a breach of the minesterial code. tonight with the context, the spectator s deputy political editor katy balls and the republican strategist doug heye. hello, welcome to the programme. we have lived through an era of record low interest rates. for years, it was cheap to borrow, while the money put away in savings accounts earned us very little in return. but things are changing. today, the us federal reserve set out an increasingly aggressive approach to monetary policy as it confronts the highest inflation in the united states forfour decades. in the last hour, it raised interest rates by 0.75% which is the biggest jump in rates since 1994. and that has implications for all of us. here s the chair of the federal reserve, jerome powell. the current picture it s plain to see. the labour market is extremely tight, and inflation is much too high. against this backdrop, today the federal open market committee raised its interest rate by 0.75% in anticipation of ongoing increases
costa tonight with new reporting about vice president mike pence ahead of our live coverage of tomorrow s hearing. dr. fauci tests positive for covid. he s the face of america s pandemic response. tonight, the treatment he s taking. plus, a key f.d.a. panel endorses the moderna and pfizer vaccines for kids as young as six months old. severe weather. life-threatening heat and devastating floods. ford s major recall. nearly three million vehicles in danger of rolling away after being put into park. and a basketball team with no home. meet the middle schoolers who beat the odds. this is the cbs evening news with norah o donnell, reporting from the nation s capital. o donnell: good evening, and thank you for joining us as we begin with the state of the american economy and what it means for you and your family. today, the federal reserve took aggressive action to tackle the fastest inflation in four decades. the rate increase was three-quarters of a percentage point, and th
side. and, the january 6th hearing that was set for this morning aimed at trump s influence on the department of justice has been postponed. we ll tell you what s next for the investigation into the insurrection. good morning. welcome to way too early on this wednesday, june 15th. i m jonathan lemire. we re learning new details about the next january 6th committee hearing which will now take place tomorrow afternoon. a hearing originally scheduled for today has been postponed. congress woman zoe lofgren said it was stemming from an overwhelming demand on staff to produce the videos they have been showing during the hearings. as for tomorrow s hearing, the focus will be on former president trump s efforts to pressure his vice president mike pence into overturning the 2020 results. vice chair of the committee liz cheney, republican, teased ahead hearing new video she posted to twitter. the select committee will examine president trump s relentless effort on january 6
christina, let me start with you with nuts and bolt, where do things go from here and what we re seeing in the market so far. that had been a question mark. i guess i should reference your song. i saw the sign. they saw the sign the fed was going to hike. the markets are reacting positively at the moment. the dow is up 1%. you re seeing the nasdaq in positive territory. the s&p 500 in positive territory. the concerning point is jerome powell, the chair fed is speak and they changed course and became more aggressive once they received the inflation data we got last friday showing our prices have climbed 8.6%. that s the highest we have seen since 1981. because of that big jump in inflation, the fact it s continuing to climb higher, the fed needs to get more aggressive and seems like they are most likely going to continue on this trajectory even a month from now. that will have a trickle effect on the economy. he s still speaking at the moment but here is what he had to say
i m jake tapper. aides say this second hearing will drill down on evidence that president trump knew he lost the election but spread false claims of fraud anyway, ignoring court rulings, ignoring the will of the american people. lead-off witness, bill stepien, who has firsthand knowledge about what trump knew about the election numbers. stepien tells cnn he is appearing under subpoena. also testifying today, former fox digital content director chris stirewalt. he was fired after his accurate call of arizona for joe biden. we ll hear directly from republicans who investigated and rejected claims of election fraud in the key states of georgia and pennsylvania, and felt trump s anger for it, former u.s. attorney bijay . . ak and al schmidt and ben ginsburg will testify there was no widespread fraud in 2020 and discuss the trump team s failed challenge to the election results. the select house committee is aiming to connect more dots between the insurrection and its allegation