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the prices down. first, what more can we expect with this decision from from the fed next hour? bottom line what does it mean for american families? >> reporter: i think hearing from powell will be highly scrutinized. i think economic projections. we will hear how fed officials are feeling about the state of our economy, not just right now but also for years to come in terms of things like gdp growth, inflation for sure. also unemployment, the battle of the bar here for short is interest rates. if you take a look at interest rates over the last few years, you can see they were pretty...

disastrous showing the biggest spike in consumer prices in over 40 years that the fed felt the need to move fast here to take a page out of the playbook of alan greenspan and paul volker with a very big interest rate increase, and they signaled that more aggressive steps are to come because that official said they are, quote, strongly committed to getting inflation back down to 2%. and given that it's nowhere near 2% right now, that does imply more big rate increases to come. as far as why this is happening, i think it's important to think about the economy as almost like a car on a ...

Hello, i'm victor blackwell. welcome to "cnn newsroom." we begin with breaking news, right now the u.s. central bank is announcing its decision on interest rates. the expectation is the fed will order the biggest rate hike in 28 years. this would be the most aggressive move yet from the fed to try to bring down the soaring cost of gas and food and so much more. our matt egan has the number. what is it? >> reporter: breaking news, moments ago the federal reserve announces an interest rate increase of 3/4 of a percentage point. this is an aggressive step aimed at trying to tame red hot inflation...