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

The Wall Street Journal
Good morning,
Terror in New York
A 27-year-old Bangladeshi immigrant inspired by Islamic State internet propaganda set off a pipe bomb strapped to his body as he blended with rush-hour commuters in one of New York City’s busiest transit hubs, authorities said, but the explosive fizzled, burning him and injuring three others. Such an attack has long been feared in the packed subways that keep America’s most populous city running. The suspect, identified as Akayed Ullah, is a legal U.S. resident who was angry about “the plight of Muslims” in the Middle East, according to a senior law-enforcement official. President Trump took aim at the type of visa used by Mr. Ullah, which is granted to siblings of immigrants, while also calling on Congress to make changes to U.S. immigration policy.


Taxing Times
A little-discussed provision in Senate Republicans’ tax proposal could lead to a higher tax bill for millions of individual investors and cause many to unload stocks before the year’s end. Under the provision, investors selling partial stakes in a company would have to unload their oldest shares first, which usually brings a higher tax bill if the stock’s price has been rising. Small investors aren’t the only ones with concerns—America’s largest payroll group worries that if the bill passes, there won’t be enough time to figure out withholding for 2018. Elsewhere, finance ministers from Europe’s five largest economies voiced anxiety that the overhaul gives American firms unfair advantages, as Chinese officials worked on a contingency plan to combat domestic consequences of U.S. tax changes. Meanwhile, the GOP faces another pressing battle as Alabama’s Senate special election comes to a high-stakes conclusion. For Republicans, a victory by Roy Moore would preserve their narrow majority but could prompt calls for an ethics investigation of their newest member.
The Amazon Effect
The Fed is likely to announce Wednesday the raising of its benchmark short-term rate by a quarter percentage point, to a still-low range of 1.25% to 1.50%. Most Fed policy makers agree they should keep gradually raising short-term rates in the months ahead to prevent the U.S. economy from overheating. But some are hesitant because inflation remains puzzlingly weak, running below the 2% that is considered healthy. Economists attribute feeble inflation across developed economies to several causes, including aging populations and slow productivity growth. But with consumer spending accounting for more than two-thirds of the U.S. economy, the explosion in e-commerce has been added to the list. Comparison shopping is keeping a lid on prices that retailers can charge on a wealth of goods, a small but growing factor holding down inflation in the U.S.
Beauty and the Bass
Guillermo del Toro’s “The Shape of Water” could prove to be a force this awards season, as the film garnered a tide of Golden Globe nominations. Drawing on the classic “Creature From the Black Lagoon,” Mr. del Toro’s film takes the human-monster love story to new territory, exploring both the emotional and physical side of the central characters’ connection. WSJ film critic Joe Morgenstern praised Mr. del Toro’s otherworldly masterpiece in his list of 2017’s best films, which includes nods to the mainstream, such as “Wonder Woman” and “Blade Runner 2049,” as well as sleeper hits “Get Out” and “Lady Bird.”
Blind Spot
That Was Painless
Newspaper columnist Joline Gutierrez-Krueger, who spent years chronicling the opioid epidemic in New Mexico, thought she knew the telltale signs of heroin abuse. Then her son died of an overdose.

Judge Rules Transgender People Can Enlist in Military

White House Opposes Push by Trump Accusers for Sexual-Misconduct Probe

Putin Declares Victory in Syria, Begins Military Pullout

Saudi Arabia Lifts Ban on Movie Theaters

Comcast No Longer Reviewing Deal for 21st Century Fox Assets

Icahn to Launch New Board Fight With Xerox

Passport Capital to Shut Flagship Hedge Fund

Who’s Afraid of Bitcoin? The Futures Traders Going Short
$2 billion
The value of Verizon’s deal with the NFL to show games on its mobile network, Yahoo and go90 streaming service. Verizon gave up exclusive mobile rights in return for NFL content on the other platforms, which the company wants to expand.
Most of the things we’ve tried have failed.
Michael Kharitonov, co-founder of a hedge fund experimenting with machine learning a set of techniques that empowers computers to find patterns in data without using rules prescribed by humans. The concept has paid off for two of the year’s top-performing hedge funds, but success over a sustained period has been rare.
Returning to our story above, what are your thoughts on President Trump’s call for Congress to change the immigration policy in light of the New York bombing? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Hillary Canada
Responding to Monday’s question about continuing GOP tax-bill negotiations, Roy Farrow of Nevada wrote: “If Congress returns to the original impetus for the legislation, simplification, lower rates for all and a path to economic growth, then all will be well. A lot to ask in the face of the special-interest tsunami sweeping D.C.” Len Hartkemeier of California said: “Finally, people with clout and reasoning sitting down to hammer out a deal. That is something the Democrats were unwilling to do.” Paul Taube of Texas weighed in: “The Republican tax bill is a scandal! It will not pay for itself, it is not a middle-class tax cut, it is not tax reform, it is poorly constructed and it is filled with special-interest benefits. They should start over.” And George Starner of Florida commented: “I don’t see the harm in doing away with individual mandate of the ACA. Why force someone to buy something they don’t want or need?”

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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