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three republican in the house and karl rove will also weigh in. sandra: big show coming up. first, fox news alert. move to the federal reserve that could impact every american. standing by for a major decision that would be the biggest interest rate hike in nearly 30 years. ok, we are waiting for it. hello, i m sandra smith in new, i don t. trace, great to have you. trace: you as well, i m in for john roberts, and this is america reports. fed decision will be a dramatic attempt to cool down the economy, increasing rates would make everything from a mortgage to a business loan to credit cards much more expensive. all this as president biden continues to deflect on inflation. refusing to take responsibility for the administration s role in skyrocketing prices. sandra: the u.s. has a higher inflation rate than many of the other major economies and the white house is promising a new messaging on the economy strategy with democrats ahead of the midterms. we ll dig ....
the padres playing great as well. such a great division. can you believe the angels collapse? yankees initiated that and sent them into a tailspin. really? they lost 12 or 13 in a row before they finally won. loaded with talent but struggling a bit. stock futures are on the rise as investors anxiously await the federal reserve s action to tame surging inflation. this as president biden lashes out at republicans for blocking his economic agenda. msnbc s stephanie ruhle will join us to break it all down and the challenges ahead. and we walter isaacson with us. we were talking about presidents and inflation before. jimmy carter, i mean, you know, he had volcker, volcker tamed inflation. right. but there were so many global forces, external forces, you know, we like to think in america that presidents control the economy. there s so many external forces right now. especially now. especially now with two years of covid, the pent up demand. i underst ....
of the 11th hour, stephanie rule, tom costello with us, white house correspondent carol lee and host of public radio s full disclosure. the news is in, stephanie, three quarters of a point. we thought originally it was going to be 50 basis point but jay powell is in a situation. we are in a serious inflationary environment. normally the fed likes inflation to be around 2% and it s currently approaching 9. so 75 basis points is a big move but it s still tricky because what they don t want to do is move so much so quickly that they push us into recession. but if they don t do something aggressive, prices will likely continue to rise and the economy is suffering for it, especially right around gas prices. this is a big move. it s not unexpected. it s the thing that people have been waiting for. most economists across the board have said this should have happened months ago. markets are going to take this as a positive. robin, it is hard to thread this needle, thoug ....
everything he can to bring prices down. white house correspondent peter doocy joins us from the north lawn. good evening, peter. good evening, bret. when the president gave the rousing speech about the economy today he never mentioned the federal reserve is expected to raise interest rates tomorrow. instead, he was looking backwards and talking about all the times that there were long lines of cars waiting to get boxes of food during covid lockdowns as he tried to make the point it could be worse. under my plan for the economy we made extraordinary progress. so dismal economic trends aren t the problem. the president thinks messaging is the problem. i don t want to hear anymore of these lies about reckless spending. three members of biden s inner circle head to the hill tomorrow. kate bedingfield, john o malley dillon and will talk messaging on the economy. inflation. it s sapping the strength of a lot of families. inflation is not isolated to the u.s. wor ....
and president biden tries to celebrate a strong jobs report while his attention is otherwise consumed with inflation and gas prices and gun massacres and more. the beginning of what could be a long hot summer. plus, delicate diplomacy. biden refuses to confirm a meeting with saudi arabia s de facto ruler and he once vowed to make the country a pariah because of its horrific record on human rights. welcome to the lead. i m jake tapper. we start with our money lead and president biden heralding a, quote, terrific jobs report while also acknowledging record high prices are causing serious problems for far too many american families. there was good news in the jobs report released this morning. u.s. employers added 390,000 new jobs. unemployment stayed at a near record low of 3.6%, and 96% of the jobs lost during the pandemic erupted are back, but none of that will immediately help lower the sky-high costs of everyday goods such as groceries or gasoline. the current r ....