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Despite President Trump's demands, the Fed keeps rates steady and warns of increased economic uncertainty.

Plus, Mickey Mouse heads to the Middle East as Disney plans a new theme park in the capital

of the United Arab Emirates.

Abu Dhabi is in the heart of the Middle East, which is a region where Disney doesn't have nearly as much of a presence as it does

in the rest of the world. It's a region where there's a growing number of middle-class people

and it's a huge tourist destination. And what U.S. spy agencies are up to in Greenland. It's Wednesday,

May 7th. I'm Victoria Craig for the Wall Street Journal, filling in for Alex Osala. This is the PM edition of What's News, the top headlines and business stories that

move the world today. The Federal Reserve has voted unanimously to keep its benchmark interest

rate in the 4.1⁄4 to 4.5% range for the third straight month.

It's the Fed's first rate decision since President Trump imposed a sweeping tariff package

in April, much of which was later reversed. At a press conference following today's decision,

Fed Chair Jerome Powell responded to a question from the Wall Street Journal, saying tariffs presented

continuing uncertainty.

The administration is entering into negotiations with many countries over tariffs. We'll know more

with each week and month that goes by about where tariffs are going to land, and we'll know what the

effects will be when we start to see those things.

So we think we'll be learning. I can't tell you how long it will take.

But for now, it does seem like it's a fairly clear decision for us to wait and see and watch.

For more, I'm joined by the Wall Street Journal's chief economics commentator Greg Ip.

Greg, we talk a lot about the impact of President Trump's tariff policy. How are these new levies affecting the economy and the Fed's reaction to it?

...