New reports Wednesday indicate Justice Stephen Breyer plans to retire, raising questions about his replacement. President Joe Biden said he will wait for Breyer's formal announcement. Senate Majority Leader Chuck Schumer cited the president's past words, indicating a desire to appoint America's first Black woman to the court. Senate Minority Leader Mitch McConnell said it's too soon to comment.

In our news wrap Wednesday, the secretary general of the United Nations sounded a dire warning about Afghanistan. The Federal Reserve is ready to ratchet up interest rates in a bid to beat back inflation. The city of San Jose, California, has adopted the nation's first law to make gun owners carry liability insurance.

The Federal Reserve is shifting its approach to the economy and monetary policy. It's a major change after holding interest rates at near zero levels. Given the pandemic, it's not without its own risks. But the Fed chairman said the state of the economy required changing course. Lisa Desjardins begins the report, with more from Greg Ip, chief economics commentator for The Wall Street Journal.