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Labor market backdrop that you and i were just discussing, strongest labor market recovery on record while doing everything we can to bring down those prices. the federal reserve is the first line of defense against high inflation. were doing everything we can. were very glad to see some of the declines at the pump, essential for working americans. way more to go there. our work isnt done by a long shot, but those are welcome. i think on the page front, the point that probably hasnt been emphasi...

A fed keeps a close eye on. so over the last three months, annualized core inflation was 4%. if the prior three months it was 5.2%. so you see some moderation there. but with respect to gas prices, they are too high. and no amount of economic statistics is going to change that. the frustration that people will feel this weekend, which is why we like to see more action. wed like to see more action in energy prices but also other prices that family faces that would make a big difference in their l...

This. the strikes are over allegedly pay because the unions told their members there would not be a pay rise which was never true, because the pay freeze of coronavirus was to coming to an end, and compulsoryjob cuts. where in fact people have been coming forward through a voluntary redundancy scheme. so again, a scare by the unions. i think they have cold these strikes and are full potential. it is is the employers who have to negotiate a settlement with the unions. is that —— i think they ...

♪ home buyers are already feeling the pinch of the feds latest rate hike. surging market rates are putting pressure on the market, pushing the cost higher. >> jumping up to 5.7% up to from 5.2. the week before that the largest one-week increase in more than three decades. cnns brian todd has more for us here on how we can navigate these higher home costs. >> look at this. >> reporter: dana burns got sticker shock recently when shopping for a new house in the phoenix area. >> $500,000 -- i do...

Not a good time for home buyers. >> reporter: thats right, victor. fed policy can be sort of mysterious and confusing, but theres nothing confusing about whats happening in the housing market right now. it used to be ridiculously cheap to get a mortgage and its not anymore. the average 30-year fixed rate mortgage went from 5.2% a week ago to 5.8% now. its the biggest one-week spike in more than three decades, and the higher rates go, the less home you can afford. let me show you what we mean. if...

Board showed that 60% of global ceos and executives expect a recession by the end of next year. and alarming 15 % say were already in a recession. now, ceos dont have a crystal ball. but what theyre feeling matters. because the risk here is that they get so nervous that they slash spending and lay off workers, causing the very recession that they fear. >> so thats the fear for the future, but right now already people are dealing with prices up, interest rates going up, mortgage rates are up. whi...

Driving inflation up. he wants inflation expectations to be under control. >> the former treasury secretary was on this program last night and he told me that this high level ov inflation could last for the next year. what do you think? >> i think thats not unreasonable. the fed say they expect inflation at the end of this year to be 5.2%. honestly, i think thats optimistic depending on what the fed does. i dont think former secretary summers is wrong. it could last into next year. thats possibl...

They expect inflation to be 5.2%. thats optimistic. i dont think former secretary summers is wrong. that could last for the next year. >> he said it may ease off a bit but it will lost for a while. americans are feeling the pinch. and this rate will mean mortgages, credit cards, car loans, et cetera. times will get tougher for americans. most americans. >> yeah. keep the eye on the ball here. what powell is trying to do as he makes life more difficult in the short term is bring stability to pric...

5.2%. >> carley: wow, those are the numbers there. you have news on american dream home. >> cheryl: yeah. tonight we have brand-new episodes of american dream home, gone country. we are heading to kentucky. 9 p.m. eastern time, we will follow chris and carolyn searching for a country retreat in louisville. 9:30, well stay in kentucky, which is fun, and talk to breel and chad. breel is a champion and they were looking for a perfect horse -- both properties are in markets you can still get decent ...

Here? >> well, victor, jerome powell has to, first of all, explain what changed because just six weeks ago he was at the press conference for the fed, and he said that a 75 basis point move, what they just did today, was not actively under consideration, and now theyre actually doing it. he also needs to explain how -- whats going to happen in the economy next? new projections that were just put out by the federal reserve moments ago show a darkening picture for the economy. the fed downgraded i...