of the 11th hour, stephanie rule, tom costello with us, white house correspondent carol lee and host of public radio s full disclosure. the news is in, stephanie, three quarters of a point. we thought originally it was going to be 50 basis point but jay powell is in a situation. we are in a serious inflationary environment. normally the fed likes inflation to be around 2% and it s currently approaching 9. so 75 basis points is a big move but it s still tricky because what they don t want to do is move so much so quickly that they push us into recession. but if they don t do something aggressive, prices will likely continue to rise and the economy is suffering for it, especially right around gas prices. this is a big move. it s not unexpected. it s the thing that people have been waiting for. most economists across the board have said this should have happened months ago. markets are going to take this as a positive. robin, it is hard to thread this needle, though. the
at least 250 million. tomorrow with the justice department they ll continue to establish that senior leadership of the department of justice counselled the white house and senior staff that despite the claims they did investigate there was no evidence of any kind of fraud that would tilt the balance. yet there were some outliers. i think they ll try to establish that with jeff clark and we ll see where they continue to go with subsequent hearings. let s talk about what s happening right now and the elections that are coming for us. we just saw a few primaries yesterday. one of them in nevada has now put a somebody who said they would not certify the ruts of election into contest for a a secretary of state position in a state that could be pivotal in the 2024 election, nevada. what do you have make of this candidate and what it going to mean going forward? i mean, that s just one
consumer, especially when there s a war going on and you have the oil companies trying to push it back on the president saying this is all about their policies make it political. sort it out for us. and i m by no means defending these companies, but it s not fair, do the right thing. do the right thing by whom? these companies are there to work for themselves, they re there to work for their shareholders. that s what they re doing. they re not a public service. the white house is shaming them. that might have some impact but likely probably not. most likely the white house is going to need to sit down with these companies and figure out is the white house willing to offer something, some sort of floor for them if things aren t profitable? and, again, i m not saying that s nice, i m not saying it s lovely. these companies don t have to play ball. while some are saying why is biden going to saudi arabia next month, why is he negotiating with them, all the things they ve done? that make
through the entire economy. listen, if we end up in a recession and people start losing their jobs, that s the risk here right now. so the white house is confident, carol, or they do believe that the fed can get a handle on this without pushing us into any recession. they believe that this can be a soft landing. what are you hearing out of the white house today? well, their big focus out of the white house today, katie, is on the price of gas. so you saw this letter that the president sent to ceos of oil companies basically saying we want you to come work with us, the administration, to figure out how to lower gas prices. there s some shaming in this letter saying that profits are too high, that the president writing that the profit margin for these companies is unacceptable and pointing out that just in march gas was the average price of gas was 75% less than it is now, $4.25 a gallon, while the price of oil
of the 11th hour, stephanie rule, tom costello with us, white house correspondent carol lee and host of public radio s full disclosure. the news is in, stephanie, three quarters of a point. we thought originally it was going to be 50 basis point but jay powell is in a situation. we are in a serious inflationary environment. normally the fed likes inflation to be around 2% and it s currently approaching 9. so 75 basis points is a big move but it s still tricky because what they don t want to do is move so much so quickly that they push us into recession. but if they don t do something aggressive, prices will likely continue to rise and the economy is suffering for it, especially right around gas prices. this is a big move. it s not unexpected. it s the thing that people have been waiting for. most economists across the board have said this should have