as they had heard the news from the fed and that is because the us federal reserve has warned that more hikes might be coming later this year. michelle fleury reports from outside the federal reserve in washington, dc. since march 2022, interest rates in america have gone up 5%, that's an enormous amount in a short period of time. on wednesday, policymakers inside here all agreed, given its historic rate hiking campaign, now was the time to take a break and give the economy time to adjust to its actions that have pushed up its cost of borrowing for things like mortgages, business loans and credit cards. the decision left the fed's benchmark rate unchanged, in a range between 5% and 5.25%, but for companies and consumers alike, the pain may not be over, as fed chair jerome powell made clear

during his press conference. with us inflation running still well above the bank's 2% target, it'sjob is not yet done. i think, as anyone can see, not a single person on the committee wrote down a rate cut this year, nor do i think it is at all likely to be appropriate if you think about it. inflation has not really moved down. it has not so far reacted much to our existing rate hikes, and so we're going to have to keep at it. most officials think two more rate hikes are needed this year, starting perhaps as early as next month. wednesday's decision ushers in a new phase in the fed's battle to lower prices follows a path carved out by central banks in countries such as australia and canada, which recently announced rate hikes following a break. michelle fleury there

in washington, dc. the latest decision by america's central bank comes at a time when inflation is slowing but not as quickly as the federal reserve wants it to be. earlier, i spoke to blerina uruci of t.rowe price who gave us her take on the fed's latest move to pause interest rates. i think it's very important for the fed to take a look around and consider monetary policy lags, they tightened monetary policy very fast over the last 15 months. we are at a level with interest rates where businesses and consumers are feeling the pain and are feeling the tightening in monetary policy that we have received and now they have to be more considered about the pace at which they proceed from here. there is a clear sense of urgency and of the fact that more needs to be done to bring inflation down but at the same time doing this at a pace

that the economy and markets can absorb it more gradually, so that they can keep the path to a soft landing still alive. the last time we spoke was last month and there was a banking crisis that was going on. where do we stand? how much of that are they still considering, the fed? i think this remains something that they monitor very closely. we they also have the treasury general account rebuild this summer, which means there will be some liquidity being drained out of the financial system here in the us, but when you look at the data, the tightening in credit conditions has not been that much more significant than it was before the banking crisis, and we're not seeing the events of march play out into the real economy as a big struck and actually this was a pretty special meeting for the fomc where they revised their set of forecasts, so as they told us injune, they have a better view of the economy going forward, their outlook for growth and the labour market is more optimistic than it was in march, and that's why i think they now share this collective view that they need to do more

tightening in monetary policy. we had also been worried for quite some time about a recession in the world's biggest economy. is that still a possibility? i think you have to take that possibility pretty seriously in this business cycle, just because of the pace in which financial conditions have tightened, and how high inflation is. there is a real chance that the fed may need to create much more slack in the labour market in order to bring inflation down, and typically when you create this much slack in the labour market, recessions start to follow, so that remains a real possibility. it's hard right now to have conviction with regards to the exact timing when the economy may really feel the pain from the tightening in monetary policy. still staying with the cost of living, india is seeing its annual wholesale prices for the month of may slide following into negative territory for the second straight month. nikhil inamdar explains. most economies are not surprised by this and it's largely because this is being driven by a global drop in commodity prices,

so things such mineral oils, crude petroleum and natural gas as well as food, they've all gotten cheaper. the quantum of the easing bill, a —3.5%, was more than what both analysts were expecting, but wholesale inflation will continue to fall further and remain in the negative territory for at least a few more months, but they will be watching out for is any upward movement in crude oil prices or severe el nino—like conditions that could impact agriculture because that poses an outside risk to inflation. these numbers will get some relief to the indian central bank which kept its key lending rates steady recently but signalled that rates will not come down for some more time as it looks for further inflation relief particularly on the consumer side. nikhil inamdar in mumbai. meanwhile, canada is moving to freeze its ties with the china—led asia infrastructure investment bank following allegations that it was dominated by the chinese communist party. authorities are investigating the claims brought by the bank's former global communications director, bob pickard, who announced his

resignation on wednesday. the aiib has called the claims baseless and disappointing. regulators from the european union have warned that google may have to sell part of its ad tech business to address concerns. advertising is google�*s parent company alphabet�*s largest moneymaker. it accounted for 79% of total revenue last year but the european commission has accused google of favouring its own ad services. here in asia, football legend lionel messi is due to play in a friendly match between argentina and australia's in china's capital beijing later today. according to state media, messi's presence has driven up prices notjust on match

tickets but also for hotel bookings. i spoke to tom byer earlier and he is a football development advisor and explained why skyhigh prices won't deter fans from attending. i don't think so because they are playing the game in the new beijing workers stadium, which is renovated, and so there is a lot of interest around going to that stadium as well, but again when you have the world cup champions and one of the greatest players of all time, messi, playing, i think people are willing to pay just about anything and that's what it's turning out to be. president xi has an ambitious goalforfootball, he wants to make it a powerhouse. how ambitious is this goal and how is he going about it? i know you played a part in this. in 2015, the central government created a policy that made football mandatory in schools so i worked on what is called the 50,000 school project where i actually personally helped to devise the technical curriculum and the whole concept was to put up a football programme into the schools, and before that, before 2015 they had a similar programme called the chinese school football programme that was run basically as a collaboration between several different

organisations but from 2015, they handed the total responsibility over to the ministry of education, and of course with the pandemic this has changed lots of things, but that's basically the main strategy for implementing a football strategy for development. china has been hundreds of millions of dollars to build its chinese super league. it has not been successful. why do you think that is? well, a couple of things. they spent, they overspent in the early days. all or most of the csl clubs, many of them were owned by real estate moguls, companies, some owned by the government, some privatised, so when the real estate bubble burst, we saw a lot of decrease in funding in some of these football teams, some of them literally went underwater, so there has been a major crisis and then that, coupled with the newest kind of scandal

going on with corruption and cracking down on that, we had this back in 2009 and now we have got a second round this time as well, so football is struggling and hopefully it can rebound in the future. you talk about corruption — how pervasive is it in this sport? first of all you have got, let's talk about you've got the football business aside you had the technical development side in the business side is a multibillion dollar industry, and that depends upon what is happening in the development of —— development of players, so a lot of bureaucracies are involved in the game, low—wage people making big decisions that have huge amounts of responsibility that are able to choose different brands to work in different segments of the game, and i think that's where you run into some of the problems that they have been running on into. finally, if you are a disney fan and have a few thousand

dollars to spend and are looking for a once—in—a—lifetime experience, well, adventures by disney is launching a 2k day private jet around the world tour of its theme parks. that's all we have for you, i am monica miller. sinews bring you stories from across the uk. the moment a light aircraft crashes into the sea at porthcawl. incredibly, moments later, the pilot seems to be on his feet walking away. it was caught on camera by mike synder b, a volunteer with the rnli was out walking his dog. i came back and there was one casualty. that was it, really. sat them down into other guys came alongside, is very lucky, more distressed.—

more distressed. margaret kendrick lives _ more distressed. margaret kendrick lives close - more distressed. margaret kendrick lives close by - more distressed. margaret kendrick lives close by and j kendrick lives close by and realised something was long as she looked out of the window. i got my binoculars because i am nosy and i realised from the shape, it was a downed seaplane. shape, it was a downed seaplane-— shape, it was a downed sealane. ~ , ., , seaplane. the welsh ambulance service says _ seaplane. the welsh ambulance service says one _ seaplane. the welsh ambulance service says one person - seaplane. the welsh ambulance service says one person was - service says one person was taken to hospital for treatment. air taken to hospitalfor treatment. air accident investigators are also looking to what happened. the plane has remained underwaterfor to what happened. the plane has remained underwater for most of the day, quickly covered once the day, quickly covered once the tide came in. on a busy sunny day in porthcawl, the plane crashed while people in the cafe �*s and that is all they are talking about. everyone is relieved the pilot had a lucky escape. iam zoff i am zoff with the catch up. tide, cocaine and surfboards, hayfever surgeries and platypus

chaos. the first, the families of two students killed in nottingham have come together at a huge visual on the uni— campus. they were stabbed to death early on tuesday morning. 65—year—old school caretaker" was also killed. thousands gathered to pay their respects. it's been hard to contend what's happened to the city and our students in the last 36 hours. what should have been one of the biggest celebrations for the student body has turned into one of our darkest days. it's been six years since the green felt our fire that killed 72 people. the public enquiry has finished by the community is still waiting for its final report. some stories now. the latest on philip schofield, itv bosses have told mps they didn't ignore rumours he was having relationship with a younger colleague this morning. they said they didn't see

evidence until recently. now, are you struggling with hayfever? you are not alone. please avoid amd for nonurgent stuff because loads of people came because of hot weather and hayfever. they need to call a special line instead. and police in uruguay said they broken up a drugs ring which smuggled cocaine from south america to europe he had an insert boards. in ten seconds of pure chaos. two platypuses have been caught fighting for territory in australia. apparently it went on board 20 whole minutes which is absolutely crazy. i do hope they have made up now, do you know what i mean? you are all caught up now. see you later!

i'm katherine downes from the bbc sport centre. coming up on this programme... it's official — the england internationaljude belligham signs a six—year deal with real madrid. we hearfrom both the england and australia camps, ahead of the first ashes test. and golf heads to tinseltown for the us open, after a week of dramatic storylines. hello, and thanks forjoining us.

here's your latest sports news. jude bellingham has bid an emotionalfarewell