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

The Wall Street Journal
Good morning,
Restrained Again
A federal judge in Hawaii issued a nationwide temporary restraining order Wednesday that bars implementation of President Trump’s revised executive order on immigration and refugees, a significant legal blow to the president’s renewed bid to restrict U.S. entry for people from six Muslim-majority countries. The ruling came just hours before the new ban was slated to take effect at 12:01 a.m. Thursday. Mr. Trump made several changes to his travel restrictions after courts last month faulted his original executive order, but U.S. District Judge Derrick Watson said none of the alterations fixed a central problem: Mr. Trump was likely engaged in unconstitutional religious discrimination, the judge said, citing Mr. Trump’s campaign statements. The ruling isn’t a final determination of the executive order’s underlying legality, but rather a finding that the challengers are likely to ultimately prevail in the courts.


Nudging Toward Normal
The Federal Reserve said Wednesday it would raise short-term interest rates and keep lifting them this year, moving the central bank into a new, more aggressive phase of draining easy money from the financial system as the economy improves. Officials said they would raise their benchmark federal-funds rate by a quarter percentage point to a range between 0.75% and 1%, and penciled in two more increases this year. “The simple message is the economy’s doing well,” Fed Chairwoman Janet Yellen said, though she was careful to note that the Fed hadn’t significantly changed its forecasts for economic growth, unemployment or inflation, despite expecting continued improvement. Markets welcomed the news, which sent stocks and bond prices higher. Meanwhile, a key bank metric suggests caution: new data show loan growth is slowing, raising questions about whether investors’ expectations will be realized.
Russia’s Other Hackers
Federal authorities said Wednesday that Russian government spies were behind Yahoo’s notorious 2014 security breach, stealing information about more than a half billion online accounts, including those used by U.S. military officials and by employees of firms in banking, finance and transportation. The Justice Department announced the indictments of two officers of Russia’s Federal Security Service, alleging they directed and paid for the illegal collection of information in the U.S. and abroad. The case is expected to escalate tensions between the U.S. and Russia over cybercrime and espionage. Authorities said the two agents worked with indicted co-conspirators to hack into Yahoo computer systems and used information stolen from Yahoo to target other email providers, including Google. The man who seems most likely to face prosecution is a 22-year-old Canadian resident who bragged online about dropping out of high school to pursue an internet career that apparently enabled him to live luxuriously.
Stay Cool
Should the refrigerator be a wallflower or a showoff? Appliance makers are grappling with how much technology to add to the anchor of the kitchen. They have the know-how to make the refrigerator do everything from play music to order groceries. But marketers are divided over a fundamental question of what consumers want. The contrasting approaches prompt eye-rolling from both sides. Established luxury companies like Sub-Zero are chasing new engineering feats to better hide the refrigerator behind cabinetry. Meanwhile upstarts, including new models from LG and Samsung, are turning the refrigerator into a giant computer screen that can play television and display shopping lists, photos and weather reports. Many of the innovations focus on letting you know what’s inside: After all, a U.S. household of four people opens the refrigerator about 15 to 20 times a day.
Back to the Wall
That Was Painless
Despite enthusiastic backing for President Trump and pleas for a stronger border, Arizona ranchers are conflicted in their support for Mr. Trump’s promise to build a wall along the border with Mexico.

Trump Budget Seeks Big Cuts to Environment, Arts, Foreign Aid

Republicans Explore Changes to Health-Care Plan

Dutch Voters Rebuff Anti-Immigration Candidate

Brazil on Tenterhooks Over List of Politicians Subject to Investigation

As Trump Targets Nafta, Car Industry Aims to Roll With the Changes

Google, Facebook Build a Data Highway to Asia—Financed by a Chinese Developer

The Fed Raised Rates. Don’t Expect the Same for Your Bank Deposits

Fed Rate Path Looms Over China’s Central Bank
$1.33 billion
The maximum valuation for trading firm KCG Holdings under an acquisition bid from rival Virtu Financial, which could help shore up two businesses that have been struggling with damped market volatility.
The magnitude of these graves is extraordinary.
Roberto Campa, Mexico’s deputy interior minister for human rights, on the discovery by a group founded by mothers of missing people of what may be the country’s largest mass grave, in Veracruz. More than 250 skulls have been recovered so far.
Going back to our story above, what are your thoughts on the indictments stemming from the Yahoo data breach? 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 revelations about Mr. Trump’s 2005 tax return, Paul Dembry of California said: “I don’t care about any tax return except my own. If the IRS is OK with someone’s return, then why is it anyone else’s business? My guess is that the president let it leak out to discredit the rabid hordes.” Jim Mhyre of Washington wrote: “The 2005 IRS two page summary provided one answer: Why Trump would like to end the alternative minimal tax. But important questions await comprehensive tax reporting. What foreign entities besides Deutsche Bank hold his debts after American banks were thrice burned? What countries, companies, or individuals does he depend on for his revenues?” Tim Pasquarelli of Arizona commented: “Personally, I don’t care about the president’s tax returns. All American taxpayers know that the wealthy and the average smart wage-earner will use every means available to reduce their tax burden…whether their name is Trump or Clinton.” And Michael A. Becker of Missouri weighed in: “He should be ashamed that he promised to release his taxes and did not. I don’t care what they say, release them. He promised.”

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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