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short. we just learned his recorded testimony is expected to be shown tomorrow. and children under age 5 are another critical step closer to getting covid vaccines for the first time. we ll break down the new green light by fda advisers as cases are rising, and even dr. anthony fauci has now tested positive for covid. we want to welcome our viewers here in the united states and around the world. i m wolf blitzer. you re in the situation room. we begin with the biggest jump in interest rates in nearly 30 years here in the united states. the federal reserve prescribing new medicine for the ailing u.s. economy that may be tough to swallow for so many americans. brian todd is joining us live from outside the federal reserve. brian, this is truly a consequential move aim at trying to tackle soaring inflation. reporter: prices across the board were soaring out of control. the fed needed to do something. now it s a matter how the average american can absorb this. with pr ....
Consequential move aim at trying to tackle soaring inflation. reporter: prices across the board were soaring out of control. the fed needed to do something. now it s a matter how the average american can absorb this. with prices surging and americans struggling to keep up, the federal reserve takes a bold tep stootame what seems like relentless inflation and races interest rates by 0.75%, its biggest hike in nearly three decades. we at the fed understand the hardship inflation is causing. we re strongly committed to bringing inflation back down, and we re moving expeditiously to do so. reporter: is this too much of a hammer from the feds? i don t think so. i think it s a strong move by the federal reserve to attempt to regain control of the narrative. what it could turn out to be is that a little more action today portends a little less in the future. reporter: a little less what? pain? a little less pain, a little less increase in interest rates in order to get the inflati ....