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new york. thank you for being with us as we await a critical decision minutes away that could have major fallout from your bank account. the federal reserve is poised to once again raise interest rates to try to tame inflation. this would be the fourth straight big rate hike and the impacts will certainly be felt at the white house less than a mile away where we ll hear shortly from president biden set to discuss his latest efforts to bolster the economy. and then tonight he ll make a primetime address focused on threats to democracy. but it is those pocketbook issues that most voters say are most important as they fill in their ballot. you can see the economy tops the list with election day now five days away. matt egan is live outside the federal reserve. how much pressure is the fed facing right now to make the right call here? reporter: well, ana, the pressure has just been building and building on the fed. it s palpable. people are angry about the high cost of li ....
historic inflation. the decision will likely produce ripple effects on your personal finances and the economy in the months to come. cnn s matthew gin et joins us. we ve been awaiting this decision, what has the fed said? 75 basis points, the fed just delivered another massive interest rate hike, designed to put this inflation fire out. that means higher borrowing costs. this is the fourth straight interest rate hikes. this is historic. we ve never seen drastic actions like this under janet yellen. we never saw this from ben bernanke, or even alan greenspan. you have to go back to the early 80s under paul volcker. i think this says how stubborn the inflation has been. the fed s statement, which is watched very closely, is basically identical to last month, except for one key part. the fed reiterated that ongoing interest rate hikes are likely to be appropriate, but they added that this is going to be the case in order to get policy restrictive enough to get inflation ....
Election lawyers for then president donald trump says clarence thomas was a key component in trump s plans to try to delay the certification of the 2020 election. e-mails turned over to paula, what exactly did trump want justice thomas to do here? bianna, they wanted justice thomas to block the counting of electoral votes. in his e-mails, you see attorneys discussion how to frame the legal argument and they were hoping for a stay or even an opinion saying that the state of georgia was legitimately in doubt. an important piece of context here is that justice thomas is responsible for emergency matters coming out of the state of georgia and the surrounding region, which is why he would ....
Means and how it could impact the economy. reporter: bianna, it s interesting coming on a day like that today. the cuffs you just had is a window into the complexity as they try to figure out how to address the salient issue in poll after poll after policy just six days before the midterm election. including three cornerstone pieces of legislation, at the core of those are many long-term structural changes they re putting into place to address some of the key drivers of inflation. long term is the keyword there. the president will be speaking shortly, that s critical. labor supply has been a big issue over the course of the last several months. this will go a long way towards addressing the labor supply and diversifying that labor supply as well, but it also makes a key point here. this isn t something that happens your night. ....