Dylan Rad News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> 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...

Prices for things we're very sensitive to, the most obvious being gasoline, the next most obvious being things like bread and groceries and milk. the things that you actually come in contact with, food and gas, at the same time people's investment accounts going down 10, 20, 30, 40% depending creates a feeling of a bad economy, from a consumer standpoint. but the actual economy, when you look at the labor market right now and the demand for labor and the layoffs and all these sorts of things is quite healthy, and so i think that you have a contrast, i guess, between the personal experience of ...

>> i like the firefighter metaphor. i get it. that one makes sense. dylan, do you think there was a different way to put out this fire, a better way? >> well, i mean, again, when you're fighting a fire to stay with the met metaphor, you need everything you can get. two things, rates are the obvious thing. the second thing is to distinguish between the war and the sanctions because the sanctions and the war are not the same thing, and the sanctions to the degree to which they can be modified in a way that they provide less stress in europe and the united states and more stress on russia, which ...

2021 and the start of 2022. it may still be growing. it's very important not only to rely on the fed but also to consider such things as a windfall profits tax. it is before congress now and there are more and more members who are interested in doing this. the conservative government in britain has done this already with regard to oil companies. it ought to be done in those sectors of the economy where we have seen these markups get out of control. there's no reason that consumers ought to be paying this kind of money and at the same time bearing the burden of these fed rate increases. >> dyla...

Us it means that there's going to be a break when it comes to this cost of living crisis. the goal is to try to get inflation under control. again, though, that won't be easy to do that without slowing the economy down too much that it causes a recession. >> all right, matt, stay with us, and let's bring in robert rice, the former labor secretary under secretary clinton and the author of the system, who rigged, it how we fix it, and financial analyst dylan, the host of the truth or skepticism podcast. mr. secretary, your reaction to this 3/4 of a point historic increase in the interest rate? >...