its franchisees have resources to foster safe workplaces and maintain compliance with all labor laws. turning now to the latest move by the federal reserve to tame inflation, raising interest rates once again by a quarter point all as economic anxiety grows. we get more now from tom costello. reporter: from factory floors to the nation s banks, to main street usa, concern that the economy is on shaky ground. three bank failures so far this year. the june 1st debt ceiling deadline fast approaching. inflation has come down at 5% but still too hot. today hiking rates for a tenth time in just a year, the fed chairman would not say whether this was the last hike. our future policy actions will depend on how events unfold. reporter: higher rates mean the cost of borrowing money will get more expensive. credit card rates are now over 20%. mortgage rates at 6.5%. d.c. realtor tiani
in poor shape. almost as many say that the economy is getting worse for their families. plus nearly half of the surveyed say president biden s actions on inflation are actually hurting things more than they are helping for even as the president boasts about the number of new jobs created in inflation going down for what we do? republican congressman ralph norman joins us from south carolina he serves on the house financial services and budget committee. congressman welcome for the seem to be a disconnect if unemployment is a record low and a record number of jobs have been creating the infrastructure and spending is kicking in, why does it seem uncertainty and disappointment when it comes our economic well-being? eric, the reason is that a 50 year high and 78% of the people disapprove and think the economy is getting worse is because it is reality. the president needs to get out of his basement, stop eating ice cream and come to main street
[sighs. steve: in other words, mrs. kilmeade wound up with something with her stocking. brian: this is going to be the year i don t forget. i didn t forget this year. but now i have help. i have three people that can drive and say to me do you know we have got remember, you better. and don t forget. steve: you are talking about your children. brian: theoretically, if this was my story. if anything really resonated with me. brian: main street u.s.a. rachel: all right. well something else that s happening. not just on main street u.s.a.
steve patterson, thank you. in the battle against inflation, the fed raised interest rates again today by another half point. while that was less than previous rate hikes, the fed chairman says increases must continue inflation could become intrenched. here is tom costello with that. reporter: from factory floors to farms to main street usa, every interest rate hike ripples through the economy affecting every day americans. near philly, small business eric and christopher makes silk screen pillows and totes. they d like to expand but higher rates are making a small business loan too expensive. just as inflation drives up costs forcing them to cut employee hours. it s a scary time. i can t pursue ideas and dreams, if you will, to grow the business to other levels, to other avenues, to other outlets at this time. reporter: the fed s decision today to hike interest rates by another half point could put those dreams even further out of