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historic inflation. the decision will likely produce ripple effects on your personal finances and the economy in the months to come. cnn's matthew gin et joins us. we've been awaiting this decision, what has the fed said? >> 75 basis points, the fed just delivered another massive interest rate hike, designed to put this inflation fire out. that means higher borrowing costs. this is the fourth straight interest rate hikes. this is historic. we've never seen drastic actions like this under janet yellen. we never saw this from ben bernanke, or even alan greenspan. you have to go back to...

If they don't do enough you can see -- and if they end up doing too much, they could end up causing a recession. >> we saw a case study in which, really impact the economy as well. everyone focuses on the firm transitory. the pandemic, obviously, the war in ukraine, and a looming rail str strike, how much does it factor into how jay powell are meeting and talking about raising rates? >> they are in some sense transitory, though i think the word "transitory" means twice as long as we wish it would be. there's some unusual factors