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

The Wall Street Journal
Good morning,
Storm Clouds
In the latest signs of rising financial-market anxiety, U.S. government bonds rallied, banking and insurance stocks tumbled and gold hit a one-year high Tuesday, after Federal Reserve governor Lael Brainard warned that persistently low inflation could make it difficult for the central bank to continue raising interest rates. Adding to the pressure, the “potentially catastrophic” Hurricane Irma appears to be on track to approach Florida and the U.S. confrontation with North Korea over its nuclear and missile programs continues to escalate. The yield on the benchmark 10-year U.S. Treasury note fell to 2.072%, its lowest close since Nov. 9, the day after the U.S. presidential election. Ms. Brainard has expressed concern about low inflation before, but her latest remarks came at a critical time, as a Fed debate nears over whether to stick to its plan to raise rates for a third time this year. The majority of Fed policy makers have long said they expect inflation to trend higher, though investors are broadly skeptical.

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Dream On
President Trump on Tuesday urged lawmakers to pass broad immigration legislation within six months as he said he would end DACA, a program that allows undocumented immigrants who entered the U.S. as children to work legally and avoid deportation. Congressional leaders in both parties promised to protect the young people—who under Mr. Trump’s order will begin losing their current protection in March—but the path is unclear. The battle will be emotional, particularly among Republicans, who are divided over the five-year-old program. The White House suggested it wants an immigration bill addressing not just DACA but issues such as enforcement, border security and limits on future legal immigration, each controversial on its own. The president’s stance was widely condemned by Democrats, some Republicans, business executives, immigrant-rights advocates and educational leaders.
The Good News About Robots
History says workers needn’t fear a robot apocalypse: Automation has commonly created more, and better-paying, jobs than it destroys. Rather than simply allowing businesses to produce the same thing more cheaply, automation leads them to offer entirely new, improved products—drawing more customers and spurring more hiring. Not until an industry has fully satiated demand, as the car industry has, does automation erode overall employment. The process is disruptive—the people who lose jobs to automation are seldom the same people employed in the new industries automation makes possible—but over time, the net effect is consistently positive. Our case in point: U.S. retail.
Are You Fan Enough?
For at least a decade, Ticketmaster has waged war against professional resellers and the software “bots” they use to snap up tickets the instant they’re available. The ticketing giant’s latest attempt to ensure that actual fans get first crack at hot tickets is a system that asks would-be buyers to register weeks in advance. Ticketmaster then mines its own sales records and data such as social-media history to verify applicants’ identities, and sends access codes to those deemed legitimate. The system has generated controversy in its early months: Unsuccessful applicants are livid, feeling snubbed by software that purports to quantify their fanhood. But many in the concert industry hail it as the best solution yet.
TODAY'S VIDEO
Here Comes Irma
That Was Painless
As Hurricane Irma approaches the U.S., here’s what you need to know about one of the strongest storms to hit the Atlantic Ocean.
TOP STORIES
U.S.

‘Big Six’ Policy Group Faces Decision Time on Tax Changes

After Oil Refinery Is Damaged by Harvey, Benzene Is Detected in Houston Area
WORLD

Venezuela’s Crisis Looms Large as Pope Visits Latin America

China Worries About Radioactive—and Political—Fallout From North Korea Blast
BUSINESS

Lego Hits Brick Wall With Sales, Sheds 8% of Global Workforce

Verizon Wants to Build an Advertising Juggernaut. It Needs Your Data First
MARKETS

A Decade After Crisis, Investors Have Stopped Hunting for Black Swans

Gasoline Hits Fresh High as Refineries Restart
QUOTE OF THE DAY
It’s as if everyone agrees that it’s too divisive and we can’t get along, but also that everyone else is wrong.
Democratic pollster Fred Yang on a WSJ/NBC News survey he conducted with GOP pollster Bill McInturff, which indicates that political divisions in the U.S. are both long-lasting and widening. The gulf is visible in an array of issues and attitudes: Democrats are twice as likely to say they never go to church as are Republicans, for example, and eight times as likely to favor action on climate change.
TODAY'S QUESTION
What are your thoughts on the latest WSJ/NBC News survey results? 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 DACA move, Barbara Wintrup of California wrote: “I believe that the president is misguided and shortsighted in attempting to eliminate DACA. His actions are completely inimical to American values of comity and fair play. The people affected are intelligent, productive individuals who had no idea that they were brought here illegally in the first place. They should be permitted to stay and become legal.” Brian Behler of Nevada commented: “Many DACA supporters don’t understand that the executive should execute law, not create it. Executive orders will always be at risk for cancellation. It is past time for the Congress to step up on the immigration issue and codify policy.” And Tom Weil of Ohio weighed in: “I can understand the logic of reversing a questionable executive order. However, it seems incumbent on the president to submit legislation to protect the Dreamers, and get behind it aggressively.”

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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