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US stocks tumble as the Federal Reserve stays the course on rate hikes.

There is still a lot of uncertainty going forward and the Fed is going to be looking at both the

incoming data and also the effects of credit tightening on businesses and consumers.

And a hush money investigation involving former President Donald Trump

near its end. We don't know precisely what crime they're considering, but those that legal

experts have told us could be under consideration include violations of state election law,

essentially that he perhaps was in a conspiracy with someone else to influence an election,

or a violation of federal campaign finance law.

It's Wednesday, March 22nd. I'm Anne Marie for Tolly 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.

It's Fed Day and it's a big one. The central bank decided to raise interest rates by a quarter

percentage point, continuing its fastest hiking cycle in decades. Fed Chair Jerome Powell said

officials did consider a pause, but ultimately decided to move ahead with another rate hike.

Economic indicators have generally come in stronger than expected, demonstrating greater momentum

in economic activity and inflation. We believe, however, that events in the banking system over

the past two weeks are likely to result in tighter credit conditions for households and businesses,

which would in turn affect economic outcomes. It is too soon to determine the extent of these

effects and therefore too soon to tell how monetary policy should respond. As a result, we no longer

...