police calling law enforcement s response to the rampage a, quote, abject failure. plus, the latest on the bipartisan effort to pass new gun legislation as the legislative text on a narrow set of provisions is released. there is hope. and we re keeping an eye on the markets as stock futures plummeted overnight after yesterday s rally. this, as president biden prepares to call on congress to approve a three-month gas tax holiday. we have a lot to get to, mika. we talk about the bipartisan gun legislation. we had chris murphy on, a democrat who s been a champion of gun safety reform for quite some time now, certainly since 2014. it s a small step forward, but it is a step forward. the senator corrected me and said, no, actually, this is a significant piece of gun legislation. i think it s something that, again, when we re looking at the federal government, you look at the impact of the january 6th hearings, how effectively they ve been run over the last several weeks and
fed chair jerome powell will try to reassure lawmakers it is doing everything it can to help. he will talk on a hawkish tone likely to raise interest rates and how that s the key tool to lowering inflation. but he ll have to explain why a rising rate environment will bring prices down but won t send the u.s. economy into a deep recession. that is what the market will be looking for, clarity on the speed and scale at which this economy softens. just this morning citi group racing the probability of the worm economy facing a recession to 50%. goldman sachs economist also said the risk of a recession is growing. powell will need to address that when he testifies today. thank you both. be safe out there, eugene.