From CNN, I'm AfomaDK, with the five things you need to know for Wednesday, May 7th.

The Federal Reserve has held interest rate steady for the third time in a row.

The central bank's latest policy statement noted that the risk of higher unemployment and higher inflation has gone up,

which is screaming stagflation, the combination of significantly slower economic growth and rising inflation has gone up, which is screaming stagflation, the combination of significantly

slower economic growth and rising inflation.

While many economists would agree that current economic conditions aren't full-fledged

stackflation, its clear Fed officials see the risks of that rising.

Minutes before the Federal Reserve announced its decision, President Donald Trump signaled

that the 145% tariff he placed on most imports from China is here to stay for now.

U.S. stocks pulled back slightly after Trump's response and have continued to drop since the

decision was released.

This is the DEA card violation and invitation to expand the conflict and maybe convert it

into something much more wider and much more dangerous for the region.

That's Pakistani Defense Minister Kowaja Muhammad Asif speaking to CNN today.

Last night, Indian airstrikes hit deep inside Pakistan and in Pakistan-administered Kashmir.

A Pakistan military spokesman said at least 31 people were killed and at least 57 injured.

A senior Indian defense source said at least 12 people had been killed by Pakistani shelling

on the Indian

administered side of the de facto border that divides Kashmir. Asif said Pakistan's armed forces

fired missiles and struck down five Indian fighter jets, quote, in a dogfight. India hasn't said

that any of its planes have been shot down. CNN cannot independently verify the claim

and has reached out to the Indian government for a response. The Federal Aviation Administration

...