The CEO of X steps down.

What does that mean for Elon Musk's social media platform?

Plus, NVIDIA becomes the world's first $4 trillion company.

And the Justice Department is investigating United Health Group for Medicare fraud.

United engaged in these tactics in a much more aggressive way than many other major insurers.

And the reality is that some of those other companies have a lot less to lose than United has got.

It's Wednesday, July 9th.

I'm Alex O'Sullough for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

There's an emerging split inside the Federal Reserve's rate-setting committee. At their meeting last month, a majority of Federal Reserve officials expected they would be able to resume interest rate cuts this year, but only two of them voiced support for a rate cut as soon as this month.

That's according to the minutes from last month's meeting, released today with a customary three-week lag.

Officials who believed lower rates would be appropriate later this year thought those moves could be justified by a weaker labor market or more modest and temporary inflation pressures from tariffs.

But the Minutes noted that a meaningful minority of officials thought inflation had not made enough progress towards the Fed's 2% goal to justify lowering rates.

A divide among Fed officials is just one of the factors putting

Fed Chair Jerome Powell in a tight spot. For more, I'm joined now by WSJ White House Economic Policy

reporter Brian Schwartz. Brian, Jerome Powell seems to be in a bit of a bind, right? He has a

divided Fed on one side, pressure from President Trump on the other.

How's he doing with all of this?

Well, it's definitely pressure on the Fed chair.

There's no debating that.

He's got officials in his camp, according to the latest minutes, that basically feel a mix of different things. The reality is that that's going to put a lot of pressure on Powell to determine and lead the Fed board into making a decision

in potentially the coming weeks by the end of the month. He's also dealing with something else,

...