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. —Josh Petri

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

• Consumer watchdog groups say Tesla's Autopilot promotions are deceptive.
• China's payment apps are giving American bankers nightmares.
• Silicon Valley wants to tax tech companies to offset growing inequality and overcrowding. 
• Crooks spoofed the Twitter accounts of two reporters to swindle their followers. 
• In other Twitter news, a judge ruled Trump can't block people on the platform.
• NFL owners approved a new policy aimed at addressing national anthem protests.
• People aren't paying their bills at bankrupt stores.
• The U.S. has dethroned Hong Kong as the world's most competitive economy.

What you'll want to read tonight

How America Will Launch More Rockets, And Do It Faster

Reusable vehicles? Check. Next up is blasting off on short notice. The U.S. government is holding a contest to see who does it best. Keeping its satellite networks working may depend on it. 

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