Your Wednesday Evening Briefing

https://www.nytimes.com/2023/03/22/briefing/fed-interest-rates-daily-show-trevor-noah.html

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Good evening. Here’s the latest at the end of Wednesday.

1. The Fed raised rates, stressing its focus on cooling inflation despite recent bank turmoil.

The U.S. central bank raised interest rates by a quarter-point, the ninth increase in a year, in one of its most closely watched decisions in a decade. The move was viewed as an attempt to wrestle down price increases while communicating an awareness of financial threats.

Jerome Powell, the chair of the Federal Reserve, said that officials had “considered” pausing interest rates to avoid further aggravating the banking system, but recent economic data had strongly indicated that further increases were needed.

Powell said that the effect of the tumult at banks could be considered “equivalent” to a rate increase, given the impact it could have on the economy. “It is clear we do need to strengthen supervision and regulation,” he added.

Fed officials forecast that they will lower rates more slowly next year than they had previously anticipated — underlining that the path back to stable inflation could be longer than many had expected. They projected inflation easing to 3.3 percent by the end of the year.

In Washington, President Biden is counting on the Fed to prevent a spiraling financial crisis.

On Wall Street, stocks skidded lower in late trading.

2. The Manhattan grand jury that is expected to indict Donald Trump did not meet today.

The jury, which was impaneled to hear evidence about Trump’s involvement in a hush money payment to a porn star, had been scheduled to meet this afternoon. The cancellation suggests that an indictment is unlikely to arrive before tomorrow, and the grand jury may hear from at least one more witness.

At the center of the potential case against Trump is Michael Cohen, his former fixer. Cohen, who used to say he would take a bullet for the former president, now hopes to help prosecutors put him away.

Trump claims he is ready for his perp walk. But the Manhattan case, while potentially complicated, could pose a significant threat.

In a separate case, a federal appeals court ruled that a lawyer representing Trump in an inquiry into his handling of classified materials had to turn over what are likely to be dozens of documents to prosecutors.

3. During Xi Jinping’s visit to Russia, talk of peace in Ukraine was overshadowed.

Despite Beijing’s pronouncements that the Chinese leader’s three-day visit to Moscow — which concluded today — was an effort to mediate a diplomatic end to the war in Ukraine, Xi appeared far more focused on countering American dominance.

Xi’s summit with President Vladimir Putin of Russia demonstrated his intention to entrench Beijing’s tilt toward Moscow against what he recently called a U.S. effort aimed at the full-fledged “containment” of China. He promised ironclad solidarity with Russia as a political, economic and military partner.

In other news from the war, Ukraine’s president, Volodymyr Zelensky, visited Ukrainian troops near Bakhmut, according to his office. The ravaged eastern city has become a focal point of the war.

4. The Los Angeles school strike highlights the surging cost of living.

Today was the second day of a three-day work stoppage in the nation’s second-largest school district, which has left classrooms for 420,000 students sitting vacant while school service employees picket for higher wages.

The workers’ union said that half of its members — who earn an average of $25,000 a year — worked a second job in 2022. In the Los Angeles region, 81 percent of people earning less than $30,000 a year are considered “rent-burdened,” as costs there continue to rise.

In other labor news, Brandon Johnson, a former teacher in the race to be Chicago’s next mayor, soared in the polls after an endorsement from the Chicago Teachers Union.

5. Uganda passed a strict anti-gay bill with punishments as severe as the death penalty.

The legislation, which is set to be signed into law by the president, calls for a life sentence for anyone engaging in gay sex and a seven-year prison term for those who attempt to have same-sex relations.

It is the culmination of a long-running campaign to target L.G.B.T.Q. people in the conservative East African nation. Secretary of State Antony Blinken urged Uganda’s president — a close Western ally — “to strongly reconsider the implementation of this legislation.”

In other international news, President Emmanuel Macron of France, in his first remarks since pushing through a rise in the retirement age, denounced violent protests. The country’s top unions have organized protests and a national strike for tomorrow.

6. Cheap and clean geothermal energy could help power Japan. Why doesn’t it?

Japan is believed to be sitting atop the third-largest geothermal resources of any country — enough to provide about 10 percent of its electricity. Yet it converts just a tiny fraction. The biggest obstacle is the nation’s surprisingly powerful hot spring owners.

Despite a generous government policy that pays above-market prices for geothermal power, local governments have recently introduced restrictions that would place the onus on developers to prove that a geothermal project wouldn’t affect local hot springs.

7. You don’t need to disinfect so much.

The coronavirus pandemic led to a boom in the cleaning industry: Many public places mandated intensive sanitizing, while households stocked up on germ-killing wipes and sprays. With so much unknown, it may have been a good assessment of risk.

But it’s time to reassess. The extra cleaning does little to limit the spread of Covid and exposes us to chemicals that can be harmful over time. Experts noticed an increase in calls to poison control about cleaning chemicals during the pandemic, and said that just soap and water are sufficient for regular cleaning. Here’s what else they recommended.

In other health news, insurers have unleashed opposition to reforms intended to reduce billions of dollars in Medicare fraud.

8. Without Trevor Noah, “The Daily Show” has turned to a rotating cast. It’s working.

In search of a new host for its premier late-night offering, Comedy Central has conducted a public audition of sorts. Leslie Jones sat behind “The Daily Show” desk for a week, as well as Wanda Sykes, Chelsea Handler, Sarah Silverman and even Al Franken, the former Democratic senator.

None have matched the cool and competent demeanor of Noah or the interrogating style of his predecessor, Jon Stewart, but the variety has brought new excitement to the show. Our critic, Jason Zinoman, suggested that Comedy Central make rotating guest hosts a permanent feature.

In other entertainment news, “Camelot,” the beloved but befuddling Golden Age musical, is in previews on Broadway with a new take by Aaron Sorkin, one of the nation’s great screenwriters.

9. What to do tonight:

Cook: Ramadan begins today. Here are some sweet and savory recipes to break the fast.

Read: A time-travel novel whose thrills go beyond the speculative.

Compete: If your N.C.A.A. brackets are already busted, try our prediction game instead.

Talk: Experts say it’s worth talking to your children about chatbots.

Shop: It’s hard to find the right ballet flat. Here are some tips.

Decorate: There’s a pouf for every living room.

Play: Today’s Spelling Bee, Wordle and Mini Crossword. For more, find all our games here.

10. And finally, strands of hair offer clues about Beethoven’s life and death.

Countless tales have been told about the revered composer in the nearly 200 years since his death: Many believed that he had died from lead poisoning and some even proposed that he was a Black man. But a new study that examined samples of Beethoven’s hair found both of those theories to be untrue.

Instead, the DNA analysis showed that he was more likely infected with hepatitis B, which can lead to liver failure. The diagnosis may explain his terrible digestive problems, which included abdominal pain and prolonged bouts of diarrhea — but the analysis did not shed light on the hearing loss that began in his 20s.

Have a revealing night.

Brent Lewis compiled photos for this briefing.

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