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harry smith on the end of an internet era >> announcer: this is "nbc nightly news" with lester holt good evening today some tough medicine for an american economy racked by high inflation. the federal reserve raising a key interest rate 0.75% it's the biggest bump-up since 1994 a hike sure to be felt in the wallets of american borrowers. think higher mortgages rates and bigger credit card payments which we'll get into in a moment. what's it all about? the fed hopes the increase will start putting the brakes on inflation which is running at 40-year highs. gas, food, prices, you name...

overturn the 2020 election, what to expect from day three of the public hearings. plus, stock futures fall more than 1% after the fed implements the highest interest rate hike in nearly 30 years. the question is whether the move will drive down inflation without pushing the economy into a recession? and we'll have the latest from ukraine. as the united states pledges more aid, the leaders of france, germany, italy all arrived in kyiv overnight to show that europe is still committed to the fight for peace. good morning. welcome to "way too early." on this thursday, june 16th. i'm ...

it. >> inflation, it is zapping the strength of a lot of families. >> that inflation hit 8.6% last month, highest rate since 1981. majority of americans weren't even alive actually. u.s. families paying more for everything. gas, cars, food, housing, just to name a few. >> plane tickets, everything. and today fed is expected to rise rates three quarters of a point. so that means that people will pay more to get a car loan, houses and even college. that will taste bad, but the hope is that it cools down inflation overall. right now on wall street you're seeing a little bit of optimism ...

nearly three decades. all, of course, in an effort to slow slowing inflation. in hours, the fed expected to announce raising rates by 0.75. that will make it more expensive to pay for things like a mortgage. the biden administration under growing pressure to do more to avoid a recession. retail sales fell last month. consumers feeling the squeeze from the record high gas prices, inflation and already rising interest rates. let's begin our coverage with cnn's matt egan live in washington taking a closer look at the fed's big move expected today, matt. >> reporter: erica, this is shapi...

shot of momentum for republicans and signals major gop gains among latino voters with midterms around the corner. >> carley: griff jenkins has more on the huge win in the other big races of the night. >> griff: good morning, carley and todd in south texas, wife of a border patrol agent and daughter of legal immigrants. the seat is up again in november. take a look at the race board. nearly a point. dig into the numbers and you see the story. this 34th district president biden carried by four points. go to cam ron county, democratic stronghold along the mexican border, biden won that,...