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

The Wall Street Journal
Good morning,
Scaling the Summit
Talks between President Trump and North Korean leader Kim Jong Un produced few specific new commitments from Pyongyang to surrender its nuclear weapons, postponing details on timing and verification of disarmament to future negotiations. Following an unprecedented meeting between the leaders of the two countries that Mr. Trump said led to a personal bond, both sides pledged to work toward the denuclearization of the Korean Peninsula and to begin high-level negotiations at the earliest possible date. Still, the document the leaders signed in Singapore provided almost no particulars on how to make the denuclearization process complete, verifiable and irreversible. Mr. Trump signaled that the deal marked the beginning of a diplomatic process aimed at ending more than 60 years of enmity. The president also told reporters he would cease “tremendously expensive” joint military exercises with South Korea, a move he thought would be welcomed by Mr. Kim.

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The Fed’s Dilemma
No question looms larger for Federal Reserve Chairman Jerome Powell than this: How low can the U.S. unemployment rate safely go? Only twice in the past half-century has unemployment fallen to its current rate of 3.8%—for a few years in the late 1960s and for one month in 2000. The ’60s episode helped spur years of soaring inflation that would take a decade for policy makers to corral. The latter coincided with a technology bubble that, when it burst, caused the 2001 recession. On Wednesday, the Fed is likely to raise short-term interest rates. Then, Mr. Powell must decide whether the low unemployment rate will push up labor costs and feed inflation as it has done in the past. The wrong decision, Journal reporter Nick Timiraos writes, could cripple the economy.
Deal Dance
Stryker made a takeover approach to rival Boston Scientific, an attempt to create a medical-device giant and the latest effort to consolidate a corner of the health-care industry that has produced a raft of large deals lately. Boston Scientific has a market value approaching $50 billion, so a deal would be one of the largest in a year that is shaping up to be one of the busiest for mergers and acquisitions to date. Boston Scientific declined to comment on the Journal’s report about Stryker’s approach Monday. Boston Scientific’s shares rose 7.4% on the news, giving it a market capitalization of $47.4 billion, while Stryker fell 5.1%, ending the day with a market value of $63.4 billion.
Mystery Letters
What does IHOP stand for? A recent gimmick revealed mass confusion over the restaurant chain’s real name. IHOP announced last week in a cryptic tweet it would change its name to IHOb, aiming to draw attention to the “mystery” of what the new letter might stand for. On Monday, it revealed that the “b” is for burgers and that the name change is temporary, part of a marketing ploy to launch a new menu. Along the way, the chain inadvertently revealed something else—that many of its customers don’t even know what the P represents, Journal reporters Julie Jargon and James R. Hagerty write. Founded in 1958 as the International House of Pancakes, the chain in 1973 permanently changed its logo to IHOP as part of a marketing campaign involving a kangaroo.
TODAY'S VIDEO
Mighty Mantis
That Was Painless
Five years ago, a group of Duke University scientists developed a pioneering gigapixel camera to provide long-range surveillance for the U.S. Navy through a sponsorship from the Pentagon. The technology, never picked up by the U.S. government, is now being used by Chinese police to identify people from nearly a football field away.
TOP STORIES
U.S.

Senators Move to Sink Trump’s ZTE Deal

Supreme Court Backs Ohio Voter Purge
WORLD

U.S.-Canada Rift Roils Nafta Talks

Experts Differ with Official Report on Niger Ambush
BUSINESS

McDonald’s Shares Details of Restructuring Plan in New Memo

Building-Materials Firm USG Agrees to Knauf’s $7 Billion Buyout
MARKETS

Betting on New S&P 500 Stocks Like Twitter? It’s a Risky Game

Global Investment in Wind and Solar Energy Is Outshining Fossil Fuels
NUMBER OF THE DAY
8.8%
The decline in AT&T’s share price since the company’s October 2016 announcement of a deal to buy Time Warner. A federal judge is expected to rule Tuesday on whether to allow the two companies to proceed with their tie-up.
QUOTE OF THE DAY
Our Great Larry Kudlow, who has been working so hard on trade and the economy, has just suffered a heart attack.
President Trump tweeted about his top economic adviser shortly before his meeting with North Korea’s Kim Jong Un. Stephen Moore, a friend of Mr. Kudlow, said Monday night that he had learned from friends of the Kudlow family that Mr. Kudlow “looks like he’s going to be fine.”
TODAY'S QUESTION
Going back to our story above, did you know what the P means in IHOP? What are your thoughts on the chain’s temporary name change to IHOb for the launch of its new menu? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Jessica Menton

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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