The New York Times

1. I.R.S. Must Drop Audits of Trump and Family

   As part of the Justice Department’s compensation fund deal, officials vowed not to pursue any matters, including those involving President Trump’s tax returns, that are pending.

2. The IRS Thought it Could Fight Trump’s Lawsuit, but it Struck a Deal Anyway

   Officials wrote a memo outlining ways to challenge President Trump’s suit against the Internal Revenue Service. The administration is instead creating a compensation fund.

3. Iran War Exposes Shortcomings in U.S. Military Industrial Base

   Defense Secretary Pete Hegseth is taking on a problem that the Pentagon and Congress have tried, and mostly failed, to address for years.

4. Bond Yields Hit Highest Level Since 2007 as Inflation Fears Set In

   The 30-year U.S. Treasury yield hasn’t been this high since the lead-up to the global financial crisis. Across Europe and Asia, yields are also elevated.

5. As a Weakened Putin Follows Trump to Beijing, Iran War Offers an Opening

   With the upheaval in the Persian Gulf disrupting oil and gas supplies, Russia is looking to deepen its energy ties to China.