Jerome Powell

That was WSJ reporter Neeti Superraman. Thank you so much, Neeti.

To read more about how Harvard ended up leading the college fight against Trump, check out the link we've left for you in the show notes. And be sure to check out our upcoming What's New Sunday episode as we explore what a loss of grant funding means for universities' bottom line.

To read more about how Harvard ended up leading the college fight against Trump, check out the link we've left for you in the show notes. And be sure to check out our upcoming What's New Sunday episode as we explore what a loss of grant funding means for universities' bottom line.

In other news, a federal judge has found that the Trump administration willfully disregarded a court order when it failed to return planes full of migrants on their way to a prison in El Salvador. The judge ordered the government to act quickly to avoid possible prosecution for criminal contempt.

In other news, a federal judge has found that the Trump administration willfully disregarded a court order when it failed to return planes full of migrants on their way to a prison in El Salvador. The judge ordered the government to act quickly to avoid possible prosecution for criminal contempt.

He ordered the government by next week to either show him an attempt to remedy the violation or provide information from administration officials under oath about the decision. Republican Representative Elise Stefanik is considering a run for New York governor in 2026. That's according to people familiar with the matter. President Trump nominated her late last year to be the U.S.

He ordered the government by next week to either show him an attempt to remedy the violation or provide information from administration officials under oath about the decision. Republican Representative Elise Stefanik is considering a run for New York governor in 2026. That's according to people familiar with the matter. President Trump nominated her late last year to be the U.S.

ambassador to the United Nations. But the administration withdrew her nomination last month, citing concerns about the tight margins for Republicans in the House. And the UK Supreme Court ruled today that only those born female can be considered women.

ambassador to the United Nations. But the administration withdrew her nomination last month, citing concerns about the tight margins for Republicans in the House. And the UK Supreme Court ruled today that only those born female can be considered women.

The landmark judgment excludes transgender women from the legal definition and paves the way for stricter limits on female-only spaces and services. Britain's top court said trans people would still be protected from discrimination on the basis of gender reassignment. And a trans woman could claim sex discrimination because she is perceived to be a woman.

The landmark judgment excludes transgender women from the legal definition and paves the way for stricter limits on female-only spaces and services. Britain's top court said trans people would still be protected from discrimination on the basis of gender reassignment. And a trans woman could claim sex discrimination because she is perceived to be a woman.

And that's what's news for this Wednesday afternoon. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

And that's what's news for this Wednesday afternoon. Today's show was produced by Pierre Bien-Aimé with supervising producer Michael Cosmitas. I'm Alex Osola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

We have stressed that it will be very difficult to assess the likely economic effects of higher tariffs until there is greater certainty about the details. such as what will be tariffed, at what level, and for what duration, and the extent of any retaliation from our trading partners.

We have stressed that it will be very difficult to assess the likely economic effects of higher tariffs until there is greater certainty about the details. such as what will be tariffed, at what level, and for what duration, and the extent of any retaliation from our trading partners.

While uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected. And the same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remains uncertain.

While uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected. And the same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remains uncertain.

While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices.

While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices.

Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. We'll continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We're well positioned to wait for greater clarity before considering any adjustments to our policy stance.