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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...

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...

taking photographs of stairwells and hallways and tunnels and security screening posts. hmm. >> and then the invasion in ukraine hits home for some u.s. families as two americans going missing while fighting alongside ukrainian soldiers. the growing fear these two americans might now be in the hands of the russians. >> welcome to "the lead." i'm jake tapper. we start with our money lead and a major economic news that will in the short term at least make life more expensive for many americans. the federal reserve this afternoon doing something it has not done in nearly three decades. ...

costa tonight with new reporting about vice president mike pence ahead of our live coverage of tomorrow's hearing. dr. fauci tests positive for covid. he's the face of america's pandemic response. tonight, the treatment he's taking. plus, a key f.d.a. panel endorses the moderna and pfizer vaccines for kids as young as six months old. severe weather. life-threatening heat and devastating floods. ford's major recall. nearly three million vehicles in danger of rolling away after being put into park. and a basketball team with no home. meet the middle schoolers who beat the odds. >> this...

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 tha...