sixth. that s how many times they ve raised rates. a fourth 3/4 point racing. it s part of the battle to bring down inflation. asian shares have closed down. europe has opened. bank of england decision is awaiting an interest rate decision. the forecast is to raise interest rates by 75 basis points. on wall street, stock index futures leaning down a little bit. yesterday a wild day as stocks first rallied and it dropped after the fed raised interest rates. investors were spooked at the possibility of hikes and recession fears. gas prices up a penny sitting at $3.78 a gallon. mortgage rates later this morning and the big october jobs report is friday. let s bring in nela richardson,
$53.31 to $67 and $0.78 this year, i had to pay $700 to fly my college student home. it used to be you could get your kid home for 250, $300. everything is expensive and that is included in the price of thanksgiving. will: we are in a recession by any indicator. the overall point is well taken. everyone is curtailing spending for some reason, to some degree. that has the cumulative effect of leading us into a recession. not as much demand, or as much money circulated in the economy which is what the fed wants. what does biden pivot to? the economy is in a recession but look how strong the job
market. we are at the whim, if you will of what happens global effort however, this president has moved in dramatic ways to increase supply by releasing 1 million barrels per day from our strategic petroleum reserve as well as calling on our domestic producers as well as international producers. we will be at record amounts of production next year. all of that is to say our energy information administration has projected by the fourth quarter gas prices will be around $3.87 on average for today there about $3.78 today there 3090 cents. they all and every day of the summer but we are hoping that will continue. but if china opens up significantly after covid there will be more pressure on demand, more pressure on demand meets upward pressure on prices. we are watching what happens globally for it we are doing everything possible to try to stabilize supply and demand to keep those prices coming down.
market. we are at the whim, if you will of what happens global effort however, this president has moved in dramatic ways to increase supply by releasing 1 million barrels per day from our strategic petroleum reserve as well as calling on our domestic producers as well as international producers. we will be at record amounts of production next year. all of that is to say our energy information administration has projected by the fourth quarter gas prices will be around $3.87 on average for today there about $3.78 today there 3090 cents. they all and every day of the summer but we are hoping that will continue. but if china opens up significantly after covid there will be more pressure on demand, more pressure on demand meets upward pressure on prices. we are watching what happens globally for it we are doing everything possible to try to stabilize supply and demand to keep those prices coming down.