If it's Wednesday, the head of the Federal Reserve defined pressure for President Trump holds interest rates steady but warns that economic uncertainty is growing as the U.S. and China prepare to talk tariffs face-to-face for the first time.

Plus, black smoke rises from the Vatican, which means the papal conclave is set to head into a second day of voting

with no Pope elected after an historic day of ceremony and selection drama, with the world's

most secretive and unpredictable election now underway. And Pakistan vows to retaliate against India,

calling deadly strikes on multiple targets in Pakistan a, quote, act of war. As top White House officials

respond, urging the two nuclear powers to de-escalate tensions before it's too late.

Welcome to meet the press now. I'm Kristen Welker in Washington. We begin with new warnings from the Federal Reserve about the future of the Trump economy as the president doubles down on

his trade war with China. This afternoon, the central bank announced it was leaving interest

rates unchanged, bucking the president's demands to lower rates,

while bluntly warning that uncertainty about the economic outlook has increased further, in part, saying due to the president's tariffs.

It comes as the president's team confirmed its first high-level meeting with China, which is our nation's top supplier of goods.

As Treasury Secretary Scott Besson and U.S. trade rep, Jameson Greer, traveled to Switzerland this weekend to meet with their Chinese counterparts.

It also comes as the president's ambassador to China.

David Perdue was officially sworn in from the Oval Office.

The president took questions from reporters and had some short but terse words for Beijing.

China says in order to have substantive negotiations, you have to bring down your 145% tariffs.

Are you open to pulling back your tariffs in order to get China to the negotiating table?

No.

China said the U.S. initiated the trade talks this weekend and that its position hasn't changed.

Are you still confident you can reach a deal with China?

They said we initiated it?

Well, I think they ought to go back and study their files.

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