Good morning. This newsletter is dedicated to the state of New Jersey, because last night Fairleigh Dickinson became only the second 16-seed ever to beat a No. 1 seed in the men's NCAA tournament, improbably knocking off Purdue. Meanwhile, No. 15 Princeton defeated No. 2 Arizona on Thursday, and Jersey City-based Saint Peter's was last year's Cinderella story. After the first round, there are 0 remaining perfect brackets among the 20+ million in the major online games. Suppose that's what 1 in 9,223,372,036,854,775,808 odds look like in practice. —Jamie Wilde, Matty Merritt, Sam Klebanov, Abby Rubenstein, Neal Freyman | | | |  | Nasdaq | 11,630.51 | | | | | S&P | 3,916.64 | | | | | Dow | 31,861.98 | | | | | 10-Year | 3.430% | | |  | Bitcoin | $27,584.17 | | | | | First Republic | $23.03 | | | | *Stock data as of market close, cryptocurrency data as of 4:00am ET. Here's what these numbers mean. | - Markets: Wall Street's $30 billion infusion into First Republic didn't manage to calm investors' jitters about how banks are holding up. The regional bank's stock tanked again yesterday, dragging most of the market down with it. But Big Tech stocks got a boost from investors looking to park their cash in non-bank companies, pushing Microsoft to its best week in almost eight years.
| | | | Alyssa Nassner Little discs of cardboardy dough smothered with unnervingly sweet pizza sauce via a tiny red stick, sprinkled with what is called "cheese": Lunchables's Extra Cheesy Pizza—as well as its Turkey and Cheese variety—will be on the menu at K-8 cafeterias across the US come fall as part of Kraft Heinz's new deal with the National School Lunch Program (NSLP). NSLP provides free or low-cost lunches to nearly 30 million children. '90s kids may already be salivating, but they should know that Kraft Heinz had to tweak its original recipes to hit some nutritional targets required for school meals—such as lower levels of fat and sodium and increased amounts of protein and whole grains. Child nutrition experts aren't satisfied with the new formulations They argue that the reengineered Lunchables are a red flag that the US's standards for school lunches are simply too low…and that they may be that way in part because schools are too underfunded to raise them. - K-12 cafeteria budgets have been tightened by high food costs, supply chain snags, and labor shortages.
- One the main selling points of Lunchables to the NSLP was that they're refrigerated, not frozen, which costs less to ship and store.
"School nutrition programs need to be reimbursed at a rate that they can scratch-cook delicious, healthy meals and not just provide the students a Lunchable because they don't have equipment or labor," Donna Martin, the director of a school nutrition program, told the Washington Post. Others are concerned that selling a healthier version in schools than in stores could confuse customers into thinking the for-school versions and the grocery originals are equally healthy. But Kellogg's Pop-Tarts, General Mills cereals, and even Domino's pizza already have healthified versions available at school cafeterias. Speaking of marketing…getting in front of Gen Alpha (yeah, that's what comes after Gen Z) is a Super Bowl-level win for Kraft Heinz. Lunchables accounted for 8.6% of the grocery-dominating food company's sales last year, and this could boost sales even higher.—JW | | TOGETHER WITH AURA HEALTH | | After seeing their mother struggle with depression, Forbes "30 Under 30" brothers Steve and Daniel Lee founded Aura to reinvent the $100b mental wellness industry. The all-in-one mental wellness marketplace helps users find peace and has quickly grown to 7m users and 100k+ paying subscribers. They've attracted investments from well-known Silicon Valley investors like Cowboy Ventures and Berkeley SkyDeck, plus executives from the biggest tech giants in the industry. And they're just getting started. For the first time, you can invest in Aura alongside these legendary investors and build the future of mental wellness together. Join over 1,000 people who've already invested in Aura and get 10% bonus shares when you invest today. There are only three days left—this opportunity ends 3/20. | | MIKHAIL METZEL/SPUTNIK/AFP via Getty  Arrest warrant issued for Putin. The International Criminal Court issued a warrant yesterday for Russian President Vladimir Putin for alleged war crimes due to his involvement in the forced relocation of thousands of children from Ukraine to Russia. But you're unlikely to see a Putin perp walk any time soon—the ICC can only arrest and try Putin if Russia hands him over (it won't) or if it can nab him outside the country. Russia has long denied committing war crimes and does not recognize the court's authority.
 Weekend banking crisis update. SVB's parent company filed for Chapter 11 bankruptcy yesterday, buying it time to pay off creditors and making it easier to sell off its assets (but the bank itself, currently in the hands of the FDIC, isn't part of the filing). Meanwhile, President Biden called on Congress to make it easier to punish bank executives if their mismanagement causes a bank to collapse, including allowing regulators to claw back their pay.
 It's time to learn what a raccoon dog is. We still don't definitively know where Covid came from, but team "it was an animal" got new evidence for its side when scientists analyzed genetic material collected from the Wuhan market in the pandemic's early days and found raccoon dog DNA comingled with the virus. Raccoon dogs, an animal known to have been sold at the market, aren't raccoons, and while they're part of the dog family, they're most closely related to foxes. The analysis has not yet been peer-reviewed, and the debate over Covid's origins rages on.
| | Hannah Minn Like the two Christmases you get after your parents divorce, sometimes an institution collapsing can result in an abundance of spoils. Bitcoin prices climbed as high as $27,293 yesterday, wrapping up the cryptocurrency's best week since January 2021. And it has Silicon Valley Bank and friends to thank for it. Why is crypto getting a boost? Crypto diehards claim bitcoin's gains are the result of people losing faith in traditional banking after SVB and Signature imploded (though it's worth noting that Signature was a big player in the crypto world). But there's another possibility: After the second- and third-biggest bank failures in history, economists started second-guessing whether the Fed would stick to the plan to hike interest rates again or change course protect the rest of the very fragile banking industry. That could mean the crypto market, which slid into the dreaded Crypto Winter in the first half of last year because of macroeconomic factors like the Fed's rate hikes, might finally be approaching spring. Looking ahead…the Fed's interest rate decision next week will likely serve as crypto's Groundhog Day. And despite the banking industry hoping Jerome Powell pauses the interest rate hikes, February's inflation numbers showed that the Fed may need to stick to its original plan to keep inflation in check.—MM | | | First-of-its-kind vacation rental REIT: Wander.com just announced the launch of the first Vacation Rental REIT. Earn passive income, diversify your portfolio, and unlock a 14% targeted total return with quarterly dividends—by owning a piece of a portfolio that combines hotel quality with vacation-home comfort. Learn more about Wander REIT. | | Full House/Warner Bros. via Giphy Some wicked news for Massholes: Bay Staters' right to be as insolent at town assemblies as they are behind the wheel was upheld by the Massachusetts Supreme Judicial Court. The state's high court unanimously ruled that towns cannot require residents to act civilly in public meetings. Politeness vs. freedom of assembly The main plaintiff in the case was 71-year-old Louise Barron of Southborough, MA. Barron sued after her brash behavior got her threatened with removal from a town meeting under rules requiring civility. She was uncivil: In a heated argument, Barron accused the town's Select Board of spending taxpayer funds "like drunken sailors" and told one member "to stop being a Hitler." The court opined that local governments should encourage polite discourse but deemed Southborough's public meeting civility rules a violation of citizens' constitutional right to criticize public servants. Mixed opinions: While some critics worry the decision will embolden cantankerous constituents, freedom of speech advocates welcomed it. Bellicose exchanges in town meetings are as much a Massachusetts tradition as sipping on a Dunks medium iced while plowing snow after a mighty nor'easter. Zoom out: Discussions in public meetings have reportedly become more combative nationwide, as passions have run high over Covid policies and other contentious issues.—SK | | Hannah Minn Stat: We know you can't actually measure your money in vibes, but a recent analysis found that a $100,000 salary in New York City feels like just $36,000. And it's not just a feeling—that's really how much buying power your paycheck has there, once you factor in soaring rents, steep taxes, and the sky-high price of buying salsa from the local bodega at 3am, SmartAsset determined. Of the 76 US cities the financial information provider examined, New York was the one where making six figures made you least baller. Quote: "It's a hard job. If I said it was easy, I'd be lying to you—and I don't think that's what we want, right?" George Santos, the New York congressman who seems to have made up his entire personal history, told the Associated Press that despite pressure from members of his own party, he's got no intention of stepping down and might even run for reelection. That's bold, but not as bold as the fact that he kept a straight face when he told the reporter, "I think truth still matters very much." Read: Why med school grads can't get jobs despite a doctor shortage. (Vox) | | - UBS is reportedly considering buying some or all of flailing rival Credit Suisse. Swiss officials are said to be pushing for a deal to resolve uncertainty in the banking sector.
- Disney+ kept 94% of its subscribers despite raising prices by 38%, according to the WSJ.
- Ticketmaster has agreed to lower fees and provide small refunds to fans that bought tickets to see The Cure after the band's frontman publicly expressed frustration over high fees.
- YouTube will allow Donald Trump to post new videos after two years. That means the former prez, who posted on Facebook yesterday for the first time since 2021, will be back on all major social media platforms for the 2024 election.
- Rolls Royce has secured funding to explore building a nuclear reactor on the moon.
| |  Takeout container not included: Watch this video to learn how to make the perfect fried rice at home.
Phoning it in: Check out the winners of a mobile photography contest. Dream job: Someone's got to make the weird noises you hear in sci-fi. Spoiler alert: This website can tell you whether the show you're about to start bingeing ends on a cliffhanger. Get free advice: Register to join our free 35-minute conversation on leadership with Sallie Krawcheck, founder and CEO of Ellevest (and former head of BOA's Global Wealth and Investment Management division), this Tuesday, March 21, at noon EDT. Be 10x faster: GPT-4 (aka the tech that powers ChatGPT) is taking on unstructured data workflows. With Klarity's new demo, you can automate workflows and even chat with your documents. Try it out.* *This is sponsored advertising content. | | Brew crossword: Nothing cures a St. Paddy's hangover more quickly than conquering the Brew's weekly 15x15 crossword puzzle. Play it here. Open House Welcome to Open House, the only newsletter section that needs to color-code each room for organizational purposes. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's house in Palm Springs, California, is a 3,350-square-foot masterpiece that would delight the Pantone color of the year committee. Amenities include: - 3 beds, 3 baths
- All-blue guest suite
- Shag carpet in the den
- Pool (standard color)
How much to never see an eggshell wall again? | |  The tactics of yesteryear won't help you reach and engage your target shopper. Revamp your approach with insights from retail leaders.
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| | | ✢ A Note From Aura Health This is a paid advertisement for Aura Health Regulation CF Offering. Please read the offering circular at invest.aurahealth.io. | | |
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