job creation and inflation that hit a 41-year high last month. president biden: 70% of the increase in inflation was the consequence of putin s price hike because of the impact on oil prices, 70%. we need to address these high prices and urgently for working folks out there. inflation was on the rise prior to the invasion of ukraine. mortgage rates have hit 5% for the first time in over a decade. the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation. interviewed on the podcast white house press secretary jen psaki said this about rising costs across the board. we all agree it s a huge problem. the number one issue in polls. everyone thinks costs are too high. they are. oftentimes we get a little cannibalistic what our own
riverside, california, 48%. we see 30% plus in vegas, new orleans, richmond, phoenix another hot one. the problem is they can see rates are at record lows and at the same time, demand is stronger because some would-be home buyers have been priced out of that hot housing market. all of this is adding to really high inflation. as we know, the fed is trying to cool off inflation by raising interest rates, perhaps rapidly, but that is setting off shock waves in the housing market. we ve seen the mortgage rate, as mentioned, hit 5% for the first time in a dozen years. the speed that s gotten there has been pretty incredible as you see on the chart and that s a big deal because housing is the most intersensitive part of the entire economy. let me show you in practical terms what that means. say you want to buy a home for $220,000. it s $300 today than a year ago because the cost of borrowing is
general, i think trump wins more reasonable democrat dads then biden wins on that side. capri: it s a billionaire media blitz. 2020 democrat michael bloomberg and tom steyer have been saturating the airwaves by spending nearly $200 million combined so far on political a ads. dana, you know that a lot of the socialists in my party are not huge fans of billionaires. do you think this is something that s going to be is it going to be held against? dana: have to walk a little bit of a tight rope because they don t like them coming in the race. michael bloomberg was able to buy s wing and hit 5% without having to do any legwork that the rest of them are doing. i think there s probably some resentment. they also need his money. he s been able to flip a state like virginia. it s a big deal if you want the electoral college. i also think if you look at the governor of illinois, he was
news. the economy is robust. new numbers showing the gdp grew at a rate of 4.1% last quarter. that s the strongest growth we have seen in nearly four years. christina aleshi is here to break it down for us. will it continue for the rest of the year? president trump promised that. he made it sound like this is some historic record that we have never seen this growth before. that s not true. we have hit 4% under the obama administration. we have hit 5% on a quarterly basis under the obama administration. most economists are projecting lower growth during the second half of the year. i don t want to take away from the fact this was a strong report. if you look at some of the underpinnings on that report, the sectors driving it, exports was a huge part of that. exports were up about 9%. many economists are questioning whether or not that is a
these two combined hit five home runs in extra innings, first time ever been done on a regular or post season. world series heads for houston game 3 is on friday. unbelievable, heart stopping drama. what a game. i m getting into it now. you better. friday night. okay. let s get a check on cnn money stream this morning. local stocks mostly higher after wall street pulled back records. the dow and s & p 500 suffer the the worst day in seven weeks. overall earning season has really been strong. 72% of the s & p 500 companies that have reported so far have beat expectations and this is the busiest week of the earning season. today, expect reports from big names like alphabet, microsoft, intel, ford and amazon. a factory is at the center of several discrimination lawsuits. describing a toxic culture at