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

The Wall Street Journal
Good morning,
Secretary of Static
President-elect Donald Trump has named Exxon Mobil CEO Rex Tillerson as his secretary of state, picking a veteran chief executive who has had extensive overseas business dealings but whose relationships with foreign leaders could complicate his confirmation prospects. If confirmed by the U.S. Senate, Mr. Tillerson will be the public face of a diplomatic approach that envisions more cooperation with Russia and concessions from China on trade and security matters. His nomination faces bipartisan resistance in the Senate over his ties to Russian President Vladimir Putin. Meanwhile, momentum to hold investigations into alleged Russian hacking during the U.S. presidential election picked up steam on Monday, with Senate Majority Leader Mitch McConnell joining Democrats, the White House and other GOP leaders in calls for a probe. And we report on the places that largely withstood the economic challenges that powered the political backlash that led to Mr. Trump’s electoral success: college towns.

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Time to Move
The Federal Reserve starts a two-day meeting today that is expected to conclude with the first increase in its key interest rate in a year. But a rallying stock market, rising bond yields and the return of inflationary pressures are creating new challenges for the Fed. Investors are already looking past the expected hike in the fed-funds rate and focusing on any signals about a more aggressive policy in the months and years ahead. Leading up to the Fed’s announcement Wednesday, officials have largely maintained a cautionary tone even as joblessness sits at a nine-year low and economic growth is accelerating. But many Fed watchers see the prospect of tax cuts and fiscal spending under Donald Trump, as well as rising oil prices and inflation expectations, pointing to a pickup in the pace of rate increases. Fed officials are still likely to signal that they expect to move gradually in lifting rates again.
Doomed Union
Sumner Redstone and his daughter, Shari Redstone, have ended their effort to merge Viacom and CBS, a surprise reversal that follows resistance from key executives and signals faith in Viacom’s ability to turn around its fortunes on its own. A marriage would have reunited Viacom—owner of ratings-challenged cable networks MTV and Comedy Central and the slumping Paramount Pictures movie studio—with top broadcaster CBS a decade after they were separated. Neither company had been enthusiastic about a merger, despite the initial desire of the Redstones to make it happen, and discussions never advanced beyond the early stages. A big reason for the reversal in plans is Ms. Redstone’s faith in Bob Bakish, whom Viacom promoted from interim to permanent CEO on Monday after the potential merger was called off. Without CBS, Viacom is left fending for itself.
Night at the Museum
For adults who want the fun of children’s museums without the hassles of children, it turns out opportunities are plenty. Across the country, children’s museums and family-oriented exhibits open for ticketed, adults-only special events that allow grown-ups to clamber up three-story climbing structures, sit atop bulldozers and spell out words on giant light walls—often while enjoying a cocktail. Museum administrators say it serves as an extra revenue stream, as well as a way to reach an audience of younger adults, many of whom don’t have children but are potential future family guests and philanthropic donors. We take a look at several of the events, from Austin to New York and Boston, and find that sometimes adults equally enjoy activities designed for children.
TODAY'S VIDEO
Fight and Fighter
That Was Painless
Donald Trump’s attacks on F-35 jet fighter costs shed light on the ballooning expense and delays of big military programs, but experts say there are limits to what he will be able to do as president to fix them.
TOP STORIES
U.S.

Opioid-Related Problems in Babies Surge in Rural Areas, Study Says

Listen Closely: Donald Trump Proposes Big Mideast Strategy Shift
WORLD

Syria Expands Control to Most of Aleppo

Turkey’s Economy Contracts for First Time Since 2009
BUSINESS

Chipotle Drops Dual-CEO Model

Google Signs Deal With Cuba to Speed Services
MARKETS

How the Biggest E-Mini Futures Trade of 2016 Sent the Market Soaring

Inside India’s Unprecedented Assault on Cash
NUMBER OF THE DAY
$7.8 billion
The amount for which Asahi has agreed to buy beer assets in five Eastern European countries from Anheuser-Busch InBev, the latest big overseas deal from a Japanese food-and-drink industry that is struggling at home.
QUOTE OF THE DAY
I don’t think it’s fair that some people would get forgiven and not us...We did everything right.
Kristin Reed, who with her husband, Jim, used most of their retirement savings to pay off student debt, on learning that millions of other borrowers will get off easier. The government is set to forgive at least $108 billion in student debt in coming years.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the Redstones ending their effort to merge Viacom and CBS? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on Mr. Trump’s comments on the intelligence community’s findings of a Russian role in U.S. election-related hacking, Shari Reed of New Mexico said: “Mr. Trump has a central job as incoming president—to keep the United States citizens safe and free from foreign control. His response to the CIA findings on hacking by the Russians should have been that he would consult with appropriate intelligence officials and upon assuming the presidency he would take appropriate action if those findings were conclusive. But, in usual Trump style, he discredited the CIA and announced that he wouldn’t take daily intelligence briefings.” William E. Hall of Maryland weighed in: “Mr. Trump has a perfect right to be skeptical, as do all Americans.” And Mike Furlong of Alabama wrote: “Who is Mr. Trump going to trust? Based on his cabinet choices so far, my concern is he will only trust those who reflect his views. That is a perilous position for any person to take, particularly for the president. I want to believe he will do better as he takes on those duties, however he is making the same mistakes as the people he criticizes.”

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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