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1、* * * * * *THURSDAY,SEPTEMBER 30,2021 VOL.CCLXXVIII NO.77WSJ.comHHHH $4.00DJIA34390.7290.73 0.3%NASDAQ14512.44g0.2%STOXX600455.030.6%10-YR.TREAS.g2/32, yield 1.540%OIL$74.83g$0.46GOLD$1,721.50g$14.40EURO$1.1598YEN111.97BYANDREWDUEHRENANDKRISTINAPETERSONDemocratsScrambleTo RescueBidensAgendaLeadersin
2、CongressworktounifymembersbehindinfrastructurebillasdeadlinesloomLarge college endowmentshave notched their biggest in-vestment gains in decades,thanks to portfolios boosted byhuge venture-capital returnsand soaring stock markets.The University of Minne-sota sendowmentgained49.2% for the year ending
3、June 30, while Brown Univer-sity s endowment notched areturn of more than 50%, saidpeople familiar with their re-turns, which aren t yet public.Meanwhile, Duke Universitysaid over the weekend that itsendowment had gained 55.9%.Washington University in St.Louis reported last week a 65%return, the sch
4、ool s biggestgain ever, swelling the size ofits managed-endowment poolto $15.3 billion. The Universityof Virginia s endowment re-Doctors and pharmacies arerapidly signing up patients forCovid-19 booster shots, manywithout requiring proof of eli-gibility under standards thatfederal officials set last
5、 week.The Food and Drug Admin-istration and the federal Cen-ters for Disease Control andPrevention have authorized athird shot of the vaccine madeby Pfizer Inc. and BioNTech SEfor a wide swath of the U.S.population. Anyone over ageWhen Alex Kim wanted toteach his toddler how to pre-pare meals, he tr
6、iedevery-thing including the kitchensink.Mr. Kim, a 33-year-old pro-gram manager at a defenseaerospace company, decided toupgrade his son s play kitchenand installed a working faucetand drain. He also purchased amini-fridge and stocked it withsnacks and milk.“We try to incorporate himin everything w
7、e re doing,”PleaseturntopageA10BYMARGARETLINWith Working FaucetsandFridges,Pl ayKitchensGet RealiiiParents add functionalfeatures,encouragingtoddl ers to prepare foodWASHINGTONDemo-crats hurtled toward a dead-line for passing a roughly $1trillion infrastructure plan inthe House, with the bill s fate
8、in jeopardy as they struggledtomendintrapartyriftsthreatening to derail PresidentBiden s domestic agenda.Party leaders are racing tounifyDemocratsaroundchanges to a separate $3.5 tril-lion healthcare, education andclimate package, which pro-gressives want to see advanceas a condition of supportingth
9、e infrastructure bill in thenarrowlydividedHouse.Speaker Nancy Pelosi (D., Ca-lif.) has so far stuck to herplan to bring the infrastruc-ture bill up for a vote onThursday, saying she was tak-ing it “one hour at a time,”though she opened the door tofurther delay if talks don tprogress.The deadline fo
10、r the infra-structure vote is one of severalscheduling crunches Democratsface in the coming days. Theyare also rushing to pass aPleaseturntopageA4judge, a Wall Street Journalinvestigation shows.The companies includedMicrosoft Corp. (53 cases),Walmart Inc. (36 cases), Tar-get Corp. (25 cases) and In-
11、ternational Business Ma-chines Corp. (9 cases).A 1974 federal law re-quires judges to disqualifythemselves from cases ifthey, their spouse or minorchildren hold a financial in-terest in a plaintiff or defen-dant, including the interestof a beneficiary in assetsheld by a trust.The Journal investigati
12、on,PleaseturntopageA10No federal judge in Amer-ica has heard more patent-infringement lawsuits in thepast decade than Rodney Gil-strap, who presides over asmall courthouse in Mar-shall, Texas.He also holds another re-cord: Judge Gilstrap hastaken on 138 cases since 2011that involved companies inwhic
13、h he or a family memberhad a financial interest,more than any other federalBy Joe Palazzolo,James V. Grimaldiand Coulter Jonesported a 49% gain. Universi-tiesreturns may include partsof endowments, plus otherlong-term investments.The string of blockbusterreturns is likely to continuewhen other endow
14、ments withsignificant venture exposurereport their performance.PleaseturntopageA6The Delta variant of Covid-19appeared to temper economicgrowth this summer, but econo-mists expect the recovery fromthe pandemic to reaccelerate asthe virus s toll eases.In recent weeks, many econ-omists lowered their f
15、orecastsforthird-quartereconomicgrowth in large part becauseconsumers slowed spending onmeals out, hotels and airlinetickets amid the spread of thehighly contagious Delta variant.The Covid-19 surge also compli-cated office and school reopen-ings, turning what had been ex-pected to be a September boo
16、minto a downturn.One wild card is continuedsupply constraintsincludingproduct and worker short-agesthat have been more se-vere than many analysts antic-ipated,contributingtoinflation and downgrades ingrowth expectations.While constraints such asbackups at U.S. ports and over-seas manufacturing disru
17、ptionshave persisted, the Federal Re-serve and economists expectthem to eventually ease.Fed Chairman Jerome Powellsaid on Wednesday that a re-cent spell of higher inflationmight last longer than centralbank officials had anticipated,but he repeated his expectationthat the price surge shouldeventuall
18、y fade.“The current inflation spikeis really a consequence of sup-ply constraints meeting verystrong demand. And that is allassociated with the reopeningof the economy, which is a pro-cess that will have a beginning,middle and an end,” Mr. PowellPleaseturntopageA2U. S.EconomicRallyForecastAfter Delt
19、a-Driven DownturnBYSARAHCHANEYCAMBONTexasJudgeLeadsTallyofCasesWithFinancialConflictsGilstrap didnt recuse in 138 suits involvingfirms in which he or his wife had an interestBYJULIETCHUNGANDELIOTBROWNUniversity Endowments SoarAmid Venture-CapitalBoomHugevent ur er et ur nsands oar i ngs t oc kmar ke
20、t sli ft edendowment si nfis c alyear2021 .Source: the schoolsNote: Returns for the schools endowments for each of the years ended June 30.Universities returns may include portions of endowments, plus other long-term investments.6 001 02 03 0405 0%FY2 0 1 92 02 11 92 02 11 92 02 11 92 02 1University
21、ofVirginiaUniversityofMinnesotaDuk eUniversityWashingtonUniversityinSt. Louis49%49%56%65%65 is eligible for a boostershot, as is anyone over 18 witha pre-existing condition pre-disposing the person toward asevere case of Covid-19. Alsoeligible are those with a job orliving situation that poses ahigh
22、erriskofcontractingCovid-19. Boosters for all pa-tients must be given at leastsix months after an initialPfizer vaccine course.Patients who received ini-tial doses of the vaccines madeby Moderna Inc. and Johnson& Johnson aren t eligible yet.Approval of a booster regimenfor those patients is expected
23、in the coming months. TheFDA did amend its emergency-use authorization in August,however, to allow a third Mod-erna dose for immunocompro-mised people.Debbie Hirsch, a 67-year-oldretiredspecial-educationPleaseturntopageA7BYROBBIEWHELANRul esBendWithBoosterDemand Greg Ip: Echo of Europesbenefits, not
24、 taxes. A2 Lobbyists press for changesin bill. A4 YouTube to pull videos withvaccine falsehoods. A7 The Middle Seat: Insights onCovid-19 risks on planes. A11China SetbackBeijing says manufacturingsector contracted for firsttime since virus struck. . . . . .A8Todays top headline:OmnisIntelligenceis t
25、he newsecurity .goNETSCOUT. comADVERTISEMENTCONTENTSArts in Review. A13Business News. B3, 5Crossword. A14Equities. B8Heard on Street. B12Markets. B11Opinion. A15-17PersonalJournal .A11-12Sports. A14Technol ogy. B4U.S. News. A2-4, 7Weather. A14Worl d News. A8-9s 2021 Dow Jones & Company, Inc.Al lRi g
26、hts ReservedWhatsNews Democrats hurtled to-ward a deadline for passinga roughly $1 trillion infra-structure plan in the House,with the bill s fate in jeop-ardy as they struggled tomend intraparty riftsthreatening to derail Biden sdomestic agenda.A1, A4 Doctors and pharmaciesare rapidly signing up pa
27、-tients for Covid-19 boostershots, many without requir-ing proof of eligibility un-der standards that federalofficials set last week.A1 A House Select Commit-tee has issued 11 subpoenasfordocumentsandtestimonyfrom people allegedly in-volved in planning the Jan. 6rally at Washington s Ellipsebefore T
28、rump supportersattacked the U.S. Capitol.A4The FTC is consideringstrengthening online pri-vacy protections, includ-ing for children, in an ef-fort to bypass legislativelogjams in Congress.A7The U.S. Fishand WildlifeService said 23 species rang-ing from fish to birds arenow extinct and proposeddelist
29、ing them from the En-dangered Species Act.A3 Britney Spears s fatherwas suspended as conserva-tor of her estate, as a courtmoves toward unwinding alegal arrangement the popstar has called abusive.A3The Delta variant ofCovid-19 appeared totemper economic growththis summer, but economistsexpect the re
30、covery from thepandemic to reaccelerateas the virus s toll eases.A1 China s manufacturingactivity contracted in Sep-tember for the first timesince the coronavirus ex-ploded in central Chinaearly last year.A8 Largecollegeendowmentshave notched their biggestinvestment gains in decades,with portfolios
31、propelled byhuge venture-capital returnsandsoaringstockmarkets.A1 The S&P 500 and Dowgained0.2%and0.3%,respec-tively, after Tuesday s rout,while the Nasdaq fell 0.2%.Closely watched bond yieldscontinued to rise.B1, B11 Dollar Tree said it wouldstart selling products atprices slightly above $1 insome
32、 of its stores.B1 Google said it is updat-ing the look and format ofits product search pages asit competes for billions ine-commerce ad dollars.B1Fanaticsnewtrading-cardventurereceived$350millioninSeriesAfundingthatval-uesthefirmat$10.4billion.B1 The SEC proposed a rulethat would require moneymanage
33、rstodisclosemorein-formationonproxyvoting.B1Business&FinanceWorld-WideInJapan, Missile Defense AdvocateSettoBe PrimeMinisterON STAGE: Fumio Kishida, right, a former foreign minister who has called for Japans missile defenses to be beefed up,was elected ruling-party leader on Wednesday, assuring him
34、of succeeding Prime Minister Yoshihide Suga, left. A8KYODO/REUTERS.更多细分领域报告请关注搜搜报告（s o s o y a n b a o ），行研君胃：s o s o b a o g a oA2| Thursday, September 30, 2021* * * * * *THE WALL STREET JOURNAL.OPECforecastoverallglobal demand for oil will in-crease 8% over the next twodecades. A Business & Financ
35、earticle on Wednesday aboutthe Organization of the Petro-leum Exporting Countriesan-nual report on long-term en-ergy trends incorrectly said itforecast a 28% increase.Don Mahaney, owner ofScratch & Co. restaurant inPittsburgh,wasincorrectlyidentified as Dan in a PersonalJournal article on Wednesdaya
36、bout reactions to customertantrums in the hospitalitybusiness.Shapewear brands gener-ated more than $500 millionin U.S. sales in 2019, accord-ing to market research firmNPD Group. An Off Duty arti-cleonSaturdayaboutshapewear incorrectly saidthat the figure representedglobal sales.Notice to readersWa
37、ll Street Journal staffmembersareworkingre-motely during the pandemic.For the foreseeable future,please send reader commentsonly by email or phone, usingthe contacts below, not viaU.S. Mail.Readers can alert The Wall Street Journal to any errors in news articles byemailing or by calling 888-410-2667
38、.CORRECTIONS AMPLIFICATIONSLLC. “They have the firepower,they have the ability to spend.”Ms. Markowska added theholiday season could provideanother impetus for spending.More people are likely to travelfor family get-togethers thanlast year, when many stayedhome, she said. In one sign ofrobust holida
39、y demand, therewere five times as many inter-net searches related to Decem-ber travel in August comparedwith a year earlier, accordingto digital analytics companySimilarweb.The Federal Reserve raisedits 2022 growth forecast to3.8% in its September projec-tions released last week, upfrom 3.3% in June
40、 projections.Someeconomistsexpectgrowth to reaccelerate after thethird quarter. This month, AllenSinai, chief global economistand strategist at Decision Eco-nomics, Inc., projected outputwould grow at a 6.5% annualrate in the fourth quarter and ata 5.1% rate in the first quarter of2022, up from 4.2%
41、 in the third.The economy looks like acoiled spring “that s being helddown in the third quarter bythe worsening pandemic,” hesaid. “But six months from now,one way or the other, as wehave seen in the past, we ll beover that hump.”Though the U.S. is vulnera-ble to the fast-changing pan-demic and pote
42、ntial new vari-ants, each wave of rising Covidcases appears to pose less of aneconomic threat.The economic drag from theDelta variant was less severethan previous virus surges,many economists say. Most U.S.adultsarenowvaccinated,helping consumers feel more atease. Further, most businessesare operati
43、ng without capacityrestrictions.Restaurant and hotel reve-nue at the 112-year-old HotelBoulderado in Boulder, Colo.,broke above pre-pandemic lev-els this summer and are nowsaid during a moderated dis-cussion hosted by the EuropeanCentral Bank.Still, Mr. Powell concededthat the Fed faced a situationi
44、t hasn t encountered for avery long time in which thereis tension between the centralbank s two objectives of low,stable inflation together withhigh employment. “Managingthrough that process over thenext couple of years isgoingto be very challenging becausewe have this hypothesis thatinflation is go
45、ing to be transi-tory. We think that s right,” hesaid. “But we are concernedabout underlying inflation ex-pectations remaining stable,as they have so far.”While many economists havelowered growth forecasts forthe third-quarter, they haveraised forecasts for next year,indicating that some spendingand
46、 production have been de-layed by the Delta surge, ratherthan lost to it and supply-chaindisruptions.Forecasting firm IHS Markitprojected in late September thatgross domestic product wouldgrow at a 3.6% annual rate inthe third quarter. That is lessthan half of the firm s mid-Julyestimate for 7.8% gr
47、owth in thethird quarter, in part reflectingthe spending dent from theDelta strain. The government isscheduled to release its esti-mate of third-quarter U.S. grossdomestic product on Oct. 28.“I do think that this newstrain has set off some alarmbells that weren t ringing be-fore July,” said Joel Pra
48、kken,chief U.S. economist at IHSContinuedfromPageOneRecoveryForecastTo Pick UpPITTSBURGHU.S. and Eu-ropean Union officials agreedto join forces in an effort toboost the semiconductor sup-ply chain and maintain leader-ship in emerging technologies.The new U.S.-EU Trade andTechnologyCouncilonWednesday
49、 said the two gov-ernmentswill“seektostrengthen their competitive-ness and technological leader-ship by developing commonstrategies to mitigate the im-pact of non-market practices athome and in third countries.”While the council didn tmention China by name, Bei-jing s economic practicesin-cluding subsidies for favoredindustrieswas one of the fac-tors behind the commission sformation.“We know a big part of thisis due to the behavior ofChina,”aseniorEuropeantrade official said.IntheirmeetingsonWednesday, officials discussedways to reinforce semiconduc-torsupplychainsandtostrengthen export contr