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past 18 months over the course of the biden presidency so far. that came from the heritage foundation from analysts there that compares it to what is basically taking the titanic into an iceberg. art laffer, the economist that helped turn around this ship under reagan said this in reaction to this report. >> this inflation number is accelerating. it's not toning down or topping out. >> brit hume joins us in moments on the political blowback for president biden and what that looks like as we head to the mid-term. first, let's bring in jackie deangelis and mark tepper. thanks for being...

1981 when ronald reagan was president and battling a recession that seemed endless. a guy names paul volcker was hiking interest rates a full percentage point at a team to squash inflation that proved relentless. when indiana jones was the hottest movie in the country and charles and diana, the hottest wedding ticket in the world. back then bacon cost $1.75 a pound. try more like $7 now. coffee was $2.46 a pound. closer to $6 now. a half gallon of ice cream set you back about $2. nearly trip that will today. some perspective on time and prices. lower and slower back then. faster and ...

thiessen live coming up. >> john: fox news alert, president biden landing in the middle east as inflation hits a new 40-year high with no end in sight. i'm john roberts in washington. sandra, double duty today. >> sandra: great to be with you, john. brand-new numbers from the government showing red hot inflation has not cooled. consumer price index surging to 9.1% in june. marking the biggest one-year increase since 1981. the president issuing a statement in response to all of it saying "today's data does not reflect the full impact of nearly 30 days of decreases in gas prices and ot...

argues the data does not reflect a recent decrease in gasoline. prices for regular unleaded had fallen about 40% -- 40 cents rather over the past 30 days or so but still remain about a buck 50 higher than this time last year. our coverage begins tonight at the federal reserve where rich edson tells us what to expect next. big question there, rich. good evening. >> good evening, bill, officials here at the federal reserve are trying to bring these price increases under control despite that inflation is on that toward praise throughout the economy. latest report shows that americans ar...

>> in paris, arkansas, some people still do not have power, following strong storm under ant warning. >> it was miserably hot. >> all ud down all night because it was too hot. i sweat so bad. >> the heat also building in the northeast, new york, philadelphia, and boston are expected to see a heat index around 100 degrees today. >> this is serious heat and we're really concerned about those, particularly with pre-existing respiratory conditions. >> heat is the number one cause of weather related deaths in the u.s. one heat expert says if you have air conditioning, stay inside. but ...