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of the search affidavit should stay secret or go public, and president joe biden unveils his student loan forgiveness plan canceling thousands of dollars of debt for millions of borrowers. we'll break down what it means for the u.s. economy as so many americans are drowning in debt. welcome to our viewers here in the united states and all around the world. wolf blitzer is off today. i'm alex marquardt, and you're in "the situation room." ♪ ♪ search and rescue efforts are continuing in ukraine tonight after that deadly attack on a train station. president volodymyr zelenskyy rev...

>> reporter: the federal reserve just made history announcing that they're raising interest rates by 3/4 of a percentage point for the second meeting in a row. we haven't seen anything like that in back to back meetings in modern fed history, but we're not in nor times. we're dealing with the worst inflation inflation prices in 40 years. inflation remains elevated due in part to russia's invasion of ukraine and very high food and energy prices. so the fed is stepping in and acting like the firefighter. they're trying to put this inflation fire out. the goal here is to raise borrowing...

the pressure on moscow while also trying to soften, of course, the economic fallout. their unity is being tested. leaders are now facing political blowback at home as the prices for energy, food and other goods surge. on sunday u.s. president joe biden urged allies to stand strong and confront those challenges head on. have a listen. >> the entire world is feeling the impact of russia's brutal war on ukraine and on our energy markets. we need worldwide effort to invest in transformative clean energy projects, to ensure the critical infrastructure is resilient to changing climate, dem...

a potential recession. >> begin with tragedy at the southern border. a series of new and deadly human smuggling attempts, comes as the supreme court issued a major immigration ruling in favor of the biden administration. hello, welcome, everyone. sandra smith in new york. >> mike: i'm mike in for john roberts. a warning, images might be disturbing for some viewers. at least four migrants were killed in a crash in laredo, texas as they were being pursued by authorities. just one of several recent developments on the border putting a spotlight on president biden's lack of progress on s...

press conference where he tried to convince the world everything under his leadership is just dandy. he's put at 38% approval, the lowest of his presidency so far. biden getting asked why so many americans think the country is on the wrong track, but all he could muster up was his usual nonsense on russia and bogus claims about inflation. >> i can understand why the american people are frustrated because of inflation, but inflation is higher in almost every other country. prices at the pump are higher in almost every other country. we're better positioned to deal with this, but we ha...