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Good morning! President Donald Trump officially accepted a gifted Boeing 747-8 from Qatar. The plane has been controversial over the potential conflict of interest it poses. But what's it like inside? Look at what's set to be the new Air Force One.

In today's big story, talk is swirling that private equity's recruiting cycle is ramping up, and recent grads are on edge.

What's on deck

Markets: A US recession could be a self-fulfilling prophecy.

Tech: Internal memos from one of Microsoft's AI leaders show how he plans to transform the tech giant.

Business: Things are not going great for Target.

But first, may the odds be ever in your favor.

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While most recent college graduates are getting ready for their new jobs, a select group is considering their next one.

Some private-equity firms are setting up informal, introductory meetings with soon-to-be junior investment bankers before their caps even hit the ground. These so-called "coffee chats" are the precursor to interviews for jobs that won't start for another two years. The process kicking off so early has hopeful financiers on edge, BI's Emmalyse Brownstein, Reed Alexander, and Alex Nicoll write.

Welcome to Wall Street's "Hunger Games."

If the above sounds confusing, I don't blame you. PE's recruiting cycle doesn't make much sense. Before you start working at your first job (investment banking analyst), you're already interviewing for your second job (private-equity associate).

Take a minute to read the last sentence again if you need to.

Still, that's how things often work on Wall Street: always thinking two steps ahead.

The summer internship that leads to the junior-banker job offer is often secured well over a year before it starts. And your best shot at getting one of those is your university's finance club, which you need to start thinking about the second you get on campus.

Speaking of college, you'd better plan on getting into a target school if … well, you get the idea.

PE firms might eventually find themselves flying too close to the sun.

The junior-banker-to-PE pipeline has been mutually beneficial.

Banks don't have to worry about competing with PE firms for young talent. PE firms don't have to worry about training associates on the basics of dealmaking.

But the ever-earlier timeline hasn't gone unnoticed, and at least one high-profile banker has called PE firms on it.