From CNN, I'm Afoma D-K, with the five things you need to know for Wednesday, May 7.

If the large increases in tariffs that have been announced or sustained, they're likely to generate a rise in inflation, a slow down in economic growth, and an increase in unemployment.

Federal Reserve Chairman Jerome Powell says the U.S. economy is healthy, but that tariffs

will materially affect its trajectory.

The central bank kept interest rates the same for a third time in a row, as it waits to

see what data will show about how the U.S. economy is responding to President Donald

Trump's policy changes.

Powell says Trump's tariffs won't change the Fed's mission to keep unemployment and inflation low,

but could complicate it.

We are going to need to see how this evolves.

There are cases in which it would be appropriate for us to cut rates this year.

There are cases in which it wouldn't, and we just don't know.

Powell also reiterated the growing threat of stackflation, the combination of significantly

slower economic growth and rising inflation, but said America's job market remains solid.

The Fed's decision matched expectations on Wall Street, with all three major U.S. indexes ending the day higher.

Black smoke has billowed from the chimney of the Sistine Chapel, signifying all three major U.S. indexes ending the day higher.

Black smoke has billowed from the chimney of the Sistine Chapel, signifying that the 133

cardinals have failed to elect a new pope on the first day of the conclave.

They'll now return to the Santa Martyr residents inside the Vatican, where they'll remain sequestered

as part of the highly secretive voting

process.

They'll vote again tomorrow and for the next three days.

...