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inflation that is not going down significantly. we will have the latest on the midterms including a fallout from all this week s debates. but, first up, the preelection economy where it stands. white house correspondent jackii heinrich starts us off from the north lawn. good evening, bret. the president is in syracuse touting the biden administration investment and praising today s economic report. the data is not what it seems on the surface. great economic report today. the g.d.p. report. things are looking good. at first glance today s g.d.p. report suggests the u.s. economy is turning around after two consecutive quarters of negative growth. but a closer look shows the 2.6% growth was driven by flux yaptions in international trade, not reflecting the underlying health of the economy and increased government spending. economists think both will drop off in quarter four. moreover, consumer spending is slowing as inflation climbs faster than wages. moody s chief ....
by no means are we out of the woods. our overall point is still pretty bumpy. so i think people should buckle their seat belts on this one. bret: here is larry summers, former treasury secretary. the history of developed country since 170 very discouraging about the prospects of bringing down 8% inflation. i m hearing what you re saying about these good numbers. but, boy, it does seem like we are in for a bumpy ride ahead. absolutely. and as the fed remains steadfast in its approach to bringing down inflation, taming that inflation dragon that s been lurking around 9 corner. we do expect cost borrowing costs to continue to rise. and this is going to amplify pressure on consumers and businesses that have already dramatically pulled back in terms of spending and investment. so, while we did see a temporary boost to g.d.p., thanks to an increase in government spending and, again, some nuances in terms of the trade numbers that ....
We saw, we re seeing recessionary conditions that recessionary box checked for nearly every sector of the economy. and so it is going to be very difficult for the fed to thread that needle continuing to raise rates while potentially giving us that soft landing. recession does seem to be lurking around the corner. bret: it s november 2nd which the fed comes out with this decision. hitting that soft landing as opposed to tipping the country over to recession. what do we think that number is on interest rates? oh, i do think the fed is poised for another 75 bases point increase in november. should inflation remain at these elevated levels. it s very likely that we see another outsized rise by interest rates in december. one pelled with rescission fed s outlook to inflation given at that time fact that the realized level of prices has significantly under performed what the fed has expected. and so it is very likely that this pressure remains on the fed ....
To continue to raise rates. but, remember, the fed is focused on the labor market as opposed to the broader position of the u.s. economy. bret: lindsey, we really appreciate the time going true through these numbers. thank you. bret: breaking tonight russian president vladimir putin says u.s. and allies are seeking global domination by fueling the conflict in ukraine. that comment comes as the defense department unveils its national security strategy. the main challenge balancing growing threats from russia and china. chief national security correspondent jennifer griffin takes a look from the pentagon tonight. good evening, jennifer. good evening, bret. in an hour s long speech today vladimir putin gave his version of reality taking shots at the west for escalating ten tensionn and iran adding he wishes they could get along. russia drills simulating massive nuclear strike and intercontinental ballistic missile launch the pentagon ....