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five-tool pros pects, you have it all. at 5 a.m., i will say, you are highly coveted at the trade deadline. >> carley: i don't even know what that means, but i am here outside national park. look how beautiful this shot is. it kicks off 7:05 on fs2 tonight, fox sports 2 and fox nation. very easy for everybody who wants to watch, they can. we'll have guests coming up that are on the republican team, including congresswoman lisa mcclain and greg steube. greg steube hit the out-of-the-park home run last year and republicans ended up winning 13-12 and that snapped the losing streak. repu...

get out the dictionary. we'll define recession for you. here is the bottom line. the biden economy is shrinking as the fed unleashes rapid fire rate hikes to stave off the highest inflation in 40 years. let's get right to it. maria bartiromo joins us now. go ahead and give us the news because they projected .5% on the positive side. the number was a negative .9. >> we are now in recession and we can confirm that because it is two quarters straight of contraction. the economy shrank in the second quarter by 9/10 percent on top of shrinking in the first quarter by 1.6%. now so far all ...

more on all of that later this hour. but first the critical decision set to drop soon from the federal reserve. and cnn business correspondent rahel solomon is here with us. walk us through what is to come in the next hour or so and why it really matters. >> so the expectation is that chairman powell will raise rates about three quurs of a percent. that is not one to one in terms of borrowing costs. we won't see borrowing costs raise 75 basis points. but it does influence all of the categories. so costs will continue to go up. >> and i want our viewers to enter understand what this r...

>> john: begin "america reports" with form president trump under investigation by the justice department as the agency appears slow to act on the current president's son, with one republican senator now alleging a cover-up. john roberts in washington. good to be with you again. >> sandra: we made it to wednesday. i'm sandra smith in new york. "washington post" reporting the justice department is looking into the former president as part of a criminal probe of efforts to overturn the 2020 election results. the post says phone records of some trump officials have been seized and witnes...

who can't afford it. >> martha: the dow is up a lot on that news. in less than 24 hours, we'll know if the u.s. is officially entering a recession. charles payne joins me on that. and the other big story that we start the hour with here on this wednesday, china. warning the united states saying that when it comes to nancy pelosi's trip, it's a red line for them. china recognizes obviously -- china believes that taiwan is part of china, that it's not an independent country that can greet u.s. officials on their own. when asked were republicans from the hill will join her on this trip,...