markets soaring today on hopes the fed will slow its pace of interest rate hikes. the markets thought they saw a big green light to go buy stocks. they love this report coming in lower than expected. reporter: president biden today also bullish saying today s numbers are proof his plan is working. mainstream economists are saying this is a really positive sign of the resilience of the economic recovery. reporter: but inflation is still well above the fed s target rate of 2%. is today s report enough to change the fed s thinking? t s not enough to change the fed s thinking. what it is enough to do is to start a countdown, and the fed wants to see several months of declining inflation before it limits its rate hikes. reporter: with thanksgiving exactly two weeks away holiday budgets are still stretched thin by the essentials, groceries up more than 12% compared to last year, gas surpassing 17%, and rent soaring 7 1/2%. that s the largest increase in four decades. with one in t
hawkish and the market fell 400, 500 points. and in fact my was on sandra smith trying to figure this out. and the teas, the market was up 450. about the time we got to start of the year, it had gone flat. while talking, it went down 500 points. sandra thought it was a misprint. she didn t see it properly. so look, there was no clear talking here. no one actually i was actually reading last night all kinds of market commentary by various market people on wall street trying to figure out what he was saying. people really disagree, fox does, explain the unexplainable. it was a real mess. the bottom line here, we have a tough, embedded inflation. it is probably somewhere around 7%. wages somewhere around 7%. a 4% fed funds rate, the target rate. and it is still below that 7%
consecutive interest rate hikes of .75 percentage points this year, the current target rate sitting above 3%. the biden administration sending another $625 million in military aid to ukraine. that put the total amount of the war-torn country to $16.8 billion. the new package will reportedly include multiple advanced rocket systems, artillery, and ammunition. the announcement comes as ukrainian troops advance days ago declared russian territory by vladimir putin. todd: president biden heads to florida to meet with governor rhonda santos and surveyed the destruction left by hurricane ian. 84 people have been confirmed dead. more than 38,000 lib floridians still in the dark. looting will get worse in the