions in a speech
Wednesday broadcast from
Kyiv, making a personal plea to
lawmakers and President Bi-
den to expand and accelerate
er s
shipments of weapons.
“In the darkest time for our
m er
country, for the whole of Eu-
rope, I call on you to do
more,” said Mr. Zelensky to a
rapt bipartisan audience at the
m rp
co Fo
MANU BRABO FOR THE WALL STREET JOURNAL
n-
no
A Ukrainian armed-forces member inspects a ruin where Russians rested in their advance on Voznesensk.
A Ukrainian Town Deals Putin
One of His Most Decisive Routs
BY YAROSLAV TROFIMOV
VOZNESENSK, Ukraine—A
Kalashnikov rifle slung over
his shoulder, Voznesensk’s fu-
neral director, Mykhailo
Sokurenko, spent this Tuesday
driving through fields and for-
ests, picking up dead Russian
soldiers and taking them to a
freezer railway car piled with
Russian bodies—the casualties
of one of the most comprehen-
It Turns Out the World’s Largest
Potato Is Actually a Gourd
i i
Scientists ran tests on tuber named
Opinion.............. A19-21
Personal Journal A15-16
‘Dug’ but couldn’t identify spud DNA
Sports....................... A18
Technology............... B4 BY JENNIFER CALFAS
U.S. News......... A2-4,6
Weather................... A18
World News..... A8-14
The record-breaking hopes
for a contender vying to be the
world’s heaviest potato were
> just mashed.
Guinness World Records de-
termined “Dug,” the giant po-
tato-looking mass that cap-
tured world-wide attention
after a New Zealand couple
found it in their garden, isn’t a
10-YR. TREAS. g 7/32 , yield 2.185%
on
Capitol complex.
Mr. Zelensky asked Con-
gress to remember the Japa-
nese bombing of Pearl Harbor
and the terrorist attacks on
Sept. 11, 2001, when Ameri-
cans were targeted from the
sky, saying his country is ex-
periencing that terror every
day three weeks into Russia’s
invasion. He asked for a no-fly
zone over Ukraine, but said he
would accept jet fighters and
antiaircraft weapons as a fall-
back so the Ukrainians could
defend themselves.
The Ukrainian president’s
emotional address energized a
sive routs President Vladimir
Putin’s forces have suffered
since he ordered the invasion
of Ukraine.
A rapid Russian advance
into the strategic southern
town of 35,000 people, a gate-
way to a Ukrainian nuclear
power station and pathway to
attack Odessa from the back,
would have showcased the
Russian military’s abilities and
severed Ukraine’s key commu-
i
potato at all. Through DNA se-
quencing, scientists deter-
mined it is a tuber of a gourd
in the family Cucurbitaceae.
“He just wasn’t behaving
like a potato should,” said Sa-
mantha Baldwin from New
Zealand’s Plant & Food Re-
search, where scientists ran
several tests on samples of the
tuber, in a statement. “We
Please turn to page A4
WSJ.com HHHH $5.00
OIL $95.04 g $1.40 GOLD $1,908.00 g $20.50 EURO $1.1035 YEN 118.75
Fed Lifts
Rates and
Signals
Six More
Increases
Central bank pencils in
additional boosts this
year as it seeks to
combat high inflation
BY NICK TIMIRAOS
Federal Reserve officials
voted Wednesday to lift inter-
est rates and penciled in six
more increases by year’s end,
the most aggressive pace in
more than 15 years, in an esca-
lating effort to slow inflation
that is running at its highest
levels in four decades.
The Fed will raise its bench-
mark federal-funds rate by a
quarter percentage point to a
range between 0.25% and 0.5%,
the first increase since 2018.
.
Officials signaled they ex-
pect to lift the rate to nearly
ly
2% by the end of this year—
slightly higher than the level
that prevailed before the pan-
demic hit the U.S. economy two
years ago, when they slashed
rates to near zero. Their me-
alcohol. The Biden administra- dian projections show the rate
The Ukraine Crisis tion said it has committed $2 rising to around 2.75% by the
 Kyiv mounts counterattack billion in security assistance to end of 2023, which would be
in key cities....................... A8 Ukraine, including $1 billion in the highest since 2008.
 Russia pushed toward the past week alone. The Fed’s move to combat
default on debts ........... A10 “We’re going to give inflation cheered stock inves-
Ukraine the arms to fight and tors, as major indexes rock-
 War presents tough
choices for Europe........ A11 defend themselves through all eted sharply higher. The blue-
the difficult days ahead,” Mr. chip Dow Jones Industrial
Biden said several hours after Average rose 518.76 points, or
push by lawmakers from both Mr. Zelensky’s remarks, which Please turn to page A2
parties for the White House to he called a “convincing and a
do more, faster, to help Ukraine significant speech.”  Dow rallies 519 points after
and punish Russia. The U.S. has Mr. Biden said he was send- rate move..................................... B1
imposed a wave of sanctions on ing a new round of $800 mil-  Bond investors dissect rate
Russian financial institutions lion in antiaircraft weapons outlook......................................... B11
and oligarchs, and banned Rus- and other military equipment  Heard on the Street: Next time
sian imports of oil, seafood and Please turn to page A8 Fed might give no quarter...B12
Halted Business
In Russia Marks
End of an Era
Western brands flocked to the former
U.S.S.R., but the relationship was never easy
In 1990, about 30,000 Rus- Russia’s invasion of
sians braved the January Ukraine has brought that
frost to line up in Moscow’s symbiotic relationship to a
Pushkin Square. The payoff crashing halt.
for the hourslong wait was Blistering sanctions and
pressure from the U.S. and
By Stu Woo, allied governments have
Georgi Kantchev made doing business in Rus-
and Evan Gershkovich sia almost impossible for
many Western companies.
the first taste of burgers and Hundreds of businesses, in-
fries from the country’s in- cluding McDonald’s Corp.,
augural McDonald’s restau- auto makers, oil giants and
rant. banks, have said they are
In the years that followed, pausing or ending operations
Western businesses flocked there. Western restaurants
nications lines. to Russia, seeking to profit and stores have gone dark.
Instead, the two-day battle from the country’s lurch In response, Russian au-
of Voznesensk, details of which from communism to capital- thorities have raised the idea
are only now emerging, turned ism. They introduced Ameri- of nationalizing assets West-
decisively against the Russians. can fast food, cars and fash- ern companies leave behind.
Judging from the destroyed ion to a generation The Wall Street Journal re-
and abandoned armor, Ukrai- accustomed to Soviet-era ported this week that Rus-
nian forces, which comprised shortages, and in many cases sian prosecutors have issued
local volunteers and the profes- built sizable businesses. warnings to Western compa-
sional military, eliminated most Starbucks, iPhones and IKEA nies inside the country and
of a Russian battalion tactical became a part of daily life threatened to arrest corpo-
group on March 2 and 3. for middle-class Russians in rate leaders there who criti-
Please turn to page A12 Moscow and St. Petersburg. Please turn to page A13
INSIDE
ANDY LYONS/GETTY IMAGES
RYAN HENRIKSEN FOR WSJ
APPLE TV+
SPORTS BUSINESS & FINANCE PERSONAL JOURNAL
Picking the underdogs Starbucks CEO Kevin Where to go to stream
most likely to pull off Johnson steps down, the best-picture
surprises in the NCAA handing reins back to nominees before Oscar
tournament. A18 Howard Schultz. B1 night. A16
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Thursday, March 17, 2022
Powell, Other Nominees Clear Senate Panel
BY AMARA OMEOKWE
AND ANDREW ACKERMAN
WASHINGTON—A Senate
panel advanced Jerome Pow-
ell’s nomination for a second
term leading the Federal Re-
serve, along with three others
for top posts at the central
bank.
Members of the Senate
Banking Committee approved
Mr. Powell’s nomination in a
23-1 vote, advancing it to the
full Senate. One Democrat,
Sen. Elizabeth Warren of Mas-
sachusetts, voted no.
Mr. Powell first became Fed
chairman in 2018, after being
nominated to the position by
President Donald Trump. Mr.
Powell, who was renominated
by President Biden last year,
oversaw the Fed’s aggressive
response to the economic
downturn caused by the onset
of the Covid-19 pandemic. The
Fed Pencils
In Rate
Increases
Continued from Page One
1.5%, to 34063.10.
The Fed’s postmeeting state-
ment hinted at rising concern
about inflation that initially ap-
peared last year to be driven
by pandemic-related bottle-
necks but has since broadened.
“As I looked around the ta-
ble at today’s meeting, I saw a
committee that’s acutely aware
of the need to return the econ-
omy to price stability and de-
termined to use our tools to do
exactly that,” Chairman Jerome
Powell said at a news confer-
ence that followed the Fed’s
first fully in-person meeting in
two years.
Mr. Powell signaled greater
concern that higher inflation
might persist due to a hot job
market with record job open-
ings and wages up at their fast-
est pace in years. “That’s a
very, very tight labor market—
tight to an unhealthy level, I
would say,” he said.
Stock indexes rallied after
Mr. Powell began speaking.
Yields on the benchmark 10-
year Treasury note rose to
2.185%, compared with 2.16%
on Tuesday and the highest
level since May 2019.
The rate-setting Federal
Open Market Committee ap-
proved the rate increase on an
8-to-1 vote, with St. Louis Fed
President James Bullard dis-
senting in favor of a larger
half-point increase.
Mr. Powell said that the Fed
could finalize a plan to shrink
its $9 trillion asset portfolio at
its next meeting, May 3-4, and
to implement it shortly after.
The central bank ended a long-
running asset-purchase stimu-
lus program last week.
New projections show offi-
no
cials expect to raise rates at a
much faster pace than they
projected in December, when
most penciled in three quarter-
percentage-point rate increases
for this year, and considerably
quicker compared with a series
of nine interest rate increases
between 2015 and 2018. It
would be closer to the 2004-06
period, when the Fed raised
How Central Bank’s Move Hits Home
BY JULIA CARPENTER
The Federal Reserve raised
its short-term benchmark rate
by one quarter of a percentage
point on Wednesday. Here are
some of the ways it will be felt.
Mortgages
The way mortgage prices
are set is based largely on the
yield of the 10-year U.S. gov-
ernment bond, also known as
Treasury note. This rate is
used as a benchmark for all
different types of loans, in-
cluding mortgages.
When the Fed raises rates,
this pushes the yield on the
Treasury note higher. This will
then in turn push mortgage
rates higher.
As the Fed has signaled
higher rates, the 10-year yield
has moved higher. This has in
turn pushed the average rate
on a 30-year fixed rate mort-
gage to 3.85% as of the week
of March 9. A year ago it was
3.05%, according to Freddie
Mac.
The prospect of higher
Philip Jefferson
Federal Reserve on Wednesday
said it would begin lifting in-
terest rates in an effort to
subdue inflation, and Mr. Pow-
ell is poised to lead the central
bank through a series of addi-
tional anticipated increases.
Wednesday’s vote came a
rates 17 times in succession.
At the same time, most Fed
officials indicated they didn’t
anticipate a need to raise inter-
est rates above 3% over the next
few years. “The rhetoric is ‘do-
whatever-it-takes,’ but the fore-
cast is ‘hope-for-the-best,’ ” said
Vincent Reinhart, chief econo-
mist at Dreyfus and Mellon.
The fed-funds rate, an over-
night rate on lending between
banks, influences other con-
sumer and business borrowing
costs throughout the economy,
including rates on mortgages,
credit cards, saving accounts,
car loans and corporate debt.
Raising rates typically restrains
spending, while cutting rates
encourages such borrowing.
How much other interest
rates rise will depend on how
investors, businesses and
households respond.
Most officials expect the fed-funds rate to rise to at least 1.875% by the end of this year and 2.75%
by the end of 2023, holding there in 2024.
Federal-funds target rate*
6.0%
er s
m er
4.0
m rp
2.0
co Fo
0 0
2000 ’10
*Shows midpoint of range since 2008. †Based on responses of 18 officials in December and 16 officials in March.
Source: Federal Reserve
n-
Fed Chairman Jerome Powell speaking Wednesday at his postmeeting press conference.
rates has begun to reduce refi-
nancing demand, and rising
mortgage rates will likely cre-
ate even more difficulty for
those hunting.
Savings accounts, CDs
The interest rates offered on
savings accounts and many
certificates of deposit often
move with the federal-funds
rate. According to the Federal
Deposit Insurance Corp., the
average annual percentage
yield on a one-year CD is
0.14%.
Goldman Sachs Group Inc.’s
Marcus account is now offering
0.50%. Online banks such as
Ally Financial Inc. are also of-
fering 0.50% for their high-
yield savings products. All of
these should move slightly
higher.
“Low interest rates very
much affected savers,” said
Fernando Martin, assistant vice
president at the Federal Re-
serve Bank of St. Louis. “People
were looking for alternative in-
vestments and yield, which al-
ways implies more risk. As in-
U.S. NEWS
KEN CEDENO/PRESS POOL
Lael Brainard
day after Sarah Bloom Raskin,
Mr. Biden’s pick to become the
Fed’s top banking regulator,
withdrew from consideration
amid opposition from Republi-
cans and a key Democrat over
her views on addressing cli-
mate change.
The Fed’s decision Wednes-
day marked a sharp reversal
from just two years ago, when
it lowered rates to near zero
and launched a suite of pro-
grams to steady markets and
support the economy as
Covid-19 shut down large
swaths of the country. The pan-
demic triggered a severe two-
month recession in 2020 and
record job losses.
Since then, economic output
has recovered amid massive
federal stimulus and vaccina-
tions, and inflation surged one
year ago. The recent episode
on has been a far cry from the
seven years of near-zero inter-
est rates the Fed maintained
after the 2008 financial crisis.
Inflation rose 6.1% in Janu-
us ,
ary from a year earlier, accord-
l
ing to the Fed’s preferred
e
al a
gauge. Core inflation, which in-
ci on
Fed officials would raise the
benchmark federal-funds
rate by a quarter percentage
point to a range between
0.25% and 0.5%.
’20
terest rates go up, CDs will go
up, which should perhaps help
savers a little bit more.”
Auto loans
When you take out a car
loan, that loan has a fixed in-
terest rate pegged to Treasury
yields. This means the rise in
interest rates shouldn’t bring
any surprises for those who
have already secured their
fixed rate.
For those looking to buy in
the hot car market, make sure
to do the math on financing a
vehicle.
In addition, keep in mind
that individual car dealers and
lenders can charge different
amounts for your specific new
car loan. According to Bank-
rate.com, the average rate on a
five-year new car loan was
3.98% the week of March 10.
Credit cards
“It’s always an excellent
time to pay down credit-card
debt, but this makes it only
more costly to hold credit-card
debt,” said Kristen Euretig, fi-
AL DRAGO/BLOOMBERG NEWS
Lisa Cook
Ms. Raskin’s withdrawal
ended a monthlong Republican
boycott that had deprived
Democrats of a quorum needed
to advance the Fed nominees,
including Mr. Powell.
In addition to Mr. Powell,
the committee voted 16-8 to
cludes food and energy, rose
5.2%. Most officials now see
core inflation ending the year at
4.1%. They see interest-rate in-
creases bringing inflation down
further, to 2.6% at the end of
2023 and to 2.3% the year after.
Even before Russia’s inva-
sion of Ukraine, Fed officials
had turned uneasy at the pros-
pect inflation might not dimin-
ish as rapidly as they had been
expecting. U.S. labor markets
have tightened rapidly, with
the unemployment rate falling
to 3.8% in February.
Now, officials are facing the
prospect of even higher infla-
tion due to escalating sanctions
by the West against Moscow,
which risk higher energy and
commodity prices, together
with new pandemic lockdowns
in China that further roil bat-
tered global supply chains.
Officials’ projections for midpoint of
target range†
December projections
3.5%
3.0
2.5
2.0
1.5 Range of
projections
1.0
Median
0.5 projection
2022 ’23
nancial planner and founder of
Brooklyn Plans.
According to WalletHub’s
March report of more than
1,500 credit-card offers, the
annual percentage rate for
those with good credit was
18.98%. An increase in interest
rates can sometimes affect the
credit card annual percentage
rate, or APR.
In previous reporting, The
Wall Street Journal found that
some credit-card rates go up
regardless of interest rates.
Student loans
For those with federal
loans, interest rates have al-
ready been set for the
2021-2022 school year.
Every May, the interest rate
for federal student loans is set
according to the 10-year Trea-
sury note auction. These rates
are fixed for the entirety of
the life of the loan.
The rate for direct subsi-
dized and unsubsidized under-
graduate loans is until June
2022, according to the U.S. De-
partment of Education.
* *** THE WALL STREET JOURNAL.
relations at Michigan State
University; and Philip Jeffer-
son, a professor and adminis-
trator at Davidson College in
North Carolina.
Ms. Cook was advanced in a
tie vote along party lines. Un-
der Senate rules, a nominee
who receives a tie vote in
committee can advance to the
Senate floor via a motion by
KEN CEDENO/PRESS POOL
the majority leader.
Mr. Jefferson was approved
in a unanimous vote.
The committee also ad-
vanced the nomination of San-
dra Thompson to become the
federal regulator of Fannie
Mae and Freddie Mac, the
advance Fed governor Lael mortgage-finance companies
Brainard, the White House under government control
nominee to serve as the cen- since the financial crisis. The
tral bank’s No. 2 official. It vote was 13-11 to advance Ms.
also advanced two economists Thompson as director of the
for separate Fed governor Federal Housing Finance
slots: Lisa Cook, a professor of Agency, where she currently
economics and international serves as acting director.
Mr. Powell continued to lay
the groundwork for the possi-
bility of raising rates by a half
Retail
point later this year. Seven of-
ficials projected the Fed would
need to raise rates above 2%
Sales
this year, a level that would re-
quire at least one of their
moves this year to be a half-
Growth
point increase, which the Fed
hasn’t done since 2000.
In the weeks leading up to
Slows
.
Wednesday’s meeting, Mr. Bull- BY DAVID HARRISON
ard, who favored the bigger
ly
rate increase, had said the Fed Americans increased retail
needed to raise rates faster or spending in February, though
“risk squandering policy credi- at a slower pace than at the
bility.” Due to the Fed’s policies
that limit communications be-
fore and after policy meetings,
Mr. Bullard isn’t likely to com-
start of the year, as they faced
higher prices and the economic
fallout from Russia’s invasion
of Ukraine.
ment publicly on his dissent Retail sales rose a seasonally
before Friday. adjusted 0.3% in February over
“They played it safe,” said the prior month, the Commerce
Johan Grahn, who oversees ex- Department said Wednesday, a
change-traded funds at Allianz slowdown from January’s un-
Investment Management in usually strong 4.9% increase.
Minneapolis, who had advo- Consumers spent more on gas-
cated a half-point hike. “To get oline and vehicles while cutting
their credibility back, they will back on online spending and
need to do something bolder.” purchases of discretionary
March Economists said there is a items such as furniture and
growing risk that Mr. Powell electronics.
could feel pressure to lift rates Retail sales figures aren’t
to levels that tip the economy adjusted for inflation.
into recession. That would espe- The report suggests con-
cially be the case if policy mak- sumers are ready to move on
ers conclude that consumers’ from the recent wave of
and businesses’ expectations of Covid-19 cases caused by the
future inflation are rising or if Omicron variant. Spending at
officials see growing evidence restaurants and bars was up
of a wage-price spiral in which 2.5% in February, the fastest in-
workers coping with climbing crease since May of last year.
prices demand more pay in- Higher gasoline prices
creases, leading businesses to caused by the war pushed up
continue raising prices. sales at service stations by
’24 Fed officials face three im- 5.3%, the biggest jump since
portant questions as they con- March of last year. Sales of cars
sider their next moves. First, and car parts, which had been
how quickly do they need to held down by a shortage of
raise rates to an estimated computer chips, rose 0.8%, fol-
“neutral” level that neither lowing January’s 6.9% increase.
speeds nor slows growth? Sec- Excluding autos and gaso-
ond, has that neutral level in- line, retail sales were down
creased as rising inflation 0.4% in February. While that is
sends down real, or inflation- a comedown from a 5.2% rise
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
adjusted, borrowing costs? And in January, it could be an early
third, will the Fed need to raise sign that inflation is making
rates above neutral to deliber- people more cautious.
ately slow growth, and if so, by Taken together, the first two
how much? months of 2022 suggest that
Wednesday’s projections American consumers are able
show Fed officials thought they and willing to spend, which
might need to raise the fed- should provide a boost to eco-
funds rate slightly above a neu- nomic growth, economists say.
tral level this year or next. That should reassure Federal
Most officials estimate that is Reserve officials that house-
between 2% and 3% when un- hold finances are in good shape
derlying inflation—stripped of as they raise interest rates to
idiosyncratic influences such as fight inflation, said Rubeela Fa-
from supply shocks—is at the rooqi, chief economist at High
Fed’s 2% target. Frequency Economics.
CORRECTIONS  AMPLIFICATIONS
Indonesia is an archipelago about Chinese stocks implied
within the region of Southeast that Grab is a Chinese com-
Asia. A Technology article on pany.
Wednesday about Indonesian
company GoTo Group incor- Samson Mow designed El
rectly described Southeast Salvador’s bitcoin-backed
Asia as an archipelago. bond. A Feb. 17 Page One arti-
cle about the use of bitcoin in
Grab Holdings Ltd. is based El Salvador incorrectly said
in Singapore. In some editions Mr. Mow is marketing the of-
Wednesday, a Markets article fering to investors.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
THE WALL STREET JOURNAL
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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.
THE WALL STREET JOURNAL.
U.S. Gets
Go-Ahead
On Climate
Cost Gauge
BY KATY STECH FEREK
The Biden administration
can move forward on policies
that incorporate an increased
estimate of the cost of climate
change, a panel of judges ruled
late Wednesday, reversing a
decision by a federal judge last
month.
The ruling marks the latest
development in the Biden ad-
ministration’s attempt to
adopt a more than sevenfold
increase in a metric called the
social cost of carbon, which
assigns a dollar value to the
harm caused by greenhouse-
gas emissions.
In an eight-page decision,
the Fifth U.S. Circuit Court of
Appeals said that federal agen-
cies would be harmed if they
were prevented from using the
interim estimates in the rules
that the Environmental Protec-
tion Agency, the Transportation
Department and other federal
agencies are developing on cli-
mate-related issues. Those in-
terim estimates were released
in February 2021.
The decision reverses a Feb.
11 ruling from U.S. District
Judge James D. Cain in Lake
Charles, La., who had sided
with 10 states with Republican
attorneys general that sued
the Biden administration over
the interim estimates.
The states, in their lawsuit,
said the Biden administration’s
metric will “entail a massive ex-
pansion of the federal govern-
ment’s regulatory power and
justify unprecedented increases
in regulatory restrictions on ag-
riculture, energy, and virtually
every other human activity.”
Judge Cain granted the
states a preliminary injunction
blocking use of the proposed
increase, while the lawsuit un-
folds.
The metric is used in guid-
ing a variety of government
decisions, including the sale of
energy leases on federal lands.
The Biden administration
moved last year to tentatively
raise the value to $51 a metric
ton, up from $7 a metric ton
under the Trump administra-
tion. The administration was
expected to finalize the value
later this year.
The appeals court judges
said that the federal govern-
ment was likely to win the case
once it fully plays out in the
courts and that halting the use
of the metric would cause ir-
reparable harm. The appeals
court’s ruling also said that the
10 states that sued lack the sta-
tus to do so because the injury
they face—“increased regula-
tory burdens”—is hypothetical.
A spokesman for Louisiana
Attorney General Jeff Landry
said the state will ask a wider
panel of judges to reconsider.
no
* * * * * *
9/11 Tribute Museum Prepares to Shut
BY ANNE KADET
The pandemic looks poised
to claim another institution:
the 9/11 Tribute Museum in
Lower Manhattan, the smaller
of two museums built in re-
sponse to the tragic events of
that day.
The museum is likely soon
to close permanently after run-
ning up too much debt, mu-
seum officials said.
The museum’s reliance on
international tourism proved
unsustainable during the
Covid-19 pandemic, as foreign
arrivals plummeted. Admis-
sions to the Greenwich Street
nonprofit fell to 26,000 last
year, down 83% from its
150,000 visitors in 2019. The
number of domestic and for-
eign tourists visiting New York
City dropped by about 50% to
33 million over the same pe-
riod.
While Tribute Museum ad-
missions started picking up in
December, it appears to be too
little, too late. Failing a last-
minute rescue, “the responsi-
ble thing is to close, unfortu-
nately,” says Chief Executive
Jennifer Adams-Webb. “We’ve
kind of been hanging on by a
string.”
The museum, with a staff of
10 and more than 300 volun-
teer docents, had an unusual
mission. While the nearby, bet-
ter-known National September
11 Memorial Museum honors
those lost in the most-lethal
terrorist attacks on U.S. soil,
the Tribute Museum was de-
signed to serve the survivor
community.
Since opening in 2006, the
museum has trained more than
1,000 survivors, first respond-
on
ers and recovery workers, as
us ,
well as Lower Manhattan resi-
l
dents, to share their experi-
e
al a
ences with more than five mil-
lion visitors from around the
world who came to hear first-
ci on
hand accounts. The volunteer
docents led tours of museum
exhibits and the surrounding
neighborhood while telling
their personal stories.
er s
Ms. Adams-Webb recalls
m er
Smollett Is Released From Jail Pending Appeal
m rp
BY TALAL ANSARI
Jussie Smollett left the
Cook County Jail in Chicago
Wednesday night after an ap-
co Fo
peals court ruled he could be
released while appealing a
conviction for reporting a fake
hate crime.
A Cook County judge last
week sentenced the former
“Empire” actor to 150 days in
jail, beginning immediately, as
the first stage of his 30
months of felony probation.
The Illinois appellate court,
in its one-page order Wednes-
day, didn’t go into detail on its
n-
decision, but it said Mr. Smol-
lett was convicted of a nonvio-
U.S. NEWS
The 9/11 Tribute Museum, which includes a memorial wall, above, relied heavily on foreign tourism
that was sharply curtailed during the Covid-19 pandemic. Boots that museum CEO Jennifer Adams-
Webb wore during Ground Zero recovery efforts are on display at the museum, below.
that one volunteer who lost
her child in the attacks re-
marked, “I can come here and
I can talk about my son to peo-
ple that want to hear his story.
And then I can put it away, and
I can go home.”
Before the pandemic, the
museum drew roughly 40% of
its visitors from abroad—typi-
cally travelers from countries
such as Ireland and Israel who
are familiar with terrorism’s
impact and are eager to hear
how people dealt with it in the
U.S.
That is a relatively high per-
centage. In 2019, international
travelers accounted for 20% of
the city’s 66.6 million visitors,
according to NYC & Co., the
city’s official tourism organiza-
tion. The temporary suspen-
sion of international travel hit
the museum and others like it
hard. Ripley’s Believe it or Not!
lent offense. It also said the
defendant would likely have
served his entire sentence of
incarceration before his appeal
was decided.
The court said Mr. Smollett
could be released after sign-
ing a $150,000 personal recog-
nizance bond. Lead defense
lawyer Nenye E. Uche con-
firmed the appeals court’s de-
cision.
Later Wednesday evening,
Mr. Smollett was released,
Cook County Sheriff’s Office
records showed.
In their motion to grant
bail pending appeal, Mr. Smol-
lett’s lawyers said their client
was possibly in physical dan-
in Times Square, which also
drew 40% of its visitors from
abroad before the pandemic,
closed this past November.
Some New York City attrac-
tions maintained relatively
ger and if placed in solitary
confinement, could experience
“extraordinary damage on his
mental health.”
Prosecutors opposed the
release, writing that Mr.
Smollett “relies on half-truths
and misleading statements, at
best, to manufacture an al-
leged emergency to prompt
the Court to overrule the trial
court’s sentence—without a
transmitted record on ap-
peal.”
A jury convicted Mr. Smol-
lett last December on five of
six counts of disorderly con-
duct for filing false police re-
ports, the lowest level of fel-
ony in Illinois. Mr. Smollett, 39
Thursday, March 17, 2022 | A3
for its $3.6 million operating
budget, and drew less than 10%
of its visitors from the sur-
rounding area. “It’s the popula-
tion that lived through it,” said
Ms. Adams-Webb. “They don’t
feel like they need to come
learn about it.”
The museum was founded
by an unlikely pair who met
while working on the Ground
Zero recovery effort. Ms. Ad-
ams-Webb was a young invest-
ment banker who lost a close
friend in the attacks. Lee Ielpi,
now the museum’s board presi-
CHRISTOPHER GREGORY-RIVERA FOR THE WALL STREET JOURNAL (2)
dent, was a veteran New York
City firefighter who lost his
son, firefighter Jonathan Ielpi.
Three months into the recov-
ery effort, he carried his son’s
remains from the site.
The museum launched in a
Lower Manhattan storefront
previously occupied by a deli.
It attracted more than 500,000
visitors in 2011, a decade after
the attacks. That was its peak
year. Visitorship has been slid-
ing ever since, despite the mu-
seum’s 2017 move to a space
twice the size to accommodate
larger student tours.
While the museum’s dark
theme likely did little to at-
tract visitors during the al-
ready depressing pandemic,
healthy attendance levels the exhibits aimed to provide
through the pandemic, thanks an inspiring and uplifting ex-
to their popularity with locals. perience. They detailed the re-
The Metropolitan Museum of covery effort and Lower Man-
Art, for example, was drawing hattan’s comeback, not to
.
35% of its visitors from the mention the dozens of humani-
Tri-State area before Covid. tarian aid and support non-
ly
When it reopened in Septem- profits launched by the survi-
ber 2020, New Yorkers leapt at vor community. Much of the
the chance to enjoy some of collection will be moved to the
their favorite hometown insti-
tutions without the usual tour-
ist crowds.
The Met Museum also en-
New York State Museum in Al-
bany.
The museum could have
carried on were it not for the
joys a $4.3 billion endowment pandemic, said Mr. Ielpi, who
that funds roughly half the in- appreciated his own stint as a
stitution’s $300 million annual volunteer docent, telling visi-
operating budget, said spokes- tors about his son. The deci-
man Ken Weine. “It was never sion to close was difficult.
an existential crisis for us, as “Tribute is a way to carry
we realize it has been for many the message that hatred is not
institutions,” he said of the the way to go in this world,”
pandemic. he said. “Who better than me
The Tribute Museum, by and the other docents to say
contrast, had no endowment, that to you? Now we’re going
relied heavily on admissions to lose it, and that’s a shame.”
years old, was also ordered to 2 a.m. on Jan. 29. He said the
pay restitution of $120,000 to attackers had yelled racist, an-
the city of Chicago and a tigay and pro-Trump slogans,
$25,000 fine. splashed him with bleach and
During his sentencing last put a rope around his neck.
week, Cook County Judge Two brothers, who were
James Linn spoke for nearly initially considered suspects,
an hour before delivering his became key government wit-
sentence. He noted several ag- nesses after evidence showed
gravating factors, including they knew Mr. Smollett.
that Mr. Smollett’s crime was At trial, prosecutors alleged
premeditated, damaged the that Mr. Smollett was unhappy
city and harmed victims of ac- with his pay on the hit TV
tual hate crimes. drama “Empire” and decided
In 2019, Mr. Smollett, who to stage the hate crime to
is Black and gay, alleged that raise his profile. The actor
he had been the victim of a said at trial that he never
racist and antigay attack by wanted to call the police or for
two men as he returned home anyone to know about the at-
from picking up a sandwich at tack.
 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 | Thursday, March 17, 2022
Chinese Agents
In U.S. Charged
Over Threats
Five are accused of
harassment, stalking;
three are in custody,
two remain at large
A Chinese spy hired a pri-
vate investigator to use vio-
lence if necessary to end a
candidate’s run for Congress,
instructing him to “beat him
until he cannot run for elec-
tion,” prosecutors alleged as
they unsealed a series of com-
plaints accusing Chinese
agents of harassing dissidents
living in the U.S.
By Aruna Viswanatha
and Kate O’Keeffe in
Washington and James
Fanelli in New York
A man working as an agent
of the Chinese government also
plotted to appear at another
dissident’s house pretending to
represent an international
sports committee in a bid to
get his passport and that of a
family member, prosecutors
said. The dissident isn’t named
but was confirmed by a person
familiar with the investigation
as Arthur Liu, the father of
American figure-skating Olym-
pian Alysa Liu, who has said he
fled China after organizing stu-
dent protests in 1989.
Altogether, prosecutors pre-
sented three cases in Brook-
lyn, N.Y., charging five people,
three of whom are in custody
and two of whom are at large.
While U.S. authorities have
Sentencing Panel Lies Dormant
BY DEANNA PAUL
The U.S. Sentencing Com-
mission, a panel that advises
the federal judiciary on crimi-
nal-sentencing issues, played
an important role in the career
of Supreme Court nominee
Ketanji Brown Jackson. It has
fallen on hard times since.
The seven-member body has
dwindled to one Senate-con-
firmed commissioner, prevent-
ing it from conducting official
business for more than three
years and rendering it unable
to provide guidance to judges
after Congress passed a crimi-
nal-justice overhaul in 2018.
The commission’s dormancy
also has caught the attention of
Supreme Court justices who
have raised concerns about the
body’s inability to fulfill its re-
sponsibilities.
Established by Congress in
1984, the bipartisan, indepen-
dent agency is tasked with pro-
no
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path to a Great Future.
GreatFutures.org
long accused the Chinese gov-
ernment of using illegal tactics
to threaten political rivals and
dissidents world-wide, law-en-
forcement officials said
Wednesday the efforts had
grown more brazen in recent
years, reaching even into the
U.S. political process.
“Authoritarian states
around the world feel embold-
ened to reach beyond their
borders to intimidate or exact
reprisals against individuals
who dare to speak out against
oppression and corruption,”
Matt Olsen, the assistant at-
torney general for national se-
curity, said at a news briefing.
The Chinese Embassy in
Washington didn’t respond to
requests to comment.
Qiming Lin, the alleged Min-
istry of State Security agent
who targeted the candidate,
told the investigator: “What-
ever price is fine. As long as
you can do it,” prosecutors
said. According to a transcript
of their conversation prosecu-
tors included in charging docu-
ments, Mr. Lin, who is in
China, said: “We don’t want
him to be elected,” adding, “we
will have a lot more—more of
this [work] in the future…In-
cluding right now [a] New
York State legislator.”
The candidate, who is run-
ning for a New York seat in
the U.S. House of Representa-
tives, isn’t named in the com-
on
plaint but matches the de-
us ,
scription of Yan Xiong, a
l
student leader in the Tianan-
e
al a
men Square pro-democracy
ci on
moting consistency in federal
er s
sentencing, so that defendants
in different parts of the country
m er
don’t receive wildly different
sentences for the same of-
fenses. It establishes sentencing
policies to advise federal judges
and analyzes sentencing data
m rp
nationwide.
The commission has written
sentencing guidelines for every
major crime in the criminal
code, taking broadly worded
co Fo
federal laws and adding speci-
ficity for how judges should
apply them. The commission
when fully operational regu-
larly considers guideline up-
dates to ensure that criminal
sentences are appropriate and
applied uniformly.
“Every single person who is
charged or could be charged in
federal court has their fate
shaped, if not completely de-
termined, by the work of this
n-
commission,” said Ohio State
University law professor Doug-
P W L C 10 11 12
Matt Olsen, assistant attorney general for national security, at the Justice Department in Washington on Wednesday.
protests of 1989 who later fled
China, served in the U.S. mili-
tary and became a citizen.
Mr. Lin suggested a variety
of ways the investigator could
end the would-be congress-
man’s candidacy, including by
manufacturing derogatory in-
formation about him or ar-
ranging for him to be in a car
accident, prosecutors said.
“Car accident, [he] will be
completely wrecked [chuck-
les], right?” Mr. Lin said, ac-
cording to prosecutors. In an-
other conversation, the agent
allegedly said: “You go find a
girl for him, see if he would
take the bait.”
The private investigator,
who wasn’t identified, reported
the efforts to the Federal Bu-
reau of Investigation, according
to the charging document.
Mr. Xiong, a Democrat, is
among several candidates vy-
ing to succeed Rep. Lee Zeldin
in Long Island’s First Congres-
sional District. Mr. Zeldin, a
Republican, isn’t seeking re-
las Berman.
Judge Jackson, a Washington,
D.C., federal appeals court judge
whose confirmation hearings for
the Supreme Court begin next
week, first worked at the com-
mission from 2003 to 2005 as
an assistant special counsel,
where she analyzed sentencing
A lack of members
has meant no new
guidelines for more
than three years.
policies and drafted legislative
proposals for amending federal
sentencing guidelines. She re-
turned in 2010 after then-Presi-
dent Barack Obama nominated
her to be a commissioner, a post
she held until 2014.
During her tenure, the com-
Big Potato
Is Actually
A Gourd
Continued from Page One
couldn’t identify DNA se-
quences that are specific to po-
tatoes.”
Dr. Baldwin said scientists
at Plant & Food Research sent
samples of Dug to Science &
Advice for Scottish Agriculture,
or SASA, in Scotland for fur-
ther research. Scientists there
said Dug’s genetic sequencing
closely matched those of
gourds.
The results came months af-
ter Donna and Colin Craig-
Brown found the tuber, whom
they named, while digging up a
plot of their New Zealand gar-
den. In August 2021, Mr. Craig-
Brown hit the tuber with a gar-
dening hoe, scratched it, tasted
it and thought, “That’s a
bloody potato,” he told The
Wall Street Journal in Novem-
ber.
Mr. Craig-Brown, reached
Thursday morning in New Zea-
land, said he couldn’t believe
the news. Experts in soil and
crop production had told the
couple Dug appeared to be a
potato, he said.
“Initially we were just both
gobsmacked and quite de-
flated. I felt really deflated,”
Mr. Craig-Brown said. “I felt,
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
election and is running in New
York’s gubernatorial primary
later this year.
Mr. Xiong said Wednesday
he was surprised by Mr. Lin’s
arrest. He said he wasn’t intim-
idated and vowed to continue
his congressional campaign.
“It reminded me to be more
cautious and be more brave,”
he said.
Representatives for Alysa
and Arthur Liu didn’t respond
to a request for comment. The
complaint alleges the surveil-
lance and harassment campaign
against Mr. Liu included look-
ing to pay a reporter to let an
agent tag along on an interview
and ask his own questions.
Alysa Liu finished seventh in
the women’s competition at the
Winter Olympics in Beijing.
The three men accused of
targeting Mr. Liu are two New
Yorkers, Fan Liu and Matthew
Ziburis, as well as a Chinese
national they allegedly worked
for, Qiang “Jason” Sun. The
three allegedly engaged in
mission voted to lower crack
cocaine sentences and in 2014
adopted guideline changes for
an array of drug offenses, lead-
ing to more than 30,000 people
receiving an average reduction
of two years, one of the largest
prison reductions in recent
times. Those changes also
helped build momentum for
passage of the First Step Act in
2018, which overhauled sen-
tencing rules and eased certain
mandatory-minimum sentences.
The panel must include at
least three federal judges and
no more than four people from
the same political party.
In early 2018, when there
were still four commissioners,
President Donald Trump sub-
mitted five nominees, but some
of them came under criticism as
too conservative, and the Re-
publican-controlled Senate
never acted on the nominations.
The commission lost its quorum
at the beginning of 2019.
FROM PAGE ONE
‘Dug’ at the New Zealand home of Donna and Colin Craig-Brown.
‘Oh, damn, how can they say
that about Dug? That’s just
blasphemy.’ ”
He racked his brain for how
such a tuber could have ap-
peared in his garden, and re-
called he had previously
planted cucumbers, which fall
under that same family of
gourds, in that plot.
“He’s still the world’s big-
gest not-a-potato. I refer to
him as ‘Dug the Dominator
from Down Under,” Mr. Craig-
Brown said. “My older son said
we should call him the ‘Gourd
That Thought He Could.’ ”
When the Craig-Browns first
found Dug, it was 7.9 kilo-
grams, or 17.4 pounds, accord-
ing to their metric spring
scale. Amused by the mis-
shapen mass, the couple
posted photos of it online and
eventually submitted it to
Guinness World Records for
consideration.
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
EMILY ELCONIN/REUTERS
other operations against sev- “The Chinese Communist
eral dissidents, including trying Party is not the only entity en-
to bribe an Internal Revenue gaged in these practices, but
Service employee for access to their level of aggressiveness is
one of their tax returns. They unique,” said FBI assistant di-
are also accused of stalking rector for counterintelligence
and surveilling an artist who Alan Kohler Jr., adding that
made a sculpture depicting the actions often targeted Chi-
Chinese President Xi Jinping as nese-Americans.
a coronavirus molecule. Fan Liu and Messrs. Wang
In a third case, a former and Ziburis appeared in a fed-
Chinese dissident living in eral court in Brooklyn
Queens, N.Y., Shujun Wang, Wednesday afternoon. During
was accused of using his sta- his appearance, Mr. Liu denied
tus within the Chinese com- the allegations through a Chi-
munity to report to the Minis- nese interpreter. A judge set
try of State Security on people his release at $1 million bond.
.
the Chinese government con- The judge set Mr. Wang’s re-
siders threatening, including lease at $300,000 bond. Mr. Zi-
ly
Hong Kong pro-democracy ac- buris’s bond was set at
tivists, advocates for Taiwan- $500,000. The three defendants
ese independence, and Uyghur had their travel restricted, and
and Tibetan activists—both in
the U.S. and abroad.
At least one high-profile
Hong Kong democracy activist
a judge ordered Messrs. Liu
and Wang to not enter the Chi-
nese consulate in New York or
other Chinese government fa-
on whom the defendant re- cilities in the U.S.
ported was subsequently ar- Lawyers for all three defen-
rested by Chinese officials, dants didn’t respond to re-
prosecutors said. quests for comment.
Afghans Are Offered
Deportation Protection
BY MICHELLE HACKMAN range from international stu-
dents and employees living here
WASHINGTON—The Biden on temporary visas to people
administration is offering a form visiting on vacation who
of temporary humanitarian pro- couldn’t return once the Taliban
tection to thousands of Afghans took over. TPS allows them to
living in the U.S. without a per- stay in the country without
manent legal status, the Depart- overstaying a visa.
ment of Homeland Security said “This TPS designation will
Wednesday. help to protect Afghan nationals
Any Afghan in the U.S. on or who have already been living in
before March 15 would be eligi- the United States from returning
ble for the protection, known as to unsafe conditions,” said
temporary protected status, or Homeland Security Secretary
TPS, which shields them from Alejandro Mayorkas.
deportation and allows them to Most of the Afghans present
work legally for 18 months, a in the U.S. arrived beginning last
term that can be renewed. August through the evacuation
The people who stand to ben- out of the Kabul airport and al-
efit the most from the an- ready carry a temporary immi-
nouncement are a small group of gration status, known as parole.
about 2,000 Afghans who ar- This group, which DHS estimates
rived before the U.S. withdrew is about 72,500 people, won’t
from their country and the Tali- need TPS right away but could
ban reclaimed power. They benefit from it down the road.
I do take him on a trip around
the country, he could possibly
be photographed sitting on the
beach, getting ready to do a
bungee jump,” he said.
Adam Millward, managing
editor of Guinness World Re-
COLIN CRAIG-BROWN/ASSOCIATED PRESS
cords, said in a written state-
ment: “This has been a fasci-
nating journey of discovery
and we’re glad we’ve been able
to get to the root—well, tech-
nically, tuber—of the matter.”
Before Guinness revealed its
findings, some giant vegetable
growers thought the couple’s
rare find could be a potato.
Others thought its shape
looked more like a chicken
They then underwent a than a spud.
monthslong process with Guin- The current Guinness World
ness World Records to deter- Record for a potato was set at
mine whether Dug was the po- 4.98 kilograms, or about 10.9
tato they thought it was. The pounds, in 2011 by Peter Glaze-
Craig-Browns never took the brook, an experienced giant
experiment too seriously. They vegetable grower who has bro-
opted not to pay for an expe- ken and re-broken Guinness
dited application process. World Records over the years.
They did take some precau- Mr. Glazebrook doubted the
tions. Worried Dug would lose Craig-Browns could substanti-
weight due to wounds result- ate their claims from the be-
ing from a hoe and gardening ginning and questioned Dug’s
tongs, they stowed the mass in rough surfaces and markings
their freezer to maintain its as ones not typical of a potato.
weight for world-record con- In an email Wednesday, Mr.
sideration. Glazebrook said he was pleased
The couple initially planned Guinness rigorously investi-
to make Dug into a vodka, esti- gated the claim.
mating they could get a bottle Mr. Craig-Brown, who works
or two out of the mass. Mr. on the couple’s hobby farm,
Craig-Brown now wonders had never grown giant vegeta-
whether this non-potato could bles purposefully. But the jour-
still be made into some kind of ney with Dug has inspired him
beverage. to pursue the pastime. Next
He also hopes to cast a rep- potato season, he said, he
lica out of Dug for posterity. “If might try his hand at it.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, March 17, 2022 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Thursday, March 17, 2022
U.S. NEWS
NASA/STSCI/ASSOCIATED PRESS
This image made available by NASA on Wednesday shows a star used to align the mirrors of the James Webb Space Telescope.
Telescope Snaps Distant Star
Photo indicates that over this step,” Thomas Zurbu-
chen, associate administrator
mirrors in sun-orbiting for NASA’s Science Mission Di-
Webb observatory are rectorate said in reference to
the multiple procedures in-
working as designed volved in aligning the mirror’s
18 hexagonal elements. “They’re
BY AYLIN WOODWARD all behind us now.”
Too big to fit inside the
A spectacular new photo- nose cone of any existing
graph snapped by the James rocket, the mirror was built in
Webb Space Telescope shows
that the sun-orbiting observa-
tory is on track to begin astro-
18 segments that had to fold
together like the petals of an
origami flower. In the nearly
nomical observations, National three months since the tele-
Aeronautics and Space Admin- scope’s Dec. 25 launch, mission
istration officials and scien- scientists have been adjusting
tists said Wednesday. the segments so that they
al a
The photo, which shows a could produce a single, unified
distant star backed by galax- image. Now that they have
ies, is evidence that the 21.5- done so, mission scientists feel
ci on
foot primary mirror of the $10 certain that Webb’s optics will
billion, truck-size telescope is perform as designed.
properly aligned and capable “There’s now this collective
of gathering celestial light and long, long, sustained sigh of
delivering it to imaging instru- relief,” said University of Wis-
er s
ments on board. consin-Madison astronomer
“I’ve lost sleepless nights and space historian James Lat-
m er
m rp
Explore the Breadth of Your
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tis, who isn’t involved in the
mission.
The “generic, anonymous”
star seen in the image pro-
duces light that is about 100
times fainter than the human
eye can see, said Marshall Per-
rin, Webb’s deputy telescope
scientist at the Space Tele-
scope Science Institute in Balti-
more. It appears reddish in the
on
photo as the result of the use
of a contrast-optimizing filter,
according to NASA, as the in-
frared light captured in the im-
age is invisible to humans.
us ,
“We said last fall that we
l
would know that the telescope
e
is working properly when we
have an image of a star that
looks like a star,” said Lee
Feinberg, the Webb optical
telescope element manager at
NASA’s Goddard Space Flight
Center. “The performance is
as good, if not better, as our
most optimistic prediction.”
Over the next two months,
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mission scientists will align
Webb’s mirrors with the four
instruments aboard the obser-
vatory and complete final
alignment adjustments. Scien-
tific operations are expected
to begin in July, after the tele-
scope is fully commissioned.
Webb is 100 times as pow-
erful as the Hubble Space
Telescope that has been orbit-
ing Earth since 1990. Unlike
Hubble, Webb was built to de-
tect mostly infrared light,
which will enable it to image
some of the universe’s oldest
and most distant galaxies.
That capability will give as-
tronomers a peek into how the
early universe took shape just
after the big bang almost 14
billion years ago.
“There’s still a mountain to
climb,” Dr. Zurbuchen said in
reference to the remaining
steps needed to ready the tele-
scope. “But we’re a ways up
that mountain now.”
* *** THE WALL STREET JOURNAL.
U.S. WATCH
WASHINGTON ing from a tournament in Mid-
land, Texas, when it was struck
U.S., U.K. to Start head-on by a pickup truck after
Talks on Trade Ties 8:15 p.m. Tuesday, causing both
vehicles to catch fire, according
The U.S. and the U.K. have to the university and police offi-
agreed to start talks to deepen cials.
trade and investment ties, their Six students and one coach
first broad effort to promote bi- died in the crash, officials said.
lateral trade since negotiations The driver and passenger of the
to forge a free-trade agreement pickup truck also died. Two stu-
between the two nations were dents were transported to a
suspended last year. hospital by helicopter and are in
The discussions are aimed at critical condition, police said.
closer collaboration on a range —Omar Abdel-Baqui
of issues including easing sup-
ply-chain congestion, decarboniz- OBITUARY
ing their economies, promoting
digital trade and labor rights, Physicist Developed
U.S. and U.K. officials said. Solar Wind Theory
The talks will take place on
March 21 and 22, when U.S. Eugene Parker, a physicist
Trade Representative Katherine who theorized the existence of
Tai is scheduled to meet the solar wind and became the first
U.K.’s Secretary of State for Inter- person to witness the launch of
national Trade Anne-Marie Tre- a spacecraft bearing his name,
velyan in Baltimore. Another ses- has died, his son and the Univer-
sion will take place in the U.K. sity of Chicago said Wednesday.
later this spring, said the officials. He was 94.
—Yuka Hayashi NASA administrators and uni-
versity colleagues hailed Mr.
TEXAS Parker as a visionary in his field
of heliophysics, focused on the
At Least 9 Dead in study of the sun and other
Golf Teams Crash stars. He is best known for his
1958 theory of the existence of
At least nine people are dead, solar wind—a supersonic flow of
including six student-athletes particles off the sun’s surface.
and one coach, after a vehicle NASA honored Mr. Parker’s
carrying members of a New scientific contributions in 2018
Mexico university’s golf teams by naming a spacecraft after him
collided with a pickup truck in that was destined to travel
West Texas Tuesday night, po- straight into the sun’s crown. The
lice said. Parker Solar Probe’s successful
A University of the South- launch—which the then-91-year-
west van carrying nine passen- old Mr. Parker attended—has
gers—which included members since provided unprecedented
.
from the school’s men’s and close views of the sun.
women’s golf teams—was travel- —Associated Press
ly
HO/UNIVERSITY OF CHICAGO/AFP/GETTY IMAGES
Eugene Parker, emeritus professor, University of Chicago, shown
in 1997 with an image of solar wind. He died this week at age 94.
EMAIL SHARING
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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.

THE WALL STREET JOURNAL. Thursday, March 17, 2022 | A7

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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.

A8 | Thursday, March 17, 2022 * *** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Kyiv Mounts Counterattack in Key Cities
Military action comes where in the south reversed
some early Russian gains of
as Zelensky presses the invasion, officials said.
Congress for weapons, Ukrainian troops pushed Rus-
sian forces far from the re-
harder line on Russia gional capital of Mykolaiv,
which they had been threaten-
KYIV, Ukraine—Ukraine said ing, said the regional gover-
its military had launched a nor, Vitaly Kim. In a Telegram
counteroffensive in its capital, channel, Mr. Kim said that
Kyiv, and other key cities, as Mykolaiv “will be a rear city.”
President Volodymyr Zelensky Ukrainian media footage of
urged Congress to provide the aftermath of the strike on
more weapons and increase the Russian-held airport near
economic pressure on Russia. Kherson showed rows of burn-
The thump of distant shell- ing Russian military trucks and
an airfield strewn with debris.
By Alan Cullison, Mr. Podolyak, the Ukrainian
Isabel Coles presidential adviser, said there
and Yaroslav Trofimov was room for compromise.
The main area of progress
ing echoed through the center between the two sides con-
of Kyiv overnight, while Ukrai- cerns addressing mutual secu-

PLANET LABS PBC/ASSOCIATED PRESS

nian forces appeared to coun- rity concerns, a Ukrainian offi-
terattack in the outlying towns cial said. Ukraine, ready to
of Irpin, Bucha and Hostomel, recognize that membership of
which have been severely NATO is unlikely soon, is con-
damaged in weeks of street sidering dropping that in ex-
fighting and artillery ex- change for binding security
changes. The city and the sur- guarantees from its Western
rounding region were under a partners and Russia, the offi-
curfew on Wednesday. cial said.
Ukrainian forces also said That is only one item on the
they pressed an offensive Satellite imagery showed the aftermath of a suspected Ukrainian airstrike against Russian forces at Kherson’s airport on Tuesday. agenda, and there is little
south and east of the southern scope for compromise on Rus-
port of Mykolaiv, moving in the dress to members of Congress, and the city hadn’t yet counted was in Ukraine with an inves- Mr. Putin sought to justify sia’s demands that Kyiv recog-
direction of Kherson, the only thanked the U.S. for its sup- casualties, officials said. tigative team, which is work- the war by repeating allega- nize the 2014 annexation of
Ukrainian regional capital oc- port, but renewed his appeal In the western city of ing with Ukrainian law en- tions refuted by Ukraine and Crimea by Moscow and the
cupied by Russia since the war for a no-fly zone. Absent such Rivne, officials raised the forcement to collect evidence the West that Kyiv was look- self-proclaimed independence
began Feb. 24. Ukraine said it a move—which the North At- death toll from an attack on a of war crimes. ing to acquire nuclear and bio- of the Russian-backed statelets
carried out an airstrike on the lantic Treaty Organization has television tower this week, Russian President Vladimir logical weapons. in Donetsk and Luhansk.

.
Kherson airport, which is now ruled out—he said more weap- saying 21 people were killed, Putin on Wednesday said Mos- The counteroffensive by “I don’t see a break-
a Russian air base, and satellite ons should be provided. up from nine fatalities on the cow doesn’t intend to occupy Ukrainian armed forces “radi- through—at this stage, both

imagery of the tarmac showed Mr. Zelensky’s speech came
seven destroyed or damaged as civilian casualties mounted
Russian helicopters, some of from Russia’s air and artillery
them engulfed in flames. Kyiv
also said it shot down two Rus-
sian Su-30SM jets over the
Black Sea off Odessa.
strikes.
In the besieged southern
port city of Mariupol, a Russian
bomb destroyed the city’s main
Moscow has largely not drama theater where hundreds
us ,
day of the strike.
At least 10 people standing
in line outside a bakery in the
on
northern city of Chernihiv
were killed when an artillery
shell landed nearby, Ukrainian
news services reported. The
U.S. Embassy Twitter account
Ukraine and is ready to dis-
cuss the country’s neutral sta-
tus during negotiations with
Kyiv. Ukrainian negotiators
have rejected such a status.
“The appearance of Russian
troops near Kyiv and other cit-
ies in Ukraine is not connected
ly
cally changes the parties’ dispo- sides believe they can win the
sition,” tweeted Mykhailo Podo- war,” the official said.
lyak, a Ukrainian presidential Russian Foreign Minister
adviser who is negotiating a
possible cease-fire with Russia.
Late Wednesday, Mr. Zel-
ensky’s office said Ukrainian
Sergei Lavrov on Wednesday
said there are signs of compro-
mise. Mr. Lavrov, cited by Rus-
sian state news agency TASS,
forces freed the mayor of the said that the two sides are

commented on combat losses of residents had taken refuge said they had been shot and with the intention to occupy southern city of Melitopol who close to agreeing on some is-
l

and said its campaign was from shelling, city officials killed by Russian forces. this country,” Mr. Putin said in was kidnapped from his office sues and that he held out hope
e
al a

progressing. said. A bomb shelter under the International Criminal televised remarks before meet- this month by Russian troops. that this could include the topic
Mr. Zelensky, in a virtual ad- theater was blocked by rubble, Court Prosecutor Karim Khan ing with government officials. The Ukrainian push else- of Ukraine’s neutral status.
ci on

Zelensky Firms Urged to Stop

Makes Plea Operations in Russia
er s

To Congress
m er

BY SAABIRA CHAUDHURI also mentioned South Korea’s

AND DENISE ROLAND Samsung Electronics Co. and
LG Electronics Co., pharma-
Continued from Page One Ukrainian President Volod- ceutical companies Sanofi SA
m rp

but again declined to embrace ymyr Zelensky is taking aim at and Johnson & Johnson, along
facilitating the transfer of jet international companies that with chemicals giant BASF SE
fighters to Ukraine, as Kyiv continue to operate in Russia, and Bayer AG, the agricultural
has requested. Mr. Biden has adding pressure on executives and drugs supplier.
also ruled out U.S. participa- grappling with how to respond Food companies including
co Fo

tion in a no-fly zone, saying it to Moscow’s invasion of Ukraine. Nestlé and Unilever said previ-
SARAH SILBIGER/PRESS POOL

would put the U.S. and Russia
in direct confrontation.
Later in the day, Mr. Biden
said he thinks President Vladi-
mir Putin of Russia is a war
criminal, an escalation of his
rhetoric as Moscow continues
its advance. White House offi-
cials had previously declined to
directly accuse Russia of war
crimes. White House press sec-
retary Jen Psaki said the State
Speaking to Congress on ously that they suspended ad-
Wednesday, Mr. Zelensky asked vertising in Russia, along with
lawmakers to encourage compa- imports and exports of all but
nies from their home states to essential food and other prod-
stop doing business in Russia. ucts. Both are continuing local
He also called on the U.S. to ban production of some products
the import of Russian goods. to sell in Russia.
Rep. Stephanie Murphy (D., Fla.), third from left, reacts to video footage of Ukraine’s devastation. “If you have companies in Unilever and Mondelez
your districts who financed the didn’t respond to requests for
existence but for European Russian military machine…You comment, while Nestlé de-
‘Remember Pearl Harbor...when your sky values, human rights and de- should put pressure,” he said. clined to comment beyond
mocracy, Mr. Zelensky said. “I am asking to make sure that previously issued statements.
was black from the planes attacking you.
n-

Department is conducting a le- “President Biden, you are the Russians do not receive a Drug companies have
gal review of the matter. Just remember it. Remember September the the leader of your great na- single penny that they use to broadly continued supplying
Kremlin spokesman Dmitry tion,” he said. “I see you as destroy people in Ukraine.” medicines to Russia, saying
Peskov called Mr. Biden’s com- 11th...evil tried to turn your cities, the leader of the world. Being Many Western companies that they feel an ethical obli-
no

ment “unacceptable and unfor- independent territories, into battlefields.’ the leader of the world means have paused their operations gation to do so, while publicly
givable rhetoric coming from to be the leader of peace.” in the Russian market, with condemning the invasion.
the head of a country, whose Senate Majority Leader some citing dismay at Mos- Some, though, have scaled
bombs have killed hundreds of Chuck Schumer (D., N.Y.) com- cow’s aggression and others back certain activities. For in-
thousands of people,” accord- ‘This is a terror that Europe has not pared the intensity of the mo- flagging the logistical chal- stance, Sanofi and Bayer said
ing to state news service TASS. seen for 80 years. And we are asking for a ment to the sentiment in the lenges of operating in a coun- Monday that they would halt
Early Wednesday, Ukraine U.S. after the Sept. 11 attacks. try hit by sanctions. A handful all marketing in Russia and
said it launched a counteroffen- reply, for an answer to this terror “I cannot remember the last of businesses have signaled in- spending not directly related
sive against Russian forces at- from the whole world.’ time a foreign leader united a tentions to leave altogether. to supplying their products to
tacking its capital and other key room full of members from Other companies are stay- the country. Bayer also threat-
cities. Mr. Putin said Wednes- both sides so quickly and so ing. Some have cited humani- ened to halt its crop supplies
day that Moscow doesn’t intend intensely,” he said. tarian reasons, including pro- to Russia next year unless
to occupy Ukraine and is ready
‘I’m almost 45 years old. Today, my age Sen. Mitch McConnell of Moscow stops its attacks.
to discuss the country’s neutral stopped when the hearts of more than 100 Kentucky, the GOP leader, said Sanofi and Bayer declined
status during negotiations with the address underscored the to comment beyond their ear-
Kyiv. Ukraine has rejected such
children stopped beating. I see no sense in need for Mr. Biden to be more
Some companies say lier statements. A spokes-
a status for their country. life if it cannot stop the deaths.’ aggressive in helping Ukraine. their hands are tied woman for J&J said the com-
Mr. Zelensky focused his re- “President Biden needs to pany is responsible to its
quests specifically on bolster- step up his game right now.
by joint ventures or patients and consumers world-
ing Ukraine’s air-defense sys- Excerpts from Ukrainian President Volodymyr Zelensky’s Before it’s too late,” he said. franchise deals. wide, and remains committed
tems, identifying the S-300, an speech to the U.S. Congress on Wednesday. Some lawmakers suggested to providing essential health
air-defense system, first pro- that the U.S. needed to avoid products to those in need in
duced by the Soviet Union and the temptation to act impul- Ukraine, Russia and the region.
later Russia, that is capable of craft systems, 9,000 anti-armor them to do more, including sively. “We should be the viding essential goods like BASF didn’t respond to re-
shooting down aircraft and systems, 7,000 small arms and sanctions against all Russian strongest supporters of food or medicine. Others say quests for comment.
cruise missiles. The S-300 was 20 million rounds of ammuni- politicians who have not cut ties Ukraine we can be,” said Sen. their hands are tied by joint Financial firms have said
designed to be highly mobile, tion, the administration said. with the government. He said Dick Durbin (D., Ill.), “but the venture or franchise agree- they have a duty to support
allowing air-defense forces to The package includes switch- all U.S. companies should leave president is the commander in ments. Then there are compa- their clients. In response to Mr.
fire their weapons and quickly blade drones, a type of drone Russia “because it is flooded by chief. He has to decide the nies Russian prosecutors have Zelensky’s remarks, a spokes-
relocate to avoid being hit in a that can mount lethal attacks, our blood” and called on the reasonable limits.” warned of asset seizures if man for SocGen said the bank
retaliatory strike. according to a person familiar U.S. to ban the import of all Mr. Zelensky has embarked they withdraw from the coun- is complying with all laws and
Because the systems aren’t with the matter. The new ship- Russian goods. on an international campaign try, as well as threats that em- regulations, and “conducting
U.S.-made, any U.S. role in ments would be paid for out of Mr. Zelensky showed a for aid to help Ukrainian forces ployees could be arrested. its business in Russia with the
providing the weapons would the $13.6 billion allotted for video of Ukrainian cities be- sustain what is likely to be a Mr. Zelensky’s comments to utmost caution and selectivity.”
involve helping Eastern Euro- Ukraine in the budget law. fore and during Russian bom- lengthy struggle. On Thursday, U.S. lawmakers echo similar Samsung shareholders asked
pean allies who transfer their Lawmakers gathered in an bardments, with graphic Mr. Zelensky plans to address remarks he made to Canada’s the TVs-to-cellphones maker
equipment to Ukraine to ob- auditorium Wednesday morn- scenes of dead children, pools the German parliament. Parliament a day before, say- during its annual meeting
tain new systems. ing to watch Mr. Zelensky’s of blood and mass graves. The —Vivian Salama, ing that more companies could Wednesday whether it would
In addition to asking for the roughly 15-minute address, video concluded with the Natalie Andrews, Eliza be forced to leave Russia. consider pulling out of Russia.
S-300, Mr. Zelensky repeated rising to their feet for a stand- words, “Close the sky over Collins and Siobhan Hughes In a separate address Tues- Co-CEO Han Jong-Hee said the
his plea for aircraft on Wednes- ing ovation as soon as he ap- Ukraine,” in English. contributed to this article. day, Mr. Zelensky took aim at company was looking carefully
day. The Pentagon rejected last peared on the screen, his hand Gasps and sighs were heard specific companies that he said at the state of economic sanc-
week an offer from Poland to pressed to his heart. at the sight of the children. hadn’t left the Russian market. tions against Russia and reiter-
transfer its MiG-29 combat jets Mr. Zelensky, who referenced Mr. Zelensky spoke via a Watch a Video He named Nestlé SA, Mondelez ated that product shipments
to a U.S. air base in Germany Martin Luther King Jr. as well translator for most of the Scan this code International Inc. and Unilever there had been suspended.
that could then transport the as the presidents on Mount speech, but closed in English for a video of PLC, among “other giants of the Samsung didn’t directly ad-
Polish aircraft to Ukraine. Rushmore, told lawmakers he with a personal plea to Con- the Ukrainian food industry,” as well as French dress Mr. Zelensky’s remarks.
The new U.S. arms package was thankful for what the U.S. gress and Mr. Biden. Ukraine president’s lender Société Générale SA. Rival LG didn’t respond to a re-
includes 800 Stinger antiair- had done so far, but called on is fighting not just for its own speech. The Ukrainian president quest for comment.
 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. Thursday, March 17, 2022 | A9

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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 | Thursday, March 17, 2022
Kremlin Hides Impact of Sanctions Russia
Pushed
Moscow limits data so
the West doesn’t
know how hard the
economy has been hit
BY PAUL HANNON
AND CAITLIN OSTROFF
The success or failure of the
West’s economic war against
Russia is crucial to the outcome
of the fight in Ukraine. But
knowing whether the sanctions
are working will be difficult.
Since the Russian invasion
last month, Europe and the
U.S. have hit the world’s 11th
largest economy with sanctions
designed to cut it off from the
global financial system and
from the imports it needs to
run its economy. Hundreds of
companies have gone beyond
the sanctions and stopped do-
ing business with Russia.
ASSOCIATED PRESS
Estimates of the economic
damage vary widely. The Insti-
tute for International Finance,
a grouping of international
banks, expects Russian eco-
nomic output to fall by a third
this year. Economists at
credit-ratings firm Standard &
Poor see a contraction of 6.2%
in 2022, while Moody’s Ana-
lytics estimates the sanctions-
induced slowdown will cut
economic output by between
13.5% and 24% depending on
the duration of the conflict,
and the scale of the decline in
Russian energy exports.
“This is a massive act of
self-harm,” said Gaurav Gan-
guly, an economist at Moody’s.
There are two ways to track
the impact of the sanctions:
With economic data or with
on-the-ground details such as
layoffs, shortages and produc-
tion cuts. Russia has moved to
limit access to both.
The Russian central bank
last week suspended the re-
lease of figures on its foreign-
exchange reserves for three
months, saying that during that
time “all publications” would
use the $643.2 billion figure
that was valid on March 4.
Russia’s stock market also
hasn’t traded for almost three
weeks, a sign that Moscow is
trying to hide the economic
reality. Russian stocks listed in
London have fallen near zero
and have since been delisted,
with Russia’s largest lender,
Putin Acknowledges Economy Is Hurting
BY ALEXANDER OSIPOVICH
Russian President Vladimir
Putin acknowledged that the
country’s economy had taken a
profound blow from Western
sanctions imposed on Moscow
for the invasion of Ukraine.
“Our economy will need
deep structural changes in
these new realities, and I
won’t hide this—they won’t be
easy; they will lead to a tem-
porary rise in inflation and
unemployment,” Mr. Putin said
no
in televised remarks on
Wednesday before a video
meeting with Russian govern-
ment officials.
The impact of sanctions has
reverberated across Russia,
leading to factory closures, job
losses, a doubling of interest
rates and a decline of the ru-
ble. Inflation has galloped
ahead of the central bank’s
target. Russia is at risk of de-
faulting on its debt.
Mr. Putin said the West’s
effort to organize an “eco-
nomic blitzkrieg” against Rus-
sia had failed, but warned
there would likely be further
attempts to step up pressure
on Russia.
Referring to an exodus of
Western companies from Rus-
More Oil Needed to Avert Crisis, IEA Warns
BY WILL HORNER
Russia’s invasion of Ukraine
and Western sanctions on its
oil exports threaten a supply
shock that will weigh on the
global economy and tighten
energy markets even further
unless major producers in-
crease output, according to
the International Energy
Agency.
Energy markets were facing
the biggest supply crisis in de-
cades, which could result in
lasting changes, the Paris-
based agency said Wednesday
in its monthly report.
Russia’s invasion of its
neighbor has prompted West-
ern nations to levy harsh sanc-
People in Moscow last week stood in line to enter Sberbank, Russia’s largest lender, whose shares have been delisted in London.
Sberbank Russia PJSC, among
those removed from trading.
Shares traded for as little as a
penny before being delisted.
Government economic data
such as gross domestic product,
unemployment and inflation are
released with a lag. The data
from February is mixed, reflect-
ing the tensions before the inva-
sion and the early fallout from
the war. Russia saw a sharp rise
in its trade surplus, reflecting
much higher prices for oil and
gas, its principal exports.
However, other figures
pointed to a pickup in infla-
on–10
tion, while a survey of pur-
us ,
chasing managers at manufac-
l
turers recorded a decline in
e
al a
output and new orders for the
first time in six months. This
measure, known as the Pur-
ci on
chasing Managers Index, is
produced by a private company
and likely will give the first in-
sight into how the economy
has responded to sanctions
er s
when it is released on April 1.
More current data indicates
m er
problems ahead for the Russian
economy. The ruble has weak-
ened, with one dollar buying 112
rubles, up from 75 at the start
of the year. Russia’s central
m rp
bank more than doubled inter-
co Fo
n-
President Vladimir Putin said there would likely be further attempts to step up pressure on Russia.
sia in recent weeks, Mr. Putin
held out an olive branch to
those multinational companies
still doing business in his
country.
“We value the position of
those foreign companies that,
despite the inexcusable pres-
sure from the U.S. and its vas-
sals, continue to work in our
country,” he said. “Going for-
tions on Moscow and the Rus-
sian economy. While only
some nations, including the
U.S., have banned Russian oil
imports outright, traders, en-
ergy companies and shipping
firms are shunning Russian
crude, fearful of the reputa-
tional risk, the IEA said.
The impact could mean 3
million barrels a day of Rus-
sian supply effectively cut off
from global markets starting
next month, the IEA said. The
agency slashed its forecast for
global oil supply this year by 2
million barrels a day to 99.5
million barrels a day, based on
what major producers of the
Organization of the Petroleum
Exporting Countries have cur-
THE UKRAINE CRISIS
Ruble's daily performance
against the dollar
15%
10
5 economy’s big swings since
0 The sanctions this time are
–5
–15
–20
–25
Jan. 2022 Feb. March
Source: FactSet
est rates to 20%, to encourage
holders not to sell the ruble.
A weaker ruble will boost
the cost of imports denomi-
nated in euros or dollars, rais-
ing inflation. At the same
time, the big rate increase will
make it more expensive for
households and businesses to
borrow, weighing on growth.
The Russian central bank will
meet Friday and could outline
ward, they will definitely re-
ceive additional opportunities
for development.”
The remarks came as Ukrai-
nian President Volodymyr Zel-
ensky spoke to the U.S. Con-
gress, urging lawmakers to
further ratchet up economic
pressure on Russia for the in-
vasion. He also called on legis-
lators to pressure American
rently agreed to pump.
The lost supply has sent en-
ergy prices surging. Though
oil prices have declined
sharply over the past week,
3M
Barrels a day of Russian oil
that could be cut next month
they remain more than 40%
higher than a year ago.
High oil prices have lifted
other fuels, such as natural
gas and coal. Meanwhile, non-
THE WALL STREET JOURNAL.
further actions. those companies have commit-
Russia’s economic data has ted to paying wages for a lim-
been considered accurate in ited period, but after that, un-
the past. The numbers showed employment should rise and
a 2% decline in economic out- those products will be unavail-
put due to the sanctions in able, potentially causing infla-
2014, and have recorded the tion as supply shrinks.
Russians have lined up for
the end of the Soviet Union. imported medications, which
aren’t covered by sanctions.
ly
much more severe, leading But prices are expected to rise
economists to predict a bigger following the ruble’s tumble.
economic decline. But econo- According to Windward, a
mists are worried that Russia’s
clampdown on free speech and
access to foreign news sources
will make it harder to deter-
shipping-data company, calls
to Russian ports by commer-
cial cargo and tanker vessels
were 40% lower in the first six
mine the impact of sanctions. days of March than a year ear-
“When you have war, you lier, a sign that exports and
don’t care about accurate re- imports are already in decline.
porting,” said Maxim Mironov, There are also signs that
an associate professor of fi- shortages of parts and equip-
nance at IE Business School in ment from Western suppliers
Madrid who grew up in the are hitting factory output, in-
Soviet Union and has re- cluding the suspension of pro-
searched Russia’s economy duction at a maker of Lada
and corruption. “You do care automobiles.
about propaganda.” Offsetting any pain from
One the ground, there are sanctions will be continued ex-
some hints of the economic ports of oil, natural gas and
pain to come. According to the minerals at high prices. West-
Yale School of Management, ern products also could be re-
380 international companies placed by goods from China,
have announced their with- potentially keeping prices
drawal from Russia since the down and providing jobs for
invasion of Ukraine. Some of Russians.
businesses. The purchasing
power of ordinary Russians
has been deeply eroded after
Western sanctions triggered a
sharp devaluation of the ruble.
But Mr. Putin stopped short
of endorsing Soviet-style price
controls. He also said Russia’s
central bank wouldn’t resort
RUSSIAN PRESIDENTIAL PRESS SERVICE/ASSOCIATED PRESS
to printing money to meet the
government’s spending needs.
Coordinated U.S. and Euro-
pean Union sanctions have
hammered the Russian econ-
omy, cutting off much of Rus-
sia’s financial system from the
rest of the world and choking
off the flow of many imported
goods. Western companies
ranging from Boeing Co. to
McDonald’s Corp. to Volks-
wagen AG have pulled back
from Russia.
In his remarks on Wednes-
day, Mr. Putin blasted one of
the West’s main financial
companies in their districts weapons against Russia—
that are still doing business freezing the assets of Russia’s
with Russia to stop. central bank held in North
Mr. Putin pledged to carry America and Europe. That pre-
out a raft of measures to off- vented Moscow from using
set the pain of the sanctions much of its stockpile of $630
on Russians, including in- billion in reserves to prop up
creased payments to pension- the ruble.
ers and state employees, an “Now everyone knows that
increase in the minimum wage financial reserves can simply
and financial assistance to be stolen,” Mr. Putin said.
fuel commodities upon which million barrels a day. The IEA
the global economy depends also cuts its forecasts for oil
and which are produced in demand growth this year by
Russia, such as some metals 1.1 million barrels a day, to 2.1
and grains, are at some of the million barrels a day.
highest prices in years. The oil market will slip into
Those higher prices will a deficit as early as the second
“increase inflation, reduce quarter unless the OPEC group
household purchasing power of oil producers increase their
and are likely to trigger policy supply levels, the IEA said. Be-
reactions from central banks yond the spare capacity of
world-wide—with a strong leading OPEC members Saudi
negative impact on growth,” Arabia and the United Arab
the agency said. Emirates, there are no other
The result will also mean a sources of additional supply
blow to oil demand, but not by that can balance the market.
enough to balance the lost U.S. oil inventories last
Russian supply. Demand for oil week were about 13% lower
will be 1 million barrels a day than a year earlier, according
less this year than the IEA was to new Energy Information
expecting last month at 99.6 Administration data.
Toward
Default
Russia’s finance minister
said the country paid what it
owed on its foreign debts on
Wednesday but wasn’t sure if
the payments would go
through, blaming U.S. sanctions
for setting the country on the
path toward default.
By Caitlin Ostroff,
Alexander Saeedy
and Ian Talley
The Russian government is
required to pay $117 million in
interest payments on two dol-
lar-denominated government
bonds Wednesday. Failure to
pay, or attempting to pay in ru-
bles instead of dollars as re-
quired by the bonds, would set
the stage for Russia to be placed
in default by its creditors.
The bonds have a 30-day
grace period, meaning creditors
can’t declare an official default
until April 15.
“The possibility or impossi-
bility of fulfilling our obliga-
tions in foreign currency does
not depend on us,” Finance
Minister Anton Siluanov said in
an interview with state-owned
Russia Today. “We have the
money, we paid the payment,
.
now the ball is on the side, first
of all, of the American authori-
ties.” Earlier this week, he indi-
cated that the payment might
end up being made in rubles.
Mr. Siluanov added that Rus-
sia sent the required dollars to
the U.S. bank where Moscow
holds its foreign-currency ac-
count. While the payment is be-
ing processed, there has been
no confirmation of whether it
has gone through, he said.
Russia’s U.S. bank has been
in contact with the U.S.’s Office
of Foreign Assets Control,
which enforces U.S. sanctions,
according to the finance minis-
ter. If restrictions prevent
money from reaching U.S. and
European investors, Mr. Silu-
anov said Russia has created an
alternative procedure to pay
bondholders in rubles.
An investor who holds both
of the bonds said that he hadn’t
received payment as of 5:45
p.m. ET on Wednesday.
The last time Russia reneged
on its foreign debts was after
the Bolshevik Revolution in
1918. Russia defaulted on its lo-
cal-government debt in 1998 as
the post-Soviet economy strug-
gled to find its feet. Oil prices
collapsed to $10 a barrel, starv-
ing the government of revenue.
The crisis set the stage for Pres-
ident Vladimir Putin’s rise to
power at the end of 1999.
In theory, Russia has plenty
of money. Heading into the war
with Ukraine it had accumu-
lated more than $630 billion in
foreign-currency reserves,
which in normal times it can
use to pay its debts.
But punishing U.S. sanctions
on Russia’s central bank and fi-
nance ministry have thrown into
question what Russia is permit-
ted to do with the reserves.
The U.S. barred transactions
by American institutions with
Russia’s central bank and fi-
nance ministry but later issued
a temporary exemption that al-
lows U.S. and foreign banks to
receive payment for Russia’s
debt obligations in the curren-
cies determined by the bond
contracts.
Payment of interest on bonds
issued before March 1 by Rus-
sia’s central bank, national
wealth fund or finance ministry
are permissible through May 25,
the Treasury Department said.
“Simply put, U.S. sanctions
on Russia do not prohibit Rus-
sia from making these debt
payments,” a U.S. Treasury De-
partment spokeswoman said
Wednesday.
Russia foreign-denominated
debts due
$2.5 billion
2.0
1.5
1.0
0.5
0
March 2022 June Dec.
Note: As of March 14. Includes both dollar and
euro-denominated bonds
Source: JPMorgan
 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.
War Presents
Tough Choices
For Europe
BY MARCUS WALKER
The shock of Russia’s inva-
sion of Ukraine has shaken Eu-
rope’s democracies out of their
complacency about geopolitical
dangers. And the speed with
which the European Union
joined the U.S. in sanctioning
Russia and arming Ukraine
surprised the world.
Turning the initial Euro-
pean reaction into long-term
strategies for the continent’s
military and economic security
is the hard part. EU leaders
last week agreed on the goals
of revamping military de-
fenses and decoupling energy
supplies from Russia to con-
tain Moscow’s expansionism.
How fast to move, and how to
pay for it, are the subjects of
debates now taking shape.
Among the obstacles to
rapid change are national dif-
ferences within the EU and
fears about economic vulnera-
bilities. But the direction is set,
given the horrors of the war in
Ukraine and the consensus that
Russian President Vladimir Pu-
tin is a threat to European or-
der, most observers say.
“As long as public opinion
is so strongly behind Ukraine,
it’s very difficult for European
leaders to backtrack. We’re
moving towards a total isola-
tion of Russia,” said Finland’s
former Prime Minister Alexan-
der Stubb.
Compared with the EU’s
struggles to find common an-
swers in previous crises, from
sovereign debt to Covid-19,
“this is probably the best crisis
management the EU has ever
done. When it’s a big crisis, the
EU goes big,” Mr. Stubb said.
Mr. Putin’s quest to rewrite
the outcome of the Cold War
with bombs is likely to change
Europe more profoundly than
any event since the fall of the
Berlin Wall, turning a bloc fo-
SEAN GALLUP/GETTY IMAGES
no
Nearly two million people, half of them children, have fled to Poland from Ukraine since the invasion.
Polish Cities Struggle to Cope
With Avalanche of Refugees
BY IAN LOVETT
AND DREW HINSHAW
KRAKOW, Poland—In three
weeks, nearly two million peo-
ple have left Ukraine for Po-
land, half of them children,
hundreds of thousands of
them headed into the largest
Polish cities.
Now, basic services are
buckling under that avalanche
of refugees from the Russian
invasion of Ukraine.
In Warsaw, the local gov-
ernment is registering so many
new Ukrainian arrivals that the
city’s computer system
crashed. In Krakow, housing is
in such short supply that refu-
gees are being sent to lodging
as much as 5½ hours away.
And officials in both cities
are now begging other coun-
tries to take in more people
fleeing Ukraine.
“Help us out. Help us out.
You need to accept as many
people as you can,” said War-
saw Mayor Rafał Trzaskowski.
He said he had spoken by
phone with the mayors of
Paris, Florence and Berlin, and
met with Justin Trudeau, the
prime minister of Canada, to
ask for more assistance. He
told Mr. Trudeau: “We can’t do
it alone. We need an interna-
tional system….We are slowly
becoming overwhelmed.”
cused on economics into an
all-round geopolitical actor.
How fast such changes come
depends on whether the cur-
rent sense of urgency runs
into the sands of political iner-
tia—and on whether Mr. Putin
escalates the war.
An EU leaders’ summit in
Versailles late last week
showed that the region still
needs time to agree on far-
reaching overhauls. “The war
in Ukraine is an immense
trauma,” and a spur “to com-
pletely redesign the architec-
ture of our Europe,” said the
summit’s host, French Presi-
dent Emmanuel Macron. He
called for greater national and
EU investments in energy, de-
fense, food security and stra-
tegic industries.
The question of who will
pay for strengthening Europe
in those areas showed the per-
sistence of internal divisions.
Germany, the Netherlands and
Sweden led opposition to
France and Italy’s push for
common EU funding. The
northern countries want to
rely on national resources and
existing EU budgets.
“Everybody was flabber-
gasted by how fast the first
response was, how Europe got
its act together. But now you
see some signs of a return to
navel-gazing and older divides
over who is going to foot the
bill,” said Catherine De Vries,
on
political science professor at
us ,
Bocconi University in Milan.
l
Others say the debate is just
e
al a
beginning. “Versailles was only
the first discussion in building
alignment among leaders about
ci on
Europe’s strategic priorities,”
said Mujtaba Rahman, Euro-
pean head at political-risk con-
sulting firm Eurasia Group.
“The aim was to get a consen-
er s
sus among leaders about the
goals and the need for invest-
m er
ment in those areas. Now the
m rp
co Fo
n-
Some 1.9 million people have
arrived in Poland since Russia
invaded Ukraine nearly three
weeks ago, according to data
from the United Nations High
Commissioner for Refugees.
More than 400,000 of them are
staying in Warsaw and Krakow,
Poland’s two largest cities, and
local officials estimate that
number could double.
So far, Poland has absorbed
the refugees without the large-
scale refugee camps that
popped up across Europe dur-
ing the 2015 refugee crisis. Be-
fore the war, as many as two
million Ukrainians already
lived in Poland, and hundreds
of thousands of Ukrainians
refugees are now staying with
friends and family, as well as
Poles who have offered up
space for strangers in their
homes.
The flood of people into
major Polish cities is putting
immense pressure on housing
stocks, schools and transpor-
tation systems, with trains ar-
riving in Warsaw and Krakow
jammed with passengers and
suitcases in the aisles. Roughly
half of the refugees are chil-
dren, while many others are
elderly.
City psychologists are all
working with refugees, leaving
no appointments for locals.
Government housing intended
THE UKRAINE CRISIS
French President Emmanuel Macron, center, in Versailles last week said the war is a spur to ‘redesign the architecture of our Europe.’
question is how to finance it.”
“Germany’s position of ‘ev-
ery country for themselves’ is
not sustainable,” Mr. Rahman
said. “Not all countries have
the same fiscal space. The
plan needs an EU dimension to
be credible.”
On Tuesday, EU countries
agreed on a further set of eco-
nomic sanctions against Rus-
The war brought the
EU’s eastern and
western members
closer together.
sia, including curbs on energy-
sector investments. The latest
measures are less tough than
Poland and some others
wanted; Germany was among
those advocating a more
piecemeal approach.
Germany embodies how the
EU’s response to the war has
been decisive on some points
but cautious on others.
When Russia’s attack on
Ukraine began, German Chan-
for needy Poles is now occu-
pied by Ukrainians.
“These are the people who
usually in every city in the
world need assistance—this is
going to cause problems,” Mr.
Trzaskowski said. “We need
relocation in Poland. Please
start sending trains all over.
Not just to Warsaw.”
Last week, when Polish Pres-
ident Andrzej Duda met with
Vice President Kamala Harris,
he asked her to speed the visa
process for Ukrainians who
wish to join family in the U.S.
Many of the refugees want to
remain in Europe and, often, in
Poland, which is close to home
and has a similar language to
Ukrainian. Efforts to send refu-
gees to other European coun-
tries have also been clouded by
stringent Covid-19 regulations
in many European Union coun-
tries, Mr. Trzaskowski said. Po-
land, for now, has lifted
Covid-19 regulations for those
coming from Ukraine.
The conditions for refugees
in some countries have also
been a deterrent.
“We already sent a few
trains of people to Germany,”
Krakow Mayor Jacek Ma-
jchrowski said. “But Germany
put them in refugee camps. So
people who went are now let-
ting the ones coming now
know not to go to Germany.”
Thursday, March 17, 2022 | A11
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
cellor Olaf Scholz called it “a being unable to heat their logue and trade with Moscow.
watershed in the history of our homes or pay for electricity. The war has strengthened
continent,” suspended a new Some German economists incumbent leaders in some
Russian natural-gas pipeline agree but others challenge the countries. Mr. Macron’s support
and announced an extensive point, saying Europe’s biggest has risen ahead of France’s
program of German rearma- economy could handle it. presidential election in April,
ment. Berlin’s U-turns also in- The war in Ukraine is al- making a second term appear
cluded sending weapons to ready reviving the region’s all but assured, while some of
Ukraine and backing EU sanc- other major institution, the his challengers have lost voter
tions against Russian banks. North Atlantic Treaty Organiza- support because of their his-
But Berlin has led opposi- tion. Diagnosed by Mr. Macron tory of praising Mr. Putin.
tion to sanctioning the bloc’s as suffering from “brain death” Mr. Scholz has won more
.
biggest business with Russia: in 2019, NATO is now seen as approval from Germans since
buying oil and gas. Instead, EU vital again in all of its European his “watershed” speech. And
ly
leaders agreed last week to member states. Relations be- British Prime Minister Boris
wean the region off Russian en- tween European capitals and Johnson’s hold on power looks
ergy in the medium term. “The the Biden administration have more secure as the war has
EU’s plan is realistic. Nobody
views the Russians as a reliable
supplier anymore,” said Alex-
ander Clarkson, lecturer in Eu-
improved compared with the
tensions last year over Wash-
ington’s abrupt decision to
withdraw from Afghanistan.
overshadowed the “partygate”
scandal that erupted over how
he and his staff held social
events while imposing Covid-19
ropean studies at King’s Col- The war is redrawing poli- lockdowns on the rest of the
lege London. tics in Europe in other ways, country. The war could lead to
A debate in Germany among too. It has brought the EU’s a rapprochement between the
lawmakers, economists, energy eastern and western members U.K. and continental Europe af-
experts and foreign-policy ana- closer together, as countries ter tensions about how to im-
lysts centers on whether the cooperate to deliver military plement Brexit. British Defense
country should simply boycott aid to Ukraine and opinions on Secretary Ben Wallace has led
Russian oil and gas. On Mon- the need to contain Russia con- London’s close cooperation
day, German Economy Minister verge. For years, former Soviet with the U.S. and European
Robert Habeck said a full boy- satellites such as Poland and countries in arming Ukraine.
cott would cause “deep eco- Estonia warned of Russia as a “This crisis is reminding
nomic and social damage,” threat but were dismissed by Britain of where its strategic
painting a bleak picture of politicians in Germany, France center of gravity is,” Mr.
Germans losing their jobs and and Italy who argued for dia- Clarkson said.
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A12 | Thursday, March 17, 2022 THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Generals’ Deaths Show Moscow Vulnerability

Four Russian brigadier gen-
erals have died in three weeks
on the battlefield in Ukraine,
Kyiv officials said, showing
faults in Moscow’s ability to
lead troops into battle. The fall-
By William Mauldin,
Thomas Grove
and Bojan Pancevski
out could shape the outcome of
the war, according to Ukrainian
and Western officials.
The deaths of Gen. Vitaly
Gerasimov, Gen. Andrei Kole-
snikov, Gen. Oleg Mityaev and
Gen. Andrei Sukhovetsky were
announced by Ukrainian offi-
cials and confirmed by some
Russian media reports, but not
the Kremlin. They were veter-
ans of Russia’s earlier conflicts
in Georgia, Ukraine and Syria,
where Russia also lost generals.
Grisly photos and celebratory
social-media posts allow Kyiv to
show some success against a
larger and well-funded military.
The Russian military’s fight-
ing style appears to have con-
tributed to the losses, analysts
say. Other factors include sub-
par radio communications and
intense fighting, including am-
bushes by Ukrainian forces
near cities. Replacing them
with officers with similar expe-
rience could prove difficult.
“Their level of small-unit
leadership, as they themselves
recognize, is not great, which
is why you see general officers
much more forward in the
field” in the Russian army,
said Col. John “Buss” Bar-
ranco, a U.S. Marine Corps fel-
low at the Atlantic Council, a
Washington think tank.
“They are overly dependent
on senior people micromanag-
ing from the front because
they don’t have the same non-
commissioned officer corps to
exercise initiative,” he said.
Given the limited public de-
tails about the generals’
deaths, Western officers and
analysts can’t say which Ukrai-
nian actions against Russian
officers have proven most suc-
cessful, or whether mistakes
on the Russian side left their
officers vulnerable.
The Russian officers killed
in action have a rank that
translates as “major general,”
which equates to one-star offi-
cers, analogous to brigadier
generals or simply “briga-
diers” in the West.
Their presence in the dan-
gerous part of the conflict is
partly due to a tradition that
gives these generals broad au-
thority not only to send troops
into battle but also to decide
when to adjust tactics due to
unforeseen circumstances
when encountering the enemy,
analysts say.
“The Russian military is top
heavy and the officer class plays
a heavier role,” said Rob Lee, a
senior fellow at the Foreign Pol-
icy Research Institute who has
worked in Russia. “The military
has very centralized decision
making so it’s not shocking that
these guys are up in the front at
the friction points.”
By contrast, the U.S. military
relies on more junior officers,
including lieutenant colonels,
whose training equips them to
change course during a battle,
with close communication with “They look for high-profile
more senior officers far from generals, pilots, artillery com-
the front lines. Only one U.S. manders,” said the person.
general has died in combat in “They have all their details,
decades, the victim of an attack names, army numbers,” adding
by a disgruntled Afghan soldier. that the officers were then
On the other side, Ukrainian targeted either with sniper
units are also encountering fire or artillery.
heavy fire from the Russian The person said the group
army. Russia’s Defense Minis- is using all methods at its dis-
try regularly lists the number posal to locate the Russian of-
of Ukrainian tanks and ar- ficers, who have often been
mored vehicles it says it has found using unencrypted radio
destroyed—now 1,353—but equipment, with transmissions
hasn’t touted the deaths of that can be intercepted or pin-
Ukrainian military brass. pointed on a map, the person
A dedicated team of Ukrai- said. Training, drones and an-
nian military intelligence spe- titank weapons provided by
cial operations forces has been North Atlantic Treaty Organi-
tasked with specifically locat- zation countries have helped
ing and targeting Russia’s offi- Ukraine disrupt the Russian
cer class, according to a person advance and put senior Rus-
in Ukrainian President Volod- sian officers at risk, Western
ymyr Zelensky’s inner circle. officials say.

Ukrainian caped on foot or sped off in

the BTRs that still had fuel.
They left crates of ammunition.

Town Routs Mr. Rudenko picked up a

Russian conscript days later,
he said, who served as an as-

Russians sistant artillery specialist at a

Grad multiple-rocket launcher
that attacked Voznesensk from
a forest. The 18-year-old con-
Continued from Page One script, originally from eastern
The Ukrainian defenders’ Ukraine and a Crimea resident
performance against a much- since 2014, suffered a concus-
better-armed enemy in an sion after a Ukrainian shell hit
overwhelmingly Russian- near him. He woke the next
speaking region was successful morning, left his weapon and

.
in part because of widespread wandered into a village. There,
popular support for the Ukrai- a woman took him into her

ly
nian cause—one reason the home and called the village
Russian invasion across the head, who informed Territorial
country has failed to achieve Defense. “He’s still in shock
on
MANU BRABO FOR THE WALL STREET JOURNAL
its principal goals so far. about what happened to him,”
Ukraine on Wednesday said it Mr. Rudenko said.
was launching a counteroffen- Mr. Dombrovsky, the recon-
sive on several fronts. naissance-unit commander, said
“Everyone is united against he captured several soldiers in
us ,

the common enemy,” said Voz- their early 20s and a 31-year-
l

nesensk’s 32-year-old mayor, old senior lieutenant from the

e
al a

Yevheni Velichko, a former Russian military intelligence.

real-estate developer turned The lieutenant, he said, had
wartime commander, who, like forced a private to swap uni-
ci on

other local officials, moves forms but was discovered be-

around with a gun. “We are
defending our own land. We
are at home.”
The Russian military says
cause of the age discrepancy—
Russian soldiers occupied homes during their advance on Voznesensk; a Ukrainian armed-forces member inspects one such house in Rakove. and because Ukrainian forces
found Russian personnel files in
the column’s command vehicle.
er s

its Ukraine offensive is devel- South Ukraine “The Russians had orders to
oping successfully and accord- nuclear facility UKRAINE come in, seize, and await fur-
m er

ing to plan. Moscow hasn’t re- Area of detail ther instructions,” Mr. Dom-
leased updated casualty figures VOZNESENSK brovsky said. “But they had no
3 Detail 4
since acknowledging on March Voznesensk orders for what to do if they
to right Bridge
2 the death of 498 troops, be- Controlled are defeated. That, they didn’t
fore the Voznesensk battle. S destroyed plan for.”
m rp
out

by or allied
Russian survivors of the ern
h

2 to Russia
Bu

Voznesensk battle left behind P55

The Russians retreat
g Ri v

nearly 30 of their 43 vehicles— AREA OF BATTLE

er

tanks, armored personnel car- Connects As the Russian forces re-

Mertvovod R.

riers, multiple-rocket launch- Voznesensk treated on March 3, they

and Odessa
co Fo

ers, trucks—as well as a shelled the downhill part of

downed Mi-24 attack helicop-
ter, according to Ukrainian of-
ficials in the city. The helicop-
ter’s remnants and some pieces
of burned-out Russian armor
were still scattered around
Voznesensk on Tuesday.
Russian forces retreated
more than 40 miles to the
southeast, where other Ukrai-
nian units have continued
pounding them. Some dis-
Mykolaiv 1 Rakove. A direct hit pierced the
M14 RAKOVE
roof of the local clinic, where
Mr. Dombrovsky’s mother,
Raisa, worked as a nurse.
Kherson “We’ve just built a new roof,”
Controlled she sighed, showing the gaping
Odessa
by Russia 3 hole. “But it doesn’t matter.
Black Sea The main thing is that we have
kicked them out, and survived.”
When villagers returned to
1 On March 1, the Russian military column departs Kherson 3 The column reaches Voznesensk, where the bridge over the Rakove on March 4, they
headed north and northeast. Mertvovod tributary of the Southern Bug has been destroyed found their homes ransacked.
by local forces, stopping the northward progression.
n-

persed in nearby forests,
where local officials said 10
soldiers have been captured.
“We didn’t have a single
no
2 To reach Odessa, the column must cross the Southern Bug “Blankets, cutlery, all gone.
Lard, milk, cheese, also gone,”
in Mykolaiv or Voznesensk. The river runs in a deep canyon 4 After two days of fighting, most of the column is destroyed.
and can only be crossed via bridge. Survivors escape east toward Bashtanka. said Ms. Horchuk. “They didn’t
take the potatoes because they

tank against them, just rocket-
propelled grenades, Javelin
missiles and the help of artil-
lery,” said Vadym Dombrovsky,
commander of the Ukrainian
special-forces reconnaissance
group in the area and a Voz-
nesensk resident. “The Rus-
sians didn’t expect us to be so
strong. It was a surprise for
them. If they had taken Voz-
nesensk, they would have cut
off the whole south of Ukraine.”
Ukrainian officers estimated
that some 100 Russian troops
died in Voznesensk, including
those whose bodies were taken
by retreating Russian troops
or burned inside carbonized
vehicles. As of Tuesday, 11
dead Russian soldiers were in
the railway car turned morgue,
with search parties looking for
other bodies in nearby forests.
Villagers buried some others.
“Sometimes, I wish I could
put these bodies on a plane and
drop them all onto Moscow, so
they realize what is happening
here,” said Mr. Sokurenko, the
funeral director, as he put
Tuesday’s fifth Russian cadaver
on blue-plastic sheeting inside
his van marked “Cargo 200”—
Soviet military slang for killed
in action. A Ukrainian military
explosives specialist accompa-
nied him, because some bodies
had been booby trapped.
About 10 Ukrainian civilians
died in Voznesensk during the
combat and two more after
hitting a land mine afterward,
local officials said. Ukraine
doesn’t disclose its military
losses. There were fatalities,
mostly among the Territorial
Defense volunteer forces, local
residents said.
Source: Staff reports didn’t have time to cook.” This
week, village homes still bore
The Russian operation to vod and a railroad bridge on her and neighbors to leave for Kalashnikovs was hiding in a traces of Russian soldiers.
seize Voznesensk, 20 miles the town’s edge. Waiting for their safety, and parked four building at that field’s edge. Cupboards and closets were
from the South Ukrainian Nu- the Russians in and around tanks and infantry fighting ve- They didn’t have much of a still flung open from looting,
clear Power Plant, was ambi- Voznesensk were Ukrainian hicles between the houses. “Do chance against the BTR’s and Russian military rations
tious and well-equipped. It be- regular army troops and mem- you have anywhere to go?” she large-caliber machine gun, said and half-eaten jars of pickles
gan after Russian forces bers of the Territorial Defense recalled them asking. “This Mykola Rudenko, one of the and preserves littered floors.
fanned out of the Crimean Pen- force, which Ukraine estab- place will be hit.” city’s Territorial Defense offi- The Ukrainian army’s 80th
insula, which Moscow severed lished in January, recruiting Hiding valuables, she and cers; some were killed, others brigade was towing away the
from Ukraine and annexed in and arming volunteers to help her family fled, as did most escaped. Russian troops in two last remaining Russian BTRs
2014, and thrust northward to protect local communities. Lo- neighbors. Ural trucks were preparing to with “Z” painted on their sides,
seize the regional capital of cal witnesses, officials and Outside Rakove, Volodymyr assemble and set up 120mm the identification markers that
Kherson on March 1. They Ukrainian combat participants Kichuk, a guard at a walnut mortars on the wheat field, in Russia have become the
pushed to the edge of Myko- recounted what happened next. plantation, woke to find five but they got only as far as un- symbol of the invasion. About
laiv, the last major city before Russian airborne troops in his loading the ammunition before 15 Russian tanks and other ve-
Odessa, Ukraine’s main port. hut. They took his phone and Ukrainian shelling began. hicles were in working or sal-
About 55 miles north of Missile strikes forced him to lie on the As darkness fell March 2, vageable condition, said Mr.
Mykolaiv, Voznesensk offered The Russian assault began ground, said his wife, Hanna. Mr. Rudenko, who owns a com- Dombrovsky. “We are ready to
an alternative bridge over the with missile strikes and shell- “Once they realized there was pany transporting gravel and hit the Russians with their own
Southern Bug river and access ing that hit central Voznesensk, nothing to steal, they told him: sand, took cover in a grove on weapons,” he said. Others,
to the main highway linking destroying the municipal swim- You can get up after we leave,” the wheat field’s edge under mostly burned-out wrecks,
Odessa with the rest of ming pool and damaging high- she said. By day’s end, the cou- pouring rain. The Russian tanks were removed from streets.
Ukraine. Russian forces raced rises. Helicopters dropped Rus- ple were gone from the village. there would fire into Voz- Electricity, disrupted during
toward the town at the same sian air-assault troops in a Russian soldiers took over nesensk and immediately drive combat, has returned in Voz-
time as they made a successful forested ridge southwest of villagers’ homes in Rakove and a few hundred yards away to nesensk, as have internet, gas
push northeast to seize the Voznesensk, as an armored col- created a sniper position on a escape return fire, he said. and water services. ATMs have
city of Enerhodar, where an- umn drove from the southeast. roof. They looked for sacks to Mr. Rudenko was on the been restocked with cash, su-
other major Ukrainian nuclear Mr. Velichko said a local collab- fill with soil for fortifications, phone with a Ukrainian artil- permarkets with food.
power plant is located. Voz- orator with the Russians, a burned hay to create a smoke lery unit. Sending coordinates Mr. Velichko, the mayor,
nesensk’s fall would have made woman driving a Hyundai SUV, screen and demanded food. via the Viber social-messaging fielded citizen phone calls
defending the nuclear plant to showed the Russian column a A local woman who agreed app, he directed artillery fire Tuesday, telling one he would
the north of here nearly im- way through back roads. to cook for the Russians is now at the Russians. So did other take care of a possibly rabid
possible, military officials said. Ukrainian officers estimate under investigation, said Mr. local Territorial Defense volun- dog and assuring another that
Mayor Velichko worked that some 400 Russian troops Dombrovsky. “A traitor—she teers around the city. “Every- her utilities wouldn’t be cut in
with local businessmen to dig took part in the attack. The did it for money,” he said. one helped,” he said. wartime even if she was late in
up the shores of the Mertvo- number would have been big- Downhill from Rakove, Rus- Ukrainian shelling blew cra- paying. He argued with an army
vod river that cuts through ger if these forces—mostly sian forces set up base at a ters in the field, and some Rus- commander because Ukrainian
town so armored personnel ve- from the 126th naval infantry gas station at Voznesensk’s en- sian vehicles sustained direct soldiers had siphoned fuel from
hicles couldn’t ford it. He got brigade based in Perevalnoye, trance. A Russian BTR infantry hits. Other Ukrainian regular the gas station.
other businessmen who owned Crimea, according to seized fighting vehicle drove up to troops and Territorial Defense Spartak Hukasian, head of
a quarry and a construction documents—hadn’t come under the blown-up bridge over the forces moved toward Russian the Voznesensk district coun-
company to block off most heavy shelling along the way. Mertvovod, opening fire on positions on foot, hitting vehi- cil, said the city—no longer
streets to channel the Russian Natalia Horchuk, a 25-year- the Territorial Defense base to cles with U.S.-supplied Javelin near front lines—was starting
column into areas that would old mother of three, said Rus- the left. Five tanks, supported missiles. As Russian armor to get used to relatively peace-
be easier to hit with artillery. sian soldiers appeared in her by a BTR, drove to a wheat caught fire—including three of ful life again. “He who laughs
Ahead of the Russian ad- garden in the village of Rakove field overlooking Voznesensk. the five tanks in the wheat last laughs best,” he said. “We
vance, military engineers blew in the Voznesensk municipal- A group of Territorial De- field—soldiers abandoned haven’t had a chance to laugh
up the bridge over the Mertvo- ity early March 2. They told fense volunteers armed with functioning vehicles and es- until now.”
 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.
The End
Of an Era
In Russia
Continued from Page One
cize the government or seize
assets of companies that with-
draw.
Alexander Isavnin said the
exit of Western businesses is
like going “back to the Stone
Age.” The 45-year-old has been
having flashbacks to his Soviet
Union childhood when he and
friends stitched patches with
the Levi Strauss & Co. logo
onto other pants to look cool. “I
remember the dark times be-
fore the West came here,” said
Mr. Isavnin, a Moscow-based
university lecturer and member
of the Pirate Party of Russia, a
small opposition group.
In case of unrest or war with
the West, his recent spending
has gone toward nonperish-
ables. “I was planning to buy
new bed linen from IKEA and
upgrade my Mac,” he said. “In-
stead I have a lot of canned
meat and sugar.”
Promising market
Among those speaking out
against Western companies is a
local deputy from the Yaroslavl
region, northeast of Moscow,
who called for nationalizing
McDonald’s restaurants. He is
promoting Russian alternatives
to Coca-Cola, such as kvass, a
fermented grain-based drink
that might contain a trace
amount of alcohol, and tark-
huna, a greenish, tarragon-fla-
vored carbonated beverage.
If Western brands “decide to
leave for good, then please do
so. We’ll be perfectly fine with-
out them,” said Nikita Malikov,
a 25-year-old supporter of
President Vladimir Putin who
works in advertising in the city
of Tula, a three-hour drive from
Moscow. “These sanctions are
uniting people, and I’m not
against that,” he said.
Western brands are still
mostly out of reach for Rus-
sians living in smaller cities or
towns where poverty is ram-
pant.
In the 1990s, Russia offered
the promise of some 150 mil-
lion consumers, eager for the
previously unattainable. For-
merly state-owned factories
wanted help modernizing and
sought foreign partners. The
world’s biggest country had
bountiful natural resources,
such as oil, which were only
partially tapped.
For many Western busi-
nesses and brands in Russia,
however, the highs have been
offset by lows. Corruption and
instability slowed growth ambi-
tions. After Mr. Putin annexed
Crimea from Ukraine in 2014,
triggering an earlier round of
Western sanctions, many major
Western businesses started re-
ducing investment.
Foreign direct investment in
Russia inflows peaked in 2008
at $75 billion, according to the
World Bank. It declined amid
the global recession, before
no
sliding further after 2013. It
was $9 billion in 2020.
The attack on Ukraine looks
to many expatriate veterans of
Russian business like a death
knell. “It’s certainly the end of
an era,” said Scott Blacklin,
who was president of the
American Chamber of Com-
merce in Moscow from 1997 to
2000. “Whatever transpires af-
ter this, it will not become sta-
tus quo ante.”
‘Gold rush’
The Soviet Union had long
given priority to making basic
consumer goods, including
sneakers, candy bars and cars,
most famously autos from the
Lada brand. That began to
change in the late 1980s, when
Soviet leader Mikhail Gorba-
chev pursued a policy of “pere-
stroika,” or reconstruction, to
overhaul the country’s political
and economic systems. That
World Court Orders Russia to Suspend Military Action in Ukraine
BY JESS BRAVIN
The International Court of
Justice on Wednesday directed
Russia to suspend its military
operations in Ukraine, issuing
a preliminary but likely unen-
forceable order in Kyiv’s suit
contending the Kremlin justi-
fied its invasion on the false
pretext of stopping a pur-
ported genocide in Ukraine’s
Russian-speaking Luhansk and
Donetsk regions.
The world court, an arm of
the United Nations based in
* * * *
brought a new openness to for-
eign companies, which contin-
ued in Russia after the Soviet
Union dissolved in 1991.
Russia had a fraction of
China’s population, but was
then liberalizing its economy
more quickly than its Asian
neighbor. Any business setting
up shop would have a base to
sell not just to Russians, but
also to just as many people in
other nearby former Soviet
countries.
“It was like a gold rush,”
said Bernard Sucher, an Ameri-
can banker who quit his job at
Goldman Sachs to move there
in 1993. Mr. Sucher, who later
ran Bank of America Corp.’s
Russia business before leaving
the country in 2015, saw West-
ern banks tiptoe in, seeking to
gain an early edge in a new
laissez-faire financial market
that had its regulations written
with the help of U.S. develop-
ment officials.
Major Western oil compa-
nies fanned out across Russia
and former Soviet countries
and invested in assets during
the economic crisis that fol-
lowed the union’s breakup.
“It was a new frontier for
Western energy companies,”
said Alexander Gabuev, senior
fellow at the Carnegie Moscow
Center think tank. “And Russia
needed the money.”
The Western automotive in-
dustry, too, found eager con-
sumers as well as an existing
supply chain it could tap into
and upgrade.
“Let’s say you have a Ger-
man manufacturer of fan belts,”
said Heidi McCormack, who
lived in Russia from 1990 to
2015 and was a General Motors
Co.’s executive there for much
of that time. “They would then
be interested in a joint venture
with the ex-Soviet counterpart
who makes the same product.”
That manufacturer would sud-
on
denly have access to the Rus-
us ,
sian market—from where it
l
could eventually produce goods
e
al a
for the rest of the world if la-
bor remained inexpensive and
quality improved, she said.
ci on
Some foreign businesses
were still hesitant to open Rus-
sian businesses, viewing the
country as too risky. Men at
Moscow restaurants openly
er s
carried handguns, Mr. Sucher
said. A crop of newly minted
m er
oligarchs who benefited from
the wave of privatizations accu-
mulated power, and corruption
was rampant. Business agree-
ments sometimes couldn’t be
m rp
legally enforced. Ms. McCor-
mack remembers one company
quietly changing the venue for
a shareholders’ meeting, which
prevented her from voting on
co Fo
behalf of a private-equity fund
she represented.
Some who stayed out of
Russia felt validated in 1998,
when the Russian government
and central bank devalued the
n-
Customers lined up outside the first McDonald’s restaurant in the Soviet Union on its opening day in Moscow, 1990.
The Hague, has no indepen-
dent power to enforce its deci-
sions, and Russia has argued
the 15-member tribunal lacks
jurisdiction over the dispute.
But the 13-2 decision, with
only the Russian and Chinese
judges dissenting, adds a legal
dimension to the diplomatic
condemnation and economic
sanctions the Kremlin’s inva-
sion has provoked world-wide.
Separately, the Interna-
tional Criminal Court has
opened an investigation into
possible war crimes committed
THE UKRAINE CRISIS
ruble and defaulted on its debt.
Inflation hit 84% for the year.
“You know the expression,
‘You’d rather be a settler than a
pioneer, because pioneers got
shot?’ ” Ms. McCormack said.
“A lot of them got shot.”
‘Up and up and up’
On New Year’s Eve 1999, Bo-
ris Yeltsin shocked Russia by an-
nouncing his resignation as
president. Replacing him would
be the prime minister, Mr. Putin.
Unexpectedly, Russia became
one of the world’s fastest-grow-
ing economies over most of the
next decade. Mr. Putin insti-
tuted a 13% flat tax for individ-
uals and overhauled the cen-
tral-banking system. He and his
lieutenants made a show of
cracking down on corruption.
At some point during 2001, Mr.
Sucher noticed diners weren’t
routinely carrying handguns
anymore.
in Ukraine. While the Interna-
tional Court of Justice hears
disputes between nations, the
International Criminal Court
can try individuals deemed
most culpable for atrocities.
ICC prosecutor Karim Khan,
traveled to Ukraine and Poland
on Wednesday, holding a vir-
tual meeting with Ukrainian
President Volodymyr Zelensky
and visiting a refugee center.
He said he was also seeking to
meet with Russian officials.
Mr. Khan said he was work-
ing “to establish the truth and
Inflation came under con-
trol. Before, “if you get cash at
10 o’clock in the morning,
you’re trying to spend it by
lunchtime,” Mr. Sucher said.
Suddenly, Russians “were
thinking more than a day, or a
week, or a month in advance.”
That era’s economic stability,
paired with oil prices that rose
from about $14 a barrel in 1998
to more than $100 in 2008,
turned most of the early 2000s
into a Russian boom time.
For Russian journalist Alina
Didkovskaya, 30 years old, the
era was marked by the arrival
of McDonald’s in her southern
home city of Rostov. “It became
a symbol of some completely
different life,” she said.
Ms. Didkovskaya fled Russia
in the days following the
Ukraine invasion amid a crack-
down on independent media.
She continues to run a
McDonald’s fan channel on
Telegram.
ensure that individuals re-
sponsible for international
crimes are held accountable in
a court of law.”
Actions against Russia also
are pending at the European
Court of Human Rights, in
Strasbourg, France, which has
issued interim measures di-
recting Moscow to cease “mili-
tary attacks against civilians
and civilian objects.”
ICJ President Joan Dono-
ghue, reading Wednesday’s de-
cision at the Peace Palace in
The Hague, said Ukraine made
Thursday, March 17, 2022 | A13
MAXIM MARMUR/ASSOCIATED PRESS
Russian Orthodox priests
prepared to bless an assembly
line with Chevrolet Niva sport
utility vehicles in 2002, above.
Left, Vladimir Putin with Boris
Yeltsin in Moscow in 1999.
later, Russia annexed the Ukrai-
nian region of Crimea, trigger-
ing rounds of sanctions.
Ms. McCormack, the former
GM executive, said she decided
to leave Russia in 2015 when it
became clear that “Putin de-
cided to be czar for life.”
AGENCE FRANCE-PRESSE/GETTY IMAGES
The lukewarm relationship
.
between Western businesses
and Russia stayed in this hold-
ly
ing pattern until last month’s
invasion of Ukraine.
The resulting corporate ex-
odus prompted Zhenya
Ivanova, a Russian 28-year-old
education consultant, to spend
much of Thursday last week in
a long line that snaked
The rising Russian middle through a Moscow mall. She
class, and its desire for foreign wanted new Adidas shoes be-
cars, spurred some auto makers fore supplies ran out. The
to localize production. Ms. Mc- sportswear brand said last
Cormack, the former GM execu- week it would temporarily
tive, oversaw the construction close its stores in Russia.
of a new plant in St. Peters- “No one in Russia makes
burg. Toyota Motor Corp. normal sneakers,” she said.
opened a nearby plant around “And I decided I needed shoes
the same time. “The market before the ruble is worth
just continued going up and up nothing.”
and up,” Ms. McCormack said. While some companies,
Russian imports grew from such as accounting giants Del-
$44.9 billion in 2000 to $291.9 oitte and Ernst & Young, have
billion in 2008, according to a committed to leaving the coun-
U.S. Congressional Research try completely, many have
Service report. called the decision to pause
operations temporary. Mr.
Isavnin, the Pirate Party mem-
Retreat ber, worries that many Rus-
The man whose stabilizing sians will blame the U.S. and
rule made Russia a promising Europe for abandoning them,
foreign market soon gave West- and that Russia’s future could
ern businesses a new surprise. look a lot like its past. “Now,
In 2012, Mr. Putin returned my children will live in the
to the Russian presidency after new old Soviet Union,” he said.
an election that opponents —Saabira Chaudhuri
called fraudulent. Two years contributed to this article.
ASSOCIATED PRESS
a plausible case and therefore tion and have given the world
Moscow must halt military ac- court authority to resolve dis-
tions to avoid inflicting more putes under the treaty. But only
damage while legal proceed- the U.N. Security Council can
ings move forward. take action to enforce the court’s
“The court is acutely aware decisions, an unlikely prospect
of the extent of the human with Russia holding a veto.
tragedy that is taking place in In a letter to the world
Ukraine and is deeply con- court, Moscow said that it
cerned about the continuing hadn’t formally invoked the
loss of life and human suffer- Genocide Convention when re-
ing,” said Judge Donoghue, an porting its military operations
American and former lawyer to the U.N. and that comments
with the U.S. State Department. by Russian officials claiming a
Both Russia and Ukraine are purported genocide couldn’t
parties to the Genocide Conven- provide jurisdiction to the ICJ.
 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 | Thursday, March 17, 2022
Iran Releases British Prisoners
The move comes as
Tehran appears to be
close to returning to
the 2015 nuclear deal
BY SUNE ENGEL RASMUSSEN
Nazanin Zaghari-Ratcliffe,
the British national who was
imprisoned in Iran in 2016, left
the country Wednesday, accord-
ing to Iranian state media and
the British government, as Teh-
ran moves closer to reviving
the 2015 nuclear deal with the
U.S. and other world powers.
The release of Ms. Zaghari-
Ratcliffe and another British
national, Anousheh Ashouri, is
a sign that an agreement to
return to the nuclear deal
could come within days. Their
departure from Iran will fuel
hope in the U.S. that four
American citizens held in Iran
also would be released soon.
British Prime Minister Boris
Johnson confirmed that Ms.
Zaghari-Ratcliffe and Mr. Ash-
ouri had been released.
“I am very pleased to con-
Strong Earthquake Rattles Japan
KYODO NEWS/ASSOCIATED PRESS
TOKYO—A strong earthquake
of magnitude 7.4 hit northeast-
ern Japan late Wednesday, and
small tsunamis were recorded in
the region.
Two people were killed in the
quake and more than 100 were
injured, according to public
broadcaster NHK.
no
MIDDLE EAST
U.K. Leader Fails to
Get Oil Concessions
British Prime Minister Boris
Johnson visited the United Arab
Emirates and Saudi Arabia on
Wednesday to deliver a plea
from the West: pump more oil.
It proved a tough sell.
Mr. Johnson met with Abu
Dhabi Crown Prince Sheikh Mo-
hammed bin Zayed al Nahyan
and later with Saudi Crown
Prince Mohammed bin Salman to
discuss improving stability in the
energy market after oil prices
rose sharply following Russia’s
invasion of Ukraine on concerns
about supply disruptions.
The West needs oil produc-
tion from the Middle East to in-
crease as it looks to wean Euro-
pean nations off Russian oil and
gas, while avoiding soaring en-
ergy bills for voters at home.
The Saudi state news agency
said Mr. Johnson and Prince Mo-
hammed discussed international
issues, but made no reference to
the oil markets. Saudi officials
familiar with the talks said the
British leader had walked away
from the meeting empty-handed.
The British government said
the two leaders “agreed to col-
laborate to maintain stability in
the energy market.”
Mr. Johnson was acting as an
emissary as the de facto leaders
of the United Arab Emirates and
Saudi Arabia shun entreaties
from President Biden to discuss
energy policy.
—Max Colchester
firm that the unfair detention
of Nazanin Zaghari-Ratcliffe
and Anoosheh Ashoori in Iran
has ended today, and they will
now return to the UK,” Mr.
Johnson wrote on Twitter.
Tulip Siddiq, a lawmaker
representing Ms. Zaghari-Ratc-
liffe’s home constituency in
London, tweeted a photo of her
on the plane as it took off from
Tehran. A third British na-
tional, Morad Tahbaz, who also
holds U.S. citizenship, remained
in Iran, but was released on
furlough as the U.K. govern-
ment worked to secure his de-
parture from Iran, said British
Foreign Secretary Liz Truss.
Ms. Zaghari-Ratcliffe was
sentenced in 2016 to five years
in prison, charged with seek-
ing to topple the Islamic Re-
public and prevented from
leaving the country since then.
Mr. Ashouri was sentenced to
12 years in prison in 2019 on
charges including espionage
for Israel. Both denied the
charges. The evidence against
them was never made public.
Ms. Truss said the U.K., “in
parallel” with the release of
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Items fell off shelves and
cars in a bullet train derailed,
with no injuries. NHK footage
showed limited cracks and shat-
tering in the concrete support
piers of the elevated track on
which the train was traveling.
n-
A power outage briefly af-
fected more than two million
COPING WITH FLOODS: A woman pulled a wooden craft carrying her family in floodwater
on Wednesday after attending a wedding ceremony in Cilacap, Central Java.
MYANMAR
Seven Prisoners
Killed in Jailbreak
Seven prisoners were killed
and 12 others hurt when they
were shot as they tried to break
out from a prison in north-cen-
tral Myanmar, authorities said
Wednesday.
About 50 prisoners tried to
escape Tuesday by taking three
guards hostage at Kalay Prison
in Sagaing Region, said a
spokesperson for Myanmar’s
* ****** THE WALL STREET JOURNAL.
WORLD NEWS
Honduran
Judge Says
cording to people with knowl- through similar talks that oc-
edge of the process.
The £400 million was paid
to an account of the Central
curred simultaneously with nu-
clear talks. White House envoy
for Iran Robert Malley has said
Ex-Leader
Bank of Iran in Oman as she a nuclear deal is unlikely as long
Can Be
NAZANIN ZAGHARI-RATCLIFFE/TULIP SIDDIQ/REUTERS
took off from Tehran, say peo- as Iran holds U.S. “hostages.”
ple familiar with the financial Iranian officials have said
side of the transaction. U.S.
sanctions would have made it
impossible to send the money
the country wants the U.S. to
release Iranian detainees in re-
turn for freeing the American
Extradited
directly to Iran, while Oman prisoners. BY JOSÉ DE CÓRDOBA
also would be able to carry President Donald Trump AND JUAN CARLOS RIVERA
checks that the money is dis- withdrew the U.S. from the
bursed for humanitarian pur- nuclear deal in 2018. The Bi- MEXICO CITY—A Honduran
poses, these people said. den administration has made supreme court judge ruled
The prisoner release was se- rejoining it a foreign-policy Wednesday he would allow the
cured through dozens of meet- priority, hoping it can lead to extradition of former President
ings over the years, according discussions about Iran’s other Juan Orlando Hernández to face
Nazanin Zaghari-Ratcliffe was to the British official. Most re- activities, such as its conven- trial in New York on charges he
charged in 2016 with seeking cently, Ms. Truss dispatched a tional missile program and helped smuggle tons of cocaine
to topple the Islamic Republic. negotiation team to Tehran in support for militias in the into the U.S. in exchange for
October and November 2021. Middle East fighting America’s millions of dollars in bribes that
the two prisoners, had repaid They also had meetings in Feb- regional partners. he used to finance his political
a debt of 400 million pounds, ruary to push the negotiations After nearly a year of negoti- career and turn one of the
equivalent to $521.6 million, over the line, and a final ses- ations in Vienna, which were hemisphere’s poorest countries
for an arms sale canceled after sion in the Omani capital of complicated by an Iranian re- into a violent narco state.
the 1979 Islamic Revolution. Muscat to secure the release of fusal to meet the American del- Judge Edwin Francisco Ortez
She said the funds had been all three British nationals. egation face to face, Iran, the issued the decision after spend-
“ring-fenced solely for the pur- The prisoner issue isn’t for- U.S. and the five other parties ing a day behind closed doors
chase of humanitarian goods.” mally a part of the nuclear ne- to the nuclear deal are getting hearing the case, submitted by
The small Gulf state of gotiations in Vienna, but the re- close to an agreement to restore the U.S. Mr. Hernández was in-
Oman played a mediating role lease in 2016 of four U.S. the nuclear pact, according to dicted by prosecutors in New
in the prisoner release, ac- prisoners in Iran was secured officials involved in the talks. York in January on drug con-
spiracy and weapons charges
just hours after he stepped
down from power after ruling
Honduras for eight years.
Félix Ávila, a lawyer for Mr.
Hernández, said the former
president would appeal the
judge’s ruling to the full Su-
.
preme Court, where a majority
of the 15 judges will then make
ly
a final decision. “There are
very important points that
could be rectified by the full
Supreme Court,” he said.
Mr. Hernández has repeat-
edly said he is innocent and
was the victim of political ene-
mies and drug traffickers who
sought plea deals in New York.
Before his indictment, Mr.
Hernández was mentioned as a
co-conspirator in various trials
of Honduran drug traffickers in
New York, including that of his
younger brother Juan Antonio
Hernández, who was sentenced
to life in prison last year.
In the extradition request,
Mr. Hernández is accused of
helping to smuggle more than
550 tons of cocaine between
2004 to 2022. In exchange, he
is accused of having received
millions of dollars to finance
his political career.
China’s
Covid-19
Cases
customers in the Tokyo region.
Power was mostly restored after
several hours.
was 30 centimeters, or about 1
foot, the agency said.
The quake struck at around
hit by a quake 11 years ago on
March 11, 2011. It was felt in To-
kyo but not as strongly.
Decline
The Japan Meteorological 11:36 p.m. local time and was Prime Minister Fumio Kishida BY NATASHA KHAN
Agency initially said tsunamis in centered off the coast of Fuku- said nuclear-power plants in the
Fukushima and Miyagi prefec- shima prefecture, the agency region didn’t report significant HONG KONG—China re-
tures could reach as high as 1 said. abnormalities. None have oper- ported a drop in new coronavi-
meter, or about 3 feet, but the The impact was strongest in ated in the last decade. rus cases, as authorities
biggest recorded in the region roughly the same area of Japan —Peter Landers worked swiftly to contain out-
breaks with lockdowns and fac-
WORLD WATCH
tory closures, as well as tighter
restrictions on the movement
of people and goods.
Companies must navigate
EUROPE rapidly changing restrictions,
making it hard to gauge the ex-
Dust Storm Spreads tent of the impact on China’s
Across the Continent economy and global supply
chains. In the southern tech
A huge dust storm swirling hub and export powerhouse of
over Europe from the Sahara Shenzhen, Apple Inc. assembler
desert made it hard to breathe Foxconn Technology Group
in large parts of Spain for a said it had been given approval
second straight day on Wednes- to resume some operations.
day, and gave cleaning crews Tesla Inc. said it would sus-
extra work as far away as Paris, pend production at its Shang-
London and Belgrade to remove hai factory. Tighter controls on
the film of dirt falling on cars taking goods between prov-
and buildings. inces also threatened to disrupt
Europeans woke up to eerie the nation’s logistics sector.
ANANG FIRMANSYAH/XINHUA/ZUMA PRESS
skies, from the grimy gray in Ma- Whether China can contain
drid to orange-hues in the Swiss the outbreaks quickly could
Alps, caused by the tiny particles have deep implications for the
that traveled thousands of miles global economy. Half of China’s
across the Mediterranean Sea. exports are produced in areas
The European Union’s Coperni- now experiencing Covid-19 out-
cus Atmosphere Monitoring Ser- breaks, and three quarters of
vice said it was tracking the large its exports are shipped from
mass of dust that has “degraded them, according to Mark Wil-
air quality across large parts of liams, chief Asia economist at
Spain, Portugal and France.” Capital Economics. It is still
While Spain is bearing the possible that infections could
brunt of the storm, dust was flung be suppressed without causing
far beyond, dumping ochre-colored widespread disruption to
Prison Department, Khin Shwe. of armed resistance to the ruling blobs on cars in a rainy Paris and global supply chains as it has
He said among the dead was a military, which seized power in sifting a fine powder down on a for previous outbreaks, Mr.
prisoner who led the attempted February last year from the huge swath of the continent. Williams wrote in a Wednesday
jailbreak. elected government of Aung San Experts, including Spain’s na- note, but the risk that supply
A statement posted online by Suu Kyi. tional weather service, described chains’ links within China get
the Chin National Organization, a The prison department the event as “extraordinary” for severed is the highest it has
regional ethnic group opposed to spokesperson said those trying the amount of dust in the air been in two years.
Myanmar’s military government, to escapee were both political but noted that it had not broken New infections reported on
identified the prisoner as 28- detainees and common crimi- records. Wednesday fell by more than a
year-old Salai Shalom Siang nals. He said the prisoners had Authorities recommended for third to 3,054, with almost half
Thang Lian, known as “Van defied orders to surrender people to wear face masks—still of the cases found in the north-
Dam,” a member of the Chin Na- broadcast over a loudspeaker as in wide use because of the pan- eastern province of Jilin. Since
tional Defense Force, the group’s well as a warning shot. The au- demic—and avoid outdoor exer- Monday, its 24 million people
armed wing. thorities then opened fire, aim- cise, especially for those people haven’t been allowed to leave
Sagaing Region and neighbor- ing at their legs, he said. suffering respiratory diseases. the province as authorities
ing Chin State are strongholds —Associated Press —Associated Press race to control the outbreak.
 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.
© 2022 Dow Jones & Company. All Rights Reserved.
Introverts
Open Up on
Returning
To the Office
Some dread coming back after two years
of solitude; others miss their co-workers
BY RAY A. SMITH
T
hat loud phone talker.
The performative break-
room banter. The awk-
ward bathroom run-in
with the big boss. For
introverts being called
back to offices this spring, there is
plenty to dread after two years of
remote-work solitude.
Then there are those like Daniel
Rivera, who can’t wait to go back.
Before the pandemic, the 43-
year-old enterprise desktop-sup-
port manager used to loathe the
steady chitchat at his Phoenix of-
fice. He would
74%
skip company
parties and
grab a midday
bite on his
Self-described
own.
introverts who
But after so
said they
long away from
wanted to work
it all, he says he
realizes how
much he fed off
the social buzz
in the office on
at least a part-
time basis
of the office. It
kept him in the loop on pop cul-
ture and news without much ef-
fort. Virtually, it was much harder
to socialize.
“I will not be passing on
lunches like I used to,” said Mr. Ri-
vera, who returns to his office in
April.
In anticipation, he is consider-
ing taking a public-speaking class
to get more comfortable in meet-
ings with the 10-person team he
leads and other colleagues. “I re-
ally had no idea, even though I
wasn’t very social, just how much
having other people around really
meant,” he said.
As more workers head back to
offices, introverts are embracing
the return with a complicated mix
of feelings. Remote work was a
double-edged sword for many—
both a break from forced bonho-
mie with co-workers and too much
isolation without the social infra-
structure of the office on which to
lean.
Some now say they are plotting
a new kind of work life, one in
which they can thrive socially
without being emotionally drained
by constant interactions with co-
Your Distracted Co-Worker Just Might Be on Zillow
no
ON THE
CLOCK
CALLUM
BORCHERS
IT STARTED AS a digital fantasy.
Then Madeline Khare took things
offline.
The object of her desire is Los
Angeles real estate—a new apart-
ment for herself and a house for
her parents, who are considering a
move from Louisiana. The 25-year-
old, self-described “Zillow addict”
works from her apartment as a
cartoon-show writer, and her
lunchtime browsing recently esca-
lated to booking showings on
breaks.
“You blink your eyes and it’s,
like, ‘Oh my God. I need to go back
to work,’ ” Ms. Khare says, adding
that her property searches would
sometimes eat up hours during
workdays and drag late into the
night.
She has sworn off tours on
Mondays through Fridays, saying
she had to set some boundaries: “It
was really spiraling out of control.”
From “Lifestyles of the Rich and
Famous” and “MTV Cribs” to #Fri-
dayNightZillow, real estate is a
longtime American obsession.
What has changed over two years
of the pandemic is that housing
markets all over the country have
gone bonkers while many workers
have gone remote.
In some cities, people are pay-
ing premiums for houses they ha-
ven’t seen in person. Prospective
buyers sign up to be alerted by Zil-
low, Redfin or similar services
whenever properties that meet cer-
tain criteria are listed. Those no-
workers.
Julio-Cesar Chavez, a
27-year-old self-de-
scribed introvert and
television news producer
in Washington, said he
looks forward to more
co-workers trickling in.
He has been going to the
office throughout the
pandemic, and felt lonely
with only about 15 out of
more than 200 col-
leagues around.
“It makes the office
feel more alive,” he said
of co-workers. “At the
end of the day, I want to
be home by myself, but
it doesn’t mean you can’t
crave other people’s
company. I want to see
people talk. I want to tell
bad jokes and have peo-
ple groan at me.”
Some introverts are
counting on finding that
social-solitary balance
from hybrid workplaces,
on
which many employers
us ,
say is the way of work
l
going forward. In a soon-
e
al a
to-be-published survey
of more than 400 profes-
sionals, 74% of self-de-
ci on
scribed introverts said they
wanted to be in the office at least
part-time. Less than a quarter said
they wanted fully remote setups,
according to the Myers-Briggs Co.,
er s
the company known for its person-
ality-assessment test, which con-
m er
ducted the research.
Remote work was a
m rp
double-edged sword for
many introverts over the
past few years.
co Fo
By comparison, 82% of their ex-
troverted peers said they pre-
ferred a hybrid of in-office and re-
mote work, while 15% said they
prefer working remotely all the
time. Three percent of each group
said they wouldn’t want to work
remotely at all.
n-
tices can come at any time—in the
middle of a Zoom meeting or while
studying spreadsheets—and people
on the receiving end of those
emails understandably can’t wait
till close of business to schedule a
showing or make an offer, lest a ri-
val bidder get there first.
But let’s face it, plenty of us are
just surfing property sites to get a
peek at how people in a $17 million
condo on the Upper East Side with
views of Central Park live, or to
dream of the day we might actually
get that beach house in Florida.
(Have you seen the “Saturday
Night Live” sketch about real es-
tate “porn”?) After staring at the
same old walls, month after month,
as we work from home, who could
blame us?
Workers have always treated
themselves to mental breaks, like
loitering at the office water cooler.
Cruising real-estate listings has be-
THE WALL STREET JOURNAL.
The takeaway for managers is
that introverts appreciate and
even depend on professional social
contact, but don’t want it nonstop,
said John Hackston, head of
thought leadership at Myers-
Briggs. A self-described introvert,
he said he is now going into the
office one day a week.
“That’s more than enough for
me,” he said.
Research suggests more than
half of the population may be in-
troverts. While they are often per-
ceived to be shy or sometimes an-
tisocial, social scientists say that
is a misperception. Rather, intro-
verts tend to find a lot of social
engagement less energizing and
rewarding than extroverts, and
need more solitude to regenerate.
Neuroscientists say that is because
social interaction prompts the
brains of introverted people to re-
lease less feel-good chemical dop-
amine than those of extroverts,
which helps explain why they can
come the latest way to decompress.
It’s also an easy indulgence with no
boss to look over your shoulder.
Zillow Group Inc. says its larg-
est traffic gains during the pan-
demic have come on weekdays.
When I asked the company’s home
trends expert, Amanda Pendleton,
to find out which day of the week
is busiest overall, she surprised
herself with the answer.
“I wouldn’t have guessed Tues-
day,” she says. Sure enough, Tues-
day beats Saturday and Sunday—
even though most open houses are
held on weekends. The reason is
that many agents list properties on
Tuesdays, and people can’t resist
the urge to click immediately.
Redfin gave me an hour-by-hour
breakdown of its highest traffic
times. Ten of the top 25 are on
weekdays between 9 a.m. and 5
p.m. Pre-pandemic, just five of the
25 most popular times were during
82%
feel more awkward or
anxious around others.
Before the pandemic,
Laura Lorenz, a 43-year- Self-identified
old executive assistant to extroverted
the chief executive at a employees who
financial-investment firm, said they prefer
said she didn’t mind mix- a hybrid of in-
ing it up with co-workers office and
after completing a proj- remote work
ect. But she wanted those
interactions to be on her terms.
Her office’s open-floor plan
made dodging impromptu interac-
tions and loud conversations
nearly impossible, she said.
“Being able to work from home
made me realize how much hap-
pier I was by being able to control
my environment,” said Ms. Lorenz,
who lives in Berkeley, Calif.
Since January, she has been
working from her office three days
a week and, so far, it is working,
she said. Only a small number of
people are coming in, which keeps
engaging with others at a manage-
standard work hours.
So, if your co-worker seems a
little distracted on a video call,
there is a decent chance he is look-
ing at listings in another browser
tab.
Jimmy Humphrey, 39, is hunting
for a smaller house after a divorce,
and signed up to receive alerts
when new inventory comes on the
market in Charlotte. The swiping
starts “as soon as I see a notifica-
tion,” he says. “That can be during
the day, while I’m working.”
The beauty of Mr. Humphrey’s
habit is it is arguably work-related.
He is a mortgage underwriter who
needs a firm grasp of property val-
ues in his region. “You start maybe
browsing for work and you’re just,
like, ‘Oh, this is nice,’ and you want
to see more of the area,” he says.
“And you just keep going.”
For Athena Thiel, property
searching is less serendipitous and
more scientific. A military spouse
who moves frequently, she has de-
veloped a four-stage process in
which she spends progressively
more time scouring listings in the
months before her husband is
transferred. She is in stage one,
logging four hours a week on Zil-
low as her family prepares to leave
Washington state for California this
summer. Eventually, she will put in
10 hours a week.
Ms. Thiel has parlayed her real-
estate know-how into a full-time
consulting business, helping other
military families relocate. The only
trouble is her personal browsing
“takes away from time that I could
be coaching or marketing the busi-
ness,” she says. “They’re competing
priorities.”
People who spend working
Thursday, March 17, 2022 | A15
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, GETTY IMAGES
.
ly
able minimum. Still, she
worries how she will
cope once more of her
co-workers return.
“I probably will be
searching for a job that’s
fully remote,” she said.
Elsie Mort, 30, quit a
few months after the en-
gineering company she
worked for moved to a
hybrid schedule last year.
Ms. Mort, who lives in Dayton,
Ohio, found a new, fully remote job
as a change-management consul-
tant with a company that has no
expectation she visit its Chicago
office, though she has already
been once to meet a few people
and get the lay of the land.
“I do like talking to people but
I am on edge and have to exert ex-
tra energy to be around them, so I
really lucked out to be in the posi-
tion where I don’t feel pressure ei-
ther way to be in the office,” she
said.
hours on real-estate sites probably
aren’t addicted, in the clinical
sense, says Kent Berridge, a profes-
sor of psychology and neuroscience
at the University of Michigan. But
property aficionados are liable to
get carried away when freed from
the watchful eyes of their supervi-
sors, he added.
Lauryn Thompson says she
couldn’t scroll through photos of
quartz countertops and sprawling
backyards when she reported to an
office, but working from her apart-
ment in Jacksonville, Fla., lets her
check new listings “every couple of
hours.”
“I’m always on Zillow, and it’s
kind of hilarious,” the 24-year-old
says.
She and her partner hope to
buy a starter home in the next six
months. Like others who described
their workday browsing to me, she
emphasized that she still hits her
deadlines.
Some jobs aren’t so flexible.
Jordan Magrath is a high school
English teacher in Washington
state and can’t use his smartphone
during class. So, in the hallway be-
tween periods, Mr. Magrath, 33, is
as glued to his device as the pass-
ersby who are half his age.
GABRIEL ZIMMER FOR THE WALL STREET JOURNAL
“People might think I’m texting
or something, but usually I’m see-
ing what three or four homes have
come on Zillow,” he says.
Vigilance has paid off. After be-
ing outbid twice, Mr. Magrath and
his wife closed this week on a
house six hours across the state
that they didn’t visit before making
an offer. He thought he would im-
mediately quit Zillow, but he has
kept looking at properties.
It’s a hard habit to break.
 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 | Thursday, March 17, 2022
WHAT TO STREAM
How to Watch the Best-Picture Contenders
BY CHRIS KORNELIS
T
his year’s Oscar nomi-
nees have jumped
around from theaters to
subscription services to
video-on-demand plat-
forms. Some you can
watch only if you subscribe to a
specific service, others you can
rent, a few you have to buy. If you
aren’t all caught up, here is where
you can stream the best-picture
nominees before the Academy
Awards are broadcast on March 27.
“West Side Story,” Steven Spiel-
berg’s update on the classic musical
is available to stream on Disney+
and HBO Max. If you aren’t sub-
scribed to either of those services,
it is also available to rent on plat-
forms such as Vudu and Amazon for
$4 and $6, respectively, and to pur-
chase for $20. The film fetched
seven nominations. Other
than best picture, its
nominations include
supporting actress
(Ariana DeBose),
cinematography
(Janusz Kamiński)
and directing (Mr.
Spielberg).
“CODA,” streaming
on Apple TV+, tells
the story of Ruby, a
high-school senior and as-
piring vocalist, whose parents
and brother are deaf. Troy Kotsur,
who plays Ruby’s father, Frank, is
the first deaf man to be nominated
for best supporting actor. Marlee
Matlin, who plays her mother,
Jackie, is the only other deaf per-
former to receive an Oscar nomina-
tion—winning in 1987 for her per-
formance in “Children of a Lesser
God.” The film’s star, Emilia Jones,
learned how to sing, sign and fish
for the role. The film was also nom-
inated for best adapted screenplay.
“Dune” is available to stream on
HBO Max. If you aren’t a subscriber,
the movie is also available to buy
for $20 on services such as Amazon
and Vudu. The sci-fi film from di-
rector Denis Villeneuve is based on
Frank Herbert’s 1965 novel. It re-
ceived the second-most nomina-
no
NY
PERSONAL JOURNAL.
Clockwise from
top: ‘The Power
of the Dog,’
‘King Richard’
and ‘CODA’ are
among 10 films
vying for best-
picture Oscars.
tions of all films, with 10, including
for the categories of cinematogra-
phy, costume design, sound, visual
effects and production design.
on
“Belfast,” Kenneth Branagh’s film
about a young boy in Northern Ire-
land at the start of The Troubles is
available to rent for $6 and to buy
for $20 on services such as Ama-
us ,
zon, Vudu and others. The film for director (Ms. Campion), actor Richard Williams, father and coach
l
pulled in seven Oscar nominations, in a leading role (Benedict Cum- of Venus and Serena Williams. The
e
al a
including for directing (Mr. berbatch), film editing (Peter Sci- film, which got six nominations, is
Branagh), supporting actor (Ciarán berras) and cinematography (Ari also in the running for film editing
Hinds) and supporting actress Wegner). Ms. Campion is the first (Pamela Martin), original song
ci on
(Judi Dench). woman to be nominated twice for (“Be Alive”), original screenplay
best director. (Zach Baylin), actress in a support-
“The Power of the Dog” is ing role (Aunjanue Ellis) and actor
streaming on Netflix. With 12 “King Richard” is available to in a leading role (Mr. Smith).
nods, Jane Campion’s western is rent for $6 and to buy for $20 on
er s
the year’s most most-nominated services such as Vudu and Ama- “Don’t Look Up” is streaming on
film. Its haul includes recognition zon. The film stars Will Smith as Netflix. The apocalyptic comedy
m er
Instagram Adds Parental Controls,
m rp
But Teens Still Have Their ‘Finstas’
co Fo
BY SHARA TIBKEN
INSTAGRAM ON Wednes-
day started rolling out pa-
rental controls for its app for
the first time. Parent com-
pany Meta Platforms Inc.
will soon also let guardians
supervise teens’ activity in
virtual reality.
The first three Instagram
parental-supervision tools—
available on Wednesday in
n-
the U.S. before arriv-
ing globally in the
coming months—will
let parents see how
much time their
teens spend on Insta-
gram and set limits.
Parents can view
what accounts their
teens follow, as well
as who follows them.
It also lets teens no-
tify their parents
when they report in-
appropriate behavior.
The company plans
eventually to make
the tools available on
its other platforms,
such as Facebook.
The company
doesn’t give parents
any details about
what their teens look
at or what they dis- The new controls will allow guardians to limit to interact,” Dr. Heit-
cuss via direct mes- how much time their teens spend on the app. ner said.
sage. And because
the controls are ap-
plied on a per-account basis,
they don’t prevent teens
from having secret accounts,
known as “finstas.”
The parental controls for
Instagram and Meta’s other
services will live inside a
new website called the Fam-
ily Center. Along with super-
vision tools, the hub will in-
clude educational resources
such as tips for how to talk
to your children about social
media.
Head of Instagram Adam
Mosseri, in a blog post,
called the new controls “the
first step in a longer-term
journey to develop intuitive
supervision tools, informed
by experts, teens and par-
ents.” The VR parental-su-
pervision tools, which will
limit access to Quest head-
set content that isn’t appro-
THE WALL STREET JOURNAL.
about a comet headed for Earth
has been more popular with Oscar
voters than critics. The Wall Street
Journal’s Joe Morgenstern, for ex-
ample, said it “trivializes every-
thing it touches, oozes with self-
delight, and becomes part of the
babble and yammer it portrays.”
But if you have Netflix and want to
see performances from stars like
Leonardo DiCaprio, Jennifer Law-
rence and Meryl Streep, there is
no added cost of admission. The
film scored four nominations.
“Licorice Pizza” is available to
rent for $6 and to buy for $20 on
services like Vudu and Amazon.
Paul Thomas Anderson’s latest,
which got three nominations, stars
Alana Haim of the band Haim, who
is joined by Cooper Hoffman, son
of the late Philip Seymour Hoffman.
Tom Waits, Bradley Cooper and
Sean Penn also appear in the film.
Mr. Anderson is also up for best di-
rector and best original screenplay.
“Drive My Car” is streaming on
HBO Max and is available to rent
for $6 and to buy for $20 on ser-
vices such as Vudu and Amazon.
The Japanese film from director
Ryûsuke Hamaguchi (who is up for
best director) is based largely on a
short story by Haruki Murakami.
Mr. Morgenstern called the 179-
minute film “a masterpiece, a mys-
teriously enthralling creation that
keeps you guessing about where
.
it’s going, then reveals its essence
with astonishing clarity.” It was
ly
nominated for four Oscars.
CLOCKWISE FROM TOP: NETFLIX; WARNER BROS. PICTURES; APPLE TV+
“Nightmare Alley” is available
to subscribers of HBO Max, and
for everyone else to buy for $15 on
services such as Vudu and Ama-
zon. The Guillermo del Toro-di-
rected thriller is about a drifter-
turned-carney-turned high-end
hustler in the late ’30s and early
’40s. It picked up four nomina-
tions, including for cinematogra-
phy, costume design and produc-
tion design.
NOTE: Movies may be available to
stream on services beyond those
listed. Because we’re talking about
streaming, expect price and availabil-
ity to change regularly.
priate for younger ages, will The tools won’t allow par-
begin rolling out in April. ents to see posts their teens
Instagram said in Decem- like or comment on, direct
ber that it planned to pro- messages they send and re-
vide more tools to protect ceive, or content they are
teens online. Internal re- viewing.
search found Instagram is Instagram also isn’t en-
harmful for a sizable per- acting an age-verification
centage of young users, par- tool, which would make it
ticularly teenage girls with more difficult for children
body-image concerns, accord- under age 13 to join the app.
ing to a Wall Street Journal While the tools might
article published in Septem- give some control over how
teens use Instagram,
it doesn’t do enough
to change what they
consume on the app,
parenting experts
say.
Even with paren-
tal controls, Insta-
gram’s algorithm can
serve up self-harm
content, such as
posts about eating
disorders, said Devo-
rah Heitner, author
of “Screenwise: Help-
ing Kids Thrive (and
Survive) in Their
Digital World.”
Instead of putting
the onus on parents,
“the app needs to do
more for both kids
and adult users to
make it a safer place
In the coming
months, Instagram
ber as part of the Facebook said it would add more pa-
Files series. Its parent com- rental-control features, such
pany disputed the character- as letting parents set hours
ization of the findings. during which children can
Following the series and use the service (something
pressure from lawmakers, that now can be done using
Meta indefinitely halted ef- device-specific parental con-
forts to build a version of In- trols such as Apple’s Screen
stagram for children under Time). Instagram also said it
age 13. The executive over- would allow more than one
seeing that product left the parent to supervise a teen’s
company this month. account.
The new parental-control Along with the new Insta-
tools require teens to give gram controls, Mr. Mosseri
access to their parents via detailed new parental tools
Instagram’s mobile app, so for Meta’s Quest VR head-
parents will likely have to sets, such as blocking teens
initiate a conversation first. from downloading age-inap-
In June, parents will be able propriate apps. It will also
to make the request to their introduce a Parent Dash-
META PLATFORMS
teens from within the app or board with supervision tools
website. Even then, teens linked to the teen’s ac-
will have to approve the par- count—“based on consent
ent supervision before the from both sides,” Mr. Moss-
tools start to work. eri said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
BY LAURA JACOBS
T
New York
he word “garment”
comes from the old
French word “guarne-
ment,” a single piece of
clothing, which derives
from the older French
“garnir”—to arm, to armor, to pro-
tect. Jump to 20th-century Man-
hattan and the term “garmento”
pops up, slang for someone who
works in the garment industry in
the Garment District, the 30s west
of Fifth Avenue. There’s a Damon
Runyon whiff of the mob about the
word (those midcentury manufac-
turers were tough), so it’s no lon-
ger politically correct to say.
Doesn’t matter anyway, because
the West 30s have gentrified and
the word garment has evolved into
something meta, “garmenting,”
which sounds like a home-sewing
version of scrapbooking and does
in fact draw on memories and
emotions.
“Garmenting: Costume as Con-
temporary Art” is an exhibition at
the Museum of Arts and Design
that introduces viewers to a rich
recent form of artistic expression,
one that has gained a foothold in
galleries and museums in the new
millennium. While it isn’t fashion,
garmenting is body-based and em-
ploys fashion’s vocabulary of sil-
houettes, structural echoes and
embellishment. In the exhibition
catalog, the show’s curator, Alex-
andra Schwartz, an art historian
who is also an adjunct professor
at SUNY Fashion Institute of Tech-
nology, defines the word with su-
preme clarity, writing that it “re-
fers to clothing made or altered
by artists and exhibited as sculp-
ture or installation; sometimes,
this clothing doubles as costume
for live or video-based perfor-
mance art.” One could also say
that it expands on the old French
“garnir” with some new infini-
tives: to question, to protest, to
transcend.
It has gained a foothold
in galleries and
museums in the new
millennium.
The exhibition fills two floors of
MAD, the fourth and fifth, with the
works of 35 artists organized
around five categories: “Function-
ality,” “Cultural Difference,” “Gen-
der,” “Activism” and a video sec-
tion called “Performance.” It’s best
to begin on the fifth floor, which
contains a brief photographic his-
tory of garmenting, and where
“Functionality” makes sense as a
starting point.
Citing the traditional hierarchi-
cal divide between the fine and ap-
plied arts, Ms. Schwartz writes
that “Garmenting offers a critique
of this division by questioning
what makes a garment ‘functional’
(i.e., wearable in everyday life)
versus ‘art’ (i.e., for exhibition or
performance).” There’s a lot of
wiggle room in that sentence, but
all is simplified by the first piece
in this section, “Untitled” (2000),
a miniskirt made by the Brazilian
artist Nazareth Pacheco. This lat-
ticework of glass pearls is beauti-
ful and seemingly wearable—it re-
no
calls the diamanté headdress on
Diana Vreeland’s Vogue cover of
December 1965—until you notice
that the hem is fringed with the
blades of scalpels. Contemplating
the zone between knees and waist,
Ms. Pacheco creates a glittering
cage that holds both pleasure and
pain, the complexity of sex.
TELEVISION REVIEW | JOHN ANDERSON
Small-Town Slap Down
IF THE INHABITANTS of the new
half-hour Fox comedy “Welcome to
Flatch” were all 7 years old, they
might be funny. They are decidedly
neither. “Recent studies,” says an
introductory title, “show that
Americans long for a simple life in
small towns.” Why that shouldn’t
be is the point of the show, which
doesn’t quite resort to comedy
meth labs or opioid jokes for
laughs—though you’re a bit sur-
prised it doesn’t, given the awk-
wardly derisive way it sets out to
establish that the Midwest is not
just nowhere but going there fast.
Admittedly, if “Flatch” were
genuinely smart or funny it might
be forgiven its offenses, the nature
of which are surprising given the
show’s pedigree. One of the execu-
tive producers is Paul Feig; the
show’s developer is Jenny Bicks of
“Sex and the City,” although
“Flatch” is an adaptation of the
BBC series “This Country.” Mr.
Feig, who also wrote or directed
several “Flatch” episodes, is prob-
ably best known for directing
Thursday, March 17, 2022 | A17
ARTS IN REVIEW
ART REVIEW
‘Garmenting’:
Dressing Up a Form
At the Museum of Arts and Design, a parade of fashion-adjacent
creations in which artists elevate clothing into a different realm
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
and, perhaps as homage, emulates
the same qualities.
Not to pick on Mr. Feig, but he
was also involved with the bygone
“Parks and Recreation” and “The
Office” (another British adapta-
tion) and what they share with
“Flatch” is its mockumentary for-
mat: A film team, we are told in
the intro, has set out to explore
why Americans idealize small-
town life and has come upon the
title town, population 1,530 (or
1,526 or 1,532, depending on the
episode). The fictional documen-
tarians focus on the 20-something
Kelly Mallet (Chelsea Holmes, or
just Holmes) and her cousin, Shrub
(Sam Straley), whose long-gone fa-
ther apparently drank a lot of
Busch beer. Why make these two
the focus of the show? It’s a bit
baffling given the mindlessness of
their adventures, but they do fit
the agenda, if the agenda is mak-
ing rural Americans look shiftless,
ignorant and incurious.
There are, after all, other people
Seann William Scott as Father Joe in ‘Welcome to Flatch’ in town, and while they get less
attention, it’s enough. A recent ar-
“Bridesmaids,” but back in 1999 he of its often socially clumsy charac- rival is the Rev. Joseph Binghoffer
created a little TV masterpiece ters. There’s very little of that (Seann William Scott), known as
called “Freaks and Geeks,” which feeling in the new series, which in “Father Joe” though he’s a Protes-
possessed among other fine quali- its exploration of humble, rural tant minister. He arrived with
ties a warmly generous treatment Ohio finds boredom and stasis Cheryl (Aya Cash), whom he
Jeffrey Gibson’s ‘The
Anthropophagic Effect, Garment
No. 4’ (2019), left; Devan
Shimoyama’s ‘February II’ (2019),
below center; Mary Sibande’s ‘The
Domba Dance’ (2019), bottom
Some pieces are more statement
than art, like Beverly Semmes’s
“Famous Twins” (1993), two sim-
ply constructed dresses of velvet
and cotton that are scaled ceiling
to floor, equating female empow-
erment with a marshaling of
space. But then there’s Vivan Sun-
daram’s “Hair” (2011), a sort of
Victorian mourning mantle made
of braided hair, black and brown,
worked into a surface that looks
like Persian lamb. It’s an abstract
memento mori. The sculpture by
Louise Bourgeois, “Blue Days”
(1996), placed in the middle of the
gallery, is lighter and airier. On a
circular metal structure that’s not
unlike a laundry rack or a tree, the
artist hung seven vintage pieces
from her own wardrobe, all blue.
One of the metal limbs holds a red
glass ball—mankind’s fall, mother’s
blood.
“Cultural Difference” is about
identity and frequently reaches
back to the root word “garnir,” to
armor. This art is not just about
protection of an individual but of
cultures. Three works by Nick Cave
are a mini Mardi Gras of color—
camouflage that conceals every-
thing about the wearer while pin-
pointing a threat: “Soundsuit”
(2018) has a towering face-cover-
ing hood that is Klan-like; “Hustle
Coat” (2017) lines a detective’s
trench with the gold knockoffs of
.
street vendors. Perhaps more po-
etic is Xenobia Bailey’s “Zulu
Queen Harvest Fire Coat” (1990),
which crochets the aesthetics of
Namibia, the Zulu people and 19th-
century Britain into a black dress
with bright accents.
On the fourth floor, “Gender”
and “Activism” flow one into the
other. Zoë Buckman’s “Every
Curve” (2016) is a collection of
women’s undergarments—slips,
camisoles, corsets—suspended
hauntingly from the ceiling, each
piece embroidered with a rap
lyric, mostly misogynist. It isn’t
pretty, this drift of revenants. Oli-
ver Herring’s “Hanging Coat Nr 1”
(1993) was made to honor the
queer performance artist Ethyl
FROM TOP: JEFFREY GIBSON/SIKKEMA JENKINS CO., N.Y.; DEVAN SHIMOYAMA/DE BUCK GALLERY, N.Y.; MARY SIBANDE/MUSEUM OF ARTS AND DESIGN
Eichelberger, who died by suicide
in 1990, two years after he was
diagnosed with AIDS. Knitted
from transparent tape and reflec-
tive Mylar, materials that yellow
with time, the coat looks like a
golden fleece—the mythical sym-
bol of kings.
With works by Karina Bisch,
Sanford Biggers, Raúl de Nieves,
Jacolby Satterwhite and Jeffrey
Gibson in the show, “Garmenting”
brings us up to speed on names
we should know. Devan Shi-
moyama, at age 33 one of the
youngest artists here, created the
sculpture that graces the exhibi-
tion catalog. Floating high on a
wall, it’s a hoodie with arms out-
spread so that it resembles a cru-
cifix. Completely covered with silk
roses, lilies and daisies in yellows,
peaches and pinks, it’s like the pelt
of flowers on a coffin. The hood is
empty except for a tumble of
rhinestones glinting within. Titled
“February II” (2019), it is Mr. Shi-
moyama’s tribute to Trayvon Mar-
tin—risen.
Garmenting: Costume as
Contemporary Art
Museum of Arts and Design,
through Aug. 14
Ms. Jacobs is the Arts Intel Report
editor for the weekly newsletter
Air Mail.
promptly dumped (“You can’t com-
pete with God,” she says. “Or Tin-
der”). The fashionable Nadine Gar-
cia-Parney (Taylor Ortega), with a
name that recalls Shauna Malwae-
Tweep of “Parks and Rec,” is
Kelly’s lifelong rival, or so Kelly
imagines, delusionally. Mickey St.
Jean (Justin Linville) is Shrub’s ri-
val, in a sense: Shrub is fixated on
Beth (Erin Bowles) but she’s more
receptive to Mickey. “I am so into
Beth,” Mickey insists. Says Beth,
innocently, “I always wanted a gay
best friend.”
Beth, an amusing blank for the
most part, is depicted as the col-
lateral damage of Middle American
grid-flight: As Kelly explains for
the omnipresent camera, “Beth’s
parents think the government is
out to get them so they don’t pay
their taxes, they hoard soup, and
all their kids were born in their
barn and don’t have birth certifi-
cates.” Beth was also home-
schooled, which adds to her geek
quotient: She has no idea who
Harry Potter is and is only slightly
more familiar with Oprah Winfrey.
Call Social Services! And then
change the channel.
Welcome to Flatch
FOX
Begins tonight, 9:30 p.m., Fox
 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 | Thursday, March 17, 2022 THE WALL STREET JOURNAL.

SPORTS
Michigan, Indiana

Best Upset Picks Aren’t Cinderellas and South Dakota

State are three
teams to keep in
mind when filling
out your NCAA
Michigan and Indiana are the most likely underdogs to pull off surprises in the NCAA tournament tournament bracket.

an opportunity that
smart bracketologists
might be able to exploit.
Since 2003, 43 teams from
major conferences have
been seeded 11th or 12th,
Ezekowitz says. Those
schools went 23-20. The oth-
ers went 35-66.
Michigan may be the only one
PHOTO ILLUSTRATION: WSJ; PHOTOS CLOCKWISE FROM LEFT: ANDY LYONS/GETTY IMAGES; JUSTIN CASTERLINE/GETTY IMAGES; STEVEN BRANSCOMBE/USA TODAY SPORTS

identified by the algorithm, but it

isn’t the only upset you should
pick.
One of the big differences be-
tween statistical models and sen-
tient beings is human emotion.
And what’s the fun in picking a
bracket full of favorites? Here are
some others to keep in mind be-
fore your bracket is due—and how
the Ezekowitz model’s odds con-
trast with the win probabilities
from Pomeroy and the crowd’s
picks on ESPN.

No. 11 Michigan over

No. 6 Colorado State
Ezekowitz 50%, KenPom 50%,
Crowd 56%
What is the statistical profile of
a successful underdog? Ezekow-
itz’s formula takes into account
turnover rates, offensive rebound-
ing, half-court efficiency, shooting
and strength of schedule as it de-
termines how teams value their
possessions and how many extra
possessions they create.

.
The problem for Colorado State
is that it doesn’t fit the mold of a

ly
traditional favorite. It doesn’t hit
the offensive glass. It doesn’t force
turnovers on defense. And it hasn’t
on played nearly as difficult a sched-
ule as Michigan, which—
Wait, hold on. What’s that
noise? Oh, never mind. It’s just Ja-
son Gay sobbing.
us ,

Let’s move on.

l
e
No. 12 Indiana over
al a

No. 5 Saint Mary’s

Ezekowitz: 46%, KenPom 38%,
ci on

Crowd 24%
BY BEN COHEN doesn’t waste time on identifying one 13 and one 14. They went 4-0. ing up. It’s also not a particularly

T
the No. 9 and 10 seeds that might As if that weren’t impressive unique call: Michigan is the most No. 13 South Dakota State
he lovable underdog win. He focuses the model’s atten- enough, it also found another 13 likely upset in Ken Pomeroy’s sta- over No. 4 Providence
with the best chance of tion on the Shih Tzus of the field: worth a flier. That team won, too. tistical projections and the most Ezekowitz 33%, KenPom 44%,
er s

pulling off a massive the underdogs seeded 11th, 12th, Ezekowitz briefly considered retir- popular underdog in ESPN’s na- Crowd 30%
upset in the men’s 13th and 14th that nibble your ing on top, but like another legend tional contest. Finally! A team from a confer-
m er

NCAA tournament bracket to shreds. of his field, he decided this week Ezekowitz says the last time his ence without a billion-dollar televi-
bracket is usually one of those For a machine tasked with mak- to come back for more. model wouldn’t have predicted a sion contract.
plucky schools that emerges from ing bold predic- Then some- single upset was 2007, when only As one of the worst defensive
obscurity every year around this tions, Ezekow- thing curious two underdogs actually won, the teams in the entire bracket, South
time and manages to charm an un- itz’s creation is
Last year, the statistical happened. A for- fewest in the time since he’s been Dakota State has too many defi-
m rp

suspecting nation. admirably mod- mula designed collecting data. But as the model’s ciencies to qualify for an official
This year, it’s Michigan. est: It only model liked two 11s, to find upsets favorite underdog, the Michigan of upset prediction.
That was the conclusion of a picks the upsets didn’t find many that year was Virginia Common- But they have the best shot of
rigorous statistical model that pre- that are most
one 13 and one 14. upsets this year. wealth, which delighted fans any team outside the Big Ten be-
dicts upsets not based on mascots, likely to hap- They went 4-0. The most across the country by knocking out cause of their incredible offense,
co Fo

school colors, gut instincts, octo- pen. That’s
pus prophecies or the pants worn what makes it
by football coaches, but something so useful. The
more reliable: nearly two decades model has predicted 37 upsets
worth of data. since 2003, based on out-of-sam-
It was built, tweaked and en- ple testing, and 29 have actually
hanced by John Ezekowitz, an in- happened. That record of 29-8 is
vestor by day and The Wall Street remarkably high considering un-
Journal’s expert upsetologist by derdogs not picked by the algo-
March. As caretaker of a frighten- rithm went 55-196.
ingly powerful NCAA tournament Last year was the model’s one
prediction algorithm, Ezekowitz shining moment. It liked two 11s,
n-
probable candi- Duke. which ranks No. 1 of the nation’s
date to pull off The other possible Cinderellas 358 teams in effective field-goal
the improbable this year aren’t exactly shopping percentage and 3-point shooting
is Michigan, but the model didn’t for glass slippers themselves. percentage. They protect the ball.
love their chances of beating Colo- The next two schools on the They make the most of every pos-
rado State, and the model didn’t model’s list were Indiana and Rut- session. They can easily get hot for
even know they would be missing gers, both from the Big Ten Con- one game in one single-elimination
their point guard. ference and both sent to the First tournament and make you look
In fact, with a 49.5% probability Four. like a genius.
of winning, Michigan isn’t techni- But schools from power confer- And don’t you want another in-
cally favored by Ezekowitz’s algo- ences on seed lines traditionally centive to root for a team called
rithm, unless you believe in round- reserved for mid-majors represent the Jackrabbits?

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
<0 1 2 3 4 5 6 7 8 9 10 11 12 64 Speaker’s 27 Stuffing
no

Edmonton 20s
40s space fillers seasoner
Vancouver Calgary
r 0s 13 14 15 16
30s 10s
65 Completely 28 Heaps
Seattle
Winnipeg 40s 17 18 19 dominated 29 “Rosy-fingered”
20s
Portland 20 21 22 23 66 Canonized fifth- goddess
Helena Montreal 30s
50s Bismarck Ottawa century pope 31 Onetime airer of
Billings 40s 30s Augusta 40s 24 25 26 27 28 29
Eugene Boise Toronto
67 Scrappy-___ “Hee Haw”
Mpls./St. Paul Albany
Al n Boston 50s
30 31 32 (cartoon puppy) 34 Trouble
Hartford
30s Pierre Sioux Falls Milwaukee Detroit Buffalo 60s
60s 50s Cleveland New
w York 68 Casper rival 37 Midway point?
Reno Salt Lake City Des Moines Chicago
50s 70s 33 34 35
Cheyenne Omaha Philadelphia 69 Farrier’s tool 38 Rice-A-___
Sacramento 20s Indianapolis Pittsburgh Washington D.C. 80s 36 37 38 39
Denver Kansas
City 60s
Down 39 1950s GOP
San Francisco Topeka Springfield Charleston 90s
Colorado 1 One who sticks
Las Springs 40s St. Louis
Richmond 40 41 42 43 44 45 46 47 nominee
70s 60s Louisville 100+
Vegas
50s Wichita Nashville Raleigh to his bricks 40 Blow away
Los Angeles Charlotte 48 49 50 51
Santa Fe
Oklahoma City Memphis 2 See 33-Across 41 Cheyenne allies
80s Albuquerque 70s Columbia
San Diego Atlanta 52 53 54 3 Taken together
Phoenix
Little Rock
Birmingham Warm Rain 42 “Looks that way
Dallas Jackson 4 E or W, e.g.
Tucson
Ft. Worth 55 56 57 58 to me”
El Paso Jacksonville
Mobile
Cold T-storms 5 Feign fury 45 Capital north of
-0s 70s Austin Orlando 59 60 61 62 63
0s 80s Houston
6 Warren’s co-star Lake Victoria
10s 70s New Orleans Stationary
20s 80s San Antonio Tampa 80s Snow 64 65 66 in “Reds” 46 George Sand,
Anchorage Honolulu 90s Miami
7 Country-rock George Eliot and
30s Showers Flurries 67 68 69
40s 70s singer Brown George Orwell
8 Tide rival 47 Old desk feature
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
CUTTING THE CORD | By Chris A. McGlothlin 49 Exhibitions
9 “Hell is other
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 24 See 52-Across 44 Africa’s people” writer covering artists’
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Put in place 26 Absent westernmost careers, for short
Omaha 50 33 r 51 29 s Frankfurt 56 41 c 58 39 s 10 One way to travel
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
5 Coopers’ tools 58-Across, star capital 50 Rare, maybe
Orlando 82 61 s 86 66 t Geneva 63 47 pc 56 40 pc 11 Shoots down
Today Tomorrow Philadelphia 57 49 r 75 56 pc Havana 88 65 pc 89 65 s of the Rome 48 Use Grubhub, 51 It is, in Acapulco
City Hi Lo W Hi Lo W 10 See 60-Across 12 Short missions?
Phoenix 81 55 s 83 56 s Hong Kong 79 70 pc 80 70 t Centurions e.g.
Anchorage 30 21 sn 35 24 c Pittsburgh 66 47 c 71 54 pc Istanbul 48 33 c 40 31 pc 13 Banks of 53 Servant to
baseball team? 50 Bovine hybrid 14 Basis of the
Atlanta 71 54 pc 66 52 r Portland, Maine 50 39 pc 59 39 pc Jakarta 89 76 t 90 77 t Chicago Prospero
Austin 78 47 s 71 39 s Portland, Ore. 53 46 c 59 46 c Jerusalem 51 39 s 53 41 c 30 Fought Japanese dish
15 Her 2004 debut 52 Absent kabayaki 57 MS fixers
Baltimore 59 48 r 74 56 pc Sacramento 69 41 c 73 47 s Johannesburg 68 54 r 75 54 c extinction 24-Across, blow
Boise 56 36 pc 61 42 c St. Louis 77 54 pc 59 39 r London 55 39 s 59 44 s album “Goodies” 18 Agreeable 59 See 17-Across
Boston 57 47 r 69 45 pc Salt Lake City 52 34 pc 58 42 pc Madrid 58 47 sh 62 43 pc featured a #1 32 Eroded money at an
Oman bazaar? 23 Oft-repeated 61 Blow away
Burlington 61 44 c 55 41 c San Francisco 60 47 pc 62 49 pc Manila 96 80 pc 96 80 c and two #2 hits 33 With 2-Down,
Charlotte 72 51 r 74 60 pc Santa Fe 47 25 sh 55 28 pc Melbourne 80 65 sh 70 59 r three-time 54 Finnish tennis question in 62 Swabbed
Chicago 63 39 c 42 36 r Seattle 48 43 r 54 45 sh Mexico City 77 52 s 78 52 s 16 “Uh-huh” “Marathon Man” specimen
Cleveland 68 47 pc 61 52 t Sioux Falls 53 26 c 51 27 s Milan 61 47 pc 59 46 pc National League player
17 Absent 59-Down, 25 Shoulder 63 Member of the
Dallas 77 45 t 66 40 s Wash., D.C. 59 50 r 76 59 pc Moscow 34 18 s 37 27 s home run leader Ruusuvuori
item on a pretrip decorations O-line
Denver 39 21 sn 50 28 pc Mumbai 98 81 pc 97 80 pc 34 Prior 55 Prior
to-do list?
Detroit
Honolulu
68 41 pc 50 42 r
84 71 c 84 71 pc
International Paris
Rio de Janeiro
55 39 s
89 77 s
58 42 s
90 77 s 19 Undercover 35 Hardy heroine 56 Drill that may Previous Puzzle’s Solution
Houston 78 57 t 70 46 s Today Tomorrow Riyadh 64 43 pc 72 46 s bore
City Hi Lo W Hi Lo W outfit? 36 Cuts social B A R
E H EWS S C
A T S
Indianapolis 72 49 pc 62 43 r Rome 64 46 pc 62 45 c I S E
E A N T I T A
C O S
Kansas City 66 37 r 45 33 r Amsterdam 53 36 s 57 39 s San Juan 85 73 s 85 73 s 20 “Take Me to the media ties with, 58 See 26-Across C H I
L L Y D O G E T
H E R
Las Vegas 70 51 s 77 54 s Athens 63 45 sh 51 40 sh Seoul 61 39 c 51 34 sh Land of Hell” and what one 59 Dark horse E O N E D S N E A T
E N
P R I
S O N H O L L Y
D A Y
Little Rock 77 55 pc 60 40 t Baghdad 64 41 pc 70 47 s Shanghai 67 49 r 57 48 c singer does to complete S E N
T B I N D F I T
Los Angeles 81 52 pc 77 55 s Bangkok 95 82 t 95 80 t Singapore 86 78 r 88 78 t the theme 60 Absent A E S O P E N F O L D
Miami 83 73 t 84 73 pc Beijing 40 26 sf 35 24 sn Sydney 79 68 pc 79 69 pc 21 Represent with 10-Across, F I L L Y B U S T E R
Milwaukee 55 36 c 40 36 r Berlin 58 42 pc 54 34 s Taipei City 87 70 pc 73 62 r words or paint answers S T U D I O O A T H S
performers in a P R E G E N E T S P S
Minneapolis 48 32 c 45 31 c Brussels 54 34 s 56 40 s Tokyo 63 48 pc 52 45 r 22 Bananagrams 40 Play a mean sax 106.7 Lite FM F O L L Y A G E C A S T L E
Nashville 71 54 pc 66 47 t Buenos Aires 82 61 pc 68 56 pc Toronto 60 38 pc 48 39 c C L U I N G F A N R A W
New Orleans 75 64 pc 79 51 t Dubai 82 70 s 80 69 s Vancouver 46 42 r 51 43 sh piece 43 Pioneering ISP commercial? S H I R K S I L L Y C O N E
New York City 55 48 r 73 54 pc Dublin 55 36 sh 54 43 pc Warsaw 47 25 s 44 23 s R E N E E O R A L O V E R
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 70 38 t 57 35 s Edinburgh 52 34 sh 54 38 pc Zurich 62 41 pc 56 37 pc S E E D S N EWS G E T S

 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. Thursday, March 17, 2022 | A19

OPINION
Ukraine Is World War 2½ BOOKSHELF | By Barbara Spindel

In the rarest
eclipse imagin-
able, Joe Biden
said Tuesday it
will send nearly $1
billion of non-
fur or pronouns.
This flight from
faux benevolence
Unpinning
and Donald
Trump are in
lethal equipment.
Responding to
may not last, but
for now it’s all The Butterflies

ANDREA FILIGHEDDU/ZUMA PRESS

alignment on Ukrainian Presi- good.
one thing: Rus- dent Volodymyr Ukraine’s more
WONDER
sia’s invasion Zelensky’s Feb. 27 enduring effect
LAND
of Ukraine call for an Interna- could be to re-es-
The Child Is the Teacher
By Daniel
shouldn’t be tional Legion of tablish the legiti- By Cristina De Stefano
Henninger
allowed to pull Defense of Ukraine, macy of national— (Other Press, 348 pages, $28.99)

us into World
War III. Sen. Marco Rubio has
chipped in the same portentous
thought.
Beware wars to come is al-
ways a useful idea, but let’s
hope America’s political lead-
ership has a clearer view of
what is happening in the here
and now.
Vladimir Putin’s invasion of
Ukraine has already produced
World War 2½.
World War III is a decades-
long Cold War concern. What
we’re seeing now is something
new—a spontaneous, crowd-
funded world-wide effort to
fight a war without springing
the Armageddon tripwire.
Virtually all of the
world’s democracies
have committed to
repelling Russia.
Within three weeks, virtu-
T
thousands of vol- and personal—
unteer fighters, self-defense. he Montessori method of education is known for
some combat vet- Extending baby- promoting the autonomy of children and de-empha-
erans of Iraq and A fire in Kyiv, Ukraine, on Tuesday from Russian shelling. land into adult- sizing the influence of teachers, so it’s striking that
Afghanistan, are hood is over. its creator was such an authoritarian. Maria Montessori
pouring in from everywhere. heroic influencer motivating Mr. Putin’s indiscriminate wanted her revolutionary pedagogical approach to spread
International boycotts have his own people and tens of bombing of civilians has re- from her native Italy across the globe, yet she tried to
made Russia a corporate, fi- millions outside his country. stored a historical reality: maintain an iron grip on its interpretation and use as it
nancial and cultural pariah. When is the last time every Well-armed political messian- did so. The American educator who wrote the preface to
Overnight, the world’s best member of the U.S. Congress ists mean what they say, the 1912 English translation of “The Montessori Method”
nonprofits created an infra- stood to applaud a president? whether in Moscow, Tehran, must have gotten wind of the author’s difficult reputation.
structure of support in Ukraine The world’s behavior sug- Beijing or Pyongyang. He stated, as if wishing could make it true, that “Dr. Montes-
or on its border. gests, for the moment anyway, Defense against such sori is too large-minded to claim infallibility, and too thor-
The post-Cold-War era has that we’ve decided that we’re threats has two forms: pre- oughly scientific in her attitude to object to careful scrutiny
never seen anything like what all the North Atlantic Treaty emptive strikes, meaning war, of her scheme and the thorough testing of its results.”
has come to be called Organization now, bound by a or deterrence. The better de- He was mistaken on all counts. As Cristina De Stefano
“Ukraine,” and it will take time kind of global Article 5: A mas- fault is deterrence. demonstrates in her compelling biography “The Child Is
to absorb its meaning and ef- sive unprovoked attack on one Deterrence requires a will- the Teacher,” Montessori, while trained as a scientist, over
fects. of us is an attack on all of us. ingness to spend national time began to conceive of herself as a prophet. Prophets
For starters, those of us Ukraine has put in motion wealth on defense, as Ukraine typically don’t care to be scrutinized and tested.
who labor in the trenches of two human impulses: to help chose eight years ago—as Born in 1870, Montessori was an adored only child
the culture wars tend to think and to defend. The first, to NATO, it appears, is willing to whose imperious personality was evident early on. She
tech and its media platforms help, is a constant in our do now. Congress in the past would later falsely claim to have been Italy’s first woman
on balance are corrosive and times. The second, to defend, week more than doubled Mr. doctor, but her achievement
toxic. And they are. But we is an impulse many of us Biden’s proposed percentage of a medical degree was still
need to acknowledge that thought had died, as with Ger- increase in the U.S. defense rare for its time. From the
those same messaging forces— many’s miniaturization of its budget. Two months ago, Aus- start, Montessori was
which quickly assemble group military capacity. tralia and Japan signed a de- determined to remain unmar-
thinking on a massive scale— The help-Ukraine piece fense agreement. “Ukraine” ried: When she became preg-
here put in motion something emerges paradoxically from has leveled the field of debate nant in 1897, she yielded to her
powerful and potentially good. the often reflexive, do-good between spending on national mother’s insistence that she

.
ally all the world’s democratic Will the response stop Mr. sentiments that seem on tap security and domestic needs. avoid a scandal by delivering
nations and peoples have com- Putin? Who knows? But it everywhere today, such as the Invocations of World War her son, Mario, in secrecy and

mitted to repelling Russia’s in-
vasion. The size, speed and
depth of the response is al-
most incomprehensible.
Countries that have sent
modern weaponry or military
equipment to Ukraine include
not only the U.S. but also the
ly
might, if we posit that the unfocused virtuousness of III by public figures as promi- sending him from Rome to be
solid building block for this “save the planet.” nent as Messrs. Biden and raised in the countryside.
broad effort to resist is With “Ukraine,” we seem to Trump sound like excuses now By then Montessori had
on
Ukraine itself—the unexpected have arrived at an unlikely to revert later to the passive
ability of the country’s military conjunction of virtue signaling pre-Ukraine status quo. The
to counter the Putin blitzkrieg and genuine virtue. The out- global support of “Ukraine”—a
and its people’s refusal to sur- pouring for Ukraine is the real recognition that suddenly we
embarked on her life’s mission.
She was working with “feeble-
minded” children at a psychi-
atric hospital; considered hope-
render. thing. Perhaps many all along are in World War 2½, with less cases, they were locked away for life in deplorable
us ,

U.K., Germany, France, Canada, Modern media like YouTube were seeking an authentic out- tough choices ahead—suggests conditions. When she tried the methods of French educa-
l

Belgium, the Netherlands, and Instagram helps create tis- let for their better spirits, people will be looking for tion pioneer Édouard Séguin—who had created customized
e
al a

Sweden, the Czech Republic, sue-thin celebrities and “influ- rather than the constant man- much more than the Cold War hands-on materials to stimulate sensory and motor learning
Australia, Portugal, Romania, encers.” Here the platforms in- ufactured appeals—and lately status quo from their national in developmentally disabled children—her success con-
Denmark, Croatia, Slovenia, It- stantly elevated Mr. Zelensky, coercion—to be on the “right leaders. vinced her that the entire education system was in need of
ci on

aly and Japan. South Korea a professional comedian, into a side” of marginal causes like Write henninger@wsj.com. reform. She described schoolchildren as “butterflies stuck
with pins, fixed in their places.” In 1907 she was hired to
direct a group of new kindergartens in Rome’s blighted

Zelensky Defines Courage in Our Time San Lorenzo neighborhood. It was the perfect opportunity
to test her radical theory.
er s

Montessori created her own versions of Séguin’s blocks,

By Karl Rove been Mr. Zelensky’s heroism Then on May 19, 2021, the abandon it to the Taliban. movable letters and other materials. All of the furniture
m er

A
and that of the Ukrainian peo-
mericans have seen for- ple. Outgunned and outnum-
eign leaders speak to bered, they’ve fought off the
Congress before, but Russians for three long, hard
Wednesday’s address by and bloody weeks, defining
m rp
Biden administration removed
sanctions on Russia’s Nord
Stream 2 gas pipeline to Ger-
many, which had been im-
posed by President Donald
Such things get noticed in the
Kremlin.
Mr. Putin might have in-
vaded Ukraine without Mr. Bi-
den’s missteps. We’ll never
and supplies were child-sized so that the pupils could easily
move about and rearrange the room. Montessori quietly
observed them at work, convinced that children placed in
the proper environment had the capacity for deep concen-
tration. The San Lorenzo kindergartners didn’t require

Ukrainian President Volod-
ymyr Zelensky was unique.
There he was, on the other
side of the world, in a green
T-shirt, reading from a script
courage for our time.
Any world leader today
would suffer by the compari-
son, and President Biden
does. To his credit, Mr. Biden
co Fo
Trump, without concessions
from Russia. Mr. Biden re-
newed sanctions late that
summer, but he had already
sent the wrong signal.
know.
Despite Mr. Biden’s capable
handling of the response to
Russia’s invasion of Ukraine,
his earlier actions may have
traditional methods of discipline, unlike children forced to be
silent and still throughout the school day. Those children,
Montessori fumed, had been “annihilated, not disciplined.”
When the kindergartners began writing precociously
early, word spread, with newspapers hailing “the miracle

in Ukrainian as a woman
translated his remarks into
English. No teleprompter,
none of the energy that comes
from being in the room.
Still, it was an extraordi-
narily powerful historic mo-
ment. You could not remain
unmoved by his simple, direct
appeal. “The destiny of our
country is being decided,” Mr.
Zelensky said, framing
Ukraine’s struggle as a de-
has handled the crisis well,
doing many of the right
things, including working
closely with NATO allies and
supporting crushing sanctions
against Russia. But Mr. Bi-
den’s past actions likely em-
boldened Vladimir Putin.
Before Mr. Biden became
president, Mr. Putin had been
conditioned by the Obama-Bi-
den administration’s weak re-
sponse to Russia’s seizure of
n-
The Ukrainian
president asks Biden
and Congress to ‘keep
justice in history.’
In late May, Mr. Biden is-
sued his defense budget. Mr.
Putin surely realized a 1.6%
already diminished him in the
eyes of Americans. A Wash-
ington Post-ABC poll, issued
Feb. 24, as the Russians in-
vaded Ukraine found that only
36% of Americans said Mr. Bi-
den is a strong leader while
59% said he wasn’t. That’s
dangerous territory for any
president, especially only a
year into his term.
For now, the spotlight
rightly is focused not on the
of San Lorenzo.” Montessori, a devout Catholic as well as
a scientist, began to shift her language. Where she’d once
spoken of her scientific observation of children, she now
sounded a mystical note, saying “It is the soul of the child
that has revealed itself to me.”
In a pattern that would repeat itself, her prickly person-
ality and demand for control led to a break with the San
Lorenzo schools. She then dedicated herself to spreading
her method throughout Europe and abroad. Soon after
publication of her book in 1909, she became a celebrity.
Visitors made pilgrimages to her Rome apartment, waiting
for hours to speak with her. While she could be irascible,
Montessori was also extremely charismatic. Some of her

fense of democracy, indepen-
dence and freedom.
He expressed gratitude for
U.S. generosity, but made ur-
no
Crimea in 2014, which in-
volved imposing modest sanc-
tions but refusing to arm
Ukraine. Mr. Putin’s attacks
increase was—after infla-
tion—a decline in American
military spending. That too
suggested weakness.
American president but the
Ukrainian president. A former
comedian who came to office
almost by accident, he’s now
“awestruck” callers, Ms. De Stefano writes, would drop
everything to devote themselves to her “divine mission.”
Maria Montessori’s campaign to reform early-

gent appeals for more—a no-
fly zone, air defense systems,
combat jets, more sanctions,
withdrawal of all American
companies from Russia, the
closing of U.S. ports to Rus-
sian trade.
Then an emotionally com-
pelling and heart-rending
video played of the violence
and mass death Russia is in-
flicting on the Ukrainian peo-
ple. Mr. Zelensky closed by
speaking in English, calling
for continued U.S. leadership
to “keep justice in history.”
He received a standing ova-
tion from Congress.
More powerful than words
to Congress, however, has
on civilians during Syria’s
civil war, starting in 2015, in
support of the brutal Syrian
leader Bashar al-Assad, were
met with only light sanctions
levied by the U.S.
Once Mr. Biden assumed
the presidency, he discarded a
powerful geopolitical advan-
tage—America’s energy inde-
pendence—by canceling the
Keystone XL pipeline, halting
leases for drilling on federal
land and waters, restricting
access to capital for oil and
gas companies, and piling on
regulatory burdens. Mr. Putin
must have been amazed by
the U.S. squandering such a
huge edge.
Then, before a mid-June
summit between the two lead-
ers, Mr. Biden paused a $100
million military aid package
to Ukraine, signaling again to
Mr. Putin a lack of American
resolve. It took until Septem-
ber for the U.S. to restart mil-
itary assistance to Ukraine—
and even then, a bipartisan
group of senators criticized
the package as inadequate.
Perhaps the most damag-
ing thing Mr. Biden did was
his abject surrender in Af-
ghanistan. Mr. Putin was
probably astounded that with
the country stabilized and
only a minimal residual force
remaining, America would
entered the pantheon of great
wartime leaders. His words
and personal courage have
stirred the world to action.
Whatever fate awaits him and
his nation, those who watched
Mr. Zelensky’s address to the
joint congressional session
won’t soon forget it. It was a
privilege to see a leader in
whom honor is personified.
The least we can do is have
his back.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
childhood education had foundations in
science. She pursued it with religious zeal.
When her mother died, Montessori was finally free to
reunite with Mario, by then 15. She presented him as her
nephew, and from that point on he rarely left her side. To
compensate for her abandonment, she became fixated on
building a Montessori empire to secure his future, writing
revealingly in her diary that it must be “I alone that gives
him everything.” The lengths to which she’d go included a
decade-long collaboration with the Mussolini regime.
Ms. De Stefano, author of a biography of another formi-
dable and controversial Italian woman, journalist Oriana
Fallaci, charts Montessori’s remarkable life in short chapters
and in a somewhat breathless present tense. (The book
was translated from the Italian by Gregory Conti.) The
author is supportive of her subject’s cause—Ms. De Stefano
refers to Italian primary schools during Maria’s childhood
as “prison for children”—and indulgent of her flaws.

A Thousand Silent Farewells “Maria Montessori was a genius, and rarely are geniuses
easy to deal with,” she shrugs in a concluding note.
Geniuses and prophets probably aren’t the easiest
By Mike Kerrigan down dinner parties, and place their coats strategically exit pleasantries. mothers-in-law, either. At 19, Mario married one of his

A
s a proud Irish-Ameri-
can and lover of all
things Gaelic, I have
much to celebrate this St. Pat-
rick’s Day. And rightly so: The
contributions to civilization
by the sons and daughters of
Éire are too many to count.
Let others praise for good
cause the virtues of Yeats,
Irish whiskey, Donegal tweed
and the Chieftains. Today I
celebrate a different, no less
meaningful, Celtic benefac-
tion: the Irish goodbye.
For the uninitiated, an Irish
goodbye is the silent and early
departure from a large social
gathering without formally
alerting the host. The smaller
the gathering, the riskier the
tactic. It’s verboten at sit-
rarely a good idea to attempt
at your own soirée. (I’ve
tried.)
Curious, but not sure
you’re up to it? Try it at a St.
Patrick’s Day celebration,
where you can learn from the
masters.
The ‘Irish goodbye’ is
a great way to leave a
party—and not only
on St. Patrick’s Day.
Observe the room: You’ll
never see so many people pre-
disposed to the maneuver all
in one place, planning their
early exits. Notice how they
on the backs of their chairs
for easy exfiltration. Watch
couples in cahoots communi-
cate across the room, signal-
ing silently like batters and
third-base coaches.
They can do it, and so can
you. Just remember, leaving
too early is thoughtless, stay-
ing too long positively impe-
rial. Neither suits the Gaelic
temperament. The Irish good-
bye seeks a balance born of
fatalism: That’s enough fun,
lock in your gains, things can
only get worse from here.
If as host you find some
guests have bid you an Irish
goodbye, don’t think it rude.
The silently departed know
your reputation for warmth
of heart and hearth—they’re
sparing you the burden of
Properly understood, the
Irish goodbye isn’t only an act
of kindness but something
good for you. Perfecting it
may—and this is no overstate-
ment—be critical to your sal-
vation. Consider the famous
Irish blessing:
“May your glass be ever
full. May the roof over your
head be always strong. And
may you be in heaven half an
hour before the devil knows
you’re dead.”
Don’t you see? All these si-
lent slink-offs are practice so
that when you leave this
world, you do it the right way:
by giving the devil himself the
Irish goodbye.
Mr. Kerrigan is an attorney
in Charlotte, N.C.
mother’s acolytes, and it’s hardly surprising when the
author describes Montessori’s relationship with her son’s
wife as “particularly stormy.” Before they divorced, the
couple had four children, who would, in Ms. De Stefano’s
words, “grow up according to the purest Montessori
method.” One later recalled her grandmother as no less
than “the center of the universe: the being that observed,
decided, demanded, explained, commanded.”
“The Child Is the Teacher,” subtitled “A Life of Maria
Montessori,” concludes squarely with its fascinating
subject’s 1952 death. One wishes Ms. De Stefano had gone
a bit further, offering perspective on Montessori’s enduring
influence on early-childhood education and on the state of
Montessori education today. (The method born in the slums
is now generally the province of the elite, although Montes-
sori alumnus Jeff Bezos is launching a network of free
Montessori-inspired preschools for low-income children
through his philanthropic Day One Fund.) Finally, it’s
impossible not to wonder how those four perfect test
subjects, the Montessori grandchildren, turned out.
Ms. Spindel’s book reviews appear in the Christian Science
Monitor, the San Francisco Chronicle and elsewhere.
 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.

A20 | Thursday, March 17, 2022 * * THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Why Not Victory in Ukraine? Can There Be an Art of the Deal With Putin?

U
krainian President Volodymyr Zelensky the U.S. see deep into Ukraine and provide in- Michael O’Hanlon sees a way out tion “to respect the independence
has inspired the world with his wartime formation about Russian air movements—even of Russia’s war against Ukraine (“Pu- and sovereignty and the existing bor-
tin is Angry, but He Isn’t Mad,” op- ders of Ukraine.” The value of any
leadership, and on Wednesday he if no missiles are ever fired from NATO terri-
ed, March 10). He suggests that the further Russian commitment would
brought his message in a tory. West could grant President Vladimir be less than a ruble.
memorable speech via Zoom Zelensky challenges This isn’t a no-fly zone. The Putin his stated goal of barring JOSHUA MURAVCHIK
to Congress. The question is Biden to do more to U.S. has acknowledged it is Ukraine from membership in NATO in Wheaton, Md.
whether the U.S., and espe- providing some intelligence to exchange for Russia’s “commitment
cially its Commander in Chief, defeat Putin. Ukraine. Why not intelligence to a verifiable arrangement.” Mr. O’Hanlon is probably correct
is finally going to meet this that might stop Mr. Putin from Never mind that Mr. Putin, in that Vlad is not mad, but given his
historic moment. bombing maternity hospitals launching this war, reiterated his con- ordering nuclear forces on high alert,
No slouch with rhetoric, Mr. Zelensky in- and schools? viction that Ukraine is “an inalienable it’s clear that he’s employing Presi-
voked Pearl Harbor, 9/11 and Martin Luther In response to Mr. Zelensky, Mr. Biden chose part of our own history, culture and dent Nixon’s “madman theory” to in-
King Jr. to rally America to Ukraine’s cause Wednesday to announce the U.S. will send $800 spiritual space,” suggesting that his timidate NATO. The MiG-29 imbroglio
complaint about NATO shrouded a shows that it’s working. All those Jav-
against Vladimir Putin's invasion and relentless million more in military aid to Ukraine. This will
more sweeping ambition. As we have elin antitank missiles and Stinger an-
bombing. “‘I have a dream.’ These words are help, but it’s also fair to ask why it has taken seen many times with arms control, tiaircraft missile systems we’ve pro-
known to each of you today,” Mr. Zelensky said. three weeks of bombing for this to happen. As “verifiable” agreements often prove vided are as lethal as MiGs, but
“I can say: I have a need: I need to protect our Nebraska Senator Ben Sasse put it in advance tough to verify, and, once a clear vio- President Biden has foolishly imposed
sky. I need your decision, your help.” of Mr. Zelensky’s speech “If they can shoot it, lation has been spotted, then what? a red line on behalf of Mr. Putin.
The speech was a moral and literal call to we can ship it.” MiGs and Su-25s, S-200s and As for exacting a “commitment”: In JAMES HYLAND
arms. Yet the sad truth is that the U.S. should S-300s, drones. 1994, Russia signed a solemn obliga- Beechhurst, N.Y.
be doing far more to arm the Ukrainians in their An example are Switchblade drones that are
astonishing resistance to the Russian military. portable and can destroy a target from a dis-
The U.S. has so far supplied small arms, as well tance. The weapon is ideal for attacking tanks
as Javelin antitank missiles and shoulder-fired and some of the artillery units that are hitting California’s Self-Inflicted Energy-Price Mess
Stingers that can target low-flying helicopters cities and civilians. The latest U.S. arms package Regarding Robert Bryce’s “Blame The question is not how Califor-
and aircraft. Ukraine has made great use of reportedly includes 100 Switchblades. But the Sacramento, Not Moscow, for Califor- nians cope with the consequences of
these weapons. Pentagon should have delivered all of the nia’s Energy Crisis” (Cross Country, an anticarbon agenda, but whether
But Russia’s siege continues, especially its Switchblades in the American arsenal to March 12): Onshore California has California drives the rest of the coun-
bombardment of cities and other targets with Ukraine at the start of the war, and then con- some of the richest oil basins in the try into the same ditch. For example,
missiles and high-altitude aircraft. Ukrainians tracted to buy more. world, yet the state’s pump prices are the Biden EPA recently restored Cali-
need help to stop that bombardment. Mr. Zel- i i i the highest in the nation and increas- fornia’s power to set tighter car-
ensky again requested a no-fly zone, though he President Biden’s moral condemnation of ing. Sacramento’s anti-fossil fuel and emissions standards. Auto buyers not
knows that is unlikely, so he suggested an “al- Russia has been laudable, and he has coordi- energy-ignorant efforts have resulted living in California will have to buy
ternative”: air defenses such as the S-300 sur- nated well with allies. But throughout this crisis in exorbitant prices for mostly im- cars manufactured to meet Califor-
ported oil and gas from environmen- nia’s standards.
face-to-air missile system. he has also had to be prodded by Congress, al-
tally and politically dicey overseas lo- As long as what happens in Cali-
The S-300 is a Russian-made weapon that lies and public opinion to do more. cations with the highest possible fornia stays in California, the state’s
East European NATO countries have in stock The U.S. failed to deter Mr. Putin by merely

.
greenhouse-gas emissions. experiment with premature expulsion
and Ukrainians know how to operate. The hang- threatening sanctions, then imposed sanctions Oil exploration has ceased even in of carbon is merely curious. Unfortu-

ly
up in providing these seems to have been U.S. only gradually after the invasion. He resisted the oil-friendly San Joaquin Valley, nately, Sacramento is influential
reluctance to provoke Mr. Putin with certain a ban on Russian oil imports, resisted trade re- while Sacramento dithers on approv- enough in Washington to engineer a
high-profile weapons, as with President Biden’s strictions, and had to be prodded to supply ing hundreds of drilling permits. How hostile takeover of energy policy for

MiG fighters to Ukraine.

on
refusal to assist with the transfer of 28 Polish more arms. It’s as if Mr. Biden is so wary of pro-
voking Mr. Putin that he’s afraid what might
The Pentagon last week sent two long-range happen if Ukraine won the war.
exactly does this help anyone?
THOMAS L. DAVIS, PH.D.
Ventura, Calif.
the rest of the country.
RYAN GRAHAM
Melbourne, Fla.
Patriot surface-to-air missile batteries to Po- The consequences will be far more dire for
us ,

land, though it cast the transfer purely as coun- the U.S. if Mr. Putin conquers Ukraine. His
Corporate Virtue in the Age of ‘Don’t Say Gay’
l

tering threats to NATO and said the systems troops will sit on NATO’s border and he’ll have
e
will “in no way support any offensive opera- shown the world he can invade nations as he
al a

Regarding your editorial “Does the about the composition of families, and
tions” in Ukraine. We understand the reluctance wants despite global opposition. His ambitions ‘Don’t Say Gay’ Bill Say That?” (March teachers will struggle to answer these
to have U.S. weapons shoot down Russian air- won’t stop there. 12): We live in the golden age of un- questions. But let’s not catapult inno-
ci on

craft. But that shouldn’t prevent the transfer As Mr. Zelensky put it to the President, in a apologetic hypocrisy: Mask mandators cent discussion into a national debate.
of a missile defense like the S-300. respectful but personal challenge: “You are the shirk masks, environmental champi- MARK ASHTON
Patriot systems have sophisticated long- leader of the nation, of your great nation. I wish ons fly in private planes and compa- Philadelphia
range radar, and it would take too long to train you to be the leader of the world.” Mr. Biden nies like Disney trumpet progressive
Ukrainians on the system. But parking more Pa- wanted to be FDR, but the world needs him to policies at home while kowtowing to It’s weird that the left and its me-
er s

China, where “Don’t Say Anything, or dia allies are so upset about a law
triot batteries along the Polish border would let be Harry Truman at the dawn of the Cold War.
Else” is the policy. This is what corpo- that prohibits teachers from discuss-
m er

rate “virtue” looks like these days. ing their views about sexual morality

Biden’s Vast Oil Conspiracy THOMAS M. DORAN

Plymouth, Mich.
with young children when, at the
same time, no teacher in any public-

P
school classroom in our country can
resident Biden is adopting Donald United Arab Emirates said it would urge OPEC Has anyone identified school dis- discuss his or her religious values
m rp

Trump’s habit of venting his political
frustrations on Twitter. “Oil prices are
decreasing, gas prices should too,” Mr. Biden
tweeted Wednesday. “Oil and gas companies
shouldn’t pad their profits at the expense of
co Fo
to pump more. But the cartel might not.
Markets also forecast that China’s lock-
downs, if they continue, will dampen global
growth and fuel demand this year. But they may
not. Ukrainian President Volodymyr Zelensky
tricts in Florida or anywhere else
where children under 8 are being
taught about human sexuality? This is
not a cultural issue. It is a fantasy.
Yes, little children will ask questions
with students. There may be no such
thing as a “Don’t Say Gay” law, but
“Don’t Say God” laws are everywhere.
DENNIS CANFIELD
Chicago

hardworking Americans.” Sorry, Mr. President.
There’s no vast industry conspiracy to raise
gasoline prices.
Gas prices almost always rise faster than
they fall, as the Federal Reserve Bank of St.
Louis explained in a 2014 report. “When oil
prices rise after being steady for some time—
gasoline prices shoot up quickly,” the Fed paper
explained. “In contrast, when oil prices fall after
being steady for some time, gasoline prices re-
treat slowly.”
Individual retailers set gas prices based on
n-
also raised hopes on Tuesday that peace talks
with Russia were beginning to “sound more re-
alistic.” But the war could go on for weeks. Who
knows what crude prices will be a week or even
a few days from now.
By the way, the vast majority of the nation’s
150,000 gas retailers are mom-and-pop opera-
tions. Fewer than 5% are owned by refiners.
Profit margins are only about 10 to 15 cents a
gallon even when prices shoot up. These small
businesses aren’t padding their profits. They’re
trying to hedge against big losses if oil prices
The Censor, the Bureaucrat and the Economist
Emre Kuvvet’s study, which found a
10-1 ratio of Democratic to Republican
economists at the Fed, should sur-
prise no one (“How Politicized Is the
Federal Reserve?” op-ed, March 8).
The same lopsided ratio is the case
for most federal bureaucracies.
I consulted with government econ-
omists for nearly a decade while
Faced with complaints of liberal
bias in censoring posts and accounts,
social-media execs say, “The algo-
rithm did it!” But the execs hired the
algorithm writers, whose presump-
tions, input words and weights deter-
mine how the algorithm performs.
Similarly, outcomes of Fed eco-
nomic models are likely determined

working for a research institute. In by the economic philosophy of the

what they expect their future fuel deliveries to
cost. But they have no clue right now due to all
of the global uncertainty. Oil prices have
plunged this past week in part because the
no
spike. my experience, our federal bureaucra- creators. Is it not time for some di-
Markets are complicated, we know. But cies are a faithful political reflection versity among Fed economists?
maybe Mr. Biden could try to understand how of academia. Were our federal gov- DUANE ACKER
they work, for a change.

ernment elected only by academi- Atlantic, Iowa

cians and federal employees, Republi-
cans would win no elections.
Jerome Powell, Inflation Fighter? PROF. DAVID L. KENDALL
University of Virginia’s College at Wise
Mr. Acker was a director of the
Federal Reserve Bank of Kansas City
(1980-86).

T
he Federal Reserve on Wednesday fi- presidents all but admit. They are now fore-
nally began to move to control the casting an inflation rate this year of 4.3%, a Find the Savings Elsewhere
worst inflation in 40 years, and Chair- leap from 2.6% only three months ago. That’s
Will Russia Pay Its Debts? I agree that U.S. military power
man Jerome Powell almost the rate of so-called per- The Czar Made Good in 2001 needs an upgrade (“U.S. Defense Af-
sounded like a born-again in- Even 11 rate hikes in two sonal-consumption expendi- To Jay Newman’s pessimism re-
ter Ukraine,” Review & Outlook,
flation fighter. But the mea- March 8). Cutting bloat is one way to
sure of the Fed’s problem is
years would leave real ture (PCE) inflation, which is
the Fed’s preferred measure
garding the repayment of Russian
help, but closing the commissaries is
debt obligations (“If Putin Owes You
interest rates negative. and is lower than the con- a hit below the belt. Many of those
that even 11 projected inter- Money, Good Luck Collecting It,” op-
old veterans walking a bit unsteadily
est-rate increases in the next sumer-price index. PCE infla- ed, March 10), I offer a modest note
into a commissary to save a few
two years would keep rates tion was 0.6% in January of optimism.
bucks on groceries were keeping the
well below the level of inflation. alone, so it would have to slow considerably In the 1890s, my great-grandpar-
Russian bear out of Western Europe
“We have to restore price stability,” Mr. in the rest of the year to meet the Fed’s 4.3% ents, along with thousands of their
in the ’50s and ’60s. Many of us then
fellow French citizens, invested heav-
Powell said more than once during his press estimate for 2022. Good luck. went on to Vietnam. We haven’t done
ily in Russian Czarist bonds. In 1917
conference. His tone was markedly more Even with the 11 25-point rate hikes antici- the Russian Revolution began and the
much for you lately, but back in the
hawkish than we’ve heard before, and it pated by the Fed, the fed-funds interest rate day we did our bit.
Soviet government defaulted on those
sounds like he and the rest of the Federal Open would be only 2.8% at the end of 2023. That LT. COL. WILLIAM A. CALL, USA (RET.)
bonds. When I inherited some of the
Market Committee (FOMC) have been mugged would still be lower than the likely inflation Stanwood, Wash.
bonds on the death of my grandpar-
by price reality. The central bank’s year-long rate, which means real rates would be negative ents in the 1970s, I was told that
illusion that inflation will quickly subside has for all of 2022 and 2023. The long experience their only value was as wall decora-
vanished. of monetary policy is that inflation doesn’t fall tions. But I held on to the bonds. Pepper ...
The Fed’s action Wednesday to raise the fed until interest rates exceed the inflation rate. In 1997, when the new Russian
Federation sought to sell government
And Salt
funds rates by 25 basis points was modest and There’s no reason to expect this time would be
expected. The surprise was in the forecast for an exception, barring a recession. obligations in France, the French gov- THE WALL STREET JOURNAL
ernment negotiated a settlement with
the next two years. In December the median At his press conference, Mr. Powell declared
Russia requiring the Russian govern-
prediction of Fed governors and bank presi- that the U.S. economy “is very strong.” But it’s ment to put up a substantial sum to
dents was four 25-point increases by the end notable that the Fed sages downgraded their repay a portion of the debt evidenced
of this year. Now it’s seven, plus another four median forecast for economic growth this year by the defaulted Czarist bonds. In
rate hikes in 2023. to 2.8% from 4% in December. It’s also notable 2001 I received my pro rata share of
The Fed also climbed down from the fence that, for the first time in perhaps two years, that sum. Today, those funds have
on when to start shrinking the $9 trillion bal- the FOMC statement didn’t warn about the been set aside for the upkeep of my
ance sheet it has built up to ease financial con- economic risks of the pandemic. The Chairman great-grandparents’s grave in a Paris
ditions. The FOMC says it will begin to reduce cited the war in Ukraine several times as a risk cemetery.
its holdings of Treasurys and mortgage-backed to both growth and inflation. GERARD LEVAL
Washington
securities “at a coming meeting.” This sounds Every canny Fed Chairman needs an “exoge-
like sooner rather than later. This “quantitative nous” explanation other than monetary policy
Letters intended for publication should
tightening” is long overdue, and inflation for economic problems. Mr. Powell has be emailed to wsj.ltrs@wsj.com. Please
might be much lower than it is had the Fed switched seamlessly from pandemic to war and include your city, state and telephone
started doing this a year ago. oil prices. It’s still not enough to absolve the number. All letters are subject to
The Fed’s problem is that it has already let Fed from the inflation mess it helped to cause editing, and unpublished letters cannot “What about commands
be acknowledged.
inflation run free, as the governors and bank and now must find a way to clean up. that violate your moral code?”
 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.
The West Must Risk More for Ukraine Now
By Zalmay Khalilzad
W
ill Ukraine become an-
other Afghanistan?
The most likely sce-
nario appears to be a
Russian takeover of
the country’s major cities and the in-
stallation of a puppet government in
Kyiv. Ukrainian resistance would
then evolve into an enduring insur-
gency led by political leadership
based abroad and backed by the U.S.
and the North Atlantic Treaty Organ-
ization.
The West’s expectation seems to
be that over time the costs of pro-
tracted conflict, along with economic
and political isolation imposed by
the U.S. and its allies, will exhaust
Russia and lead to its withdrawal
from Ukraine and possibly to politi-
cal change in Moscow. Many believe
that Vladimir Putin’s overthrow is
necessary for the restoration of
Ukraine’s sovereignty.
If Russia controls Kyiv, it
will never tolerate support
in nearby NATO countries
for an insurgency.
America successfully pursued a
similar strategy in Afghanistan in
the 1980s, which contributed to the
demise of the Soviet Union. I was in-
volved in developing and implement-
ing that strategy as a member of
President Reagan’s State Depart-
ment, and we succeeded beyond our
initial expectations. Our goal was
only to make Soviet victory costly
enough to deter further expansion.
Mr. Putin and his team presum-
ably have studied the lessons of Af-
ghanistan and will seek to avoid a
similar outcome in Ukraine. They
also have other models such as Syria
Russia’s Humanitarian Corridors in Ukraine Endanger Human Life
By Lionel Beehner
And John Spencer
T
he Russian military earlier this
month announced the creation
of safe routes to allow Ukraini-
ans to flee major cities, including
Kharkiv, Mariupol and Kyiv. Humani-
tarian corridors are often necessary
to protect civilians during wartime,
but their use can also lead to even
greater death. Once a city is pre-
sumed clear of noncombatants, the
enemy has an excuse to level the
area. From Grozny to Aleppo, hu-
manitarian corridors have precipi-
tated countless civilians deaths as
militaries shell nonmilitary targets
without limit.
Such is the paradox of modern
war. A strategy that looks attractive
and de-escalatory on paper can cre-
ate riper conditions for war crimes
and military escalation, leading to
the systematic destruction of an en-
tire city and greater civilian casual-
ties.
Whether fighting large-scale com-
bat operations or a counterinsur-
gency, modern war is about control-
ling urban terrain. That requires
either laying siege to cities to coerce
Free Inquiry Suffers as War Fever Grips Harvard
no
By M. Todd Henderson
L
awrence Bacow, president of
Harvard, issued a statement
Feb. 28 condemning the Rus-
sian invasion of Ukraine on behalf of
the university. It decried the “de-
plorable actions of Vladmir Putin”
and asserted that Harvard has an ob-
ligation to speak out because “insti-
tutions devoted to the perpetuation
of democratic ideas and to the artic-
ulation of human rights have a re-
sponsibility to condemn such wanton
aggression.”
It seems hard to disagree, but I do.
I’m no fan of Mr. Putin, and I cer-
tainly don’t want Russia to swallow
Ukraine. I disagree because it is anti-
thetical to the mission of a university
to take a position on the war—even if
everyone on campus opposes it.
To understand why, go back to
1966, when the U.S. government re-
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Editor in Chief
Karen Miller Pensiero, Managing Editor
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Investigations
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Editor of the Editorial Page
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in mind. But Ukraine may be without
precedent.
The U.S. and Western allies have
selected a strategy that minimizes
risk to themselves by avoiding con-
flict with Russia. President Biden has
stated repeatedly that defending
Ukrainians with a NATO no-fly
zone, as Ukrainian President
Volodymyr Zelensky has re-
quested, is too risky be-
cause it would lead to
direct conflict with Rus-
sia and possibly spark
World War III.
This assessment as-
sumes that Russia is
willing to risk a limited
air-to-air war with the
West, and perhaps even a broader
conflict, over Ukraine. It further as-
sumes that Moscow is willing to risk
more over Ukraine than the West is
because Ukraine is more important
to Russia than it is to the West.
Others argue that perhaps Mr. Pu-
tin is simply less risk-averse than
Mr.Biden. Those who have interacted
with the Russian ruler recently re-
port a changed personality: darker,
more aloof, and more short-tem-
pered and threatening. Still, we can’t
be sure that he is less risk-averse
than Mr. Biden because, before the
invasion, the Biden administration
announced that it wouldn’t risk war
with Russia if Ukraine was invaded,
which reduced Russia’s risk. As an
objective matter, Russia’s interest in
avoiding a conflict with the West is
equal to the West’s interest in avoid-
ing one with Russia. But so far Mr.
Putin has convinced the Biden ad-
ministration that he sees things dif-
ferently.
The current U.S. strategy doesn’t
eliminate risk; it merely pushes the
on
risk of conflict to a later stage and
time. And the insurgency scenario is
based on an inapt analogy. Unlike Af-
ghanistan, where rebel forces were
able to base themselves in neighbor-
us ,
l
e
al a
ci on
a population to surrender, which can
take months or even years, or using
overwhelming force—including air
power and heavy artillery—to
achieve a similar result faster. Taking
er s
a city has symbolic as well as strate-
gic value. Once the Syrian regime
m er
eradicated the last vestige of resis-
tance from eastern Aleppo (with the
help of Russian air power), the war
in Syria was all but over, as rebels
were pushed into a neighboring
m rp
province and lost their last urban
stronghold.
The use of siege tactics can make
humanitarian corridors a necessary
method for providing medical sup-
co Fo
plies, food and other nonlethal goods
as well as allowing civilians to leave.
Yet they are rife with abuse and
moral hazard, or sometimes simply
not enforced. Consider Sri Lanka.
The war there reached a crescendo in
spring 2009 near the northeast tip of
the island where a “no-fire zone”
was ostensibly imposed as a haven
for displaced Tamil civilians. Instead,
the Sri Lankan military bombed
away, wiping out the senior Tamil Ti-
ger leadership but killing tens of
n-
thousands of noncombatants in the
process.
vised its rules about the military
draft. College students had been
generally exempt. But in need of
more bodies, the government asked
universities for the names of stu-
dents in the bottom half of the class
to make them eligible for conscrip-
tion. At the University of Chicago,
students rebelled. In May 1966, al-
most 500 students shut down the
administrative building for several
days to protest the policy. This
raised the question of what position,
if any, the university should take on
the war in Vietnam.
To answer this question, President
George Beadle appointed a commit-
tee led by law professor Harry Kal-
ven Jr. The committee’s work, the
Kalven report, is a founding docu-
ment of the University of Chicago’s
commitment to open inquiry. The
bottom line is simple: Neither the
university nor any of its parts may
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OPINION
DAVID GOTHARD
ing Pakistan, Mr. Putin will never ac-
quiesce to the existence of sanctuar-
ies and support for Ukrainian
insurgents in neighboring states, in-
cluding NATO members.
His responses would likely include
positioning nuclear-tipped short-
and intermediate-range missiles in
Ukraine to target those states, at-
tacking the sanctuaries, pursuing re-
sistance forces across borders, and
brandishing nuclear weapons. He
would also surely instigate Russian
and other minorities in neighboring
states and equip them with weapons
to destabilize states allied with free
Ukraine. Mr. Putin used a similar
game plan in Ukraine’s Donbas re-
gion over the past few years and in
Georgia to destabilize Abkhazia and
South Ossetia before occupying them
in 2008.
For each of these actions, the U.S.
would face new dilemmas, forcing it
to reassess its appetite for risk.
Humanitarian corridors have a
mixed record at best. During the
siege of Sarajevo in the early 1990s,
the Red Cross and other relief organ-
izations suspended operations be-
cause the safety of their volunteer
workers couldn’t be secured. Ditto in
Syria, where Russian and Syrian
forces violated cease-fires and safe
Putin cynically promises
safe passage to civilians,
but it’s an excuse to
intensify shelling of cities.
passages designed to spirit out
trapped civilians. In Syria the use of
these corridors also led to a sort of
de facto ethnic cleansing, as the re-
gime’s violence forced out civilian
groups that were unfriendly to it—
such as Syrian Christians—and re-
placed them with demographics that
were more favorable to the govern-
ment, such as Sunni Muslims. This
forced cultural change as many of
those who fled (mostly to Idlib prov-
ince) never returned home. It was a
take any positions on matters of pub-
lic concern, unless they threaten the
university itself. According to the Ka-
lven report, “the university is the
home and sponsor of critics; it is not
itself the critic.”
Not taking official positions is es-
sential to a university’s mission as a
place where ideas and theories are
developed and tested. To succeed,
the report argues, “a university must
sustain an extraordinary environ-
ment of freedom of inquiry and
maintain an independence from po-
litical fashions, passions, and pres-
sures.” Perhaps someone on campus
has a dissenting view about the at-
tempted takeover of Ukraine, and of-
ficial positions might chill that view.
That view may be wrong, but it
should be proved so, not silenced.
University of Chicago political
scientist John Mearsheimer has ar-
gued for years that, by pushing the
Notable & Quotable: Sasse
Sen. Ben Sasse (R., Neb.) speaking
at a press conference after Ukrai-
nian President Volodymyr Zelensky’s
address to Congress Wednesday:
The question in the speech this
morning was, “Who are we going to
be?” We’re a superpower and Zel-
ensky challenged us to act like it.
Zelensky needs more. If it shoots,
we should ship it. More S-300s,
more Javelins, more drones, more
Stingers, more everything. This ad-
ministration is constantly giving
processed answers. . . . The adminis-
tration talks about this like it’s
somehow some nerd lawyer discus-
Would supporting Ukrainian insur-
gents and providing sanctuaries be
worth risking war with Russia?
Ukraine’s neighbors will demand to
know whether the U.S. would risk
nuclear war—possibly including at-
tacks against U.S. cities—to defend
them. Many would ask whether the
U.S. will defend sanctuaries when it
didn’t defend Ukraine, a country that
shares Western values and is fight-
ing heroically for them. All these de-
velopments would endanger NATO,
which in recent weeks has been revi-
talized.
What to do? The U.S. should re-
vise its strategy to set the stage for
negotiating a palatable solution be-
tween Russia and Ukraine. This will
require the U.S. to adjust its risk cal-
culus and help Ukrainians defend
themselves more effectively now—
for example by supporting the provi-
sion of Polish MiG-29 fighter jets to
Ukraine.
tactic that benefited the Syrian re-
gime more than civilians or rebels.
Russia doesn’t seem any less cyni-
cal about humanitarian corridors to-
day. The Kremlin offered humanitar-
ian corridors most of which
conspicuously lead to Belarus and
Russia—hardly neutral territory that
Ukrainian refugees would find safe. If
civilians reasonably choose not to
flee directly into enemy territory,
they face even more indiscriminate
shelling as Russia can then claim
they gave noncombatants a chance to
flee. That is what we are witnessing
now, as Russian forces begin their
barrage of civilian infrastructure like
apartment blocks and maternity
wards. Any cease-fire, even a limited
one, would also give Russia an op-
portunity to resupply and rearm,
something it desperately needs as
troops are reduced to looting occu-
pied territory for food.
For all their faults, these corridors
are still necessary. But they require
strict monitoring and enforcement
by outside parties, such as the Or-
ganization for Security and Coopera-
tion in Europe. The OSCE was al-
ready present in Ukraine’s eastern
regions to monitor cease-fires before
boundaries of the North Atlantic
Treaty Organization too far, America
would be partly to blame for a Rus-
sian invasion. There is a student pe-
tition on campus to silence him,
A university’s purpose
isn’t to rally support. It’s
to provide a haven for
debate, including dissent.
calling him a defender or an apolo-
gist for Mr. Putin’s war. But whether
Mr. Mearsheimer is right or wrong,
the Kalven report ensures that his
university won’t silence him. His
point of view will be tested in the
marketplace of ideas, not censored
by administrators.
Especially in an age of ideologi-
sion, not like it’s a moral battle be-
tween good guys and bad guys, and
we need the good guys to win. . . .
And the Ukrainians are fighting not
just for their kids, they’re fighting
for freedom. And he needs more and
we should give them more. And
right now the administration spends
all this time talking process, and
talking slow, and talking “Maybe, we
can help the Ukrainians lose a little
bit slower, maybe, maybe it could go
on longer before they lose.” What
the administration should be telling
us is what their plan is to help the
Ukrainians win. If it shoots, we
should ship it.
Thursday, March 17, 2022 | A21
Patrolling allied countries’ air
borders between Ukraine and Russia
can quarantine Russian aircraft. The
U.S. could even selectively defend
specific targets to deter Russian at-
tacks. Permitting Ukrainian aircraft
to use Polish bases with a U.S. troop
presence should also be considered.
Russia must begin to fear that subju-
gating Ukraine will risk a conflict
with the West.
As part of an adjusted strat-
egy, there should be a diplo-
matic initiative that addresses
legitimate Ukrainian and Rus-
sian concerns and strives to
find a fair accommodation. As
Henry Kissinger has said, Ukraine
should be neither a Western outpost
against Russia nor a Russian outpost
against the West. This will mean
Ukraine shouldn’t join NATO but
should be entitled to have strong de-
fense forces like several other Euro-
pean countries that aren’t in the alli-
ance. But Ukraine should join the
European Union as soon as possible.
It also must internally reconcile
its two parts, the Catholic and pro-
Western region in the west and the
Orthodox and pro-Russian region in
the east. An arrangement must be
worked out regarding Crimea. Fi-
nally, the world must commit to help
Ukrainian refugees return home and
rebuild Ukraine after a settlement is
made.
The current U.S. strategy has al-
ready failed Ukraine, but the worst
is yet to come. Russia has been
clumsy and has suffered for it, but
there is no indication that Mr. Putin
.
will back down and accept defeat.
For the sake of the Ukrainian people,
ly
who have sacrificed so much already,
the U.S. needs to do more to defend
them and also work with Ukraine,
Russia and others for a diplomatic
settlement.
Mr. Khalilzad was U.S. ambassa-
dor to the United Nations, 2007-09.
Russia invaded in February. As a neu-
tral arbiter, it can report violations
and hold Russia’s military account-
able even as unarmed observers by
publicizing violations. Civilians who
stay will also have to use their urban
surroundings—namely, underground
infrastructure—to their advantage.
Subway stations, tunnels, bunkers
and other below-ground structures
are a vital defenses against urban
bombardment. This is obviously not
a permanent solution. But it provides
some protection.
Sieges are brutal, and any oppor-
tunity for civilians to escape is vital.
But if the international community
doesn’t police the use of humanitar-
ian corridors, they will provide an
opportunity for even greater war
crimes.
Mr. Beehner is a former interna-
tional affairs fellow at the Council on
Foreign Relations and a director at
ReD Associates. Mr. Spencer, a re-
tired U.S. Army major, is chairman of
urban warfare studies at the Madi-
son Policy Forum and author of
“Connected Soldiers: Life, Leader-
ship, and Social Connections in Mod-
ern War,” forthcoming in July.
cal fads and Twitter mobs, we need
boundaries that protect the pursuit
of truth. Bad ideas will sometimes
have a home on campus. But the
risks to truth from kowtowing to
popular opinion are simply too
great.
In his statement condemning the
Russian invasion, Harvard’s president
noted that the Ukrainian flag would
fly over Harvard Yard and that “Har-
vard University stands with the people
of Ukraine.” In 1943, during another
war, the Supreme Court considered a
West Virginia statute that required
public-school students to salute the
American flag during the Pledge of Al-
legiance. In the decision striking down
the law, Justice Robert Jackson wrote
that “if there is any fixed star in our
constitutional constellation, it is that
no official, high or petty, can prescribe
what shall be orthodox in politics, na-
tionalism, religion, or other matters of
opinion.”
The Kalven report applies this
same idea. Scholars and students
should be free to think and say what
they believe rather than have to fol-
low the orthodoxy of university pres-
idents. If faculty and students want
to stand with Ukraine, that is their
right. Telling them that they must do
so is not only contrary to the mission
of universities, it is un-American.
Mr. Henderson is a law professor
at the University of Chicago.
Potomac Watch Podcast
Scan this code to
listen the latest
episode: Volodymyr
Zelensky’s Passionate
Plea To Joe Biden
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A22 | Thursday, March 17, 2022 A THE WALL STREET JOURNAL.

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BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4357.86 À 2.24% S&P FIN À 2.88%
Dow Rallies 519 Points After Rate Move
BY GUNJAN BANERJI
AND CAITLIN OSTROFF
Stocks climbed in a volatile
session and bond yields
jumped after the Federal Re-
serve said it would raise inter-
est rates for the first time
since 2018.
The S&P 500 finished the
day with strength to rise 2.2%.
The tech-focused Nasdaq Com-
posite advanced 3.8%, and the
Dow Jones Industrial Average
rose 518.76 points, or 1.55%.
The indexes initially pared
their gains after the Fed’s an-
nouncement before rebounding
during Chairman Jerome Pow-
ell’s news conference.
The rally continued in Asia
early Thursday, with Japan’s
Nikkei 225 up 3% and Hong
Starbucks share price since April 2017
$120
110
100
90
80
70
60
50
2018
*Globally, change from a year earlier
Schultz Returns as Starbucks CEO,
Saying Chain Needs to Revamp
BY HEATHER HADDON
Howard Schultz is returning
to lead Starbucks Corp. for a
third time, saying the company
he helped become the world’s
largest coffee chain needs to
reinvent itself once more.
Mr. Schultz, who built Star-
bucks from a handful of Seat-
tle-based coffee shops to a
global giant before retiring as
executive chairman in 2018,
will take over as CEO again in
April as the chain confronts ris-
ing costs, challenges in its Chi-
nese and Russian market, and
an expanding unionization push
among U.S. baristas. The com-
pany told investors Wednesday
that it aims to improve rela-
tions with its workers.
“Although I did not plan to
return to Starbucks, I know the
company must transform once
again to meet a new and excit-
ing future where all of our
stakeholders mutually flour-
ish,” Mr. Schultz said.
Starbucks last year recov-
ered in many markets from a
pandemic-driven sales slow-
down and aims to open more
than 20,000 new cafes around
MEDIA
ESPN signs a marquee
football broadcasting
duo as networks plan
shifts in talent. B3
Our software helps the military
run missions from space.
It can power your global
supply chain.
TECHNOLOGY: FOXCONN FORECASTS A TOUGHER YEAR AHEAD B4
S&P IT À 3.32%
* * * **
DJ TRANS À 5.51%
Kong’s Hang Seng Index up
4.4%. S&P 500 stock futures
were down 0.2%, however.
The Fed raised interest rates
by a quarter-percentage-point
as officials look to keep the
economy from overheating and
reduce inflation. New projec-
tions show that most officials
expect the fed-funds rate to
rise to at least 1.875% by year-
end and to around 2.75% by the
end of 2023. That implies a to-
tal of seven-quarter-percent-
age-point increases this year
and next year.
“It seems very much like
they wanted to send a message
that they’re fighting inflation
and they’re going to fight it
fast and get it under control ,”
said Kathy Jones, chief fixed-
income strategist at the
on
us ,
l
e
al a
ci on
er s
m er
m rp
Weekly
’19 ’20 ’21 ’22
co Fo
n-
no
Howard Schultz will run Starbucks day-to-day operations and
steer its innovation efforts, while helping select the new CEO.
the world by the end of the de-
cade, while shifting more busi-
ness toward drive-throughs and
other to-go formats.
Starbucks said Wednesday
that Kevin Johnson, the com-
pany’s CEO for the past five
years, will step down as CEO
and a director as of April 4. He
will continue in an advisory
role to the company and its
INSIDE
HEARD ON THE
STREET
With the Ukraine war,
coal stocks are
suddenly hot again. B12
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.55%
Schwab Center for Financial
Research.
In recent weeks, some inves-
tors had lowered their fore-
casts for rate increases this
year because of the Ukraine
crisis. The central bank is navi-
gating an unusually compli-
cated environment of a tight
labor market, supply disrup-
tions, spiraling inflation, Rus-
sia’s invasion of Ukraine and
Covid-19 lockdowns in China—
the latter two of which com-
pound inflationary and supply-
chain issues.
The Fed’s interest-rate in-
crease on Wednesday marks
the end of a historic wave of
stimulus enacted while the
Covid-19 pandemic was first
spreading through the U.S. The
pandemic halted a yearslong
Net profit/loss
$2.5 billion
2.0
1.5
1.0
0.5
0 –20
–0.5
–1.0
2017 ’18 ’19 ’20
Sources: FactSet (shares); S&P Capital IQ (profit/loss); the company (sales)
board through September.
Mr. Schultz, who preceded
Mr. Johnson and presided over
much of the chain’s expansion,
will serve as interim CEO and
will return to the company’s
board, Starbucks said. The
company didn’t say Wednesday
whether Mr. Schultz’s board
role will be temporary. As in-
terim CEO, Mr. Schultz will run
China Shares Jump on Beijing’s New Stance
BY REBECCA FENG
AND CLARENCE LEONG
Technology stocks led a re-
bound in Chinese stocks, with
some shares jumping more
than 30%, as investors seized
on supportive comments from
top Chinese economic policy
makers.
The intervention by Presi-
dent Xi Jinping’s economic
czar, Vice Premier Liu He, and
colleagues was aimed squarely
at several of investors’ biggest
concerns. It helped Chinese
stocks snap three days of heavy
losses, with Hong Kong’s main
2–YR. TREAS. yield 1.956%
bull market in stocks and
tipped the economy into a re-
cession.
The Fed’s stimulus helped
the economy bounce back
faster than many had expected
and drive the stock market to
new heights. Now, investors
face a different challenge: in-
flation that is at a 40-year
high. Some are even worried
about a looming recession.
The prospect of the Fed in-
terest-rate increases have
roiled markets for months. The
Nasdaq Composite is on track
for its longest bear market
since the financial crisis. The
S&P 500 is down around 10%
from its high.
Bond yields rose after the
announcement. The yield on
the benchmark 10-year Trea-
Comparable-store sales*
80%
60
40
20
0
–40
–60
’21 ’22 2017 ’18 ’19 ’20 ’21
Starbucks day-to-day opera-
tions and steer its innovation
efforts, while helping to select
and bring on board the chain’s
next permanent CEO, the com-
pany said.
Starbucks shares rose 5.2%
Wednesday to $87.41. Analysts
said that a new CEO could im-
prove investor sentiment to-
ward the stock, which has
TED S. WARREN/ASSOCIATED PRESS
trailed other restaurant com-
pany shares in recent months.
At Motley Fool Asset Man-
agement, a fund that owns
around 146,660 Starbucks
shares, investment analyst Ben
Wong said his firm is monitor-
ing the unionization campaign
for potential reputational dam-
age to the chain. “With Howard
stepping back in, that gives us
more confidence. These issues
are complex,” Mr. Wong said.
Starbucks was one of the
first American restaurant
chains to feel the pandemic’s
impact in its China market in
early 2020. As it closed cafes
during Covid-19 lockdowns,
Starbucks’s same-store sales
fell for the first time in more
than a decade.
Please turn to page B4
benchmark staging its biggest
single-day rally since the global
financial crisis.
Chinese stocks have sold off
sharply in recent days. Inves-
tors are concerned about a
range of issues, including U.S.
delistings, tensions with the
U.S., China’s intensifying battle
with Covid-19 and Beijing’s
long-running series of regula-
tory crackdowns.
Among other things, Chi-
nese officials said they would
introduce market-friendly poli-
cies and keep the capital mar-
ket running smoothly, said
Xinhua, China’s state news
Thursday, March 17, 2022 | B1
NIKKEI (Midday) 26542.83 À 3.03% See more at WSJ.com/Markets
sury note climbed to 2.192%
from 2.160% Tuesday. Yields
and prices move inversely. The
climb in bond yields reflects in-
vestors’ growing bets that Rus-
sia’s invasion of Ukraine won’t
slow the momentum toward
higher interest rates.
U.S. retail-sales data for
February showed increased
spending from the month prior
as households adapt to the
crosscurrents of a strong labor
market, falling coronavirus
cases and inflation running at
the highest annual rate in 40
years.
ly
Moves in the oil market
were muted as investors
Please turn to page B11
 Treasury investors dissect
increase in funds rate...........B11
Walmart Sets Goal
Of Hiring 50,000
By the End of April
BY SARAH NASSAUER
Walmart Inc. wants to hire
tens of thousands of workers
by the end of April as the
country’s largest private em-
’22 ployer pushes to expand its
retail and other businesses in
the midst of a tight labor
market.
The retail chain is seeking
around 50,000 workers in the
U.S. in the current quarter, the
company said, at a time of
year when many retailers pull
back on hiring following the
holiday shopping season.
Many of those workers will fill
store roles, but Walmart also
aims to add staff in new busi-
ness areas such as health and
wellness and advertising, said
Donna Morris, the company’s
chief people officer.
Walmart has around 1.6
million U.S. employees and 2.3
million globally.
Hudson’s Bay, Buyout
Firm to Bid for Kohl’s
BY CARA LOMBARDO
AND SUZANNE KAPNER
Private-equity firm Syca-
more Partners and Canada’s
Hudson’s Bay plan to submit
takeover bids for Kohl’s Corp.
that could value Kohl’s above
$9 billion, according to people
familiar with the matter.
The private-equity firm and
the department-store chain
plan to bid in the high $60s a
share for Kohl’s, which asked
suitors to submit offers by
Wednesday, the people said. It
agency. Participants at a meet-
ing chaired by Mr. Liu also
said any policy that could
move markets should be devel-
oped in coordination with fi-
nancial regulators, Xinhua re-
ported.
The report, published dur-
ing Wednesday trading hours
in Hong Kong, helped push the
city’s flagship Hang Seng In-
dex up 9.1%, its largest one-
day percentage increase since
late 2008. The index rose a
further 5% early Thursday.
The Hang Seng Tech Index
jumped 22%, clawing back
most of its losses from the
ADVERTISEMENT
Index performance
Wednesday
4.0% Nasdaq Composite
S&P 500
Dow Jones
Industrial Average
3.0
2.0
.
1.0
0 Five-minute intervals
10 a.m.
Source: FactSet
noon 2 p.m. 4
Walmart is working to re-
vamp its hiring and human-re-
sources strategy and image to
give priority to workers’ men-
tal health and digital skills.
The goal is to make Walmart a
place where people feel they
can build a long-term career,
said Ms. Morris.
“People are reassessing
their lives, and we want to be
in consideration when people
are determining where they
want to go and where they
want to stay,” she said.
Retailers including Walmart
have been seen as places to
get an entry-level, low-paying
job, according to research
from consultants that Walmart
executives have cited as a
challenge for the industry.
Walmart added roughly
100,000 employees to its
world-wide workforce in the
year ended in January. The
Please turn to page B2
couldn’t be learned whether
other suitors plan to bid.
A deal is far from guaran-
teed. Kohl’s has indicated to
suitors it believes the com-
pany is worth over $70 a
share, one of the people said.
Kohl’s shares jumped
Wednesday morning after Axios
reported Hudson’s Bay was con-
sidering a bid, and rose further
following The Wall Street Jour-
nal’s report. They closed up
over 17% at around $63 a share.
A Kohl’s spokeswoman said
Please turn to page B2
past three sessions, with sec-
tor heavyweights Alibaba
Group Holding Ltd. and Ten-
cent Holdings Ltd. jumping
27% and 23%, respectively.
In the Chinese mainland
markets, benchmark indexes in
Shanghai and Shenzhen gained
3.5% and 4%, respectively.
U.S.-listed shares of Chinese
companies also staged a rally
Wednesday, with Alibaba’s U.S.
stock rising 37%, JD.com Inc.
climbing 39% and Tencent
Music Entertainment Group
jumping 29%.
The Nasdaq Golden Dragon
Please turn to page B11
 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 | Thursday, March 17, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Foxconn Technology
Alibaba........................B1
Alphabet....................B10
Amazon.com
.................B2,B3,B10,B12
Apple..................A14,B10
Arch Resources.........B12
Atlas Air....................B12
B Great Wall Motor.....B11
Bank of America.......A13
Barclays.....................B11
BigCommerce............B12
Boxed.........................B12
Burlington Stores.......B2
BYD............................B11
C Li Auto ...................... B11
Canadian Pacific
Railway ..................... B2
Coca-Cola .................. A13
Comcast.......................B3
Costco Wholesale
............................. B2,B12
D-F
DHL............................B12
FedEx.........................B12
Fisker...........................B4
Fox...............................B3
INDEX TO PEOPLE
B
Buffet, Warren ......... B11
C
Creel, Keith.................B2
F
Farooqi, Rubeela.........A2
G Syngal, Sonia..............B2
Garnry, Peter ............ B11
Gass, Michelle.............B2
H N
Hobson, Mellody.........B4
Holmes, Elizabeth ...... B3
Huang, Chieh.............B12
J P
Johnson, Kevin............B1
Walmart
Sets Goal
For Hiring
Continued from page B1
company said it hired 5,500
pharmacists and pharmacy
managers in the U.S. last year,
the most in company history,
to help augment its health-
care-services business while
pharmacies doubled as
Covid-19 vaccination hubs. It
hired 4,500 truck drivers to
help ease supply-chain snarls
and support a growing e-com-
merce business, also a com-
pany annual record. Walmart’s
technology organization in-
creased its head count by
about 26%.
Walmart hired large num-
bers of hourly workers for
stores and warehouses
throughout the pandemic to
keep shelves stocked and meet
rising demand for household
goods. Some of those large
hiring pushes were because
“we had people out, we had a
workforce that needed to be
augmented,” said Ms. Morris.
The current hiring push is also
about filling other roles in the
organization, she said.
A range of companies, from
retailers and warehouse oper-
ators to restaurants and facto-
ries, have struggled to hire
enough workers over the past
year. Job openings remain
near record highs, according
to data from the U.S. Labor
Department. There were 11.3
million job openings in Janu-
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
P
............................. A14,B4 PayPal........................B11
G Peabody Energy........B12
Geely Automobile.....B11 R
Glencore .................... B12
Ross Stores.................B2
GoDaddy....................B12
Goldman Sachs.........A13 S
Grab.............................A2 Shopify......................B12
Starbucks...............A1,B1
H Stellantis.....................B4
Hudson's Bay.........B1,B2 Sycamore.....................B1
K T
Tencent........................B1
Kohl's...........................B1
Tesla...........A14,B10,B11
L Toyota Motor............A13
U
M United Parcel Service
McDonald's ................. A1 ...................................B12
Meta Platforms........A16
W
MARIO ANZUONI/REUTERS
Microsoft ............. B4,B10
N-O Walmart......................B1
Walt Disney................B3
News Corp...................B3 Whitehaven Coal ...... B12
NIO ............................ B11 Wix............................B12
Nutrien........................B2
Nvidia.................B10,B11 X-Z
Ocado.........................B12 XPeng........................B11
OVH.............................B4 Zillow ........................ A15
Ross Stores’ CEO said, ‘We see more potential opportunities in front of us from closeouts.’ A Ross Dress for Less in Pasadena, Calif.
Jones, Kathy...............B1
K
R
Rentler, Barbara ......... B2
Apparel Discounters Relish
Kilar, Jason ................. B3
Kwik, Elizabeth.........B11
L
Liu, Young...................B4
M
S
Schultz, Howard ......... B1
Schwieterman, Joseph
...................................B12
Sindering, Christian..B10
Retailers’ Supply-Chain Woes
Misra, Priya...............B11 T BY LYDIA O’NEAL even in the country.” Inventories-to-sales ratio for rent market and expand brand
Morris, Donna.............B1 The opportunities for bar- U.S. retailers access.”
Tym, Matthew..........B11
The supply-chain bottle- gain buys are the result of a The cluster of ships waiting
W 1.7 times
Natzkoff, Plamen......B12 necks that have hobbled big pattern in the retail sector in to unload at the Southern Cali-
Williams, Mark.........A14
O Wong, Ben .................. B1 retailers are proving to be a which big-brand stores sell ex- fornia ports has been shrinking
Olsavsky, Brian...........B2 Wong, Ken.................B11 boon for off-price apparel sell- cess inventories, particularly 1.6 this month, but delays have
Z ers. clothing that is past its selling cropped up at other ports.
Pollack, Gary.............B11 Zucker, Jeff.................B3 Executives at discount season, to discount chains like 1.5 Freight forwarder Flexport Inc.
stores, including Burlington T.J. Maxx and Marshalls or recently estimated it still takes
Stores Inc. and Ross Stores shift the items to outlet stores more than 100 days to move a
1.4
.
Retail sector job openings Inc., say their buyers have been
snapping up late-arriving
at steep price reductions. Dur-
ing the pandemic, the rush by
container from Asia to a U.S.
destination through the West
ly
and hires
clothing and other goods as retailers to restock inventories 1.3 Coast, up from fewer than 50
Job openings Hires
1.2 million
on their full-price counterparts
cope with backlogs at con-
gested U.S. ports.
has swamped major gateways
like the ports of Los Angeles
and Long Beach and triggered
1.2
days two years ago.
Many retailers have pulled
forward orders and big mer-
1.0
Ross Stores has been “able
to capitalize on the volatility in
the supply chain,” including
big delays in deliveries.
“Disruption creates a unique
buying opportunity for off-
1.1
chants have chartered ships to
get around the bottlenecks,
and the delays threaten to
0.8 stocks of apparel held for spe- price retailers, primarily for leave spring merchandise in
us ,
1.0
cific selling seasons, said Ross packaway inventory,” Bank of limbo.
l
2017 ’18 ’19 ’20 ’21 ’22
0.6 Stores Chief Executive Barbara America analysts Lorraine Gap Inc. CEO Sonia Syngal
e
al a
Rentler during the company’s Hutchinson and Melanie Nuñez Source: U.S. Census Bureau said during the retailer’s March
March 1 earnings call. wrote in a Feb. 1 research note. 3 earnings call that West Coast
0.4 “We see more potential op- “As the supply chain disrup- chandise availability for Saks port holdups and the shutdown
ci on
portunities in front of us from tions persist, full-price retail- OFF 5th,” a discount retail last year of Vietnamese facto-
0.2 closeouts,” Ms. Rentler said. ers will need to decide whether chain owned by Hudson’s Bay ries created delays of eight to
“There’s a lot of that merchan- or not to accept late orders.” Co., a spokesperson said. “Our 10 weeks for its seasonal mer-
dise that vendors are still mov- The supply-chain issues team has a significant ability chandise. The company de-
0
ing [that] is not necessarily “have presented unique mer- to be opportunistic in the cur- clined to comment further.
er s
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22
Note: Jan. 2022 data are preliminary
m er
Source: Labor Department
tion support program to fully
cover tuition and books at
Canadian Pacific Threatens a Lockout
some colleges, a move the BY JACQUIE MCNISH more than 3,000 Canadian Pa- creased after sanctions blocked A Teamsters spokesman
m rp
company said helped increase cific employees. The union supplies of the commodity couldn’t be reached for com-
the number of employees us- Canadian Pacific Railway seeks wage, pension and bene- from Russia and Belarus. ment.
ing the benefit by 44%. Ltd. said it would lock out em- fits improvements. Keith Creel, Canada Pacific’s Canadian fertilizer company
In September it raised mini- ployees on Sunday if the union A lockout or possible strike chief executive, said the lock- Nutrien Ltd., the world’s larg-
mum starting wages to $12 per representing train conductors action by the union would out was called to reach an est producer of potash, said
co Fo
hour and now says starting and engineers fails to negotiate strand large volumes of ship- agreement with the union and Wednesday that it plans to in-
wages have gone up to $30 in a new contract or agree to ments of commodities and end uncertainty for suppliers crease potash production this
some regions for some roles. binding arbitration. manufacturing and consumer and consumers. year by about one million met-
Its average wage is around The railway has been in con- goods. The strike also would “The world has never ric tons to about 15 million
$16.40. Walmart also reduced tract discussions or mediation delay shipments of fertilizer needed Canada’s resources and metric tons. It said a strike at
the time it takes an hourly since September with the such as Canadian potash before an efficient transportation sys- Canadian Pacific could have a
worker to be hired to about 24 Teamsters Canada Rail Confer- the spring planting season. De- tem to deliver them more than significant impact on global
hours, down from a few weeks, ence, the union representing mand for Canada’s potash in- it does today,” Mr. Creel said. agricultural supply chains.
an increasingly common focus
for employers hiring large
numbers of workers. It also
started offering telehealth
medical and mental-health ser-
Companies ADVERTISEMENT
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n-
vices to employees free.
Target said last month that
it wants to be “a wage leader
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in every market where it oper-
For Kohl’s COMMERCIAL REAL ESTATE
no
ates,” including raising start-
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gesting it could pay around
$65 a share. Oak Street Real
Estate Capital LLC has also
been named as a possible bid-








THE MARKETPLACE ADVERTISE TODAY
der for Kohl’s real estate.
  
 
 (800) 366-3975 | sales.mart@wsj.com

 


The Kohl’s board in Febru-  
ary said the indications of in-   
The retailer raised its minimum starting wages to $12 an hour. An terest it received undervalued 
  © 2022 Dow Jones & Company, Inc. All Rights
employee unloads groceries for home delivery in Arkansas. the company.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Chris Cuomo Seeks
$125 Million Payout
In Claim vs. CNN
BY BENJAMIN MULLIN
Former CNN anchor Chris
Cuomo is seeking at least $125
million from his old employer,
claiming the network wrong-
fully terminated him and
smeared his journalistic integ-
rity in the process.
Mr. Cuomo contends he is
owed at least $15 million in
salary and bonuses because of
the network’s decision to fire
him without cause, in violation
of his contract, according to
an arbitration demand filed
with dispute-resolution pro-
vider JAMS on Wednesday. He
was fired by CNN in December
after an investigation into his
efforts to help his brother,
New York Gov. Andrew Cuomo,
respond to allegations of sex-
ual harassment.
Mr. Cuomo is also owed at
least another $110 million in
damages stemming from the
network’s failure to prevent
employees from disparaging
him, the complaint said.
“As a result of [CNN par-
ent] Turner’s indefensible
choice to unceremoniously fire
him, Cuomo has been damaged
in countless ways,” the arbi-
tration demand said. “Cuomo
has had his journalistic integ-
rity unjustifiably smeared,
making it difficult if not im-
possible for Cuomo to find
similar work in the future and
damaging him in amounts ex-
ceeding $125 million.”
Deadline earlier reported
on Mr. Cuomo’s arbitration de-
mand.
In the arbitration demand,
Mr. Cuomo said CNN execu-
tives, including former network
President Jeff Zucker and for-
mer CNN Chief Marketing Offi-
cer Allison Gollust, were aware
of his efforts to aid his brother,
which the complaint said didn’t
violate the company’s stan-
dards and practices.
“It should by now be obvi-
ous that Chris Cuomo did not
lie to CNN about helping his
brother,” Chris Cuomo’s law-
Theranos Fraud Trial Delayed for Health Precaution
BY HEATHER SOMERVILLE
SAN JOSE, Calif.—The crim-
inal-fraud trial of former Ther-
anos Inc. executive Ramesh
“Sunny” Balwani was delayed
Wednesday when a federal
judge sent a packed courtroom
home as a health precaution,
citing a Covid-19 exposure.
Government prosecutors
were scheduled to make their
opening salvo in the case
against Mr. Balwani, the former
top deputy at defunct blood-
testing company Theranos, just
more than two months after
no
yer, Bryan Freedman, said.
The 32-page arbitration de-
mand, signed by Mr. Freed-
man, also claims that Mr.
Zucker and Ms. Gollust ad-
vised then-Gov. Andrew
Cuomo by providing him with
talking points to respond to
statements made by then-
President Donald Trump. It
also says that Mr. Zucker and
Ms. Gollust demanded priority
Covid-19 testing from Gov.
Cuomo’s office in mid-March
2020—“demands that the ad-
ministration felt it had no
choice but to fulfill given
Zucker and Gollust’s power
over [Chris] Cuomo’s career.”
A spokesman for Andrew
Cuomo declined to comment.
Andrew Cuomo, who has de-
nied touching anyone inappro-
priately, resigned as New York
governor in August after an in-
vestigation by state Attorney
General Letitia James found he
had sexually harassed women.
WarnerMedia, the AT&T Inc.
unit that oversees CNN, de-
clined to comment. A spokes-
man for Mr. Zucker and Ms.
Gollust declined to comment.
Mr. Zucker said during a De-
cember CNN employee town
hall after Chris Cuomo was
fired that he hadn’t been aware
of the full extent of the ex-an-
chor’s efforts to aid his brother.
Mr. Zucker resigned last
month, citing his failure to
disclose a consensual romantic
relationship with Ms. Gollust.
Ms. Gollust resigned later in
the month. On the day of Ms.
oncant investments they have
Gollust’s resignation, Warner-
us ,
Media Chief Executive Jason
l
Kilar told employees that an
e
al a
investigation had determined
Ms. Gollust, Mr. Zucker and
Chris Cuomo had violated
ci on
company policies. A spokes-
man for Chris Cuomo said in
response to Mr. Kilar’s memo
that Mr. Zucker’s exit was
“never about an undisclosed
er s
relationship,” while Ms. Gol-
lust said at the time that the
m er
Kilar memo was an “attempt
to retaliate against me.”
m rp
winning a fraud conviction
against the company’s founder,
co Fo
Elizabeth Holmes.
Mr. Balwani, who is also the
ex-boyfriend of Ms. Holmes,
faces a dozen counts of wire
fraud and conspiracy to com-
mit fraud. Mr. Balwani has
pleaded not guilty to the
charges.
Ms. Holmes, Theranos’s
chief executive officer who
started the company as a
Stanford University dropout,
was convicted in January on
n-
four counts of criminal fraud
tied to lies she told to inves-
BUSINESS NEWS
Joe Buck and Troy Aikman were hired away from Fox Sports to host ‘Monday Night Football,’ which ESPN is paying 35% more to carry.
ESPN Signs Game-Calling Duo
As Networks Plan Talent Shifts
BY JOE FLINT
AND LILLIAN RIZZO
National Football League
stars such as Russell Wilson
and Khalil Mack aren’t the
only ones switching teams this
spring.
Television networks and
streaming services are com-
peting to sign up big-name
broadcasting talent in an at-
tempt to increase viewership
and help recoup the signifi-
made to acquire NFL rights.
Walt Disney Co.’s ESPN
hired Joe Buck and Troy Aik-
man from Fox Corp.’s Fox
Sports and will have them
host “Monday Night Football,”
the network said Wednesday.
As part of a multiyear deal
starting this coming season,
ESPN will pay 35% more to
carry the Monday games.
The deal will make Mr. Aik-
man one of the highest-paid
NFL color commentators, put-
ting him in the same league as
CBS analyst Tony Romo’s $17.5
million annual salary, people
familiar with the deal said.
tors about her company’s
technology and business oper-
ations. She will be sentenced
in September.
The trial, which has faced
delays because of the pan-
demic, was dealt another set-
back when U.S. District Judge
Edward Davila announced to
the courtroom that someone
who had been in court Tues-
day for jury selection had con-
tact with another person who
had tested positive for Covid.
The person who had been in
court tested negative for the
virus, Judge Davila said.
“When you have the oppor-
tunity to bring in the iconic,
longest-running NFL broad-
casting duo, you take it, espe-
cially at a time when we are
on the cusp of a new era in
our expanding relationship
with the NFL,” ESPN Chairman
Jimmy Pitaro said.
Amazon.com Inc., which will
be the exclusive home of
“Thursday Night Football” be-
ginning this fall, is near a deal
to land Al Michaels, the dean of
sports broadcasters, people
close to the situation said. Mr.
Michaels’s deal with NBC to call
“Sunday Night Football” expired
this past season. Kirk Herb-
streit, an ESPN college-football
analyst, is expected to join Mr.
Michaels in the Amazon booth,
some of the people said.
“These companies made
huge commitments to the NFL,
and they are investing in their
brands. Having the best people
makes a lot of sense,” said
sports-media consultant Pat-
rick Crakes.
At Comcast Corp.’s NBC,
Mike Tirico, who had been an-
choring the pregame show
“Out of an abundance of
caution,” the judge said,
“we’re going to take a break
today.”
Mr. Balwani’s trial was pre-
viously scheduled to start in
January, and then February,
but was pushed out to mid-
March due to the surge in
cases from the Omicron vari-
ant. Ms. Holmes’s trial simi-
larly had a hiccup when after
just one day of testimony, a ju-
ror said he may have had a
Covid exposure, prompting the
court to cancel a day of trial.
Opening statements in Mr.
Thursday, March 17, 2022 | B3
“Football Night in America”
and filling in for Mr. Michaels
on occasion, is expected to take
over full-time duty this fall,
people familiar with the matter
said. Cris Collinsworth is ex-
pected to remain the color com-
mentator, they said. Although
the 77-year-old Mr. Michaels
has expressed no desire to re-
tire, NBC had promised his slot
ly
to Mr. Tirico, the people said.
At Fox, announcer Kevin
Burkhardt is expected to step
into Mr. Buck’s shoes as lead
play-by-play caller for the net-
work’s Sunday afternoon pack-
age of NFL games, people
close to the network said.
Among the network’s color an-
alysts who could potentially
succeed Mr. Aikman in the
network’s big game booth is
Greg Olsen, people familiar
with the matter said.
Fox is also facing bigger
bills to carry the NFL. Starting
in the 2023 season, its annual
rights fee will roughly double
to more than $2 billion. Fox
Corp. and Wall Street Journal
parent News Corp share com-
mon ownership.
Balwani’s trial were pushed
back already this week be-
cause of extended juror ques-
tioning. Part of the challenge,
particularly for the defense,
was that many jurors said they
had followed Ms. Holmes’s
closely covered trial in the
news, and some said they
were aware of the guilty ver-
dict in her case and of her ro-
mantic relationship with Mr.
Balwani.
Many said they had watched
a recently released and well-
advertised television series
based on Theranos on stream-
LYNNE SLADKY/ASSOCIATED PRESS
In exchange for Fox letting
Mr. Buck out of his deal early,
ESPN is in discussions to com-
pensate Fox that could include
trading the rights to one Big
Ten college-football game to
the network, a person familiar
with the matter said.
The game has yet to be dis-
.
closed, but ESPN executive
Burke Magnus took to Twitter
last week to make clear that
the high-profile Notre Dame
versus Ohio State game on
Sept. 3 wasn’t on the table.
The “Monday Night Foot-
ball” booth has been through
several changes in recent years.
Mr. Michaels had anchored
ABC’s “Monday Night Foot-
ball” telecast for years, but
when it moved to ESPN in
2006, he joined NBC’s “Sunday
Night Football.” Mr. Tirico and
Jon Gruden were among the
top names anchoring “Monday
Night Football” from its shift
to ESPN until 2015. The pro-
gram has had many anchors
since, including, most recently,
ESPN play-by-play commenta-
tor Steve Levy and former NFL
quarterback Brian Griese.
ing service Hulu.
“If you had a close family
member who was on trial,
would you want a juror seated
who had learned the things
that you learned from the
Hulu show?” Jeffrey Cooper-
smith, Mr. Balwani’s lawyer,
asked a prospective juror.
Watch a Video
Scan this code
for a video on
what to expect
at the ‘Sunny’
Balwani trial.
 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 | Thursday, March 17, 2022
Foxconn Sees
Bumpy Road
For Business
iPhone assembler
says war, pandemic
and inflation clouds
full-year outlook
BY YANG JIE
Foxconn Technology Group,
Apple Inc.’s biggest iPhone as-
sembler, forecast a more chal-
lenging operating environment
this year, citing the fallout on
global supply chains from the
prolonged pandemic, geopoliti-
cal events and inflation.
The company also said
Wednesday that it has re-
started some production at its
factories in the southern Chi-
nese city of Shenzhen after a
coronavirus outbreak led it to
suspend operations there ear-
lier this week.
Young Liu, Foxconn’s chair-
Microsoft Faces EU Complaint
BY AARON TILLEY
AND KIM MACKRAEL
A French cloud-computing
company filed an antitrust
complaint in Europe against
Microsoft Corp., adding to re-
cent criticism of the competi-
tive practices at a company
that largely avoided the recent
regulatory scrutiny aimed at
rival technology giants.
OVHcloud said it filed the
complaint with the European
Commission, the European
Union’s top competition regu-
lator. The complaint focuses
on the way Microsoft licenses
its products, such as its Office
productivity suite, that may
make it more expensive to use
cloud services that compete
with Microsoft’s Azure cloud,
people familiar with the com-
plaint said.
The complaint, which OVH-
cloud filed last summer but
hasn’t previously been re-
ported, alleges Microsoft’s
software doesn’t work as well
on other cloud services, mak-
ing it harder for them to com-
pete, the people said.
“Through abusing its domi-
nant position, Microsoft un-
dermines fair competition and
limits consumer choice in the
cloud computing services mar-
ket,” said a spokeswoman for
OVHcloud, whose formal name
is OVH Groupe SAS.
A Microsoft spokesman
wouldn’t confirm whether the
company was notified of the
complaint, but said European
cloud companies are building
successful businesses using
no
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THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Foxconn Technology Group
annual net profit
NT$150 billion
120
90
60
JUSTIN SULLIVAN/GETTY IMAGES
30
man, said it could take months
for a clearer picture to emerge
in terms of where the global
0
2012 ’15 ’21
supply chain is headed, given
various volatile factors. While Note: NT$1 billion = $35.1 million
the impact from the continu- The company that contracts to build Apple devices said it gained last year robust demand. Sources: S&P Capital IQ; the company
ing war in Ukraine is limited
for Foxconn, potential infla- Taiwan-based Foxconn, for- contract manufacture is ex- environment for factory staff Changchun.
tion resulting from it could mally known as Hon Hai Pre- pected to stay strong. The to work in. Under such pan- The iPhone assembler has
push up costs and impose pain cision Industry Co., reported company is forecasting reve- demic-control rules, staff have sought to diversify its business
on the global supply chain, he that full-year net profit last nue to stay mostly flat this to work, travel and live within beyond products from the Cu-
said in an earnings call year rose 37% to a record year. the factory campus and cannot pertino, Calif., tech giant in re-
Wednesday. NT$139.3 billion, equivalent to Separately, Foxconn said leave the site, according to the cent years. It made a recent
Companies have struggled $4.9 billion, thanks to robust Wednesday that it would re- Shenzhen government. foray into manufacturing elec-
with higher raw-material demand for consumer elec- sume production at its campus The company suspended op- tric vehicles, signing partner-
prices and supply-chain dis- tronics and cloud and network- in Shenzhen, where the world’s erations at its Shenzhen cam- ships with auto makers such as
ruptions as the Covid-19 pan- ing products. Still, net profit largest contract manufacturer puses on Monday after the city Jeep and Chrysler maker Stel-
demic, now into its third year, fell by 3% in the October-De- employs tens of thousands of went into a one-week lock- lantis NV and electric-vehicle
has led to production bottle- cember quarter from a year workers producing iPads and down, leading to the closure of startup Fisker. On Wednesday,
necks and shortages of critical earlier. computers as well as some public premises such as gyms Mr. Liu said Foxconn is ramp-
components, such as semicon- Mr. Liu said he was “cau- iPhones. and bars and a halt to bus and ing up its efforts to manufac-
ductors. Russia’s invasion of tious but still positive” about Foxconn said it was given subway services. ture electric vehicles and plans
Ukraine has only exacerbated Foxconn’s own outlook this the green light to do so by lo- Covid-19 outbreaks have to expand into the vehicle-bat-
the troubles, with ports in year as demand for the latest cal authorities after the com- also resulted in production tery industry.
Ukraine closed and oil and smartphones and cloud and pany promised to follow local shutdowns in other major Chi- —Kosaku Narioka
commodity prices spiking. networking products that they rules to set up a bubble-like nese industrial hubs, such as contributed to this article.
SEC Drafts Proposals
On Cyber-Risk Control
.
Microsoft is bundling cloud
products in an anticompetitive
ly
manner. In 2020, San Fran- BY JAMES RUNDLE rules. It also followed a series
cisco business-messaging app of SEC enforcement actions
Slack Technologies Inc. com- Companies, and their against financial firms for
OVHCLOUD/AGENCE FRANCE-PRESSE/GETTY IMAGES
on plained to the EU about Micro-
soft’s bundling of its Teams
workplace-collaboration prod-
uct with its Office software.
boards, are facing stiffer ex-
pectations from financial regu-
lators when it comes to secur-
ing their digital defenses.
their flawed disclosures of cy-
bersecurity incidents.
Former SEC officials say the
proposals also put new burdens
Last year, German cloud-stor- The U.S. Securities and Ex- on directors, requiring compa-
us ,
age company Nextcloud made change Commission issued nies to explain in detail how
l
a complaint to the EU about two proposals in recent weeks boards oversee cyber risk.
e
al a
Microsoft’s bundling of its that, if enacted as written, The agency wants compa-
OneDrive storage product with would substantially complicate nies to disclose which, if any,
its Windows operating system. how thousands of companies of their board directors have
ci on
After Nextcloud went public track, handle and report cy- cybersecurity backgrounds,
with its complaint, the company berattacks.
created a coalition of other Eu- Under the SEC’s proposals,
OVHcloud filed the complaint in Europe. One of its data centers. ropean companies and nonprof- certain financial firms and
its calling Microsoft out. listed companies must report
The proposals
er s
Microsoft products. EU sued the company for its The EU is completely legis- cyberattacks to the regulator, would complicate
“Cloud providers enjoy business practices. lation that would designate create detailed plans for re-
how companies
m er
many options to provide cloud Most of the government several large U.S. companies, sponding to hacks and explain
services to their customers us- scrutiny has targeted the including Microsoft, as gate- how they manage cybersecu- handle attacks.
ing Microsoft software, other four big U.S. tech com- keepers that would need to rity at all levels.
whether purchased by the cus- panie—Facebook-owner Meta abide by new rules for how The proposals are the first
tomer or the partner,” the Mi- Platforms Inc., Google-parent they deal with competitors time the agency has specifi-
m rp
crosoft spokesman said. “We’re Alphabet Inc., Apple Inc. and and consumers. A second pro- cally outlined what it expects and to explain their expertise
continuously evaluating how Amazon.com Inc. A 2020 re- posed law seeks to force tech from companies it regulates, in detail. This includes any
we can best support partners port by the U.S. House Anti- companies to do more to po- which have had to comply prior careers in cybersecurity,
and make Microsoft software trust Subcommittee aimed its lice online content. with a patchwork of cyber academic qualifications or
available to customers across 16-month inquiry at the mar- The fresh complaints against provisions in various technol- other related skills. Addition-
co Fo
all environments, including ket power of those other four Microsoft are coming as it is ogy- and data-protection rules. ally, the SEC wants companies
those of other cloud providers.” companies, not Microsoft. seeking approval for one of its The proposals are “long over- to report whether the board is
OVHcloud said the com- European policy makers largest deals ever, with the $75 due,” said Anthony Caiafa, responsible for cyber risks,
plaint was filed jointly with and lawmakers moved recently billion acquisition of Activision chief technology officer at how frequently it is informed
several companies. It wouldn’t to more closely regulate the Blizzard Inc., which is facing fund administrator SS&C about those risks and how it
name the other companies. cloud market. Even though Mi- scrutiny from regulators. Technologies Inc. weighs cybersecurity as part
As governments around the crosoft doesn’t have a domi- On Thursday, Microsoft SEC Chairman Gary Gensler of its regular discussions.
world have gone after big tech nant cloud market share, there President Brad Smith is sched- had indicated for months that Cybersecurity firm Code42
companies, Microsoft hasn’t is a concern about the com- uled to meet with Margrethe new proposals regarding cy- Software Inc.’s annual survey
been at the center of atten- pany bundling its strength in Vestager, the EU’s digital-pol- bersecurity and governance of 700 cyber and technology
tion. The company has posi- areas like business applica- icy and antitrust czar. The Eu- were in the works, and the executives in February found
tioned itself as having learned tions with its fast-growing ropean Commission said the flurry of rule making landed that 91% of respondents said
from its own antitrust battles cloud business. meeting would take place on- after lawmakers from both their boards need a better un-
n-
two decades ago when the Two other recent com- line and cover “issues within major parties urged Mr. Gen- derstanding of internal cyber-
Justice Department and the plaints in Europe alleged that the digital portfolio.” sler in writing to institute new security threats.
BUSINESS NEWS
Newsweek
Starbucks ize, and since late 2021, six lo-
cations have voted for repre-
sentation by the Starbucks
Executive
NICK KING/LANSING STATE JOURNAL/USA TODAY NETWORK/REUTERS
Workers United union.
Mr. Schultz traveled to Buf-
falo, N.Y., last year to address
Steps Down Starbucks workers in person
before the first cafes voted on
unionization. During a roughly
hourlong address, Mr. Schultz
Continued from page B1 spoke about the chain’s found-
In June 2020, the company ing and modern-day operations.
Reg. $24999 | SALE $19999 sped up plans to permanently Several Starbucks investors,
close hundreds of U.S. stores to together representing more
pave the way for more to-go than $1 billion worth of Star-
and drive-through locations. bucks shares, asked the com-
Starbucks recorded $29.1 bil- pany Tuesday to cease any an-
lion in sales for its last fiscal tiunion communications with
year, up from $22.4 billion in employees and adopt a policy
2017 after Mr. Johnson took of neutrality toward workers
over. seeking to organize. The effort
Starbucks’s shares were Starbucks was among the first chains to feel the pandemic’s impact. was led by Trillium Asset Man-
down 24% in the past 12
months through Tuesday’s
market close, while a Standard
heads his family’s foundation
and is involved in philanthropy.
bucks experience for our part-
ners and customers,” Mr.
agement, which says it focuses
its investing on environmental,
social and governance matters.
& Poor’s index of restaurant
stocks had declined 5% during
Starbucks board Chair-
woman Mellody Hobson said
Schultz said.
Starbucks said in a filing
Ms. Hobson said Wednesday
that the company recognizes
the same period. Wall Street Mr. Schultz isn’t expected to Wednesday it will pay Mr. baristas’ right to organize and
analysts have said that rising stay permanently. She expects Schultz a dollar in base salary that it is negotiating with Star-
wage, training, supply and Mr. Schultz to maintain the and allow him to participate in bucks Workers United in good
other costs are likely to weigh company’s culture as it transi- the company’s employee-bene- faith.
on Starbucks’s profit in the tions to a new leader and to fit plans. He won’t receive She said the company
near term. voice his opinions. other compensation or bene- couldn’t commit to avoiding di-
Mr. Johnson has said that “We want the full deal,” said fits, Starbucks said. rect communications with its
spending on more wages and Ms. Hobson, who has described Starbucks has faced the employees on the subject.
benefits will improve the com- Mr. Schultz as a friend and most serious U.S. unionization “We want a constructive re-
pany’s long-term performance. mentor. drive in its history in the past lationship with the union,” Ms.
Mr. Schultz, 68 years old, Mr. Schultz said that he felt year as some workers have agi- Hobson said.
served as Starbucks CEO from a responsibility to help when tated for better pay and condi- Starbucks said last year it
1987 until 2000 and returned in called to return back to Star- tions. would boost barista pay. A
2008 as the company sought to bucks. Mr. Johnson has appealed to wage increase now under way,
improve its performance. Mr. “With the backdrop of Covid workers to let the company along with two previously an-
Schultz, who remained on Star- recovery and global unrest, it’s maintain its direct relationship nounced increases, were slated
bucks’s board until 2018 and critical we set the table for a with them. More than 130 of to constitute an additional $1
flirted with a run for U.S. presi- courageous reimagining and re- Starbucks’s 9,000 U.S. company billion in spending on employ-
dent as an independent in 2019, invention of the future Star- cafes have petitioned to union- ees.
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THE WALL STREET JOURNAL. Thursday, March 17, 2022 | B7

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. CognizantTech CTSH 89.70 1.53 DeltaAir DAL 36.93 2.07 EdisonInt EIX 66.31 0.18 FidNatlInfo FIS 95.38 2.78 Gartner IT 288.12 8.53 Heico A HEI.A 118.87 -1.81
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CoinbaseGlbl COIN 172.53 16.55 DentsplySirona XRAY 48.62 0.91 EdwardsLife EW 109.79 3.64 FifthThirdBncp FITB 47.50 1.71 Generac GNRC 305.46 18.48 Heico HEI 144.85 -1.53
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ColgatePalm CL 75.15 -0.34 DeutscheBank DB 12.21 0.84 ElancoAnimal ELAN 26.41 0.94 FirstAmerFin FAF 67.97 0.38 GeneralDynamics GD 227.69 -9.93 HenrySchein HSIC 86.27 -0.04
that include primary market trades as well as quarters. Comcast A CMCSA 46.23 0.69 DevonEnergy DVN 52.46 -0.55 s ElbitSystems ESLT 210.19 -1.65 FirstCitizBcshA FCNCA 758.13 31.42 GeneralElec GE 94.70 2.35 Hershey HSY 205.70 -3.12
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Comerica CMA 95.91 4.11 DexCom DXCM 437.32 21.24 ElectronicArts EA 123.80 3.00 FirstHorizon FHN 23.05 -0.11 GeneralMills GIS 62.65 -0.63 HertzGlobal HTZ 23.50 1.46
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CommerceBcshrs CBSH 72.67 1.11 Diageo DEO 190.85 7.93 EmersonElec EMR 93.76 1.11 FirstIndRlty FR 58.92 0.58 GeneralMotors GM 43.85 1.72 Hess HES 94.75 1.67
Nasdaq ISE. standards ConagraBrands CAG 31.70 -0.13 DiamondbkEner FANG 125.63 1.07 Enbridge ENB 44.02 -0.04 FirstRepBank FRC 169.38 8.39 Genmab GMAB 35.84 2.33 HessMidstream HESM 30.08 -0.82
The list comprises the 1,000 largest companies lf-Late filing EDR 27.87 1.09 FirstSolar FSLR 77.59 2.63 Genpact
Concentrix CNXC 198.61 4.02 Dick's DKS 111.06 -0.36 Endeavor G 43.90 1.70 HewlettPackard HPE 16.76 0.23
based on market capitalization. q-Temporary exemption from Nasdaq 43.88 -0.31 GenuineParts GPC 128.07
Confluent CFLT 32.49 2.11 DiDiGlobal DIDI 2.55 0.75 EnelAmericas ENIA 5.71 0.15 FirstEnergy FE 3.54 HighwoodsProp HIW 43.85 0.19
Underlined quotations are those stocks with requirements. 9.84 0.09 Fiserv FISV 98.30 2.85 Gerdau
large changes in volume compared with the t-NYSE bankruptcy ConocoPhillips COP 94.82 -0.23 DigitalRealty DLR 136.07 0.92 EnergyTransfer ET GGB 5.49 0.12 Hilton HLT 150.79 6.55
ConEd ED 89.64 -0.76 DiscoverFinSvcs DFS 114.15 3.86 EnphaseEnergy ENPH 177.21 12.57 FiveBelow FIVE 159.01 5.06 t GileadSciences GILD 57.97 -0.35 Hologic HOLX 72.38 1.42
issue’s average trading volume. v-Trading halted on primary market. FleetCorTech FLT 236.53 7.12 GSK
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ConstBrands A STZ 222.34 0.21 DiscoveryB DISCB 26.90 -0.08 Entegris ENTG 133.85 9.68 GSK 42.10 0.40 HomeDepot HD 330.91 2.37
ContinentalRscs CLR 57.00 0.26 DiscoveryA DISCA 25.64 0.62 Entergy ETR 110.52 -0.73 Flex FLEX 16.78 0.78 GlobalPayments GPN 133.55 5.05 HondaMotor HMC 28.28 1.12
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Floor&Decor FND 99.18 3.19 GlobalFoundries GFS 70.26
previous closing price was $2 or higher. or securities assumed by such companies. Cooper COO 407.12 16.65 DiscoveryC DISCK 25.64 0.60 EnterpriseProd EPD 24.12 -0.06 4.47 Honeywell HON 191.03 3.24
Copart CPRT 125.29 5.02 Disney DIS 138.14 3.94 Equifax EFX 233.83 3.04 FomentoEconMex FMX 79.61 0.41 Globant GLOB 263.34 26.97 HorizonTherap HZNP 104.42 1.16
Corning GLW 37.31 0.72 dLocal DLO 32.68 6.85 Equinix EQIX 704.06 2.42 FordMotor F 16.58 0.52 GlobeLife GL 99.46 1.74 HormelFoods HRL 49.37 0.18
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Corteva CTVA 54.76 -0.23 DocuSign DOCU 83.17 6.53 Equinor EQNR 32.27 0.08 Fortinet FTNT 297.54 14.22 GlobusMedical GMED 67.14 1.25 DR Horton DHI 81.74 1.33
changes in the closing prices from 4 p.m. the previous day. EQH 31.54 1.05 Fortis FTS 47.65 0.49 GoDaddy
Cosan CSAN 16.32 0.16 DollarGeneral DG 212.49 -1.76 Equitable GDDY 77.29 0.73 HostHotels HST 18.86 0.71
CoStar CSGP 59.53 1.69 DollarTree DLTR 152.08 1.02 EquityLife ELS 74.83 1.13 Fortive FTV 59.58 2.59 GoldFields GFI 15.73 -0.22 HowmetAerospace HWM 34.93 0.83
Wednesday, March 16, 2022 80.76 -0.26 EquityResdntl EQR 88.22 0.83 FortBrandsHome FBHS 85.52 1.20 GoldmanSachs GS 340.76 11.60 HuanengPower HNP 21.00 3.03
Net Net Costco COST 543.39 1.07 DominionEner D
Domino's DPZ 405.47 15.56 ErieIndemnity A ERIE 169.86 -0.14 FoxA FOXA 40.67 0.89 HTHT 33.34 8.55
Net Stock Sym Close Chg Stock Sym Close Chg CoterraEnergy CTRA 23.47 0.04 Grab GRAB 3.53 0.50 Huazhu
DASH 90.50 10.73 EssentialUtil WTRG 47.31 -0.23 FoxB FOX 37.42 0.80 HUBB 187.63 5.26
Stock Sym Close Chg Coupang CPNG 18.09 2.64 DoorDash Graco GGG 70.21 1.24 Hubbell
Aptiv APTV 116.71 8.64 Brown-Forman B BF.B 64.13 0.57 s Credicorp Dover DOV 155.80 3.61 EssexProp ESS 342.41 7.14 Franco-Nevada FNV 154.26 -0.02
BAP 167.82 3.12 Grainger GWW 491.18 -6.57 HubSpot HUBS 448.16 44.69
ARMK 36.65 0.65 Bruker BRKR 66.29 3.46 CreditSuisse CS DOW 59.64 0.77 EsteeLauder EL 270.88 11.98 FranklinRscs BEN 27.87 0.90
A B C Aramark 7.98 0.39 Dow FreeportMcM FCX 46.42 2.14
Grifols GRFS 11.01 0.29 Humana HUM 442.82 2.95
ArcelorMittal MT 32.04 1.91 BuildersFirst BLDR 75.27 1.91 CrowdStrike CRWD 189.66 1.02 Doximity DOCS 46.61 3.38 Etsy ETSY 133.81 8.83 HCA Healthcare HCA 266.35 -0.26 s JBHunt JBHT 218.06 19.08
BG 104.06 -4.00 CrownCastle CCI 173.40 0.64 DrReddy'sLab RDY 52.36 0.87 EverestRe RE 283.40 4.64 FreseniusMed FMS 33.63 1.28
ABB ABB 34.69 1.38 ArchCapital ACGL 46.65 -0.16 Bunge HDFC Bank HDB 61.64 1.53 HuntingtonBcshs HBAN 15.43 0.46
ACM 76.91 1.26 ArcherDaniels ADM 81.45 -1.36 BurlingtonStrs BURL 199.63 3.29 s CrownHoldings CCK 126.04 -1.04 DraftKings DKNG 18.32 2.19 Evergy EVRG 64.68 -0.19 DINO 35.39 -0.03 HuntingIngalls HII 194.36 -8.14
AECOM
84.03 -0.14
G H I HF Sinclair
AES AES 22.65 0.31 AresMgmt ARES 75.46 4.81 CBRE Group CBRE 90.97 3.40 CubeSmart CUBE 49.66 0.52 Dropbox DBX 21.70 0.41 EversourceEner ES HP HPQ 35.81 0.95 Huntsman HUN 39.53 1.05
Aflac AFL 62.62 1.36 arGEN-X ARGX 300.45 13.98 CDW CDW 173.40 1.12 Cullen/Frost CFR 142.01 3.11 DukeEnergy DUK 105.97 -0.72 ExactSciences EXAS 61.43 3.87 GFLEnvironmental GFL 29.66 1.22 HSBC HSBC 32.68 1.13 HyattHotels H 94.05 3.35
AGCO AGCO 130.35 3.41 AristaNetworks ANET 124.19 3.03 CF Industries CF 88.16 -6.70 Cummins CMI 205.26 6.79 DukeRealty DRE 54.87 0.77 Exelon EXC 43.44 -0.32 GXO Logistics GXO 73.97 5.21 Halliburton HAL 34.00 -0.80 IAC/InterActive IAC 100.39 2.58
AMC Ent AMC 15.23 0.75 ArrowElec ARW 125.95 3.66 CGI GIB 81.53 1.94 CyrusOne CONE 90.20 ... DuPont DD 74.24 2.37 Expedia EXPE 192.89 4.39 Gallagher AJG 162.67 4.11 HartfordFinl HIG 69.74 1.65 ICICI Bank IBN 18.80 0.45
Ansys ANSS 310.92 12.83 AspenTech AZPN 139.47 2.68 CH Robinson CHRW 102.03 3.49 DutchBros BROS 51.58 2.17 ExpeditorsIntl EXPD 102.96 3.47 Gaming&Leisure GLPI 44.68 0.15 Hasbro HAS 89.95 1.93 ICL Group ICL 10.39 -0.25
APA APA 36.85 0.15 s Assurant AIZ 174.36 0.85 CME Group CME 242.01 10.01 D E F Dynatrace DT 42.56 2.96 ExtraSpaceSt EXR 193.41 3.72 Garmin GRMN 111.93 2.24 HealthpeakProp PEAK 33.14 0.49 Continued on Page B10
ASETech ASX 7.35 0.32 AstraZeneca AZN 61.96 0.59 CMS Energy CMS 66.47 -0.78 ENI E 28.15 -0.05 ExxonMobil XOM 76.93 -0.29
ASML ASML 650.63 53.93 Atlassian TEAM 280.96 35.79 CNA Fin CNA 47.38 0.70 DISH Network DISH 30.78 1.33 EOG Rscs EOG 113.00 -0.82 F5 FFIV 197.26 3.03
AT&T 23.19 0.10 AtmosEnergy ATO 114.35 0.24 CNH Indl CNHI 15.44 0.16 DTE Energy DTE 127.79 0.03 EPAM Systems EPAM 281.72 56.68 s FMC FMC 126.13 -1.55
T
AbbottLabs ABT 119.48 2.00 Autodesk ADSK 204.50 12.07 CRH
ADP 212.46 0.15 CSX
CRH 43.94 1.24 DXC Tech
CSX 35.61 1.25 Danaher
DXC 32.76 1.64 EQT
DHR 277.92 7.03
EQT 26.07 0.43 FactSet
EastWestBncp EWBC 81.03 4.50 FairIsaac
FDS 419.25 2.83
FICO 483.72 5.04
Borrowing Benchmarks
s AbbVie ABBV 156.05 0.17 ADP
Abiomed ABMD 294.53 4.89 AutoZone AZO 1970.74 46.80 CVS Health CVS 107.11 0.13 Darden DRI 129.68 5.30 EastGroup EGP 191.69 1.22 Fastenal FAST 55.97 0.18 wsj.com/market-data/bonds/benchmarks
Accenture ACN 324.91 8.68 Avalonbay AVB 243.01 2.79 CableOne CABO 1459.98 -13.66 DarlingIngred DAR 73.90 3.15 EastmanChem EMN 107.10 1.10 FederalRealty FRT 117.70 1.06
ActivisionBliz ATVI 79.12 -0.39 Avangrid AGR 44.75 0.02 CadenceDesign CDNS 150.51 8.01 Datadog DDOG 132.24 11.30 Eaton ETN 153.34 3.07 FedEx FDX 225.93 9.70
Adobe ADBE 442.36 20.70 Avantor AVTR 34.90 0.40 CAE CAE 24.04 0.26 DaVita
AdvanceAuto AAP 207.52 3.25 AveryDennison AVY 170.10 2.97 CaesarsEnt CZR 79.34 4.37 Deere
DVA 112.34 1.71 eBay
DE 388.20 -0.27 Ecolab
EBAY 54.77 0.83 Ferguson
ECL 170.76 2.94 Ferrari
FERG 144.39 -1.27
RACE 208.90 13.70
Money Rates March 16, 2022
AdvDrainageSys WMS 119.78 2.46 AvisBudget CAR 281.49 49.86 CamdenProperty CPT 166.66 0.91 DellTechC DELL 51.97 -0.11 Ecopetrol EC 16.66 -0.01 FidNatlFin FNF 49.38 1.42
AdvMicroDevices AMD 115.37 6.04 AxonEnterprise AXON 127.30 6.12 Cameco CCJ 24.80 -0.20 Key annual interest rates paid to borrow or lend money in U.S. and
Aegon AEG 4.84 0.27 BCE BCE 53.63 0.58 CampbellSoup CPB 42.66 -0.81 international markets. Rates below are a guide to general levels but
AerCap AER 54.13 2.13 BHP Group BHP 66.84 2.06 CIBC CM 127.28 2.62
63.92 0.46 CanNtlRlwy CNI 127.34 3.76
IPO Scorecard don’t always represent actual transactions.
AffirmHldgs AFRM 33.34 5.01 BJ'sWholesale BJ
AgilentTechs A 135.00 4.72 BP BP 28.61 0.56 CanNaturalRes CNQ 58.84 1.03 Performance of IPOs, most-recent listed first
agilon health AGL 19.95 0.20 Baidu BIDU 150.87 42.49 CanPacRlwy CP 79.43 2.48 Week —52-WEEK—
CAJ 24.27 0.51
% Chg From % Chg From Inflation Latest ago High Low
AgnicoEagle AEM 59.66 -0.05 BakerHughes BKR 33.65 -1.22 Canon Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
AirProducts APD 224.60 1.97 Ball BLL 90.40 -0.35 CapitalOne COF 137.84 3.57 Feb. index Chg From (%)
CPRI 54.70 4.54
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Airbnb ABNB 155.75 11.80 BancoBilbaoViz BBVA 5.91 0.26 Capri level Jan. '22 Feb. '21 Federal funds
AkamaiTech AKAM 112.63 2.20 BancoBradesco BBDO 3.22 -0.11 CardinalHealth CAH 53.77 -0.16 Akanda 11.01 175.3 4.9 SHUAA Ptnrs Acquisition I 9.99 –0.1 ...
CSL 246.48 7.90 AKAN March 15/$4.00 Effective rate 0.1000 0.0900 0.1000 0.0500
Albemarle ALB 191.25 9.30 BancodeChile BCH 21.56 0.71 Carlisle SHUAU March 2/$10.00 U.S. consumer price index
Albertsons ACI 35.30 -0.28 BancSanBrasil BSBR 6.65 0.23 Carlyle CG 45.47 2.38 High 0.1800 0.1500 0.2000 0.0700
KMX 102.02 1.10 Nubia Brand Intl 10.00 ... 0.4 Sound Point Acquisition I 10.05 0.5 ... All items 283.716 0.91 7.9 0.0500 0.0500 0.0900 0.0100
Alcoa AA 75.63 1.92 BcoSantChile BSAC 21.71 0.94 CarMax Low
Alcon ALC 74.88 2.28 BancoSantander SAN 3.43 0.17 Carnival CCL 19.33 1.29 NUBIU March 11/$10.00 SPCMU March 2/$10.00 Core 288.059 0.72 6.4 Bid 0.0800 0.0700 0.7000 0.0300
AlexandriaRlEst ARE 191.62 0.86 BanColombia CIB 37.61 0.40 Carnival CUK 18.07 1.28 PatriaLatinAmericanOpportunityAcquisition 10.04 ... Valuence Merger I 10.01 0.1
0.4 0.1 Offer 0.1000 0.0900 0.1200 0.0500
Alibaba BABA 104.98 28.22 BankofAmerica BAC 42.80 1.30 CarrierGlobal CARR 46.88 1.68 PLAOU March 10/$10.00 VMCAU March 1/$10.00 International rates
AlignTech ALGN 420.65 29.92 BankofMontreal BMO 119.38 3.05 Carvana CVNA 129.45 9.01
Treasury bill auction
Alleghany Y 670.94 -1.26 BankNY Mellon BK 51.91 1.36 Catalent CTLT 102.82 6.25 Lakeshore Acquisition II 10.02 0.2 0.2 FG Merger 10.02 0.2 0.3 Week 52-Week
Allegion ALLE 116.44 1.97 BkNovaScotia BNS 73.14 1.22 Caterpillar CAT 216.08 -0.38 LBBBU March 9/$10.00 FGMCU Feb. 25/$10.00 Latest High Low
4 weeks 0.195 0.165 0.195 0.000
AlliantEnergy LNT 60.86 -0.42 Barclays BCS 9.32 0.38 Celanese CE 142.24 3.70 ago
13 weeks 0.450 0.380 0.450 0.015
Allstate ALL 126.49 -0.64 BarrickGold GOLD 23.61 -0.16 Cemex CX 5.09 0.17 Kensington Capital Acquisition IV 10.00 ... 0.1 GSR II Meteora Acquisition 10.01 0.1 ... 26 weeks 0.820 0.710 0.820 0.030
AllyFinancial ALLY 43.37 1.93 Bath&BodyWks BBWI 48.75 1.63 CenovusEnergy CVE 14.90 -0.05 KCAC.UT March 2/$10.00 GSRMU Feb. 25/$10.00 Prime rates
AlnylamPharm ALNY 158.97 6.05 BauschHealth BHC 23.06 1.09 s Centene CNC 86.87 1.26
BAX 78.96 0.29 CenterPointEner CNP 28.87 -0.01 U.S. 3.25 3.25 3.25 3.25 Secondary market
Alphabet A GOOGL 2665.61 81.65 BaxterIntl
Alphabet C GOOG 2673.81 80.60 BectonDicknsn BDX 260.79 2.10 CentraisElBras EBR 6.54 0.03 Sources: Dow Jones Market Data; FactSet Canada 2.45 2.45 2.45 2.45
Altria MO 51.28 -0.26 BeiGene BGNE 183.33 36.81 CeridianHCM CDAY 63.88 2.06 Japan 1.475 1.475 1.475 1.475 Fannie Mae
AlumofChina ACH 14.20 1.78 BentleySystems BSY 37.50 2.10 Cerner CERN 93.57 -0.03 30-year mortgage yields

.
Amazon.com AMZN 3062.08114.75 Berkley WRB 94.04 -0.96 CharlesRiverLabs CRL 270.77 11.54 Policy Rates
ABEV 2.70 0.08 s BerkHathwy B BRK.B 336.11 3.56 CharterComms CHTR 572.11 2.95 Dividend Changes 30 days 3.820 3.491 3.820 2.216

ly
Ambev Euro zone 0.00 0.00 0.00 0.00
Amcor AMCR 11.46 0.22 s BerkHathwy A BRK.A 5040365876.00 CheckPoint CHKP 136.89 1.44 60 days 3.890 3.541 3.890 2.261
Amdocs DOX 80.82 1.88 BerryGlobal BERY 59.19 0.79 CheniereEnergy LNG 125.88 -0.68 Switzerland 0.00 0.00 0.00 0.00
UHAL 620.66 8.02 BestBuy BBY 98.84 -0.22 CheniereEnerPtrs CQP 47.22 -0.21 Dividend announcements from March 16. Britain 0.50 0.50 0.50 0.10
Amerco
AEE 87.93 -0.53 Bill.com BILL 198.28 22.86 ChesapeakeEner CHK 77.01 1.55
Other short-term rates
Ameren Amount Payable / Australia 0.10 0.10 0.10 0.10
AmericaMovil A AMOV 19.24 0.34 Bio-Techne TECH 423.42 17.82 Chevron CVX 157.71 -0.57
CHWY 41.19 3.97 Company Symbol Yld % New/Old Frq Record Week 52-Week
AmericaMovil AMX 19.43 0.41 Bio-RadLab A BIO 562.81 14.07 ChewyA
AmerAirlines AAL 16.47 0.90
AmCampus ACC 54.47 0.01 Biogen
AEP
Bio-RadLab B BIO.B 569.06 9.41

AEP 95.07 -1.04 BiohavenPharm BHVN 122.10 5.36 ChinaPetrol SNP 44.22 2.38
on
ChinaEastrnAir CEA 18.58 1.38 Increased
BIIB 203.80 6.44 ChinaLifeIns LFC 7.76 0.59

AmerExpress AXP 180.61 4.57 BioMarinPharm BMRN 80.72 2.45 ChinaSoAirlines ZNH 30.00 3.77 Angel Oak Mortgage
AmericanFin AFG 141.09 1.78 BioNTech BNTX 163.92 18.88 Chipotle
American Vanguard

CMG 1554.74 61.09 BrightSpire Capital

AVD
AOMR
BRSP
0.6
10.9
8.4
.025 /.02
.45 /.36
.19 /.18
Q
Q
Q
Apr15 /Mar25
Mar31 /Mar22
Apr15 /Mar31
Overnight repurchase
U.S. 0.04

U.S. government rates

0.05 0.06 -0.04
Call money
Latest

2.00
ago

2.00
high

2.00
low

2.00
AmHomes4Rent AMH 38.62 0.24 BlackKnight BKI 59.26 2.67 ChoiceHotels CHH 143.72 5.62 MGM Growth Properties MGP 5.7 .53 /.525 Q Apr14 /Mar31 Discount
Commercial paper (AA financial)
us ,

AIG AIG 59.78 1.55 BlackRock BLK 731.11 23.44 Chubb CB 210.97 3.52 Paramount Group PGRE 3.0 .0775 /.07 Q Apr15 /Mar31
116.05 6.33 ChunghwaTel CHT 44.49 0.87 0.25 0.25 0.25 0.25
AmerTowerREIT AMT 239.63 3.42 Blackstone BX Vail Resorts MTN 2.9 1.91 /.88 Q Apr14 /Mar30 90 days 0.91 0.53 1.12 0.04
l

AmerWaterWorks AWK 156.15 0.20 Block SQ 116.05 12.96 Church&Dwight CHD 97.09 -1.86
Ameriprise AMP 294.47 14.88 BlueOwlCapital OWL 12.61 0.74 ChurchillDowns CHDN 225.70 7.16 Initial Notes on data: Libor
e
al a

s AmerisourceBrgn ABC 150.50 -0.89 Boeing BA 188.99 9.10 Ciena CIEN 57.90 1.29 U.S. prime rate is the base rate on corporate
237.50 4.42
Hudson Pacific Pfd. C HPPpC 5.6 .4453 Mar31 /Mar21 One month 0.46757 0.35171 0.46757 0.07263
Ametek AME 131.38 2.00 BookingHldgs BKNG 2202.44122.26 Cigna CI loans posted by at least 70% of the 10 largest
Amgen AMGN 231.67 0.11 BoozAllen BAH 83.84 -1.11 s CincinnatiFin CINF 130.50 -0.22 Stocks U.S. banks, and is effective March 16, 2020. Three month 0.94814 0.74500 0.94814 0.11413
Amphenol APH 75.23 1.80 BorgWarner BWA 38.16 1.64 Cintas CTAS 389.13 7.02 Other prime rates aren’t directly comparable; Six month 1.25671 1.04486 1.25671 0.14663
ci on

AnalogDevices ADI 158.57 7.65 BostonProps BXP 123.78 1.12 CiscoSystems CSCO 55.81 0.21
Colfax CFX 1:3 /Apr05
56.80 1.69 Foreign
lending practices vary widely by location; One year 1.71529 1.48657 1.71529 0.21950
AngloGoldAsh AU 23.32 -0.52 BostonSci BSX 43.84 1.18 Citigroup C
Discount rate is effective March 16, 2020.
AB InBev BUD 59.67 2.28 BrightHorizons BFAM 134.46 1.53 CitizensFin CFG 50.34 1.65
AnnalyCap NLY 7.08 -0.01 BristolMyers BMY 69.66 -0.09 CitrixSystems CTXS 101.16 0.67
City Office REIT CIO 4.6 .20 Q Apr22 /Apr08 Secured Overnight Financing Rate is as of Secured Overnight Financing Rate
March 15, 2022. DTCC GCF Repo Index is
AnteroResources AR 25.11 -0.02 BritishAmTob BTI 40.69 0.28 Clarivate CLVT 15.23 0.81 City Office REIT Pfd A CIOpA 6.6 .41406 Q Apr22 /Apr08 0.05 0.05 0.05 0.01
Depository Trust & Clearing Corp.'s weighted
Anthem ANTM 470.82 3.13 BrixmorProp BRX 24.94 0.01 ClearwayEnergyA CWEN.A 33.33 -0.49 Dole DOLE 2.3 .08 Q Apr12 /Mar29
average for overnight trades in applicable Value 52-Week
Aon AON 309.52 1.90 Broadcom AVGO 607.12 14.36 ClearwayEnergyC CWEN 36.46 -0.64 Ferguson FERG 1.7 .84 SA May06 /Mar25
AptIncmREIT AIRC 52.71 0.67 BroadridgeFinl BR 150.88 4.60 Cleveland-Cliffs CLF 26.18 0.84 MIND CTI
CUSIPs. Value traded is in billions of U.S. dollars. Latest Traded High Low
MNDO 8.7 .26 A Apr06 /Mar24 Federal-funds rates are Tullett Prebon rates as
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ApolloGlbMgmt APO 62.28 2.73 BrookfieldMgt BAM 54.57 1.78 Clorox CLX 131.56 0.93
TFI International TFII 1.1 .27 Q Apr15 /Mar31 of 5:30 p.m. ET.
Apple AAPL 159.59 4.50 BrookfieldInfr BIP 60.67 0.66 Cloudflare NET 95.16 9.22 DTCC GCF Repo Index
ApplMaterials AMAT 130.48 6.07 BrookfieldRenew BEPC 42.56 0.41 Coca-Cola KO 59.46 -0.16 Sources: Federal Reserve; Bureau of Labor
Applovin APP 49.99 4.03 Brown&Brown BRO 66.88 0.90 Coca-ColaEuro CCEP 49.23 2.20 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; Treasury 0.040 20.520 0.073 -0.008
0.064 32.950 0.088 0.002
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Aptargroup ATR 116.99 0.18 Brown-Forman A BF.A 60.35 0.78 Cognex CGNX 68.21 1.47 spin-off. Tullett Prebon Information, Ltd. MBS
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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.

B8 | Thursday, March 17, 2022 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34063.10 s 518.76, or 1.55% Trailing P/E ratio 18.91 33.59 4357.86 s 95.41, or 2.24% Trailing P/E ratio * 23.68 45.02 13436.55 s 487.93, or 3.77% Trailing P/E ratio *† 30.25 37.25
High, low, open and close for each P/E estimate * 17.43 21.27 High, low, open and close for each P/E estimate * 18.85 22.34 High, low, open and close for each P/E estimate *† 23.57 28.01
trading day of the past three months. Dividend yield 2.07 1.80 trading day of the past three months. Dividend yield * 1.44 1.49 trading day of the past three months. Dividend yield *† 0.78 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

36800 4850 15800

65-day moving average

65-day moving average 36000 4725 15250
65-day moving average

35200 4600 14700

Session high 34400 4475 14150

DOWN UP
t

Session open Close

33600 4350 13600
Close Open
t

Session low 32800 4225 13050

Bars measure the point change from session's open

32000 4100 12500
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*1,349,828,495 23,773,891
Industrial Average 34075.94 33391.24 34063.10 518.76 1.55 36799.65 32420.06 3.2 -6.3 9.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,116,813,475 14,624,445
Transportation Avg 16376.21 15627.33 16373.45 854.38 5.51 17039.38 13906.55 15.6 -0.6 16.7 Most-active issues in late trading Decl. volume* 228,693,152 8,132,467
Utility Average 990.69 971.52 985.41 -2.76 -0.28 996.40 846.03 16.2 0.5 8.1 Volume After Hours Issues traded 3,469 280
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44112.23 43002.07 44110.08 1065.28 2.47 48929.18 40657.23 5.2 -9.3 14.9 Advances 2,664 175
SPDR S&P 500 SPY 13,255.6 436.73 1.11 0.25 437.24 407.24
Barron's 400 1011.61 985.37 1011.50 26.13 2.65 1127.20 931.12 4.1 -8.6 13.4 Declines 698 96
Ginkgo Bioworks Holdings DNA 7,940.8 3.07 0.08 2.68 3.07 2.99
Unchanged 107 9
Nasdaq Stock Market iShares MSCI Emg Markets EEM 5,058.8 44.80 -0.15 -0.33 45.02 44.53 New highs 44 2
Nasdaq Composite 13440.12 12992.20 13436.55 487.93 3.77 16057.44 12581.22 -0.7 -14.1 20.5 Krane CSI China Internet KWEB 4,889.0 31.32 0.33 1.06 31.47 28.90 New lows 174 9
Nasdaq-100 13960.25 13475.09 13956.79 498.23 3.70 16573.34 12780.51 5.7 -14.5 24.1 Apple AAPL 4,630.6 159.49 -0.10 -0.06 165.66 156.89 Closing Arms† 0.71 0.98
Invesco QQQ Trust I QQQ 4,323.9 341.38 1.06 0.31 342.03 323.90 Block trades* 5,614 202
S&P

.
Bank of America BAC 3,288.3 43.28 0.48 1.12 43.28 40.84
500 Index 4358.90 4251.99 4357.86 95.41 2.24 4796.56 3889.14 9.7 -8.6 15.6 Nasdaq NYSE Arca

ly
Alibaba Group Holding ADR BABA 3,279.9 105.05 0.07 0.07 106.24 104.01
MidCap 400 2658.19 2592.75 2657.99 72.66 2.81 2910.70 2515.47 -0.2 -6.5 11.9 Total volume*6,441,016,728 544,979,714
SmallCap 600 1315.59 1286.14 1314.99 32.01 2.50 1466.02 1252.49 -4.8 -6.2 11.6 Percentage gainers… Adv. volume*5,686,093,138 456,999,084
PagerDuty PD 518.8 30.42 3.57 13.30 31.80 24.70 Decl. volume* 710,677,637 87,558,914
Other Indexes
Russell 2000
NYSE Composite
Value Line
2031.80 1970.11 2030.72
16262.55 15895.67 16261.50 365.83
623.04 605.74 623.01
61.75

17.27
2.30
on
3.14

2.85
2442.74 1931.29
17353.76 15276.56
696.40 596.67
-13.1
3.4
-5.3
-9.6
-5.3
-7.3
9.3
8.5
5.2
Ring Energy
StoneMor
Williams-Sonoma
REI
STON
WSM
55.4
366.4
3.48
3.01
530.9 163.50
0.27
0.23
11.05
8.41
8.27
3.49
3.01
7.25 172.76 151.87
3.15
2.78
Issues traded
Advances
Declines
Unchanged
4,954
3,729
979
246
1,727
1,468
243
16
NYSE Arca Biotech 4894.40 4732.12 4892.59 160.47 3.39 6022.37 4677.66 -13.1 -11.3 -1.7
Zhihu ADR ZH 362.5 2.76 0.18 6.98 2.88 2.50
New highs 34 16
us ,

NYSE Arca Pharma 816.22 805.12 815.07 5.18 0.64 828.58 682.98 17.9 -1.5 11.0 ...And losers New lows 254 121
l

KBW Bank 130.88 127.51 130.31 4.57 3.63 147.56 116.06 7.0 -1.5 9.2 117.2 123.82 -10.03 -7.49 133.99 123.82 Closing Arms† 0.48 1.64
e
Entegris ENTG
al a

PHLX§ Gold/Silver 154.10 149.50 153.08 -0.04 -0.03 166.01 117.06 6.2 15.6 26.3 Linde LIN 61.4 284.92 -19.62 -6.44 306.00 284.92 Block trades* 39,307 1,890
PHLX§ Oil Service 74.18 71.11 72.26 -1.12 -1.52 82.17 48.31 20.1 37.1 -8.3 Kodiak Sciences KOD 757.5 7.50 -0.51 -6.37 8.20 7.50 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3340.85 3202.37 3340.06 159.82 5.03 4039.51 2851.15 7.5 -15.4 33.9 CME Group Cl A CME 144.2 228.70 -13.32 -5.50 242.25 228.70 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.80 26.29 26.67 -3.16 -10.59 36.45 15.01 38.7 54.9 27.5 LKQ LKQ 72.6 44.59 -2.48 -5.26 47.06 44.59 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 683.17 18.34 2.76 –9.5 VNET Group ADR VNET 7.00 3.18 83.25 34.88 3.51 -79.5 Direxion China Bear 3X YANG 16.20 -27.71 -63.11 48.44 12.44 29.1
MSCI ACWI ex-USA 310.77 10.06 3.35 –9.7 Direxion CSI China Int CWEB 7.52 3.35 80.34 72.40 3.55 -89.5 Incannex Healthcare ADR IXHL 13.80 -21.70 -61.13 90.00 10.46 ...
MSCI World 2936.33 70.44 2.46 –9.1 Kingsoft Cloud ADR KC 5.53 2.32 72.27 50.89 2.50 -88.3 ProSh Ult FTSE China 50 FXP 39.21 -29.17 -42.66 72.80 28.04 38.1
MSCI Emerging Markets 1081.00 54.23 5.28 –12.3 Dingdong (Cayman) ADR DDL 4.25 1.70 66.67 46.00 2.51 ... Blue Water Vaccines BWV 42.00 -25.90 -38.14 90.90 22.99 ...
m rp

Americas MSCI AC Americas 1669.00 38.57 2.37 –8.7 JOYY ADR YY 42.27 16.86 66.35 118.12 23.14 -63.9 MicroSect FANG+ -3X Invr FNGD 51.12 -22.14 -30.22 89.60 32.50 -23.2
Canada S&P/TSX Comp 21468.83 280.99 1.33 1.2 Direxion China Bull 3X YINN 5.12 2.01 64.63 22.10 2.80 -76.5 Imperial Petroleum IMPP 2.04 -0.69 -25.27 9.70 0.40 ...
Latin Amer. MSCI EM Latin America 2372.75 53.04 2.29 11.4 KE Holdings ADR BEKE 14.89 5.83 64.35 67.38 7.31 -77.8 Sifco Industries SIF 5.27 -1.73 -24.71 15.76 5.06 -62.9
Brazil BOVESPA 111112.43 2153.13 1.98 6.0 Chindata Group ADR CD 6.38 2.40 60.30 18.97 3.75 -66.2 Direxion Dy Em Mk Bear 3x EDZ 10.90 -3.56 -24.62 15.29 7.26 30.4
Chile S&P IPSA 3055.41 47.10 1.57 8.9 Pinduoduo ADR PDD 42.62 15.31 56.06 153.00 23.21 -71.5 Nine Energy Service NINE 2.51 -0.76 -23.24 8.10 0.79 -23.9
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Mexico S&P/BMV IPC 53411.88 401.87 0.76 0.3 GDS Holdings ADR GDS 37.10 12.73 52.24 89.92 19.83 -58.0 Bird Global BRDS 2.71 -0.79 -22.57 11.25 2.65 -73.5
EMEA STOXX Europe 600 448.45 13.33 3.06 –8.1 Hello Group ADR MOMO 7.27 2.47 51.46 16.45 4.47 -54.2 ProSh Sh Xinhua China 25 YXI 17.27 -4.64 -21.17 22.70 13.70 26.1
Eurozone Euro STOXX 431.43 15.65 3.76 –9.9 Dada Nexus ADR DADA 8.87 2.98 50.59 33.40 5.00 -71.5 Marygold MGLD 2.32 -0.53 -18.60 7.11 1.67 -22.4
Belgium Bel-20 4085.71 124.55 3.14 –5.2 iQIYI ADR IQ 3.16 1.05 49.76 28.97 1.86 -87.9 Direct Digital DRCT 2.19 -0.50 -18.59 4.35 1.18 ...
Denmark OMX Copenhagen 20 1707.03 42.72 2.57 –8.4 Bilibili ADR BILI 27.83 8.97 47.56 129.24 14.93 -75.0 ProShares UltraSh MSCI EM EEV 19.18 -3.80 -16.52 23.84 14.29 22.6
3.68 –7.9 Agora ADR API 10.41 3.34 47.24 61.41 6.30 -82.5 MicroSectors FANG -3x Inv BERZ 26.50 -5.02 -15.93 38.67 15.32 ...
France CAC 40 6588.64 233.64
Germany DAX 14440.74 523.47 3.76 –9.1
Israel Tel Aviv 1961.07 31.07 1.61 –0.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24284.85 784.99 3.34 –11.2 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 703.52 27.14 4.01 –11.8
Russia RTS Index 936.94 … Closed –41.3 Sonnet BioTherapeutics SONN 274,808 23098.6 0.52 86.73 2.73 0.26 BankFinancial BFIN 1,117 3391 10.82 1.98 12.79 10.04
South Africa FTSE/JSE All-Share 73484.30 2856.10 4.04 –0.3 DiDi Global ADR DIDI 231,678 758.1 2.55 41.67 18.01 1.71 UTA Acquisition Cl A UTAA 1,041 2899 9.85 0.10 9.94 9.72
n-

Spain IBEX 35 8380.40 144.30 1.75 –3.8 NIO ADR NIO 166,428 178.8 18.75 25.59 55.13 13.01 Acruence Active Hedge US XVOL 410 2604 20.40 2.63 22.67 19.37
4.36 –14.1 iShares China LC ETF FXI 163,467 325.9 32.82 21.24 48.64 26.13 Incannex Healthcare ADR IXHL 2,808 2394 13.80 -61.13 90.00 10.46
Sweden OMX Stockholm 891.22 37.23
ProShares UltraPro QQQ TQQQ 161,922 38.9 48.44 11.23 91.68 39.56 KraneShs Hang Seng TECH KTEC 138 2073 15.25 32.52 26.15 10.69
Switzerland Swiss Market 11900.96 218.74 1.87 –7.6
Turkey BIST 100 2088.80 9.42 0.45 12.4 Alibaba Group Holding ADR BABA 157,175 550.6 104.98 36.76 245.69 73.28 Franklin Liberty Invt Grd FLCO 626 1986 23.59 0.51 26.63 23.23
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U.K. FTSE 100 7291.68 115.98 1.62 –1.3 SPDR S&P 500 SPY 143,606 28.3 435.62 2.22 479.98 383.90 Music Acquisition Cl A TMAC 1,326 1868 9.76 0.10 9.95 9.60
3.20 –11.0 Mullen Automotive MULN 139,364 141.8 1.75 9.37 15.90 0.52 dMY Tech Group VI DMYS 990 1787 9.76 0.21 10.45 9.69
U.K. FTSE 250 20905.54 647.88
iShares MSCI Emg Markets EEM 132,582 163.8 44.95 8.05 56.18 40.80 Franklin Lib US Trea Bd FLGV 493 1633 22.84 -0.11 25.18 22.75
Asia-Pacific MSCI AC Asia Pacific 172.02 6.44 3.89 –10.9
KE Holdings ADR BEKE 117,870 861.3 14.89 64.35 67.38 7.31 VPC Impact Acqn II Cl A VPCB 513 1551 9.74 -0.20 10.04 9.65
Australia S&P/ASX 200 7175.20 77.75 1.10 –3.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3170.71 106.75 3.48 –12.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20087.50 1672.42 9.08 –14.1
India S&P BSE Sensex 56816.65 1039.80 1.86 –2.5
Japan NIKKEI 225 25762.01 415.53 1.64 –10.5 NOTICE TO READERS
CURRENCIES & COMMODITIES
Singapore Straits Times 3290.90 54.85 1.70 5.4 Effective Thursday, March 17, 2022, the WSJ U.S.Prime rate
South Korea KOSPI 2659.23 37.70 1.44 –10.7 will be 3.50%, the Federal Funds Discount Rate will be 0.50%
Currencies
Taiwan TAIEX 16940.83 14.77 0.09 –7.0 and the Federal Funds Target Rate will be 0.25-0.50%. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1667.92 23.56 1.43 0.6 WSJMarkets.com. US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004371 22881 0.1
CREDIT MARKETS Argentina peso .0091109.4150 6.6 Europe
Brazil real .1970 5.0768 –8.9 Czech Rep. koruna .04471 22.366 2.2
Canada dollar .7887 1.2679 0.3 Denmark krone .1483 6.7445 3.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001253 798.11 –6.3 Euro area euro 1.1035 .9062 3.1
U.S. consumer rates Selected rates and Rates
Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000261 3834.32 –5.7 Hungary forint .002982 335.40 3.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007736 129.26 –0.4
A consumer rate against its 30-year mortgage, Rate Mexico peso .0485 20.6384 0.7 Norway krone .1124 8.8935 1.0
benchmark over the past year 2.50% Uruguay peso .02336 42.8150 –4.2 Poland zloty .2368 4.2222 4.8
Bankrate.com avg†: 4.47% 14% Russia ruble .01010 99.000 32.4
Tradeweb ICE Asia-Pacific
t

30-year fixed-rate El Dorado Savings Bank 3.13% Wednesday Close 2.00 Sweden krona .1063 9.4092 3.9
Australian dollar .7289 1.3719 –0.3
mortgage 4.00% South Lake Tahoe, CA 800-874-9779 7 Euro WSJ Dollar Index Switzerland franc 1.0629 .9408 3.1
s China yuan .1574 6.3523 –0.1
t 1.50 .0683 14.6351 9.9
s
Turkey lira
Rockland Federal Credit Union 3.13% Hong Kong dollar .1279 7.8201 0.3
3.00 0 Ukraine hryvnia .0338 29.5500 8.0
1.00 India rupee .01313 76.141 2.2
10-year Treasury Rockland, MA 800-562-7328 UK pound 1.3149 .7605 2.9
One Indonesia rupiah .0000699 14312 0.4
t

note yield 2.00 FinancialResourcesFederalCreditUnion 3.25% 0.50 –7 s Japan yen .008421 118.75 3.2 Middle East/Africa
year ago
t Bridgewater, NJ 800-933-3280 Yen Kazakhstan tenge .001960 510.17 17.3 Bahrain dinar 2.6525 .3770 0.01
1.00 FirstBank Southwest 3.25% 0.00 –14 Macau pataca .1240 8.0650 0.4 Egypt pound .0636 15.7182 0.05
Malaysia ringgit .2383 4.1970 0.7 Israel shekel .3072 3.2556 4.7
Amarillo, TX 806-355-9661 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6838 1.4624 0.01 Kuwait dinar 3.2900 .3040 0.5
Royal Savings Bank 3.25% month(s) years
A M J J A S O N D J FM Pakistan rupee .00557 179.650 2.0 Oman sul rial 2.5976 .3850 –0.01
Chicago, IL 773-768-4800 maturity Philippines peso .0192 52.211 2.4 Qatar rial .2746 3.642 –0.01
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7360 1.3587 0.7 Saudi Arabia riyal .2665 3.7519 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008176 1223.07 2.9 South Africa rand .0670 14.9174 –6.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0037736 265.00 30.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Taiwan dollar .03509 28.494 2.8
Yield (%) 52-Week Total Return (%) Thailand baht .02997 33.370 0.4 WSJ Dollar Index 91.36 –0.51–0.55 2.02
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.95 0.75 0.11 l 0.95 -1.68 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2283.580 2.160 1.920 2.160 0.780 –3.023 2.139
Money market, annual yield 0.07 0.08 0.07 l 0.10 -0.52
Five-year CD, annual yield 0.46 0.50 0.41 l 0.50 -1.57 U.S. Treasury Long, Bloomberg 4044.160 2.500 2.360 2.550 1.720 –1.144 4.760 Commodities
30-year mortgage, fixed† 4.47 4.12 3.00 l 4.47 0.20 Aggregate, Bloomberg 2125.200 2.750 2.520 2.750 1.340 –3.817 2.244 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.64 3.38 2.28 l 3.66 -0.07 Fixed-Rate MBS, Bloomberg 2108.780 2.820 2.610 2.830 1.590 –4.383 1.074
Jumbo mortgages, $647,200-plus† 4.50 4.12 3.03 l 4.50 0.10 DJ Commodity 1140.18 -9.59 -0.83 1264.48 794.01 38.57 20.50
High Yield 100, ICE BofA 3285.358 5.813 5.514 6.055 3.162 –0.919 3.278 Refinitiv/CC CRB Index 280.57 -0.77 -0.28 309.12 184.08 45.62 20.74
Five-year adj mortgage (ARM)† 2.97 2.94 2.82 l 3.43 -1.26
Muni Master, ICE BofA 572.609 2.081 1.812 2.081 0.687 –3.440 2.135 Crude oil, $ per barrel 95.04 -1.40 -1.45 123.70 57.76 47.12 26.37
New-car loan, 48-month 3.58 3.59 3.41 l 4.12 -1.13
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 829.378 6.391 6.453 6.529 4.516 –7.168 0.614 Natural gas, $/MMBtu 4.748 0.180 3.94 6.312 2.456 87.82 27.29
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. 1908.00 -20.50 -1.06 2040.10 1683.90 10.49 4.40
 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. * Thursday, March 17, 2022 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, March 16, 2022
Metal & Petroleum Futures May 2,530 2,537 2,511 2,532 10 72,957 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest March 214.30 214.30 t 211.30 218.60 6.30 1,031 months.
May 211.25 219.30 210.70 217.50 6.35 99,369
Copper-High (CMX)-25,000 lbs.; $ per lb. Wednesday Wednesday Wednesday
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 4.4925 4.6170 4.4925 4.5880 0.0865 1,328 May 18.80 18.85 18.51 18.56 –.17 305,434 Iron Ore, 62% Fe CFR China-s 145.5 Wheat,Spring14%-pro Mnpls-u 11.6025
May 4.5010 4.6405 4.4985 4.6005 0.0875 106,733
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 9.9175
July 18.72 18.78 18.44 18.47 –.21 175,543
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 93.400 Steel, HRC USA, FOB Midwest Mill-s 1300 Wheat - Hard - KC (USDA) $ per bu-u 10.3400
March 1922.40 1922.40 1904.90 1908.00 –20.50 1,294 May 36.35 –.20 1,987 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.750 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 11.5250
April 1920.10 1930.10 1895.20 1909.20 –20.50 274,335 Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Lithium Carbonate, EXW China, =99.2%-v,k 76700
Metals Food
May 1922.70 1932.70 t 1898.60 1911.90 –20.70 4,252 May 118.50 121.49 118.16 119.80 1.20 95,317 BMI Lithium Hydroxide, EXW China, =56.5% -v,k 71825
June 1924.90 1934.80 1900.40 1914.30 –20.40 271,695 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 17729 Beef,carcass equiv. index
Aug 1928.80 1938.30 1905.00 1918.30 –20.20 30,728 May 142.20 144.15 141.20 143.85 1.20 9,644 Engelhard industrial 1920.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6479 choice 1-3,600-900 lbs.-u 224.44
Oct 1932.00 1941.20 1910.40 1922.50 –20.00 9,980 July 141.55 144.75 141.55 144.70 1.15 1,252 Handy & Harman base 1913.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 685 select 1-3,600-900 lbs.-u 216.26
Palladium (NYM) - 50 troy oz.; $ per troy oz. Handy & Harman fabricated 2123.65 Broilers, National comp wtd. avg.-u,w 1.4058
2363.40 –44.00 7 LBMA Gold Price AM *1928.75
Fibers and Textiles Butter,AA Chicago-d 2.7350
March Interest Rate Futures Cheddar cheese,bbl,Chicago-d 198.00
June 2420.50 2489.50 2355.00 2367.30 –44.70 6,796 LBMA Gold Price PM *1913.65 Burlap,10-oz,40-inch NY yd-n,w 0.8600
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1983.90
Cheddar cheese,blk,Chicago-d 205.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 1.2080
March 176-000 1-23.0 4,984 Maple Leaf-e 2002.98
Milk,Nonfat dry,Chicago lb.-d 184.50
March 1003.60 1006.10 1003.60 1007.40 5.60 2 Cotlook 'A' Index-t *135.45 Coffee,Brazilian,Comp-y 2.0980
June 176-140 178-130 174-210 177-120 1-18.0 1,254,089 American Eagle-e 2002.98
April 990.80 1023.40 983.70 1008.10 5.60 33,871 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.7457
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2307.99 Wool,64s,staple,Terr del-u,w n.a.
March 150-050 1.0 1,657 Eggs,large white,Chicago-u 1.2850
March 24.975 25.070 24.600 24.670 –0.453 85 Austria crown-e 1872.83
June 152-070 152-150 150-270 151-260 –7.0 1,116,642 Grains and Feeds Flour,hard winter KC-p 25.70
May 25.115 25.250 24.550 24.710 –0.448 121,943 Austria phil-e 2002.98
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Hams,17-20 lbs,Mid-US fob-u 0.62
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 99.06
March 124-300 125-110 124-015 124-145 –11.5 5,739
April 95.23 99.22 94.07 95.04 –1.40 119,614 Engelhard industrial 24.9500 Bran,wheat middlings, KC-u 193 Pork bellies,12-14 lb MidUS-u n.a.
June 124-240 124-280 123-255 124-075 –13.5 3,555,649
May 93.70 97.93 92.68 93.59 –1.20 273,240 Handy & Harman base 24.7350 Corn,No. 2 yellow,Cent IL-bp,u 7.1100 Pork loins,13-19 lb MidUS-u 1.1357
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 30.9190
June 91.65 96.00 90.72 91.59 –1.24 181,156 March 116-085 –14.0 6,140
Corn gluten feed,Midwest-u,w 209.9 Steers,Tex.-Okla. Choice-u n.a.
Dec 83.50 86.40 82.23 82.70 –1.43 244,382 LBMA spot price *£18.8700 Corn gluten meal,Midwest-u,w 644.5 Steers,feeder,Okla. City-u,w 183.75
June 116-107 116-142 115-217 115-277 –14.5 3,790,173
June'23 79.18 81.17 77.87 78.27 –1.24 110,680 (U.S.$ equivalent) *24.6350 Cottonseed meal-u,w 343
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 20817 Fats and Oils
Dec 76.55 77.83 75.11 75.50 –1.17 122,861 March 107-016 –6.0 20,913
Hominy feed,Cent IL-u,w 172
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 106-237 106-253 106-142 106-161 –8.0 2,134,533
Other metals Meat-bonemeal,50% pro Mnpls-u,w 375 Degummed corn oil, crude wtd. avg.-u,w 65.0000
April 3.0090 3.1703 2.9740 3.1001 .0704 41,501 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Platinum Price PM *1006.0 Oats,No.2 milling,Mnpls-u 7.0375 Grease,choice white,Chicago-h 0.7100
May 2.9389 3.0730 2.9039 2.9710 .0252 56,995 March 99.7875 99.8000 99.7825 99.7975 .0125 158,371
Platinum,Engelhard industrial 1020.0 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 99.6350 99.6650 99.6300 99.6550 .0150 512,420
Palladium,Engelhard industrial 2500.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7853
April 2.9439 3.0951 2.9439 2.9875 –.0106 58,777 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Aluminum, LME, $ per metric ton *3217.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 494.10 Tallow,bleach;Chicago-h 0.7450
May 2.9361 3.0640 2.9173 2.9520 –.0137 89,266 June 92-115 –11.5 11,492 Copper,Comex spot 4.5880 Soybeans,No.1 yllw IL-bp,u 16.2400 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100%
April 4.625 4.776 4.594 4.748 .180 69,977 April 98.7975 98.8450 t 98.7825 98.8125 .0125 173,828 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;
May 4.685 4.812 4.645 4.784 .167 208,117 June 98.5150 98.5400 t 98.4500 98.4800 –.0350 1,042,063 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
Dec 97.8500 97.8700 t 97.6500 97.7100 –.1500 1,303,767 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/15
June 4.722 4.857 4.701 4.829 .159 70,355 Source: Dow Jones Market Data
July 4.768 4.912 4.764 4.880 .153 88,388 Dec'23 97.4300 97.4500 t 97.2250 97.2900 –.1350 1,376,132
Sept 4.767 4.899 4.752 4.870 .150 73,876
Oct 4.789 4.919 4.772 4.885 .149 83,022 Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures April .8455 t .8467
.8401 .8431 –.0026 1,582
Corn (CBT)-5,000 bu.; cents per bu. June .8470 t .8480
.8412 .8444
Canadian Dollar (CME)-CAD 100,000; $ per CAD
–.0026 212,312 Tracking Bond Benchmarks
May 756.75 757.00 726.75 730.00 –28.00 579,659
July 721.75 722.50 693.25 697.00 –26.25 368,674 April .7832 .7890 .7827 .7862 .0037 840 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. June .7833 .7889 .7826 .7862 .0037 102,323 highs and lows for different types of bonds
May 658.25 672.75 657.50 664.75 3.25 1,716
British Pound (CME)-£62,500; $ per £ Total Total
April 1.3037 1.3153 1.3031 1.3114 .0083 761
July 610.00 625.00 610.00 620.75 10.75 453 return YTD total Yield (%) return YTD total Yield (%)
June 1.3034 1.3149 1.3029 1.3109 .0083 182,441
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
close return (%) Index Latest Low High close return (%) Index Latest Low High
May 1661.00 1681.25 1645.25 1649.25 –9.50 282,448
June 1.0662 1.0689 t 1.0609 1.0650 –.0005 43,194 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Nov 1467.00 1485.00 1450.50 1460.25 –6.75 175,239
Sept 1.0711 –.0004 96
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD 2125.20 -5.5 U.S. Aggregate 2.750 1.340 2.750 2108.78 -4.3 Mortgage-Backed 2.820 1.590 2.830
May 483.30 489.80 476.10 478.00 –6.00 179,400 April .7197 .7300 .7185 .7267 .0074 387
July 468.70 475.30 462.90 465.70 –4.40 100,281 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2069.30 -3.4 Ginnie Mae (GNMA) 2.780 1.580 2.780
June .7205 .7307 .7191 .7274 .0074 123,639
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN 3128.94 -8.4 1242.68 -4.4 Fannie mae (FNMA) 2.840 1.580 2.840
U.S. Corporate 3.600 1.910 3.660

.
May 73.79 74.98 73.19 73.55 –.13 146,889 April .04804 .04818 .04772 .04816 .00045 20
July 69.75 70.77 69.02 69.57 –.14 77,276 June .04721 .04777 .04717 .04766 .00045 102,727 2916.86 -5.2 Intermediate 3.270 1.260 3.300 1906.70 -4.6 Freddie Mac (FHLMC) 2.830 1.570 2.840

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per €
May 16.25 16.29 15.84 15.87 –.32 7,849 April 1.0977 1.1059 1.0960 1.1016 .0062 8,080 4441.50 -13.2 Long term 4.160 2.900 4.290 572.61 -4.9 Muni Master 2.081 0.687 2.081
Sept 15.78 15.86 s 15.73 15.76 –.03 1,330 June 1.0989 1.1084 1.0987 1.1040 .0062 645,794 402.64 -5.3 7-12 year 2.110 0.687 2.110
624.03 -8.5 Double-A-rated 3.100 1.650 3.160
Wheat (CBT)-5,000 bu.; cents per bu.
Index Futures 832.42 -8.7 Triple-B-rated 3.880 2.110 3.930 462.96 -5.9 12-22 year 2.396 1.000 2.396
May
July

May
July
1157.25
1127.50

1158.00
1145.00
1159.50
1129.00
Wheat (KC)-5,000 bu.; cents per bu.
1160.25
1145.00
1069.25
1042.50

1072.50
1058.50
1069.25 –85.00 132,069
1042.50 –85.00 95,596

1072.50 –85.00
1058.50 –85.00
81,072
48,873
June
on
Mini DJ Industrial Average (CBT)-$5 x index
March 33510
33398
Mini S&P 500 (CME)-$50 x index
34162
34061
33388
33280
34059
33954
527
527
39,230
53,315
High Yield Bonds ICE BofA
492.23
478.00
-5.7
-5.1
High Yield Constrained 6.278 3.796 6.447
Triple-C-rated 10.315 6.304 10.490
451.01

575.13
-7.1
Global Government J.P. Morgan†
-4.1
22-plus year 2.866 1.443 2.866

Global Government 1.530 0.720 1.530

Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 4257.50 4376.00 4246.25 4358.00 96.00 692,396
us ,

March 156.850 157.975 156.375 157.250 .900 3,187 June 4249.75 4367.50 4239.00 4349.50 95.75 1,877,385 3285.36 -5.4 High Yield 100 5.813 3.162 6.055 802.47 -4.3 Canada 2.210 1.230 2.240
May 167.775 169.250 167.050 167.275 –.025 15,060 Mini S&P Midcap 400 (CME)-$100 x index
l

Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2605.00 2670.80 2578.20 2658.10 73.90 6,815 427.89 -7.0 Global High Yield Constrained 6.615 3.968 6.731 388.84 -4.2 EMU§ 1.024 0.163 1.033
e
al a

April 140.900 141.475 139.250 139.350 –1.500 55,589 June 2573.30 2666.40 2568.20 2651.80 74.90 48,950
Mini Nasdaq 100 (CME)-$20 x index 328.08 -6.0 Europe High Yield Constrained 4.639 2.304 4.733 727.89 -4.2 France 0.880 0.080 0.880
June 136.950 137.600 135.400 135.525 –1.275 123,277
March 13451.75 14029.25 13420.50 13953.00 501.25 100,087 -3.7
Hogs-Lean (CME)-40,000 lbs.; cents per lb. U.S Agency Bloomberg Fixed Income Indices 516.93 Germany 0.320 -0.410 0.320
June 13445.25 14025.75 13417.25 13949.75 500.25 163,922
ci on

April 103.575 104.700 102.025 102.375 –.025 38,470

June 120.975 122.000 s 119.900 120.475 .400 81,878
Mini Russell 2000 (CME)-$50 x index 1777.27 -3.3 U.S Agency 2.190 0.640 2.190 290.14 -1.5 Japan 0.500 0.260 0.550
March 1965.10 2042.10 1962.20 2032.40 63.30 134,182
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index 1557.71 -2.9 10-20 years 2.130 0.520 2.130 567.26 -4.8 Netherlands 0.560 -0.290 0.560
May 1201.00 1201.00 1125.00 1150.00 –10.40 1,556 March 2393.30 2403.70 2344.20 2403.70 57.30 10,114
July 1036.00 1039.90 974.60 994.00 –19.70 624 June 2370.60 2400.30 2340.40 2399.90 57.50 11,512 3848.90 -8.4 20-plus years 2.910 1.890 2.920 957.47 -7.7 U.K. 1.710 0.720 1.710
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index -6.5
2700.46 Yankee 3.240 1.510 3.240 829.38 -9.8 Emerging Markets ** 6.391 4.516 6.529
March 22.38 22.43 22.31 22.38 .01 5,309 June 98.91 99.10 98.30 98.62 –.44 47,051
er s

April 23.22 23.41 22.79 22.88 –.53 5,493 Sept 98.60 98.84 98.16 98.40 –.49 486 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 2,471 10 2 Source: FactSet
m er

Global Government Bonds: Mapping Yields

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

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Inventories, imports and demand for the week ended March 11. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 1.500 U.S. 2 1.956 s l 1.855 1.527 0.149
and demand data are available monthly only. 1.875 10 2.185 s l 2.160 2.044 1.622
2.750 Australia 2 1.300 t l 1.346 1.231 0.098 -67.5 -52.1 -5.5
Inventories, 000s barrels Imports, 000s barrels per day
1.000 10 2.491 t l 2.505 2.235 1.705 30.5 35.7 8.8
co Fo

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 -0.264 s l -0.320 -0.569 -0.602 -223.9 -218.7 -75.5
0.000 10 0.859 s l 0.807 0.744 -0.086 -132.7 -134.1 -170.4
Crude oil and
petroleum prod 1,143,514 ... 1,147 1,287 1,151 1,258 8,504 ... 8,840 8,215 8,543 9,252 0.000 Germany 2 -0.334 s l -0.422 -0.361 -0.684 -230.9 -228.9 -83.7
Crude oil 0.000 10 0.393 s l 0.336 0.278 -0.333 -179.3 -181.3 -195.0
excluding SPR 415,907 -1,800 412 501 414 473 6,395 ... 6,319 5,323 6,327 6,930
0.000 Italy 2 0.112 s l 0.108 0.199 -0.384 -186.3 -175.9 -53.7
Gasoline 240,991 ... 245 232 245 238 531 ... 760 910 578 733
Finished gasoline 17,123 -1,500 19 21 18 22 66 ... 245 207 127 109 0.950 10 1.899 t l 1.909 1.908 0.624 -28.7 -24.0 -99.3
Reformulated 21 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 -0.028 t l -0.026 -0.018 -0.145 -200.3 -189.4 -29.8
Conventional 17,102 ... 19 21 18 22 66 ... 245 207 127 109 0.100 10 0.204 t l 0.211 0.221 0.099 -198.2 -193.8 -151.8
Blend. components 223,868 ... 226 211 227 216 465 ... 515 703 451 624
0.000 Spain 2 0.016 s l -0.016 -0.419 -0.494 -195.9 -188.3 -64.7
Natural gas (bcf) 1,519 ... 2 2 2 2 ... ... ... ... ... ...
0.700 10 1.331 s l 1.308 1.188 0.313 -85.5 -84.1 -130.4
Kerosene-type
0.125 U.K. 2 1.399 t l 1.434 1.419 0.099 -57.6 -43.4 -5.4
n-

jet fuel 38,768 ... 39 39 38 41 149 ... 146 32 146 153

Distillates 114,206 -2,100 114 138 117 136 222 ... 274 524 329 248 4.250 10 1.632 s l 1.579 1.530 0.786 -55.4 -56.9 -83.1
Heating oil 7,059 ... 7 9 7 10 0 ... 16 0 4 9 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 107,146 ... 107 129 110 63 222 ... 258 524 325 239
Residual fuel oil 26,859 ... 28 32 27 34 249 ... 238 234 220 176
Corporate Debt
no

Other oils 247,530 ... 250 284 249 269 821 ... 951 1,002 780 829
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,719,027 ... 1,725 1,925 1,730 1,914 -801 ... 674 1,368 69 1,658
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Delta Air Lines DAL 7.000 3.91 May 1, ’25 184 –74 198
Total petroleum Chubb INA Holdings … 8.875 4.07 Aug. 15, ’29 190 –34 n.a.
4250 –27
product 20,652 ... 21,210 18,933 21,044 19,804 Morgan Stanley MS 4.375 4.07 Jan. 22, ’47 156 180
Five-year average
–24
t

Finished for each week 3250 Altria MO 5.375 5.39 Jan. 31, ’44 282 281

motor gasoline 8,944 ... 8,962 8,442 8,827 9,062 Bank of America BAC 4.000 3.32 Jan. 22, ’25 125 –21 128
t
Kerosene-type 2250 Banco Santander SANTAN 3.490 3.93 May 28, ’30 177 –21 n.a.
Natural gas,
jet fuel 1,446 ... 1,353 1,010 1,436 1,541 lower 48 states General Motors GM 5.000 4.89 April 1, ’35 271 –20 269
1250
Distillates 3,704 ... 4,587 4,028 4,244 4,040 Lloyds Banking LLOYDS 4.344 4.74 Jan. 9, ’48 223 –20 n.a.
Residual fuel oil 410 ... 192 361 282 172 250
Propane/propylene 1,532 ... 1,188 1,426 1,519 ... M A M J J A S O N D J F
…And spreads that widened the most
Other oils 4,617 ... 4,928 3,666 4,736 ... 2021 2022 Siemens Financieringsmaatschappij SIEGR 2.350 2.98 Oct. 15, ’26 85 10 n.a.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Toyota Motor Credit TOYOTA 3.000 2.82 April 1, ’25 75 10 56
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
F&G Global Funding … 2.300 3.58 April 11, ’27 136 4 123
Exchange-Traded Portfolios | WSJ.com/ETFresearch Vodafone VOD 7.875 3.89 Feb. 15, ’30 171 4 157
BPCE BPCEGP 4.875 4.10 April 1, ’26 197 2 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 1
Lloyds Banking LLOYDS 4.375 3.96 March 22, ’28 183 171
SPDR DJIA Tr DIA 341.36 1.54 –6.0
Wednesday, March 16, 2022 Closing Chg YTD
SPDR S&PMdCpTr MDY 485.45 2.84 –6.2
Closing Chg YTD ETF Symbol Price (%) (%)
SPDR S&P 500 SPY 435.62 2.22 –8.3 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 44.95 8.05 –8.0 SPDR S&P Div SDY 125.88 0.78 –2.5 Bond Price as % of face value
CnsmrDiscSelSector XLY 175.21 3.41 –14.3 iShMSCIEAFEValue EFV 49.37 2.73 –2.0 TechSelectSector XLK 150.89 3.25 –13.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsStapleSelSector XLP 73.51 0.11 –4.7 iShNatlMuniBd MUB 110.68 0.29 –4.8 VangdInfoTech VGT 393.02 3.66 –14.2
iSh1-5YIGCorpBd IGSB 51.85 0.12 –3.8 VangdSC Val VBR 174.26 2.27 –2.6 2.47
DimenUSCoreEq2 DFAC 27.00 2.43 –6.8
iShPfd&Incm PFF 35.70 1.39 –9.5 VangdExtMkt VXF 159.48 3.67 –12.8
Dish DBS … 5.125 8.37 June 1, ’29 82.720 82.520
EnSelectSectorSPDR XLE 71.49 –0.46 28.8
FinSelSectorSPDR XLF 38.43 2.81 –1.6
iShRussell1000Gwth IWF 262.58 3.28 –14.1 VangdSC Grwth VBK 238.65 4.12 –15.3 Transocean RIG 7.500 14.58 April 15, ’31 64.977 1.98 68.000
iShRussell1000Val IWD 162.89 1.59 –3.0 VangdDivApp VIG 159.24 1.37 –7.3
HealthCareSelSect XLV 134.03 1.20 –4.9
IndSelSectorSPDR XLI 101.15 1.32 –4.4
iShRussell2000 IWM 201.94 3.15 –9.2 VangdFTSEDevMk VEA 47.39 3.38 –7.2 Embarq … 7.995 8.52 June 1, ’36 95.670 1.61 93.970
iShRussell2000Val IWN 160.27 2.27 –3.5 VangdFTSE EM VWO 46.12 7.78 –6.8
InvscQQQI QQQ 340.32 3.71 –14.5 1.50
InvscS&P500EW RSP 154.23 1.89 –5.2
iShRussellMid-Cap IWR 75.49 2.65 –9.1 VangdFTSE Europe VGK 61.88 3.93 –9.3 Navient NAVI 5.625 7.81 Aug. 1, ’33 83.750 84.200
iShRussellMCValue IWS 116.74 1.91 –4.6 VangdFTSEAWxUS VEU 56.94 4.42 –7.1
iShCoreDivGrowth DGRO 52.71 1.38 –5.2
iShCoreMSCIEAFE IEFA 68.57 3.47 –8.1
iShRussell1000 IWB 241.02 2.37 –8.9 VangdGrowth VUG 271.60 3.53 –15.4 Deutsche Bank DB 4.500 4.51 April 1, ’25 99.966 1.36 100.502
iShS&P500Growth IVW 72.56 3.05 –13.3 VangdHlthCr VHT 248.34 1.63 –6.8
iShCoreMSCIEM IEMG 55.26 7.49 –7.7 1.34
iShCoreMSCITotInt IXUS 65.71 4.48 –7.4
iShS&P500Value IVE 152.38 1.36 –2.7 VangdHiDiv VYM 110.82 0.97 –1.2 Ford Motor F 4.750 5.67 Jan. 15, ’43 88.842 90.250
iShShortTreaBd SHV 110.27 0.01 –0.1 VangdIntermBd BIV 82.56 –0.01 –5.8
iShCoreS&P500 IVV 437.52 2.21 –8.3 iShTIPSBondETF TIP 125.40 –0.58 –2.9 VangdIntrCorpBd VCIT 86.09 0.30 –7.2 Sprint Capital … 8.750 4.59 March 15, ’32 133.000 1.25 134.880
iShCoreS&P MC IJH 265.62 2.85 –6.2 iSh1-3YTreasuryBd SHY 83.90 –0.10 –1.9 VangdLC VV 200.23 2.42 –9.4
iShCoreS&P SC IJR 107.72 2.50 –5.9 iSh7-10YTreasuryBd IEF 108.96 –0.14 –5.3 VangdMC VO 229.53 2.61 –9.9 FirstEnergy FE 7.375 4.39 Nov. 15, ’31 123.250 1.13 124.087
iShS&PTotlUSStkMkt ITOT 97.41 2.52 –8.9 iSh20+YTreasuryBd TLT 132.82 0.98 –10.4 VangdMC Val VOE 145.96 1.44 –2.9
iShCoreTotalUSDBd IUSB 49.84 0.34 –5.8
iShCoreUSAggBd AGG 107.68 0.07 –5.6
iShUSTreasuryBdETF
JPM UltShtIncm
GOVT
JPST
25.17
50.24
0.68
...
–5.7
–0.5
VangdMBS
VangdRealEst
VMBS
VNQ
50.39
104.78
–0.10
1.19
–4.6
–9.7
…And with the biggest price decreases
iShSelectDividend DVY 125.67 0.99 2.5 PimcoEnhShMat MINT 100.48 –0.02 –1.1 VangdS&P500ETF VOO 400.51 2.24 –8.3
iShESGAwareUSA ESGU 97.53 2.46 –9.6 ProShUltPrQQQ TQQQ 48.44 11.23 –41.8 VangdST Bond BSV 78.46 –0.06 –2.9 Ford Motor Credit … 3.087 3.60 Jan. 9, ’23 99.594 –0.53 100.000
iShEdgeMSCIMinUSA USMV 75.21 0.99 –7.0 SPDRBlm1-3MTB BIL 91.42 0.02 –0.0 VangdSTCpBd VCSH 78.26 0.14 –3.7
iShEdgeMSCIUSAQual QUAL 128.95 2.16 –11.4 SPDR Gold GLD 180.01 0.63 5.3 VangdShtTmInfltn VTIP 51.52 –0.44 0.2 Quad/Graphics QUAD 7.000 6.82 May 1, ’22 100.000 –0.38 n.a.
iShGoldTr IAU 36.65 0.55 5.3 SPDRS&P500Value 40.87 1.36 –2.7 208.26 2.98 –7.9
iShiBoxx$InvGrCpBd LQD 120.39 0.85 –9.2
SPYV VangdSC VB
Telecom Italia TITIM 5.303 5.30 May 30, ’24 100.000 –0.10 100.000
SchwabIntEquity SCHF 36.16 3.34 –7.0 VangdTaxExemptBd VTEB 52.08 0.02 –5.2
iShiBoxx$HYCpBd HYG 81.70 1.40 –6.1 SchwabUS BrdMkt SCHB 51.41 2.41 –9.0 VangdTotalBd BND 79.88 0.15 –5.7 –0.05
iShJPMUSDEmgBd EMB 97.33 2.04 –10.8
ADT Security ADT 4.125 3.29 June 15, ’23 101.000 n.a.
SchwabUS Div SCHD 77.90 1.01 –3.6 VangdTotIntlBd BNDX 52.67 0.02 –4.5
iShMBSETF MBB 102.52 –0.10 –4.6 SchwabUS LC SCHX 51.82 2.37 –8.9 VangdTotIntlStk VXUS 59.02 4.33 –7.2
iShMSCI ACWI ACWI 96.86 3.38 –8.4 SchwabUS LC Grw SCHG 70.06 3.42 –14.4 VangdTotalStk VTI 219.64 2.50 –9.0 *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.
iShMSCI EAFE EFA 72.45 3.59 –7.9 SchwabUS SC SCHA 46.71 3.36 –8.8 VangdTotlWrld VT 98.59 3.17 –8.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE SC SCZ 65.82 3.15 –9.9 Schwab US TIPs SCHP 61.19 –0.50 –2.7 VangdValue VTV 145.22 1.15 –1.3 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.

B10 | Thursday, March 17, 2022 * THE WALL STREET JOURNAL.

MARKETS & FINANCE

Buyout Firm EQT Acquires Asian Rival

BY BEN DUMMETT Europe and the U.S. Baring deal. EQT’s stock rose money into private equity and of the prior year, according to which is owned by Massachu-
Based in Hong Kong, Baring more than 9% after the deal other alternative asset classes Preqin, a data provider. setts Mutual Life Insurance Co.
European buyout giant EQT focuses its private equity and was announced. in recent years, attracted to EQT said Asia is a particu- EQT, which invests in pri-
AB struck a $7.5 billion cash growth investments across sev- Even though private-equity the promise of better returns larly attractive market be- vate equity, infrastructure, real
and stock deal to buy rival pri- eral sectors including business companies specialize in buying than the public equity and cause assets under manage- estate, and growth and venture
vate-equity firm Baring Pri- and information services, and merging other companies, ment for private capital in the capital, will gain access to more
vate Equity Asia, a big bet on healthcare and technology they rarely do mergers among region have been growing at a than 100 potential new investor

$7.5B
the growth of Asia’s private spread across much of Asia led themselves. That is partly be- compounded annual growth clients from Baring that don’t
markets. by China, Hong Kong and India. cause of the risk of generating rate of 24% since 2015, com- already have exposure to an
The deal, announced EQT is one of Europe’s larg- too much overlap in invest- pared with 14% for Europe and EQT fund. Together they will
Wednesday, will give EQT al- est private-equity companies ment strategies. But combina- North America combined. have more than 1,000 investors
most €18 billion, equivalent to and has been bulking up in re- tions aren’t unheard of. In Value of the cash-and-stock deal “The scale players like EQT across their funds.
$19.8 billion, in additional as- cent years to compete with September, Europe-based for Baring Private Equity Asia and [Baring] together are tak- EQT went public in 2019, in
sets for a total of more than American rivals such as KKR & CVC Capital Partners acquired ing…an outsized share of the part because the stock listing
€90 billion, boosting manage- Co., Apollo Global Manage- Glendower Capital to expand growth and an outsized share would provide it with a cur-
ment fees and investment in- ment Inc. and Blackstone Inc. its business of taking stakes in of the capital,” Christian Sind- rency to fund transactions to
come from investments, while Investor AB, the investment other private-equity funds. debt markets. At the end of ing, EQT’s chief executive, said. expand. Last year, it used its
establishing the Stockholm- vehicle of Sweden’s prominent The deal came ahead of CVC’s 2021, private-equity firms Baring, formerly an affiliate stock to partly fund the $1.87
based asset manager as a ma- Wallenberg family and EQT’s expected initial public offering were sitting on a total of $1.81 of the now-defunct Barings acquisition of Exeter Property
jor operator in Asia to comple- largest shareholder, said sometime this year. trillion of unused cash, up Bank, is a stand-alone entity Group to expand its real-estate
ment its bigger operations in Wednesday it supports the Investors have plowed from $1.59 trillion at the end and not part of Barings Group, investments in the U.S.

Stock Pickers Watched S&P Pass Them by Again in 2021

BY KAREN LANGLEY That was a stronger showing particularly weak, with the companies and big tech stocks turn—less than half that of the “The opportunity that you
than that of 85% of U.S. large- smallest share of large-cap in 2020. That year, almost 64% prior year. Microsoft, Apple, might have by moving to a
Last year was a great one cap stock-picking mutual stock pickers beating the of the total return of the S&P Alphabet and Nvidia repeated more extreme growth posture
for the U.S. stock market. It funds, according to data from benchmark since 2014. During 500 was contributed by just their stints on the top-five list or to a larger cap posture was
was another disappointment S&P Dow Jones Indices. the market tumult of 2020, by five companies: Apple Inc., Am- and were joined by Tesla Inc. much less in 2021 than it had
for most stock-picking fund The failure of stock pickers comparison, 60% of U.S. large- azon.com Inc., Microsoft Corp., The narrowing of perfor- been the prior year,” he said.
managers. to beat the benchmark is noth- cap funds lagged behind the Alphabet Inc. and Nvidia Corp. mance gaps may be one reason The average return last
Fueled by rip-roaring cor- ing new: 2021 was the 12th con- benchmark index. Last year, growth stocks re- that so many stock pickers year of large-cap U.S. funds,
porate profits and easy mone- secutive year in which the ma- Stock pickers can try to beat corded a smaller lead over failed to deliver stronger results weighted by fund assets, was
tary policy, the benchmark jority of actively managed funds their benchmarks by tilting value stocks than in 2020. The than the broad market, said 23.3%, more than 5 percentage
S&P 500 notched a total re- of large-cap stocks watched the their fund toward a part of the five highest-contributing com- Craig Lazzara, managing direc- points lower than that of the
turn, including price gains and S&P 500 pass them by. market that is outperforming, panies accounted for about tor in core product manage- S&P 500, according to S&P
dividends, of 28.7% last year. But 2021’s performance was like shares of fast-growing 31% of the index’s 2021 re- ment at S&P Dow Jones Indices. Dow Jones Indices.

.
ly
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
AnthemisDigI Wt ADALW 0.27 -3.4 CarParts.com PRTS 5.90 -5.9 ExcelFinAcqnWt XFINW 0.38 10.5 Hyperfine HYPR 2.46 14.4 MarlinTechWt FINMW 0.21 -34.7 PrimaveraCapWt PV.WS 0.17 0.3 SustDevtI Wt SDACW 0.15 -7.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE AnzuSpecial I Wt ANZUW 0.20 -14.1 CatalystPtrsWt CPARW 0.43 -10.3 ExecutiveNtwkWt ENPC.WS 0.18 -9.0 IDEAYA Bio IDYA 10.94 0.1 MediWound MDWD 1.77 ... PrimaveraCap PV.U 9.83 ... TPGPaceBenWt TPGY.WS 0.54 6.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Aravive ARAV 1.82 -5.1 CedarRealtyPfB CDRpB 10.29 -4.5 FastAcqnII Wt FZT.WS 0.35 -26.3 InsuAcqnIII Wt IIIIW 0.15 -12.9 MeihuaIntlMed MHUA 6.30 3.4 PriorityIncmPfdD PRIFpD 24.84 -0.4 TZP Strategies Wt TZPSW 0.20 -33.4
in the latest session. % CHG-Daily percentage change from the previous trading session.

Stock
52-Wk %
Sym Hi/Lo Chg Stock
Wednesday, March 16, 2022
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
on ArchCapitalPfdG ACGLN
ArctosNorthWt ANAC.WS
AthenaTechIIWt ATEK.WS
AthenaTechII ATEK.U
AthlonAcqnWt SWETW
AtlCoastalAcqnII ACABU
20.75 0.3
0.26 3.5
0.22 -11.1
9.90 -0.2
0.14 -17.8
9.95 -0.1
Cel-Sci
Celcuity
CingulateWt
CipherMiningWt CIFRW
ClarimAcqnWt CLRMW
ClovisOncology CLVS
CVM
CELC
CINGW
3.80 1.8
7.86 -4.5
0.20 -12.7
0.47 3.1
0.24 -5.8
1.35 2.1
FtacAthena FTAAU 9.80 -0.6 Immatics
FTACEmeraldWt EMLDW 0.37 -9.2 IndependenceWt ACQRW
FatProjectsAcqnWt FATPW 0.16 -9.9 IndLogistics
FigureAcqnI Wt FACA.WS 0.53 -4.7 InfiniteAcqnWt NFNT.WS
FinTechEvolWt FTEV.WS 0.17 6.0 InflectionPointWt IPAXW
FirstReserveWt FRSGW 0.27 -6.1 InozymePharma INZY
IMTX

ILPT
6.48 0.6
0.39 3.4
21.25 1.0
0.28 -1.5
0.35 -5.9
3.54 -4.0
ModelPerformRt MPACR
MotiveCapA

NGM Biopharm NGM

NatlEnerSvs
MOTV
MotorsportGames MSGM

NESR
NecessityPfdC RTLPO
0.09 -43.0
9.10 2.4
1.44 -1.3
13.34 3.3
8.11 -3.5
24.63 -0.6
ProcessaPharm PCSA
PropSolnsII Wt PSAGW
PropTechInvII Wt PTICW
ProtagenicWt PTIXW
PublicStoragePfF PSApF
QualTekSvcs QTEK
3.00 -5.5
0.16 10.0
0.25 -18.4
0.16 -5.5
24.44 0.8
2.40 2.0
TabulaRasaHlth TRHC
TalisBiomed
Talon1AcqnWt TOACW
Tantech
TanzanianGold TRX
TLIS

TANH

TargetGlbl I Wt TGAAW
4.25 -4.0
0.96 -23.1
0.23 -8.5
0.48 -68.8
0.30 -4.0
0.24 -14.8
AtlStreetAcqnWt ASAQ.WS 0.14 ... CodereOnlineWt CDROW 0.42 -0.8 5EAdvMatls FEAM 27.64 -12.2 IntegraResources ITRG 1.36 -1.4 Neovasc NVCN 0.37 0.2 ReneoPharm RPHM 3.31 -3.1 Telos TLS 8.51 -11.3
5EAdvMatls FEAM 49.50 -12.2 RyersonHolding RYI 35.08 5.9
us ,

NetSolTech NTWK 3.68 ... TVA Parrs TVE 24.73 -0.7

Highs FutureHealthWt FHLTW
GATX GATX
0.52 6.1
124.04 1.5
ServisFirst SFBS
SkyHarbourWt SKYH.WS
92.36
1.88
2.6
29.3
AtlanticusNts26 ATLCL
AtlasCrestII Wt ACII.WS
23.98 2.9
0.30 -9.1
ColicityWt COLIW
ColombierAcqnWt CLBR.WS
0.34 7.8
0.30 -17.4
FocusImpactAcqnWt FIACW 0.25 -6.7 IntegratedRailWt IRRX.WS
ForestRoadAcqnIIWt FRXB.WS 0.26 -19.8 InvestcorpEur I Wt IVCBW
0.24 -11.1
0.18 -5.3 NewAge NBEV 0.52 -7.0
Renovacor RCOR
RenovacorWt RCOR.WS
4.01 -15.7
0.32 -23.8 TVA Bds D TVC 24.80 -0.3
NXGLW 0.26 -16.2 TERN 2.73 -0.3
l

AbbVie ABBV 156.82 0.1 ByteAcqnWt BYTSW 0.15 13.6 CommsSystems JCS 1.83 -1.0 FortistarSustWt FSSIW 0.28 -22.2 Ipsidy AUID 2.76 -7.1 NexGelWt RiverNorthPfdB OPPpB 22.51 0.4 TernsPharm
GSRIIMeteora GSRMU 10.07 -0.4 SkyHarbour SKYH 33.16 27.8
AccretionAcqn ENER 9.84 0.4 BankofAmPfdSS BACpS 22.55 0.2 CommunityHlthcr CHCT 39.42 1.1 FortressCapWt FCAX.WS 0.40 -7.0 IsoPlexis ISO 3.61 -3.8 NexPointPfdA NREFpA 25.10 -0.5 RocketCos. RKT 10.07 1.6 Theratechnologies THTX 2.49 -2.7
GardinerHlthcr GDNR 9.90 ... SouthwestGas SWX 78.23 1.3
e
NiaMoPwr pfC NMKpC 95.02 -0.3 TishmanSpeyII Wt TSIBW 0.35 ...
al a

AdvanSix ASIX 51.45 3.9 GenAsia I A GAQ 9.76 1.0 Synalloy SYNL 19.20 4.1 BankofSC BKSC 18.28 -4.7 ConcordMed CCM 1.54 17.4 FortressValueIV Wt FVIV.WS 0.38 -4.1 JackCreekWt JCICW 0.18 -9.1 RossAcqnIIWt ROSS.WS 0.36 -2.5
AmericasTechA ATA 10.23 ... BeardEnerWt BRD.WS 0.30 -11.7 ConnectBiopharma CNTB 2.34 13.8 ForumMergerIV Wt FMIVW 0.23 -30.6 JasperTherap JSPR 2.92 0.6 NobleRockWt NRACW 0.20 -4.8 S&W Seed SANW 1.76 -11.1 TradeUPAcqnWt UPTDW 0.20 -2.1
GlShipLeasePfdB GSLpB 26.31 1.0 TCBioPharmWt TCBPW 0.99 98.0 NorthAtlAcqnWt NAACW 0.18 -6.0 Travelzoo TZOO 5.20 4.0
AmerisourceBrgn ABC 153.05 -0.6 GreeneCnty GCBC 45.25 2.1 TelekmIndonesia TLK 32.75 0.7 BellerophonTherap BLPH 1.77 1.6 ConnectOnePfdA CNOBP 23.55 1.1 FrazierLifesWt FLACW 0.22 -44.8 JawsMustang JWSM.U 9.75 0.1 StoreCapital STOR 28.32 0.1
AndrettiAcqnA WNNR 9.99 0.3 NorthernGenIII Wt NGC.WS 0.47 -6.0 TrepontAcqnI Wt TACA.WS 0.09 11.8
HarmonyBio HRMY 47.74 8.9 TimkenSteel TMST 22.55 12.9 BerensonAcqnIWt BACA.WS 0.27 -2.9 Consilium I Wt CSLMW 0.13 -12.9 FreedomI Wt FACT.WS 0.27 -28.1 JPMChasePfdLL JPMpL 21.05 0.2 ScholarRock SRRK 11.35 -1.3
NorthernStrIII Wt NSTC.WS 0.34 -2.9 Tri-Cont Pfd TYp 53.09 -0.5
ci on

Assurant AIZ 175.41 0.5 Holley HLLY 14.54 3.0 TowerSemi TSEM 47.64 0.8 BigSkyGrowthWt BSKYW 0.30 -4.4 Crawford A CRD.A 6.96 -0.1 FrontierInvt FICVU 9.74 -1.7 JPMChasePfdJJ JPMpK 20.77 0.5 SchultzeSpacII SAMAU 9.86 0.5
Nuvalent NUVL 11.37 -6.3 TScanTherap TCRX 3.49 -3.3
BancFirst BANF 82.23 1.6 HolleyWt HLLY.WS 4.35 4.2 Travelers TRV 181.17 -0.5 BiomeaFusion BMEA 5.31 -5.1 CreativeRealities CREX 0.80 4.2 FusionAcqnIIWt FSNB.WS 0.18 -1.3 JuniperII Wt JUN.WS 0.43 -6.3 ScionTechI Wt SCOAW 0.25 -9.6
OFSCreditPfdE OCCIN 24.51 -3.6 TuesdayMorning TUEM 1.14 3.5
BeaconRoof BECN 63.64 1.3 JBHunt JBHT 218.18 9.6 TriconRes TCN 16.35 3.6 BirdGlobalWt BRDS.WS 0.37 -20.8 CrucibleAcqnWt CRU.WS 0.31 -9.5 GoAcqnWt GOAC.WS 0.11 10.4 KademSustWt KSICW 0.18 -6.4 SecureWorks SCWX 12.11 3.6
OmegaTherap OMGA 7.12 -7.5 TwinRidgeCapWt TRCA.WS 0.22 -15.4
BerkHathwy A BRK.A 506028 1.2 IntlMoneyExpress IMXI 20.63 10.7 TurquoiseHill TRQ 26.80 ... BirdGlobal BRDS 2.65 -22.6 CryoCellInt CCEL 7.28 -2.9 G1Therapeutics GTHX 7.28 1.9 KairousAcqnWt KACLW 0.14 ... SelectaBiosci SELB 1.39 2.7
OmnichannelWt OCA.WS 0.18 16.0 TyraBiosciences TYRA 9.74 10.0
BerkHathwy B BRK.B 337.34 1.1 KemperDeb2062 KMPB 24.28 1.2 Univar UNVR 33.38 1.6 BlackSpadeAcqn BSAQ.U 9.75 -0.1 CullinanOncology CGEM 11.52 -3.8 GSquaredIIWt GSQB.WS 0.23 -4.3 KairousAcqnRt KACLR 0.15 -7.6 SemperParatus LGSTU 9.99 -0.8
OricPharm ORIC 5.83 3.8 USCellular5.5%SrNt UZE 22.08 -0.4
BowleroWt BOWL.WS 2.83 4.2 KenonHoldings KEN 67.21 3.8 VickersVantageI VCKA 10.17 ... BlackSpadeWt BSAQ.WS 0.25 -21.9 Curis CRIS 2.54 0.4 GabelliUtilityRt GUTrw 0.12 -24.3 KingswoodWt KWAC.WS 0.09 -16.3 SemperParatusWt LGSTW 0.24 -7.7
OrionGroup ORN 2.10 -0.9 Unifi UFI 17.05 2.1
BullHorn BHSE 10.06 0.1 KeyarchAcqn KYCHU 10.13 ... VoyagerTherap VYGR 7.55 12.1 BlockchainMoonRt BMAQR 0.18 -0.4 Cyngn CYN 1.22 2.4 Genasys GNSS 2.67 3.3 KnightSwanAcqnWt KNSW.WS 0.14 1.3 1.70 -0.6 SeniorConnectI Wt SNRHW 0.25 -13.7 24.26 0.2
Parts Id ID ValleyNatlPfdB VLYPO
Cadre CDRE 26.59 -1.3 KnightSwanA KNSW 10.00 ... ZimIntShipping ZIM 89.25 4.0 BlueWaterVac BWV 22.99 -38.1 CytomXTherap CTMX 2.94 0.7 GenAsia I Wt GAQ.WS 0.28 -42.9 LamfGlbI Wt LGVCW 0.20 -14.1 ParPacific PARR 11.66 -0.5 SenseiBiotherap SNSE 2.37 7.0 Vaxxinity VAXX 3.44 -1.6
Cal-MaineFoods CALM 48.25 2.7 LIVCapAcqnII A LIVB 9.99 -0.1 BridgewaterPfdA BWBBP 24.80 -0.2 D&ZMediaWt DNZ.WS 0.26 3.4 GileadSciences GILD 57.19 -0.6 LCattertonWt LCAAW 0.30 -14.3 ParatekPharma PRTK 2.92 ... SeraPrognostics SERA 3.37 -8.1 VerveTherap VERV 20.00 -0.4
CNC 87.47 1.5
Lows BrightMindsBio DRUG 1.44 -6.5 DecarbPlusIV Wt DCRDW 0.42 5.2 GlassHousesWt GLHAW 0.27 -9.9 LandcadiaIV Wt LCAHW 0.34 -14.5 SVNAW 0.27 -10.0
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Centene LakeshoreI A LAAA 9.95 0.2 PartnerRePfdJ PREpJ 22.19 1.5 7AcqnWt VeryGoodFood VGFC 0.38 -24.8
ChinaHGSRealEst HGSH 3.80 18.3 Loews L 63.34 1.0 BroadCapitalRt BRACR 0.16 -11.1 DeepLakeCapWt DLCAW 0.17 -19.8 GlblSpacWt GLSPW 0.17 -17.5 Lands'End LE 14.73 13.5 PA Reit PEI 0.69 4.0 Shineco SISI 2.24 -9.7 VigilNeurosci VIGL 9.62 -1.2
CincinnatiFin CINF 133.33 -0.2 MartenTransport MRTN 19.85 3.1 ALSPOrchidIUn ALORU 9.99 -0.1 BuildAcqnWt BGSX.WS 0.24 1.6 DermataTherap DRMA 0.91 1.6 GlobalinkInvtRt GLLIR 0.16 -0.4 LazardGrowthIWt LGACW 0.33 -13.6 PeridotII Wt PDOT.WS 0.32 -7.2 ShoulderUpTechWt SUAC.WS 0.22 -7.1 WarburgPinI-B Wt WPCB.WS 0.48 -2.7
CommercialMetals CMC 42.37 -0.1 McKesson MCK 293.40 0.3 AP Acqn Wt APCA.WS 0.22 -12.0 BullpenParlayWt BPACW 0.29 -17.0 DirectSellingAcqnWt DSAQ.WS 0.22 -12.0 GoldenArrowWt GAMCW 0.18 -15.2 LeadEdgeGrowth LEGAU 9.74 -0.2 PhathomPharm PHAT 11.33 4.2 SierraLakeWt SIERW 0.18 2.0 WarburgPinI-A Wt WPCA.WS 0.60 -5.7
CornerstoneBldg CNR 24.39 0.5 MolinaHealthcare MOH 334.31 0.6 AccelerateWt AAQC.WS 0.32 -6.3 CF Acqn IV Wt CFIVW 0.26 26.6 dMYTechGrpVIWt DMYS.WS 0.63 -1.4 GoresVII Wt GSEVW 0.60 -8.4 LeadEdgeGrwWt LEGAW 0.24 4.6 SifcoInd SIF 5.06 -24.7
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PioneerMergerWt PACXW 0.27 -23.3 WeaveComms WEAV 5.09 6.1

Corteva CTVA 56.10 -0.4 MonarchCasino MCRI 86.49 1.0 AccretionAcqnRt ENERR 0.15 -6.4 CHS PfdB2 CHSCN 25.71 1.4 Doma DOMA 1.91 1.0 GroupNineWt GNACW 0.25 -0.1 LefterisAcqnWt LFTRW 0.23 -4.2 PivotalInvtIII Wt PICC.WS 0.25 -19.4 SilverSpikeInvt SSIC 12.72 -3.1 WellsFargoPfdAZ WFCpZ 21.14 1.0
Credicorp BAP 169.79 1.9 NubiaBrand NUBIU 10.07 ... AequiAcqnWt ARBGW 0.17 -6.5 CovaAcqn COVAU 9.80 -0.2 DomaWt DOMA.WS 0.32 2.2 HamiltonBeach HBB 10.71 -0.6 LegatoMergerIIWt LGTOW 0.35 -7.9 PliantTherap PLRX 7.32 1.2 SilverspacWt SLVRW 0.32 -20.9 WellsFargoPfdAA WFCpA 21.05 1.2
CrownHoldings CCK 128.48 -0.8 Nucor NUE 140.78 -0.3 AfterNextWt AFTR.WS 0.37 -1.3 CactusAcqn1 Wt CCTSW 0.22 -5.9 Durect DRRX 0.52 16.9 HamiltonLaneI Wt HLAHW 0.18 -12.1 LevereWt LVRAW 0.33 -8.3 PlumAcqnIWt PLMIW 0.33 10.2 SkydeckAcqnWt SKYAW 0.30 -10.3 WerewolfTherap HOWL 4.32 -2.8
Danaos DAC 106.25 7.6 NutribandWt NTRBW 4.85 6.7 AgileGrowthWt AGGRW 0.23 -29.7 CadizPfdA CDZIP 12.51 -1.5 ESM Acqn Wt ESM.WS 0.30 -8.8 HeartlandMediaWt HMA.WS 0.12 -11.9 LexariaBioscience LEXX 2.80 -7.0 PolarityTE PTE 0.28 -1.9 SoftwareAcqnIIIWt SWAGW 0.21 -12.5 WholeEarthBrdsWt FREEW 0.34 18.4
ElbitSystems ESLT 218.08 -0.8 PCConnection CNXN 52.14 1.3 AlaunosTherap TCRT 0.61 8.4 Calyxt CLXT 1.00 2.0 ElevationOnc ELEV 2.40 -3.2 HennessyCapIV Wt HCICW 0.33 8.5 LibertyRscsWt LIBYW 0.18 -5.5 PoweredBrandsWt POWRW 0.30 -4.7 SouthportAcqnWt PORT.WS 0.25 -10.7 Winc WBEV 2.98 -7.5
Enviva EVA 81.53 1.0 PapayaGrowthI A PPYA 9.93 0.3 AlliedEsports AESE 1.52 -1.8 Canna-GlobalWt CNGLW 0.13 -7.1 EmpowerIWt EPWR.WS 0.14 -4.1 HeritageGlobal HGBL 1.31 3.0 LiveVoxUn LVOXU 2.67 -9.2 PraxisPrecision PRAX 10.06 1.1 SportsTekAcqnWt SPTKW 0.15 -31.2 WinVestAcqnRt WINVR 0.06 22.7
FMC FMC 129.54 -1.2 PathfinderBncp PBHC 18.46 -1.9 AlphaTeknova TKNO 13.60 1.1 CapitalOnePfdJ COFpJ 21.24 0.1 EngineGaming GAME 1.52 3.6 HillIntl HIL 1.75 ... MSD Acqn Wt MSDAW 0.62 -12.9 Precigen PGEN 1.85 6.2 StratimCloudWt SCAQW 0.25 -20.1 WorldQuantumWt WQGA.WS 0.34 ...
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FNCB Bancorp FNCB 10.12 2.2 PPlus RRD-1 PYS 24.85 0.8 AltEnergyWt AEAEW 0.22 -17.4 CapitalOnePfdK COFpK 20.87 0.1 Equillium EQ 3.19 -0.3 HudsonExecII Wt HCIIW 0.17 -41.4 MacondrayCapIWt DRAYW 0.26 ... PrecisionBio DTIL 2.57 2.4 StryveFoodsWt SNAXW 0.20 -17.9 ZaniteAcqnWt ZNTEW 0.49 -16.5
FinnovateAcqnA FNVT 9.95 ... PriorityIncmPfdL PRIFpL 25.19 1.0 AmericanAcqnA AMAO 9.54 -5.3 CarneyTechII Wt CTAQW 0.28 -19.4 EvokePharma EVOK 0.46 5.1 HudsonExecIII Wt HIIIW 0.21 -52.6 MalaccaStraitsWt MLACW 0.12 ... PPlus GSC-2 PYT 21.51 -4.4 SummitMidstream SMLP 13.91 -0.6 Zenvia ZENV 3.76 -3.3

Biggest 1,000 Stocks | WSJ.com/stocks Stock

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NetApp NTAP 84.86 2.76 ParkerHannifin PH 285.91 6.77 RestaurantBrands QSR 57.39 1.04 SolarEdgeTech SEDG 334.16 18.41 ThermoFisherSci TMO 562.55 11.91 VornadoRealty VNO 45.29 -0.15
co Fo

Net Stock Sym Close Chg Stock Sym Close Chg NTES 93.31 19.07 Paychex 2.73 RexfordIndlRealty REXR 71.20
NetEase PAYX 124.55 0.45 Sony SONY 102.75 4.65 ThomsonReuters TRI 104.16 1.29 VulcanMatls VMC 181.28 -0.73
Stock Sym Close Chg KoninklijkePhil PHG 32.11 0.89 MagnaIntl MGA 60.96 2.63 Netflix NFLX 357.53 13.78 PaycomSoftware PAYC 327.22 21.21 RingCentral RNG 107.79 5.29 Southern SO 68.52 -0.14 3M MMM 145.51 1.20
IdexxLab IDXX 520.19 17.26 KoreaElcPwr KEP 10.18 0.25 ManhattanAssoc MANH 135.48 5.78
Neurocrine NBIX 92.16 1.10 Paylocity PCTY 198.76 9.17 RioTinto RIO 72.72 3.64 SoCopper SCCO 70.47 2.05 Toast TOST 18.72 1.34 W X Y Z
ING Groep ING 10.60 0.62 KraftHeinz KHC 37.68 -0.14 ManulifeFin MFC 20.10 0.90 NewellBrands NWL 22.47 0.53 PayPal PYPL 107.92 7.46 Rivian RIVN 41.58 4.58 SouthwestAir LUV 43.12 1.06 Toro TTC 84.48 0.50
WEC Energy WEC 94.60 0.01
Invesco IVZ 21.27 0.98 Kroger KR 54.99 -1.20 MarathonOil MRO 21.59 -0.06 Newmont NEM 72.61 -0.76 Pearson PSO 11.06 0.12 RobertHalf RHI 116.04 3.11 Splunk SPLK 117.87 5.94 TorontoDomBk TD 79.70 1.44
W.P.Carey WPC 79.35 -0.37
IQVIA IQV 220.27 5.26 LKQ LKQ 47.06 1.61 MarathonPetrol MPC 74.86 0.46 NewsCorp A NWSA 21.63 0.53 Peloton PTON 23.31 0.70 Robinhood HOOD 12.78 1.74 Spotify SPOT 133.58 9.74 TotalEnergies TTE 50.11 0.35
WPP 69.37 3.49
LPL Financial LPLA 174.47 11.43 MaravaiLifeSci MRVI 39.55 1.09 NewsCorp B NWS 22.10 0.66 PembinaPipeline PBA 35.90 0.33 Roblox RBLX 41.51 3.64 StanleyBlackDck SWK 148.40 2.64 ToyotaMotor TM 171.89 5.96 WPP
IcahnEnterprises IEP 53.97 0.14
MKL 1383.72 10.93 NexstarMedia NXST 187.72 7.97 PenskeAuto PAG 105.32 4.15 t RocketCos. RKT 10.41 0.16 Starbucks SBUX 87.41 4.29 TractorSupply TSCO 227.12 -0.76 Wabtec WAB 93.64 4.00
Icon ICLR 230.50 7.18 L3HarrisTech LHX 243.43 -14.68 Markel NextEraEnergy NEE 82.51 0.53 WalgreensBoots WBA 47.38 -0.79
MarketAxess MKTX 354.41 6.90 Pentair PNR 56.83 1.99 Rockwell ROK 268.48 7.46 StateStreet STT 87.45 3.48 TradeDesk TTD 60.31 6.44
IDEX IEX 196.13 3.45 LabCorp.ofAmerica LH 274.02 2.49 Walmart WMT 145.35 -0.43
IllinoisToolWks ITW 209.99 1.54 LamResearch LRCX 514.49 29.77 Marriott MAR 172.29 5.89 NielsenHoldings NLSN 23.40 -0.02 People'sUtdFin PBCT 21.38 0.76 RogersComm B RCI 53.43 -0.06 SteelDynamics STLD 75.01 1.90 Tradeweb TW 87.43 1.35
WarnerMusic WMG 35.47 0.48
Nike NKE 125.19 5.79 PepsiCo PEP 159.70 0.70 Roku ROKU 114.91 13.08 Stellantis STLA 16.66 1.17 TraneTech TT 156.50 4.21
Illumina ILMN 326.60 13.99 LamarAdv LAMR 111.91 2.10 Marsh&McLen MMC 158.00 2.70 NiSource NI 30.09 0.24 WasteConnections WCN 135.63 -0.30
PerformanceFood PFGC 51.44 2.90 Rollins ROL 33.76 0.33 Steris STE 227.04 4.80 TransDigm TDG 656.00 9.97
ImperialOil IMO 42.07 -0.34 LasVegasSands LVS 36.54 3.88 MartinMarietta MLM 379.10 -1.37 Nokia NOK 5.26 0.16 WasteMgt WM 154.50 -0.02
PerkinElmer PKI 176.10 7.22 RoperTech ROP 453.46 7.66 STMicroelec STM 42.06 3.19 TransUnion TRU 103.00 4.48
Incyte INCY 74.60 1.29 LatticeSemi LSCC 58.57 3.19 MarvellTech MRVL 68.91 3.13 NomuraHoldings NMR 4.40 0.08 Waters WAT 327.04 9.70
Infosys INFY 25.11 0.92 Lear LEA 147.90 9.78 Masco MAS 56.12 0.47 PetroChina PTR 46.49 1.73 RossStores ROST 91.34 3.88 Stryker SYK 262.16 7.82 s Travelers TRV 179.29 -0.90
Watsco WSO 293.85 0.66
MASI 149.42 10.68 Nordson NDSN 222.86 3.72 PetroleoBrasil PBR 13.26 0.19 RoyalBkCanada RY 111.08 1.36 SumitomoMits SMFG 6.89 Trex TREX 76.37 3.53
IngersollRand IR 50.20 1.80 Leidos LDOS 102.06 -1.91 Masimo NorfolkSouthern NSC 273.32 5.26 PetroleoBrasilA PBR.A 12.11 0.06 RoyalCaribbean RCL 74.55
0.11 Wayfair W 119.15 6.35
Insulet PODD 238.64 22.57 Lennar B LEN.B 74.29 2.18 Mastercard MA 344.68 9.68 NorthernTrust NTRS 116.01 4.77 3.85 SunComms SUI 175.08 2.51 Trimble TRMB 68.27 2.05
Pfizer PFE 52.92 0.71 RoyalGold Trip.com TCOM 23.34 5.16 WebsterFin WBS 59.14 1.56
Intel INTC 46.63 1.82 Lennar A LEN 88.51 2.24 MatchGroup MTCH 92.36 4.79 NorthropGrum NOC 424.43 -23.39 PhilipMorris PM 93.77
RGLD 134.95
1.11 RoyaltyPharma RPRX 39.00
-1.20 SunLifeFinancial SLF 54.85 1.39 WellsFargo WFC 51.60 1.49
InteractiveBrkrs IBKR 65.78 4.06 LennoxIntl LII 269.47 0.98 Mattel MAT 23.44 0.79 0.73 SuncorEnergy SU 29.92 0.21 TruistFinl TFC 59.71 1.69
Welltower WELL 90.71 0.51
NortonLifeLock NLOK 26.11 -4.00 Phillips66 PSX 76.50 1.16 RyanSpecialty RYAN 35.05 TWLO 144.09 15.16
ICE ICE 131.62 1.74 LeviStrauss LEVI 20.08 1.48 McCormickVtg MKC.V 96.58 -1.72 NorwegCruise NCLH 19.32 1.07 -3.94 Suzano SUZ 11.90 0.56 Twilio WestFraserTimber WFG 94.84 0.75
McCormick MKC 96.83 -1.45 Pinduoduo PDD 42.62 15.31 Ryanair RYAAY 90.45 4.77 Synaptics SYNA 229.24 15.42 Twitter TWTR 35.37 1.40
InterContinentl IHG 69.80 3.89 LiAuto LI 26.05 6.30
n-

WestPharmSvcs WST 396.76 11.33

IBM IBM 127.04 1.40 LibertyBroadbandC LBRDK 140.32 1.16 McDonalds MCD 238.14 5.57 Novartis NVS 84.64 -0.09 PinnacleWest PNW 74.06 0.29 SAP SAP 114.49 3.76 SynchronyFin SYF 37.67 1.53 TylerTech TYL 415.07 11.74
WestAllianceBcp WAL 86.80 4.08
IntlFlavors IFF 124.98 4.50 LibertyBroadbandA LBRDA 136.09 0.99 s McKesson MCK 291.36 0.73 NovoNordisk NVO 106.24 3.79 Pinterest PINS 24.31 1.57 S&P Global SPGI 392.23 4.84 SyneosHealth SYNH 79.68 2.71 TysonFoods TSN 87.22 1.52
NuHoldings NU 6.88 0.90 PioneerNatRscs PXD 230.31 2.52 SBA Comm SBAC 325.86 WesternDigital WDC 48.25 2.31
IntlPaper IP 44.16 0.97 LibertyGlobal C LBTYK 25.95 0.66 MedicalProp MPW 19.94 0.16 s Nucor 3.62 Synopsys SNPS 300.08 14.58 UBS Group UBS 18.08 0.97
NUE 135.11 -0.41 PlainsAllAmPipe PAA 10.54 -0.04 SEI Investments SEIC 59.26 UDR UDR 57.00 0.10 WesternMidstrm WES 23.42 0.30
Interpublic IPG 36.25 1.41 LibertyGlobal A LBTYA 25.31 0.56 Medtronic MDT 107.30 1.90 1.37 Sysco SYY 80.08 2.29
Nutrien NTR 93.82 -3.61 PlainsGP PAGP 11.10 0.01 SK Telecom SKM 26.38 UGI UGI 35.82 0.35 Westlake WLK 118.21 2.52
Intuit INTU 457.90 18.22 LibertyGlobal B LBTYB 25.32 0.08 MercadoLibre MELI 1075.97123.63 Nuvei 0.77
NVEI 63.48 6.24 PlanetFitness PLNT 86.58 3.54 SS&C Tech SSNC 77.48 0.72 T U V US Foods USFD 36.94 1.67 WestRock WRK 47.34 1.30
IntuitiveSurgical ISRG 277.85 7.85 LibertyFormOne C FWONK 59.15 1.37 Merck MRK 78.12 -0.52
NVDA 244.96 15.23 PlugPower PLUG 24.00 0.91 t StoreCapital STOR 29.01 Weyerhaeuser WY 39.27 -0.20
203.63 11.60 NVIDIA UBER 32.61 2.81
no

InvitatHomes INVH 39.80 0.30 LibertyFormOne A FWONA 54.15 1.38 MetaPlatforms FB 0.04 Uber
Pool POOL 467.71 14.90 SVB Fin WheatonPrecMet WPM 47.18 0.26
0.43 LibertyBraves A BATRA 27.34 0.61 MetLife MET 67.52 2.20 SIVB 556.80 30.14 TC Energy TRP 53.62 -0.68 Ubiquiti UI 265.83 10.87
IronMountain IRM 49.11
ItauUnibanco ITUB 4.97 0.13 LibertyBraves C BATRK 26.04 0.60 MettlerToledo MTD 1358.84 39.39
O P Q PrincipalFin PFG 69.56 2.08 Salesforce.com CRM 205.57 9.43 TD Synnex SNX 112.60 3.55 UiPath PATH 27.82 2.93
Whirlpool WHR 193.58 3.49
Procter&Gamble PG 149.76 -0.51 Sanofi TE Connectivity TEL 131.36 3.98 UltaBeauty ULTA 385.51 Williams WMB 31.26 0.22
LibertySirius C LSXMK 45.57 -0.01 MicrochipTech MCHP 74.75 3.13 OGE Energy OGE 38.76 0.06 SNY 51.90 0.07 14.13
Progressive PGR 106.14 -1.17 Sasol Williams-Sonoma WSM 152.45 3.94
J K L LibertySirius A LSXMA 45.42 0.04 MicronTech MU 79.67 6.56 ONEOK OKE 64.66 0.40 SSL 22.53 0.64 Telus TU 25.73 0.25 Unilever UL 45.08 0.69
Prologis PLD 154.57 2.73 Schlumberger SLB 37.88 -1.38 Ternium TX 41.86 2.13 UnionPacific UNP 264.15 WillisTowers WTW 230.47 1.91
LifeStorage LSI 132.35 2.27 Microsoft MSFT 294.39 7.24 OReillyAuto ORLY 700.86 5.02 4.02
64.08 18.10 EliLilly PrudentialFin PRU 113.96 4.17 SchwabC TFII 102.60 5.24 UnitedAirlines UAL 41.19 WillScotMobile WSC 37.19 1.26
JD.com JD LLY 276.44 0.98 MidAmApt MAA 207.84 2.26 OccidentalPetrol OXY 52.99 -1.54 SCHW 88.94 5.77 TFI Intl 2.95
Prudential PUK 28.25 1.64 Sea Wipro WIT 7.95 0.28
JPMorganChase JPM 138.40 5.92 LincolnElectric LECO 131.76 2.42 Middleby MIDD 173.49 6.65 Okta OKTA 155.79 6.86 SE 111.36 17.59 TJX TJX 62.54 0.82 UnitedMicro UMC 9.34 0.38
JBL 61.21 5.40 PublicServiceEnt PEG 67.71 0.18 Seagate Wolfspeed WOLF 99.25 7.71
Jabil
LincolnNational LNC 65.91 3.78 MitsubishiUFJ MUFG 6.40 0.14 Olaplex OLPX 15.23 0.51 STX 90.44 1.83 T-MobileUS TMUS 127.76 1.48 UPS B UPS 217.90 7.37
JackHenry JKHY 184.92 5.93 PublicStorage PSA 357.72 2.58 Seagen 4.14 TRowePrice TROW 145.15 5.76 UnitedRentals URI 337.56 Woodward WWD 123.27 -0.97
Linde LIN 304.53 10.43 MizuhoFin MFG 2.78 0.06 OldDomFreight ODFL 323.40 14.43
PulteGroup PHM 46.61 0.16 SealedAir
SGEN 141.74 9.21
WooriFin WF 36.24 0.56
JacobsEngg J 135.68 4.47
LithiaMotors LAD 334.30 8.23 Moderna MRNA 169.36 21.24 OldRepublic ORI 25.94 0.37 SEE 67.24 0.54 TaiwanSemi TSM 105.69 4.09 US Bancorp USB 56.28 1.88
JamesHardie JHX 33.35 1.36 LiveNationEnt LYV PureStorage PSTG 31.68 0.65 Sempra SRE 154.37 -0.64 TakeTwoSoftware TTWO 148.79 5.91 US Steel X 32.72 0.67
Workday WDAY 227.47 6.05
112.01 0.25 MohawkInds MHK 145.31 7.01 Olin OLN 52.82 2.57 Qiagen QGEN 47.09 1.89 SensataTechs ST WyndhamHtls WH 86.66 2.29
JazzPharma JAZZ 158.33 3.60 LloydsBanking LYG 2.53 0.08 s MolinaHealthcare MOH 329.85 2.08 Omnicom OMC 84.06 3.33 53.24 1.00 TakedaPharm TAK 15.02 0.53 UnitedTherap UTHR 182.55 3.73
0.35 WynnResorts WYNN 75.17 5.65
JefferiesFin JEF 33.12 0.89 LockheedMartin LMT Qorvo QRVO 127.17 5.71 SentinelOne S 35.05 4.16 Tapestry TPR 37.06 1.91 UnitedHealth UNH 498.26
421.34 -27.33 MolsonCoorsB TAP 52.13 1.28 ON Semi ON 60.11 3.45 Qualcomm QCOM 150.45 6.24 31.45 2.31
J&J JNJ 174.52 -1.62 s
Loews L 63.31 0.64 Mondelez MDLZ 61.95 0.78 OpenText OTEX 42.35 1.44 ServiceCorp SCI 64.11 0.95 TargaResources TRGP 65.67 0.73 UnitySoftware U 87.73 10.45 XP XP
JohnsonControls JCI 64.62 3.13 LogitechIntl LOGI 73.58 3.04 MongoDB QualtricsIntl XM 29.69 2.35 ServiceNow NOW
547.40 33.18 Target TGT 215.59 0.24 UnivDisplay OLED 160.12 6.20 XPO Logistics XPO 75.33 4.36
MDB 343.82 45.56 Oracle ORCL 79.96 -0.64
JonesLang JLL 237.49 13.81 Lowe's QuantaServices PWR 122.84 1.17
ShawComm B SJR 30.44 0.37 TataMotors TTM 28.46 0.86 UniversalHealthB UHS 149.70 0.72 XcelEnergy XEL 69.25 -0.98
LOW 231.33 0.26 MonolithicPower MPWR 440.68 18.86 Orange ORAN 11.68 -0.01 QuestDiag DGX 143.29 1.64 XPEV 27.53 6.28
JuniperNetworks JNPR 34.17 -0.21 Lucid LCID 23.62 1.64 MonsterBev MNST 77.19 2.11 Organon OGN 32.90 0.61 Shell SHEL 50.23 -0.12 TeckRscsB TECK 37.53 -0.18 Upstart UPST 106.95 9.47 XPeng
KB Fin KB 47.47 1.74 LufaxHolding LU SherwinWilliams SHW 244.38 1.94 TeladocHealth TDOC 60.73 6.20 VF VFC 56.65 Xylem XYL 87.10 1.59
KBR KBR 52.49 -0.45
6.35 1.71 Moody's
MorganStanley
MCO 314.86 8.15 Orix
MS 91.76 5.43
IX 98.41 3.33
OtisWorldwide OTIS 75.50 1.85
R S ShinhanFin SHG 31.73 1.05 TeledyneTech TDY 428.53 2.02 VICI Prop VICI 27.29
1.62
0.31 YumBrands YUM 119.55 4.90
lululemon LULU 305.10 15.18 YUMC 43.32 3.75
KE Holdings BEKE 14.89 5.83
LumenTech LUMN 10.82 0.04 Morningstar MORN 269.51 7.09 Ovintiv OVV 43.75 0.63 RELX RELX 29.49 0.95 Shopify SHOP 622.38 68.95 Teleflex TFX 341.12 5.54 VailResorts MTN 267.84 18.68 YumChina
KKR KKR 55.46 3.38
Lyft LYFT 37.86 2.12 Mosaic MOS 57.57 -0.86 OwensCorning OC 96.01 2.33 RPM RPM 82.01 0.59 Sibanye-Stillwater SBSW 17.05 -0.09 Ericsson ERIC 8.89 0.23 Vale VALE 17.75 0.51 s ZimIntShipping ZIM 88.62 3.38
KLA KLAC 350.92 17.70 LyondellBasell LYB 100.84 2.19 MotorolaSol MSI 226.84 2.11 PG&E PCG 12.00 0.50 RalphLauren RL 114.00 5.98 SignatureBank SBNY 320.51 25.55 TelefonicaBras VIV 10.01 0.18 ValeroEnergy VLO 84.94 0.53 ZTO Express ZTO 26.19 4.32
Kanzhun BZ 25.41 6.97 NICE NICE 212.89 6.99 PNC Fin PNC 192.39 7.15 RaymondJames RJF 103.79 4.32 SimonProperty SPG 131.33 2.45 Telefonica TEF 4.49 0.10 VeevaSystems VEEV 184.82 10.79 ZebraTech ZBRA 401.65 14.57
Kellogg K 60.96 -0.36 M N NIO NIO 18.75 3.82 POSCO PKX 59.00 2.00 RaytheonTech RTX 95.80 -1.82 SiriusXM SIRI 6.21 -0.03 s TelekmIndonesia TLK 32.67 0.22 Ventas VTR 58.54 0.32 Zendesk ZEN 112.82 1.62
KeurigDrPepper KDP 37.46 0.12 NOV NOV 18.75 -0.57 PPG Ind PPG 127.87 4.50 RealtyIncome O 65.60 0.48 SiteOneLandscape SITE 176.71 2.37 Tenaris TS 26.55 0.07 VeriSign VRSN 206.35 1.96 Zillow C Z 50.69 3.61
KeyCorp KEY 24.36 0.52 M&T Bank MTB 181.41 6.40 NRG Energy NRG 39.20 0.28 PPL PPL 26.62 0.12 RegalRexnord RRX 160.57 4.48 Skyworks SWKS 131.07 5.58 TenetHealthcare THC 87.65 0.16 VeriskAnalytics VRSK 195.43 4.52 Zillow A ZG 49.68 3.65
KeysightTechs KEYS 154.41 4.75 MGMGrowthProp MGP 37.18 0.54 NVR NVR 4854.43 40.82 PTC PTC 109.74 3.79 RegencyCtrs REG 66.63 0.27 SmithAO AOS 67.31 1.17 Teradyne TER 116.75 6.24 Verizon VZ 52.49 -0.27 ZimmerBiomet ZBH 121.99 2.79
KilroyRealty KRC 73.69 0.31 MGM Resorts MGM 42.17 2.08 NXP Semi NXPI 188.32 9.88 Paccar PCAR 90.31 2.64 RegenPharm REGN 677.98 12.05 Smith&Nephew SNN 33.03 1.60 Tesla TSLA 840.23 38.34 VertxPharm VRTX 248.52 1.53 ZionsBancorp ZION 68.86 3.50
KimberlyClark KMB 121.42 0.37 MKS Instrum MKSI 152.10 7.98 Nasdaq NDAQ 173.32 3.74 PackagingCpAm PKG 155.34 2.99 RegionsFin RF 23.54 0.75 Smucker SJM 129.34 0.04 TetraTech TTEK 163.32 2.19 Viatris VTRS 10.39 0.43 Zoetis ZTS 191.92 2.81
KimcoRealty KIM 23.87 0.22 MPLX MPLX 31.62 0.23 NationalGrid NGG 73.98 -1.62 PalantirTech PLTR 11.79 1.02 RelianceSteel RS 189.47 -0.57 Snap SNAP 32.56 2.98 TevaPharm TEVA 7.77 0.27 Visa V 211.87 5.73 ZoomVideo ZM 106.84 7.87
KinderMorgan KMI 17.25 -0.07 MP Materials MP 43.95 2.41 NatlRetailProp NNN 42.61 -0.24 PaloAltoNtwks PANW 553.92 13.86 Repligen RGEN 178.65 8.83 SnapOn SNA 206.22 3.63 TexasInstruments TXN 176.33 4.01 Vistra VST 22.59 0.26 ZoomInfoTech ZI 56.94 5.00
Knight-Swift KNX 56.26 3.49 MSCI MSCI 492.96 22.02 NatlStorage NSA 60.71 1.13 ParamountA PARAA 39.33 1.23 RepublicSvcs RSG 130.03 0.97 Snowflake SNOW 197.84 27.06 TexasPacLand TPL 1274.67 31.48 VMware VMW 113.00 1.84 Zscaler ZS 207.03 10.42
Kohl's KSS 63.11 9.29 MagellanMid MMP 47.19 0.18 NatWest NWG 5.84 0.17 ParamountB PARA 36.25 1.04 ResMed RMD 255.36 11.05 SOQUIMICH SQM 73.03 2.22 Textron TXT 73.58 1.78 Vodafone VOD 16.56 0.34 Zynga ZNGA 8.97 0.12

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
Stock 245.00 +4.81 -0.1 BluCh 151.41 +6.22-17.5 Harbor Funds PGIM Funds Cl Z CapOpAdml r174.64 +7.71 -9.8 USGroAdml 133.34 +6.01-20.8 MdCpVlAdml 75.62 +1.11 -2.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds Contra 16.02 +0.46-13.5 CapApInst NA ... NA HighYield 5.12 +0.02 -5.8 DivAppIdxAdm 43.21 +0.59 -7.3 ValAdml 56.64 +0.66 -1.3 SmValAdml 74.89 +1.72 -2.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 9.93 -0.01 -4.0 ContraK 16.08 +0.47-13.5 Harding Loevner TotalReturnBond NA ... NA EMAdmr 37.64 +2.33 -8.2 WdsrllAdml 77.03 +1.51 -5.9 TotBd2 10.39 +0.01 -5.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti CpInc r 10.47 +0.09 -6.0 IntlEq NA ... NA PIMCO Fds Instl EqIncAdml 91.34 +0.92 -1.0 WellsIAdml 67.00 +0.42 -4.5 TotIntlInstIdx r126.16 +4.96 -7.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst NA ... NA GroCo 30.51 +1.27-16.3 Invesco Funds Y AllAsset NA ... NA ExplrAdml 104.96 +3.59-11.8 WelltnAdml 76.98 +1.20 -8.1 TotItlInstPlId r126.19 +4.96 -7.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity GrowCoK 30.62 +1.27-16.3 DevMktY 37.82 +2.25-19.6 TotRt 9.66 +0.02 -5.5 ExtndAdml 121.04 +4.37-12.7 WndsrAdml 81.77 +1.61 0.3 TotSt 106.81 +2.57 -9.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem151.64 +3.33 -8.3 InvGrBd 10.96 +0.02 -5.2 John Hancock Instl PIMCO Funds A GNMAAdml 10.15 -0.02 -3.5 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 20.11 +0.59-13.4 LowP r 52.04 +1.06 -3.3 DispValMCI 27.17 +0.45 -1.8 IncomeFd 11.23 +0.07 -5.2 GrwthAdml 139.74 +4.78-15.4 DivdGro 37.32 +0.34 -5.0 BalInst 45.26 +0.69 -7.7
ExtMktIdxInstPre 76.11 +2.74-12.7 Magin 12.99 +0.37-15.5 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 90.33 +1.74 -5.7 IntlVal 38.95 +1.72 -6.3 DevMktsIndInst 15.21 +0.49 -7.6
FidSerToMarket 14.52 +0.35 -9.0 NASDAQ r 169.32 +6.17-14.0 EqInc NA ... NA Income 11.23 +0.07 -5.2 HYCorAdml r 5.59 +0.04 -5.2 LifeCon 21.56 +0.27 -6.5 DevMktsInxInst 23.77 +0.76 -7.6
Wednesday, March 16, 2022 GrowthCompanyK6 19.09 +0.80-16.6 OTC 16.42 +0.71-16.2 JPMorgan R Class InfProAd 27.87 -0.14 -2.0 ExtndInst 121.03 +4.36-12.7
PIMCO Funds Instl LifeGro 40.91 +0.98 -7.9
Net YTD Net YTD Net YTD IntlIdxInstPrem 45.17 +1.56 -8.4 Puritn 25.02 +0.40 -8.0 CoreBond NA ... NA IncomeFd 11.23 +0.07 -5.1 IntlGrAdml 113.80 +9.16-18.3 LifeMod 31.12 +0.57 -7.2 GrwthInst 139.75 +4.78-15.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpInxInstPrem 29.11 +0.75 -9.0 Lord Abbett A ITBondAdml 11.19 ... -5.5 InPrSeIn 11.35 -0.06 -2.1
SrsEmrgMkt 18.05 +1.34-14.1 Price Funds PrmcpCor 31.48 +0.91 -6.4
SAIUSLgCpIndxFd 20.86 +0.46 -8.3 ShtDurIncmA p 4.03 ... -2.6 InstIdx
American Century Inv Artisan Funds MktNeutI 14.19 +0.08 -2.2 SrsGlobal 13.87 +0.58 -7.9 BlChip 146.09 +6.06-17.8 ITIGradeAdml 9.22 +0.02 -6.9 STAR 29.15 +0.77 -8.7
372.20 +8.16 -8.3
SeriesBondFd 9.81 +0.01 -5.5 Lord Abbett F LTGradeAdml 9.52 +0.13-12.2 InstPlus 372.20 +8.16 -8.3
Ultra 74.36 +2.67-15.1 IntlVal Inst 40.82 +1.51 -3.7 Columbia Class I SrsGroCoRetail 17.09 +0.69-16.3 DivGro 68.75 +1.23 -7.2 TgtRe2015 13.82 +0.12 -5.4
SeriesOverseas 12.36 +0.51-14.2 ShtDurIncm 4.03 ... -2.4 InstTStPlus 80.18 +1.94 -9.1
American Funds Cl A Baird Funds DivIncom I 30.16 +0.37 -4.6 SrsIntlGrw 16.35 +0.64-14.5 EqInc 36.33 +0.54 0.9 MidCpAdml 284.16 +7.17 -9.9 TgtRe2020 29.12 +0.39 -6.1
SmCpIdxInstPrem 24.99 +0.76 -9.3 Lord Abbett I MuHYAdml 11.24 -0.01 -5.8 MidCpInst 62.77 +1.58 -9.9
AmcpA p 38.55 +1.37-15.2 AggBdInst 10.67 +0.02 -5.9 Dimensional Fds SrsIntlVal 10.76 +0.33 -3.7 Growth 84.87 +3.70-20.2 TgtRe2025 18.92 +0.32 -7.0
TMktIdxInstPrem121.71 +2.95 -9.0 ShtDurInc p 4.03 ... -2.4 MuIntAdml 13.97 -0.01 -4.5 MidCpIstPl 309.59 +7.81 -9.9
AMutlA p 51.65 +0.29 -2.4 CorBdInst 10.94 +0.02 -5.9 5GlbFxdInc 10.32 -0.01 -3.6 TotalBond 10.41 +0.03 -5.4 Metropolitan West HelSci 91.43 +2.53-12.2 TgtRe2030 35.59 +0.70 -7.4
USBdIdxInstPrem 11.27 +0.01 -5.5 MuLTAdml 11.38 -0.01 -5.7 SmCapInst 99.75 +2.88 -7.9
BalA p 31.49 +0.36 -5.6 BlackRock Funds EmgMktVa 30.09 +1.19 -3.0 Fidelity SAI TotRetBdI 10.25 +0.01 -5.7 LgCapGow I 60.24 +2.36-18.1 TgtRe2035 22.03 +0.49 -7.6
Fidelity Advisor I MuLtdAdml 10.87 ... -2.4 SmCapIstPl 287.91 +8.29 -8.0
BondA p 12.64 +0.02 -5.3 HiYldBd Inst 7.27 ... -6.4 EmMktCorEq 23.47 +1.14 -6.3 TotalBd 9.85 +0.03 -5.2 TRBdPlan 9.61 +0.01 -5.7 MidCap 101.01 +3.31-13.9 TgtRe2040 38.72 +0.93 -7.9
GrOppI 130.23 +5.99-17.8 MuShtAdml 15.69 ... -1.1 STIGradeInst 10.35 ... -3.6
CapIBA p 66.85 +0.80 -4.1 BlackRock Funds A IntlCoreEq 15.08 +0.46 -6.3
NwInsghtI 35.51 +1.05-13.7 Fidelity Selects MFS Funds NHoriz 59.42 +2.85-22.6 TgtRe2045 26.07 +0.68 -8.1
PrmcpAdml r156.75 +5.68 -7.5 STIPSIxins 25.84 -0.12 0.3
CapWGrA 56.89 +1.65-10.3 GlblAlloc p 18.68 ...-10.2 IntSmCo 19.99 +0.58 -8.2 Softwr r 25.53 +0.87-14.9 IIE 30.12 +1.23-10.0 R2020 20.76 +0.34 -6.5 TgtRe2050 43.06 +1.17 -8.2
Fidelity Freedom RealEstatAdml148.52 +1.72 -9.6 TotBdInst 10.52 +0.01 -5.6
EupacA p 55.15 +2.45-14.9 BlackRock Funds III IntSmVa 20.70 +0.54 -3.2 FF2020 15.54 +0.30 -6.7 Tech r 24.26 +0.92-16.7 MFS Funds Class I R2025 18.12 +0.34 -7.2
SmCapAdml 99.75 +2.87 -8.0 TgtRet2055 47.93 +1.30 -8.2 TotBdInst2 10.39 +0.01 -5.6
FdInvA p 69.18 +1.54 -8.7 iShS&P500IdxK514.09+11.26 -8.3 US CoreEq1 33.93 +0.76 -6.9 FF2025 14.30 +0.31 -7.0 First Eagle Funds GrowthI 163.09 +5.45-16.1 R2030 27.13 +0.61 -8.0 SmGthAdml 83.79 +3.18-15.4 TgtRetInc 13.69 +0.11 -5.3 TotBdInstPl 10.52 +0.01 -5.6
GwthA p 62.83 +2.28-15.4 BlackRock Funds Inst US CoreEq2 30.82 +0.68 -6.7 FF2030 17.90 +0.42 -7.4 GlbA 63.37 +1.06 -1.8 ValueI 51.64 +0.75 -5.6 R2040 29.76 +0.84 -9.2 STBondAdml 10.29 -0.01 -2.7 TotIntBdIxInv
10.55 ... -4.3 TotIntBdIdxInst 31.63 -0.01 -4.3
ICAA p 47.56 +0.82 -7.9 StratIncOpptyIns 9.78 ... -3.3 US Small 44.24 +1.15 -6.0 FF2035 15.57 +0.45 -8.1 Franklin A1 Northern Funds Schwab Funds STIGradeAdml 10.35 ... -3.6 USGro 51.46 +2.31-20.9 TotStInst 106.88 +2.58 -9.1
IncoA p 24.79 +0.24 -3.5 Bridge Builder Trust US SmCpVal 43.63 +0.99 0.4 FF2040 11.15 +0.37 -8.5 IncomeA1 p 2.48 +0.02 -0.5 StkIdx 47.89 +1.05 -8.3 1000 Inv r NA ... NA STIPSIxAdm 25.83 -0.11 0.3 WellsI 27.66 +0.18 -4.5 ValueInst 56.64 +0.66 -1.3
N PerA p 56.93 +2.04-14.3 CoreBond 9.80 +0.01 -5.6 US TgdVal 30.28 +0.73 0.3 Freedom2025 K 14.28 +0.31 -7.0 FrankTemp/Franklin A Nuveen Cl I S&P Sel NA ... NA TotBdAdml 10.52 +0.01 -5.6 Welltn 44.58 +0.70 -8.1 WCM Focus Funds
NEcoA p 51.10 +1.95-17.4 CorePlusBond 9.69 +0.01 -5.8 USLgVa 45.19 +0.79 -1.9 Freedom2030 K 17.89 +0.42 -7.4 DynaTech A p121.30 +5.76-21.8 HYMunBd 17.07 -0.01 -6.7 TSM Sel r NA ... NA TotIntBdIdxAdm 21.08 -0.01 -4.3 WndsrII 43.42 +0.85 -5.9 WCMFocIntlGrwIns 22.28 +1.10-19.5
NwWrldA 73.70 +3.31-14.3 Intl Eq 12.01 +0.47-10.2 Dodge & Cox Freedom2035 K 15.56 +0.45 -8.0 Growth A p 129.29 +3.95-14.1 Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 31.55 +1.24 -7.7 VANGUARD INDEX FDS Western Asset
SmCpA p 65.96 +2.68-17.6 LargeCapGrowth 20.36 +0.58-13.4 Balanced 107.91 +1.64 -1.4 Freedom2040 K 11.15 +0.36 -8.5 RisDv A p 88.73 +1.56 -8.5 LrgCpStr NA ... NA 500Adml 403.40 +8.84 -8.3 TotStAdml 106.86 +2.58 -9.1 ExtndIstPl 298.68+10.76-12.7 CoreBondI NA ... NA
TxExA p 12.84 -0.01 -4.9 LargeCapValue 16.89 +0.28 -2.4 Income 13.34 +0.04 -5.1 Fidelity Invest Guggenheim Funds Tru Parnassus Fds BalAdml 45.25 +0.69 -7.7 TxMCapAdml225.76 +5.37 -8.9 IdxIntl 18.86 +0.74 -7.8 CorePlusBdI NA ... NA
WshA p 57.63 +0.57 -4.4 Calamos Funds Intl Stk 46.11 +2.06 -2.5 Balanc 28.05 +0.52 -7.6 TotRtnBdFdClInst 26.50 +0.07 -6.6 ParnEqFd 57.97 +1.35 -8.6 CAITAdml 11.58 -0.01 -4.7 TxMIn r 15.19 +0.49 -7.6 MdCpGrAdml 91.36 +3.39-16.6 CorePlusBdIS NA ... NA
 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.
Bond Investors Dissect Rate Outlook
BY SAM GOLDFARB
Interest-rate forecasts from
Federal Reserve officials
sparked a mixed reaction
from U.S. bond markets
Wednesday, suggesting inves-
tors still have questions about
how much the central bank
will actually tighten monetary
policy.
Selling in short-term Trea-
surys indicated investors were
again lifting their expecta-
tions for how high interest
rates could rise this year. Ini-
tial selling in longer-term
bonds quickly fizzled how-
ever, in a sign investors
thought that a fast pace of in-
terest rate-increases over the
next several months could
lead to fewer increases later.
Matching investors’ expec-
tations, the central bank on
Wednesday lifted its bench-
mark federal-funds rate from
near zero to a range between
0.25% and 0.5%. Officials,
though, also substantially in-
creased their forecasts for
how high rates will climb over
the next couple of years.
Overall, 12 out of 16 offi-
cials indicated that they
thought rates would reach a
Blue Chips
Rise Over
500 Points
Continued from page B1
weighed whether lockdowns in
some Chinese
WEDNESDAY’S cities will sap
MARKETS demand for
energy even
as Russia’s invasion of Ukraine
has bolstered concerns of sup-
ALY SONG/REUTERS
Geely said it sold nearly 78,500 cars in February, down 46% from January. A Shanghai dealership.
China Auto Stocks Drop as Troubles Pile Up
BY CLARENCE LEONG
Chinese auto stocks skidded
lower this year, as sluggish
sales and supply-chain disrup-
no
tions made investors more
pessimistic about the world’s
largest car market.
The sector has been caught
up in the volatility roiling Chi-
nese markets, which fell sharply
in recent sessions before claw-
ing back some of those losses
with a rebound on Wednesday.
Meanwhile, the war in Ukraine
boosted prices for metals and
oil, triggering concerns that
manufacturers’ costs will surge
and demand for larger, gas-guz-
zling vehicles will slow.
The global car industry faces
similar challenges, and auto
stocks have fallen in 2022. But
the pullback in Chinese shares
has been steeper. As of Tuesday,
Chinese
Tech Shares
Rebound
Continued from page B1
China Index, which includes
China-focused U.S.-listed com-
panies, soared 33%.
Some market participants
highlighted comments that
said the regulatory process
should be “transparent and
predictable,” and which sug-
gested Beijing’s crackdown on
the country’s big internet plat-
forms should be completed as
soon as possible. A barrage of
punishments and new regula-
tions, plus the prospect of
more penalties to come on
companies including Tencent
* * * * *
range of at least 1.75%-2% by
the end of the year, with the
median forecast ending up at
roughly 1.9%. The median
forecast for rates by the end
of next year was around 2.8%.
“The Fed sent a strong sig-
nal to the market that it has
the commitment and will-
power to cool inflationary
pressures,” said Gary Pollack,
head of fixed-income trading
at Deutsche Bank AG’s private
wealth management unit.
Investors, he added, had al-
ready expected the central
bank could raise rates at each
of its remaining meetings this
year. But they were also bet-
ting that the Fed itself would
signal more caution on
Wednesday, which is what
caused short-term term bond
prices to fall and yields to
rise.
By the end of the session,
the yield on the benchmark
two-year Treasury note had
settled at 1.956%, according to
Tradeweb, up from 1.855%
Tuesday.
However, the yield on the
10-year note settled at 2.185%,
its highest level since May
2019 but just a modest in-
crease from 2.160% Tuesday
ply disruptions. Brent-crude fu-
tures, the international bench-
mark, edged down 1.9% to
$98.02 a barrel.
Elevated oil prices have
prompted concerns that the U.S.
and Europe could see sustained
inflation and lower economic
growth, as higher gas and en-
ergy prices eat away at house-
hold spending on other goods
and services. Oil prices have
fallen below $100 a barrel in re-
cent days, helping the stock
us ,
market rebound.
l
Shares of tech and growth
e
al a
companies, which had been
battered in recent months,
ci on
er s
m er
m rp
co Fo
an MSCI Inc. index tracking Chi-
n-
nese makers of cars and compo-
nents fell 46% so far this year,
compared with a 23% decline in
the equivalent world index.
Great Wall Motor Co.,
which is working with Ger-
many’s BMW, to produce elec-
tric Mini vehicles in China,
saw its Hong Kong-listed stock
fall by more than half this year
through Wednesday. Shares in
Geely Automobile Holdings
Ltd., whose parent owns Volvo
Car Corp., slumped 45%.
The sector’s biggest com-
pany by market value is BYD
Co., which sold more electric
vehicles in China than Tesla
Inc. last month. As of Wednes-
day’s close, shares in the War-
ren Buffett-backed company
lost 26% so far this year.
A Covid-19 outbreak in Su-
zhou last month forced the
Index and share-price
performance, past five days
0%
–5
–10
–15
–20 Hang Seng
Index
–25 Tencent
Alibaba
–30
March 10 16
Source: FactSet
Holdings, has been a drag on
Chinese internet stocks for
more than a year.
Investors were growing
worried this campaign could
last many more months, and
MARKETS
and roughly unchanged from
just before the Fed statement.
The yield on the 30-year bond
fell, sliding to 2.456% from
2.503% Tuesday.
In some ways, analysts
said, Wall Street’s reaction
matched recent trends, with
investors ready to adjust their
interest-rate expectations for
2022 but much less flexible
beyond that point.
For 2023 and 2024, inves-
tors “do get skeptical,” said
Priya Misra, head of global
rates strategy at TD Securi-
ties in New York. “It’s further
out,” she added, “things could
change, maybe inflation does
decline by then” especially
given what the Fed will likely
do this year, both in terms of
raising rates and shrinking its
bondholdings.
Investors and economists
pay close attention to Trea-
sury yields because they set a
floor on borrowing costs
across the economy and are
an important input in finan-
cial models that investors use
to value stocks and other as-
sets.
Heavily influenced by in-
vestors’ expectations for
short-term rates set by the
fared particularly well.
Shares of ARK Innovation
ETF soared 9.9%. Nvidia shares
jumped 6.6%, while PayPal
shares added 7.4%.
Chinese officials said they
would “coordinate pandemic
prevention and control and
economic development, keep
on
the economy operating within
a reasonable range and keep
the capital market running
smoothly,” according to a re-
port on Wednesday by Xinhua,
China’s state news agency. This
helped soothe some fears over
an economic slowdown in
China that would also sap
shutdown of a factory that
supplies semiconductors to car
makers including Geely and
Great Wall, hurting production
and sales at both companies.
Geely said it sold nearly
78,500 cars in February, down
46% from January. It blamed the
decline on the chip shortage and
the Lunar New Year holiday, the
dates of which vary from year to
year. Great Wall’s unit sales fell
37% on the same basis.
China’s shortage of auto
chips is easing and the coun-
try’s supply of cars is rising, a
spokesman for the country’s
statistics bureau told a press
conference Tuesday, according
to an official summary posted
on the website of the state-
owned Securities Times.
More broadly, Chinese eco-
nomic growth decelerated and
the property market is slump-
Hang Seng Index daily change
15%
10
5
0 ing threat of Chinese compa-
–5
–10
–15
2008 ’10 ’12 ’14
the Xinhua statement was very
helpful in terms of sentiment,
said Elizabeth Kwik, invest-
ment director of Asian equities
at Abrdn. The call for trans-
parent and predictable regula-
10-year U.S. Treasury yield
2.20%
2.15
2.10
2.05
2.00 15-minute intervals
Mon. Tues.
Source: Tullett Prebon
Fed, changes in yields can
have a direct impact on the
economy well before the cen-
tral bank actually alters the
rates that it controls directly.
Already this year, there have
been signs of slowdown in
housing demand thanks to ris-
ing mortgage rates, which are
closely linked with the 10-
year Treasury yield.
Many investors would ac-
growth globally.
Technology stocks led a blis-
tering rebound in Chinese mar-
kets after supportive com-
ments from Beijing policy
makers. Hong Kong’s Hang
Seng Index soared 9.1%, led by
gains in technology stocks.
China’s Shanghai Composite
climbed 3.5%.
The KraneShares CSI China
Internet ETF soared around
30% in trading after falling to a
record earlier in the week. The
iPath Series B S&P 500 VIX
Short-Term Futures Ex-
change-Traded Note fell
around 5%, continuing a
MSCI auto index
performance this year
10%
0 All-country
world index
–10
–20
China
–30
–40
–50
Jan. 2022 Feb.
Note: Data as of Tuesday
ing. In China, that tends to
dampen purchases of cars as
well as furniture and home
appliances. “If you look at the
past 20 years of property-
sales and passenger-vehicle-
sales growth, they’re basically
correlated,” said Angus Chan,
an analyst at Bocom Interna-
tional. Investors also worry
about whether companies can
pass on higher costs without
losing some buyers, he added.
Mr. Chan warned that eco-
nomic weakness and property
curbs meant China’s auto in-
dustry could be entering a
“zero-growth era,” he said,
with 0% to 1% annual growth
in sales of new passenger cars
in 2022 through 2026. New
car sales rose 4.4% last year to
20.1 million vehicles, after
three years of declines.
The selldown included EV
Wednesday’s rally
’16 ’18 ’20
tion reduced concerns about
surprise fines or new regula-
tion, she said.
Some previously heavily sold
Chinese technology stocks rock-
eted higher. Hong Kong-listed
cept slightly slower economic
growth as long as the U.S. can
avoid a recession and corpo-
rate profits can keep growing.
U.S. stocks have typically per-
formed well when the Fed has
started raising interest rates,
largely because the central
bank has taken those steps
when the economy is in a
strong position.
This year, investors are
more nervous than usual, with
the S&P 500 down 8.6% for
the year, because inflation is
higher than it has been in de-
cades. One risk is that the Fed
might be willing to risk a re-
cession, or accidentally cause
one, as it tries to tame infla-
tion.
Wed.
This year has already been
a tough one for bond inves-
tors. When inflation started
to accelerate last year, inves-
tors for months thought that
it could subside on its own,
allowing the Fed to keep
short-term interest rates near
zero. Those views, though,
changed quickly this year due
largely to a shift in tone from
Fed officials, who began ex-
pressing more concern about
inflation and an eagerness to
start raising rates.
stretch of unusual trading.
“The bounceback in Chinese
equities shows you how sensi-
tive the markets are,” said Pe-
ter Garnry, head of equity
strategy at Saxo Bank, noting
wide swings in markets in re-
cent weeks as investors watch
headlines on a number of
events.
Overseas, the pan-continen-
tal Stoxx Europe 600 climbed
3.1%, led by a jump in its tech-
nology sector. Russia’s stock
market remains closed through
the rest of the week.
—Joe Wallace
contributed to this article.
Market value of some
Hong Kong-listed
Chinese auto companies
$250 billion
Geely
200
Li Auto
150
Great Wall Motor
100
50
BYD
0
March Jan. 2022 Feb.
Sources: Refinitiv (indexes); FactSet (market value)
makers such as XPeng Inc., Li
Auto Inc. and NIO Inc., as well
as traditional auto makers.
Makers of new-energy vehi-
cles started the year with com-
paratively high valuations and
remain relatively richly valued
despite big drops in their
share prices, said Ken Wong,
Asia equity portfolio specialist
at Eastspring Investments.
As of Wednesday, Li Auto
had an enterprise value of 88
times its forecast earnings be-
fore interest, tax, depreciation
and amortization over the
next 12 months, according to
FactSet. The equivalent ratio
for Geely was 5.3 times.
Sales of electric and plug-in
hybrid cars in February more
than doubled to 272,000 vehi-
cles from a year earlier, ac-
cording to the China Passen-
ger Car Association.
shares in Meituan and JD.com
surged more than 30% each.
China’s securities regulator
9.1%
is maintaining good communi-
cation with its U.S. counter-
parts and working to cooper-
ate over accounting oversight
of U.S.-listed Chinese compa-
nies, Xinhua added. The loom-
nies being ejected from U.S.
exchanges as soon as 2024 has
been one of the main triggers
for the recent selloff.
The People’s Bank of China,
the country’s banking and in-
surance regulator and the se-
curities regulator added their
’22
support in separate statements
that outlined various market-
and growth-friendly measures.
Chinese officials sometimes
act to shore up market senti-
ment. In late 2018, Mr. Liu and
others called for confidence in
China’s economic outlook,
helping boost the market.
Thursday, March 17, 2022 | B11
Barclays
Move Spurs
Swings in
Volatility
Product
BY GUNJAN BANERJI
A big exchange-traded
product tracking Wall Street’s
“fear gauge” swung wildly this
week after Barclays PLC said
it would stop supporting the
asset.
The $900 million iPath Se-
ries B S&P 500 VIX Short-Term
Futures Exchange-Traded Note,
known as VXX, soared as much
as 45% intraday Tuesday before
paring its gains to close down
0.4% to $28.70. It was halted at
least five times in a frenetic
trading session. On Wednesday,
it shed 9.6% to $25.95.
Barclays said Monday that
it was suspending further is-
suances of VXX and another
exchange-traded note, the
iPath Pure Beta Crude Oil ETN,
which goes by the ticker OIL,
because it doesn’t have “suffi-
cient issuance capacity to sup-
port further sales from inven-
tory and any further issuances
of the ETNs.”
It was unclear what led to the
move, which triggered unusual
.
trading in the ETN. Since the an-
nouncement, a gap emerged be-
ly
tween the value of the note and
its holdings, and some analysts
warned it could be riskier than
usual to trade the product. It
closed Tuesday at $28.70, about
5.5% above its net asset value.
The bank is basically saying,
“the thing that we’re selling, we
don’t have any more of,” said
David Slovick, a partner at law
firm Barnes & Thornburg.
The fund, which tracks fu-
tures contracts tied to the Cboe
Volatility Index, or VIX, typi-
cally rises when stocks are fall-
ing and markets are growing
more turbulent, making its
surge Tuesday when stocks
were climbing unusual. Some
of the note’s biggest percentage
gains in history occurred when
the broader market is falling,
such as during the onset of the
pandemic. The S&P 500 rose
2.1% on Tuesday, snapping a
three-day losing streak.
Many traders were drawn to
these products because they
offer a chance at explosive re-
turns, but they come with big
risks. Some traders use VXX to
hedge other parts of their port-
folios, or to make a bet that
volatility across markets will
fall. They can notch big gains,
March
or losses, in a single session as
volatility rises or falls. VXX is
one of the biggest and oldest
volatility products.
Some traders said the giant
move in the share price intra-
day appeared to be driven by
traders having to close out
their bearish bets on the note,
leading to a squeeze higher in
the price. Data from S3 Part-
ners shows that borrowing
costs on the exchange-traded
note ticked higher and the ex-
change-traded note had been
heavily shorted this year.
Matthew Tym, head of eq-
uity derivatives trading at
Cantor Fitzgerald, said traders
who bet against the product
by borrowing the shares may
have to unravel their positions
as the product grew more
scarce, making it more costly
to borrow the shares. That
could lead to a squeeze higher
in the price.
Options activity tied to the
note also was elevated. Some
of the most actively traded op-
tions early in the week were
bullish calls tied to the note
jumping to $40 or $35. Also in
the mix: calls tied to VXX
jumping to $70. Calls give the
right to buy shares at a spe-
cific price, by a stated date.
iPath Series B S&P 500 VIX
Short-Term Futures ETN,
past three days
$40.00
37.50
35.00
32.50
30.00
27.50
25.00 10-minute intervals
Mon. Tues. Wed.
Source: FactSet
 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.
B12 | Thursday, March 17, 2022
Next Time, Fed Might Give No Quarter
Unless inflationary pressures ease soon or labor market stumbles, investors may face more aggressive rate increases
Federal Reserve policy makers
would like to raise interest rates in
a gradual, stair-step fashion. But
the central-bank officials might
soon feel the need to get more ag-
gressive.
The Fed on Wednesday raised
its range on overnight rates by a
quarter of a percentage point, lift-
ing it from near zero for the first
time in two years.
And the central bank signaled
the rate increases will just keep
coming, with its policy makers
projecting the midpoint of its
range on rates to reach 1.875%—a
forecast that implies quarter-point
increases at each of the Federal
Reserve’s remaining six meetings
this year.
By the end of next year, the pro-
jections show rates hitting 2.75%,
which would be the highest mark
since March 2008.
Boxed Has the Right Packaging
Online grocer has a stronger case as a software company than as a retailer
Hypercompetitive and costly,
online groceries are a tough sell—
for consumers and for investors.
Boxed, which went public through
a merger with a special-purpose
acquisition company last Decem-
ber, is having an easier time court-
ing investors than customers.
The company sells bulk quanti-
ties of pantry items and consumer
packaged goods such as snacks
and paper towels. Boxed said Tues-
day that its total revenue declined
5.3% in 2021 compared with a year
earlier. That is disappointing com-
pared with the 13.4% growth the
company initially pitched to inves-
tors back in mid-2021, but pretty
much in line with the considerably
toned-down guidance the company
gave in October. Numbers would
have looked a lot worse had Boxed
not signed on a major client—
Asian retail giant Aeon—to buy its
e-commerce software. Boxed sells
its in-house e-commerce software
to other retailers.
Evaluating Boxed as a retailer
puts a harsh light on the com-
pany’s results. Its retail segment
sales declined 16% last year. By
contrast, Costco grew its top line
by almost 18% on a revenue base
no
DARREN PATEMAN/EPA/SHUTTERSTOCK
Renewed interest in coal means coal prices—and the share prices of miners—could remain elevated for a while.
Coal Stocks Are Burning Up Again
Old habits die hard. As the
world rekindles its romance with
coal after Russia’s invasion of
Ukraine, investors betting on
the dirty fuel are suddenly back
in the black.
In the very long run, coal’s pros-
pects still look dim. But a renewed
global obsession with energy secu-
rity combined with cautious invest-
ment in coal supply in recent years
means that coal prices—and the
stock prices of coal diggers—could
remain elevated for a while.
Over the past year Newcastle
coal futures, the main Asian bench-
mark, rose from around $90 a met-
ric ton in early 2021 to $440 a
metric ton in early March right af-
ter the invasion. They now trade at
about $350. Shares of Peabody En-
ergy, Whitehaven Coal, Glencore
and Arch Resources all are up
sharply, too. Many coal stocks have
doubled or tripled over the past
year; Peabody’s shares have gone
up more than 400%.
The war, rebounding post-pan-
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
How much the Fed ultimately
raises interest rates will, of course,
depend on how the economy pro-
gresses in the years ahead.
But the sharp move up in policy
makers’ rate projections—in De-
cember they thought rates would
end this year a full percentage
point lower than they do now—
shows how much their views have
changed.
Moreover, their view that they
will be sending rates much higher
over the next year suggests a
worry that they are behind the
curve. The only way to get in front
of it might be to get rates higher
faster—in other words, some half-
point increases.
The first one could come as
soon as the Fed’s next policy-set-
ting meeting, in early May.
At that point, the central bank
will have some more big data
on
that is more than 1,000 times that
of Boxed. Since 2019, the number
of active customers on Boxed has
shrunk by a quarter. Part of this
us ,
had to do with the dramatic cut
l
Boxed made to its advertising bud-
e
al a
get in 2020: It slashed that spend-
ing by more than three-fourths in
2020 compared with 2019.
ci on
The completion of the SPAC
merger added some firepower to
the company’s balance sheet, which
contains roughly $105 million of
cash. For 2022, the company plans
er s
to increase marketing efforts,
which it expects will help bump its
m er
total revenue by 24% to 38%. That
remains to be seen. After all, the
company already brought its ad-
vertising spending above pre-pan-
demic levels last year—with a
m rp
seemingly underwhelming effect on
customer acquisition.
The stronger business case for
Boxed is its potential as a soft-
ware-as-a-service provider. Chieh
co Fo
Huang, chief executive of Boxed,
said that few companies offer both
e-commerce operator and software
capabilities. Moreover, SaaS pro-
viders typically don’t own a retail
business; having both means soft-
ware should benefit from the
n-
demic demand, the rising politici-
zation of trade, erratic weather and
the world’s intent to become
greener have left fossil fuel sup-
plies more vulnerable to supply
shocks than ever. Russia is the
third-largest exporter of coal, be-
hind Indonesia and Australia. It ac-
counts for 18% of total coal exports
by energetic value, according to
data from CEIC. While the sharpest
price jump came after Russia’s in-
vasion of Ukraine and global sanc-
tions, the steady rise in coal prices
over the year also was fueled by
Indonesia temporarily banning ex-
ports. Recent flooding in Australia
disrupted coal trade after a key
port closed temporarily.
Plamen Natzkoff, senior trade
expert at VesselsValue, believes
that coal companies will generate
significant profits and free cash
flow with coal prices at historically
elevated levels, and producers with
resilient portfolios of coal assets
and the ability to increase produc-
tion are likely to be attractive.
ON
THE
points on the things it cares about
the most: employment and infla-
tion.
On the employment front, it will
have the March jobs report in
hand, and even though the April
job figures won’t get released until
a couple of days after the meeting,
the central bank could have a
sense of what the report will show.
So far, signs point toward more
strong job growth.
Employers have millions of open
positions to fill, and right now it
doesn’t look as if worries about
Russia’s invasion of Ukraine, and
the increase in oil prices it pro-
voked, have made them any less
eager to hire.
As for inflation, the Fed will
only have the March data in hand,
and that seems unlikely to be
much better than February’s—not
with the jumps in the prices of
learning Boxed gets from actually
being in e-commerce.
While there are plenty of soft-
ware providers for retailers, they
tend to have a specific focus.
Shopify, Wix, GoDaddy and Big-
Commerce are in a similar line of
work as Boxed but are more small-
business focused, Marvin Fong, an-
alyst at BTIG, noted in a report.
Ocado is the closest comparison
but the U.K. company has a “sig-
nificantly lower margin and
growth profile” compared with
Boxed, notes Mr. Fong.
Luckily for Boxed, investors
seem to be more focused on the
software piece. Despite the lack of
immediate growth, which most
SPAC investors might have come
to expect, Boxed shares budged
very little in after-hours trading
following the earnings call on
Tuesday. They remain just a touch
below the $10 offering price.
Pitching your business as a tech
company is a double-edged sword,
of course. Investors are willing to
reward tech companies with lofty
valuations, but soon they will also
expect to see growth that matches
tech peers, not sluggish grocery
sellers. —Jinjoo Lee
Europe could help reduce depen-
dence on Russian energy imports
by temporarily recommissioning
some previously mothballed coal-
fired power plants, but increasing
production to match new demand
may not be easy—particularly since
many financiers have become re-
luctant to bankroll new coal proj-
ects to satisfy environmentally con-
scious investors. The coal sector is
responsible for nearly half of global
greenhouse-gas emissions. And
more than 40 countries pledged to
end coal use following climate talks
in Glasgow in November, though
major consumers such as China, In-
dia and the U.S. didn’t sign up.
Until the world can completely
transition to clean energy sources
like solar and wind—or find a way
to directly motivate all economic
actors to reduce emissions through
measures like a global carbon tax—
fossil fuel producers will continue
to feed on supply-chain upheavals
of the type unfolding now.
—Megha Mandavia
gasoline that have arisen since the
war in Ukraine began late last
month. It is possible that the war
will have ended by the Fed’s next
meeting, potentially bringing some
price relief at the pump. But an
absence of war-related uncertainty
might make the Fed less nervous
about the economy’s ability to
stomach larger rate increases.
The Fed’s newfound worries
about inflation could still prove
overwrought.
There have been indications
lately that some supply-chain
strains have begun to ease, despite
the complications brought on by
the Ukraine crisis, for example. By
the summer, the central bank
might not be in such a hurry to
raise rates.
But that won’t stop it from be-
ing in a hurry now.
—Justin Lahart
The company’s cargo airline currently makes an average of 187 flights a day.
Supply-Chain Obsession
Is a Gift for Amazon Air
There is nothing like a pandemic
and a European war to highlight the
value of logistics. Amazon.com’s
growing fleet of planes shows that
it is investing hard to deliver—
probably at the expense of FedEx,
UPS and DHL.
Amazon’s cargo airline currently
makes an average of 187 flights a
day, compared with 85 in May
2020, according to a semiannual
analysis led by Joseph P. Schwieter-
man, a professor at DePaul Univer-
sity, published late Tuesday.
Since the Covid-19 crisis started,
e-commerce purchases have sky-
rocketed and a lot of belly-hold
space in planes has been removed.
Many airfreight companies have
seized the opportunity to grow and,
as this column predicted in early
2020, Amazon has taken the lead. It
now has more than 80 jets—less
than DHL’s 202, UPS’s 289 and
FedEx’s 474 but a lot more than the
50 it had at the start of 2020.
Even that may be an underesti-
mate. Amazon doesn’t operate its
flights, instead relying on partners
such as Air Transport Services
Group. Mr. Schwieterman believes
that the real in-service fleet figure
may be above 110 planes. Some
partner flights don’t sport the Am-
azon Air tail but, based on their
routes, he thinks they are probably
still servicing the e-commerce
company.
This seems to be a feature of its
European push, which started in
2020 through a collaboration with
Ireland’s ASL Airlines. He estimates
that daily flights in Europe have
grown from 8.2 on average last Au-
gust to three dozen now, with these
“shadow flights” amounting to
some two-thirds of the total, up
from a handful.
Having previously leased its
planes, Amazon started buying
some last year as a flood of parked
jets entered the secondhand market
and freighter conversions surged. It
has also taken equity stakes in
ATSG and has warrants on the stock
Average daily Amazon Air flights
200 flights
150
100
50
0 0
May Sept. Feb. Aug.
2020 ’21
Note: A sample of 5–6 representative (nonholiday) days is used to evaluate Amazon Air and partner activity.
The most recent sample encompassed March 1–4 and March 7, encompassing each day of the week.
Source: Chaddick Amazon Air Brief No. 6 by Joseph P. Schwieterman, Borja González Morgado and Abby Mader
THE WALL STREET JOURNAL.
Consumer prices, change from
a year earlier
8%
RECESSION
6
4
2
0
-2 Monthly
2015 '20
Source: Labor Department via St. Louis Fed
.
ly
JEFFREY DEAN/BLOOMBERG NEWS
of Atlas Air. This strategy of build-
ing extra flexibility and control may
herald more encroachment on the
territory of FedEx and UPS. Amazon
already provides some third-party
services to companies, and could
soon start competing head-to-head
in business-to-consumer deliveries.
“It’s more than a baby step in
their delivery system: It’s a strate-
gic move that opens the door to a
whole new set of revenue sources,”
Mr. Schwieterman said.
Even after spending heavily on its
own vans, trucks and warehouses,
Amazon still relies on traditional lo-
gistics firms to deliver a lot of pack-
ages, which makes for a strained
partnership. But the company hasn’t
used its planes much to compete di-
rectly with the likes of UPS. It typi-
cally flies inventory between ware-
houses on daytime flights, with a
focus on two-day delivery.
There are clues that this may be
changing. Routes seem increasingly
designed not just to align with
warehouse needs but also to close
geographical gaps. The report esti-
mates that 73% of the U.S. popula-
tion is now within 100 miles of an
Amazon Air airport, versus 54% in
May 2020. Late flights from Ama-
zon’s Wilmington Air Park hub, as
well as the addition of ATR 72 tur-
boprops to the fleet last year, also
point to an ambition to match the
fleet to consumer schedules. Next-
day delivery often involves smaller
planes making overnight trips.
Media reports suggest that long-
haul Boeing 777 and Airbus A330
planes could also be incorporated
into Amazon’s fleet. They could po-
tentially be used to source products
from manufacturers across oceans.
A rule of thumb among business
academics is that companies have
good reason to buy a supplier when
sourcing a product is subject to a
lot of uncertainty. With uncertainty
today pervading the entire global
supply chain, Amazon’s logistics
ambitions seem ready for takeoff.
—Jon Sindreu
Percentage of U.S. population within
100 miles of an Amazon Air airport
80%
60
40
20
March May Sept. Feb. Aug. March
’22 2020 ’21 ’22