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Good afternoon. Here's what you should know today, Oct.1: | |
- E.R.s around the country are poorly prepared to treat children in emergencies
- The trial of crypto's golden boy begins this week
- Peak TV is over
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| 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!). | |
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 | | House Speaker Kevin McCarthy faces an existential challenge.
PHOTO: ANNABELLE GORDON/ZUMA PRESS | | |
1. Kevin McCarthy averted a government shutdown. It may cost him his job. | |
| In a dramatic vote this weekend, the House speaker pushed aside the Republican dissidents who have been dogging him for months. Instead, he opted to pass legislation with Democratic support, avoiding a shutdown and buying Congress a few more weeks to negotiate its spending priorities. Now, his fiercest critic, Rep. Matt Gaetz (R., Fla.), says he will file a motion this week to oust him (🔐read for free). | |
| In U.S. Fights Over Ukraine Aid, Allies Fear Deeper Global Harm (Read) | |
2. Children are dying in ill-prepared emergency rooms across America. | |
| Every year, hundreds of children die or are left severely injured after they are rushed to hospitals that are poorly prepared to treat them. Only about 14% of emergency departments nationwide have been certified as ready to treat children, or are children's hospitals specializing in treating young patients, WSJ found. Doctors, health authorities and policy makers have known—and warned—of these failures for decades. Yet most hospitals haven't taken action, according to WSJ's investigation. | |
| Find Hospitals Deemed Ready to Treat Children in Your Area (Read) | |
3. Sam Bankman-Fried's top lieutenant and ex-girlfriend takes the stand. | |
| Caroline Ellison is set to be a star witness at the FTX founder's fraud trial, which begins this week. Prosecutors have called the collapse of the crypto exchange one of the biggest financial frauds in U.S. history. Ellison, 28 years old, will join two other members of Bankman-Fried's onetime inner circle—FTX co-founder Gary Wang and engineering director Nishad Singh—in taking the stand to tell the behind-the-scenes story. Her testimony has the potential to be particularly personal and raw. | |
| 🎧 The Trial of Crypto's Golden Boy, Episode 2: Imaginary Numbers (Listen) | |
4. The new interest-rate regime is rewriting investing playbooks. | |
| Investors are struggling to make peace with the fact that interest rates are likely to remain higher for longer. Amid the losers in this new reality: Bond prices, Big Tech stocks and emerging markets. In the coming days, investors will be looking at Monday's manufacturing data and Friday's monthly jobs report as they try to assess the strength of the economy and the market's trajectory. They will also likely watch for Tesla's third-quarter global vehicle sales Monday. The report will come after another quarter ended with little news about the EV maker starting deliveries of its long-delayed Cybertruck. | |
5. China's troubled economy is showing signs of perking up. | |
| Train and flight bookings point to a bumper week ahead for tourism as China takes a break to celebrate its weeklong National Day holiday, and its factories in September reported their first expansion in activity since the spring, offering a glimmer of hope for the global economy. But China's economy is far from full health, and economists say it is too early to say if a major turnaround is ahead. | |
| Heard on the Street: Does China's Property Bust Make a Financial Crisis Inevitable? (Read) | |
6. The MLB postseason gets under way—with new rules. | |
| With final seeding of the playoffs to be decided, every Major League Baseball team will take the field this afternoon. New to this postseason, which begins Tuesday, will be rule changes that are already having a significant impact on the game. | |
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🎙️ Get a better grip on the markets with Take On the Week, WSJ's new podcast. | |
| What can fewer job openings mean for the economy? In this week's episode, we look ahead to the coming jobs report with former Fed staffer Danielle DiMartino Booth, who shares why she thinks a recession isn't completely off the table. | |
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