After several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high. Minutes of the meeting showed that officials also debated whether their benchmark rate was exerting enough of a drag on the economy to further slow inflation. Many officials noted that they were uncertain how restrictive the Fed’s rate policies are.

Nvidia overshot Wall Street estimates as its quarterly profit skyrocketed, bolstered by the chipmaking dominance that has made the company an icon of the artificial intelligence boom. Its net income rose more than sevenfold compared with a year earlier, jumping to $14.88 billion in the first quarter from $2.04 billion a year earlier. Revenue more than tripled in the quarter, rising to $26.04 billion from $7.19 billion in the previous year. It also announced a 10-for-1 stock split, a move that it noted will make its shares more accessible to employees and investors. The company, based in Santa Clara, California, carved out an early lead in its technology for AI applications.

Target is reporting a decline in quarterly revenue as still-stubborn inflation cuts into shoppers’ spending. The Minneapolis retailer also delivered a muted profit outlook on Wednesday. But it said it expects it will get back to quarterly sales growth in the current quarter. The fiscal first-quarter report comes as Target is looking for ways to reverse a sales malaise. On Monday, it announced plans to cut prices on thousands of consumer basics this summer, from diapers to milk. Target reported net income of $942 million in the quarter ended May 4. The company’s revenue slipped 3.1% to $24.53 billion, from $25.32 billion. Analysts were expecting $2.06 per share on revenue of $24.51 billion.

Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices. The National Association of Realtors reported Wednesday that existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million from a revised 4.22 million in March. The median price of a previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April.

Smart devices like baby monitors, fitness trackers and internet-connected appliances will soon be eligible for labels certifying that they meet federal cybersecurity standards. Federal officials said Wednesday that the first “Cyber Trust” labels could appear in time for the holiday shopping season.