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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
A Nudge Toward Normality
The U.S. Federal Reserve ended seven extraordinary years of near-zero interest rates, with its decision on Wednesday to raise short-term rates a quarter of a percentage point. It was one of the most closely watched events on Wall Street in years, but even as the Fed nudged rates upwards, Janet Yellen, the chairwoman, made clear in her news conference that the central bank was in no hurry to push rates quickly back towards normality. The increase leaves unaddressed two riddles vexing investors: the health of the global economy, and how markets will react as U.S. monetary policy diverges from that of other large economies? Global stocks surged this morning, while selling in bond and currency markets was relatively muted. The big question surrounding market turbulence, writes our columnist Greg Ip, is whether the fallout will be transitory or the start of a wider disruption. American businesses fretted that the interest-rate rise comes at a time when a strong dollar is already sapping demand for exports and low energy and commodity prices are weighing on growth in the industrial economy.
Follow the Money
Two nations at odds over how to deal with the crisis in the Middle East will today achieve a measure of agreement. The U.S. and Russia are expected to jointly push the United Nations Security Council to enforce stricter measures to curb the funding of Islamic State and other terrorist organizations. The collaboration marks a big shift from their fiercely opposing views on how to fight terrorism. Meanwhile, the U.S. government is intensifying efforts to stop the flow of money to the Lebanon-based terror group Hezbollah as officials work more closely with their European counterparts. And in the latest on the Paris attacks investigation, Belgian police delayed a raid in the search for suspect Salah Abdeslam last month because of a legal ban on conducting them at night, the federal prosecutor’s office said yesterday.
Whose Party Is It, Anyway?
A clash between Sens. Marco Rubio and Ted Cruz over who is more faithful to conservative values is highlighting the divide in the party on how to balance privacy with the push for enhanced security. The tension between them centers largely on whether national security powers were expanded under the USA Freedom Act. Sen. Rubio on Wednesday continued to press his case that Sen. Cruz talks tough against terrorism, but has taken steps that weaken national security. The two candidates, who rank second and third in many polls of GOP primary voters, also battled over their stances on illegal immigration. Meanwhile, Congress is headed toward imposing new restrictions on foreigners who have traveled to countries such as Iran, Syria and Iraq in the past five years, tapping into public anxiety following the Paris and California terror attacks.
Deal With It, Kid
If it seems like your 7-year-old is having an existential crisis after losing a game of Uno, that’s because he or she actually is. Families play more board games during the holiday season, but the outcomes can be complex. Should you let your child win? Psychologists seem to agree that throwing a game to a child over the age of 4 is a bad idea. The world is a tough place, and losing is vital to developing the resilience and grit necessary to succeed. The solution, as so often in parenting, is to fudge it a little. That said, those who enjoy game playing the most seem to incorporate values beyond winning, such as giving kudos for good sportsmanship and tactical precision.
Can a Chinese Smartphone Make It Big in the U.S.?
That Was Painless
China’s top smartphone maker Huawei is planning to sell its flagship phone in the U.S. for the first time. Photo: Huawei

Judge Declares Mistrial in First Trial of Police Officer in Freddie Gray Case

Massive Spending and Tax Bill Advances

Switzerland Freezes Millions of Francs in FIFA Probe

EU Data-Privacy Law Raises Daunting Prospects for U.S. Companies

FedEx Profit Boosted by Online Holiday Shopping

GE Points to Growth Despite Oil Slump

Hilton to Spin Off Hotel Properties Into Real-Estate Investment Trust

Borrowers to Face Higher Lending Rates
The decline in daily cigarette smoking among U.S. high-school students over the past five years, according to a new government-sponsored study.
Children are different than other goods because they don’t have a fixed price; they cost what you think you should spend on them.
Ronald Lee, a demographer and professor at the University of California at Berkeley, on why Chinese families are reluctant to let go of the one-child model.
Going back to our story above, what are your thoughts on the impact of the Fed’s rate increase? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
In response to yesterday’s question about who won the GOP debate, Steve Meyer of South Carolina wrote, “Finally we see the unraveling of ‘The Donald,’ as Mr. Bush gains his footing and finds his voice. Surely the Republican Party and its voters will see the light as Bush strengthens his position and communicates a message of leadership. Go Jeb.” Joe Arena of New York said, “I felt the four candidates leading the polls (Trump, Carson, Rubio, Cruz) all struggled for various reasons. Christie and Bush both had solid performances.” Judyth Roberts of Arizona wrote, “Marco Rubio hands down. He won and will win the nomination. His pick for vice president after he beats Clinton will be Carson.” Carrie Thompson of Colorado commented, “Ted Cruz was very impressive on all fronts. He hasn’t been my guy until now, but he and Fiorina would be one hell of a powerhouse if they were to join forces. That would be promising. My instincts tell me it will be a Trump-Cruz ticket. I would vote for that!” And Charlie Kendall of California said it seems “voters are selecting their winner based on which one of their guys had the best one-liner as opposed to who was most informative, substantive and offering solutions. The winners in these categories based on what I observed were Carly Fiorina and Marco Rubio. Carly gets passed over a lot but she really has substance to offer the Republican Party.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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