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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...

president. police were chasing o.j. simpson in a white bronco. this time it's the feds chasing something else. not o.j. on the run, but prices out of control. experts call it getting ahead of the inflation curve. investors like what they saw. will you? after all, your borrowing costs just went up and stand to go up more. the hope is that the tough medicine will work and this inflation fever he break. the only question, of course, is when. we've got you covered regardless. connell mcshane at the nasdaq and why traders are buying. the guy they call the sarge on whether order is returni...

join us coming up. >> john: first fox news alert to an economy in crisis. americans crushed on high prices from gas to food while their retirement accounts evaporate. growing concerns a dramatic move by the fed on interest rates could send the economy spiralling into recession. john roberts in washington. sandra. great to have you back. >> sandra: i am sandra smith in new york. this is "america reports." we are watching all of this, brand-new numbers today from may painting a bleak picture of the american economy. consumer and producer prices still skyrocketing, and hitting record hi...

>> this is about hungry babies. hungry babies and parents. >> i never thought i would see this in the united states. we've been struggling as parents to find formula now for months. >> this is a top priority. >> president biden says getting baby formula to american families is a top priority. now getting the u.s. military involved. welcome. i'm charles payne in for neil cavuto. this is "your world." with us now, pentagon press secretary john kirby. thanks for joining us. now that the president has in fact invoked this act, what is the role? how will the military respond? >> right now...

Not just tone deaf. reflecting a sneering snarling contempt for people who don't have what she has, which is wealth and power. >> exactly. >> that is a the style this administration and unless he reels it in, you have to assume that the president and the rest of the white house are okay with portraying themselves this way. >> thank you all. president trump announces a plan to commit more troops, how much has the u.s. already spent in the america's longest war? joining us now cnn's chief money correspondent. very expensive. >> it is. i always caution when we do these stories, you cannot put a...