we look for your thoughts on twitter and instagram. your faith in the federal reserve and the biden administration to fight inflation. we >> your faith in the federal reserve in the biden ministration to fight inflation. your confidence in that, really. we'll hear more from jay powell and also some criticism from

congressional republicans as well. we'll bring you some other capitol hill news and update you on our coverage plans of today's a january six committee hearing. first though, to the rate hike and the federal reserve. our opening question for you this morning, the headline in the washington post says that markets and households lose faith that the fed can handle inflation. in that article, they write that the federal reserve missteps in waiting too long to tackle the greatest run up in prices and for decades has shaken trust across markets. the american public that is up to the task of curbing inflation. with a piece about the rate hike and bloomberg yesterday, by jonathan levin, that headline on his piece as powell's late start on inflation traps fed in a dilemma. the central bank lacks tools to combat food and energy costs, which are driving price growth expectations. it can ride it out or risk a

recession, they write. here's the piece by jonathan levin. it's, as federal reserve chair jerome powell is trapped in a dilemma that is, essentially, guaranteed to keep the central bank at the mercy of inflationary forces, not in control of them. the feds monetary policy tools are useless against a surging global food and energy prices. but they're starting to play an outsized role in rising inflation expectations, a situation that could have been rising prices in the national psyche. that is bad news, right jonathan levin, for the economy and raises the risk of stagflation. in his remarks to reporters wednesday, after the central bank raised interest rates, 75 basis points, pal appeared to acknowledge how powerless he felt. quote, we can't have really much of an effect, but we have to be mindful of the potential effects on inflation expectations. so, it's a very difficult situation to be in, it's tricky, indeed. and powell is a commitment to mind one minute mindfulness

would help one bit. that from john f. 11, and opinion piece on bloomberg. our question to you this morning about your faith, your confidence in the fed of the biden ministration get inflation and prices under control. -- is the line for republicans, -- for democrats and for independents and all others, -- . the federal open market committee met yesterday after that meeting. the chair spoke to reporters, here's what he said about the interest rate hike. >> we at the fed understand the hardship that high inflation is causing. we are strongly committed to bringing inflation back down. and we are moving expeditiously to do so. we have both the tools we need and the resolve that it will take to store price stability on behalf of american families and businesses. the economy and the country have been through a lot over the past two years and have proved resilient. it is essential that we bring

inflation down if we are to have a sustained period of strong labor market conditions that benefit all we. from the standpoint of our congressional mandate to promote maximum 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 three quarters of a percentage point and anticipates that ongoing increases in that rate will be appropriate. >> some comments from members of congress on the move by the fed yesterday and the economy. the democratic whip, james klein, burn saying in this tweet, putin's unjust war as a result of that american families having to pay to put more food on the table and keep gas and their tanks. this week, has democrats will path lower food and fuel cost act to make cheaper fuel available and reduce skyrocketing prices at the grocery store.

republican congressman, alex mooney, with this tweet. more americans disapprove of joe biden's performance on inflation than they did of jimmy carter in 1978. joe biden, 71% disapproval rating. jimmy carter, 66% disapproval rating. biden's disastrous energy and economic policies are crushing west virginians. too -- for republicans, -- for democrats and for independents and, others -- . your faith in the fed and the biden administration. to get inflation under control. that's the front page this morning of usa today, their headline, fed a hike likely to ripple throughout the economy. they write that the federal reserve rolled at the heavy artillery in its bid to find a historical inflations bike that is sean little lead up. the aggressive strategy is likely to further slow the economy and increase the risk of recession.

it triggered a brutal market sell off. the fed, they, right raised its key short term interest rates by three quarters of a percentage point wednesday. its largest hike since 1994. the range of 1.5 to 1.7 5%, it downgraded its economic forecast. usa today says that it signaled that more big moves may come. fed officials forecast the federal fund rate will end 2022 at a range of 3.2 5% to 3.5%. it next year at close to 4%. that suggests officials tentatively planned aggressive increases in july, september, before throttling back to more typical quarter point increases the rest of the year. let's go to calls. we hear first from margaret on the democrats line 11 worth, kansas. >> hi, good morning. i think we are terribly spoiled

in this country and people around the world have been struggling over fuel. hello? >> margaret, turned and your volume and listen to the phone. otherwise you get confused. go ahead with comments. >> -- i think that you need a more realistic -- i can't even relate to all the stuff. i'm a person that doesn't own stark and all i know is that people are gouging, gouging, gouging. if you hold back certain products and you make it hard at the stores, i've watched the prices of food. it's just a big rip off. so, we need to get together and quit being spoiled. we're in a heat wave struggle and we need fuel, that's true. but we needed to live, we don't needed to, you know, you never

should've made a city in a desert. then your water goes. we've done so many stupid things, i mean -- >> okay, we'll let you go there. we'll go to joanne boone's male, virginia, independent line. go ahead, joe. >> yes. i think that the, i don't think that the biden administration has much to do with inflation. they can make slight changes, some policy changes. the federal reserve can make some slight changes. , but i think that when very few people were working or working from home and then you go from that situation in the economy where everybody is back to work, it can cause some problems with inflation. >> is the move by raising these interest rates? do you think that will help at least slow the progress of

inflation? >> i think it will slow somewhat. but i think that the, this is going to play out. this is a different time, we are in a pandemic, we had been in a pandemic and we're coming back. this is something that's very different. i think that we need to be patient and, you know, people are going to cut back. >> have you yourself, joe, cut back on spending? >> yes, yes. no doubt, i have, i've been watching my spending. gas prices are, high food prices are high. when wages go up, and they are going up, and it's good for people to feel good about their wages, people coming back from a pandemic and they want to spend. the american economy wants to spend. people are not spending on gas

during the pandemic and then they go back during -- they go back to, work everybody goes back to work and gas prices go up. >> all right. to mike, also on the independent line. mike in hamilton, ohio. >> -- >> you're on mike, go ahead. you're on the air. >> hello. >> mike in ohio, you are on. go ahead. >> i am? >> well, you're on the, air one more time here. go ahead. all right, we're gonna go to wanda in jacksonville, florida. independent line, go ahead wanda. >> yeah, i think it is so bad that politicians continue to divide us. you guys set up an independent, separate line, for people to call in. and assume that their opinions go with their party. i don't like that, i think it's

very bad. i'm a nurse, i've seen a lot of people die, i've never seen the color of a sole. just remember that. >> this is a headlined of mourning in the washington examiner. fed conducts historic interest rate hike in desperate bid to control inflation. the federal reserve, they, right aggressive's most aggressive inflation hike in nearly three decades, in an attempt to counter the excruciating inflation affecting the economy. following a two-day meeting, the federal open market committee announced wednesday that it would increases for interest rate by three quarters of a percentage point. the central bank typically raises rates by just a quarter of a percentage point, so the move signals that the fed is now scrambling to drive down prices. the washington examiner quotes the fed, saying, quote, the committee is strongly committed to returning inflation to his 2% inflation. that officials said in a statement, a more forceful declaration than is typical. the drastic move comes just

days after may's consumer price index report came and hotter than expected and showed prices increased by 8.6% on an annual basis. the fastest club since 1980, one during the great inflation that helped sweep president ronald reagan into office. mitch mcconnell, the republican leader in the u.s. senate had this to say about the biden administration responds to inflation and the economy. american families are being crushed by giant inflation packs. it has been fueled in large part by democrats huge mistakes. month after month, families pick up the newspaper, flip on the television and hear that democrats inflation is sending new 40 year records. month after month, families find themselves shelling out hundreds upon hundreds of extra dollars a month just to

actually tread water. forget about saving and getting ahead. in this democrat economy, working americans have to shell out hundreds of extra dollars every month just to remain standing still. even when you factor in nominal pay raises, we're that workers have heard, the average american worker got 3.9% pay cut. pay cut. last year due to democrats inflation. according to the economic committee,-ification cost the american household $635 last month alone. $635 in one month. >> other reaction from capitol hill, a tweet here from the progressive caucus saying the fed must proceed with caution. rate hikes risk recession, increased burden on working people. kicking people out of work will have no impact on inflation.

that's largely due to high gas prices. to lower cost, let's ban corporate price gouging and shore up supply chains. congressman mike rogers from alabama, biden's failed policies are to blame for the rise in gas prices. the solution is simple, unleashed the american production of energy. but biden rather beg foreign countries for oil and gas. congresswoman hein retailer, the biden administration's recent letter to refineries does not resolve the issue at hand. what we need is dialogue. what we need is real solution. and one more from jeff duncan. congressman duncan says, stop spending, stop the money printing. unleash america from their strains of big government. especially in the energy sector. the rising interest rates, the highest since 1994, clearly this administration has lost control of runaway inflation. on the energy sector, front page of the usa today this morning, on the letter the administration has been to oil producers referred to and that tweet by henry cuellar. biden letter urges topsoil can

bautista get cut gas prices. told our producers on wednesday to immediately cut costs for americans as gas prices exceed $5 a gallon. in some parts of the country. biden on a wednesday letter to the heads of top oil and gas companies said russia's war against ukraine is only partly responsible for the rise in gasoline prices. and asked them to work with his administration to increase the supply of gasoline to americans. two are democrats line, let's hear from mary kay in new jersey. . good morning, bill, it's so nice to talk to. do i believe in the democrats. they always seem to have to clean up the republicans problems when inflation hit. it's not biden's fault. i appreciate his note to the oil companies and all the price

gouging that oil ceos are doing. bill, i think that this inflation is highly hyper by the media. i think c-span, i agree with the nurse from florida, when -- he suggested that they should not put the democrats republicans independents as part of the colin. i agree, it sets up a confrontational type of situation. we don't need to have that. i think it would be interesting, bill, if c-span would ask the question of people. how many people in the united states were conned by the former guy when he asked for money. and they were put on this automatic donation to a fund

that wasn't even right. they made over $250 million. i think that's an important question to ask the american people. also the incredible problems that loudermilk showed. hurting our democracy on january 6th. and then january 6th. and then the next question i think that should be asked on washington journal, the compromise that ginni thomas has brought to the american people on, through the fact she happens to be married to a supreme court justice. >> lots there, mary kay, we touched on a couple those wealthy programs. on loudermilk, the reporting of yahoo news this morning. january six committee releases new footage of a tour given by representative loudermilk the

day before capital violence. the select pal investigating the events of january six released new details of a tour given by representative barry loudermilk of georgia one day before the building was attacked by a mob of trump supporters. in a letter to loudermilk published wednesday, the committee said that some of the individuals who were on the tour led by the congressman on january 5th, 2021, attended than president donald trump's rally the following day and march toward the capital. in video obtained by the investigators, one of the men from loudermilk to her can be heard in a facebook tree making threats against how speaker nancy pelosi, then senate minority leader chuck schumer and representatives jerry nadler and alexandria ocasio-cortez of new york. that is from yahoo news. the congressman, barry loudermilk, released a statement regarding this yesterday. the statement says this, the false narrative that the committee and democrats

continue to push that republicans, including, myself letter recognizance tours is verifiably false. nowhere that i went with the bitters and the house office building on january 5th were breached on generally six. and, to my, knowledge no one in that group was criminally charged in relation to january 6th. once again, the committee released this letter to the press. and did not contact me. this type of behavior is irresponsible. and has real consequences, including ongoing death threats to myself, my family, and my staff. from congressman barry loudermilk. a question for you this morning is about your confidence, your faith in the fed and the biden administration on fighting inflation. joe is on the republican line in mountain home arkansas. good morning. >> good morning, how are we doing this morning? >> fine, thanks. >> the people now are getting a taste of what's 1929 was. i'm not going to try to explain

that to the young generation. these people, they don't know -- going back to your question. the american public now feel what this administration has accomplished in the last 18 months. i would love for some people just to call in and inform us american people what has been accomplished in the last 18 months. when president biden took office, he shut down the oil and the coal. this country runs on oil and coal. now tesla has said they have to increase their price of their cars because the price of the batteries. again, the babies cannot get their formula. they had to shut down recently again. the women go without their napkins. this administration has not accomplished too much for us. and the senior citizen, all

sorts of security is different. thank you for taking my call today. >> in oklahoma, christopher on the democrats line. >> good morning, bill. that last caller, i have to go to something he said. -- anything like the depression at all. i don't understand that. my comment was, as far as my faith in the biden administration, or any administration for that matter, these things appear to be, when science comes into play, when we look at it through a scientific lens, these are systemic things that come in cycles. there's no one thing that any administration can do to change it. there's no one thing that

caused it. there's so many variables. that is why we are talking about it. it is kind of scary. i don't think it's like the great depression type of -- >> should the fed or the administration respond sooner? >> i don't think it would matter. there is a reaction. it is like on a micro scale. and that is what that is. it is like a small reaction. it is like a macro issue. i don't think it would really matter if they had responded sooner. it will balance out itself. people will change their behavior. whether they know it or not. even unconsciously, they will change their behavior at the

gas pump, at the grocery store, they will change their behavior and a lot of ways. >> i appreciate that. a couple of comments on twitter. steve has this one. saying, don't forget, this is worldwide inflation. because of all the right wing tax cuts, he writes, on the rich 1%. they need to pay their fair share to help bring down inflation. oil companies are directly responsible for the inflation. price gouging always raises inflation. tax the rich! >> rest in santa california, biden's dog and pony show, starring jerome powell and janet yellin, they are all wealthy, and inflation will never reflect their wallet. >> sue in new jersey, we can't shrug this off. retirees and young people alike are faced with tough choices. health care costs, food, basic necessities, home prices, student and personal debt. it's all piling up. those that are fortunate, flaunted. one more here. this one just says, abolish the fed, go back to the gold standard.

going back to a comment made by our color, joe, from arkansas on, you mentioned briefly, baby formula, the plant shutting down. here's that story. this one is from fox business. baby formula production halted at a bits michigan plant due to flooding after severe storms. kalamazoo michigan's next. next up, dot on the republican line. go ahead. >> a couple of things. i certainly agree with the people that say, they're starting out by axing, the democrats or republicans. that has nothing to do with how we feel about this president administration. the gas prices, there is a connect, i don't know there's a connection. the first gas prices, the problems that i ran into, -- he was a democrat, of course. the second one was clinton. i had just bought a new ford truck to pull with. all of a sudden, gas was over four bucks a gallon.

trump did it -- i probably would not have got the truck if i knew gas was going to go that high. he was of course a democrat. now, of course, we have another democrat in office. again, the gas prices are high. if there is a connection, i wish someone would look into it and see. the, well, i'll just let it go with that. there's been a long time so i called in. i'm getting nervous. i'll just start stumbling and making implements off. >> you did not, good to hear from you. kalamazoo, michigan, louisville, maryland next. next up, elizabeth on the independent line. >> i think biden is doing a terrific job. with inflation, with the economy, with everything in this country. he really is. he's giving money to ukraine. we are now in maryland going to have a free breakfast and school lunch for all the kids going back to summer school. i can't get a job, i am a senior.

i've been looking for a job for three years. i can't get a job. i'm trying to get a computer job at home. i can't get one. everyone is going back to work. covid is, people have gotten their vaccines, and their boosters. people are healthy. and back to work. kids are back in school and at home during the virtual education. i think the only exclusion to solving an economic problem that we have is to tax the risk. like you are same for, tax jeff bestsellers, checks all the corporations, tax people making millions of dollars. they have not been taxed. biden wants to tax all them. tax all of them! and then we will have plenty of money for people to go back to work, for people to eat, and pay their rent. but where i live, there is rental assistance that people are getting evicted, there's housing assistance, there is food assistance, there is, this is -- he's done a terrific job. that's all i have to >> okay, say. during a traffic. grab this is the front page of

the wall street journal. their headline, fed lift rates by the most since 94. their chart of the rate hikes over the years, actually going back to about 1990, when the rate was some 8%. wednesday, they raised the rate, the fed raise the rate, by 0.7 5%, bringing it to a range of 1.5 to 1.7 5%. central bank raises its benchmark 0.7 5% points -- >> will leave this recorded program here, you can finish watching it if you go online to c-span.org. we'll take you live now to the cannon house office building on capitol hill for today's january six committee hearing. members today, expected to focus on how former president trump may have tried to pressure vice president pence to not certifying the 2020 election we results. congressman pete allah akbar of california will lead the session, he is serving his

fourth term, representing a state's 31st district. as we head into the briefing room, into the hearing room. again, congressman aguilar serving his fourth term, representing estates 31st district. he serves on the appropriations and house committees in addition to his work here. this hearing, again, expected to start in about 15 minutes or so, 1 pm eastern. live coverage, here on c-span 3.

once again, we're live on capitol hill, waiting for today's january six committee hearing to get underway. members are expected to focus on how former president trump may have tried to pressure vice president pence to not certifying the 2020 presidential election results. california congressman pete aguilar will leave this hearing, two witnesses will testify today's hearing. they reported 12 advise president pence that he didn't have the authority to disrupt the election. those witnesses include former mike pence attorney, greg jacob,

and retired republican judge, michael luttig. we are expecting a bank statements from the chair is benny thompson and liz cheney, congressman aguilar expected to outline the case and then question the witnesses. we want to let you know that the january six committee hearings that all c-span program is brought to you as a public service by the cable industry and these television companies, including dish network, comcast and charter communications. and also, don't forget that, if you have to leave your tv today, you can continue watching the hearing with c-span now, our free mobile video app.