Strategic National Stockpile, the country’s emergency medical reserve, for supplies and efforts to restructure it that began last year. Nearly $7 billion would create an agency meant to research diseases like cancer and diabetes.

Reporting was contributed by Coral Davenport, Zolan Kanno-Youngs, Lisa Friedman, Brad Plumer, Christopher Flavelle, Mark Walker, Dana Goldstein, Mark Walker, Noah Weiland, Margot Sanger-Katz, Lara Jakes, Noam Scheiber, Katie Benner and Emily Cochrane.

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As Bond Yields Rise, Stocks Remain Buoyant, for Now

The sharp rise in bond yields is forcing traders to consider that they may be holding two irreconcilable ideas in their heads.

One is that the Federal Reserve has no real control over bond market interest rates. The other is that the Fed can keep the stock market aloft as long as it tries to control interest rates.

The resilience of share prices — the S&P 500 rose 5.8 percent in the first quarter — suggests that those two ideas can coexist. But if yields continue to rise, the impact on companies, consumers and homeowners and the appeal that fatter bond yields may have to investors could produce a reckoning for stocks.

“The bond market is at an inflection point that eventually is going to be recognized by the stock market,” said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. “Over the last 30 years, the bond market has only gone one way, but a change is occurring now, and it’s likely to be an abrupt one.”

CRB index, which measures a basket of commodities, rose 52 percent in the 12 months through March. Home prices rose 6 percent last year, according to the Federal Reserve Bank of St. Louis.

$1.9 trillion bill last month to help the economy after the ravages wrought by the pandemic, President Biden proposed spending $2 trillion more on infrastructure projects, albeit over several years.

That $4 trillion, give or take, would be “going into an economy saturated with $6 trillion of stimulus spending from the Trump administration,” Mr. Sri-Kumar said. So much spending is likely to push up inflation and bond yields, he said.

Michael Hartnett, chief investment strategist at Bank of America Global Research, does not expect such concerns to diminish soon.

Because of such factors as “new central bank mandates, excess fiscal stimulus,” as well as “less globalization, fading deflation from disruption, demographics, debt, we believe inflation rises in the 2020s and the 40-year bull market in bonds is over,” Mr. Hartnett said in a report.

Commodities and other hard assets should outperform in the long term, in his view, along with shares of smaller companies, value stocks and foreign stocks. The dollar, shares of big companies and bonds should do worse.

David Giroux, a portfolio manager and head of investment strategy at T. Rowe Price, said he is worried that the bill will come due for much of the government spending.

“There’s a high likelihood we will have higher corporate taxes next year,” Mr. Giroux said. “That will be a headwind for corporate earnings.”

That persuades him to avoid shares of economically sensitive companies for which “a lot of really good news is already priced in.”

He prefers “stocks with really good business models that have been left behind,” including technology giants that are off their highs, such as Amazon and Google, and companies like utilities. Other favorites include regional banks such as PNC and Huntington Bancshares.

Ms. Bitel at William Blair foresees long-term higher returns by big growth stocks. But she throws in an immense caveat: Because rising interest rates tend to force down valuations, especially on the most expensive segments of the market, there could be a sharp decline before the erstwhile Wall Street darlings excel again.

“Retail investors will be able to buy their favorite growth stocks at a 40 percent discount, but that leadership will resume,” she said, emphasizing that the 40 percent was a ballpark figure.

Ms. Bitel also suggested holding foreign stocks, in particular shares of Chinese health care companies and Japanese software companies.

Mr. Paolini recommends banks, energy and real estate, and said he is avoiding carmakers, industrial companies and home builders.

Considering the investment landscape more broadly, he said, “The outlook for the next one to three years is quite good.” Then he seemed to try to talk himself out of that belief.

“The idea that you can simply print money and everything is fine isn’t sustainable,” Mr. Paolini said. “At some point, we will realize too much has been done and the market is too high, and the situation will change quite fast. I don’t know what that level is or how far away we are from it.”

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With Warning to Democrats, Manchin Points the Way for Biden’s Agenda

Republican senators, singed by their experience on the pandemic aid bill, responded to Mr. Biden’s gestures to bipartisanship by issuing a chilly statement saying that the last time he made a public plea to work together, “the administration roundly dismissed our effort as wholly inadequate in order to justify its go-it-alone strategy.”

In an appearance on “Fox News Sunday,” Senator Roy Blunt, Republican of Missouri, pushed the administration to negotiate an infrastructure measure that would represent about 30 percent of the $2.25 trillion being proposed, before turning to budget reconciliation for any additional spending increases.

“My advice to the White House has been, take that bipartisan win, do this in a more traditional infrastructure way and then if you want to force the rest of the package on Republicans in the Congress and the country, you can certainly do that,” Mr. Blunt said.

Importantly, Republicans have no interest in the corporate tax increase that would essentially undo their most significant legislative achievement of the Trump era. Neither do business groups, which have helped broker some bipartisan compromises on economic issues in the past but have lost some power in recent years as populist impulses have swept both parties.

Senator Mitch McConnell, the Kentucky Republican and minority leader, called the tax proposal “an effort to rewrite the 2017 tax bill,” which itself passed via budget reconciliation with no Democratic votes.

The Trump tax law “in my view was principally responsible for the fact that in February 2020 we had the best economy of 50 years,” Mr. McConnell said. “But they are going to tear that down.”

Still, business lobbyists and some lawmakers remain hopeful that Mr. Manchin’s appeal could prod Mr. Biden and congressional leaders toward a set of mini-compromises on infrastructure. Such deals could including spending big on research and development for emerging industries, like advanced batteries, in the supply chain bill, which carries bipartisan sponsorship in the Senate. They could also include spending a few hundred billion dollars on highways and other surface transportation projects. That could satisfy at least some of Mr. Manchin’s quest for bipartisanship and give both parties the ability to claim victory.

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As U.S. Prospects Brighten, Fed’s Powell Sees Risk in Global Vaccination Pace

Jerome H. Powell, the Federal Reserve chair, stressed on Thursday that even as economic prospects look brighter in the United States, getting the world vaccinated and controlling the coronavirus pandemic remain critical to the global outlook.

“Viruses are no respecters of borders,” Mr. Powell said while speaking on an International Monetary Fund panel. “Until the world, really, is vaccinated, we’re all going to be at risk of new mutations and we won’t be able to really resume activity with confidence all around the world.”

While some advanced economies, including the United States, are moving quickly toward widespread vaccination, many emerging market countries lag far behind: Some have administered as little as one dose per 1,000 residents.

Mr. Powell joined a chorus of global policy officials in emphasizing how important it is that all nations — not just the richest ones — are able to widely protect against the coronavirus. Kristalina Georgieva, the managing director of the International Monetary Fund, said policymakers needed to remain focused on public health as the key policy priority.

fresh data showed that state jobless claims climbed last week. Mr. Powell pointed out that the burden is falling heavily on those least able to bear it: Lower-income service workers, who are heavily minorities and women, have been hit hard by the job losses.

raising corporate taxes.

“For quite some time, we have been in favor of more investment in infrastructure. It helps to boost productivity here in the United States,” Ms. Georgieva said, calling climate-focused and “social infrastructure” provisions positive. She said they had not had a chance to fully assess the plan, but “broadly speaking, yes, we do support it.”

But the White House’s plan has already run into resistance from Republicans and some moderate Democrats, who are wary of raising taxes or engaging in another big spending package after several large stimulus bills.

Some commentators have warned that besides expanding the nation’s debt load, the government’s virus spending — particularly the recent $1.9 trillion stimulus package — could cause the economy to overheat. Fed officials have been less worried.

“There’s a difference between essentially a one-time increase in prices and persistent inflation,” Mr. Powell said on Thursday. “The nature of a bottleneck is that it will be resolved.”

If price gains and inflation expectations moved up “materially,” he said, the Fed would react.

“We don’t think that’s the most likely outcome,” he said.

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Tesla complains that German bureaucracy may delay its new plant.

A year after starting construction on its first European auto assembly plant on the outskirts of Berlin, Tesla is complaining that German regulations are too slow and inflexible, risking a delay in the opening of the facility.

“Obstacles in German law governing permits are slowing down the necessary industrial transformation and thus the transformation of transport and energy,” Tesla said in a 10-page letter, which was seen by The New York Times.

Tesla wants to open its “gigafactory” as soon as June, and is hiring up to 12,000 workers to build as many as 500,000 electric vehicles a year. But the Office of Environment in Brandenburg, the federal state that encircles Berlin, has yet to say the factory can open.

Tesla sent the letter to the top administrative court in the region in support of a lawsuit filed by Environmental Action Germany that charges the federal government with not doing enough to keep to the targets of the Paris Climate Accord. The letter is similar to a “friend of the court” brief, which are not common in German courts, and it was unclear whether the German judges would even consider it.

Elon Musk, the chief executive, clashed with officials last year over his efforts to keep the plant running during the pandemic.

Government authorities insist they have done everything in their power to speed up the regulatory process for Tesla, including securing logging and building permits, completing a process that normally takes 11 months in just four weeks. Along the way, the Tesla plant has faced protests by environmentalists and extensive public hearings. Many of the complaints center on the amount of water the plant will consume.

In the letter, Tesla charges that any delay in opening the plant would hinder European emission goals by keeping fossil-fuel burning vehicles on the road.

Tesla cars are popular in Germany, but not everyone is applauding its move.

“It’s surprising that Tesla feels badly treated at all,” wrote the conservative-leaning Welt, a daily newspaper, noting that the future factory — sometimes known as Germany’s fastest construction project — was given every advantage on state and federal level.

The Tesla letter said that the permit process was too slow and not flexible enough in dealing with changes to the original application.

“This discourages necessary investment in clean energy projects and infrastructure and makes it virtually impossible for Germany to meet its climate targets,” it read.

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Corporate Taxes Are Wealth Taxes

The main cause of the radical decline in tax rates for very wealthy Americans over the past 75 years isn’t the one that many people would guess. It’s not about lower income taxes (though they certainly play a role), and it’s not about lower estate taxes (though they matter too).

The biggest tax boon for the wealthy has been the sharp fall in the corporate tax rate.

In the 1950s, ’60s and ’70s, many corporations paid about half of their profits to the federal government. The money helped pay for the U.S. military and for investments in roads, bridges, schools, scientific research and more. “A dirty little secret,” Richard Clarida, an economist who’s now the vice chairman of the Federal Reserve, once said, “is that the corporate income tax used to raise a fair amount of revenue.”

paid zero federal income taxes last year, according to the Institute on Taxation and Economic Policy. Among them: Archer-Daniels-Midland, Booz Allen Hamilton, FedEx, HP, Interpublic, Nike and Xcel Energy.

Alan Rappeport and Jim Tankersley of The Times write.

The justification for the tax cuts has often been that the economy as a whole will benefit — that lower corporate taxes would lead to company expansions, more jobs and higher incomes. But it hasn’t worked out that way. Instead, economic growth has been mediocre since the 1970s. And incomes have grown even more slowly than the economy for every group except the wealthy.

Gabriel Zucman, an economist and tax specialist at the University of California, Berkeley, told me. “The main reason why the U.S. tax system was so progressive before the 1980s is because of heavy taxes on corporate profits.”

President Biden is now trying to reverse some (but by no means all) of the decline in corporate taxes. His plan would raise the corporate tax rate, punish companies that move profits overseas and introduce a rule meant to prevent companies from paying zero taxes, among other things. The money would help pay for his infrastructure plan. “It’s honest, it’s fair, it’s fiscally responsible, and it pays for what we need,” Biden said at the White House yesterday.

Experts and critics are already raising legitimate questions about his plan, and there will clearly be a debate about it. Biden said he was open to compromises and other ideas.

But one part of the criticism is pretty clearly inconsistent with the facts: The long-term decline in corporate taxes doesn’t seem to have provided much of a benefit for most American families.

For more: If you haven’t yet listened to yesterday’s episode of “The Daily” — in which Jesse Drucker explains how Bristol Myers Squibb has avoided taxes — I recommend it.

She died at 88.

swelling anti-Asian violence and harassment in the U.S., nearly 30 Asian and Asian-American photographers shared what love looks like in their lives.

some time with the photo essay here.

sheet-pan jerk salmon cooks quickly. For more dinnertime inspiration, see the 17 best recipes the NYT cooking team made last month.

Make friends with fungi, both the kind you plant and those that seem to pop up on their own.

“First Person Singular,” Haruki Murakami’s new story collection, allows the author’s “own voice — or what sounds like his own voice, wonderfully translated by Philip Gabriel — to enter the narratives,” David Means writes in a review.

The late-night hosts talked about Representative Matt Gaetz.

predicted that the new name was “not likely to be forgotten.”

You can see today’s print front page here.

Today’s episode of “The Daily” is about the Chauvin trial. On “Sway,” Diana Trujillo discusses the future of space travel.

Lalena Fisher, Ian Prasad Philbrick, Tom Wright-Piersanti and Sanam Yar contributed to The Morning. You can reach the team at themorning@nytimes.com.

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Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting

WASHINGTON — Large companies like Apple and Bristol Myers Squibb have long employed complicated maneuvers to reduce or eliminate their tax bills by shifting income on paper between countries. The strategy has enriched accountants and shareholders, while driving down corporate tax receipts for the federal government.

President Biden sees ending that practice as central to his $2 trillion infrastructure package, pushing changes to the tax code that his administration says will ensure American companies are contributing tax dollars to help invest in the country’s roads, bridges, water pipes and other parts of his economic agenda.

On Wednesday, the Treasury Department released the details of Mr. Biden’s tax plan, which aims to raise as much as $2.5 trillion over 15 years to help finance the infrastructure proposal. That includes bumping the corporate tax rate to 28 percent from 21 percent, imposing a strict new minimum tax on global profits and levying harsh penalties on companies that try to move profits offshore.

The plan also aims to stop big companies that are profitable but have no federal income tax liability from paying no taxes to the Treasury Department by imposing a 15 percent tax on the profits they report to investors. Such a change would affect about 45 corporations, according to the Biden administration’s estimates, because it would be limited to companies earning $2 billion or more per year.

President Donald J. Trump’s 2017 tax cuts. Biden administration officials say that law increased the incentives for companies to shift profits to lower-tax countries, while reducing corporate tax receipts in the United States to match their lowest levels as a share of the economy since World War II.

Treasury Secretary Janet L. Yellen, in rolling out the plan, said it would end a global “race to the bottom” of corporate taxation that has been destructive for the American economy and its workers.

“Our tax revenues are already at their lowest level in generations,” Ms. Yellen said. “If they continue to drop lower, we will have less money to invest in roads, bridges, broadband and R&D.”

The plan, while ambitious, will not be easy to enact.

Some of the proposals, like certain changes to how a global minimum tax is applied to corporate income, could possibly be put in place by the Treasury Department via regulation. But most will need the approval of Congress, including increasing the corporate tax rate. Given Democrats’ narrow majority in both the Senate and the House, that proposed rate could drop. Already, Senator Joe Manchin III of West Virginia, a crucial swing vote, has said he would prefer a 25 percent corporate rate.

search of the lowest possible tax bill.

Companies also shift jobs and investments between countries, but often for different reasons. In many cases, they are following lower labor costs or seeking customers in new markets to expand their businesses. The Biden plan would create new tax incentives for companies to invest in production and research in the United States.

weakened by subsequent regulations issued by Mr. Trump’s Treasury Department.

Conservative tax experts, including several involved in writing the 2017 law, say they have seen no evidence of the law enticing companies to move jobs overseas. Mr. Biden has assembled a team of tax officials who contend the provisions have given companies new incentives to move investment and profits offshore.

Mr. Biden’s plan would raise the rate of Mr. Trump’s minimum tax and apply it more broadly to income that American companies earn overseas. Those efforts would try to make it less appealing for companies to book profits in lower-tax companies.

The S.H.I.E.L.D. proposal is an attempt to discourage American companies from moving their headquarters abroad for tax purposes, particularly through the practice known as “inversions,” where companies from different countries merge, creating a new foreign-located firm.

Under current law, companies with headquarters in Ireland can “strip” some of their profits earned by subsidiaries in the United States and send them back to the Ireland company as payments for things like the use of intellectual property, then deduct those payments from their American income taxes. The S.H.I.E.L.D. plan would disallow those deductions for companies based in low-tax countries.

Tax professionals say Mr. Biden’s proposed changes to that law could be difficult to administer. Business groups say they could hamper American companies as they compete on a global scale.

Republicans denounced the plan as bad for the United States economy, with lawmakers on the House Ways and Means Committee saying that “their massive tax hikes will be shouldered by American workers and small businesses.”

coupled with an effort through the Organization for Economic Cooperation and Development to broker a global agreement on minimum corporate taxation, will start a worldwide revolution in how and where companies are taxed. That is in part because the Biden plans include measures meant to force other countries to go along with a new global minimum tax that Ms. Yellen announced support for on Monday.

Treasury Department officials estimate in their report that the proposed changes to the minimum tax, and the implementation of the S.H.I.E.L.D. plan, would raise an estimated $700 billion over 10 years on their own.

Business groups warn the administration’s efforts will hamstring American companies, and they have urged Mr. Biden to wait for the international negotiations to play out before following through with any changes.

Members of the Business Roundtable, which represents corporate chief executives in Washington, said this week that Mr. Biden’s minimum tax “threatens to subject the U.S. to a major competitive disadvantage.” They urged the administration to first secure a global agreement, adding that “any U.S. minimum tax should be aligned with that agreed upon global level.”

However, some companies expressed an openness on Wednesday to some of the changes.

John Zimmer, the president and a founder of Lyft, told CNN that he supported Mr. Biden’s proposed 28 percent corporate tax rate.

“I think it’s important to make investments again in the country and the economy,” Mr. Zimmer said. “And as the economy grows, so too does jobs and so too does people’s needs to get around.”

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Jamie Dimon predicts an economic boom that ‘could easily run into 2023.’

The annual letter to shareholders by JPMorgan Chase’s chief executive, Jamie Dimon, was published early Wednesday. The letter, which is widely read on Wall Street, is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high stock valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation will be “more than temporary,” he wrote, forcing the Federal Reserve to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued that those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” The United States has faced tough times before, but today, “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

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A Fierce Election Tests Modi’s Campaign to Remake India

NANDIGRAM, India — The challenger arrived with police vehicles, a band of drummers and the backing of the country’s powerful prime minister. The crowd joined him in full-throated chants of glory to the Hindu god Ram: “Jai Shree Ram!” He brought a warning: If Hindus did not unite around him, even their most basic religious practices would be in danger in the face of Muslim appeasement.

In another part of town, the incumbent took the stage in a wheelchair, the result of what she said was a politically motivated assault. Though her injuries kept her from stalking the stage in her white sari and sandals as usual, she still regaled the audience with taunts for the opposition. And she had a warning of her own: Her defeat would be a victory for an ideology that has no place for minorities like Muslims.

The monthlong election unfolding in the eastern Indian state of West Bengal is deeply personal. Mamata Banerjee, the state’s chief minister for the past decade, is facing off against her former protégé of 20 years, Suvendu Adhikari. He and dozens of other local leaders have defected from her party and are now allied with Narendra Modi, India’s prime minister.

But the heated vote could indicate something broader: whether anybody can stop Mr. Modi’s movement to reshape India’s secular republic into a Hindu-first nation.

state victories. His Bharatiya Janata Party has reduced the main opposition group, the Indian National Congress, to a shadow of its past glory, pushing the country toward becoming a one-party democracy.

West Bengal represents a test of Mr. Modi’s Hindu nationalist reach. The state of 90 million people remains deeply proud of its Indigenous culture and tolerance of minorities. It is run by a strong regional leader with the heft and profile to challenge Mr. Modi directly.

has chronicled the rise of the B.J.P.

“They would have shown that the B.J.P. is an all-India party, that our Hindu nationalism is capable of vernacular adaptation,” Mr. Sitapati said. “And that is a powerful symbol.”

beat her head with metal rods. She trounced the Communists in elections nevertheless.

Last month, in the midst of a jostling crowd, a car door slammed on Ms. Banerjee’s leg. She declared the incident a politically motivated attack, a contention her opponents have questioned. Still, her party has made her cast a symbol of a leader putting her body on the line for her cause.

Mithun Chakraborty, a Bengali actor famous for movies like “Disco Dancer” and “Cobra.”

“I am a pure cobra,” Mr. Chakraborty told one recent rally, as B.J.P. leaders behind him applauded. “One bite, and you will be at the cremation ground!”

Ms. Banerjee’s iron grip over state politics looms over the vote. The B.J.P. is trying to ride anti-incumbent sentiment fueled by her party’s corruption scandals and the way its members have used extortion and violence to keep power.

But Mr. Adhikari and many of the B.J.P.’s local candidates for the state’s 294-seat local assembly were themselves, until recently, members of her party. After decades of heavy-handedness by the Communists and Ms. Banerjee, Mr. Modi’s party began actively expanding in West Bengal only after he became prime minister in 2014, though its infrastructure is still lacking. One joke in the state holds that Trinamool will win a third term even if the B.J.P. prevails.

Ms. Banerjee’s success could depend on convincing voters that her party’s bad apples now work for the B.J.P. The B.J.P.’s dependence on Trinamool defectors has also led to a revolt among local Modi supporters who saw their presence as an insult to their years of work in the face of intimidation by the same people now chosen to represent them.

One defector, an 89-year-old assembly member named Rabindranath Bhattacharya, said he had switched parties only because Ms. Banerjee didn’t nominate him to serve a fifth term.

“I changed my party, but I am not changed,” Mr. Bhattacharya said in an interview at his house. Trinamool flags still hung from the trees and gate.

His candidacy moved hundreds of B.J.P. workers and supporters to pressure Mr. Bhattacharya to step aside. They went on a hunger strike, painted over party signs and ransacked the home of the local B.J.P. chief.

“We started here when no one dared speak as a B.J.P. member,” said Gautam Modak, who has worked for the B.J.P. in the district since 2003. “He got the party ticket three days after joining the B.J.P.”

Mr. Adhikari has said he defected from Ms. Banerjee’s camp because she and her nephew and heir-apparent, Abhishek Banerjee, use other party leaders as “employees” without sharing power. Still, in recent rallies he has put greater emphasis on identity politics, ending with chants of “Jai Shree Ram!”

Voting took place on Saturday in the town of Nandigram, a lush agricultural area, and both candidates were there. At rallies, crowds energized by their moment of power over sometimes abusive politicians braved the heat to listen, cheer and support. Turnout totaled 88 percent.

Satish Prasad Jana, a 54-year-old B.J.P. supporter at Mr. Adhikari’s rally, said he mainly supported Mr. Modi. He had no dispute with Ms. Banerjee except that she couldn’t control the abuse of her party workers, and he knew that some of those same people now work for Mr. Adhikari.

“I have 90 percent faith in Modi, 10 percent faith in Adhikari,” he said.

Hours later, a large rally of Ms. Banerjee’s supporters took place in a school courtyard surrounded by coconut trees. Women in colorful saris outnumbered men. They praised Ms. Banerjee’s government for paving the road that led to the school, for distributing rice at low prices and for making payments to families to keep their girls in school and prevent child marriage, among other initiatives.

But the energy was focused squarely on teaching Mr. Adhikari a lesson.

“You said Mamata is like your mother. The mother made you a leader, a minister, and in charge of the whole district,” said Suhajata Maity, a local leader, addressing Mr. Adhikari.

“Then, you stabbed the mother in her back.”

To resounding applause, she ended her speech with a call to the mothers in the crowd: “Will you teach him such a lesson that he abandons politics all together?”

Chandrasekhar Bhattacharjee contributed reporting.

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Jamie Dimon Sees a Boom Coming

The annual letter to shareholders by JPMorgan Chase’s chief Jamie Dimon was just published. The widely read letter is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, a potential infrastructure bill, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high equity valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation would be “more than temporary,” he wrote, forcing the Fed to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” While the U.S. has faced tough times before, today “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

a leveraged buyout offer from the private equity firm CVC Capital, sending its shares to a four-year high. Toshiba has had a series of scandals, and faces pressure from activist investors.

raising the corporate rate to help pay for President Biden’s infrastructure plans — though he didn’t mention the White House’s proposed rate, 28 percent. Other corporate chiefs are privately criticizing the potential tax rise.

The company behind the Johnson & Johnson vaccine mix-up has a history of errors. Emergent BioSolutions, which the U.S. relied on to produce doses by J.&J. and AstraZeneca, had a made manufacturing errors before. Experts worry this may leave some Americans more wary of getting vaccinated, even as Mr. Biden has moved up the eligibility deadline for U.S. inoculations.

An electric aircraft maker sues a rival for intellectual property theft. Wisk, which is backed by Boeing and the Google founder Larry Page, said that former employees downloaded confidential information before joining Archer, a competitor. Archer, which is going public by merging with a SPAC run by Moelis & Company and which counts United Airlines as an investor, denied wrongdoing and said it was cooperating with a government investigation.

A blistering start for venture capital in 2021. Start-ups set a fund-raising quarterly record in the first three months of the year, raising more than $62 billion, according to the MoneyTree report from PwC and CB Insights. That’s more than twice the total a year earlier and represents nearly half of what start-ups raised in all of 2020.

Voting in the union election at an Amazon warehouse in Bessemer, Ala., ended on March 29, and counting began the next day, but the outcome is still unknown. What’s going on? It’s less about the number of ballots than how they’re counted.

The stakes are high, for both Amazon and the labor movement. Progressive leaders like Bernie Sanders have argued a victory for the union, the first at an Amazon facility in the U.S., could inspire workers elsewhere to unionize. And Amazon is facing increased scrutiny for its market power and labor practices.

a painstaking process:


— Kristalina Georgieva, the managing director of the I.M.F., on how the uneven rollout of vaccines poses a threat to the global economic recovery.


After the 2008 financial crisis, Credit Suisse emerged battered by high-risk bets and promised to do better. A series of recent scandals suggests it hasn’t, The Times’s Jack Ewing writes.

A recap of the Swiss bank’s troubles over the past year or so:

30-day comment period on to-be-drafted regulations that would make it harder to obscure who controls a company. Among the details to be worked out are what entities should report and when; how to collect, protect and update information for a database; and the criteria for sharing with law enforcement.

“We could not be more excited,” Kenneth Blanco, the director of the Treasury’s Financial Criminal Enforcement Network (FinCEN), told bankers recently. The U.S. has been under pressure to address its vulnerability to money laundering and financial crimes:

New rules could make forming small businesses, special purpose vehicles and other closely held entities “significantly” more burdensome, said Steve Ganis of Mintz, an expert in anti-money laundering regulation. “FinCEN’s new regime will make things much more complicated for start-ups, where control and ownership are highly fluid,” he said. Public companies and many larger businesses would be exempt because they already face stricter scrutiny.

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