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Biden Administration: President Biden and first lady Jill Biden are scheduled to host a reception and dinner for U.S. Combatant Commanders at 6 p.m. ET at the White House.

Economy: The Federal Reserve is expected to announce its 10th straight interest-rate increase in a policy statement due at 2 p.m. ET. Chairman Jerome Powell will host a news conference at 2:30 p.m. Follow our live markets coverage here.

Iran: Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the U.S. Navy said, marking the second time in less than a week that Iran has captured a commercial ship in the region.

Future of Everything Festival: Former first lady Michelle Obama is set to speak at 4:30 p.m. Watch live here.

Democrats said they would seek to use a discharge petition, which allows a majority of House lawmakers to bring a bill directly to the floor without the cooperation of leadership, but the time-consuming process would require the support of at least five Republicans, report Natalie Andrews, Lindsay Wise and David Harrison. The Democrats’ statement doesn’t specify the terms of any proposed debt-ceiling increase, and an aide said Democrats were exploring the discharge petition to keep their legislative options open.

Mr. Biden has signaled that he will push for universal prekindergarten, expanded eldercare benefits and more affordable housing if he earns a second term, report Annie Linskey and Sabrina Siddiqui. The president has also said he would continue to push to increase taxes on high-income individuals, a method of paying for new social programs that he believes will also help close the country’s wealth gap.

The move comes as cities across the country are declaring states of emergency and asking for federal support as the country prepares for a surge of migration expected to accompany the lifting of Title 42 border restrictions next week (▶️Video), report Michelle Hackman and Alicia A Caldwell.

• New York City’s Mayor Faults Joe Biden and Texas Governor on Immigration (Read) (▶️Video)

In other politics news...

• Lawmakers Grapple Over Whether Supreme Court Needs an Ethics Code (Read)

• Judge Rejects Montana Transgender Lawmaker’s Bid to Return to State House (Read)

• Oregon Secretary of State Resigns Over Cannabis Consulting Job (Read)

Officials aren’t sure about their interest-rate path and communicating that uncertainty can be tricky, reports Nick Timiraos. The Fed in 2006 faced a similar dilemma—when to signal more increases were possible and when to signal they were done—and while the situation today isn't directly comparable, the handling of that decision offers some insight. 

• Fed Should Pause Rate Increases After This Week, Former Vice Chair Says (Read) (▶️Video)

• What Another Fed Rate Increase Means if You Want to Buy a House (Read)

In other economic news...

• Job Openings Near Two-Year Low as Layoffs Jump (Read)

• Employees Are Bullish on Pay Raises, Companies Not So Much (Read)

The shift illustrates the pressure Congress exerts on the Pentagon to maintain local jobs and federal funding as the U.S. modernizes its military, reports Daniel Nasaw. The A-10 Warthogs, lauded for their role saving ground troops in tough firefights over 20 years of combat in Iraq and Afghanistan, are ill-suited for the wars of the future, defense officials say.

Lawyers representing Dow Jones urged Irene Khan, the U.N. special rapporteur on freedom of expression and opinion, to “communicate in the strongest terms your rejection” of Russia’s detention of Mr. Gershkovich, reports Jennifer Calfas. The letter noted Ms. Khan’s previous statements demanding his release, as well as her expected participation in a panel today marking World Press Freedom Day at the Journal’s Future of Everything Festival.

• Global Risks to Journalists Increase, Say Press Advocates (Read)

• World Press Freedom Day Is Marked by Rising Threats Against Reporters (Read)

In other world news...

• Gaza Militants Fire Rockets at Israel After Palestinian Hunger Striker Dies (Read)

• Ugandan Lawmakers Amend Anti-LGBT Bill Criticized by U.S. (Read)

Jessica Leeds, 81 years old, testified in support of writer E. Jean Carroll, who has accused the former president of raping her in a department store in the mid-1990s, report Corinne Ramey and James Fanelli. During cross-examination, a lawyer for Mr. Trump questioned why Ms. Leeds didn’t know the precise date of the alleged attack and waited nearly 40 years to come forward, and asked why no one on the plane interceded.

In other legal news...

• Liberal Prosecutors Tussle With State Officials Over Abortion, Drug Crimes (Read)

• Nearly 300 Arrested in ‘Dark Web’ Fentanyl Crackdown (Read)

• Ex-Officer Who Held Back Crowd During George Floyd’s Killing Is Convicted (Read)

• A recent study of the criminal justice system's assumptions of who is Hispanic and who isn't found that Latinos who are perceived to be racially white are much less likely to serve prison time. (Axios)
• Rep. Hillary Scholten (D., Mich.) says that Democrats shouldn’t give the right a monopoly on faith and concede religious voters to the GOP ahead of 2024. (The 19th News)
• India’s significant weaknesses compared with China, and its proximity to it, guarantee that New Delhi won't involve itself in any U.S. confrontation with Beijing that doesn't directly threaten its own security. (Foreign Affairs)

Yesterday, we asked if Republicans and Democrats should press for a deal raising the debt ceiling by June 1, or if they should extend the limit.

It’s a no-brainer. Raise the debt ceiling and then try to negotiate a budget like adults.
–Gail Wurstner, Ohio

We’ve kicked the can down the road before—it’s tough love. Our leaders must lead. It is a complicated issue, but your father never gave you his credit card and told you to “buy everything you want.”  Responsible people deal with their money responsibly—even more when it’s someone else’s money. Washington needs to rein in its massive spending habits.
–C.M. Murff, Virginia

All parties should do their jobs, now. Delaying only kicks the can, as they always do. I think something like last year plus 1% should be the bottom line. Republicans should pick out a few billion-dollar items in the president’s budget that are so egregious that nobody would be comfortable standing up in public to support them, and Democrats should do the same. It'll be a start.
–Bill Martin, Texas

Responses have been condensed and edited.

Will President Biden's decision to send active-duty troops to the southern border likely hurt his re-election campaign in 2024?

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