is a monster move again, and they have signaled that they are not done and project nag the interest rates are going to be going significantly higher from here, and the message that the fed is trying to convey is clear. they are serious about trying to get stubbornly high inflation back down, but the moves they are making here have lifted the interest rates to the highest level since 2008, and now the fed was late to this inflation fight. they did not start raising interest rates until earlier this years, and they have been forced to play catchup, and that has forced the interest rates to go rapidly higher, and we have not seen three straight moves of a percentage point and we have not seen anything like that since the modern era, and you have to go back to 1981, and this is not a perfect comparison, because that is before the fed publicly announced the fed moves, and what does it mean? it means the borrowing costs are higher, and interest rates and car loans and mortgage rate
this is your well red world. a lot of major averages down on the prospect that we re looking at higher rates down the road. we got our third 3/4 hike in a row with signs that year s end, rates could be a point to a point 1/4 higher than they are right now. we re north of 4%. some wondering if that is enough to deal with inflation that is double that. let s get the read on what happens today and why. jackie deangelis. jackie? good afternoon. this is the fed s fifth rate increase this year. it s the fourth increase in a row. as you pointed out, the third time the market is seeing 3/4 percentage point. the market was trading higher most of the session before the decision indicating they were expecting a 75 basis point hike rather than the full point percentage point that a small group of market watchers thought was possible. then when the news broke about the hike, the fed hikes rates trying to tame persistently high inflation, the economy will slow. consumers and corporations
fiona dealt a devastating blow to puerto rico. most of puerto rico without power this morning. it could be days before it is restored. many people there also have no running water. at least two deaths have been reported from the hurricane which dumped up to 30 inches of rain. emergency crews have rescued well over a thousand people including this woman who had to be carried to safety. many more may still be trapped in the flood waters. parts of the island, puerto rico we re talking about, are still struggling to recover from maria that made landfall five years ago today. let s go to layla santiago. what can you tell us? brianna, john, it has been continuing to rain this morning. these are the outer bands of fiona. we are in the northeastern part of the island, san juan. where a small portion of customers have actually had their power restored, but in the interior, in the southern part where we spent most of our time it s a different story. they are waking up without pow
intensefying to a category 3 hurricane with maximum sustained winds of 115 mile-per-hours. the mayor called it catastrophic. some seeing three feet of rain. look at this. most of the island remains without power and a electrical grid with a checkered past and a bad history. it could be a while before it is restored. two deaths have been reported so far in puerto rico which is still struggling to rebuild after hurricane maria hit five years ago today. crews have rescued more than a thousand people but more could be trapped by the floodwaters. the storm killed at least one person in the dominican republic. cnn meteorologist chad myers is tracking this storm for us. and chad, the latest update just came in from the national hurricane center. what is it showing? it does show one good thing for bermuda. the storm turned a little bit left. you re out of the cone for now. not every storm stays in the cone but one-third could sneak out. that is good news for the people of bermuda.
caribbean, hundreds of thousands of people have no power or running water. it is difficult. the worst does appear far from over as we watch the track here with turks and caicos and bermuda. now in fiona s path. we are keeping a very close eye on that of course. also this morning new details on the 2020 election. surveillance footage showing what happened inside a georgia election office on the same day voting machines were compromised there. a republican county official and associate seen working with an attorney for former president trump spending hours inside of that restricted area. but let s begin in puerto rico where today marks actually five years since hurricane maria s catastrophic landfall on the island and now the same survivors of that crisis say the devastating flooding from this storm could be even worse. our lay low sanity thyago is on the ground in san juan with the latest. reporter: today the majority of people in puerto rico are waking up without power