The only jobs giving out pay raises right now are in construction, mining, and public administration, the New York Fed finds

Good morning. On Fortune’s radar today:

• Investors are prey to idle speculation, says UBS
• The Fortune Most Powerful Women list for 2026 is here
• Inside Citi’s five-year comeback
• Wage growth in the U.S. is stalling—except for two sectors
• Markets are doing the Fed’s job

This story was originally featured on Fortune.com