The biggest watch party in the world is happening right now in Rome.

The lead starts right now.

Black smoke up the chimney of Sistine Chapel as day one of the conclave comes to a close.

The surprising details we're learning about the frontrunners who could be selected to be the next pope as cardinals lock themselves away from the outside world who decide and the major

testing operation happening right now in Milwaukee screening school age kids for possible exposure to lead

will that city be forced to shut down even more schools? CNN's Dr. Sanjay Gupta's life

for us in Wisconsin. But first, the head-turning comment today from the chairman of the Federal

Reserve warning that the economy could get worse and he is blaming Trump's tariffs.

Welcome to the lead. I'm Jake Tapper. A new serious warning today from the U.S. Federal Reserve.

The risks of higher unemployment and higher inflation have, they say, increased from last month. Why?

Well, the growing threat of complications from President Donald Trump's unpredictable trade war.

Fed Chair Jerome Powell explained the stakes.

If the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slow down in economic growth, and an increase in unemployment.

Despite being under immense pressure from President Trump and the White House to cut interest rates,

the Fed today held rates steady. They're taking a wait-and-see approach before making any major policy move. So where does the U.S. stand on talks that could ease some of the tariff impacts?

Well, this afternoon, President Trump was asked about the major trade war currently going on with China.

Are you open to pulling back your tariffs in order to get China to the negotiating table?

No.

All right.

That could make Treasury Secretary Scott Besson's job more interesting this weekend as he travels to Switzerland to meet with Chinese government officials.

Besson saying his sense is that the meeting will be about de-escalation first before they can move forward with talks for a deal.

So what about potential trade talks with other nations? Well, today during testimony before the House Financial Services Committee, Bessent refused

...