It started with a rusty bike. I was clearing out the garage and I found my old one that I hadn't ridden for years.

So I searched how to fix up a bike on Tik-Tock.

I found loads of videos on there, like how to fix a chain, change the brakes and mend a puncture.

That led me to a video about local bike routes around Manchester. Turns out there's a nice one that goes past work, so I started cycling in.

Now it's only me that's a bit rusty.

It starts on Tik-Tock.

The Federal Reserve holds rates steady, so when will we see those rate cuts?

And trillion dollar asset manager Black Rock makes a bet on infrastructure.

As government deficits are ballooning, there's been a bigger need for private investment in infrastructure and there's also a lot of government tax subsidies for investing in infrastructure right now

Plus US lawmakers grill social media CEOs again over online harms to children.

It's Wednesday January 31st.

I'm Anne Marie Fertoli 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 Federal Reserve held rates steady and signaled that cuts are possible but not imminent.

During a press conference after the Fed's policy meeting, Chair Jerome Powell said that a March cut is, quote, probably not the most likely case.

Our chief economics commentator Greg Ip explains.

Everybody expected that some kind of a shift like this was coming because the Fed had raised rates a lot to

over 5% because the thought inflation was going to stay about 3% for a while.

But the last few months we get strong evidence that inflation is back down to almost 2% its target.

So it's only a matter of time before it would acknowledge that and begin moving rates down from that very high setting.

Powell more or less confirmed that yes they would indeed cut rates, but he also said that they wanted

confidence that inflation is going to stay here and not pop back up and it doesn't expect to have that confidence for a little while, possibly not. not

pop back up and it doesn't expect to have that confidence for a little while, possibly not until May. Now,

...