why nasa is now joining the hunt for ufos announcer: this is nbc nightly news with lester holt good evening, everyone, from los angeles where president biden today offered an explanation for why consumer prices are still climbing may s numbers out today dashing hope inflation was starting to cool. instead it jumpe another percent growing to 8.6% year over year, leaving inflation sitting at 40-year highs affecting everything from home prices to food, clothing to gasoline put another way, american households are paying $460 more per month to buy the same amount of goods and services with the port of los angeles as his background president biden putting some of the blame on shippers, oil companies and vladimir putin as wall street suffered a major sell-off the dow lost 880 points, 2.7% the nasdaq down 414 points, 3.5% tonight, all eyes now turned to the fed and its next steps tom costello has more. reporter: the red arrows on wall street represent real money for american
reporter: while pay raises have been wiped out by inflation, unemployment remains near 50-year lows for now. we re still here and still serving customers and the sun is shining tom, i m trying to imagine what some of the dinner conversations are right now. what is consumer sentiment telling us reporter: well, the numbers right now are pretty bad consumer sentiment at the worst levels on record dating back to the 1970s, and the reason is simple inflation eats into every family budget and at the moment virtually everything americans are buying costs more, and there s a very real risk that the country is now headed for a recession, lester. all right, tom costello, thank you. tonight s other top story, new reaction tonight from former president trump and president biden after last night s primetime hearing by the january 6th committee which accused mr. trump of leading an attempted coup garrett haake is at the capitol. reporter: in a made for television primetime production,