Your Evening Briefing

(Bloomberg) --

There's a feedback loop taking hold: The emerging-market selloff is intensifying, bolstering the greenback and sending Treasury yields higher because central banks in developing nations need cash to prop up their currencies.

Here are today's top stories

Turkey is entering a full-blown currency crisis. The lira suffered its biggest loss in almost a decade Wednesday, sinking as much as 5.2 percent. U.S. President Donald Trump is backing away from a trade agreement with China, under pressure from administration hawks who have assailed it as capitulation.

Yes, Russia sought to help elect Trump when it interfered with the 2016 U.S. presidential election, Secretary of State Mike Pompeo acknowledged on Wednesday.

The Fed will probably raise rates in June, according to minutes from the FOMC meeting this month. The central bank is in no rush to tighten more aggressively. 

Given how wide the opportunity gap is between the country's dynamic urban areas and its struggling small towns, why are Americans there so reluctant to move

In this era of hyper-wealth and hyper-inequality, just how much does it take to be rich? The hush-hush world of private banking provides the answer.

What's Joe Weisenthal thinking? The Bloomberg news director is pondering why wage growth has been so mediocre despite historically low unemployment. Maybe it's due to globalization. Perhaps the answer is in demographics, as well-paid boomers drop out of the workforce to be replaced with millennials lower on the pay scale. Another line of inquiry suggests the concentration of corporate power has reduced labor-bargaining leverage. On that note, maybe it's due to the decline of unions. Suffice to say, nobody's stumbled on the definitive answer yet.

What you'll need to know tomorrow

What you'll want to read tonight

The U.S. government is holding a contest to see who can launch more rockets on short notice. Keeping its satellite networks working may depend on it. 

Your Evening Briefing

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