P.M. Edition for June 18. As President Trump weighs whether to strike Iran, Israel says that its control over the skies has enabled it to repel most Iranian strikes against the country. But concerns remain that Iran is stockpiling its weapons. We hear from WSJ correspondent Dov Lieber about what’s behind the slowdown in missile launches, and what this means for the next phase of the conflict. Plus, the Federal Reserve holds interest rates steady, but keeps the door open for cuts later this year. WSJ chief economics correspondent Nick Timiraos tells us about the factors that the Fed considered in its decision. And Journal reporter Chip Cutter joins to discuss why thriving American companies are cutting their workforces. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.