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Here's your midday brief for Monday, July 21st. I'm Alex Ocelo for the Wall Street Journal.

The U.S. economy is set to slow, according to the leading economic index by the conference board

published today. The index declined 0.3% to 98.8 in June, a stronger fall than economist expected.

A spokesperson for the conference board said that, while no recession has

yet been forecast, the impact of tariffs will become more pronounced in the second half of the year

through higher prices. China's foreign ministry said today that China blocked Wells Fargo banker

Chen Yu Mao from leaving the country because she is required to assist in a criminal probe.

This marks Beijing's first confirmation of the exit ban.

A Chinese foreign ministry spokesman didn't give details of the case or elaborate on the nature of Mao's involvement.

Subway has named former Berger King executive Jonathan Fitzpatrick as its next chief executive,

with a mandate to improve U.S. sales and help expand globally.

He's Subway's first new CEO since private equity firm Rourke Capital bought the sandwich chain for around $9.6 billion last year. Verizon Communications has raised its earnings forecast for the year,

but lost lucrative postpaid phone customers for the second

consecutive quarter. The company, which is the largest U.S. telecommunications provider by

subscriber base, saw its revenue and profit both beat analyst expectations for the latest quarter.

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