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control. inflation hit 8.6% last month, the hottest inflation since 1981. the fed meets later today. fed funds futures markets are pricing in 0.75 point rate hike to curb inflation. the "wall street" journal reporting the fed is likely to make a move larger than the 50 basis point move a few days ago. a terrible day yesterday, a terrible two days. cnns claire severe webastian i london. is there stability in europe? >> a little bit more stability today in europe and asia as they continu...

hearing takes new turns. the january 6 committee accusing donald trump of scamming his supporters out of $250 million. laying 0 out the case that trump solicited money from backers by using lies as a fundraising tool. adding that he sent up to 25 emails a day, soliciting donations for illegal funds that simply didnt exist. but is it potentially criminal and will attorney general merrick garland pursue or prosecute it as such? those are the key questions emerging from the hearings ove...

>> reporter: chairman bennie thompson publicly claiming the january 6th house select committee will not refer former president trump or anyone else to the justice department for criminal prosecution. >> what i prefer that we complete our work and seal that work with the department of justice. and they will make that call after that. >> reporter: even without a referral, the justice department would prosecute. but some committee members feel those comments are premature. >> we have had ...

im brianna keilar with john berman this morning. we begin with major news just in, president biden will officially be making a controversial trip to saudi arabia. what was really an open secret is now being confirmed by the white house. the middle east trip next month will include visits to israel as well as the west bank. >> the controversy surrounds what biden said as a candidate, he vowed it punish the kingdom and make the saudi crown prince a pariah for the assassination of journal...

next month. that visit coming as his administration is facing mounting pressure following record inflation and, of course, a surge in gas prices. president biden spoke about the trip at the joint base andrews in the last hour. take a listen. >> everything im doing in the middle east, lays it all out, im focused on labor -- >> all right, the president there also the major story were following this morning, the january 6th committee set for another public hearing tomorrow morning. it was...

the presidents visit comes as his administration is facing mounting pressure following this, you know, 41-year inflation high that were seeing and a huge surge in gas prices. the nations national average for gas, $5.02 a gallon now. all of this as a key inflation measure slowed slightly last month. >> also this morning, the white house is now confirming that the president will be traveling to the middle east, specifically to israel and saudi arabia, in july. were also learning his visi...

this, of course, despite his promise to make saudi, quote, a pariah state. all this as the federal reserve is expected to announce its biggest hike in decades. john harwood is live in philadelphia. john, there is a lot at stake for the president. >> reporter: a lot at stake, erica, for the president. a lot at stake for the country. as weve seen underscored by the january 6th committee hearings. the presidents biggest political problem is negative public sentiment about high inflation...

what trumps innermost circle thought of his election fraud lies. detached from reality was the polite way of putting. president biden wrapping up a speech in philadelphia to the aflcio convention. the presidents argument, times are tough, but he should be trusted to get us through the economic pain. and the president got political saying a republican wave in november would bring a renewed attack on two sources of security. the president says republicans would put programs like medicare...

learned trumps inner circle told him the fraud claims were false. within the committee, a significant public split over whether to send a criminal referral to the doj, and so thats where we want to begin today with democratic congresswoman of virginia who is on the select committee. shes joining us now. thank you so much for taking the time, congresswoman. the chairman says that a criminal referral is not going to happen. i know you and other committee members say thats not been decide...

into bear market territory yesterday. economists predict the fed will raise interest rates again in another attempt to battle rising inflation. cnn business correspondent solomon is here with me now. this ppi report, why should people at home care about this? whats it matter for us? >> its interesting because ppi doesnt get as much attention as the consumer price index, but its really important because its factory level inflation, what producers are experiencing, and we know what compa...