Type 'resign' and send

Good morning. Some 40,000 federal employees are said to have hit the “resign” button. Google is ending its formal support for diversity goals. And why eggs over easy may dent your wallet. Listen to the day’s top stories.

The Trump administration’s offer to buy out federal employees is said to have attracted over 40,000 sign-ups, or about 2% of the federal civilian workforce. The number is said to be growing ahead of today’s deadline to apply. It’s simple enough—just type the word “resign” and send from a government e-mail account.

Google will no longer formally seek to improve the diversity of its workforce, the latest step in Silicon Valley’s retreat from DEI initiatives. The company told employees it’s reviewing its programs and will no longer have “aspirational goals” tied to representation. Companies including Amazon and Google owner Alphabet are being targeted by Oklahoma, the first Republican state to try to use its influence as an investor to end DEI in corporate America.

Car trouble. Ford said profit may fall at least $2 billion this year and warned that Donald Trump's tariff plans would cost the company "billions and billions" in profit. Nissan is looking for a new partner—its rescue deal with Honda is close to collapse—preferably in the tech sector and based in the US. Problems are also brewing at smartphone processor maker Qualcomm. It expects the handset market this year will be flat or only increase in the low single digits.

Senate Republicans broke with their House counterparts on pivotal budget legislation after weeks of rising frustration with House Speaker Mike Johnson’s inability to overcome ideological infighting. The Senate plan would delay action on tax cuts but would accelerate efforts to give President Trump more resources to expand his crackdown on undocumented migrants.

US allies expect the Trump administration to unveil its plan to end Russia’s war in Ukraine at the Munich Security Conference next week, people familiar said. Secretary of State Marco Rubio said he won’t attend a G-20 summit in Johannesburg, citing among his reasons South Africa’s efforts to address inequality. The nation, he says, “is doing very bad things.”

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Deep Dive: The Unstoppable Retail Crowd

The volatile start to the year has spooked some professional investors but has done little to dowse retail traders’ enthusiasm for the US market and for high-flying tech stocks in particular.

The Big Take

Pimco's dive into the private-markets gold rush has been much more tentative than rivals. What was once an innovative bond firm with Bill Gross at the helm now faces the real danger of getting left behind.

Opinion

Scott Bessent’s remarks about focusing on the 10-year Treasury yield make sense as it’s the most important rate in the entire global economy, John Authers writes. The problem is nobody controls the yield—it’s set by one of the world’s biggest and most liquid markets.

Before You Go

Paying eggstra. Waffle House is among a growing number of restaurants pushing through an egg surcharge—in this case 50 cents per egg—in response to a supply crunch sparked by bird flu. Quiz question: How many eggs does Waffle House serve up a year? Answer: Probably more than you think. (It’s actually 272 million.)

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.

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