Good morning. Goldman Sachs is retooling its biggest diversity program to remove references to race.

The Wall Street giant four years ago launched its “One Million Black Women” program, a multibillion-dollar commitment to invest in Black women. In recent weeks, the bank removed mentions of “Black” from the program’s home page, without changing its name.

Goldman, like much of corporate America, has been combing through its diversity, equity and inclusion initiatives to ensure that it doesn’t run into legal troubles, while trying not to entirely abandon its pledges. The bank is treading a fine line. While Goldman has been changing words, the program’s sites still feature photos of Black women and research reports about “Black Womenomics.”

President Trump’s targeting of DEI programs has led many companies, including Goldman’s rival Morgan Stanley, to water down language and open their programs to broader groups of people.

Fed reviewing its secret ratings for the nation’s biggest banks.

The Federal Reserve’s incoming top banking cop is seeking to review the confidential ratings for the health of large banks, after criticizing the fact that two-thirds of the biggest institutions were deemed unsatisfactory last year.

Michelle Bowman, who was nominated by President Trump for vice chair for supervision at the Fed, has been expected to bring a lighter hand to bank regulation if she is approved by the Senate for the job. Bank executives and dealmakers have pointed to the ratings as one key reason there has been a lack of big deals struck among banks.

• Harvard University President Alan Garber fought back against President Trump’s renewed threat to revoke the school’s tax-exempt status, saying in an interview with The Wall Street Journal that the move would be “highly illegal” and “destructive to Harvard.”
   
• A federal judge on Friday permanently blocked an executive order from President Trump targeting the law firm Perkins Coie, declaring it unconstitutional, in the most decisive blow yet against Trump’s campaign to rein in some of the legal world’s most prominent firms.
   
• Trump administration officials are exploring ways of challenging the tax-exempt status of nonprofits, according to people familiar with the matter, in a move that some IRS staffers fear could damage the agency’s apolitical approach.
   
• Weeks into an antitrust trial that threatens the future of Meta Platforms’ social-media empire, the company’s best bet for a court victory might lie with one of its rivals: TikTok.
   
• The Financial Conduct Authority, the U.K.’s financial regulator, is soliciting feedback on how to oversee cryptocurrency trading platforms as it looks to regulate the nascent industry.

U.S. economy shows remarkable resilience in face of trade turmoil.

The world’s most powerful economy is showing remarkable resilience in the face of enormous pressure.

Employers added more jobs than many economists expected last month, and the low unemployment rate held steady. The U.S. economy contracted in the first quarter, but the result was distorted by a rush of imports that offset generally solid demand. The stock market rallied sharply from its April lows.

Yet real turmoil is threatening that strong foundation.

• Trump’s Tariffs Are Lifting Some U.S. Manufacturers
• Trump Downplays Economic Concerns as He Looks to Cut Trade Deals

Beijing weighs fentanyl offer to U.S. to start trade talks.

Beijing is considering ways to address the Trump administration’s concerns over China’s role in the fentanyl trade, according to people familiar with the matter, potentially offering an off-ramp from hostilities to allow for trade talks to start.

Chinese leader Xi Jinping’s security czar, Wang Xiaohong, in recent days has been inquiring about what the Trump team wants China to do when it comes to the chemical ingredients used to make fentanyl, the people said. Chinese companies produce large quantities of the chemicals known as “precursors.” These are sold over the internet, flowing from China to criminal groups in Mexico and elsewhere that produce fentanyl and traffic it into the U.S.

• First Canada, now Australia: the Trump factor has boosted another world leader in an election.
   
• Israel’s security cabinet voted to approve a new ground operation that includes occupying the Gaza Strip while also agreeing to a plan to take control over aid distribution that has been rejected by international humanitarian groups.
   
• Israeli warplanes struck near Syria’s presidential palace in Damascus before dawn Friday. Yemen’s Houthi rebels launched a ballistic missile that struck near Israel’s main airport on Sunday.
   
• President Trump is pressuring Mexico to allow deeper U.S. military involvement in the fight against drug cartels, people familiar with the discussions said, making security a sticking point for neighbors that are also negotiating over trade and immigration.
   
• China’s “aggressive behavior” has made the Indo-Pacific environment more dangerous, the U.S. Army's commander in the Pacific said in an interview with The Wall Street Journal.
   
• Swiss consumer prices fell close to deflationary territory in April, teeing up the possibility that the country’s central bank could turn to negative interest rates in the coming year.
   
• Oil prices slumped after the Organization of the Petroleum Exporting Countries and its allies agreed to a larger output hike for a second straight month despite weak prices and an uncertain demand outlook.

• Prediction markets won bragging rights last year when they correctly called the U.S. presidential election for Donald Trump. Now, they’re taking on a trickier challenge: forecasting the winner of next week’s papal conclave.
   
• Warren Buffett plans to step down as chief executive of Berkshire Hathaway at the end of the year.
   
• Long a New York punchline, Newark Airport is somehow getting even worse.
   
• A prominent businessman in New York’s Chinese community is headed to prison after doing Beijing's dirty work.
   
• Giant whale mascots dressed in astronaut costumes. Confetti of crypto-printed banknotes. VIPs dancing with $500 bottles of Armand de Brignac champagne. The biggest names in crypto and 15,000 of their biggest fans marked a new era of freedom at a madhouse of a conference this past week in Dubai.

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