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CNN Newsroom With Alisyn Camerota and Victor Blackwell

the central bank's preferred inflation measure cooled off in july in part due to the continued drop in energy prices. >> did powell give any hints about the next fed rate increase? >> he really shied away from being specific about what that rate increase might be like. he was not shy about being clear that they will continue to raise rates to lower inflation. take a listen to some of what he said earlier this morning. >> without price stabilitystabi economy does not work for anyone. without price stability we will not achieve a sustained period of labor market conditions that benefit all. the burdens of high inflation lie heavaviest on those who are least able to fight them. >> what he's getting at there,

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The Lead With Jake Tapper

to attack inflation which is still running at near its highest level in 40 years. this as soaring prices did take a little breather last month. now more on this. jerome powell really not mincing words today. >> absolutely not. it was a short speech but clearly made an impact. the fed chairman being very cheer, sending the message out saying let me be clear. we are on a path lowering inflation. that will look like higher interest rates. and we will not pivot until we see a sustained clear evidence that inflation is lowering. also, however, acknowledging, and this is getting a lot of attention. there will be some pain involved. take a listen. >> higher interest rates, slower growth and softer labor market conditions will bring down inflation. they will bring some pain to households and businesses. >> certainly, the strongest language i have heard from the chairman. so not leaving any room for

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CBS Evening News With Norah ODonnell

political. john ratcliffe spoke to cbs' catherine herridge. >> the unsealing of this today isn't going to do much to, again, tamp down the chaos, the confusion. >> reporter: and tonight, source tell cbs news that some members of the intelligence community will soon begin assessing whether their source were compromised based on what this investigation has revealed so far. major. >> garrett: bob cost athank you. now to the economy. wall street ended the week with its worst day in months. the dow jones fell more than 1,000 points. all three major indexes were off more than 3%. the sell-off began after fed chair jerome powell descriferred dliferred a stark warning about the future of interest rates. here is cbs' nikki battiste. >> reporter: the pain on wall street was felt tonight after this blunt assessment from the fed chair, jerome powell. >> while higher interest rates, slower growth, and softer labor market conditions will bring down inflation, tfey will also

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Hallie Jackson Reports

ask your gastroenterologist about rinvoq. and learn how abbvie could help you save. we are keeping a close eye on wall street. you can see the dow is down know, more than 900 points in the final minutes of trading. it's been in a free fall since the head of the federal reserve issued a new warning today that more interest rate hikes are likely coming. in his highly anticipated speech at the fed's big annual summit, jerome powell said to expect, quote, some pain ahead. >> while higher interest rates slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. these are the unfortunate costs of reducing inflation. but a failure to restore price stability would mean far greater pain. >> i want to bring in cnbc's

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The Situation Room With Wolf Blitzer

market conditions will bring down inflation, they will bring some pain to households and businesses. >> reporter: the deceleration presenting a glimmer of optimism for white house officials. buoyed further by a nearly seven-point job in august consumer sentiment. signs of progress president biden has pledged to deliver, capping a whirlwind month of legislative victories. >> we've done all this, but then our critics say, inflation. you mean the global inflation caused by the worldwide pandemic and putin's war on ukraine? we're making progress! >> reporter: and right as the white house hits the gas on biden's midterm campaign effort. biden traveling to reliably blue maryland to unveil a fiery and aggressive new approach. >> in 2020, you and 81 million americans voted to save our democracy. that's why donald trump isn't just a former president. he is a defeated former president.

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CNN Newsroom Live

mentioned, along with in all likelihood some softening in labor market conditions. so that is what we're trying to achieve and we continue to think that there is a path to that. we know that the path has clearly narrowed really based on events that are outside of our control. and it may narrow further. >> the rate hike was welcome news on wall street with the dow and nasdaq each gaining more than 400 points. more now on the impact of the rate hike from brian todd. >> reporter: at his pawn 1407 in the kansas city area, denny russell sees a lot of new customers, people dealing with runaway inflation, selling off their personal items just to make ends people. >> people come in every day that they have never seen this place before. >> reporter: the federal reserve is desperately trying to tame inflation in america again raising interest rates three quarters of a percentage point, the fourth interest rate hike in america this year and fed chairman jerome powell says there could be more coming. >> inflation has obviously surprise to the up side over the past year and further surprises

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The Lead With Jake Tapper

public. essentially how people are feeling about present conditions, how people are feeling about conditions six months into the future, so short term outlook and how it might impact their purchasing decisions. the headline came in at 95.7. to put that in context, 100 is considered good. we're sort of below that, but what matters more is sort of directionally where the number is going and where it has been. this is the third consecutive month of declines so to put it simply, outlook is worsening. telling me just about 30 minutes ago that what is so stunning in the deterioration of consumer confidence is it's not just inflation. it's also reflecting less robust labor market conditions which is not bad yet, but brings us closer to a recession. >> rahel, today walmart warned that it's not going to make the profit it expected because customers just are not buying as much with higher prices. but walmart does expect more customers in stores.

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The Lead With Jake Tapper

feeling about present conditions, how people are feeling about conditions six months into the future, so short term outlook and how it might impact their purchasing decisions. the headline came in at 95.7. to put that in context, 100 is considered good. we're sort of below that, but what matters more is sort of directionally where the number is going and where it has been. this is the third consecutive month of declines so to put it simply, outlook is worsening. telling me just about 30 minutes ago that what is so stunning in the deterioration of consumer confidence is it's not just inflation. it's also reflecting less robust labor market conditions which is not bad yet, but brings us closer to a recession. >> rahel, today walmart warned that it's not going to make the profit it expected because customers just are not buying as much with higher prices. but walmart does expect more customers in stores. meanwhile, mcdonald's says

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The Situation Room With Wolf Blitzer

is such an important indicator for the u.s. economy and whether it indicates we're heading into a recession. >> consumer confidence tells us several things about the state of the economy. one, how they're feeling about present conditions in terms of the economy and also labor conditions and also how they're feeling about short-term out look, the next six months and major purchases. are they still planning to spend? we have to look into how americans are feeling. what we're seeing is confidence continues to weaken. it's the third consecutive month for the decline in consumer confidence. people are planning to hold back on major purchases in terms of appliances. a short time ago, wolf, what was so stunning in the deterioration of consumer confidence, it's not just inflation. it's reflecting less robust labor market conditions which is not bad yet, but brings us closer to a recession. >> we're waiting for more

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Early Start With Christine Romans and Laura Jarrett

pennsylvania, he has voted against democrats on this issue. so really it is all up in the air. but a lot could change between now and june when we expect that formal opinion to drop from the supreme court, whether they plan to overturn roe v. wade or not. >> daniella, thank you for your reporting. and if you have a credit card, if you are shopping for a car, you are trying to buy a house, big news, folks. the federal reserve cranked up interest rates wednesday, a rare 50 basis point hike in the benchmark rate. this is the biggest increase in 22 years. it is the fed's job of course to fight inflation with prices rising faster than they have in 40 years. the fed is getting more aggressive. here is jerome powell. >> the economy in the country has been through a lot and proved resilient. it is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all. >> this is only the second rate hike since 2018, the fed raised

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