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CNN CNN Newsroom With Alisyn Camerota and Victor Blackwell July 7, 2024

years, marking the central bank s most aggressive move yet to bring down the soaring costs of food and gas and almost everything else. inflation is not easy. just days ago we learned it s at the highest level since 1981. the fed released a darkening forecast projecting more inflation and higher unemployment. joining me now matt egan. we heard from the fed chairman. he signalled more rate hikes. what did you learn? reporter: well, victor, clearly inflation is on fire. today the federal reserve officially called in help for some reinforcements. taking aggressive steps to raise interest rates and fed officials are signaling that even more aggressive steps may be needed to get inflation under control. listen to what jerome powell just said. we anticipate ongoing rate increases will be appropriate. the pace of those changes will continue to depend on the incoming data and evolving out look for the economy. clearly today s 75 basis point increase is an unusually large one ....

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CNN CNN Newsroom With Alisyn Camerota and Victor Blackwell June 4, 2024 19:03:00

Allison kostick is at the new york stock exchange. reporter: we re seeing green arrows across the board. the fed s decision coming in line with what the market wanted. there was this growing chorus calling for j. powell to get tougher on inflation and powell looks to have done that today by raising interest rates. looks like the fed is responding to may s hot inflation number, something that was the last straw for the s&p 500 to enter a bear market. it s down 20% for the year. the nasdaq has been in a bear market as well, down 30%. many say powell has been behind the curve and slow to act on rising inflation that s been hitting consumers at the grocery store and the gas station. ....

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CNN CNN Newsroom With Alisyn Camerota and Victor Blackwell June 4, 2024 19:04:00

Now there s a concern about the fed needing to get this right. they re in the middle of this delicate dance, how to bring down inflation without driving the economy into a recession by hiking rates too many. victor? allison, thank you very much. joining me now is former economic adviser to president bush, also the president of the american action forum. douglas, good to see you. let s start with your reaction to this 75 basis point increase. i thought you could make the case for a 50 or 75-point move. the 75-point move was the plan. the fed wants to convey the message it understands the problem and will take on inflation. the case for the 75 is the data is hotter and they said they would respect the data and adjust accordingly. they did that. of the two choices being aggressive in the face of an ....

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