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"What's News:  Democratic calls grow louder for Biden to leave race."

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Good afternoon. Here’s what you should know today, July 11: The risky-loan trade is back Milder June inflation clears a path for a September rate cut A wacky 18th-century firearm is starring in modern gun-law debates By Zlati Meyer Thanks for reading What’s News! Look for the  to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). What to Watch President Biden participated in a NATO summit session in Washington on Thursday. PHOTO: BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES 1. President Biden and his team continue fighting to stop Democratic defections from turning into a mutiny. As his top advisers visited Capitol Hill, the president planned to use a press conference scheduled for 6:30 p.m. ET to prove he can win in November. Thirteen House lawmakers have publicly called for Biden to exit the race ( read for free). TikTok isn’t helping. While the president tried to stamp out concerns about his age, conversations around Biden’s fitness—including in key swing states—spiked on the video app, a WSJ review found. Biden’s camp continues its tight-lipped approach to health disclosures. On at least three occasions since the disastrous debate, the White House has had to correct or clarify official statements about Biden’s medical treatment. Meanwhile, Republicans are taking guilty pleasure in the Democrats’ pain. Follow live updates and analysis (Read) The Night President Biden Lost George Clooney’s Support (Read) The Question Aging Bosses Should Ask Themselves (Read) WSJ’s Greg Ip: Republicans Are Fracturing on the Economy (Read) 2. Leveraged loans look like winners to investors. Low-rated corporate loans have steadily outperformed investment-grade bonds and are drawing inflows for the first time since 2021. So far this year, everyday investors have poured $12.2 billion into mutual and exchange-traded funds focused on such loans, according to LSEG. The combined outflows for 2022 and 2023 were $27 billion. The icing on this high-risk cake? Yields of about 9% and—bonus!—defaults that have remained low as the U.S. economy cools with little sign of an impending recession. On Wall Street, Delta’s sagging profit signaled trouble for airlines this summer, and, after years of price hikes, PepsiCo warned that consumers are looking for more deals. Investors piled into small-cap stocks and other laggards after a cooler inflation report. Heard on the Street: Get Ready for More AI Mania This Earnings Season (Read)  Top American Brands Like McDonald’s and Apple Are Losing Ground in China (Watch) Musk Scores Win Against Former Twitter Employees in $500 Million Severance Suit (Read) 3. Encircled by Gaza’s war, some families are risking death to stay put. Thousands of Palestinians are defying Israel’s instructions to evacuate Gaza City, fearing poor conditions in the south and potential limitations on ever returning. The first such notice for 1.1 million civilians was in October ahead of a ground invasion, but up to 350,000 people stayed in Gaza City and nearby areas. Now only a few hundred have left, according to an initial U.N. estimate. Israeli forces have returned to battle Hamas militants they say regrouped in areas the military had withdrawn from. Hamas Captured a Kibbutz on Oct. 7. A Probe Finds Israel’s Military Fell Short. (Read) 4. Stephen Ross is launching his second act at age 84. The property developer is stepping down as chairman of New York-based Related Cos., which he founded 52 years ago, to focus on his new real-estate firm in West Palm Beach, Fla. It’s already the city’s largest owner of downtown commercial space from his personal investments and property he’s buying from Related. Ross also plans to spend more time on activities related to his majority ownership of the Miami Dolphins and his financial interest in that city’s Formula One race. He started amassing Sunshine State property after noticing people and companies moving there during the pandemic. Backyard Miniature Houses Are Having a Moment (Read) Ryan Seacrest Asks $22 Million for Rustic Napa Valley Estate (Read)  Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.  See what’s new in the neighborhood. Sign up for WSJ’s Real Estate newsletter for a weekly briefing on the biggest commercial real estate deals, news, analysis and trends. Subscribe MEMBER MESSAGE: DELOITTE New Rules: How to Disclose Greenhouse Gas Emissions The SEC’s new rule on how U.S. public companies disclose their greenhouse gas emissions elevates the importance of coordination between the finance and sustainability functions. Here are the key changes—and takeaways—you should know. Learn More The Numbers 3% June’s inflation rate, which fell slightly from May, according to the Labor Department. A continuing slowdown in price increases clears a path for the Fed to cut interest rates in September. Core prices, which exclude volatile food and energy items and are seen as a better gauge of underlying inflation, rose 0.1% since May—the mildest increase since January 2021, when much of the economy was still frozen by the pandemic. 10.29 billion The projected number of people on Earth in 2084. After that peak, the population will drop to 10.18 billion by 2100, according to a U.N. forecast. Compare that with 8.09 billion humans last July. China’s population is expected to decline by more than 50% by the end of the century. Beijing’s one-child policy supercharged the country’s economy but now means fewer workers and fewer women to give birth. ‏‏‎1,000 Words States are letting home insurance premiums surge. Ten states where regulators can reject insurers’ rate requests upfront have OK’ed double-digit increases since the start of last year; half those increases are close to or above the 20% national average, according to S&P Global Market Intelligence. Consumer advocates accuse insurers of threatening to harm state economies so they can get concessions on prices or policies. The industry denies using so-called bullying tactics. Read More ‏‏‎Quoted “It’s this clinic that gives children hope for health, and for life...And it’s this clinic that was struck today with a Russian missile.” —Dr. Volodymyr Zhovnir, general director of Kyiv’s largest children’s hospital. On Monday morning, with hundreds of kids present, a Russian missile strike killed two people and injured 32 others at the hospital. Russia denied targeting civilian areas, saying it had hit Ukrainian military industry facilities and air bases. Moscow blamed the deaths on its opponent’s air defenses, without providing evidence. Catch Up China Hits Back at NATO After Rare Rebuke (Read) Why Can’t Houston Keep the Power On? (Read) Rise of the Restaurant Robots: Chipotle, Sweetgreen and Others Bet on Automation (Read) Tony Robbins Bet $200 Million on a Green-Energy Breakthrough. Proof It Works Remains Elusive. (Read) If a Friend Bills You $4 for a Favor, Are They Really a Friend? (Read) She’s the Boss at Wimbledon—From Centre Court to the Strawberries (Read) What Do You Think? Yesterday, we asked whether you’re happy with your job. Here’s what you had to say: I’m so happy with my job that I wish I would never have to retire from it. I’ve been a neurosurgeon in practice for 40 years. I work with my hands every day, I’m challenged to think outside the box every day, people thank me every day, and I’m one of the few people on earth who are privileged to touch the wondrous living brain. But this year, primarily for health reasons, I’m slowing down, and I know it’s time for me to lay down the tools. My hope right now is that I will find some newly trained young neurosurgeon who will pick up those tools and continue this great fulfilling mission. —Quentin J. Durward, South Dakota I would say I am satisfied with my job. I have been here five-plus years, and things are eroding from what I would consider a high point a couple of years ago, which is a cause for concern. That being said, I'm satisfied because I know what's expected of me, [I’m] appreciated by my clients and teammates, and paid fairly. That's about all I can ask from a job that just needs to get me five more years to retirement. —Michael Carri, New Jersey LOVE, LOVE, LOVE, my [archivist] job! I feel as though I am dog paddling in the middle of the ocean to stay afloat financially but I stay for the love of the work! Higher education is not for the weak. —Shelley Blanton, Arkansas Responses have been condensed and edited. Have you ever invested in leveraged loans? Why or why not? Let us know at whatsnewsletter@wsj.com or reply to this newsletter. Include your full name and location, and we may publish your response in an upcoming issue. Take a Break A Supreme Court ruling on guns has lawyers arguing over a failed invention called the “Puckle.” Read More Beyond the Newsroom Buy Side from WSJ: Here’s Why This Clever Midea U-Shaped Air Conditioner Is a Professional Reviewer’s Favorite Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. Sign up for WSJ newsletters on markets, tech, careers and more.   Access WSJ‌.com and our mobile apps. Subscribe

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