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Career with 493 home run and was a notable contributor during the 1995 braves world series win. >> mcgriff, mcgruff, so that means barry bonds, the home run king and clemons who wan 354, denied entry and both face widespread allegations of using performance-enhancing drugs diring their career but never was suspended. the next time they could be considered for the hall of fame by this committee is 2025. and so we'll be watching then. and until then, thanks so much for joining us today. we'll see you back here tomorrow. i'm erica hill. >> nice to have you back, erica. i'm jim sciutto. "at this...

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The fed raising the key interest rate three-quarters of a point, the fourth increase this year. among the biggest impacts, higher rates on credit card debt. the effort to slow down inflation, at the same time, trying to stave off a recession. here's our chief business and economics correspondent rebecca jarvis tonight. >> reporter: tonight, determined to fight runaway inflation, the federal reserve raising interest rates by another three quarters of a percentage point, the fourth hike this year. >> my colleagues and i are acutely aware that high inflation imposes significant hardship, especial...

Are hitting civilians in all directions. back here at home, inflation, sticker shock hitting millions hard. families forced to cut back on just about everything, including summer vacations. here's abc's economics correspondent, deirdre bolton. >> reporter: tonight, with inflation near a 41-year high, families are cutting back. >> instead of three gallons of milk, we get one. >> reporter: one california resident is finding a creative solution. >> i started a garden. >> reporter: food up more than 10%, gasoline 60%, and rent up more than 25% for the average one-bedroom apartment. brianna golde...

Or -- but it just was down, >> reporter: david, 100,000 customers lost power because of these storms. the cleanup is under way here in maryland. virginia's governor declaring that state of emergency. >> kenneth, thank you. we turn now to the other major headline this wednesday night, that new number on inflation. worse than expected. and as americans well know, it remains painfully height across this country. the consumer price index, 9.1% higher than a year ago. a nearly 41-year high, driven by those record gas prices. the typical american household spent $493 more in june to buy the same g...