Good morning, CFOs. UPS’s CFO says cutting more than half of its Amazon deliveries is good in the long run; the Fed leaves rates steady; Ford increases prices for certain vehicles; and most accounting master’s programs report an increase in applications.

The world was a different place when United Parcel Service said it would vastly reduce its work for Amazon.com. Since the company announced the breakup with its largest customer in January, tariff-fueled trade wars have fanned economic uncertainty and crashed consumer sentiment, and UPS last week said it is cutting 20,000 jobs.

But the delivery giant’s finance chief still says the company made the right decision.

“The world changed tremendously,” Brian Dykes said. “But the actions we’re taking with Amazon, they are all about giving us more control over our financial outcome.”

Dykes said the decision to cut more than half of its delivery business with Amazon by June 2026 was years in the making. A main motivation was finding a way to deliver packages that is more profitable. The answer: Cutting back on lighter deliveries that travel short distances.

📆 Earnings

• Anheuser-Busch InBev
• Molson Coors Beverage
• Monster Beverage
• News Corp
• Warner Bros. Discovery

📈 Economic Indicators

• The Bank of England announces its monetary policy decision.
• The Federal Reserve Bank of New York releases its Survey of Consumer Expectations for April.

The Federal Reserve warned that the economy faced growing risks of higher unemployment and higher inflation due to tariff increases when officials agreed to hold interest rates steady on Wednesday.

Tariffs represent a shock that can decrease an economy’s ability to supply goods or services while sending up prices. The unpredictable rollout of increased duties on imported goods threatens to sap profits and chill new investment until businesses have more clarity on their underlying cost structure.

• Why the Fed Isn’t Ready to Join Other Central Banks in Cutting Rates

• ​​Ford Motor raised prices for three of its popular vehicles, a move that comes as automakers scramble to adjust to President Trump’s tariffs on automobiles and car parts.
• Uber Technologies swung to a first-quarter profit as riders ordered more trips on the digital taxi service, but the company's results missed Wall Street revenue estimates.

📰 Other headlines

• Outback Steakhouse, Applebee’s Expect Choppy Trends to Smooth Out
• FAA to Accelerate Air-Traffic Fixes for Newark Airport
• Investors Begin to Bid Farewell to Buffett, America’s Irreplaceable ‘Finance Dad’
• U.S. to Overhaul Curbs on AI Chip Exports After Industry Backlash
• Stocks End Higher After Federal Reserve Holds Rates Steady
• Applovin Posts Higher Profit, Revenue as Advertising Business Continues to Scale
• Whistleblowers Who Defied Credit Suisse Are About to Share Up to $150 Million

Jones Lang LaSalle, the Chicago-based property-management firm, named Kelly Howe as chief financial officer, succeeding Karen Brennan, who will become chief executive of its leasing-advisory unit. The appointments are effective July 1. Howe currently serves as CFO of the Chicago firm's leasing-advisory business, and previously filled the same role at Boston Consulting Group's North American operations. Brennan will take the place of leasing-advisory CEO Andy Poppink, who will take the same position at the Europe, Middle East and Africa and Asia Pacific branch, based in Europe.

                                     —Rob Curran contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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