control. inflation hit 8.6% last month, the hottest inflation since 1981. the fed meets later today. fed funds futures markets are pricing in 0.75 point rate hike to curb inflation. the wall street journal reporting the fed is likely to make a move larger than the 50 basis point move a few days ago. a terrible day yesterday, a terrible two days. cnn s claire severe webastian i london. is there stability in europe? a little bit more stability today in europe and asia as they continue to sort of digest the falls that we saw those inflation fears out of the u.s. a mixed picture. asia is now closed. tokyo is the outlier there. that economy vulnerable to monetary tightening in the u.s. japan is doing the opposite to try to maintain inflation there. the yen is around a 20-year low. again, the dollar, china rising despite renewed covid restrictions there. here in europe again a mixed picture. there is still they are digesting the worry, faster rate rises in the u.s. in europe,
reporter: chairman bennie thompson publicly claiming the january 6th house select committee will not refer former president trump or anyone else to the justice department for criminal prosecution. what i prefer that we complete our work and seal that work with the department of justice. and they will make that call after that. reporter: even without a referral, the justice department would prosecute. but some committee members feel those comments are premature. we have had a discussion about that. i thought we discovered that decision until we concluded our investigation, at least that s my understanding. reporter: vice chair liz cheney pushing back on thompson s statement. writing in a tweet, the january 6th select committee has not issued a conclusion regarding potential criminal referrals. despite the discord in the committee, attorney general merrick garland said he s monitoring its findings. i am watching. and i will be watching all the hearings. and i can as
this, of course, despite his promise to make saudi, quote, a pariah state. all this as the federal reserve is expected to announce its biggest hike in decades. john harwood is live in philadelphia. john, there is a lot at stake for the president. reporter: a lot at stake, erica, for the president. a lot at stake for the country. as we ve seen underscored by the january 6th committee hearings. the president s biggest political problem is negative public sentiment about high inflation. as you indicated, he is going to say that this is his top priority. mostly a job for the federal reserve, but he s also going to do what he can to try to make a difference on the margins. that s why he is going to swallow his statements about making saudi arabia a pariah and meet with the crown prince, mbs, on a visit in a few weeks. that s in hopes of expanding saudi oil production and getting gas prices down a little bit. he s also here before this friendly audience to talk about the positi
at least 25 states. and now, the water outages just as this heat moves in. will carr near yellowstone tonight. ginger zee timing this out. also tonight, on the eve of a major meeting of the federal reserve, the fed considering the biggest interest rate hike in nearly 30 years. what this could mean for american families. the effort to cool down inflation. can it be done, though, without sending the country into recession? and tonight, families across the country, the father with a decent paying job, in line at a food bank because the bills are rising so quickly. the retired teacher now working again. the reality for so many fall i wills. tonight, the news just in, what congresswoman liz cheney says to expect in the next public hearing from the january 6th committee. focusing on the pressure placed on former vice president mike pence by the former president. not to certify the election. and tonight here, what mike pence is now saying, speaking out. jon karl standing by.
big rip-off. o donnell: also on capitol hill, the landmark agreement by republicans and democrats on gun legislation. targeting gay pride events. the new video tonight of those 31 men with alleged ties to a white nationalist group, arrested, piled in the back of a u-haul. extreme weather. dangerous flooding shuts down yellowstone, with more than 170 million americans set to face temperatures over 90 degrees. our exclusive interview with the first woman to serve as secretary of the army. do yo still think there s a problem with sexual assault and harassment in the u.s. army? and, jennifer hudson makes history at the 75th annual tony awards. this is the cbs evening news with norah o donnell, reporting from the nation s capital. o donnell: good evening to our viewers in the west and thank you for joining us as we start a new week together. tonight, many americans are worrying about their retirement funds, as stocks dropped to new lows for the year. investors be