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future of the program remains in jeopardy for hundreds of thousands of people that call america home. we ll talk to one of those dreamers later this hour. we begin with the efforts to bring down the skyrocketing prices we re paying for gas, groceries, and many other items. in a few hours from now the federal reserve is expected to announce its third interest rate hike this year. raising a key interest rate by three quarters of a percent. that s the largest increase since 1994. this comes as president biden looks at other steps to try to reduce the highest priced spikes in more than 40 years. the president sent letters to seven energy companies asking them to explain their record profits, as well as a drop in refining capacity helping to drive up gas prices. he also says he s prepared to use emergency authority to increase refinery capacity and output in the near term. the new york times reporting the president is also considering rolling back some of the tariffs p ....
Output in the near term. the new york times reporting the president is also considering rolling back some of the tariffs president trump imposed on some chinese goods. however, the impact of those moves still unclear as many americans struggle to afford basic needs such as food, gas, rent. the expected rate hike also comes as the government says retail sales fell 0.4% between april and may. wall street seems to be shrugging off that news. the dow jones up 370 points with other major indexes. with us to take a closer look at this, nbc correspondent jacob ward at a food distribution center in oakland, california, cnbc senior markets correspondent dominic chu, and kate davidson author of politico s morning money newsletter. jake, how much of an impact of the rising prices on food banks like the one where you re at now? well, jose, this morning we ve seen cars lined up since ....
Time now for money, power, politics, we are watching the markets right now. the dow surging after president trump said that the u.s. and china agreed to hold off on any new tariffs. there we are, up to 70. ben wine writes the morning money newsletter. we are a long way from an actual trade deal. why this big jump? it is basically a part-time truce and trump is to the going to put 25% tariffs on the remaining $300 billion that the u.s. imports from china. that s all consumer goods, stuff that everybody buys at walmart. diapers to clothing and everything else. that s not happening now. markets are cheering that. they are hoping for a rate cut coming up of good news in the markets right now. as you mention it doesn t fix anything, there is no deal and trump could slap the tariffs on at any time. ....