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this is al jazeera. ah hello, i'm sammy's day. then this is the news. our live from dell. how coming up in the next 60 minutes, the u. s. president, demands answers and an action plan from oil companies to bring down rec, hold. hi, petrol. prices relying lasts on russian fossil fuel, israel, egypt, them the e u. sign in the agreement to provide europe with energy corporations for off each flight from the next flights of already begun. the u. k. government insists it will send asylum seekers to rolanda this spy. it's a last minute sat back and bouncing back the big apple welcomes the full return of a cultural staple. new york's try back a festival. and it's for costa rica have secured the final spot at this. she's world cup the central americans bt sealants. one nail, thanks the finals for

a 3rd strike with we begin in the united states where the u. s. president is urging oil companies to take action against soaring petrol prices. in a letter biden said, refiners need to produce more gasoline and diesel and should work with his administration to address the crisis. or consumer prices in the us have reached 40 year, highest driven by a shortage in those oil supplies. let's get more now from our white house correspondent, kimberly how could she joins a slide from outside the why now. so you go to wonder if he's got half an eye on the midterm elections with this life is that he's sending there's no question that this is hurting the president politically. the americans are angry at the high prices. they're paying for all kinds of goods, including fuel and as a result,

the fear is, is that democrats could pay for this lose control. the house of representatives and the senate come november, congressional election. so as a result, you as president, do all he can to bring those prices down. that's why he sent a letter to the 7 major oil companies suggesting that they need to do all they can to boost productions to reduce these prices. they are out pretty record highs in the united states right now. in fact, so high that for most americans it now costs about a days wages to fill up the fuel tank of a vehicle. and that is really hitting a lot of americans hard because the infrastructure of the united states is not set up for public transit. most americans have to drive to work and add to that you've got the situation that not only are the oil, refiners in the united states producing glass, in fact, about

a 1000000 barrels last than the pre pandemic levels. but we're also in the united states, not getting the oil from russia that previously the united states was getting due to western sanctions. and that is also driving up these prices. so that is why the u. s. president is trying to work with these oil producers saying if you don't take action, all take executive action and very quickly i should point out that the oil producers are pointing the finger at the vibe administration saying it's your policies that are the problem. you cut the keystone pipeline, you put in place extreme and a drastic climate change action without the infrastructure to support it. and you also cut the drilling, leases on federal land, so we don't have the ability to find more oil and bad is the problem. so a lot of finger pointing going on right now, and that's the problem as a solution is so key about executive action. but can he really force companies to produce moral? not really,

and that's the problem in all of this. now the energy secretary has called for an emergency meeting on this in the coming days, jennifer granholm, but really the only tool that is available to the president is to release more of what's known as the strategic petroleum reserve. he's already done this and it's, it's temporary and it's finite. so this is something that can't be done indefinitely. what we should point out in all of this is that this al, now it's made of a letter to the oil companies, comes one day after the president and out she was going to saudi arabia to meet with the saudi king, to encourage the saudis and the gulf leaders to increase production to reduce oil prices. but when asked if there had been, any assurance is supplied, but the saudis, whether not they would do that. the energy secretary said no. so really there's a search for a domestic solution that's taking place here in the united states,

and that's why the u. s. president is sending this letter to the oil companies. that's really what this is all about. all right, we'll leave it there. thanks so much. kimberly how can now israel egypt, the european union of signed an energy agreement, it allows israel to send in natural gas to egyptian ports and then exported to europe. the ear is trying to move away from his dependence on russian energy and ease the soaring gas prices. but it's smith reports now from western them. ah, israel sits on about 0 point one percent of global gas reserves. not much, but the european union is looking everywhere it can to reduce its reliance on russian gas. so egypt already taking in 26 percent of israel gas production will start liquefying more at its 2 mediterranean plants. it'll trim just a few percent of the 40 percent of gas, the e u bies, from russia. this is

a quick fix. it's not going to store the whole thing. i mean, if you look at the, their capacity in the system on b, it's rarely in digital. it's something like 678 percent of what we are receiving from much. so if it is small, but we need other steps, we did noise ratio next. more in the bit israel had frozen gas exploration as it tried to meet renewable energy targets. but the search alternatives to russian fuel has offered the israeli government to lucrative an opportunity to turn down the e. u is also committed to moving away from fossil fuels. at the signing ceremony in cairo, the e u commission president suggested there was long term interest in partnering with countries to its south and east. it is for us, very important also to look forward into the new forms of energy. and these are, of course, the renewable energies. and here, i must say you are in

a very lucky position. as you have the resources that are necessary for renewable energy in abundance, the sun, the wind. so these will be the energies of the future and the demand will be enormous. israeli gas is sent to cairo through the arab gas pipeline. it was designed to pump gas the other way from egypt to jordan, syria, and lebanon. but egypt uses its own gas. now, but domestic needs, egypt wants to become a regional hub for the gas trade. and israel can help that happen. but it'll be a couple of years before your a p and start using significant amounts of israeli gas as there are challenges and increasing production capacity to cope with the new demand. bernard smith, al jazeera western plains, the more ahead on the news out, including the us announces a new military aid package for ukraine to support its campaign in the dumbass

region. a plain being touted as a game changer for long haul travel takes to the skies for the 1st time allan sport find out how much it would take to attempt this world heavyweight boxing champion out of retirement. the u. s. federal reserve has just announced an interest rate increase of north point 75 percent arise, not seen for 28 years. it's meant to reduce demand in the economy and bring down consumer prices at 40 year highs. heidi joe castro is live for us in washington. d . c, so heidi, this was a big increase not seen in decades. right. but this is what was expected, right?

you're right, this was an aggressive move and it was widely anticipated in just the last few days . but this is a dramatic move that came together quickly. originally this hike of 3 quarters of a percentage point was not what the board had intended. but rather after last friday's pretty calamitous inflation report, which found at prices increase at 8.6 percent in the month of may, which should outpaced expectations. that's when the federal board came back together and really rethought things and forecast this more aggressive move. and that's what was just announced today. now, what is the big goal of the board here? it is to rein in those those prices without provoking a recession in the u. s. economy, that is what economists have termed a soft landing. it is a big goal here, but as time has gone on and inflation has continued to outpace expectations. the

path to that narrow landing, many are saying has narrowed dramatically. so we're waiting to see what the, the chair of the board chair jerome howell says in about 20 minutes time. and what his forecast may be going forward. last time we heard from him in may, he said soft landing was still possible. we'll have to see whether that prediction changes today and how the average americans receiving the prospect now of higher interest rates that you're going to go, you know, pass along to them down the chain, right? right. it's primarily borrowers who will suffer from higher interest rates. people who are looking to get a home mortgage for, for instance, or a bank loan, those interest rates will go up significantly. there's gonna be a new era of higher interest rates in the u. s. however, the more immediate pain that is being felt widespread across the american society

is the price that the grocery store or at the gas pump. now prices more than $5.00 a gallon. the us for regular gas, which is again another historic height. and those are the immediate concerns from every day americans that the board here as well as president biden's administration wants to address as soon as possible. all right, thanks so much. hi, the jo, castro, the now the u. k says it will fight any legal challenges against his plan to send a sign in secrets to wander. the 1st, the filtration flight on tuesday did not get off the ground after a last minute intervention by the european court of human rights. but the u. k. home secretary, pretty patel says the government will not be deterred. while the decision by the struck the coup, intervene was disappointed and surprising. given the repeated and considered just moved to the country in our domestic court. we remain committed to this policy.

they've repeated legal barriers. all madam deputy speaker, very similar to those that we experience with all of the removal flies. and we believe that we are fully compliant about messic and international obligation and preparations for each flight from the next flights of already begun. optimistic course of the view that the flight could go ahead with her policy. she knows this is unworkable, unethical, and won't stop the criminal gangs. but yet she still went ahead and spend half a 1000000 pounds, chattering a plain. she never expected to fly or from she still went ahead and wrote a 120000000 pounds check to rwanda with a promise of more to come. and she still went ahead because all she really cares about is picking fights and finding someone else to play. and the barbara has more now from london. the government has insisted that term thousands of people will eventually be sent to rewind,

where people have crossed the english channel in boats. they insist that their aim is to stop the risk to their lives. and to break the business model of what they call the people smugglers and but pretty much how actually said something in parliament term just a while ago. and she said that am that people who are coming over by boat are, are, are seeking to jump the q. and she said that, and the government wants to offer legal migration routes to people. but on what she calls the illegal migrants. these desperate people often fleeing war and torture in countries like syria, iraq, afghanistan. she said that am that they are severely curtailing what the government can do for legal migrants. it's a bit of a mess, really lumping lots of different groups of people together. and the critics of the government say that they're doing this simply to generate headlines in the right wing press here. there is some credence to the popularity that they're gaining from

this, among their own conservative or voting base amongst the public. this asylum parties much more evenly split burton the support has actually gone down since april as details emerge of the cost involved. and also who these people are because most people crossing the channel do actually receive asylum in the end. and they are, as i was saying, people who have very strong cases for asylum if they're allowed to make that. here in britain, the european union has launched a string of legal challenges against the u. k. that's after the government unveiled the bill to scrap a post for exit agreement on checks on goods arriving in northern ireland, the e says the move has no legal or political justification. need fokker reports from london. if he thought the battle over breaks, it was done and dusted. think again, because a thorny detail and the tray deal signed 18 months ago has come back to haunt all

involved with the british government plan. to unilaterally scrap the northern ireland protocol, infuriating brussels. this is illegal, that is why the commission has they decided to take legal action against the united kingdom for not complying with significant parts of the protocol on islands, northern islands. and in the u. k angus spilled across the floor of parliament over the government's apparent disregard of international law. i'm now a threat of a trade war with our unity and friends tempered by a law breaking prime minister. he talks about a trade rule. he talks about, he talks about a trade will, what could be more prudish, mrs. bigger than a project of actually visited trade barriers. oh, with in talk to the like a little the line and protocol is designed to prevent a hard border between northern ireland to part of the u. k. and the republic of ireland and e. u. member that arrangements protected by the good friday agreement

that entered 30 years of sectarian violence in the north. but instead it effectively created a border in the irish sea with goods imported from mainland britain, subject to checks and going unionists and others who want the province to be a seamless part of the rest of the u. k. the british government hopes it's bill will be a quick fix. it's hoping under the changes to allow good destin solely for northern ireland to avoid old shacks, other goods going to the republic of island launch, the e. you would go down a separate channel, wet checks would take place. the problem is the border between northern ireland and the republic of island is open and porous, making it near impossible to know what goods a going where the u. k. government argues the problems arising from the protocol justify scrapping the plan. the youth firmly disagrees challenging the u. k for failing to implement checks on goods entering northern ireland. failing to share trade data with the e u and failing to establish inspection post supports the case could go all the way

up to the european court of justice with the u. k. possibly facing a hefty fine. and if the british government's proposed bill becomes law, the you could pull several retaliatory leavers such as ending tariff free trade going in both directions. suspending fishing rights or even ending 90 day visa free travel for brit heading to the u. the u. k. and it's european neighbors, all righty at odds after the european court of human rights intervened to stop britain deporting migrants to wander, leading to calls from some british m piece to ditch the human rights convention altogether. the e u says the doors open for dialogue without it, and sued. this dispute seems almost certain to deepen. the falcon al jazeera london now the u. s. has announced an additional $1000000000.00 worth of military aid for

ukraine. it's the largest package of weapons and military equipment that washington is provided to key. if so far, the u. s. is also played another $225000000.00 worth of monetary assistance to the worth. one country us defense secretary can perform the announcement at a gathering of nato defense ministers in brussels. we don't tremendous momentum for donations and delivery of notorious justice. and after this, this afternoon's discussions were not just going to maintain that momentum. we're gonna move even faster and push even harder. will deepen our coordination and cooperation and will boot bolster ukraine's armed forces to help them repel russian aggression now and in the future. so we'll continue working closely and intensely intensively together with this contact group. and we'll keep on strengthening our support for ukraine's self defense and will continue to stand up for the rules based international order that protects us all. the chinese economy is showing

signs of partial recovery according to the latest government data. industrial outfits in may increased north point 7 percent, slightly high than expected, but retail sales remained weak. the government is persisting with its 0 coven 19 strategy, which is having an impact on businesses. good, certainly you reports. beijing authorities say they're racing against time to contain a ferocious resurgence of corbett 19 less than a week after the capitol east virus restrictions. hundreds of new cases have been identified. all linked to this nightclub, heaven supermarket. it's business license has been suspended, and the owners are under investigation. they turned on tulsa jewel valise, have launch a criminal investigation into the bar, or the other level of people in charge of the boss, unsuspected interference with every damage prevention and several other people have

been charged with breaking corbett rules, including 3 men who ignored orders to isolate at home, the cluster has spread to 14 of beijing, 16 districts, and prompted mass testing in the largest cha young. the reopening of schools has been delayed heaven supermarket, but is located here and suddenly turn in area of beijing known for its night life. restaurants, and shopping. these businesses had just reopened when this new cluster was found. and now hundreds of them have had to close their doors again until further notice. dozens of cases have also been recorded in shanghai, forcing tens of thousands of people back in doors. the commercial center emerged from strict tim and looked down at the beginning of june. new economic data shows china's 0 tolerance approach to the pandemic is continuing to take a toll in may, industrial output rose 0.7 percent compared to the same month last year. and

property sales improved slightly, but retail sales fell 6.7 percent with uncertainty weighing heavily on consumer spending. it is so incredibly susceptible to our fall during the moment. there's even a slight, a over corbett outbreak or cobit scare, even that i think consumption is going to remain under severe pressure. and that is the biggest economic challenge to the party. right now. i've been writing that is going to take a lot of effort and that isn't mean of meat drastically different policy than the one that we have in place. analysts say, as long as china's leaders refused to live with the virus sustained, economic recovery will be difficult. leaving business owners anxious knowing they could be one curve at 19 case away from closing. battles. katrina, you al jazeera beijing. now a new air bus, passenger plane being touted as a game changer had its 1st flight. the twin engines, a $321.00 exit lot,

took off from a factory. the german city of hamburg air boss says the single aisle jets will be suitable for long whole routes with low a passenger demand. a year of trials will be held before the airline and to service a. v ation analyst alex machado says abbas is already hundreds of orders for the new plane. this isn't a cost to, to let me go on to shake. what will become this next era of air travel and all that we hear about this next era? quite often in terms of the renewed focus on sustainability. i'm flying in a clean, agree no way. well it is, it redefines how long travel can go ahead and that is because this is the, a $321.00, ex extra long range is the world's longest range, single jet. so from the outside and even from the inside, it looks more like the 180 c off that you may typically fly on the shoe co route.

but what it does have is the capabilities of a loan whole aircraft and its short, whole efficiency with long range capabilities that is known as the middle of the market. that is helping walking to ensure that they take a very hold off. because if an lines won't anything these days, it is that bus to the team to be able to have a fee that they can operate efficiently on a 2 hour flight. so on an 8 hour flight and if they can have 1 o'clock do, but that's a win win for the airlines. but i must have done these. they were ahead of the game ultimately when it came to secure in the middle of the market with boeing. they haven't launched a middle of the market across some say that the comparison is the 737, mac 10. but that max 10 doesn't perform with the same capabilities as the 321 x l and it's also burdened by difficulties with trying to satisfy the cross. it's not

anything that he's coming very soon. we actually think that's going to sleep well into next year. so i have actually got the timing quite right here. now, within the last half hour, there have been developments in connection with the disappearance of an indigenous researcher. and a british journalist in the brazilian amazon from all this, that speak to monica anarchy of, she joins us live from religious janera. so what exactly are we hearing in this case? well, are the official news, as we've been seeing, the police take 2 suspects for once. one of the 2 suspects at least, ah, of the investigation taking them to an area where supposedly they may find, ah, the bodies of these 2 people, on the other hand, was information that was not officially confirmed, but as be put out by 2 separate networks are cnn, brazil,

and bon gin hughes ah say that one of them says that a witness? heard shots on june the 5th in that area and, and bonded you says that a witness spoke that the 2 met a witness said that both men had confessed to killing and dismembering the bodies. but this is an ongoing investigation. there are no official reports yet as if about this, whether it's true or not. ah, what we do know is that people are right now investigating not only the police, but the local indigenous tribesman. all right, thanks so much monica now still had on al jazeera why thousands of people are protesting and least in democratic republic of congo. anti rwandan sentiment is growing treacherous conditions. close america's yellowstone national park, climate change and melting glasses may be to blame and install. we'll have the

latest from the world of gulf from the even the us open for that. coming up with andy. ah. hello, we got a shamal wind kicking in that cross sea gulf over the next couple of days. we're looking at some very, a very windy weather, pushing through lifted dust and sand, always an issue. then you can see how it comes out of iraq through q weight down across that isa side of saudi arabia and will affect us here in katara as well. doha, $44.00 celsius to 3 degrees hotter than that. therefore baghdad am for q way, for most it is slicking dry, have a little dusty and a symbol, a picture as we go on into a friday notice a few showers just rand, northern turkey over towards the caucasus, maybe one or 2 showers to into afghanistan. but nothing too much to write home

about was you drive across all the parts of africa. plenty of heat around here. tank kill to their full ref. morocco batted around $25.00 celsius. go scattering a shower, 3, west african now on the showers, nudging further north woods. so marty martini seeing some wet, wet weather, big and foundry down. paul's across a good part of god. and into the heart of the nigeria. plenty of showers to around the gulf of guinea, then into gabon pushing across cameras that i make too much progress on the other side of the rift valley. a few showers south eastern parts of kenya may be in east parcel somalia. but los, you drive to the south of that, we want to shout for mozambique, ah investigative journalism, my role in this, i tried the in information about global experts and discussion. the pandemic didn't create all of these problems. it showed us our true color voices from different

corners. we don't need to sensationalize how we build these stories. what journalists do, beth is look at the heart of the story. programs that open your eyes to an alternative view of the world today on al jazeera. so lamar lay come lou ah, welcome back time to recap the headlines now. the u. s. federal reserve has just

announced an interest rate increase of north point 75 percent arise, not seen for 28 years, but it's meant to reduce demand in the economy. bring down inflation. the u. s. president is urging oil companies to take action against soaring punctual prices. he said, refiners need to produce more gasoline and diesel fuel prices in the us have reached 40 year highs. and washington has announced an additional $1000000000.00 worth of military aid for ukraine. it's the largest package of weapons and military equipment. the u. s. is provided since the russian invasion now the united nations refugee agency says russia's invasion of ukraine is now forced around a 3rd of the population to flee their homes. and thousands of those who escape the fighting. now searching for their friends and relatives who are missing and feared dead. charles stratford reports from give

julia and lieut. miller escaped the russian bombardment of mary awful. on march the 19th, over the next few days, they wished their lives 3 times driving back into the city, breathing bullets, shells, and air strokes in a desperate attempt to find the father of their family. 61 year old all examined pollute brinko. they fear. he never made it out. so usually it is when we were driving. there were russians on one side, ukrainians on the other and they were shooting, says you live. huh? yes, we were in the middle, it was terrifying. those up, but we were determined to get dad. when you the family used to live nearby as of steel plumbed. were an estimated to so oh, let's take you now to the u. s. federal reserve chairman john powell, who is speaking about the latest right, hike 2 and a half years and have proved resilient. it is essential that we bring inflation down if we are to have a sustained period, a strong labor market conditions that benefit all from the standpoint of our

congressional mandate to promote maximum employment and price stability. the current picture is plain to see the labor market is extremely tight, and inflation is much too high against this backdrop. today, the federal open market committee raised its policy interest rate by 3 quarters of a percentage point and anticipates that ongoing increases in that rate will be appropriate. in addition, we are continuing the process of significantly reducing the size of our balance sheet. i'll have more to say about today's monetary policy actions after briefly reviewing economic developments. overall economic activity edged down in the 1st quarter as unusually sharp swings in inventories and that exports more than offset continued strong underlying demand. recent indicators suggest that real g d, p growth has picked up this quarter with consumption spending remaining strong and

contrast growth in business. fixed and investment appears to be slowing and activity in the housing sector looks to be softening in part reflecting higher mortgage rates. the tightening and financial conditions that we've seen in recent months should continue to temper growth and help bring demand into better balance with supply. as shown in our summary of economic projections, f o m c. participants have marked down their projections for economic activity with the median projection for real g d p growth running below 2 percent through 2024. the labor market has remained extremely tied with the unemployment rate near a 50 year, low job vacancies, that historical highs and wage growth elevated over the past 3 months. employment rose by an average of 408000 jobs per month down from the average pay seen earlier in the year. but still robust improvements and labor market conditions have been

widespread, including for workers at the lower end of the wage distribution. as well as for african americans and hispanics. labor demand is very strong. while labor supply remained subdued with the labor force participation rate, little changed since january f. m. c. participants expect supply and demand conditions in the labor market to come into better balance. using the upward pressures on wages and prices, the median projection of the c p for the unemployment rate rises somewhat over the next few years. moving from 3.7 percent at the end of this year to 4 point one percent in 2024 levels that are noticeably above the march projections. inflation remains well above our longer run goal, a 2 percent over the 12 months ending in april total p. c. e prices rose 6.3 percent. excluding the volatile food and energy categories. cor prices rose 4.9 percent in may. the 12 months change in the consumer price index came in above

expectations at 8.6 percent. and the change in the core cpi was 6 percent. aggregate demand is strong. supply constraints have been larger and long lasting anticipated. and price pressures have spread to a broad range of goods and services. the surgeon prices of crude oil and other commodities that resulted from russia's invasion of ukraine, is boosting prices for gasoline and food. and is creating additional upward pressure on inflation. and covered, ready, coven related locked ends in china are likely to exacerbate supply chain disruptions. f o m c. participants have revised up their projections for inflation this year, particularly for total p c. inflation. given developments in food energy prices, the median projection is 5.2 percent this year and false 2.6 percent next year and 2.2 percent in 2024 participants continue to see risks to inflation as weighted.

the upside, the feds monetary policy actions are guided by our mandate to promote maximum employment and price and stable prices for the american people. my colleagues and i are acutely aware that a high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials, like food, housing, and transportation. we are highly attentive to the risks high inflation poses to bite, so both sides were mandate. and were strongly committed to returning inflation to our 2 percent objective against the backdrop of the rapidly evolving economic environment or policy has been adapting and it will continue to do so. at today's meeting, the committee raised the target range for the federal funds rate by 3 quarters of a percentage point resulting in a one and a half percentage point increasing the target range. so far this year the committee reiterated in dissipates, that ongoing increases in the target range will be appropriate. and we are

continuing the process of significantly reducing the size of our balance sheet, which plays an important role informing the stance of monetary policy. coming out of our last meeting in may, there was a broad sense on the committee that a half percentage point increase in the target range should be considered if this meeting, if economic and financial conditions evolved in line with expectations. we also stated that we were highly attentive to inflation risks, and that we will be nimble in responding to incoming data and evolving outlook. since then, inflation has again surprise to the upside. some indicators of inflation expectations have risen and projections for inflation. this year has been rise, revised up, notably in response to these developments, the committee decided that a larger increase in the target range was warranted at today's meeting. this continues our approach of expeditiously moving our policy rate up to more normal levels, and it will help ensure that longer term inflation expectations remain well anchored

at 2 percent. as shown in the sep, the median projection for the appropriate level, the federal funds rate is 3.4 percent at the end of this year, a point percentage point and a half higher than projected in march. and point 9 percentage point above the meeting estimate of its longer run value. the median projection rises further to 3.8 percent at the end of next year and declines. the 3.4 percent in 2024 still above the median longer run value. of course, these projections do not represent a committee plan or decision, and no one knows with any certainty where the economy will be a year or more from now. over coming months, we will be looking for compelling evidence that inflation is moving down consistent with inflation returning to 2 percent. we anticipate that ongoing rate increases will be appropriate. the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. clearly,

today's $75.00 basis point increase is an unusually large one and i do not expect moves of this size to be common. from the perspective of today, either a 50 basis point or a 75 basis point increase seems most likely at our next meeting. we will, however, make our decisions, meeting by meeting, and will continue to communicate our thinking as clearly as we can. our overarching focus is using our tools to bring inflation back down to our 2 percent goal in to keep a longer term inflation expectations well anchored, making appropriate monetary policy in this uncertain environment requires a recognition that the economy often evolves in unexpected ways. inflation has obviously surprise to the upside over the past year. and further surprises could be in store. we therefore will need to be nimble in responding to incoming data and the evolving outlook. and we will strive to avoid adding uncertainty to what is already an extraordinarily challenging and uncertain time, were highly intent,

attentive to inflation risked risks, and determined to take the measures necessary to restore price stability. american economy is very strong and well positioned to handle tighter monetary policy. to conclude, we understand that our actions affect communities, families, and businesses across the country. everything we do is in service to our public mission. we at the fed will do everything we can to achieve our maximum, perform employment and price stability goals. thank you, and i look forward to your questions. thank you. howard snyder with reuters of 2. we are determined to take measures to restore price stability with a life and meet on labor goals. the woods there of durham, pow chairman of the federal reserve is commenting after. of course, the federal reserve raced raised interest rates by 0.75 percent highest rate

hike in 28 years. spring in now. hi, be jo castro. she's life for us in washington d. c. it was also interesting that he clearly indicated that this is not the end of it. he said ongoing increases in that rate will be appropriate. right. hey, that's right. he said that a rate increase as aggressive as point 75 percent. as you said, he said that will be uncommon, but he also said at the next meeting that it might be a repeat of today, another point $75.00, right? height or point 5 percent rate hike. he also said, and these were his words. this is extraordinarily challenging. and uncertain times, those coming those words coming out of the mouth of the federal chair federal reserve chair certainly is not what americans and economists want to hear though powell, this try to strike

a more optimistic tone as well as saying that data from recent months show there is a constricting economic activity in the u. s, which is what the end goal here is to cool down this roaring hot economy. he said there's less borrowing happening and the rate hike that was just announced is to encourage more of that. but they have to tow a fine line here in that they don't want to act so quickly that they push this economy into recession and they are not predicting that that will happen. this board meeting also came with the projections, the likely projections for the next 3 years. and the bottom line here is the federal reserve board is predicting continued g p d growth through the next 3 years. but they're also signaling that things won't return to a healthy normal economy in the u. s. to likely the year 2024. that is when the unemployment rate will rise back to the 4 percent range as if the predictions

are found to be true. that is the house, the 4 percent unemployment that the federal reserve wants to see. and 2024 is again when inflation is predicted to come back down from the current high of 8.6 percent down to the near 2 percent, which is what the federal reserve or says is indicative of a healthy economy. because i'm from harvey jo castro's continue this though and break it all down with robert scott. he's a senior economist that the economic policy suit joined us by skype from rockville, maryland. good to have us start with 1st of all, this aggressive rate. hi. not a surprise. will it be enough to achieve those 2 goals of cooling down prices, but not sparking a recession? what do you make of it? i think the risks lie towards the big okay, is going to push the economy into recession here. and i think the reason is that

the chairman is ignoring the principal, cause of the increase in prices in the united states. since the 1st of the year. that's almost entirely due to russia's invasion that the ukraine. it's driven up the price of oil dramatically. it's driven up the price of grain and it's particularly hurting poor consumers. and both ends as well as food consumers around the world, particularly bad for consumers in for in. busy developing countries and to your point, some would say interest rates are a very blunt tool to deal with that sort of problem. this isn't an issue of price is high because there's too much money and people focus is because as you said, all price is a high precisely $2.00 prices, one up, the consumer price index over 10 percent or the last year energy by 36 percent. so this is what's driving inflation at the moment and as you say.

ready monetary policy is a very blood instrument to deal with these problems. it's designed to deal with what the chairman suggested and excess demand for goods and services. there's no evidence of an excess demand and economy. there's no evidence of wage pressure. in fact, nominal wages for most workers, united states have fallen essentially far as the 1st of the year. they were going about 6 percent a year on the new basis since our drop down to 4.3 percent. so there's substantially cool in the labor market already, no reason here to raise rates as they're expected to over the remainder of this year. there's a substantial risk. overshoot as have done many, many times in the past. what the length of the indications he gave them about future rate hikes. and he said, clearly that you know, there will be more that they will be appropriate. well,

the markets have been begun begging for higher rates. the president, in fact, i think is looking for this as well. he wants to cover for the pressure he's getting from republicans about how higher gasoline prices and food prices are effecting consumers. unfortunately, this is the wrong tool for this moment in time. busy busy but they're going to go ahead and do it anyway. defensive baseline projections now suggest that they're going to raise their short term interest rates from. busy what they said today, which is around one and a half percent to summer between $3.00 and $3.00 and a quarter percent. by the end of this year, by the end of 2022. he actually had 3.2 percent, and $3.00 was the target for next year. so yeah, see how that opens out. thanks so much for your analysis. robert scott, there that kudos. national guard is taken positions in front of the presidential palaces. nationwide. protests continue. well,

the situation remains tense after police detained the prominent indigenous state of a 24 hours, a nation wide strike. his power lies parts of the country as demonstrate his call for curbs on the rising cost of living. now a white supremacist accused of killing 10 black people in a shooting in the city of buffalo last month as being charged with hetero hate crimes. 18 year old peyton gander and could face the death penalty if convicted after the attack. new york's governor signed bill's name that strengthening the states gun laws. they included raising the age for buying semi automatic rifles to $21.00. severe storms of sweats across the us, states of illinois in indiana. the weather services, hale and strong winds damaged apartment buildings up fruit trees and downed power lines in chicago. thousands of homes were without electricity, and original i bought some small planes will flipped over. a star gazes have been

treated to a spectacular seller, still events, the so called strawberry super moon could be seen rising behind the ancient temple of poseidon, on the greek coast south of athens. or this is how it appeared in the vi. it's the 4th full moon and the 2nd super moon this year. they occur when the moon's orbit is closest to earth. once started as the try back a film festival 21 years ago is now just the tri becca festival. while the name is shorter, the festivals expanded to include not only feature films, but also tv series music videos, games, and immersive experiences. kristen salome attended one of the events in new york. you're just as likely to spot famous musicians as film stars on the red carpet of this years. try back a festival from jennifer lopez who premiered her documentary half time. i do

this to people make them feel things because i want to feel free to taylor swift now in aspiring director as well as mega pop star. we carried a lot of our films with an eye towards the larger audience. the annual festival founded by jane rosenthal and actor robert de niro aims to showcase culturally relevant as well as entertaining films. this year schedule includes documentary on abortion, reparations, and freedom of the press. there like cultural conferences, people get together. and i've always loved festivals. all the ones i've been to over the years, and i'm glad that we have this one here. oh. but rebecca is also about alias movie stars like de niro himself and al pacino this year reuniting to celebrate the 1995 crime drama heat. go

with live conversations another big draw for try back a feature tennis, great, john mcenroe and civil rights activists. al sharpton, each talking about their own films. and you're just as likely to see celebrities in the audience as on screen. what this is starkly met to new york city is amounted to be a part of that conversation. to try back a festival is founded out to the attacks of september, 11th, 2001. that's a way to restore new york vibrant. the festival, like the city has proven its resilience, continuing to attract all kinds of artists established and aspiring, as well as san me. i'll just hear us new york. now it's time to catch up with all the sports his andy, thank you so much. sure. somebody will the organizers of golf us open so they can full see a day when player committed to

a breakaway competition will be banned from their events. for now, individuals who signed up to play in the saudi arabian backed live series all being allowed to take part in the 3rd major perceived in north america, the biggest tool, the p. j. housebound live series plants from its events. but the us open has run by a separate body. the tournament. he's off on thursday. i'm saddened by what's happening in the professional in a professional game, mostly as a fan because i like watching the best players in the world come together and play . and this is going to fracture that, we definitely feel responsibility to this game. we feel responsible to the competitors that play it. we did sit down and have a long conversation about a week before the us open did where somebody else play. and what promoter, they played it with a disqualify them for this event. we decided no on that with all the awareness that not everybody would agree with that decision. what we're talking about was different 2 years ago, and it was different 2 months ago than it is today. so, you know, we've been doing this for 127 years. so i think the 3 of us and everybody else that

we work with, need to take a long term view of this and see kind of where these things go. so we're not, you know, it's not going to be a knee jerk reaction to kind of what we do. but i mean, the question was, could you envision today, were it be harder for, you know, for some folks doing different things to get into a us open? i could, will that be true? i don't know, but i can definitely foresee that day while well, number 6 cameron smith did his best to dodge the question when he was asked if been tempted to sign up to the live tow. i haven't too much might to be honest. um, this vague my focus is to, to play golf fung. i'm far from the smartest person in the room and i'm not a politician. i'm, i'm here to follow awhile ago. go fuller and, and, and to kind of see what it does. well. well, number one, scotty scheffler is looking forward to return to form at brookline. the american one, the masters in april, but then missed the cut among flights at the p. j championship. i mean, i think you can learn anything from that kind of, you know,

just really failure. i think that's always a good learning time. and so for me, i'm not going to sit there and be like, oh my gosh, how did this happen? how could i ever, mr. cut what, what's going on, but kind of just sitting back and looking and being like, well, i could have approached this differently mentally. i could have been a little bit different, approaching the shot and it's more stuff like that versus like, aw, man, like missed the caught like what am i doing out here? like i got all these things to work on. it was more just kind of sit back and saying, you know, i could have been better mentally here and here and other than that, that could change the term for me. and so just little changes is not the big. and you know, i was able to have a nice reset after that and put good the following week. well, a line up for the cattle a 2022 will, cup is complete with costa rica, claiming the final place at the tournaments they beat using and one nail in a play in cats house reached the fonts for the 6th time. joel campbell escort. the only goal, 3 minutes into the game at the i'm at been alley stadium. one of the brand new venues built for the world cup with kicks off on november 21st. around we spoke to report a good done and in costa rica. and here's what he thinks about. so his country's

chances at the wilco we could get a lot very i think they're hoping to be able to do something like that. again, of course they're saying they call it the desk finally, i guess, but the similar one in 2014 where they replaced. busy defeated, way through with through with england. so, you know, i think think people think that even possible. i mean people are dressed in, in middle east and where are near right now. they're, they're super excited. absolutely. and like i said, i think there's now a little bit of a hope that they might be able to do something in in so will 32 participants heading for catherine. now confirmed costa rica may have reached the finals but face a tough job to get out a group with spain, germany in japan,

alongside them, australia with the other side to get through the playoffs. and they face defending champions. france along with denmark and she nicea see for president john in francine. i had this message for all those ready to compete in cattle. congratulations to all of you. and of course welcome to the fans of the 32 countries. but the defense from all over the world to hind november and december of this year and a few months time to celebrate football. to live together. the greatest show on ours and the best work up the spanish league is confirmed. it's made unofficial complaints against manchester city. i'm perry, sunshine man, claiming the science of breaking financial rules. city. well, i just signed strike early holland for brush goldman, and last month, rheumatoid mis found some buying killing him back when he chose to stay at p. s g have 8 of us as the 2 clubs level of spending disturbed the competitive balance of

the game by the city and p. s g. deny any wrongdoing. a number of individuals have been charged following a racism investigation at the english county. cricket come yorkshire, the charges include bringing the game into disrepute and the use of racist and discriminatory language for play as him referred alleged during an interview in 2020, that institutional racism at yorkshire had left him suicidal. an independent panel is set to have the cases in september and october you 10 is wilma, more than omega deaf has been given the all clear to defend his title it the final grand slam of the season of the us open. this week the russian is competing in germany, but all players structure valor is happening. banned from wimbledon, which starts at the end of this month, june. the invasion of ukraine. us open organizers have said they won't be following . always say that i have to follow the rules

and where i can play, i'm going to play, i'm going to try to play my best. i'm happy that i will be able to defend my thought. so it would be really disappointing if i would not be able to defend my title in your sultan because yeah, that's some great members and always use open. it's an amazing tourism and probably the most special one for me. well the best tennis of the day, arguably coming from nic cheerios, go straight in last. the opening set against the finest, sits abbas despite pulling off some incredible shots. but he kept coming, eventually, wore his opponent down, winning the next to set 66 for to wrap up the victory. now li, 6 of us 3 warning their overall heads ahead. the greek 2nd seat is out of curiosity phase. pablo buena vista on friday for a place in the semi and i want to talk about saudi arabia hosting big sporting events. and perhaps they're the only ones capable of tempting heavy weight box sets heis and fury out of retirement. the w. b. c champion sang, it would take half

a $1000000000.00 to get him back in the ring. he quits after beating 1000000000 wise in april, but has been linked with a unification bounce against whoever wins the re match between antony joshua and alexander. just a quick message to let everybody know that i the gypsy king unhappily retired, but to get me all retirement considered, i don't need the money. i don't need the aggravation is going to cost these people half a billing. okay, that is i suppose looking for that some buying some on chain the well that's it for this news hour, but we'll be back in a moment with more news from london. stay with us. ah. to saudi difficult. and so i left ala alana nationwide is one on one, the had he had a visit, well, cancelled a philistine bitten from such via the will aetna, beth,

of his sierra. that can of little sob isn't done well again, went to fish out in the car. there topics here. how that will sell sold, they're not valuable camella coffee and looking not on the path on the mcgann, ne, on the, in that a fee. alida is like a month to help audi. i mean, for the stratton law in lincolnshire, i can prove bonded here either before the book. so la, monica, it's great to see welcome to the kata economic forum powered by bloomberg. some people say that they said the globalization going on, but that reflect so think of that. re globalization, our accomplish speakers from heads of state to business and policy leaders will discuss, evolve in technology, education, culture, sustainability, and the impact on the economy.

the health of humanity is at stake. a global pandemic requires a global response. w h o is the guardian of global health delivering life saving tools, supplies, and training to help the world's most vulnerable people, uniting across borders to speed up the development of tests, treatments, and of vaccine keeping you up to date with what's happening on the ground. in the world and in the lab. now more than ever the world needs w h. um making a healthier world for you for everyone. ah .