into bear market territory yesterday. economists predict the fed will raise interest rates again in another attempt to battle rising inflation. cnn business correspondent solomon is here with me now. this ppi report, why should people at home care about this? what s it matter for us? it s interesting because ppi doesn t get as much attention as the consumer price index, but it s really important because it s factory level inflation, what producers are experiencing, and we know what companies are feeling, we ll likely see a few months down the line in terms of consumer prices. even though we did see slight moderation in categories like food, the topline number is troubling because we know after friday s report that there were no signs of moderation, that there were signs of acceleration in inflation and what we have now with this report is a sign perhaps of more pain to come down the road. okay. so, now, tomorrow, expecting this big announcement. on how much, by how much t
another prisoner swap? then, the same kind of technology used for the best covid vaccines, mrna, is showing promise in treating other conditions, including some cancers. welcome to the lead. i m jake tapper. we start with our money lead. prices are up and the stock market is down. president biden is trying to put a positive spin on the economy, today insisting that tackling the worst inflation the u.s. has seen in decades remains a top priority. during a speech in front of the afl-cio in philadelphia, the president touted his administration s coronavirus relief efforts, record new job creation, and low unemployment levels. sure, but that s likely little consolation to the millions of americans paying record prices for everything from food to gasoline. especially as many economists predict the federal reserve will drastically hike interest rates tomorrow to try to get control of the inflation. president biden will try to address one of those crises, gas prices, now avera
astonishing of all the races in all of the states that are holding elections tomorrow. it is basically a shoe in for this guy, and that is amazing. so, you ve got that story, and that coverage coming up this hour. we re also gonna get some expert help this hour as well, on the potential impact, potential consequences, of a very unexpected high-profile resignation from a russian diplomat today. today, he not only resigned from the russian government, he put them on blast over putin s invasion of ukraine, and putin s corruption, and what putin has done to russia. one of the consequences of that, in terms of public morale, and the sort of guys of public morale in russia, and potentially, one of the consequences for that guy who resigned today. so, that expert help on that, and we got a bunch of news to get into tonight. but when i start with something that is taking us more than a year to figure out. it was last year, last january, one week after the january 6th attack on the u.
but even so, that one, to my line, is actually the most astonishing of all the races in all of the states that are holding elections tomorrow. it is basically a shoe in for this guy, and that is amazing. so, you ve got that story, and that coverage coming up this hour. we re also gonna get some expert help this hour as well, on the potential impact, potential consequences, of a very unexpected high-profile resignation from a russian diplomat today. today, he not only resigned from the russian government, he put them on blast over putin s invasion of ukraine, and putin s corruption, and what putin has done to russia. one of the consequences of that, in terms of public morale, and the sort of guys of public morale in russia, and potentially, one of the consequences for that guy who resigned today. so, that expert help on that, and we got a bunch of news to get into tonight. but when i start with something that is taking us more than a year to figure out. it was last year, last
shooter. that s coming up as well. we want to begin the without breaking news on the infant formula shortage. the issue so severe that new york city mayor eric adams says now declared a state of emergency. adams assigned and executive order that allows the city s consumer protection agency to go after price gouging related to the shortage. but some relief it may be up pallets of new baby formula around the united states. the first landed a short time ago in indianapolis. that military transport loaded with enough formula to feed 9000 babies in 18,000 toddlers for a week. just a week. the shipping was these first successful mission operation fly formula and more is on the way. the importance suspected to fill immediate gaps in this u.s. stockpile. while also by the way buying time for domestic manufacturers to ramp up their production. joining me now is nbc s meghan official who s in indianapolis and stephanie stanton in tampa florida. megan let, me just with you on this one