The Fed stays steady – for now

The Federal Reserve isn't cutting interest rates – yet. The United States falls on the list of happiest countries in the world. And a federal appeals court will decide the future of a closely watched Texas border law.

👋 Happy Wednesday! Julius and Spencer here with today's news.

But first: A new way to fight climate change? ☁ Scientists ponder fighting the crisis by making clouds brighter and thicker.

What did the Fed have to say about rate cuts and the economy?

The Federal Reserve left its key interest rate unchanged again Wednesday and stuck to its forecast of three rate cuts this year despite signs that inflation may stay elevated longer. See all the updates from this month's meeting.

What is the current Fed rate? The Fed’s benchmark short-term rate was left at 5.25% to 5.5%, a 23-year high. That means Americans will keep paying steep borrowing costs for now. But Fed officials maintained their projection that they’ll lower the federal funds rate to a range of 4.5% to 4.75% by year’s end.

What is the prediction for the economy in 2024? The Fed said it expects the economy to grow 2.1% in 2024, well above its prior 1.4% estimate. For comparison, the economy grew a sturdy 3.1% in 2023, as measured from the fourth quarter of 2022 to the fourth quarter of 2023.

What about the job market? The 3.9% unemployment rate is projected to end 2024 at 4%, a bit lower than the December forecast, the Fed’s median estimate shows.

Where is the happiest place on Earth? (Hint: It's not the US)

The 2024 World Happiness Report, a list of the happiest countries in the world, was released Wednesday. At the top of the list are Nordic countries Finland, Denmark, Iceland and Sweden. But for the first time since the report was first released 12 years ago, the United States isn't ranked in the top 20. It sits at No. 23. And among young people – folks younger than 30 – the U.S. fared even worse, ranking 63rd. Here's what else the report showed.

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Fate of Texas border law now in the hands of an appeals court

A federal appeals court heard arguments Wednesday on a controversial Texas immigration law that would authorize state and local police to arrest and deport migrants. The hearing, to determine whether the law can be enforced pending the latest appeal, came hours after the same court issued a hold late Tuesday on SB 4, which would make crossing into Texas from a foreign country anywhere other than a legal port of entry a misdemeanor on the first offense and a felony after that. That ruling had come hours after the U.S. Supreme Court paved the way for the law to take effect Tuesday. Read more about Wednesday's hearing.

Watch the women's NCAA tourney like a pro 🏀

More people are getting a double dose of March Madness this year. Women’s college basketball has surged in popularity, helped along by stars like Iowa’s Caitlin Clark – whose name recognition far outpaces the biggest names in the men’s game this season. So as the women’s NCAA tournament officially gets underway with the First Four games tonight, we’ve got your guide for how to watch like a pro.

• Need help filling out your women’s bracket? See who our experts are picking.
• The women’s tournament blew up in 2021 over inequality. It was a blessing in disguise.

A break from the news

• 📦 Amazon Big Spring sale: Kick off the new season with these home, kitchen, tech and outdoor deals.
• 🌡 How to defrost meat, seafood quickly and safely with this hack.
• 🎟 Going on a theme park vacation? How to get the best deal on Orlando park tickets this summer.

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