1. Gaza

Negotiations to secure a ceasefire tied to the release of hostages held by Hamas are “getting closer” to a deal, US Secretary of State Antony Blinken said Wednesday. Hamas’ latest set of demands includes the release of Israeli hostages in exchange for 700 to 1,000 Palestinian prisoners. Israeli Prime Minister Benjamin Netanyahu slammed the proposal as “ridiculous” and “unrealistic” but said talks would continue. One of the toughest sticking points may be the Hamas demands that after the initial exchange of hostages and prisoners, Israel agrees to a permanent ceasefire and a withdrawal of the Israeli military from Gaza. Israel’s leaders, however, remain firm on carrying out a ground offensive in the southern Gaza city of Rafah, where more than 1 million Palestinians have sought refuge.

2. Campaign cash

Former President Donald Trump’s campaign saw an uptick in donations in February but failed to match the accelerating fundraising pace set by President Joe Biden, new filings show. Trump’s campaign and joint fundraising committee together brought in $20.3 million in February and entered this month with a combined $41.9 million cash on hand, a Trump campaign official told CNN. Those amounts trail far behind the $53 million that Biden and Democrats previously announced raising in February and the massive $155 million in available cash that the president’s team said it had amassed with its affiliated committees. Trump’s leadership PAC also spent more on legal expenses than it took in last month — underscoring the steep financial toll of the numerous legal cases the former president faces.

3. Royal family

Another official photograph involving Catherine, Princess of Wales was digitally manipulated, according to a leading photo agency, sparking a second royal retouching controversy. Getty Images said a photo of Queen Elizabeth with her grandchildren and great-grandchildren, taken by Kate and released by Kensington Palace last year, was “digitally enhanced,” and a CNN analysis found signs of alteration in as many as 19 places. Kate previously apologized for editing an image that she shared on Mother’s Day, but did not explain why she altered her photographs, nor why Kensington Palace didn’t disclose the changes to photo agencies. The newly unearthed inconsistencies put Kate at the center of yet more questions. However, some concerns over her health have eased after Kate was spotted at a farm shop with her husband Prince William over the weekend.

4. Interest rates

Stocks closed at all-time highs Wednesday after the Federal Reserve held its key interest rate steady for the fifth consecutive meeting and suggested it still expects to cut rates three times this year. The Fed’s aggressive rate hikes over the past two years have brought down inflation that has crushed many Americans, but Fed Chair Jerome Powell said he doesn’t believe rates should be trimmed just yet. Central bankers are facing the difficult task of balancing the risk of cutting too soon with the risk of cutting too late — both of which come with consequences. Even though inflation is above the Federal Reserve’s 2% target and officials anticipate it will take until 2026 to get there, the central bank is sticking to its earlier prediction of three rate cuts this year. Wall Street is betting that the first rate cut will come in the summer.

5. Microchips

President Biden announced one of the biggest federal investments in US chip manufacturing on Wednesday — a $8.5 billion grant to tech giant Intel. He made the announcement in the battleground state of Arizona, where his legislative accomplishments in the manufacturing sector have been slow to materialize. The CHIPS Act, which passed Congress with bipartisan support in 2022, intends to rectify what Commerce Secretary Gina Raimondo described as a “national security problem” because of America’s reliance on Asia for the production of most of the leading-edge chips. Once a leader in the industry, the US currently manufactures only about 10% of the global chip supply and none of the most advanced kinds of chips that are needed for artificial intelligence technologies.