Join the Wall Street Journal online October 12th for WSJ Pro Sustainable Business Forum

and take away practical advice on how to build a sustainability strategy that's right for your business.

From now until September 21st, you can save 25% on your ticket by registering at WSJ.com

slash Sustainable Business, no code required. That's WSJ.com slash Sustainable Business.

The conservative activist who challenged affirmative action at colleges is now going after law firms.

And how far will the federal reserve go to hit its 2% inflation target?

So the concern here is that everybody can feel a lot better that inflation has come down a lot

using headline measures but to get it down all the way to the Fed's goal and to get core inflation

down to the Fed's goal could require more difficult painful work.

Plus, in a tough U.S. housing market, American homes are shrinking.

It's Tuesday, August 22nd. I'm Amary for Tolley for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

The conservative activist behind the push to end race conscious affirmative action in college

admissions is now suing two law firms that offer fellowships for diverse candidates.

Edward Bloom's American Alliance for Equal Rights accuses Perkins Kui and Morrison

and Forster of unlawful racial discrimination against white candidates.

Our Higher Education reporter Doug Belkin explains Bloom's history challenging such policies.

Starting around 1990, and Bloom began this crusade to limit the use of race in all sorts of

things. It started out in Jeremandering and it moved on to admissions to colleges. In 2014,

he filed the suit through his organization to prohibit Harvard and University of North Carolina

Chapel Hill to use race as they selected their freshman class. That went to the Supreme Court.

They came down with a judgment in June and they found that race-based affirmative action for

...