more on all of that later this hour. but first the critical decision set to drop soon from the federal reserve. and cnn business correspondent rahel solomon is here with us. walk us through what is to come in the next hour or so and why it really matters. so the expectation is that chairman powell will raise rates about three quurs of a percent. that is not one to one in terms of borrowing costs. we won t see borrowing costs raise 75 basis points. but it does influence all of the categories. so costs will continue to go up. and i want our viewers to enter understand what this really means for them, for their wallets. and i know you ve pulled a few examples. yeah, i ve been working the phones. let s start with credit cards. we ve already seen credit card rates accelerate quite rapidly this year. and right now the average rate is about 17.5%. according to bank rate, if you are holding a $5,000 balance which is the national average, you have a current ampt pr of 17.25%, if
few could match lester piggott. his statistics are staggering. nearly 5,000 victories across a career spanning almost half a century. he rode his first winner back in 1948 at the age ofjust 12. it was a feat that made the headlines, and plenty more would follow. in 1954, while still a teenager, he won the derby, the first of a record nine victories in the race. the youngest jockey to win the derby in modern times. but for all the adulation, piggott remained a shy, softly spoken man. how hard do you have to work, in fact? well, it s pretty hard work. you know, all day long, i and at night sometimes. at five foot eight, he was tall for a jockey, hence his nickname the long fellow. but his much imitated style in the saddle earned him the championjockey s title some 11 times. the success, though, was followed by scandal. good evening. the headlines at six o clock. lester piggott has been sent to jail for three years. - in 1987 piggott was jailed for tax evasion and stripped of hi
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17.25%, if you make minimum payments, it will take you about 15 1/2 years to pay off. let s say that this goes up to 18%, it is now taking you 16 years and it adds almost $300 of interest to your balance. so you see it there. significant. and let s talk about mortgages. we have already seen mortgage rates accelerate quite significantly this year. that should come down from 6% peak. but they started at about 3% at the beginning of the year and this is because of what the fed has been doing. i should say however that the chief economists of the mortgage bankers association told me, just a prediction, but he thinks that we have reached our peak that 5.5 might be where mortgage rates go towards the end of the year. but we ve already seen the impact. and that of course has led to mortgage demand fall off a cliff t at 22 year lows. so what do you do with all of this information? well, for one, if you have a credit card, pay it off.
you can see more on all of today s stories on the bbc news channel. the next news on bbc one is at 17.25 this afternoon bye for now. good afternoon. liverpool s quest for a historic season came to a halt as they fell to a 1 0 defeat by real madrid in the champions league final. but all the talk and concern is over what happened outside the stade de france as fans had difficulty gaining access to the ground. they have called for an investigation into security arrangements. the team are back in liverpool to celebrate their 2022 cup victories with a parade. our correspondentjane dougall is in livepool. jane, before we get onto the parade, what s the latest after the scenes