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at pnc private bank, we ll help you take care of the how. so tell us - what s your why? top of a brand new hour on cnn newsroom, good to have you. i m victor blackwell. we begin with the latest case from the january 6th house committee that donald trump held a key role in the insurrection at the capitol. at its second hearing, the committee kept pounding, the proof that trump refused to listen to the truth that he lost the 2020 election, and not from democrats but from his own people in the white house, and working on his campaign. his campaign manager, bill stepien recalled what he told trump about his prospects. this is just after the election. very very very bleak. you know, we told him that the group that went over there outlined, you know, my belief and chances for success at this point. you know, my belief is that it was a very very 5 to 10%s, it s not a very good optimistic outlook. 5 to 10% there. well, then the committee showed how trump continued to em ....
taming inflation. the very thing that is weighing on the u.s. economy. the worry, of course, is that the fed could tighten too much and plunge the u.s. economy into a recession. it s really a delicate walk for the federal reserve, but at this point, the market wants to see the fed try to get out ahead of this because many believe the fed has been behind the curve for so long. alison kosik, thanks so much. turning to our politics lead and the january 6th committee laying out damning evidence that former president trump was told over and over and over again that his claims of election fraud were not rooted in fact. he was told by members of his campaign, he was told by members of his legal team, he was told by even his own attorney general, bill barr. when i went into this and would, you know, tell him how crazy some of these allegations were, there was never an indication of interest in what the actual facts were, in my opinion then and my opinion now is that the e ....
ordered pentagon planes to have shipment from overseas. it will take time, and of course, we are months into this thing. some parents have been trying to do this on their own, only to have that reported baby formula seized by the fed does. this shortage has reached 40% of the nation, becoming the latest crisis to affect american families in the biden area. this is just one of several crises that the near post is describing as a train wreck. gas skyrocketing as you know, $6 a gallon for liver regular unleaded forregular unleaded gas. the market had its worst dip in two years yesterday, and the border crisis is a shattering records as well, and we have not gotten to may 23rd when they wipe away title 42. they will just roll the cover of the new york post. all plays itself out. he is not tweeting, so it wasn t everything with america? if you took joe biden s policies people would be horrified about what he s doing to our country, from the border, inflation, to crime. ....
for the fed. they feel it could trigger a recession. john: gasoline prices record for the 10th straight day. average price now 4.58. and the cover the new york post summing it up, a picture of president biden riding a train right off the rails next to the words joe s train wreck. bret baier and larry kudlow will join us to break down the economic head winds facing the white house. gillian: jackie will join us in a moment, but first aishah hasnie at the white house. what is the messaging on the economy. we are waiting to find out, the president departed to east asia, and ten days in a row we have broken a record for gas. every state is spending more than $4 a gallon. households spend $5,000 a year. it could get worse. prices will surpass $6 nationwide by august. and get this, a gas station chain called 76 reprogramming pumps in washington state to sell gas at $10 a gallon. that s unbelievable. the white house responding to all of this by saying it s already release ....
Surprising. this is cnn breaking news. welcome to the lead. we start with money news. the dow plummeting, about to close down more than 850 points. investors are growing increasingly nervous that the federal reserve is once again going to hike interest rates when it meets later this week. alison kosik joins me live. is this a one off or do you think the markets are going to keep falling? that s anyone s guess. i think we have to wait and see what the federal reserve does on wednesday when it announces what kind of interest rate hike is in store for the economy. i think what you see is investors really taking a lot of nervousness to wall street as this point because the fed, many say, has been kind of slow to react to the significant inflation that consumers have felt everywhere from the grocery store to the gas station. you know, does the market want to see the fed raise interest rates more aggressively? analysts i m talking with say yes, they want to see the fed be more aggres ....