The trend reported across the country. And a super sized Interest Rate hike. The increase from the fed and what it means for your money. Good wednesday, everyone, the news at 5 30 starts right now. Thanks so much for joining us, im janelle wang. And im raj mathai. We begin with a story that touches nearly everyone here. Nearly all of us. Inflation and the fight to bring prices down. But beware, that fight now includes another Interest Rate hike, and that could make a lot of things even more expensive. The Federal Reserve raised the Interest Rates by three quarters of a point, the same rate as last month. The goal is to slow down spending, cool the economy, and curb inflation, which has been climbing to near record levels. But even if these rate hikes manage to slow the pace of inflation, they can also make certain things more expensive like the interest we pay on our credit card debt. When you take an environment where you have rising inflation where everyday goods are costing more and more, Interest Rates are increasing, so more payments are going towards interest and not paying down principle, its a perfect storm for people who carry a credit card balance. Thats a big issue. Lets bring in scott budman. Credit card rates, so i carry a balance on my credit card, now i have to pay more on it. It seems like a catch22. Im owing money here, now i owe more money. And debt is going to cost more because the Interest Rate is going to go up. This is going to cost us money. Big tip here, if you can pay off any debt, especially credit card debt, youre going to be saving yourself money in cash and interest. On the other hand, as Interest Rates go up, if you put money into a savings account, youll make more money on that. So there are wins and losses here at the same time. Lets link all this to housing, because its so interesting and such a dynamic problem in the bay area, do Mortgage Rates go up, and how much harder is it to buy a house . Great question. Typically Mortgage Rates follow Interest Rates. We saw a rise in june and Mortgage Rates followed. Theyre now nearly 6 . Theyre likely to go higher so its linked like that. It is linked. That makes buying a home in the bay area harder. Even in the last month weve seen home sales fall and therefore prices fall. So there is some good news there, but again, home sales are falling because buyers are saying, whoa, its more expensive to get into a house. Okay, couple other quick hitters, Student Loans . Student loans are mostly fixed, like a 30year fixed Interest Rate for a mortgage, so they dont go up, but not all. Check to make sure, because a variable Interest Rate is a debt, and youre going to pay more on that as well. One final thing, any encouraging news out of this . Whats the Silver Lining . The Silver Lining is a, as i mentioned, if you save money, youll make more on it. The fed is trying to put the brax on inflation, which has made everything cost more from cars to grocery to gas. If it works, costs will come down. Hopefully we dont fall into a deep recession and have job cuts, et cetera. So far we have not. If we can avoid it through a second Interest Rate cut and curb inflation, prices come back down, if we keep our jobs and salaries, thats good news. So in theory, one step backwards for two steps forward perhaps. Thats the goal, yes. Well see you in our 7 00 newscast as well. Pending sales in the month of june are down 8. 6 nationwide. The west is seeing the largest monthly decline and pending sales were down by nearly a third compared to the previous year. The National Association realtor says we can expect to see sales continue to drop even here in the bay area as those Mortgage Rates, as scott was talking about, keep climbing. If you want to track whats happening to your money, follow scott budman on twitter. Hes constantly tweeting about Business News and what it means to your bank account. Janelle . A deal is on the table to bring back wnba star Brittney Griner from russia. The white house made an offer to bring back griner and paul whelan, a former marine imprisoned after being arrested in 2018 on chargings of acting as a spy for the u. S. No word on the detail thofs deal, but this is the first time the government has revealed action in this case. Griner has been in jail since february after getting caught with hash oil in the airport. Secretary of state Anthony Blinken says hes meeting with russias foreign minister this week. A new development in the george floyd case. Two former Minneapolis Police officers were sentenced to prison today for their roles in floyds death. Alexander and thao were convicted for violating floyds civil rights when they failed to give him medical aid and for not intervening when former officer Derek Chauvin knelt on floyds neck for more than nine minutes, killing him. Today a judge sentenced the men to about three years in prison. Then theyll be required to complete two years of supervised release. President biden left isolation today six days after he tested positive for the virus. The president was fully vaccinated and received two booster shots. His symptoms were mild, still, he began taking the fiveday antiviral treatment paxlovid. In a rose garden speech, he called on his fellow americans to take advantage of the free and convenient testing, vaccinations, and treatment. Now the president finished his course of paxlovid on monday, but a small minority of people who have taken the Covid Treatment have began testing positive again. That includes dr. Anthony fauci. He finished the treatment in june and tested negative. Then three days later, a test came back positive. And his symptoms, runny nose,sore throat, and fever, returned as well. At least 2 of people in the trial did test positive again after testing negative. The white house says the rebound rates are around 5 in reallife settings. Some disease experts suspect the fiveday treatment is too short to completely clear the virus in certain people. President biden should know whether his symptoms have rebounded in the next few days. What were you wearing . That is the title of an art exhibit on display right now at the United Nations headquarters in new york. It highlights Sexual Assault survivors and tries to remove the stigma around victim blaming. Amanda nguyen, founder of the nonprofit rise, is behind this exhibit. The Nobel Peace Prize nominee wants the u. N. To pass an international Sexual Assault survivors bill of rights. I talked to nguyen, who is a survivor herself, about her mission and this exhibit. An idea came to me in this light bulb moment, because in fashion week the most commonly asked question is i love your outfit, what were you wearing to that show . And i was like, oh, ive been asked this question before in my life, after i was raped, what were you wearing. It originated as five outfits that we were wearing during the time of our assault and each one of the five outfits represents a survivor from one of the five different regional groups of the United Nations. You were sexually assaulted in college at harvard. Yes. And since then you have been this activist, this voice, your nonprofit, its all stemming from that. What were you wearing . Its quite disturbing peoples perception once somebody says im a Sexual Assault victim, thats one of the questions. It does not matter what you were wearing. My outfit on display from the night i was raped. Its just a regular outfit. The exhibit now has grown to 103 mannequins, and it represents 1. 3 billion survivors from around the world. Ive seen some of the video. It took like five seconds for my heart to just stop. Then i saw childrens clothing, like pajamas, a diaper, a wedding dress. I mean people have an image of what survivors look like, but this really paint as picture, a broader picture of who all these victims are. When you see these outfits, they look like regular outfits on these dress forms, on these mannequins. And you dont know the power of it until you read what the significance is behind these outfits. When you walk through the exhibit, as you mentioned, there are childrens clothes. There are diapers. There are military uniforms. There are people from all walks of life. The point of it is for people to really grapple with this stigma around rape and around victim blaming. What are you hoping the u. N. Does . The United NationsGeneral Assembly has never passed a standalone resolution that recognizes rape victims in these times. Were hoping to make world history. Its nothing short of that. A powerful exhibit, and it runs through september at the u. N. Headquarters in new york, raj . The scam alert for job hunters. What to look out for when searching for that new job. Plus lowincome renters left out of a law thats supposed to protect tenants. Some families are facing a 30 hike. Im consumer investigator chris chmura, well show you how a loophole in state law let them down, and maybe you too. Thats next. Im chief meteorologist jeff ranieri. You can see some of this monsoonal moisture bubbling up in the southern sierra. Not a problem for us right now, not a problem for us right now, but ill show you when when i make decisions as a leader, its not about me or the folks that are here. Its about the next seven generations coming behind us, making sure that they have the ability to move forward. Prop 27 will help small rural tribes like mine get a seat at the table will be transformational for my tribal members. Taxing Online Sports betting gives us an opportunity to really enhance the lives of our tribe and strengthen the future of our people. Vote yes on prop 27. Were following some breaking news right now in san francisco. A shooting, a police chase, and a crash that started in the marina district. Yeah, this is unfolding right now. It started around 4 15 this afternoon when they got a call about shots fired in the marina. When they got there, the victim told officers he was in what he called a road rage crash. He said the other driver fired shots before getting away. After a short chase, officers caught up with the driver and a passenger here. This is at market near front street, and you can see that officers are arresting two people. This is in the heart of the financial district. We dont know who they are, the two people arrested, were working to get more information. Were told the victim is expected to be okay. Tonight nbc bay area responds to some families in contra costa county, whose rent was scheduled to skyrocket by 30 next week. So what about that states rent cap, does it protect them . Our consumer investigator chris chmura shows us a surprising gap. Reporter good evening. When lawmakers passed the rent increase cap back in 2019, they called it statewide. But statewide does not mean it applies to every apartment, not even close. Some tenants are finding out the hard way, with a shocking letter from the landlord. Teresa and her antioch neighbors are raising their voices, because their landlord is raising their rent a lot. Beginning next week, teresas rent is set to jump 30 from 1,181 a month to 1,542. Thats an extra 361 every month she didnt budget for and cant aford. In 11 years living here, teresa says shes never had a rent increase this high. Plus, she says she got a rent increase just nine months ago. A state law called ab1482 caps rent increases at 10 over any 12month period statewide. So how is it then that a landlord like teresas can hike the rent 30 . It turns out that statewide law has many exceptions. And thats one of the many, you know, loopholes in that law. Reporter tenant attorney wiseberg says ab1482 does not apply to lots of places, including apartments built in the past 15 years, some singlefamily houses, some dorms, and affordable housing. Like teresas apartment complex. Casablancas owner gets a tax credit for offering lowincome housing. Unfortunately, most of the provisions in ab1482, the rent cap law, do not apply to the tax credit program. Teresa says a 30 rent increase might force her family to live in their car. Her 13yearold son is worried. Its really stressful to see my parents struggle with the represent money. Reporter the landlord gave these tenants about 60 days notice. Theres a catch, state law says residents should have gotten 90 days, because the increase was more than 10 . So we raised that concern with the landlord, rainey property management. A rep told us, please note that residents received that notice in error, and then all tenants will not receive increases on august 1st. Timing for the new notices has not yet been determined. The state told us its requiring the landlords do that. We need to control the rent. Reporter buying these tenants at least another 90 days. Thatll get you time to try and find an apartment thats more affordable, which obviously is very difficult. Reporter residents dont want to move, so theyre banking on those extra 90 days to convince the city of antioch to quickly pass a rent cap, a new local law to fill the hole in the statewide law that doesnt protect them. I pray every night that god will do something to help us out. Reporter tenant advocates tell us renters who are not protected should try to negotiate, start a discussion with your landlord early to see if theres any wiggle room for compromise. If youre struggling with a housing issue, see if your local Tenants Group can go to bat for you. You can also pick up the phone, the number is 888996tips. Chris, thank you. Are you looking for a job . If you are, be ware of scammers. The number of online job scams is on the rise. Before you fill out that application, make sure you arent being duped. Experts say these scams are increasingly tough to spot. One College Career advisor says to use websites that hunt for fraudulent posts. If students are looking on sites like indeed or handshake, which are legitimate sites where jobs are vetted and companies are vetted, that they also check to make sure that that job is on the company website. A lot of fakes out there. When interviewing, the federal trade Commission Says be ware of offers to cash a check as an upfront payment. Thats usually a red flag. If you do come across a job scam, report it to the ftc. Okay, another Beautiful Day in the bay area. I just love these consistent temperatures. Mmhmm. I was pointing, look at this fog. I know. Blue sky. But a lot of san francisco, the financial district in the sun today. Yeah, its just such a good mix for us. I know a lot of folks are enjoying this refreshing weather weve been under. Over the past several weeks we had below average temperatures in june, below average temperatures in july, and here we go into august, and things are also still looking up for us. Lets bring you into that microclimate forecast tonight. I want to take you to walnut creek. A look at the air quality. You can see if you look real closely at this on our hd camera, we do have some lower level haze thats coming in from the oak fire near yosemite. We are not expecting poor air quality, but again, well get some haze coming in even through tomorrow. So if you do suffer from any kind of respiratory problems, you might notice it and could need to limit outdoor exposure. Keep an eye on that, were not expecting thick smoke but a little bit of haze. Temperatures right now, we have 87 degrees. Well drop to 70s as soon as 8 00 tonight. That 87, yes, it is warm. But let me tell you what, it could be a lot worse this time of the year. Especially with the way the weather pattern is right now. I want to show you what is so remarkable about whats happening. We had this area of High Pressure moving just about on top of california right now. Really on top of the bay area. Typically this would be good for 100 to 105 degrees widespread through our inland valleys, but because the fog pattern is so stubborn at the coastline were being saved from that dangerous heat. Thats going to set us up with a good forecast tomorrow. You can see for the morning well begin with temperatures in the 50s. No big adjustments as you get going and head to work tomorrow morning. 58 here through the peninsula, and well continue with those similar numbers here through the east bay, san francisco, and the north bay. Now, let me get you a look at the fog, this definitely has been pretty consistent past few mornings, as we talked about. Its widespread north bay to south bay. Spotty areas of drizzle. Just like the mornings of the past, it clears back by 1 00 p. M. 99 of us under sunshine with lingering fog at the beaches. Daytime highs for tomorrow only warm up a degree or two, but were still in that manageable category through the south bay. 91 in morgan hill to cupertino. Hayward at 74. 91 in antioch. 89 in danville. Peninsula, 65 redwood city. San francisco, 64 in downtown, 59 in the marina. And the north bay. Get away from the foggy breeze, we are in the 100s here ukiah and clear lake. I do want to move it into next monday, because im now starting to pick up on what could be a system lingering offshore. Thats important because we could get thunderstorms moving up next monday. Well be watching that closely as we move into next mondays forecast. Right now its just a slight chance. So 60s over next seven days and through the inland valleys nice and steady. 80s coming on in. Janelle, i know i love consistency. Very happy. I just like routine when it comes to weather in the summertime. Goldilocks, not too hot, not tooold. E c xa seen this ad . Its not paid for by california tribes. Its paid for by the out of state gambling corporations that wrote prop 27. It doesnt tell you 90 of the profits go to the out of state corporations. A tiny share goes to the homeless, and even less to tribes. And a big loophole says, costs to promote betting reduce money for the tribes, so they get less. Hidden agendas. Fine print. Loopholes. Prop 27. They didnt write it for the tribes or the homeless. They wrote it for themselves. Lets go outside. A live look at sfo, where there are some problems. International travelers may have to change plans after lufthansa canceled almost all of its flights. Its dealing with a massive employee strike over increased pay. Its creating problems for more than 130,000 passengers. Flights from sfo to frankfurt and munich all canceled. Theyre working to bring flights back as quickly as possible. Some other airline news now, a planned deal between spirit and Frontier Airlines is dead. Spirit and frontier announced plans to merge back in february, then in april jetblue came in with a 3. 7 billion all cash offer to take over spirit. Spirits shareholders delayed a vote on the frontier deal four times before officially terminating that deal today. Spirit said, though, its going to continue its ongoing discussions with jetblue. That would face a high hurdle for regulators to approve that merger. Uber is expanding its premium electric car service to more cities. Row can now request uber comfort electric in las vegas, seattle, portland, oregon, denver, austin, philadelphia, and baltimore. Its already available in san francisco, l. A. , san diego, and dubai. Premium electric vehicles include tesla, a polstar car, fords mustang mace, all available in comfort electric. Its an extension of uber comfort which offers extra leg room, quiet cars, and other amenities by request. It will cost 30 to 40 more than an uber x trip. The 49ers taking to the field for the first in order for Small Businesses to thrive, they need to be smart. Efficient. Agile. And thats never been more important than it is right now. So for a limited time, comcast business is introducing Small Business savings. Call now to get powerful internet for just 39 dollars a month. With no contract. And a money back guarantee. All on the largest, fastest reliable network. From the company that powers more businesses than anyone else. Call and start saving today. Comcast business. Powering possibilities. Okay, from the bay area to trey area. This is the first day of the rest of his life. The 49ers took the field today for the first time this season, and leading the charge was their new starting quarterback, trey lance. Bay area, trey area. Yeah, i got it, thats very catchy. What happens to jimmy g. And what happens with debow samuels . The niners have drama behind the scenes, and Anthony Flores has the latest. Reporter the trey lance era underway for the 49ers. Number 5 opened Training Camp as qb number one. Looking poised and confident, trey lance enters his Second Season in the nfl with a new title the 49ers new starting quarterback. Head coach Kyle Shanahan says there was no big announcement when he made the decision to go with lance over jimmy garoppolo. We had that moment. Just thought it was always obvious. Weve all known for a while that this is treys team. Reporter so now that hes the number one qb, what is shanahans game plan to get trey ready for a winning season . We reinforce the foundation we do offensively. Well keep that going. And you watch guys, you study guys, you see what they can do. You push them as much as you can, then you pull back, and then you try to study what were going against and see what we need to do week one through 17 and hopefully more. Reporter as for jimmy g. , hes still a niner. He did his throwing program in the morning then left before practice. The team has told garoppolo he doesnt have to be there while they try and work out a trade. Coach shanahan says hed be surprised if number 10 is still on the niners roster when the regular season kicks off. Jimmy, john, and i talked for a while. We understand every part of this situation, and i think both sides know each sides doing as good as we can. Reporter debow samuel, who asked to be traded in the offseason, also did not practice with the team. But he was conditioning off to the side. Coach shanahan says he had a great conversation with debow this morning and both sides are working on getting a deal done so the niners can get their star receiver back on the field. At levi stadium in santa clara, Anthony Flores, nbc bay area. Off to a clunky start, but things will turn around. Right now at 6 00, the Mega Millions jackpot keeps growing. The prize is now over 1 billion. What are the odds you can actually win . A stanford professor is weighing in. Also, are you feeling it, breathing it, smoke from the oak fire still impacting the bay area. We have an update on the latest air quality advisory. The California Department of Public Health says it has received more than