1、* SATURDAY/SUNDAY, APRIL 13 - 14, 2019 VOL. CCLXXIII NO. 86 WSJ.com HHHH $5.00ChevronDealBets BigOn ShalePaying $33 billion forAnadarko will boostcompanys positionin fracking boomWASHINGTONPresidentTrump revived an idea of relo-cating detained immigrants toso-called sanctuary cities, sig-naling he i
2、s considering previ-ously discarded options amidhis growing frustration overthe flow of Central Americanfamilies seeking asylum at thesouthern U.S. border.Mr. Trumps comments,which also marked a new shotat his political opponents, cameafter a week in which many topleaders at the Department ofHomelan
3、d Security wereousted. The president has beenworking with advisers includ-ing Stephen Miller to taketighter control of immigrationBY LOUISERADNOFSKYAND REBECCABALLHAUSWhen the last season of“Game of Thrones” kicks offSunday night on HBO, millionsof fans will tune in for the fi-nal chapters of the mu
4、ltisea-son saga to discoverwhat ex-actly? Something to do withwinter? Or dragons?People who have neverwatched the prime-time fan-tasy series that became a cul-tural tsunami say the lasteight years have been a trial.Non-watchers endure cease-less office chitchat, maritaldisharmony and speculationBY N
5、IKKIWALLERAND MICHELLEMATheir Watch Finally Ending,Game of Thrones Nonfans RejoiceiiiNot really sure whats been going on, theclueless endure last season of dragonsabout family dynasties and icezombies. They arent reallysure whats been going on, buttheyre glad it will be oversoon.Molly Beck, a non-wa
6、tchermarried to a watcher, says sheis perplexed by the timing ofSundays season premiere. “Ithought their tagline is Win-ter is coming, but its not win-ter anymore.”Ms. Beck avoided manyearly episodes by retreating toa cafe that stayed open latenear her apartment on Man-hattans Upper West Side. Herhu
7、sband and neighborsPleaseturntopageA10THE BILLION-DOLLARSTAREDOWNBETWEENAPPLE ANDQUALCOMMWSJTHEWALLSTREETJOURNALWEEKENDWill MenEmbrace theWellnessCraze?OFFDUTYREVIEWbank profits in the first quar-ter and the coming two years.JPMorgan exceeded ana-lysts expectations, reporting aprofit of $9.18 billio
8、n, or $2.65a share. Wells Fargo email: Need assistance with your subscription?By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at By phone: 1-800-843-0008WSJ back issues and framed pages: Our newspapers are 100% sourced from sustainably certified mills.GOT A TIP FOR US?
9、 SUBMIT IT AT WSJ.COM/TIPSspan. The Fed chairman “wasthought to be too hawkish,” orsupportive of higher interestrates, Mr. Meyer said. “I wassupposed to be a counter-weight, the person who wasmore dovish,” or supportive oflower rates, he said.Mr. Clinton didnt explicitlysay so, Mr. Meyer recalled,“b
10、ut it was obvious.”Mr. Meyers recollectionquarter, in part from refinanc-ings.Profit at JPMorgans con-sumer bank was up 19%, to$3.96 billion. The banks coreconsumer loan volume rose 3%and the margins it madejumped, with card spendingdriving the gains.At the commercial bank,profit increased slightly
11、to$1.05 billion compared with$1.03 billion the prior year.The banks total core loansrose 2% to $942.7 billion, andwhile the bank put aside moreto handle potential bad loans,credit quality remained strongoverall.On the Wall Street side ofthe operation, profit dropped18% to $3.25 billion. A quietmarke
12、t pulled down tradingrevenue 17% to $5.47 billion,which had been expected. A10% increase in investmentbanking revenue offset someof the pain.The banks asset and wealthmanagement unit made $661million compared with $770million a year earlier.Costs increased 2% to $16.4billion. The bank has said itwou
13、ld continue putting moneyinto technology and expan-sion, including its first branchopenings in years. Return onequity, a key measure of prof-itability, was 16% in the firstquarter, compared with 15% ayear ago.At Wells Fargo, the fourth-largest U.S. bank by assets,first-quarter profit rose 14% to$5.8
14、6 billion, helped by one-time gains.Revenue, however, declinedacross all of its businesses asit continues to deal with theaftershocks from its fake-ac-count scandal.Jessica Mentoncontributed to this article.ing minus what it pays on de-positsfrom a year ago. Butthat growth essentially disap-peared c
15、ompared with thefourth quarter, a clue that thebenefits of rising rates arewaning.Wells Fargo lowered its netinterest income projections for2019. JPMorgan left its guid-ance unchanged despite theyears strong start. The bankssaid they expect deposit coststo keep rising.“It was a better-than-ex-pected
16、 quarter for the banks,which was encouraging tosee,” said Carter Henderson,portfolio specialist and direc-tor of institutional develop-ment at Fort Pitt CapitalGroup. “But I think thats asgood as its going to get forthese big banks this year be-cause in the first quarter theywere still getting that
17、tailwindfrom the last Fed hike in De-cember.”Investors are looking aheadto next weeks batch of quar-terly earnings results, whichwill bring more reports frombig banks including GoldmanContinuedfromPageOneJPMorganEarningsHit RecordSachs Group Inc., CitigroupInc., Bank of America Corp.and Morgan Stanl
18、ey.While banks core lendingbusinesses could suffer if ratesstall, their home-lending busi-nesses could get a boost. Ris-ing mortgage rates had con-tributed to a slowdown in thehousing market.At Wells Fargo, the largestU.S. home lender, mortgageoriginations fell 23% in thefirst quarter from the year-
19、agoperiod. They fell 18% at JP-Morgan.Wells Fargo Chief FinancialOfficer John Shrewsberry saidthe bank expects mortgagevolume to rise in the secondBankedProfitsProfitsroseattwoofthenationsbiggestbanks,butWellsFargosrevenuedropped.Revenue( )andnetincome( ),quarterlyJPMorgan WellsFargoSource:thecompan
20、ies$300510152025billion1Q2018 1Q19$300510152025billion1Q2018 1Q19icized me or the Federal Re-serve, and, as sure as Im sit-ting here, his staff was tellinghim to criticize us, particularlywhen things were gettingtough in 1981 and 1982,” saidMr. Volcker, who raised inter-est rates into double digits
21、tocurb high inflation, contribut-ing to a recession. “He had ev-ery reason to criticize usopenly, but he never did. Therewere these anonymous thingsfrom the White House. But itnever came out from themouth of the president, whichI think was not insignificant.”Laurence Meyer, who servedon the Fed boar
22、d from 1996 to2002, said in an October 2010interview that he suspectedduring his interview with Pres-ident Clinton that he had beenpicked to balance Mr. Green-THE NUMBERS | By Jo Craven McGintyWhen It Comes to Allergies, Pollen CountsThe classicsigns ofspring haveemerged: Redeyes, runnynoses and fit
23、sof sneezing.Nearly 20 million Ameri-cans, or about 8% of thepopulation, suffer from sea-sonal allergies, according tothe National Center forHealth Statistics.But many more believethey do.“We spend as much timetelling people they donthave allergies as we spendtelling them they do,” saidKraig Jacobso
24、n, a professorat Oregon Health and Sci-ence University who special-izes in allergy, asthma andimmunology.When people who aregenuinely allergicto pollen encounterthe irritant, their immunesystems release an antibodycalled immunoglobulin E,which binds to the allergenand causes the bodys cellsto releas
25、e histamine.Its a defensive reactionthat can feel more like an at-tack than a rescue.“Histamine is the thingthat makes your eyes waterand your skin turn brightred,” Dr. Jacobson said. “Itmakes you sneeze, and it canalso make you have wheez-ing and chest tightness.”Pollen may irritate theeyes and res
26、piratory pas-sages of other people, butonly those who are allergicproduce histamine in re-sponse to the exposure.To assess the level of dis-comfort people may experi-ence when trees and otherplants release the fine pow-der, 71 certified pollen coun-ters located throughout theU.S. monitor the concent
27、ra-tion of the irritants in theair.Most states have one ormore counting stations, typi-cally operated by universi-ties or allergy clinics. Coun-ters, who are certified bythe American Academy ofAllergy, Asthma and Immu-nology, are expected to mea-sure the concentration ofairborne pollen at leastthree
28、 days a week. The lev-els they record are pub-lished online at the acad-emys website.At its peak last year, thepollen map published by thesite received nearly 3,000visits each day.Anyone with one parentwho is allergic to pollen istwice as likely as the generalpopulation to also be aller-gic, Dr. Jac
29、obson said. Any-one with two parents whoare allergic to pollen is fourtimes as likely to share thecondition.The reactions range frommild to severe.“The worst case scenariois their eyes swell shut, orthey have wheezing that hasto be treated acutely,” Dr.Jacobson said. “They have tocome into the clini
30、c, urgentcare or the emergency roomto get special medicine.”Oregons Willamette Val-ley, where Dr. Jacobsonpractices, produces almosttwo-thirds of all cool-seasongrass seed in the U.S., ac-cording to Oregon State Uni-versity, and in peak season,the area is filled with about1,000 grains of grass polle
31、nper cubic meter of air, ac-cording to Dr. Jacobson.“Many patients havesymptoms at 20 pollens percubic meter,” he said. “Weget way over that thresh-old.”To arrive at the measures,the certified counters, whoare volunteers, collect pollenusing air sampling devices,which are set upon rooftopsto ensure
32、unobstructed airflow.One device is the Ro-torod, which has arapidly rotating headequipped with two smallrods coated with siliconegrease to trap pollen over aperiod of 24 hours.A second device, theBurkard sampler, has apump that draws in air andtraps particles on a greasedsurface beneath the intake.A
33、 24-hour sample revealswhat was in the air eachhour. A seven-day sampleshows what was in the aireach hour of an entire week.Estelle Levetin, a certifiedpollen counter and chair ofbiological science at the Uni-versity of Tulsa in Okla-homa, collects data daily us-ing a seven-day sample.“Ive got 32 ye
34、ars of in-formation,” she said. “Youcan name a date and anhour, and I can tell you whatwas in the air in Tulsa.”The air samplers donttrap pollen exclusively.Mold, dust, soil, bits of plantmaterial, parts of insectsand other debris may alsocling to the greased surfacesof the devices.Once the samples
35、are col-lected, theyre examined un-der a microscope, where theparticles can be magnified400 times to make it easierto identify and count thedifferent kinds of pollen.“I look at 24 different pol-len types” using clickers tokeep track of the tallies, Dr.Levetin said. “On a peak dayof spring, Ive count
36、ed asmany as 2,000 pollengrains.”It takes about 1 hours tocount a subsample of eachof seven slidesaltogether,more than 10 hours.The information is usedto extrapolate the concentra-tion of pollen in the air dur-ing the tested hours, and theresearchers hope that pub-lishing their measurementswill help
37、 prepare the publicfor days when the levelsmay be high.“We want patients toknow whats out there,” Dr.Levetin said. “If youre aller-gic, take your medicine, stayinside and limit walking.Take precautions.”Then absorb the more en-joyable sights and sounds ofspring: Blossoms and bird-song.Source:Univers
38、ityofTulsaDylanMoriarty/THEWALLSTREETJOURNALDouble-sidedtapeisusedtoattachaclearplasticfilmthatiscoatedwithgreaseandusedtocapturethepollen.TapePollenPumpRainshieldWindvaneSomethingintheAirTheBurkardairsamplerisusedformonitoringairbornepollenandspores.Insertedinsidethesampler,itmovesbytheintakeorific
39、eat2mmperhour.DrumAirisbroughtinat10litersperminuteontothedrum.Intakeorificedesk of the President and oneon the desk of Arthur Burns. Iwould suggest they might talkto each other. And Chuck said,You dont understand. Nixonwill not speak to Burns, ” Mr.Greenspan recalled in a June2009 interview.Histori
40、ans since have writtenthat President Nixon pressuredMr. Burns to adopt looser mon-etary policy before the 1972election to help Mr. Nixonscampaign. Mr. Greenspan saidhe didnt believe Mr. Burns wasinfluenced by Mr. Nixon.“In fact, its so alien to myview of what Burns would dothat when he said that was
41、 notwhat was happening, I have noquestion that his view ofevents was the accurate one,”he said.In July 2008, Mr. Volckeralso recalled a White Housemeeting, outlined in his recentbook, with President Reaganand then-White House chief ofstaff James Baker, where Mr.Baker pressured him not toraise intere
42、st rates ahead ofthe 1984 election.Mr. Volcker, who led the Fedfrom 1979 to 1987, said he real-ized the president always sup-ported himeven if it didntseem that way at the time.“It is true that he never crit-echoes the current debate overPresident Trumps stated inten-tion to nominate StephenMoore an
43、d Herman Cain to theFeds board of governors.Trump administration officialshave said the picks are in-tended to balance the views ofFed Chairman Jerome Powell,whom Mr. Trump has criticizedfor raising interest rates.Despite his reputation as anadvocate for easier monetarypolicy, Mr. Meyer described go
44、-ing to Mr. Greenspan alongsideMs. Yellen in 1996 to urge thechairman to raise interest ratesto prevent strong economicgrowth from fueling excessiveinflation.“Our visit had very little in-fluence on him,” he recalled.Ms. Yellen, recalling the en-counter in a 2012 interview,said she eventually decide
45、dthat she was wrong to call forhigher interest rates.“It turned out that Green-span was quite right that infla-tion wasnt going to be a prob-lem and I was wrong, lookingback on it,” she said. “He recog-nized that productivity growthhad risen and that was workingto contain cost pressures.”Kate Davids
46、on, HarrietTorry and Sarah Chaneycontributed to this article.Transcripts of more than 50interviews with top FederalReserve officials and staffersoffer an inside view of central-bank operations during thepast 50 years, including inter-nal debates and pressuresfrom the White House.Among the documents
47、re-leased Friday are interviewswith former Fed leaders PaulVolcker, Alan Greenspan andJanet Yellen as part of an oral-history project in advance ofthe central banks centennialin 2013. The officials talkedabout their approaches to thejob and the challenges theyfaced as central-bank bosses.Mr. Greensp
48、an, who led theFed from 1987 to 2006, de-scribed efforts by the Nixonadministration in 1971 to getformer Fed Chairman ArthurBurns to relax his efforts totemper inflation.Mr. Greenspan, who consid-ered Mr. Burns his mentor,said he got a call from CharlesColson, a Nixon adviser, tellinghim the preside
49、nt wanted Mr.Greenspan to urge Mr. Burnsto drop his focus on fightinginflation.“I said, Chuck, I understandthere is a telephone on theBY DAVID HARRISONTranscripts Tell Inside Story of Fed Over 50 YearsJanet Yellen recalls unsuccessfully trying to get Fed Chief Alan Greenspan to raise rates in 1996.CHRISTOPHERALUKABERRY/REUTERSThe company left itsguidance unchangeddespite a strongstart to the year.Former U.S. soldier Chel-sea Manning
