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

The Wall Street Journal
Good morning,
Reality Show
At midmorning yesterday, President Trump abruptly decided to hold his own news conference, setting into motion a freewheeling, sometimes angry, 80-minute exchange. After his opening statement, the president’s appearance quickly devolved into a litany of grievances about media coverage. The pushback effort comes as Mr. Trump seeks to go on the offense amid escalating tensions with U.S. intelligence officials. Compounding the turmoil that has surrounded the White House, retired Vice Adm. Bob Harward, Mr. Trump’s choice to succeed Mike Flynn as his national security adviser, has turned down the job, leaving a key security post in limbo. We report that Adm. Harward had expressed a preference for hiring his own staff at the National Security Council but was rebuffed. Meanwhile, the White House is facing a mushrooming number of investigations and inquiries on Capitol Hill, where some Republicans are demanding more information about news media reports on contacts between Mr. Trump’s associates and Russian officials.


The Price of Volatility
It is the buzz of Wall Street: a five-day, 15% plunge in a U.S. mutual fund whose bearish bets were undone by the S&P 500’s latest run to fresh records. The decline of Catalyst Hedged Futures Strategy fund, a $3.4 billion fund employing complex derivatives, demonstrates the downside of the surprising resilience of the postelection U.S. stock rally and the long decline of volatility, or price swings. Many investors have been surprised by the S&P 500’s 9.7% run-up following Mr. Trump’s election. The Catalyst fund’s weak spot is a fast-rising market. A portion of the fund’s portfolio set up before the rally was effectively left “short” versus the S&P 500 after the market burst higher over the past week. Declines became so extensive that the firm chose to unwind its money-losing bets, losing $600 million in assets in the week ended yesterday.
Generation Gap
It is widely known that baby boomers face a wider savings gap than past generations. What is less well documented is how they have piled up more debt, too. Debt held by borrowers between the ages of 50 and 80 increased roughly 60% between 2003 and 2015, while debt among younger borrowers declined. Older Americans now have more credit-card debt than younger people for the first time. Facing five times the debt of previous generations and relatively small savings, many retirees are making fundamental lifestyle changes, having to work longer, move to less-expensive places or pare back their spending—choices that economists say are likely to put a drag on the U.S. economy. And it won’t be easy for older Americans to keep working: Some 60% of retirees say they left the workforce earlier than they had planned.
The March Women’s Fashion issue of WSJ. Magazine, out this weekend, features an exclusive interview with Karl Lagerfeld, Chanel’s longtime artistic director, who has surpassed designer fame to become a bona fide icon. With a career spanning more than 60 years, Mr. Lagerfeld is constantly chasing whatever is new and next. “I am never pleased—I always think I could do better,” he says. Elsewhere in the issue, we feature the last five Frank Lloyd Wright homes still in the hands of the original owners, who reveal what it was like to commission a house from the legendary architect. And Yayoi Kusama, who holds the record for the highest price paid for a work by a living female artist, talks candidly about her rise to art-world stardom, while Diane von Furstenberg discusses her next chapter after ceding creative control of her fashion empire. Plus, three portfolios showcase spring’s boldest styles—from sporty swimwear to monochromatic looks and dramatic takes on classic staples.
Salt of the Earth
That Was Painless
Forget about dabbing—everyone is doing the “salt bae”. Videos of a passionate Turkish butcher salting a steak with his signature “cobra” move have spawned thousands of copycats—and made him an international food celebrity.

House Republicans Lay Out Health-Care Plan

Trump Administration Plans New Immigration Order Next Week, Ends Legal Push in Appeals Court

Israelis, Palestinians Weigh Extent of Trump’s Shift

Trump Administration Backs Away From Russian Reset

Nestlé Drops Targets as Consumer Giants Struggle

AT&T to Sell Unlimited Wireless Data Plan Without Pay TV

One of Government’s Largest Landlords, Vornado, Pays Millions Each Year to Trump Company

Forget the Fed: Politicians Have the Reins for Now
$200 million
The amount of cash embattled blood-diagnostics firm Theranos had on hand at the end of 2016. Investors were told the firm didn’t generate any material revenue in 2015 and 2016 and hasn’t set aside funds for any potential liability that could arise from its pending legal challenges.
No more restraint for anyone.
Pakistani army chief Gen. Qamar Javed Bajwa vowed revenge for a deadly bombing at a Sufi Muslim shrine in southern Pakistan yesterday that killed at least 70 people and wounded hundreds. Islamic State claimed responsibility for the attack.
Going back to our story above, what did you think of Mr. Trump’s press conference? 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 Mr. Trump’s press conference with Israeli Prime Minister Netanyahu, Roy Shoults Sr. of New Hampshire said: “It was very encouraging to see, after so many years of failed attempts, that Mr. Trump is planning to use some uncommon sense (today’s common sense has become ridiculous) in his relationship with Israel and the reality of its situation in the Middle East.” Shari Reed of New Mexico wrote: “Mr. Netanyahu looked on bemused as Mr. Trump staged an ad hoc news event before the two leaders had talked in private. Mr. Trump’s ‘winging it’ style produced an offhand comment that the two-state solution simply wasn’t important to him. Or is it? This defensive, disengaged president loves to keep us all guessing.” And Tom Cusick of Illinois opined: “Mr. Trump’s statement indicated he had no idea what the issues were. He used a quip to address a very complex issue that is not solvable without complex negotiations that impact the lives of millions of people.”

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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