The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year. A major concern expressed by both Fed policymakers and some economists is that higher borrowing costs aren’t having as much of an impact as economics textbooks would suggest. Americans, for example, aren’t spending much more of their incomes on interest than they were a few years ago, despite the Fed’s rate increases. That means higher rates may not be doing much to limit Americans’ spending, or cool inflation.

Melinda French Gates announced Monday that she will step down as co-chair of the Bill & Melinda Gates Foundation. She helped found the foundation more than 20 years ago with her ex-husband Bill Gates. It’s now one of the largest philanthropic foundations in the world. In a post on X, French Gates wrote, “This is not a decision I came to lightly.” Bill Gates thanked French Gates for her “critical” contributions to the foundations in a statement, saying, “I am sorry to see her leave.” French Gates will receive $12.5 billion as part of her agreement with Gates, which she said would commit to future work.

OpenAI has introduced a new artificial intelligence model. It says it works faster than previous versions and can reason across text, audio and video in real time. GPTo, short for “omni,” will power the company’s popular ChatGPT chatbot and will be available to users, including those who use the free version, in the coming weeks. The company announced the development during a short live-streamed update Monday. During a demonstration with Chief Technology Officer Mira Murati and other executives, the AI bot chatted in real time, adding emotion to its voice as requested. It helped with a simple math equation and a more complex coding problem on a computer screen.

U.S. airlines are trying to kill a new rule requiring them to disclose fees more quickly when consumers shop for flights. The airlines asked a federal appeals court to block the rule, which the Transportation Department issued last month. The rule requires better disclosure of fees on baggage and changing or canceling a reservation. The airlines say the new rule will confuse consumers by giving them too much information during the ticket-buying process. The Transportation Department said Monday it will defend the rule to crack down on what it calls “hidden junk fees.”