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The US and Japan close in on an ammunition deal to boost American and Ukrainian stockpiles.

Plus, music companies sue Twitter over alleged copyright violations and could oil demand peak

this decade.

The IEA is saying that's a permanent shift. That we'll be driving to the office less.

We'll be therefore consuming less gasoline. That's what they see peaking very soon. That's

definitely the first thing to fall.

It's Thursday, June 15th. I'm Luke Vargas with the Wall Street Journal and here is the

AM edition of What's News, the top headlines and business stories moving your world today.

Let's begin today with a look at the global economy. Yesterday, the fed

pressed pause on rate hikes, leaving its benchmark lending rate unchanged after 10 consecutive

increases. And yet, there is still a ways to go before US inflation is in line with the fed's

2% target. And so we should expect more tightening later this year.

By contrast, China cut rates this morning as it contends with new and gloomy growth figures,

while New Zealand has officially entered a recession, though maybe that's what its central

bankers wanted. Here now, to make sense of all of that is Wall Street Journal finance editor,

Alex Franco's. Alex, let's first off, just talk about the market reaction to yesterday's fed

decision, not a huge reaction by all indications. How is that rate or lack thereof being interpreted?

...