more on all of that later this hour. but first the critical decision set to drop soon from the federal reserve. and cnn business correspondent rahel solomon is here with us. walk us through what is to come in the next hour or so and why it really matters. so the expectation is that chairman powell will raise rates about three quurs of a percent. that is not one to one in terms of borrowing costs. we won t see borrowing costs raise 75 basis points. but it does influence all of the categories. so costs will continue to go up. and i want our viewers to enter understand what this really means for them, for their wallets. and i know you ve pulled a few examples. yeah, i ve been working the phones. let s start with credit cards. we ve already seen credit card rates accelerate quite rapidly this year. and right now the average rate is about 17.5%. according to bank rate, if you are holding a $5,000 balance which is the national average, you have a current ampt pr of 17.25%, if
2023, 20241234. the 9% includes energy and fuel which is quite volatile.34 the 9% includes energy and fuel which is quite volatile.4. the 9% includes energy and fuel which is quite volatile.. the 9% includes energy and fuel which is quite volatile. we expect commodities also coming down. so that is volatile month to month. we know supply chains are easing. we know the federal reserve is doing what it can to cool the economy. and so we are i am confident that over time we will see inflation come down. given the war in ukraine, it is hard to really predict exactly when, but we do know over the coming next couple of weeks we expect gas prices to continue to falling. which should generate some relief for american families. but it is hard to get much further than that again given the unprecedented challenges that we re facing globally. cecilia, appreciate your time. thank you very much. new developments today in the justice department s january 6 criminal probe. we ll take a c