If the Fed copied our move and instituted a Word of the Day, yesterday’s would have been “uncertainty.” The central bank said it would leave interest rates unchanged, hovering around 4.5%, and that two rate cuts are still on the table at some point this year. But it also said it expects to see slower growth and higher inflation.

On the surface, the Fed’s decision seemed pretty uneventful: The central bank projected two rate cuts for 2025 back in December, and economists didn’t expect one to come yesterday. But Fed Chair Jerome Powell, the king of “we’ll have to wait and see,” doubled down, highlighting the uncertainty brought about by the Trump administration’s attitudes on trade, immigration, fiscal policy, and regulation.

Declining consumer sentiment and the recent slowdown in growth would typically trigger the Fed to cut interest rates, but…inflation is still stubbornly above its 2% target. So:

• The Fed lowered its economic growth outlook, saying US GDP would rise at a 1.7% pace this year. That’s down 0.4 percentage points from its projection in December.
• It also raised inflation projections, expecting it to grow 2.8% this year, up from the 2.5% it predicted at the end of last year. Central bankers still expect inflation to fall in 2026 and 2027, but Powell added that these predictions were still “highly uncertain.”

During President Trump’s first term, tariffs pushed the Fed to cut rates preemptively, but inflation was much lower then. Yesterday, Powell downplayed concerns, noting that inflation caused by tariffs could merely be “transitory.”

More to wait for: The Fed likely wants to understand how proposed government spending cuts impact local economies and where unemployment numbers settle following mass federal government layoffs before it does too much.

The market seemed happy…like the male lead in an outdated romcom who is unable to accept rejection, Wall Street exclusively heard “there’s still a chance.” Markets jumped in response to the continued possibility of two rate cuts this year.—MM

Trump proposes US ownership of Ukraine’s nuclear plants on call with Zelensky. A day after speaking to Russia’s Vladimir Putin, who agreed to a limited 30-day ceasefire but not a broader halt to the war between Russia and Ukraine, President Trump had what he described as “a very good telephone call” with Ukrainian President Volodymyr Zelensky. Zelensky, who had previously agreed to the US’ proposed full 30-day truce, signed on to the plan to halt attacks on energy plants offered by Putin—even though both sides had already accused the other of violating it. During their hourlong call, Trump told Zelensky that American ownership of Ukraine’s power plants would be best for security.

Israel sent ground troops back to Gaza. The new ground offensive put troops back in areas in Gaza that Israel had retreated from during the two-month ceasefire with Hamas that Israel broke earlier this week with a series of airstrikes that killed more than 400 people. The Israeli military called the ground operation “targeted,” saying it was aimed at creating a “partial buffer zone” between northern and southern Gaza. The escalation came as thousands of people in Israeli cities protested the return to war, calling instead for a deal ensuring the return of the remaining hostages being held by Hamas in Gaza.

Trump told both Democrats on the FTC “you’re fired.” In firing the two Democratic commissioners on the Federal Trade Commission, which enforces consumer protection and antitrust laws, President Trump likely set the stage for a legal battle. The two axed commissioners, Alvaro Bedoya and Rebecca Kelly Slaughter, both called their firings “illegal” and vowed to sue. However, Republican FTC Chair Andrew Ferguson said he had no doubt the president acted within his “constitutional authority.” Potentially at issue is a 1935 Supreme Court decision that says the president can’t remove a commissioner without good cause. Some, including Slaughter, have questioned what the firings could mean in the future for the Fed’s Jerome Powell, who is protected by the same court decision but has clashed with Trump.—AR

Cherry Gar…see ya? Ben & Jerry’s said this week that its parent company, Unilever, illegally ousted the ice creamery’s chief executive after he opposed pressure from above to muzzle the company’s core values.

According to the dairymen’s court filing…Unilever removed Ben & Jerry’s CEO Dave Stever without board approval, violating their merger agreement—not for performance reasons, but because of his support for the company’s progressive stances.

Long-standing tension is boiling over. Ben & Jerry’s and Unilever have been quarreling since 2021, when the ice cream company announced it would stop selling pints in the Israeli-occupied West Bank.

• This week’s legal complaint expands on a November lawsuit that accused Unilever of threatening to break up the board and sue members to stop Ben & Jerry’s from voicing support for Palestinian refugees and “a permanent and immediate ceasefire.”
• Unilever has since blocked the ice cream brand from making a social media post for Black History Month and another one that would have voiced support for the release of Mahmoud Khalil, a Palestinian Columbia University student currently detained by ICE, the new filing alleges.
• Ben & Jerry’s also accused Unilever last month of blocking a post about abortion, climate change, and minimum wage because it mentioned President Trump.

Unilever has denied the earlier accusations but has not commented on the more recent ones yet.

Zoom out: Unilever plans to sell Ben & Jerry’s and its other ice cream brands, but no deal has materialized yet. The Ben (Cohen) and Jerry (Greenfield), who co-founded the company, have reportedly expressed interest in buying it back.—ML

Netflix took up the sci-fi series Conquest thinking it could become the next Stranger Things, but instead, it got material for its next disgraced executive doc.

This week, federal prosecutors arrested the zero-episode show’s director, Carl Rinsch, and charged him with misusing $11 million of Netflix’s money. He faces 90 years in prison if found guilty of wire fraud, money laundering, and transacting with illicit funds.

• Prosecutors allege Rinsch plugged cash meant for production into risky stock trades and dogecoin, as well as bougie purchases, including five Rolls Royces and a $390k watch.
• They claim he also illegally used the funds for his divorce proceedings and even a lawsuit against Netflix.

Tale of a gilded (streaming) age

When Netflix contracted Rinsch in 2018 to make a series about artificial humans that he’d also pitched to its competitors, streaming services were scrambling to grow their content catalogs and subscriber counts. So, although his only claim to fame was the flopped film 47 Ronin, Netflix offered Rinsch extraordinary creative and financial freedom.

But Rinsch behaved erratically and missed production milestones, according to the New York Times. And after Netflix sent him extra funds in 2020, he allegedly transferred $10.5 million to his personal account.

Netflix lost…$55 million on the series, which it eventually abandoned in 2021.—SK

You no longer have to be a freakish college athlete to score an NIL (name, image, and likeness) deal. Just ask Amir Khan of McNeese State, who this week became the first student manager to score an NIL contract. Actually, he scored three: He’ll be a pitchman for Buffalo Wild Wings, TickPick, and Insomnia Cookies.

Khan is no ordinary manager. Along with his standard duties of rebounding during warmups and wiping sweat off the floor, he is a rap legend. Last month, Khan (nicknamed “Aura”) went viral after a video showed him rapping “In and Out” by Lud Foe alongside the team’s players while leading them out of the tunnel, a boombox strapped over his shoulder. You can catch Aura and No. 12 McNeese State take on No. 5 Clemson in the first round today at 3:15pm ET.—NF