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While talks of a recession have receded and while the American economy is proving resilient in many sectors, there is still a plethora of issues that are burdening Americans and putting a strain on...
definitely under 4% there, and i wish i could get into a time machine and go back in time. what happened? >> well, the, you know, inflation is the other chart you can put up there, and that chart doesn't look too pretty either. and the fed's way of combating inflation or one of the principal ways they've been combating inflation is to raise interest rates. and when you raise interest rates, mortgage rates go up, car loan rates go up, credit card rates go up. but the one that people probably have taken the most to heart is mortgage rates which now are at the highest they've been in an entire generation. so for would-be home buyers that are, you know, coming of age, want to buy a home for their family, they are literally frozen out because they simply can't afford afford the payment. aishah: well, and people who are buying are in trouble too. you think about folks, okay, they say i can afford this house somewhat, but then maybe my
turned his back on the press when asked if he would pardon his son. >> larry: so he would not answer that, but she did. she's supposed to be speaking for him, fascinating. >> sandra: larry, as far as the federal reserve tasked with bringing those, down those prices, are they doing it and what kind of -- >> larry:. >> sandra: you see borrowing costs up to buy a house, a car, credit card rates are going up, all to tackle the inflation created in the last two years. >> larry: has not had much impact. it's interesting. the increase of interest rates, let's take autos. auto sales, very interest sensitive sector of the economy. they are back to 16 million now. that's a good number, not a record number, but a healthy number, better than the last couple years. car rates have gone up. borrowing rates, has not really had much of an impact.
circleville police say officer ryan speakman has been fired. the video shows speakman releasing the dog on the driver, who had his hands up despite a state trooper yelling at him not to do it. the federal reserve today raised interest rates again to the highest level in 22 years. chair jerome powell leaving the open fore hikes in the battle against atio tostello i washington. tom, this affects almost every american. >> reporter: oh, . nsumers and businesses cut back on spending. w, this is the 11t raike since marc of '22, and those moves haveped bring down inflation from 9% to 3% today, but the fed wants inflation at 2%. so, a quarter-point hike today with another rate possible, a move possible in september. higher rates mean mortgage rates could move higher, now above 7%. credit card rates are really affected. we've seen the average credit card balance now at $5,700 with credit card rates at 20%. itld take 17 years to pay it off if y
that, you know, we've also seen inflation come down, right? inflation is now half of what it was a year ago. so i think altogether we are seeing that president biden's vision of doing three things, investing in america including industries like semiconductor, infrastructure, manufacturing, clean energy, also investing in american workers and also increasing competition to decrease prices that those things taken together are working and we are seeing both economic security and growth in our economy. >> markets are reacting to today's news, still down slightly this morning. wall street expects another interest rate hike. mortgage rates are already way up. credit card rates are up. this is hurting a lot of americans. what's the answer? >> i mean, i think that's right. we should acknowledge some of the pain that americans continue to feel, right? remember, just three years ago we were deep in a pandemic, and the economic catastrophe that
so, you have inflation and joe biden is going to be spending more and more money, that -- that -- same time, interest rates are going up because the federal reserve is trying to fight inflation. ten interest rate increases, five and a quarter percent short-term funds rate. this is the vice grip that the american people are now trapped in. you talk about almost a trillion dollars in credit card debt, credit card rates are at a record, almost 21% because people are just trying to survive right now. >> sandra: during the president's speech, they said for the first time in many years went to the grocery store and used their credit card to buy their groceries because they did not have the cash on hand to buy them, and that's the disconnect you heard from the business owner and in the polls, how concerned about inflation, 90% say they are. those who approve of the way that biden is handling the