and the other i think potentiality is that some crack developed. water starts to through shoot through and you basically create the get grand canyon in a millisecond. the water comes in and it s like an explosion and it blows the vessel apart. according to oceangate the titan could dive nearly 2 1/2 miles. it was not that deep when it imploded. they say it s construction involve the innovative use of modern materials. this is another 3 1/4 inch thick titanium dome bolted to another titanium piece glued to the carbon fiber. reporter: that connection, the glue and the modern materials, the copper and fiber will be aced focus for investigators. is inappropriate for a vessel that sees external pressure. reporter: james camera, directed titanic and dived into the record to the wreckage himself 33 times.
increasing its expectation of where it thinks rates are going. as you can see on the last chart i have, which shows you back last august, there we go. back last august, you can see the market rates would be peak earlier at 3 1/4%. gradually ratcheting it up. peaking about 5%. and this has real implications for americans. mortgage rates are over 7%. that s another thing that politically we have to deal with. good for savers, bad for borrowers, people trying to buy a home. we have been talking about, hearing the fed chairman talk about a soft landing for quite some time. sounded like he was giving up on that yesterday for the most part. we re not going to have a soft landing. we re going to have a recession, and it may be pretty rough. i think that is the likely scenario. look, trying to engineer a reduction inflation from these levels down to the 2% that the
wednesday and the fed having their official meeting, things will calm down. most of the year, the first quarter, it was about the rate of change. not ultimately where we get. before the pandemic started, we had a fed rate that was 2 1/2 and a yield on a ten year 3 1/4. and then the pandemic started. we re getting back to that normal place. we got there relatively quick through this year. a lot of people have been priced out of the housing market. some people want an adjustn t rate mortgage. those are the rates that the fed is going to be ratcheting up much higher. what do you tell folks these days nervous about the market, nervous about the housing market that is the buyers, the sellers and those building homes for now. they re quite content with the way things stands. where are you on this? yeah, i ll take this.
record-breaking rainfall led to massive flooding with streets like this turned into rivers. newark received an all-time high daily total of more than 8 inches of rain. as well as a record one-hour total of nearly 3 1/4 inches in one hour. the airport in newark had to temporarily suspend flights with flood waters reaching inside the terminal buildings. southern new jersey a tornado hit a town causing catastrophic damage. a tornado in new jersey. new york city saw a deluge of rain. more than 7 inches felling in central park. more than 3 inches of rain in a hour smashed the record set just 11 days prior with hurricane henri. this subway station in brooklyn was just one of many inundated by flood waters grinding the system to a halt. passengers had to be rescued from 17 cars.
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