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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...

The efforts of the federal government and the reserve to get us through the pandemic, capped off by the american rescue plan that was signed by president biden, we coulme into these headwinds from a position of strength. never before have we seen the federal reserve increasing interest rates with such a strong labor market. so aim com i concerned? absolutely. but we have a buffer for the fed to address inflation without causing a recession. >> but the federal reserve didn't expect to get the inflation to get this bad to begin with. and we heard from an economist just today. listen to something...