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What investors expect ahead of the Federal Reserve's decision on interest rates tomorrow.

Plus, why OpenAI declared a code red to focus on chat GPT and what that means for its future.

It feels like just the conversation around AI chatbots has suddenly said, hey, Google, and that's been a real challenge for the company.

And President Trump says Ukraine is losing

and that the country should accept a U.S. peace plan.

It's Tuesday, December 9th.

I'm Alex O'Sulliffe at the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that move the world today.

Today, Federal Reserve officials gathered for their final two-day rate-setting meeting of the year.

They won't announce their decision until tomorrow, but they're expected to cut rates by a quarter point,

though as many as half the policymakers have signaled that they oppose a cut. Officials have been unusually divided over whether a weaker

jobs market or worsening inflation would be harder to fix if the Fed makes the wrong choice now.

Some outside the Fed think that a quarter point rate cut doesn't go far enough, including President

Trump. Another of those people is Kevin Hassett, the director of the White House National Economic

Council, who was widely believed to be Trump's pick to take over as Fed chair next year.

Here's Hassett speaking this morning at the WSJ CEO Council Summit. Journalist Poppy Harlow asked him whether he'd substantially lower interest rates if he became the Fed chair. If the data suggests that we could do it, then like right now I think there's plenty of room to do it. Plenty of room, which plenty is more than 25 points. Correct. Okay. Hassett says he would rely on his own judgment if he were the Fed chair

...