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guns in this country. we'll bring you all the breaking developments from the supreme court as they all happen this hour. >> that's right. also this morning, we follow several economic stories. hours from now, we could potentially see the biggest interest rate hike in decades. experts believe that the federal reserve is poised to hike rates as much as 0.75%. that may cool inflation, american consumers would feel the impact in many other ways. mortgages, car loans, credit cards and student borrowing would all become more expensive. >> also this morning, in an effort to drive down his...

nearly three decades. all, of course, in an effort to slow slowing inflation. in hours, the fed expected to announce raising rates by 0.75. that will make it more expensive to pay for things like a mortgage. the biden administration under growing pressure to do more to avoid a recession. retail sales fell last month. consumers feeling the squeeze from the record high gas prices, inflation and already rising interest rates. let's begin our coverage with cnn's matt egan live in washington taking a closer look at the fed's big move expected today, matt. >> reporter: erica, this is shapi...

and ease pressures, the risk is stalling the economy and opening the door to recession. and primary lesson, south carolina voters voted to impeach trump. the banner republicans were warned they vied for opponents up and down the ballot. the crackling dispute now between the january 6th committee and a republican member of congress. the republican member in question from georgia. here you see a man taking photos of stairwells and hallways, not your typical capitol tour highlights. the committee says he led this man and a few others on a tour of the capitol complex january 5th, 2021. t...

three republican in the house and karl rove will also weigh in. >> sandra: big show coming up. first, fox news alert. move to the federal reserve that could impact every american. standing by for a major decision that would be the biggest interest rate hike in nearly 30 years. ok, we are waiting for it. hello, i'm sandra smith in new, i don't. trace, great to have you. >> trace: you as well, i'm in for john roberts, and this is "america reports." fed decision will be a dramatic attempt to cool down the economy, increasing rates would make everything from a mortgage to a business loan...

oil by sending a strongly worded letter to the heads of seven oil companies, oh, boy. threatening to use emergency powers if they don't boost supply after bashing them for turning a profit. it comes as gas prices are have officially top $5 per gallon with no relief in sight. and if you can't afford the sky-high gas prices the white house says just buy an expensive electric car. he filled up your ev by charging and he filled up your gas tank with gasoline and you have the same size tank you would save $60 per fill up by going electric rather than using gasoline. it's very compelling b...