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good morning, victor and amara. yeah, what recession? inflation is cooling and the economy picked up steam in the second quarter and the jobs market remains strong. the federal reserve chief maintain as so-called soft landing is possible and fed staff are no longer forecasting a recession. here's more from fed chief jerome powell. >> i would say it's possible. >> there was a 2.4% annualized rate. it's quite remarkable in the face of the fed's 11 rate hikes to cool inflation. now, inflation is still higher than the fed's 2% target, but much lower than last summer, and friday we rernlearned the gaugel
play out in wilmington is yet another moment to give republicans to talk about the investigations into hunter biden and now it seems they'll even continue to ramp up the pressure to speak with the prosecutor in this case, david weiss as well. >> ali vitali, thank you, and thank you for breaking down the news in the last hour. we're staying on top of the hunter biden case but we have more breaking news that's going to affect millions of american families. the fed is making moves to cool inflation. how a rate hike today could affect your bottom line. we'll be right back. ct your bot. we'll be right back. who needs that much more tide? (crashing sounds) everyone's gonna need more tide. it's a mess out there. that's why there's 85% more tide in every power pod. -see? -baby: ah.
but when you're extremely heavy they're not so simple. golo is real and when you take release >> welcome back, everybody. and follow the plan, it works. we are continuing to see some positive news when it comes to the economy today. a special fight to cool inflation. in fact, the latest numbers, showing the inflation rate actually fell for the 12
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keep in their saving, what the effects would be marginal wouldn't they? >> sure, but what you are looking at is the magnitude -- for any government has to tackle it but for the chancellor he says that he is doing, we are proposing constructive ways in which he can help to ease the burden and ease the pain for people right now, one of those ways is to ensure basic status in the way the banking industry is operating and they are passing an interest rate rises to mortgage payers but they should be giving the most to say first -- with all the measures to cool inflation. >> all right, the chief of the secretary wouldn't commit to implementing -- >> six and a half percent --
every household budget is faegtfaegts affected by all of this. overwhelming assumption that the fed won't move, that there will be a powell pause. for the first time in a long time, you will have a fed meeting that you won't have higher interest rates. and those higher interest rates have meant higher borrowing costs for everyone. and 95% chance that there will be a pause, no rate hike. and if you look at the mountain of tightening that we've had, all of that has meant higher mortgage rates, higher car loans and that affects everyone. but in the meantime all of that hiking, that has helped cool inflation. we saw yesterday consumer price index has been cut in half since the summer. and that is really important. we'll get producer price index in just a couple hours and that is 1k3ek9xpected to be even mor
have will begin in the usa where we have just had some better—than—expected data aboutjob creation in may. 339,000 newjobs were created in the biggest economy in the world last month, higher—than—expected, but the rate of unemployment rose from 3.4% up rate of unemployment rose from 3.4% up to 3.7% and the new data adds to the economic picture that we will be considering and will be considered by the us federal reserve when they consider whether to increase the rate of borrowing even further as they try to cool inflation. we can now cross to new york. thanks for joining us. tell us why and how they have surprised many observers, these numbers? , . , ., . numbers? this really was a much better than _ numbers? this really was a much better than expected _ numbers? this really was a much better than expected jobs - numbers? this really was a much better than expected jobs reportl numbers? this really was a much i better than expected jobs report and at the top range of forecasts from economists they said maybe 220,000 jobs might be added in the month of may, but what we got instead was
in the first quarter. so while inflation is cooling overall, wages are still rising. so i think it's all important data as we talk about the fed and its campaign to cool inflation. this headline number would suggest the feds' medicine is working. >> this is more normal. what is not normal is what is happening with first republic bank. what is going on? the possibility we're going to see another bank failure? >> first republic is quite literally fighting for its survival right now. i mean, we learned earlier this week that $100 billion walked out the door after that banking crisis in march. $100 billion of deposits went some place else and that has left this bank in real trouble here. the stock cut in half this week, down 95% from its peak. it's up in trading and one of the reasons why is i think there's a lot of speculation about what are the strategic possibilities for this bank, bought by someone else, will the fdic have to take it over. your deposits are safe and
now to the economy, where the fight over the debt ceiling is adding to concerns about the economy, which now appears to be slowing after a year of interest rate hikes by the fed to cool inflation. in preliminary data, the gdp in the first three months of this year was up by just 1.1%, nearly half of what some economists had been expecting, down from 2.6% at the end of last year. the speaker and president biden are in a standoff overpassing anything on the debt ceiling. some democrats are getting nervous about the stalemate. amy klobuchar saying the two sides need to negotiate. joining me now, mike memoli and capitol hill correspondent ryan nobles. mike, is there any change in what the white house is thinking
now the focus is moving onto more more ceremonial events. he will formally meet the iris president michael d higgins and he will have talks with the leader of the irish government leo varadkar, then he will give an address to parliamentarians in dublin. he is the fourth us president to be given a particular honour afterjohn f kennedy, ronald reagan, and bill clinton, all of whom were descended from emigrants from the island of ireland. many countries around the world are grappling with soaring inflation. and for more than a year, america's central bank, the federal reserve, has been raising interest rates in a bid to cool inflation. new us financial data suggests the policy might finally be paying off. prices in shops rose 5% in march — the smallest increase in almost two years. but the more closely watched figure, core inflation, which takes out more volatile food and energy prices, actually increased by 0.1% from the year before. samira hussain has more.