good to be with you. i m chris jansing in for katy tur. as we come on the air, the federal reserve has just spoken. i am told they are raising interest rates three-quarters of a point as the fed hopes to cool off the economy, slow down growth and in turn control inflation. that change can t come fast enough. inflation is at yet another record high, 9.1%, but this key question remains. will it help americans who are clearly hurting? the average cost of groceries has skyrocketed. a dozen eggs, $1.07 more expensive than last year. milk is now $4.15 a gallon, a nearly 60% increase from this time last year and ground beef $5 a pound compared to just $4.56 compared to 2021. gas is now 70 cents cheaper per gallon compared to a record high last month, but for a lot of folks, that is small consolation in the larger picture. we have a lot to talk about and a great panel to talk about it. host of the 11th hour on msnbc and senior business analyst stephanie ruhle, robert herzog and host
can afford homes. it s paradoxical. we re are seeing housing prices cool in some markets. in coastal cities and coastal parts of the country in 2021, you saw bidding wars that were historic, prices went up, 20% based on what they were asking for and what they got. if you see prices cool by 5 or 10%, would that surprise you? i don t think so. we re seeing signs of that. as interest rates climb and borrowing costs increase, we ll see perspective buyers that were very interested in buying the last year, go to the sidelines and wait. we just did a big story on this on cnn. the calculus for homeownership is changing by the day. it depends on the market that you re in and how willing are you to be flexibility. the same house you had your eye
aassociated press that the claims for the stimulus plan for the inflation and some say that is bizarre. what is the truth here? this is something that the economists will study for a long time to come. there was no choice but to pump money into the economy. the question is was it too much and too long of a period of time. i think there is a general consensus, that things went a little too far and that is why this is such a big struggle for the federal reserve to try to curveball this. it may have not intended for a recession. yes. the higher interest rates force homes and cars, is that going to hurt more for perspective buyers? we re talking homes, cars and credit card debt. it could cool off the market
i m going to go over this. i will take pictures. steve: we have been doing the show for 25 years that is an expression you never have i don t think that expression has ever been used on the channel or any other channel. brian: i think as monday used it steve: is it worth half a million bucks absolutely not not a genre that would go ahead and command that kind of cash. clearly people who buy it want access to the president. pete: well, that s right. they are stating the obvious. and because they are art critics and experts we should pay attention to it of so, of course, they are buying hunter biden s name. here is the other pesky details of this non-transparency in the whitehouse. hunter biden will be at the galleries in new york and in los angeles where the art is being sold. so he could be face to face with perspective buyers who can tell them all they want about what they are going to pay or what
making half a million dollars with artwork you know who your buyers are. that s just how it is with hunter. former obama no fan of this show said hunter biden will meet with buyers from his overpriced art. good grief. who are these perspective buyers. the manhattan art world is abuzz with rumors. mary ping is a famous collector of still lives, bowls of fruit. but she is thinking to switching to biden. the third cousin twice removed from the ukraine assistant of