molly: president biden is offering up some new year s optimism. and he climbs we are now in the best position to lead the world. the president left out a few important details. namely the ongoing crisis at our southern border, the wave of crime that is sweeping through big cities and a lagging economic agenda. welcome to a special edition of fox news live. i m molly line. mike: i m mike emanuel. president biden s economic agenda has been a key talking point during his reelection campaign. lingering inflation and high costs have kept his message from resonating with american voters. the president into the economy during his new year s message last night. buys my hope is that everyone has a healthy, happy, and safe new year. i hope they understand that we are in a better position than any country in the world. and we are coming back and it is about time. people are in a position to make a living now and they have created a lot of jobs. and i guess i just feel good that th
8:00 a.m. eastern. we re glad you re with us. rahel solomon by my side. good morning. good morning. we begin with that. you wonder why that dog was running, that was a sonic boom rattling the nation s capital as fighter jets scramble to chase an unresponsive plane that was flying over washington, d.c. through restricted air space. we ll have the latest on the crash and those onboard. also, new video shows a chinese warship nearly collide with the u.s. navy destroyer. cnn just spoke with america s top general, mark milley. what he said about it. can t wait for that interview. also today could be apple s biggest product launch since the apple watch. what we re learning about the company s new mixed reality headset. this hour of cnn this morning starts right now. here is where we begin. a cnn exclusive interview with america s top general, that is mark milley. as tensions mount with china, oren liebermann sat down with the joint chiefs chairman in normandy, france, today
4.5%. risen by a quarter of a percent, that is from our economics editor, faisal islam, who has tweeted that. just getting that information in that, as expected, interest rates in the uk are now at 4.5%, up from 4.25%, a quarter rate rise. 0ur cost of living correspondent is watching these developments for us, kevin, news that will impact on so many people s lives for their mortgages and make life just that bit more difficult as they have seen those rate rises so many times, for the 13th time in a row? it many times, for the 13th time in a row? , ., . many times, for the 13th time in a row? ,., ,, many times, for the 13th time in a row? , ,,, row? it is not a surprise, but clearly the row? it is not a surprise, but clearly the impact row? it is not a surprise, but clearly the impact is - row? it is not a surprise, but clearly the impact is still - row? it is not a surprise, but| clearly the impact is still very real. it will make borrowing more expensive for many, many pe
the economy is coping with the cost of living crisis when we get first quarter gdp figures in just over an hour s time. it s expected to have continued growing by 0.2% in the first three months of the year. hardly booming, but a far cry from the record breaking recession that the bank of england was predicting six months ago. on thursday, the bank announced a major rethink of its forecasts, saying the uk will now avoid going into recession. but it warned that the battle to get soaring prices under control is taking much longer than expected. the bank also raised its main interest rate again by 0.25%, to 4.5%. that s the 12th rate rise in a row, and it puts the cost of borrowing here in the uk at a 15 year high. the bank is trying to take spending power out of the economy to stop prices rising so fast. inflation is currently running at over 10% a year. that s the highest rate in a0 years, and five times the bank s target of 2%. our economics editor faisal islam reports. red gr