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1、* * * * *THURSDAY,SEPTEMBER 23,2021 VOL.CCLXXVIII NO.71WSJ.comHHHH $4.00DJIA34258. 32338. 48 1. 0%NASDAQ14896. 851. 0%STOXX600463. 201. 0%10-YR.TREAS.g2/32,y ield 1. 332%OIL$72. 23$1. 74GOLD$1, 776. 70$0. 70EURO$1. 1689YEN109. 81TELAVIVAcrazefortrucker caps in Israel this yearis allowing people here
2、 to fi-nally express themselves sar-toriallyand at the same timelook just like everyone else.Israelis have an easy-goingfashionsensethatdoesn tmuch stick out in a crowd.Thanks to the lasting influenceof the state s founding socialistethos, many avoid bold fashionstatements. Among the nonre-ligious,
3、plain T-shirts withjeans, or shorts when it s hot,are the most common uniform.PleaseturntopageA6BYDOVLIEBERANDRORYJONESTrucker Caps Let Israel i sStandOut,but Not TooMuchiiiHats with pictures of animals helppeople give a hint to their personalityCIUDAD JUREZ, MexicoThe gatheringof thousands of Haiti
4、ans at the Texas-Mexicoborder this past week reflects a stark changein migration patterns to the U.S., driven byCovid-19.A far broader mix of nationalities is turn-ing up at the border than in the past. Fordecades, most crossers were Mexican menand, in recent years, families from the trou-bled Centr
5、al American countries of Guate-mala, Honduras and El Salvador, known asBy Juan Montes, Ryan Dubeand Kejal Vyas Some Haitians cross back into Mexico. A16the Northern Triangle.Suddenly Ecuadoreans, Brazilians, Nicara-guans, Venezuelans, Haitians and Cubans areturning up by the hundreds of thousands, a
6、trend that accelerated sharply in the past sixmonths.From October 2020 through August,nearly 300,000 migrants from countriesother than Mexico and the Northern Trian-gle were encountered at the border, a fifthof all crossings. For all of fiscal 2020, whenthe pandemic slowed the flow of migrants,Pleas
7、eturntopageA16LatinAmericanMigrationTurnsIntoaMassExodusFar broader mix of national ities cross U. S.border,driven bypandemicU.S.healthauthoritiesclearedCovid-19vaccinebooster shots for people 65and older and certain otheradults at high risk of severe ill-ness, a bid to help curb thepandemic and the
8、 dangerousDelta variant.The Food and Drug Admin-istration on Wednesday said itpermitted a third dose of theshot from Pfizer Inc. and Bi-oNTech SE for seniors who gottwo doses of the Pfizer-BioN-Tech messenger RNA vaccineand others who are at risk ofsevere disease and death, in-cluding because of the
9、ir jobsor where they live.The people should receive abooster at least six months af-ter they had taken a seconddose, the FDA said.The authorization is a ma-jor step toward making the ex-tra doses available after someThe Federal Reserve sig-naled it was ready to start re-versing its pandemic stimulus
10、programs in November andcould raise interest rates nextyear amid risks of a lengthier-than-anticipated jump in infla-tion.The Fed s rate-setting com-mittee, at the end of a two-daygathering, indicated in its post-meeting statement Wednesdaythat it could start to reduce, ortaper,its$120billioninmonth
11、ly asset purchases assoon as its next scheduledmeeting, Nov. 2-3.“The purpose of that lan-guage is to put notice out thatthat could come as soon as thenext meeting,” Fed Chairman Shorter-term yields rise afterFed meets. B1 Stocks jump as Fed signalsshift. B10 Heard on the Street: Intentionson rates
12、remain muddled. B11Jerome Powell said at a newsconference.Mr.Powellsaidofficialshadn t formally decided howquickly to reduce purchases,but most agreed that a gradualprocess “that concludes aroundthe middle of next year is likelyto be appropriate.”Major U.S. indexes soared tointraday highs following
13、thecentral bank s statement, withthe Dow Jones Industrial Aver-age adding as much as 520.58points at its peak. The blue-PleaseturntopageA2BYNICKTIMIRAOSFed PreparesTo Pull BackOn StimulusFDA AuthorizesBoosters for Somepeople who had been vacci-natedbutwereeagerforadded protection tried to getthe ext
14、ra shot but were turnedaway. Among those eligible:healthcare workers, teachersand grocery-store employeesas well as prison inmates andthose in homeless shelters.Yet it doesn t go as far asthe Biden administration ini-tially envisioned. The adminis-tration initially planned tomake boosters available
15、begin-ning this week to all adults,but the FDA dialed back its go-ahead after agency staff andadvisers said evidence so fardidn t support broad use.Thedevelopmentcapsweeks of public debateoverwhether booster shots arenecessary, when they shouldbe given and who should re-ceive themthat has split fed-
16、eral health officials and out-side health experts.Some federal health offi-PleaseturntopageA8BYJAREDS.HOPKINSANDFELICIASCHWARTZMerkelEraEnds WithCoolerU.S.AllianceBERLINAfter moving intothe White House in January,President Biden decided his firstcall to a foreign leader would goto Angela Merkel, sig
17、naling a re-turn to trans-Atlantic normalityafter the turbulence of theTrump era, according to aides.The German chancellor hadother plans. She declined the of-fer of a call on that Friday after-noon because she would be ather country cottage near Berlin,where she spends some week-ends tending to her
18、 garden andwalking by the lake, people fa-miliar with the discussion said.Her advisers warned that Mr.Biden would have to call otherleadersaheadofher,butshedis-missed the symbolism as irrele-vant and asked them to find an-other time. The conversationtookplacethefollowingMonday,with Ms. Merkel back a
19、t work.The disregard for the “firstcall” may have been symbolic,but it s in tune with the realitythattookholdduringMs.PleaseturntopageA14BYBOJANPANCEVSKI Greg Ip: Chinas necessary butrisky pivot from debt. A2 China junk debt routedoverseas. B9 Evergrande to make paymenton onshore bond. B9SomeInvesto
20、rsStayChina Bulls DespiteEvergrandes Woesof its debt, leaving foreign in-vestors to foot much of the bill.They also expect China to pro-tect the many home buyers andsuppliers to whom the devel-operowesapartmentsandmoney.The likely default of Ever-grande is being viewed by in-vestors including Bridge
21、waterAssociates, a longtime Chinabull, Pacific Investment Man-agement Co. and others asgrowing pains for China as itseeks to tamp down risks in itscapital markets.“In the short term, clearlythere is a lot of potential for un-certainty and volatility,” saidChristian Stracke, Pimco s globalhead of cre
22、dit research, in an in-terview. “But longer term this issomething that needed to hap-pen and will ultimately be goodfor the Chinese credit market.”The risk for China is that thePleaseturntopageA8Some big U.S. investors arelooking past the potential fail-ure of a massive Chinese prop-ertydeveloperwho
23、sedebtwoes shook global markets thisweek, giving a vote of confi-dence to China as an invest-ment destination despite therising regulatory and politicalrisks foreign investors increas-ingly face there.As China Evergrande Group,one of the country s biggestproperty developers, grappledwith looming deb
24、t payments thisweek, its troubles prompted in-vestors to take stock of their ex-posuretoChina.Economicgrowth once looked unstoppablein China, but now faces a rangeof challenges, including lofty lev-els of corporate debt and a regu-latoryclampdownthathasclipped the wings of some of itsmost prominent
25、private businesstycoons.Market participants expectChina s government to let Ever-grande default on at least someBy Brian Spegele,Juliet Chungand Dawn LimHome Sales Slid in AugustExisting- homesales,c hangef romayearagoSource: Na t iona l As s ocia t ion of Rea lt ors4 01 001 02 03 0%Aug.2 0 2 0Jan.2
26、 1Aug.Aug.20211.5%Amid recordasking prices,existing-homesales in Augustdeclined 2%from July, thebiggestmonthlydecrease sinceApril, theNationalAssociation ofRealtors saidWednesday.Sales in Augustslid 1.5% from ayear earlier. A3President Bidenspeaks on thephone with FrenchPresidentEmmanuelMacronon Wed
27、nesday,asthe two sought toease tensions overa dealby the U. S.and U. K.to suppl yAustral ia withnucl ear-poweredsubmarines.Mr.Macron,bottom,ina photo from l astmonth,is to meetwith Mr.Biden inOctober.A10Trans-Atl antic Leaders Try to HealSpatFROM TOP: THE WHI TE HOUSE/REUTERS;LUDOVI C MARI N/AGENCE
28、FRANCE-PRESSE/GETTY I MAGESADVERTISEMENTTake a closer look on page B11.TheresalwaysmoretodiscoveraboutETFs.CONTENTSArts in Review. A19Business News. B3,5Crossword. A20Equities. B6HeardonStreetB10- 11Markets. B10Opinion. A21- 23PersonalJournalA17- 18Sports. A20Technol ogy. B4U.S. News. A2- 8Weather.
29、A20Worl d News. A10- 16s 2021 Dow Jones & Company, I nc.All Rights ReservedWhatsNews U.S. health authoritiescleared booster shots of theCovid-19 vaccine from Pfizerand BioNTech for people 65and older and certain otheradults at high risk of se-vere illness, a bid to helpcurb the pandemic and thedange
30、rous Delta variant.A1 The U.S. will purchase500 million additional dosesof the Pfizer-BioNTech vac-cine to donate to developingcountries, Biden said at avirtual Covid-19 summit.A12Bidenpressedlawmakersto reach a consensus onhis $3.5 trillion spendingproposal during a series ofmeetings at the WhiteHo
31、use, aiming to settle sharpintraparty differences.A4 A top Democratic nego-tiator called off talksaimed at overhauling po-lice tactics and account-ability, saying that law-makers were unable toreach a compromise.A4 Medicare insurers drew$9.2 billion in federal pay-ments in one year throughcontrovers
32、ialbillingpractices,with20companiesbenefitingdisproportionately and to-getheraccountingforoverhalfof the total, according to fed-eral health investigators.A8Died:Melvin Van Peebles,89, icon of Black cinema.A2TheFedsignaleditwasreadytostartreversingitspandemic stimulus programsin November and could r
33、aiseinterest rates next year amidrisks of a lengthier-than-an-ticipatedjumpininflation.A1 Yields on all but the lon-gest-term U.S. governmentbonds edged higher after theFed meeting. Stocks rose,with the S&P 500, Dow andNasdaqallgaining1%.B1,B10 Some big U.S. investorsare lookingpast thepotentialfail
34、ure of Evergrande, givinga vote of confidence to Chinaas an investment destinationdespite rising risks.A1,B9FacebooksMikeSchroep-fer said he would step downfrom the role of chief tech-nology officer next year.B1 Biden plans to nominateSauleOmarova,alawprofes-sorwhohascriticizedWallStreetbanks,tobeco
35、methecomptrollerofthecurrency.B9 California Gov. Newsomsigned a new law that willrequire Amazon and othercompanies to disclose anyquotas or workplace produc-tivity measures they applyto workers in the state.B1 Credit data generatedby Ant s consumer-lendingservicewillbefullyintegratedinto a Chinese g
36、overnmentcredit-reporting system.B1Business&FinanceWorld-WideJOURNAL REPORTC-Suite Strategies:How to find a family-friendly workplace.R1-8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 23, 2021* * * * *THE WALL STREET JOURNAL.U.S. NEWSTHE WALL STREET JOURNAL(US
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41、e 100% sourced from sustai nabl y certi fi ed mi l l s.GOT A TI P FOR US? SUBMI T I T AT WSJ.COM/TI PSThe American ChristmasTree Association estimatesthat 85% of American homesthat had a tree last Christmasused an artificial one. A Sept.16 Business & Finance articleabout supply-chain disruptionsinco
42、rrectly said the group esti-mated that 85% of all Americanhomes had an artificial tree.A photo caption accompa-nying a Technology article onMonday about Hollywood proj-ects with social-media starsincorrectlyidentifiedHeidiD Amelio,CharliD Amelio smother, as her sister.Notice to readersWall Street Jo
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44、 AMPLIFICATIONSMr.Powell,speakingmorebroadly, said a taper would befeasible in November if “theoverall situation is appropriatefor this.”Mr. Powell has dismissedtalk about rate increases by de-scribing the thresholds for rais-ing rates as more stringentthan those to reduce bond pur-chases. But getti
45、ng that mes-sage to stick could be tricky be-causenewinterest-rateprojectionsthe so-called dot-plotshow officials are eyeingmore interest-rate increases.In June, the dot-plot sur-prised investors by showingmost of the officials expectedto raise interest rates by atleast a half percentage point in202
46、3. Their March projectionsshowed most didn t see any in-creases through 2023.The projections Wednesdayshow half of the officials ex-pected interest rates wouldneed to rise at least a percent-age point from their currentlevel by the end of 2023, andby an additional three-quartersof a point in 2024.Ka
47、thy Bostjancic, chief U.S.financial economist at OxfordEconomics, said it was reason-able to expect officials to wantto conclude their bond taper bythe middle of next year so theywould have greater flexibilityto raise rates sooner if inflationappears to defy earlier expecta-tions that it will return
48、 morequickly to the Fed s 2% goal.“The main catalyst is thefact that inflation has acceler-ated faster than they previouslyforecast and is remaining ele-vated,” she said.Officialsexpectslowergrowth, higher inflation andhigher unemployment this yearthan they did in June, the pro-jections showed, unde
49、rscoringthe effects of the Delta variantof the coronavirus.For example, Fed officialsover the summer had said theyexpected more Americans to re-join the workforce as childrenreturn to in-person school, un-employmentbenefitsexpireand concerns about the virusrecede. The Delta variant hasraised the prospect that supply-chain disruptions and difficultyin competing for workers couldlead to a longer period ofshortages and rising prices.because it is one of the mostleveraged developers, he said.Economists at Citibank es-timate that, directly or indi-rectly, property contributes30% of value added in