the gains since biden took office. bill: the biggest rate hike in three decades. new york post, it s looking grizzly. dana: adding to the concerns is the producer price index for may out just moments ago showing wholesale prices up 11% year-over-year. all of that gets passed right onto you, the consumer. bill: it does. the price of gas holding steady, record $5 a gallon all threatening to overwhelm a white house in crisis. we begin with griff jenkins on the north lawn. good morning. that s ppi number which increased month over month is not welcome news at the white house because it rose and it is rising is an indication that inflation may not yet have peaked. that number, by the way, without going into the weeds represents what companies pay to make the things we buy and that cost gets passed on to us. by the way, bill, i doubt the president wanted to wake up feeling grizzly this morning. a bear market occurs when an index like the s&p falls 20% off a recent high. i
[applause] look at that great view. give him a fork. happy birthday, u.s. army and grand old flag. [applause] bill: stocks in the red for two days. investors running scared. american people are paying double. you know that because you re the one paying it. good morning, everybody, ifm owe bill hemmer. got a great show. hello. dana: i m dana perino. this is america s newsroom. great show begins now. inflation is weighing on the stock market. you saw that yesterday driving the s&p 500 into bear territory. three major indexes have lost