<!DOCTYPE html><html xmlns="http://www.w3.org/1999/xhtml" xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office"><head><title>Welcome to The Morning newsletter</title><!--[if !mso]><!-- --><meta http-equiv="X-UA-Compatible" content="IE=edge"><!--<![endif]--><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"><meta name="viewport" content="width=device-width,initial-scale=1"><style type="text/css">@import url(https://g1.nyt.com/fonts/css/web-fonts.5810def60210a2fa7d0848f37e3fa048bb6147b1.css);#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}</style><!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]--><style type="text/css">@media (max-width:480px){.css-1ju0yvn{padding:20px 0 20px!important}}@media (max-width:480px){.css-1pphas8{width:65%!important;max-width:225px!important}}@media (max-width:480px){.css-2qnmn0{width:33%!important}}@media (max-width:480px){.css-12zn1ne{height:30px!important}}@media (max-width:480px){.css-ryinp{font:20px/27.5px nyt-cheltenham,georgia,serif!important;padding:0 0 18px!important}}@media (max-width:480px){.css-1fx80kr{font:400 20px/27.5px nyt-cheltenham,georgia,serif!important}}@media (max-width:480px){.css-vqsh0p{height:12px!important}}@media (max-width:480px){.css-14d5xne{height:0!important}}@media (max-width:480px){.css-1s2wgow{width:45px!important}}@media (max-width:480px){.css-p89ipq{font:400 18px/40px nyt-cheltenham,georgia,serif!important}}</style></head><body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://nl.nytimes.com/q/m1DD1ptsAeT9IdrwR9vPlg~~/AAAAAQA~/RgRpbo-5PVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" alt=""/></div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">We'll bring you news, clarity and even delight.</div><div><!--[if mso | IE]>
<table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
<tr>
<td>
<![endif]--><table width="100%" align="left" border="0" style="margin:0" bgcolor="#FFFFFF"><tbody><tr><td id="EMAIL_CONTAINER" align="left" width="100%"><div style="margin:0 auto;max-width:600px;width:100%"><table width="100%" cellpadding="0" style="margin:0 auto;max-width:600px"><tbody><tr><style data-lights-css="1ju0yvn">@media (max-width:480px){.css-1ju0yvn{padding:20px 0 20px!important}}</style><td class="css-1ju0yvn" style="padding:20px 0 25px;border-bottom:1px solid #000;text-align:center" align="center"><a href="https://nl.nytimes.com/f/a/VqQPs8l3Gi4wfR13YldDCA~~/AAAAAQA~/RgRpbo-5P0QXaHR0cHM6Ly93d3cubnl0aW1lcy5jb21XA255dEIKZ3-5Coxn8esjAVIZZHJhemlwdXJwbGUyMDExQGdtYWlsLmNvbVgEAAAAAw~~" target="_blank" rel="noreferrer"><style data-lights-css="1pphas8">@media (max-width:480px){.css-1pphas8{width:65%!important;max-width:225px!important}}</style><img alt="The New York Times" src="https://static01.nyt.com/email-images/New_Headers/NYT-WMK-B-RGB.png" class="css-1pphas8" style="width:285px" width="285"></a></td></tr></tbody></table></div><div style="margin:0 auto;max-width:600px;width:100%"><table width="100%" cellpadding="0" style="margin:0 auto;max-width:600px"><tbody><tr><td height="30" width="100%" style="font-size:0;line-height:0"></td></tr><tr><td align="left"><style data-lights-css="2qnmn0">@media (max-width:480px){.css-2qnmn0{width:33%!important}}</style><img alt="Newsletter Product" src="https://static.nytimes.com/email-images/NYT-Newsletters-TheMorning-Icon-500px.jpg" class="css-2qnmn0" style="width:145px" width="145"></td></tr><tr><style data-lights-css="12zn1ne">@media (max-width:480px){.css-12zn1ne{height:30px!important}}</style><td height="25" width="100%" class="css-12zn1ne" style="font-size:0;line-height:0"></td></tr><tr><style data-lights-css="ryinp">@media (max-width:480px){.css-ryinp{font:20px/27.5px nyt-cheltenham,georgia,serif!important;padding:0 0 18px!important}}</style><td class="css-ryinp" style="text-align:left;font:25px/32.5px nyt-cheltenham,georgia,serif" align="left"><table width="100%" cellpadding="0" style="margin:0 auto;max-width:600px"><tbody><tr><style data-lights-css="1fx80kr">@media (max-width:480px){.css-1fx80kr{font:400 20px/27.5px nyt-cheltenham,georgia,serif!important}}</style><td class="css-1fx80kr" style="text-align:left;font:300 22.5px/30px nyt-cheltenham,georgia,serif" align="left">Hello from The New York Times.</td></tr><tr><style data-lights-css="vqsh0p">@media (max-width:480px){.css-vqsh0p{height:12px!important}}</style><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><td class="css-1fx80kr" style="text-align:left;font:300 22.5px/30px nyt-cheltenham,georgia,serif" align="left">My name is David Leonhardt. Every day, you will be receiving an email from us – called “The Morning” – that will help you make sense of the day’s biggest news. The email is meant to provide you with clarity, context and, ideally, some delight.</td></tr><tr><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><td class="css-1fx80kr" style="text-align:left;font:300 22.5px/30px nyt-cheltenham,georgia,serif" align="left">A bit more about me: I’ve been working at The Times since 1999 – as a business reporter, economics and politics columnist, magazine staff writer, Washington bureau chief and founding editor of The Upshot section. I still feel lucky to be here.</td></tr><tr><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><td class="css-1fx80kr" style="text-align:left;font:300 22.5px/30px nyt-cheltenham,georgia,serif" align="left">The Morning gives you a peek inside The Times – at the more than 1,700 Times journalists stationed in 159 countries, including doctors, lawyers, cartographers, former Marines and other experts.</td></tr><tr><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><td class="css-1fx80kr" style="text-align:left;font:300 22.5px/30px nyt-cheltenham,georgia,serif" align="left">We hope this newsletter becomes a part of your morning. See you in your inbox soon.</td></tr><tr><td height="18" width="100%" class="css-vqsh0p" style="font-size:0;line-height:0"></td></tr><tr><style data-lights-css="14d5xne">@media (max-width:480px){.css-14d5xne{height:0!important}}</style><td height="10" width="100%" class="css-14d5xne" style="font-size:0;line-height:0"></td></tr><tr><td><table><tbody><tr><td><style data-lights-css="1s2wgow">@media (max-width:480px){.css-1s2wgow{width:45px!important}}</style><img src="https://static.nytimes.com/email-images/newsletters/TheMorning/drl-headshot-new-circlecrop.png" alt="Headshot" class="css-1s2wgow" style="height:auto;width:60px" width="60"></td><style data-lights-css="p89ipq">@media (max-width:480px){.css-p89ipq{font:400 18px/40px nyt-cheltenham,georgia,serif!important}}</style><td class="css-p89ipq" style="padding:0 0 0 10px;vertical-align:top;margin-top:5px;font:300 22.5px/30px nyt-cheltenham,georgia,serif" valign="top"><p style="margin:0;line-height:50px">David Leonhardt</p></td></tr></tbody></table></td></tr><tr><td height="18" width="100%" class="css-14d5xne" style="font-size:0;line-height:0"></td></tr></tbody></table></td></tr></tbody></table></div><div style="margin:0 auto;max-width:600px;width:100%"><table width="100%" cellpadding="0" style="margin:0 auto;max-width:600px"><tbody><tr><td style="text-align:left;border-top:1px solid #000;padding:12px 0;color:#666;font:13px/17px arial,sans-serif" align="left"><p style="margin:0;padding-bottom:7px;font:12px/15px arial,sans-serif">Need help? Review our<!-- --> <span><a href="https://nl.nytimes.com/f/a/PckfAy52zarj2oLXPjtWew~~/AAAAAQA~/RgRpbo-5P0RJaHR0cHM6Ly9oZWxwLm55dGltZXMuY29tL2hjL2VuLXVzL2FydGljbGVzLzM2MDAwMTQ4ODI2Nj9yZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">newsletter help page</a><!-- --> or<!-- --> <a href="https://nl.nytimes.com/f/a/VRlzyClKPPGubAUSRiRgRA~~/AAAAAQA~/RgRpbo-5P0RGaHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vbWVtYmVyY2VudGVyL2hlbHAuaHRtbD9yZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">contact us</a><!-- --> for assistance.</span></p><p style="margin:0;padding-bottom:7px;font:12px/15px arial,sans-serif">You received this email because you signed up for The Morning newsletter from The New York Times, or as part of your New York Times account.</p><p style="margin:0">To stop receiving these emails,<!-- --> <a href="https://nl.nytimes.com/f/a/164mjx21PME9iXEHgvqGDA~~/AAAAAQA~/RgRpbo-5P0TBaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vbmV3c2xldHRlcnMvb3B0b3V0P3Byb2R1Y3Q9Tk4mdG9rZW49ODVjNTBiNDFkN2MyNWI0OTc3OGYyZTRkNGExNmJhNWFkYjc5NzRmNTY2Mjg0ODI0OTJjODEzOTdjNTFlYzgzZGU3NDcyOGE3ODAwMTQwMzVhZTQzNjljZWQ1ZTA2OWQ4Mzc3NmZiZWMmY3NyYz11bnN1YiZyZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">unsubscribe</a><!-- --> or<!-- --> <a href="https://nl.nytimes.com/f/a/347x-TiWGDfE3rn0A-WfYw~~/AAAAAQA~/RgRpbo-5P0SraHR0cHM6Ly93d3cubnl0aW1lcy5jb20vbmV3c2xldHRlcnMvbWFuYWdlP3Rva2VuPWQzNTM4YTNmMWJhM2RiZDI0YzBkZjM2MmI2NmY1NmE0NmQ5YTY4NzE3YjMwNGRjZWZlMWVjZWRmYjQ3OTdlZjY0YTExNTQ2NmMyMDM0ZGRiNGYxMDY5MjI1OGI5MWRhMGYwMTYzN2EwJnJlZ2lfaWQ9MjcxOTQzOTA1VwNueXRCCmd_uQqMZ_HrIwFSGWRyYXppcHVycGxlMjAxMUBnbWFpbC5jb21YBAAAAAM~" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">manage your email preferences.</a></p></td></tr><tr><td style="text-align:left;padding:10px 0;color:#666;font:12px/15px arial,sans-serif;border-top:1px solid #dcdcdc" align="left"><a href="https://nl.nytimes.com/f/a/YDW_oKgtRvx0UkRYoDdfHw~~/AAAAAQA~/RgRpbo-5P0RHaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vc3Vic2NyaXB0aW9uP2NhbXBhaWduSWQ9OVJYNzgmcmVnaV9pZD0yNzE5NDM5MDVXA255dEIKZ3-5Coxn8esjAVIZZHJhemlwdXJwbGUyMDExQGdtYWlsLmNvbVgEAAAAAw~~" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Subscribe to The Times</a><span style="color:#dcdcdc;padding:0 5px">|</span><a href="https://nl.nytimes.com/f/a/gWVRIANFNQc9EiaDV0D6dg~~/AAAAAQA~/RgRpbo-5P0Q6aHR0cHM6Ly9ueXRpbWVzLm9uZWxpbmsubWUvWHBodC81ZTI1NWJlNj9yZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Get the NYT app</a></td></tr><tr><td style="text-align:left;padding:10px 0;color:#666;font:12px/15px arial,sans-serif;border-top:1px solid #dcdcdc" align="left"><a href="https://nl.nytimes.com/f/a/6fokQt0J52URTkealLJuQw~~/AAAAAQA~/RgRpbo-5P0Q-aHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vbWVtL2VtYWlsLmh0bWw_cmVnaV9pZD0yNzE5NDM5MDVXA255dEIKZ3-5Coxn8esjAVIZZHJhemlwdXJwbGUyMDExQGdtYWlsLmNvbVgEAAAAAw~~" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Change Your Email</a><span style="color:#dcdcdc;padding:0 5px">|</span><a href="https://nl.nytimes.com/f/a/WjbFiOqcyYKgQP0gKrfeWg~~/AAAAAQA~/RgRpbo-5P0RgaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vY29udGVudC9oZWxwL3JpZ2h0cy9wcml2YWN5L3BvbGljeS9wcml2YWN5LXBvbGljeS5odG1sP3JlZ2lfaWQ9MjcxOTQzOTA1VwNueXRCCmd_uQqMZ_HrIwFSGWRyYXppcHVycGxlMjAxMUBnbWFpbC5jb21YBAAAAAM~" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Privacy Policy</a><span style="color:#dcdcdc;padding:0 5px">|</span><a href="https://nl.nytimes.com/f/a/VRlzyClKPPGubAUSRiRgRA~~/AAAAAQA~/RgRpbo-5P0RGaHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vbWVtYmVyY2VudGVyL2hlbHAuaHRtbD9yZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Contact</a><span style="color:#dcdcdc;padding:0 5px">|</span><a href="https://nl.nytimes.com/f/a/602vcNa2tT0zU4-184f7Rw~~/AAAAAQA~/RgRpbo-5P0QqaHR0cHM6Ly9ueXRtZWRpYWtpdC5jb20vP3JlZ2lfaWQ9MjcxOTQzOTA1VwNueXRCCmd_uQqMZ_HrIwFSGWRyYXppcHVycGxlMjAxMUBnbWFpbC5jb21YBAAAAAM~" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">Advertise</a><span style="color:#dcdcdc;padding:0 5px">|</span><a href="https://nl.nytimes.com/f/a/oV7ptISE0wK4QCQU3WLpQg~~/AAAAAQA~/RgRpbo-5P0RDaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vcHJpdmFjeS9jYWxpZm9ybmlhLW5vdGljZT9yZWdpX2lkPTI3MTk0MzkwNVcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD" style="font:12px/15px arial,sans-serif;color:#286ed0;-webkit-text-decoration:none;text-decoration:none">California Notices</a></td></tr><tr><td style="border-top:1px solid #dcdcdc;font-family:arial,sans-serif;text-align:left" align="left"><p style="margin:0;font:12px/15px arial,sans-serif;padding:10px 0 35px;color:#999">The New York Times Company. 620 Eighth Avenue New York, NY 10018</p></td></tr></tbody></table></div></td></tr></tbody></table><!--[if mso | IE]>
</td>
</tr>
</table>
<![endif]--></div>
<img border="0" width="1" height="1" alt="" src="https://nl.nytimes.com/q/mRPMpf6BV-uotDImdIA9GA~~/AAAAAQA~/RgRpbo-5PlcDbnl0Qgpnf7kKjGfx6yMBUhlkcmF6aXB1cnBsZTIwMTFAZ21haWwuY29tWAQAAAAD">
</body></html>