Good evening. Here's the latest at the end of Wednesday.
The Fed sees higher inflation and lower growthJerome Powell, the chair of the Federal Reserve, this afternoon offered an assessment of the U.S. economy that probably sounded familiar to many Americans who have struggled to make sense of President Trump's whipsawing approach to tariffs. "In the current situation," Powell said, "uncertainty is remarkably high." His comments came as the Fed announced its decision to leave interest rates unchanged for a second straight meeting. Powell and other Fed officials emphasized that many economic indicators, including the labor market, remained strong. They stuck to their previous forecast for two more rate cuts this year even as they projected higher inflation and slower growth. Our colleague Colby Smith, who covers the Fed, told us that "the meeting was a pivotal one in terms of the Fed's willingness to acknowledge how significantly Trump's economic agenda could impact how it will be able to adjust interest rates going forward." Powell, who had so far steered mostly clear of commenting on Trump's policies, said that "progress may be delayed" in bringing down inflation because of the president's tariffs, which he said "tend to bring growth down" and "inflation up." Many analysts have blamed the uncertainty surrounding tariffs for the stock market's recent slump (though the S&P 500 rose 1.1 percent today). However, as our colleague Alan Rappeport wrote, the uncertainty may be the point: The president's unpredictable approach gives him leverage when negotiating with foreign leaders. In related news, Trump's decision last night to fire the Democrats on the F.T.C. renewed fears that he might try to target the Fed's independence. The central bank's current stance seems destined to stoke Trump's anger.
Zelensky agreed to a limited cease-firePresident Volodymyr Zelensky of Ukraine agreed during a call with Trump to pause attacks on Russian energy infrastructure for 30 days as part of a limited cease-fire deal also backed by Russia. It is not clear when the pause will take effect. With both sides on board, Secretary of State Marco Rubio and Michael Waltz, Trump's national security adviser, said that teams would meet in Saudi Arabia in the coming days to discuss broadening the cease-fire to cover activity in the Black Sea. During the call, Trump also floated the idea of the United States taking control of Ukrainian power plants — an idea that Ukrainian energy experts said was probably unworkable. For more: Trump's call yesterday with Vladimir Putin made clear that he had not retreated from his maximalist aims, our colleague Paul Sonne writes.
White House plans to suspend $175 million bound for PennThe Trump administration said today that it would suspend about $175 million in federal funding to the University of Pennsylvania because of its approach to transgender athletes. A person familiar with the decision cited the university's past embrace of Lia Thomas, a transgender woman, as a member of its women's swim team. Penn, Trump's alma mater, said that it had been, and remained, "in full compliance with the regulations." It was the second Ivy League university in two weeks to be explicitly targeted by the administration. Earlier this month, the White House paused about $400 million in funding for Columbia University, which imperiled the school's medical research.
Israel seized part of a Gaza corridorIsraeli ground forces advanced deeper into Gaza today, seizing part of a corridor that bisects the enclave. The operation follows a major Israeli bombardment that ended the fragile cease-fire and, according to Gaza's health ministry, killed more than 400 people. In Jerusalem, thousands of Israeli protesters called for a renewed cease-fire. More top news
A star of stage, unseenYou may not know Sonia Friedman's name, but if you've seen a major show in New York or London, you probably know her work. Seven of her shows ran simultaneously on the West End last year. She produced five of the past six Tony best play winners and worked on adaptations of "Harry Potter" and "Stranger Things." What drives this restlessness? "It could all end tomorrow," she told our theater reporter Michael Paulson. One of her concerns is the cost of theater: She and the actor Hugh Jackman just started a company to stage bare-bones productions at affordable ticket prices.
Nothing is foreverIt could soon be lights out for a 2000s teen favorite. The fast fashion retailer Forever 21, which at its peak earned billions in annual sales, filed for bankruptcy this week. The stores may not have had the curated cool of Topshop or the relative sophistication of Zara, but their appeal was impossible to replicate: the rush of sifting through stacks of dross to find something close to the exact right thing.
Dinner table topics
Cook: After a busy day, unwind with a sizzled bratwurst and mashed potatoes. Watch: "Ludwig" is a delightful British detective series about a mystery-solving puzzle setter. Read: "On Breathing" considers the meaning of the air we share. Move: To fight chronic inflammation, try consistent exercise. Design: These are our favorite sectional sofas, at several different price points. Nurture: Tech for babies is booming. Here's what one parent found most helpful. Plan: Take our quiz to see what kind of traveler you are. Play: Here are today's Spelling Bee, Wordle and Mini Crossword. Find all of our games here.
These snacks aren't supposed to delightFrom the very beginning of the hit thriller "Severance," which wraps its second season this week, something was off about the food. A new employee was welcomed at the office with a platter of out-of-season cantaloupe and honeydew, severed into jagged halves. It only got weirder. When an employee was terminated, his colleagues shared a creepy watermelon carved in the shape of his head. There was, of course, a deeper subtext. On a show about dehumanized office workers, the unnerving food is a symbol of the pleasure that they can't have. Have a thought-provoking evening. Thanks for reading. We'll be back tomorrow. — Matthew and Desiree Philip Pacheco was our photo editor today. We welcome your feedback. Write to us at evening@nytimes.com.
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