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hovering around 2%. right now, it sits somewhere around 4%. that s certainly better than where it was last year. somewhere above 8.5%. but it is still not good enough. and it s why the fed chair jerome powell has said more interest rate hikes seem pretty likely. in may, the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. the nikki index is trading flat as japanese investors look at what happened on wall street overnight aftermarket sales for a third straig ....
and i get there early in the morning. i go to a biden witch hunt, and then i come here in the afternoon, and i stop and we make speeches and we get you votes and all that stuff, but nobody s ever had to do this before. that was donald trump in new hampshire last night as he travels back and forth between courtrooms and the campaign trail. we ll have the latest on the race for the republican nomination now just days away for the first primary of the contest. also ahead, an update from capitol hill on the push to pass another short-term funding solution to avoid a government shutdown. and we ll go through the new developments out of the middle east including the escalating attacks from the houthi rebels in the red sea. good morning and welcome to way too early on this wednesday, january 17th. i m jonathan lemire, thanks for starting your day with us. we ll begin with politics, and former president donald trump is now focusing on the next big contest in the republi ....
reporting from the campaign, the caucus site and john king at the magic wall and of course, stay with cnn tonight a special edition of ac 360 begins now. tonight on 360 new endorsements, fresh polling, final pitches and sub-zero cold. we re indoors and out with candidates all across iowa with the opening contest of primary 24 just hours away. the role evangelical voters are expected to play in iowa and beyond, joined by bob van der plat. since hamas attacked and took hostages and the conflict wide edge. good evening. thanks for joining us. we are 24 hours away from the first vote to the 2024 presidential race. 24 hours away from the start of the irk what caucuses most of which convene at this time tomorrow night, just getting started of what is normally poll closing time in most other states. one of the many things we ll talk about tonight which set iowa apart including this year with a blizzard in the final days of the campaign and record cold temperatures e ....
right now, it sits somewhere around 4%. that s certainly better than where it was last year. somewhere above 8.5% but it is still not good enough. and it s why the fed chair jerome powell has said more interest rate hikes seem pretty likely. in may the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. spell, likewise on wall street on wednesday. still staying on the topic of interest rates, it s going to be a busy day for monetary policymakers here in southe ....
which strips out volatile items like food and fuel is actually going up! rising interest rates are piling the pressure on millions of mortgage borrowers here in the uk who are facing steep rises in monthly bills. lets hear from some of them. at this moment in time, at the end ofjune, i will make my final payment of £434 when my current deal ends. and thereafter i have been told to expect my payments will be over £1,800. i m currently paying £560 a month. at the end ofjuly, it will go onto variable, and it will go up to £1,200 a month. 0ur mortgage has gone up by over £2,200 a year. - it s a huge impact . on our expenditure, and it has a huge impacti on the family as a whole. the government s finance chief chancellor of the exchequerjeremy hunt says bailing out struggling borrowers only risks stoking inflation further no matter what the pressure from left, right or centre, we won t be pushed off course. because if we re going to help families, if we re going ....