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powell. taming inflation, powell warns, will require some painful let's get straight to the business correspondent. powell's warning really led to a jolt on wall street. that's a pretty significant drop. >> really spooking wall street and main street in terms of the messaging we heard here. we haven't seen a day like this in the market since mid june. every sector in the s&p closed lower today. it was a broad-based sell-off as investors parse through what the federal reserve chairman was trying on get across. he talked about the fed will not stop raising interest rates until they are...

speech is the reason she lost. >> two years ago, i won this primary with 73% of the vote. i could easily have done the same again. the path was clear. but it would have required that i go along with president trump's lie about the 2020 election. it would have required that in-abl enable his efforts to unravel our system and attack the foundations of our republic. that was a path i could not and would not take. >> so cheney will be out of office come january. until then, she continues at co-chair of the january 6 committee. daniella die assist is live on capitol hill this morning. che...

that i enable his ongoing efforts to unravel our democratic system and attack the foundations of our republic. that was a path i could not and would not take. >> so if she is going to continue this fight the question this morning, how, where and in what office does she plan to do that? this was her trump-backed rival, harriet hageman in her victory speech. >> wyoming has spoken on behalf of everyone who is concerned that the game is becoming more and more rigged against them. and what wyoming has shown today is that while it may not be easy, we can dislodge entrenched politicians who...

republican congresswoman liz cheney lost her house seat in a huge defeat. the three-term congresswoman and the gop's most forceful critic down more than 37% this morning to trump endorsed candidate herriot hagueman. cheney had been sidelined by her party is hinting at a presidential run. >> are you thinking about running for president? >> that's a decision that i'm going to make in the coming months, savannah, i'm not going to make any announcements here this morning but it's something i'm thinking about and will make a decision in the coming months. >> cnn chief national affairs cor...

jonathan karl and pierre thomas standing by. severe storms slamming parts of the northeast. nearly 14 million on alert for powerful thunderstorms. rob marciano timing it all out. also developing, tonight, the plunge on wall street. investors reacting to tough words from the fed chair. the dow dropping more than 1,000 points. jerome powell saying more pain and rate hikes are ahead to bring down inflation and hold back a possible recession. rebecca jarvis breaking it down. the battle of the drug giants over the covid vaccine. moderna suing pfizer, saying its rival copied its tech...