Axios

When French authorities arrested Pavel Durov, the founder of Telegram, they evinced the country's weirdness about encryption technology.

Why it matters: The episode adds to long-simmering tension between privacy advocates and law enforcement around the world.

JPMorgan Chase sounded a warning today that some earnings expectations need to be tempered in the coming world of lower interest rates.

Why it matters: The comment sent the firm's shares plunging, and it was just one of several warning flags sent up by America's banks in recent days amid an inflection point in macro conditions.

Driving the news: JPMorgan president Daniel Pinto said at a financial conference that the current $90 billion estimate for net interest income — the amount banks earn from lending vs. what they pay to depositors — "is not very reasonable" for 2025.

The child poverty rate increased last year, per Census data out Tuesday morning.

Why it matters: The consequences of growing up in poverty are dire and long-lasting. This number is shaping up to be a political issue heading into the November election.

Two Delta airplanes collided while taxiing at Hartsfield-Jackson Atlanta International Airport on Tuesday.

The big picture: No injuries were reported after the wing of one plane "made contact" with the tail of another, Delta said.

At long last, middle-income American households saw rising inflation-adjusted incomes in 2023, according to new Census data out Tuesday morning. It is the first gain in four years.

By the numbers: The median household — the family in the middle of the income distribution — earned $80,610 in 2023, the Census said, up 4% from 2022 after adjusting for inflation. After-tax median income also rose, by 3.7%.

Last summer, the Fed's top bank cop proposed tougher rules to safeguard America's financial system.

• On Tuesday, that proposal, dubbed Basel Endgame, got a makeover — with less stringent requirements for big banks.

Why it matters: The big victory for the banks comes after an intense public relations campaign by the industry — and even pushback from some Democrats and Fed officials — who warned the tighter rules would cramp the flow of credit through the economy.

Candid Therapeutics, a San Diego-based biotech focused on T cell engagers, raised $370 million co-led by Venrock, Fairmount, TCGX, and venBio Partners.

Why it matters This is a big bet that bispecifics are superior to cell therapy when it comes to treating autoimmune disease, by an entrepreneur who sold his last startup for over $4 billion.

A growing "green skills gap" is akin to the shortage of tech workers at the onset of the 2000s Internet boom, according to a new analysis from OnePointFive first shared with Axios.

Why it matters: The report spotlights a human resources challenge to achieving a net zero future. It shows the gap stems from a "hiring and skills misalignment."

Bank of America CEO Brian Moynihan says the ideal time for political leaders to address the nation's ballooning budget deficits is now — while the economy is on solid footing.

Why it matters: "We need our eyes and stomach aligned as a country. We've got to balance the budget like anybody, any company, any person, any household," Moynihan tells Axios.