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You are paying 10,000 dollars, someone on medicare on your prescription drugs you're going to save $8000 under the ira. these measures are in effect republicans say they want to take them away. if you are paying hundreds of dollars on insulin per month and now you get to pay $35 starting in january, they want to take that away. that to me is a recipe for more inflation, higher costs not easing the pressures that you just took us through. shannon: ils steve scalise the congressman is going to be with us in minutes but i'm going to ask about that. enemies have a site about mortgages. we talked a...

You are paying 10,000 dollars, someone on medicare on your prescription drugs you're going to save $8000 under the ira. these measures are in effect republicans say they want to take them away. if you are paying hundreds of dollars on insulin per month and now you get to pay $35 starting in january, they want to take that away. that to me is a recipe for more inflation, higher costs not easing the pressures that you just took us through. shannon: ils steve scalise the congressman is going to be with us in minutes but i'm going to ask about that. enemies have a site about mortgages. we talked a...

Just averaged 6.92, the highest since april of 2002. a year ago you could get a 30-year fixed-rate mortgage for just 3.05%. what do you think the chances are that they will go above 8%? where do you see them peaking? >> i think that we are testing the 7% mark. it is most likely to hold at this level and possibly even retreat somewhat after holding, but if it breaks the 7% line, the mortgage rate looks to go up even above 8%. we have to remember, when inflation is this high, last time back in the early 1980s, mortgage rate climbed up to 18%. of course, we don't see that, but i think the 7% is l...

>> reporter: she said inflation is at unacceptably high levels but this is a global problem. that families around the world are dealing with the high cost of living right now. listen to this clip from the treasury secretary. >> we currently face macro economic challenges, including unacceptable levels of inflation, as well as the head winds associated with the disruptions caused by the pandemic's effect on supply chains and the effects of supply side disturbances to oil and food markets, resulting from russia's war in ukraine. >> the biggest pain point here is obviously high gasoline prices. n...

$4.82 a gallon nationwide compared to just 3.05 one year ago. gas at one station in northern california is nearing $10 a gallon. joining me now is the vice president at the u.s. association for emergency economics. good evening to you. once we hit memorial day, gas prices start to g down. do you think we will see good evening, it is good to be with you today. think the outcome is for prices to move higher for the summer. i hate to be the bear of bad news and spoil people at the weekends, if anything they are moving higher. one of the most important things i am keeping an eye on is how the na...