News Wrap: U.S. eases sanctions on Venezuela's state-owned oil company

Amna Nawaz:

In the day's other headlines: The U.S. Federal Reserve expects to cut rates once this year after leaving rates unchanged for a second straight time today.

In its statement, the Fed cited uncertainty brought on by the war with Iran.

Jerome Powell, Federal Reserve Chairman:

The U.S. economy is doing pretty well. It's just we don't know what the effects of this will be, and really no one does.

Amna Nawaz:

Speaking to reporters, Fed Chair Jerome Powell stressed that it's hard to know the long-term impact of the conflict on the economy, though, in the near term, inflation is likely to remain elevated. Today's meeting is expected to be his second to last as Fed chair.

Powell also said he has -- quote -- "no intention of leaving" until a Justice Department probe related to the renovation of the Fed's headquarters is over.

The Treasury Department is easing sanctions on Venezuela's state-owned oil company, trying to tame the rise in oil prices brought on by the Iran war. The move authorizes the entity, known as PDVSA, to sell Venezuelan oil to U.S. companies and on global markets. But there are limitations. For one, Venezuela can't sell oil to Russia, Iran, North Korea and some Chinese entities.

And according to the Associated Press, the U.S. will control the cash flow from the transactions by a special account. This comes as Americans are now paying, on average, $3.84 for a gallon of regular. That's the highest since 2023.

Pakistan and Afghanistan announced a temporary pause in cross-border fighting today ahead of the Muslim holiday of Eid al-Fitr, which marks the end of Ramadan. A Pakistani official says the halt is set to last through Monday.

It comes as Afghan authorities held a mass funeral for victims of a Pakistani airstrike that reportedly hit a drug rehabilitation hospital in Kabul earlier this week. At the facilities gates today, family and friends were still searching for their missing relatives. Afghan officials say at least 408 people were killed in the strike, with more than 260 wounded. Pakistan has disputed those numbers and says it had targeted military facilities in the area.

Back in this country, Illinois Lieutenant Governor Juliana Stratton looks to have a clear path to the U.S. Senate in the deep blue state after winning last night's Democratic primary.

(Cheering)

Amna Nawaz:

Speaking to supporters, Stratton pledged to push for higher wages and abolish ICE, adding that she plans to -- quote -- "bring this fight straight to Donald Trump's door."

She beat out a crowded field with the support of Governor J.B. Pritzker, who's considered a possible 2028 presidential contender. If elected in November, Stratton will become only the sixth Black woman to ever serve in the U.S. Senate.

Much of the Southwest is baking from record-breaking heat, even though winter officially ends in a few days. In all, nearly 40 million Americans from the Bay Area to Phoenix were under heat alerts and potentially dangerous extreme heat warnings today. The summerlike heat will build through the end of the week, pushing temperatures up to and above 100 degrees in places like Palm Springs, Phoenix and Las Vegas.

That's nearly 30 degrees above normal for this time of year. The warmer weather is allowing beachgoers in the Bay Area to enjoy some time in the sun a bit earlier than usual.

Charles Link, San Francisco Resident:

It is a surprise. It's not the norm, but it's a pleasant surprise.

Justyce Roliz, San Francisco Resident:

It feels like summer already in March. Like, that's crazy, but I love it. We go to the beach every day, and this is perfect weather.

Amna Nawaz:

This is all in stark contrast to the Midwest and the Eastern half of the country, which are still digging out after powerful storms that led to thousands of flight cancellations this week.

The WNBA says it's reached a preliminary deal with its players union that could see top stars earning more than a million dollars a year. The exact terms are still being finalized, but the head of the Players Association says the agreement would tie salaries to league revenues for the first time.

It would also quadruple the average player's salary to around half-a-million, and it would improve on family planning and parental leave benefits. The deal is expected to reflect the WNBA's surge in popularity and revenue in recent years, though it still needs to be ratified by both the players and the league.

And Venezuela is now the reigning champion of the World Baseball Classic after a nail-biter of a game in Miami. They beat the U.S. team 3-2 thanks to an RBI double from Eugenio Suarez in the ninth inning, with pitcher Daniel Palencia closing out the win with a strikeout.

That kicked off mass celebrations on the field and back home. Thousands of Venezuelans danced in the streets, with the revelry lasting for hours. Baseball is a passion there. And the nation's first ever victory in the tournament is a particular source of pride, with acting President Delcy Rodriguez declaring the occasion a national day of joy.

And on Wall Street today, stocks tumbled on worries about rising oil prices and fewer rate cuts by the Fed. The Dow Jones industrial average lost more than 750 points on the day. The Nasdaq fell more than 300 points, or almost 1.5 percent. The S&P 500 posted its first loss of the week.

Still to come on the "News Hour": Cuba faces threats from widespread power outages and from President Trump; an investigation uncovers abuse allegations against the late labor rights icon Cesar Chavez; and Judy Woodruff reports from Gettysburg on deep divisions as the country gets ready to note a major anniversary.