morning and coming a week before the fed is set to meet again and showed while energy prices are declining and inflation seems to be easing a bit and inflation continues to accelerate. shelter, food, medical care costs and concerning. when the fed meets next week way plan to raise rates and this report all but guarantees to raise rates by another aggressive .75%. the reason the markets react this way because the greater the likelihood of a policy misstep, ie a recession. should we expect another sell-off tomorrow or could we see a rebound? we are in for volatility. we had that fed meeting next week which we expect to be active in the markets so until we re clear of this inflation we are likely in for some bumpy rides. i want to bring in katherine rampel. economists seem to think the worst of inflation is behind us but the report showed it is a problem. how do economists get this wrong? i think economists were mostly responding to the decline in gas prices which have i
huge. friday at midnight is the deadline. this is the last thing the piend administration wants as the economy is on an upswing this could have a big economic impact. pete, president biden is calling rail unions, calling rail companies in an attempt to avert the shutdown. what power does he have to affect the outcome and congress? reporter: many layers of the biden administration are engaged from the department of labor to the department of transportation. if congress comes into play, it could put into play a 60-day waiting period renewing a waiting period or could force a deal on both sides. the biden administration recommended big changes for these unions including pay raises, back pay from 2020 and bonus pay although not satisfactory enough for every rail union involved, jake. pete, tell our viewers what freight trains typically carry. reporter: we re talking about 30% of all the freight in the united states. we re talking about gas. we re talking about cars. the a