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A change at the top for Twitter, Elon Musk has named Linda Yaccarino as its CEO.

Despite all the talk around his takeover of building subscription business and other alternate forms of revenue,

this is a demonstration that advertising is still immensely important for Twitter and will be for a long time.

And the Congressional Budget Office warns the US could default in early June.

Plus, despite signaling a pause, could the Fed hike rates again after all?

It's Friday, May 12th. I'm Ann Marie for Toly for the Wall Street Journal.

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

Federal Reserve Governor Michelle Bowman says the Central Bank should be prepared to continue lifting interest rates.

In remarks at a banking conference in Germany, Bowman said she wasn't confident the Central Bank was making enough progress slowing down economic activity and inflation.

The Fed raised its benchmark rate by a quarter percentage point in early May when Fed Chair Jerome Powell suggested officials could pause its rate increases at the Central Bank's June meeting.

Our Chief Economics correspondent Nick Timoros says that Fed Governor Bowman is just one of 18 participants in the Fed meetings.

There are going to be other people who share their views between now and ahead of the Fed's next policy meeting.

And what's notable about Governor Bowman's remarks is that we really haven't heard anybody yet express a relatively strong preference for raising interest rates.

So far, everybody has sort of said, well, we'll see, we'll keep our options open.

And so the question here is how much disagreement is there going to be at the June meeting and really how much disagreement was there at the May meeting and was Governor Bowman's remarks possibly hinting at some of that disagreement.

Three business groups led by the US Chamber of Commerce sued the Securities and Exchange Commission today over its new rules for companies that want to buy back their own stock.

The new rules which take effect in the fourth quarter will require most public companies to provide daily tallies on their share repurchases, a change from the current monthly aggregates.

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