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let s get down to business now. in just a few hours, the federal reserve america s central bank will make a decision on interest rates. it s pretty clear the cost of borrowing will go up but the question is, byjust how much. our north america business correspondent samira hussain reports from new york in the united states the cost of living has hit the highest level in more than a0 years. everything is more expensive. in the last year, the cost of food and vegetables is of more than 8%. today, £1 of beef is $5. last year it was $a.a0. the price of petrol has skyrocketed by 60%. and this is not a uniquely american problem. great prices are soaring around the world. the federal reserve, like other central banks is raising rates to curb inflation. here on wall street most people believe the policymakers will raise by .75%. but there are those believe the fed may adopt a more aggressive policy and raise the rates by a full percentage point. such is the urgency of combating r ....
Its action from the fed they will also release an update on their economic growth inflation forecast and we expect a big downgrade on the gdp forecast for this year and next. probably a coincident increase in the unemployment rate forecast. a state inflationary outlook but that will not deter them from trying to bring inflation down. 50 them from trying to bring inflation down. them from trying to bring inflation down. so what is the riaht inflation down. so what is the right thing inflation down. so what is the right thing to inflation down. so what is the right thing to do? inflation down. so what is the right thing to do? obviously l right thing to do? obviously the fed is raising rates but there is a big debate about how effective that will be, given what is driving inflation currently which is out of our control to a great degree i.e. the war in ukraine. absolutely. the war in ukraine. absolutely. the fed can the war in ukraine. absolutely. the fed can only the war in u ....
And this jobs number is big. it s a final hurdle for the fed. solid job gains could solidify this all-but-certain rate hike. here is what we expect. 181,000 new jobs created in november. that would be higher than last month s tally of 161,000. the unemployment rate forecast to stay at 4.9%. this is full employment. wages expected to move down slightly, 2.7% annual rate, all that according to a survey. this will tell us more about the economy that donald trump inherits as president and the one president obama is leaving behind. one more jobs report left after today in obama s presidency. up to this point, 15 million new jobs have been created since he took office. something interesting, on the campaign trail, you heard donald trump talk about the 90 million people not in the labor market, those people are studying, taking care of elderly relatives, taking care of children, there is this 94 ....
let s get started. usually it s her. she s the one who says this over and over, jobs, jobs, jobs. you know what, jobs is the big story today. big report, remember the last one we told you that was real good, we have another one out for you. as good? anything negative? we ll get the low down on it all? is it going to boost or bite president obama. also we re talking iran and israel s stance on iran. the prime minister talking about a timetable on an attack on iran giving a series of interviews laying out how many days, weeks, months, who knows for sanctions to take hold. the pressure and the heat on that situation. attention pennsylvania. take a look at this. a little plane coming in and it is not a good story, folks. the landing gear, look, it s not down. wow. how did it end? you ll see this but you ll hear more about it in just a moment. wow. bobbi kristina speaking to oprah. that s right, whitney s only daughter. the first time she s opening up about her ....
i don t think it s nice and i don t think it would play well, especially if it s from a republican. i haven t heard that that did take place, in fact. but if it is from a republican, i think probably it s maybe even playing a little bit worse. grim news. federal reserve sliced its growth outlook sharply for 2011, 2012, 2013 and significantly increased its unemployment rate forecast, both grim news. wow. you know, i am not surprised. i have been on your show for years now, i have been saying, you cannot create a strong economy if china and other countries continuously take your jobs, make your products, manipulate their currencies and do all the things they are doing and hold did shes at the white house state dinners for the president of china. so i am not surprised at all. i have been telling you this is going to happen. the news came out today and i think it s an absolute disaster near country. we need a leader that knows how ....