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Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.

A source familiar with the matter told The Washington Post, "You know where this leads. They're working on that process [of changing the name]. It will end with a new name. Dan has been listening to different people over the last number of weeks.”

What they're saying: Team owner Daniel Snyder who has been adamantly against changing the team's name, now says, "This process allows the team to take into account not only the proud tradition and history of the franchise, but also input from our alumni, the organization, sponsors, the National Football League, and the local community it is proud to represent on and off the field."

  • Head coach Ron Rivera: "This issue is of personal importance to me and I look forward to working closely with Dan Snyder to make sure we continue the mission of honoring and supporting Native Americans and our Military."

The state of play per Axios' Kendall Baker: Nike, FedEx and PepsiCo each received letters signed by 87 investors and shareholders worth a combined $620 billion asking the brands to cut ties with the Redskins unless they change their name, AdWeek reports.

  • FedEx, named sponsor of the Redskins' stadium, released a statement that says in full: “We have communicated to the team in Washington our request that they change the team name.“

Go deeper

TikTok CEO Kevin Mayer resigns

Photo: Jesse Grant/Getty Images for Disney

Kevin Mayer resigned Wednesday as CEO of TikTok, the popular video app that's in the spotlight amid U.S.-China tensions, and which has been ordered by President Trump to sell its U.S. operations to a domestic buyer.

Why it matters: Mayer took the job just three months ago after 27 years on-and-off at Disney, where he most recently headed online streaming, including the debut of Disney+, and was long considered a potential successor to former CEO Bob Iger.

The front-runners for Biden's Supreme Court pick

Judge Kentaji Brown Jackson (left) and Justice Leondra Kruger (right) Tom Williams-Pool/Getty Images and Lonnie Tague, US Department of Justice

Two highly accomplished Black female judges — Ketanji Brown Jackson, a judge on the D.C. Circuit Court of Appeals; and Leondra Kruger, a justice on the California Supreme Court — are seen as the early front-runners to replace retiring Supreme Court Justice Stephen Breyer.

The big picture: Jackson is a powerful federal judge with a record that progressives feel they can trust. Kruger was a highly regarded litigator and has carved out a reputation for working well with conservative judges.

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.