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

The Wall Street Journal
Good morning,
Not So Fast
The Federal Reserve held short-term interest rates steady on Wednesday and officials lowered projections of how much they’ll raise them in the coming years, signs that persistently slow economic growth and low inflation are forcing the central bank to rethink how fast it can lift borrowing costs. The moves marked yet another reversal in the planned trajectory of Fed policy. Just a few weeks ago several Fed officials, including Chairwoman Janet Yellen, dropped strong hints they might raise rates in June or July. Now the combination of relatively stable economic projections and a lower interest-rate outlook suggests officials are coming to the conclusion that the economy simply can’t bear very high interest rates, even to achieve the mediocre growth and low inflation officials have in mind. The world isn’t ready for another rate increase, argues columnist Greg Ip.


Suspicious Behavior
The FBI is in the process of reconstructing all of the Florida gunman’s movements ahead of the shooting at a gay nightclub in Orlando that left 49 dead and 53 injured early Sunday. Omar Mateen visited a gun shop near his home about five or six weeks ago and requested heavy-duty body armor and bulk ammunition, but was turned away by employees due to his odd behavior. Mateen had for years shown erratic behavior both at work and home, people who knew him said. In 2007, he was kicked out of a corrections-officer academy after an incident that led authorities to escort him off the campus. Meanwhile, the shooting sparked a new push in the Senate on Wednesday to reconcile measures from Democrats and Republicans aimed at restricting suspected terrorists’ access to weapons.
Taking Their Country Back
Unease about immigration has been fueling anti-European Union sentiment in the U.K. as Britons prepare to go to the polls on June 23 to vote on the country’s membership. Britons uncomfortable with a rise in immigration blame EU membership for allowing unfettered arrivals from Europe. A string of recent opinion polls suggest support has swung in favor of those campaigning to leave and, according to one survey, more than 40% of voters backing “Brexit” said immigration was the most important factor. Meanwhile, investors are fleeing banks in the U.K. and Europe as Brexit fears mount. And in a serious challenge to Prime Minister David Cameron, nearly a fifth of lawmakers in his Conservative Party, which is divided on this issue, threatened to block the government’s plans to introduce an emergency budget in which Mr. Cameron is threatening to raise taxes and cut spending if the U.K. votes to leave.
Share the Skies
If you’re sick of long airport waits and short airline legroom, but can’t afford or justify your own private jet, there are now alternatives in the middle. All-you-can-fly services offer scheduled short trips on private turboprop airplanes for a monthly fee. The startups plug members into individual seats on private jets shuttling between major cities. The air alternatives are inspired by sharing services such as Uber and Airbnb and fueled by airline consolidation that has left many routes with fewer flights and higher fares. But like many startups, they face turbulent skies. In other travel news, we report that the great American road trip has crossed the pond: U.S. visitors to Europe—and even some locals—are packing up the car and going on long-haul drives for their Continental vacations this year.
Fast Food Jams
That Was Painless
Bluegrass musicians have found welcoming venues in a West Virginia Hardee’s and other fast-food joints around Appalachia.

Florida Sheriff Says Child’s Body Found After Taken by Alligator

Donald Trump Takes Risks on Guns, Gays Since Orlando Shooting

U.S., India, Japan Begin to Shape New Order on Asia’s High Seas

‘Where Are Our Men?’ Iraqis Ask

Judith Rodin Steps Down as Head of Rockefeller Foundation

Zara Owner Inditex Stays Ahead of the Competition

China’s Yuan Shudders Despite Beijing’s Campaign to Steady the Currency

New Hedge Fund Gets the Michael Milken Touch
$9 billion
The approximate value of Supercell, the Finnish maker of the hit mobile game “Clash of Clans,” as China’s Tencent nears a deal to buy SoftBank’s majority stake in the company.
While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions.
David Leitch, Bank of America’s global general counsel, sent an email to a group of law firms calling recent increases in associate lawyer pay unjustified. The latest law firm salary raises boosted first-year pay by 12.5%, and gave comparable hikes to the rest of the associate lawyer ranks.
Going back to our story above, what are your thoughts on the Brexit vote? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to yesterday’s question on work-life balance, Robert Jones of North Carolina said: “I have often been asked by employees to help them strike a better work-life balance. But there is no magic number, everyone has their own, unique, ideal balance.” Hank Freeman of New York commented: “It is common to know that family and life must always come before work. It is uncommon to have the courage of one’s convictions.” And Scott Traweek of Washington, D.C. weighed in: “Work-life balance is extremely important for employee health and productivity. It starts with the corporate culture. Companies with a culture that emphasizes work-life balance have employees who perform well because they are more likely care about the company as much as it cares about them.”
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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Copyright 2016 Dow Jones & Company, Inc. All Rights Reserved.   


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