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revealing new details about the justice department s criminal investigation into the capitol riots. i am aware of other white house officials who have been reached out to by doj and are planning to cooperate. oh, really? yes. how worried should donald trump be? first, a cnn exclusive. the biden administration s new offer to russia. they will, the u.s. will, give putin back a convicted russian and let wnba star britney briner and former marine paul whelan come home. that s the offer. welcome to the lead. i m jake tapper. we start with our money lead. more crushing economic news for the american people this afternoon. the federal reserve announced another massive interest rate hike. three-quarters of a percentage point. a move that seemed unfathomable to many has happened twice in a row. the increase translates to americans paying more money for things such as mortgage loans, car loans, student loans. today s hike, of course, was not unexpected. feigni in fa ....
reporter: the federal reserve just made history announcing that they re raising interest rates by 3/4 of a percentage point for the second meeting in a row. we haven t seen anything like that in back to back meetings in modern fed history, but we re not in nor times. we re dealing with the worst inflation inflation prices in 40 years. inflation remains elevated due in part to russia s invasion of ukraine and very high food and energy prices. so the fed is stepping in and acting like the firefighter. they re trying to put this inflation fire out. the goal here is to raise borrowing costs and try to cool off red hot demand, and that should hopefully allow supply a chance to catch up. but you know, officials also signaled that they re not nearly done with rate hikes. they said it would, quote, will be appropriate to continue raising interest rates. and here s the problem. they re raising rates into an economy that is already showing cracks here. in the new statement toda ....
About how he can t afford a safe car for his family. a woman talking about not being able to afford a house because of these skyrocketing mortgage rates. what s your message to not just your constituents but all americans who are already struggling who are now going to have to deal with the consequences of another rate hike? i think your point there is really important. americans were struggling before this rate hike. they re going to be struggling after it. and we have to recognize for most americans out there who are earning $30,000, $50,000 a year, they have been living in crisis paycheck to paycheck, unable to keep up with bills for years. and so we need to address these structural unfairness in the american economy that allows it to do so well for the ceos and for the billionaires and millionaires and undermines security for american families. so this rate hike is necessary, according to the fed, in order to cool what your own reporter says is white hot, red hot ....
Things such as mortgage loans, car loans, student loans. today s hike, of course, was not unexpected. feigni in fact, jerome powell hinted at it last month and said it s the best way to cool down inflation, but that takes time and it will provide no immediate help for americans struggling with higher prices on clothes and groceries and energy bills. matt egan, why does the fed think making americans pay higher interest rates will help the economy? well, jake, no doubt, this is some tough medicine from the federal reserve. because not only are americans dealing with the worst inflation in four years, but now they re getting squeezed by soaring borrowing kaus. credit cards, student debt, car loans, appliances, and of course, mortgages. in fact, the spike in mortgage rates is already slowing down the housing market. but what s important here is this is a feature, not a bug of the fed policy. they re trying to cool off red ....
reporter: the federal reserve just made history announcing that they re raising interest rates by 3/4 of a percentage point for the second meeting in a row. we haven t seen anything like that in back to back meetings in modern fed history, but we re not in nor times. we re dealing with the worst inflation inflation prices in 40 years. inflation remains elevated due in part to russia s invasion of ukraine and very high food and energy prices. so the fed is stepping in and acting like the firefighter. they re trying to put this inflation fire out. the goal here is to raise borrowing costs and try to cool off red hot demand, and that should hopefully allow supply a chance to catch up. but you know, officials also signaled that they re not nearly done with rate hikes. they said it would, quote, will be appropriate to continue raising interest rates. and here s the problem. they re raising rates into an economy that is already showing ....