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The Federal Reserve slows the pace of rate hikes as data shows consumers pulling back on spending.

One of the things about rate increases is that economists like to say they work with long and variable lags.

So for instance, has the housing market felt the full effect of the cumulative rise in interest rates over the past year or is there going to be more pain ahead?

We're just not entirely sure.

And meta revenues fall for a third consecutive quarter.

Plus, the Wall Street Journal's as we work podcast takes on the challenges your new boss may be facing.

It's Wednesday, February 1st.

I'm Ann 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.

The Federal Reserve has approved a quarter percentage point interest rate hike and signaled there are additional rate hikes still to come.

Today's latest increase comes after six previous rate hikes going back to March of 2022.

During a press conference, Fed Chair Jerome Powell underscored the success so far in tamping down inflation.

We can now say, I think, for the first time that the disinflationary process has started.

We can see that and we see it really in goods prices so far.

But he added that there's still more work to be done.

...