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The Federal Reserve makes its 10th consecutive rate hike and signals a potential pause.

It's highly uncertain the path going forward, and although the Fed is definitely signaling a pause, I think the message was very clear that they're keeping their options open.

And Russia blames Ukraine for a drone attack on the Kremlin. Ukraine denies responsibility.

The message that this attack sends, whoever might have been behind it, doesn't really matter the message is nothing is off limits anymore in Russia.

Anything and everyone can get hit.

Plus, TikTok is launching a new ad product and giving publishers a 50% cut.

It's Wednesday, May 3rd.

I'm Amary for Toly 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 raised interest rates on other quarter percentage point and signaled that it could now be done hiking rates to bring soaring inflation under control.

Today's increase marks the Fed's 10th consecutive rate hike and brings its benchmark federal funds rate to a range between 5 and 5 and a quarter percent.

That's a 16 year high.

Officials had considered pausing those hikes in March after Silicon Valley Bank and Signature Bank failed.

This week marked the failure of a third bank connected to that crisis.

First Republic, the bulk of which was taken over by JP Morgan Chase.

So how is the Fed balancing the banking turmoil with taming inflation?

Joining me now to explain is Wall Street Journal economics reporter Harriet Torrey.

...