best judge and women can have it, just not all the same time. but work in all 50 states i heard the wisdom of people, it's a great gift to have, you are not ir redeemable and deplorable, you are amazing. >> amazing. number one "new york times" best seller. check it out. "america reports" starts right now. >> sandra: voters in south texas, republican mayra flores flipping a seat in a district where 85% of residents are latino. flores the campaign focused on far left policies and the importance of legal immigration as an immigrant herself. the first mexican-born congresswoman. >> what does it mean for the balance of power in washington, we will talk with the number

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 to credit cards much more expensive. all this as president biden continues to deflect on inflation. refusing to take responsibility for the administration's role in skyrocketing prices. >> sandra: the u.s. has a higher inflation rate than many of the other major economies and the white house is promising a new

"messaging on the economy strategy" with democrats ahead of the midterms. we'll dig in, but first. >> trace: peter doocy live at the white house. good afternoon. >> peter: good afternoon, trace and sandra. we heard the president suggesting he thinks the big problem here is with messaging, and no longer just blaming high gas prices on putin, putin, putin, they are also putting some of the blame on oil producers. the president sent a letter to a handful of oil c.e.o.s and part says the lack of refining capacity and resulting unprecedented refinery profit margins are blunting the impact of the historic actions my administration is taking to address vladimir putin's price hike and are driving up costs for consumers. he's also demanding an accounting of exactly why refinery capacity was down after

2020 which does seem to ignore the very basic reality that demand was way down, because of covid. and now his top energy official, secretary jennifer granholm is saying it could be worse. >> in fact, gas prices today over $five a gallon in the united states. if you were in canada, over 6.20, something like that. if you were in germany, you would be paying $8 a gallon. if you were in singapore, $9 a gallon. it's happening across the world. >> peter: president biden is dismissing any criticism that excessive government spending could be contributing to inflation. even though that is something leading economists and the san francisco fed say has happened. >> he's watching as the democrats who control congress continue, continue to advocate for more reckless spending and lament that washington does not

appear to understand what's happening. >> peter: the first time we expect to see president biden today at 4:00 p.m. eastern at a pride month event. we know congress sent him the bill to beef up supreme court justices' personal security but no signing schedule on the public list of what the president is doing today, so we don't know if he signed it already, if it's just sitting on his desk or if he's going to come out and say a few words about keeping the supreme court safe. trace. >> trace: peter doocy live at the white house, sandra. >> sandra: thanks to peter doocy for the report. jackie, you have to tell me why is this white house focusing on the messaging around inflation rather than finding solutions for it. the american people are suffering, jackie. we talk about it all the time, here is what it takes to fill up a ford f-150 gas tank.

pulled a brain request, rural america, ohio, state average is just over $5 a gallon. 23 gallons, you are paying 116 bucks to fill up your truck tank right now to head to work or wherever it is that you go. and this is unbearable for the american people. >> it's really significant, sandra. not only impacts the person driving the truck to and from work or the kids to school or going to walmart to get the groceries, it's impacting small business. and the president said he's trying to protect the middle class, he's actually crippling them. more middle class people in the country are in small businesses. i spoke to one in new jersey, a car service, mom and pop car service, a fleet of chevy suburbans. 28 gallon tank, it costs $145 to fill up that vehicle to operate his business. he also has to pay his employees more because they want more because of inflation because they have to put food on the table. that's if he can get the

employees to come in and drive the vehicles. he literally said he survived the pandemic, with loans, survived uber taking market share. he said i don't think i can survive president biden. >> sandra: everybody is looking for a solution, so much pain on american families. we can complain about it all day long, but what we want is solutions. obviously huge political implications as we look to the midterm elections. latest talking point of the president is demonization of the big oil companies and excessive profits. he likes to talk about this. another brain room request we put in, look at that. you look at the profitability of the companies and as far as i can remember, these companies were way more profitable under the obama-biden years. i can go back to years under the obama administration where the profits of the oil companies were double that that they are today and did not seem to be as big of a problem. chevron, 15.6 billion in 2021,

it was over that during the obama era. exxon the same. why is there the demonization of the oil companies when they need them to feel better about the overall fossil fuel environment to want to produce more oil? >> i think it's because it's a blame game and they don't want to own up to the fact they caused this problem. oil at that point was trading around $148 a barrel, it peaked. and that's why the oil companies were profitable. but it was ok then, it's not ok now. and what floored me was the letter he wrote to the industry executives, a quote from it, but amid a war railed the gasoline prices more than 1.70 per gallon, blaming on putin, historically high profit margins are worsening the pain and he's calling on the executives to cut their margins so that we can bring gas prices down. they are not going to do that.

it does not do that based on the underlying cost of oils. refineries, only 129 in the country, always been a place we need to expand. and we are at 94% operating capacity, only a little more room for them to up production. what do you need to transport the oil once you refine it, pipelines. that's why killing keystone was so significant because he sent this message, we don't want infrastructure in this country, we don't want pipelines. one more point, and love this one. i went on the eia website and look at the refiners, top ten operating facilities, by capacity, number one operating facility is run by moltiva, llc. who 1 it, saudiaramka. >> sandra: there you go. one can draw a couple conclusions from that. jackie, thank you for that. it is a complex situation but

one we have not seen a whole lot of solutions to. trace, up on the screen the gas prices today, now, we are over five bucks now, the national average. a week, up $0.06. from a month ago, a year ago, almost $2 higher now than we were a year ago, and it's not just gas as you know, it's airfares, you know, surging jet fuel prices, furniture, milk, meat, coffee. pretty much everywhere you look prices just continue to go higher. >> trace: jackie was talking about the 28 gallon suburban, here in california, just under $200. a couple days ago a gas station misplaced the decimal, everybody got gas for $0.69 a gallon for about three hours. it has not happened since 1978 "grease" was the number one movie of the year.

>> sandra: we don't put oil into the gas tanks, we put gasoline and we need more refining capacity as we produce more into gasoline. >> trace: january 6th committee has released new surveillance video from the day before the riot, shows a man taking pictures of basement hallways beneath congressional office buildings. chad pergram live for us on capitol hill with more on that. good afternoon. >> chad: good afternoon. the committee wants to talk to barry loudermilk, about the tour he gave to the unnamed man the day before the video. he has not replayed to the request from the committee. at the time the capitol complex was closed to tours because of the pandemic however, some members gave tours on their own. this tour never entered the capitol itself. democrats say it does not matter. >> republicans said last year that there were no tours, no maga hats, that that was just

false. it was a lie. so now they are saying well, it wasn't that dangerous, we didn't go into the capitol. we were just in the capitol complex. i'm sorry if i don't distinguish between the two because those rioters tried to get in every corner of these buildings. >> chad: the man takes pictures of a security checkpoint at the mouth of an underground tunnel which leads to the capitol but don't know what else the man took pictures of. he was outside the capitol on january 6th, he had some well-known democrats on his mind. >> there's no escape pelosi. schumer, nadler, we're coming for you. we're coming in like white on rice. even you, a.o.c., we are coming to take you out. >> chad: police have not charged the man.

manger says his department does not consider any of the activities we observed as being suspicious. loudermilk said it's a smear campaign and pushing a false narrative about the tour. >> trace: chad, thank you, talks to the bigger picture here, a lot of people have a lot of questions and some believe many of them are not answered in this format on capitol hill. >> sandra: and more on all of that coming up right here tomorrow. meanwhile, russian forces seizing more territory in eastern ukraine as president zelenskyy pleads for more weapons, anti-missile defense systems. steve is in odesa. is time running out for ukraine in the east? >> sandra, momentum is definitely shifting towards the russians in that fight in the east.

ukrainian officials are saying russia controls more than 80% of the city, close hand to hand fighting in the city center. the last bridge was blown up by the russians, that makes it hard for the ukrainians to reply troops and get out their wounded. and president zelenskyy asks the west for more heavy weapons. >> our country has the greatest need for heavy weapons in europe. cannot be justified. >> the battle in the east is a scorched earth battle by the russians. using artillery nonstop around the clock. 60,000 rounds every 24 hours killing up to 200 ukrainian soldiers each day. at nato headquarters, the u.s. defense secretary said they are supplying ukraine with advanced rocket launchers. >> we are providing ukraine defenders with multiple launch

rocket systems and that will significantly boost ukraine's capability, especially when combined with additional donations of nato standard rocket systems from the u.k. and other allies. >> the problem right now, it takes three weeks to train one ukrainian team on those advanced rocket launchers and one team at a time. it's not clear there is enough time to tip the battle in the east. >> sandra: thank you, steve. trace. >> trace: oregon, first state in the u.s. to decriminalize small amounts of dangerous drugs including fentanyl. why the decision has turned out to be a disaster. >> sandra: plus everybody is talking about it. republican, mayra flores, tipping a texas district from blue to red. 85% latino. is this a big wake-up call for president biden and his fellow democrats. karl rove is here to weigh in.

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>> sandra: huge win for republicans in a special house election in texas. mayra flores defeating democrat brian sanchez flipping the blue seat to red. karl rove standing by. but first, alicia is live in dallas. so what may have pushed flores ahead in this race? >> interesting question, sandra. because republicans and some south texas democrats who i was talking to earlier this year

will tell you this has been coming for a long time and there are so many different factors that are at play. first, you had national and state republicans poured more than $1 million into now congresswoman elect mayra flores campaign. not only was she seen as a strong candidate, a mexican-born immigrant who came legally as a child, she's the wife of a border patrol agent. she was raised on conservative values by a father who is a south texas democrat. she's been telling folks who live down there, if you think about it, you are more republican than democrat in daily life and viewpoint. >> the liberal policies from washington are tearing our community apart. as the wife of a border patrol agent i pray for his safety now more than ever. i'm mayra flores, i approved this message. we must secure our borders and

keep our families safe. >> national democrats did not get involved, sending in about $100,000 the last days to help out democrat dan sanchez. they are more focused on the november election, but sanchez is not happy. in a statement saying in part, too many factors were against us, including little to no support from the national democratic party and the democratic congressional campaign committee. south texas democrats, sandra and karl will talk to you about this, have been complaining about this for years, trying to get the attention of the national party saying it's moving too far to the left and no longer speaks to who they are. sandra. >> sandra: thank you. >> trace: karl rove, former chief of staff and i know you like numbers a lot, cameron county, 34th congressional district, most populus, joe

biden won, and hillary clinton, and flores with the one-point lead, seems it's a pretty big shift. your thoughts? >> it's a very big shift and it's happening for a variety of reasons. alicia was right, this part of texas has felt increasingly disaffected with the national party, heavily hispanic, and they are entrepreneur, they are pro life, they believe in faith, heavily catholic, believe in service, more likely to in the military, and the issue cluster, economy, inflation, mayra flores husband is a member of the border patrol, and these are the communities on the front line feeling the effect waves of illegal migrants, their hospitals are overrun, social

getting clobbered, local law enforcement dealing with petty crime. and we are not talking about them much, but energy is also an issue. you go into this district, and the northern end of it, a lot of energy activity going on. heavily hispanic workforce saying i'm making good money and the people who want the green new deal are coming for my job. making $100,000 a year because i have a c.d.l. license and they want to do away with my job in the oil patch. >> trace: the democrats say they did not put enough money in the drabt and come november, mayra flores can only serve until january. come november, boundaries are going to change, more favorable to democrats and sweep this 34th congressional district. maybe not, karl. that's the whole thing. >> maybe not. yeah, and look, its a phony excuse. spending $3.5 million to boost a

right wing lunatic in colorado to nominate him as opposed to more mainstream candidates who can win in november. they spent money trying to hype up extremist candidates in california and lot. spending millions on this kind of activity all the time. why can't they fund dan sanchez, their candidate in south texas. it's beyond me why they did not do that. >> trace: 2016, everybody wanted donald trump to be hillary clinton's opponent, the same trigger, they got what they wanted. you look at mayra flores and they are painting her as a maga extremist as well. doesn't seem to be working as well down in the 34th congressional district, karl. >> not at all, because they had a chance to know who she is. she's a healthcare professional, the wife of a border patrol, she knows what she believes, the daughter of a south texas democrat, so all of this stuff combined to create a very

positive image for her, and i know people rallied tremendously to her. this district, i've been going to this district most of my adult life. i have a hunting lease in the middle of kennedy county, texas, which is in this district, and i've got a lot of friends down there, and let me tell you there's something going on there. the last time this district elected a republican congressman was edward degner of san antonio who represented district from 1870 to 1871. that's how long ago the district was in republican hands but it's coming back now and likely to end up with a second republican latina from the valley who wins in the district to the west, the 15th, and we may end up third further west. something is going on in south texas and the democrats are late to the game. their party is too far left, too woke and to anti-energy and anti-patriotism and anti-entrepreneurism for a lot of people in this part of texas.

>> trace: effective assessment, karl. appreciate it. you know, sandra, he talks about that, and she really ran on the fact you said her husband was a border patrol agent and legal immigration, her parents came across legally, family, faith, prayer, she is big time into conservative credentials and people are looking at her and it's resonating. >> sandra: number three republican in the house coming up will be our guest and her pack was among the first to endorse her and obviously advocate for her, so we'll get the republican response to that big victory and ask her about the republican response to the ongoing baby formula shortage, remember that, that is still ongoing and she just wrote a piece in "new york post" about that. we look forward to having her on in a bit as we await the big federal reserve rate announcement top of the hour. speaking of which, prices are soaring, they are trying to raise interest rates to tame

inflation. the federal reserve is eyeing the biggest hike since 1994. how are companies reacting and how can you protect yourself when it comes to loans and credit card bills. we'll talk to a former home depot and chrysler c.e.o., bob nardelli, coming up. >> trace: two missing children in the northeast, one disappeared in 2019, now police are back at her home collecting evidence. and looking for a 3-year-old boy who went missing from his baby-sitter's house yesterday morning and we know in these types of cases, the race against the clock is on. that's next. >> water in the back yard, look under bushes, look anyplace you think a 3-year-old could hide.

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how the feds' decision will impact your bottom line. but first, police on the hunt for two missing children in two separate cases. new hampshire investigators searching for harmony montgomery, returning to her home to collect new evidence. she went missing back in 2019 and in massachusetts, a desperate effort underway to find a 3-year-old boy who went missing yesterday morning. molly is live in lowell, massachusetts. what's happening on the ground there? >> trace, some 200 law enforcement personnel involved in this search. they are really looking everywhere, in the woods, neighborhoods, local pools, car sheds, swimming areas, ponds, pretty heartbreaking as the hunt continues into the afternoon. you can see just in the next very close to the property where the child disappeared they have blocked off an area. this is a small farm that backs up to the neighborhood where the 3-year-old boy named harry was last seen.

he had been dropped off by his parents at a baby-sitter's home, around 9:15 a.m. yesterday morning. reported missing at 9:30, wearing a long sleeve maroon shirt and gray pants. massive search ongoing. dive teams, air wing, 50 cadets from the police academy, urging residents to check their ring doorbells and search their properties, there is a state forest close to the neighborhood and the farm, and there is a lot of swampland. >> it doesn't really matter what the geography is. the searchers go into mud, we have divers, empty pools, and will continue to empty pools. >> police are asking anyone who think they have seen harry to call 911 or the lowell police department. and 30 minutes to the north update on the hunt for harmony montgomery in manchester, new hampshire. local investigators working with the fbi have searched a

residence there where the child's father and stepmother once lived. items removed, including a refrigerator, and nearby sewer pipes with a camera. she was five years old when she disappeared, late 2019 but not reported missing to police until late 2021, last known in the custody of her father adam, he has been held since january accused of hitting harmony. a tip line has been set up. and here on the ground in lowell we are still watching this local farm just blocked off, the edge of it just about two yards down from the road where the child was dropped off this morning. the media have been pushed across the street, along with onlookers and we are waiting to see what the latest development means for the missing boy named harry. >> trace: investigators say the first 48 hours are the most

critical. thank you. >> sandra: fox news alert, moments away from a federal reserve announcement on interest rates. it could be a decision to raise rates the most that we have seen in nearly 30 years. 28, to be exact. announcement coming days after new inflation data showed a sharp up-tick. economic side effects could be the largest in decades. bob nardelli, sometimes you say the federal reserve rate hike decision and people's eyes glaze over. what do people need to know about the decision we are about to see announced the top of the hour. how will it affect them? >> well, sandra, it will have a continuing devastating impact on the consumers. we are seeing it every day, you are showing it on the, on your

show, and if you look at not only inflation, but shrinkflation. i predicted it would continue to rise, we are at 8.6 level in may, but i would tell you that is deceptively right. it's pervasive now. and administration is not really doing anything to prevent it so they must be encouraging it or condoning it. so every time you go to the store, what you are going to see is they are trying to avoid sticker shock, right. so paying $5 for something, for a consumeable item. the fact is you may have 10, 20, 30% less in that bag or in that can. so, that's really the inflationary number not always accurately reported in the #.6. so i lived through 2007 and 8 and 9 when i was running chrysler and we had to run for cash. we had to hoard cash. so i would tell the consumer,

make sure you are building up cash reserves. i would encourage the consumer, again, saw what happened on baby formula, build up a supply of nonperishables in your home. make sure that you are prepared for sustainable inflationary periods. >> sandra: bob, these are dire warnings coming from you. i mean, are you -- you started out by saying you believe the effects of the interest rate hike will be devastating for the american consumer. but point out the purpose of this dramatic potential action from the fed is to try to tame inflation and bring those prices down, but to your point, because we have seen the federal reserve and this administration take so long to respond to these high prices, it's going to be a lot of short-term pain for long-term gain. fair to say, though, that the end result is to bring prices eventually down? >> eventually down. but i've been around long enough now, 50 years in business, and

i've been through these cycles and sometimes from peak to valley it's short, sometimes it's much more prolonged, sandra. i would tell you in the business community, we have been addressing -- we are on the outer edges of this hurricane starting in january and we are retrenching the way we do business. looking for the item, and reprofiling the material orders to make sure we don't build up inventory, lock up working capital which is cash. making sure we are sustainable through this period of time. >> sandra: it's a big thing to tell people they love their 401(k), investing in the american stock market to go to cash, but that's your recommendation. as far as how this will immediately affect the american consumer as you know, and i'm sure you are trying to explain to the american people, affect interest rates on credit cards, mortgages and loans will get more costly.

we have seen the impact of the anticipation of this on the housing market. things are starting to change. fewer businesses can afford new workers. we are already hearing that. u.s. goods obviously will get more expensive, producer price information yesterday, forward looking indicator of what the consumer will pay and did indicate prices will keep going higher. i just wonder, bob, what do you believe can be done today? let's take gas prices. how do we bring the prices down. you have president biden saying he's going to go to saudi arabia. we have the potential for domestic energy production to go way up in the country. is there anything he could say or do to break bread with those energy companies and say let's get this done domestically and bring these prices down? >> what really scared me to death is what i heard the president and administration say there is nothing we can do to affect the situation we are in

today. that is just unconscionable response to the demands and the issues we are facing. i ran the oil and gas for general electric for a number of years. all we have to do is allow for more drilling, which will stop, earlier in the program the xl pipeline. i think the energy companies are prepared and willing to do this but severely dampened, not only this administration but a number of years. recently issued an article saying he had seen it coming for some time. l.n.g. gas, flare gas off the fracking systems, we could have use that geo politically like we are trying to do now, but dominated the world and able to provide this, and really blunt some of the dependency on russia, and you noted earlier about the d.e.f., there was a mandate in 2010.

if we run out of uria, drugs produced in 2010 forward will not be able to start. and 2015, same rule. number one producer, india. number two, russia. number three, pakistan. and fourth producer in a fuel critical to be able to move goods and services. >> sandra: you make a lot of good points, bob. it's crazy the situation we are in today and how many saw this coming, even economists inside former democratic administration, steve ratner, larry summers and others, they were warning and still precautions were not made to prevent it from happening and here we are. a big dose of medicine, top of the hour, the federal reserve will try to take bold action to get prices down. we are going to be covering it. >> i wish the economists actually ran a business in their career, they may have a different perspective.

>> sandra: interesting. i reference two economists who got it right, but apparently nobody at the white house was listening. bob, thank you. trace. >> trace: deaths from fentanyl overdoses spiking in the state of oregon. a decision helped to meant drug addicts may have been the driving force in creating the disaster. >> sandra: desperate parents still searching for food for their babies. are democrats refusing to look at a republican plan to fix the crisis? congresswoman elise stefniak says yes. the newday 100 va loan lets you borrow up to 100% percent of your home's value.

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>> sandra: overdoses and crime soaring in the first state to decriminalize all drugs, nearly a year and a half after oregon made it legal to possess small amounts of dangerous substances. the state is facing tragic consequences for the far left policies. dan springer joins us live with this story. dan, why has this experiment failed? >> sandra, probably a lot of reasons, but critics say the main one is, oregon has made it easier for drug addicts to maintain their addiction. further than any other state decriminalizing drugs like meth, heroin and fentanyl. and overdose deaths hit an all-time high last year and very few people are getting into treatment, mainly because it's completely voluntary. the streets of portland have turned into an open drug market. police ignored the drug use in doorways and small drug deals. thousands are homeless, many suffering from addiction and

mental illness. measure 110 was supposed to help them but apparently not drug treatment. $300 million of cannabis revenue is not going for more treatment but harm reduction, like needle exchanges, supportive housing, narcan to revive someone overdosing on drugs. >> the treatment can look really different for different people and it's important we are not just spending the most money on care if we don't actually have those other components to really support the person. >> the problem is drug overdose deaths have never been higher. in the first year of the experiment, 1,069 deaths statewide, 41% increase over 2020, 25% higher than what the national rate rose, we know what a crisis that is. and crime linked to drug addiction is also up. property crime is higher and murder connected to drug turf wars is on the rise.

portland set an all-time high in homicides. law enforcement is frustrated by the lack of focus getting people into treatment. >> if all you are doing is staunching the bleeding, addressing the immediate problem in front of you and not doing anything more, then you are not addressing the underlying cause. >> supporters say what this needs is more time, it's only been 16 months. it just needs a little more time and will eventually work. critics say look, it's time to end this experiment, it's a complete failure, and no longer a carrot and stick approach, it's just the carrot and people are not getting into treatment. sandra. >> sandra: that is the reality of the situation there, dan springer, thanks for bringing it to us. >> trace: extreme flooding ripping a house from the foundation and taking it down the yellowstone river.

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>> trace: the war on police getting worse and worse. two los angeles police officers shot and killed after responding to reports of a stabbing at a hotel. jeff paul is here with more on this awful story. jeff. >> interim police chief says these officers died paying the ultimate sacrifice. two officers who he says were murdered by a coward. the officers responded to the motel, they were confronted by the suspect, and that's when the first shots were fired inside one of the rooms. investigators say the suspect then ran off into a parking lot where even more shots were fired. the suspect was eventually shot and killed on the scene. the two officers, however, who were hit later died at the hospital. >> the only way to take the sting out of death is to take

the love out of life and believe me, they were loved. these two men were loved, they were good men. they paid the ultimate sacrifice, serving their community, trying to help somebody. >> their deaths come a day after a california highway patrol officer was shot multiple times during a traffic stop in the studio city area of los angeles. that officer, while critically wounded, is expected to recover. and in phoenix, a detective was ambushed sitting in her unmarked car by two shooters. police say they were eventually caught. the detective was wearing a ballistic vest, which likely saved her life. now, without including these most recent shootings, these are the stats for this year, at least 156 police officers have been shot, 24 have been killed and the numbers keep going up and up and up. >> trace: the war on police continues. >> sandra: all eyes on the

federal reserve about to make a major announcement on interest rates. how it affects your money. wall street anticipating the decision wondering whether the fed will take drastic action to curb inflation. the dow up 214. larry kudlow, what it means for you and your money, and elise stefanik on mayra flores's win in texas. i'm tatiana, here to say you can get an average of $60,000 with the newday 100 cash out loan. that's at least 25% more cash than you get at a bank. it lowers your payments by an average of $600 a month, too. with today's soaring home values, the time to turn your equity into cash is right now. ubrelvy helps u fight migraine attacks. u put it all on the line. u do it all. so u bring ubrelvy.

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>> sandra: brand-new at 2:00, the number three republicans in the house is here, elise stefanik, fired up about baby formula and she says the shortage is a clear example of the president and fellow democrats passing the buck rather than taking action. >> trace: plus historic night in american politics, especially for the republican party. a flipped seat in a special election could be a sign of a major shift. >> sandra: speaking of bigger

things to come, could elise stefanik wind up on a ticket with the former president. >> trace: great to see you. representative stefanik will be with us short by but a major decision when it comes to your money, a fox news alert. >> sandra: here we go, you have a live look at the federal reserve there where we will obviously have a press conference that will be happening. we'll be monitoring that as we await the federal reserve interest rate decision, officially raised by 75 basis points, the expected announcement, looking at the latest pricing and the fed fund futures at the cme. expectation was 98% chance of a three-quarters of a percent hike. that's what's happening. to explain the move, the federal reserve is trying to take drastic action, the biggest interest rate hike in 28 years in this country.

reason why the federal reserve is doing this is trying to tackle inflation. it has been a problem not for weeks, for months now, and the federal reserve and this administration has a hard time getting ahold of it. to raise interest rates in a way you dampen demand to try to get ahold of the rising prices, that would be the goal. it could be a long-term solution, it could take some time, these are decisions that will affect you and your money, your car loans, home mortgage, your credit card bills, all this has a huge impact on your finances. >> we are also watching the markets, they are up right now ahead of the fed decision. the white house says americans are well positioned to handle the choppy times, thanks to president biden. administration even touting "economic boom" despite americans dealing with record inflation and the highest gas prices in history. >> sandra: the real boom you heard might have been larry kudlow, on his way into the studio. he'll join us on the decision

just out, federal reserve announcing it's raising interest rates three-quarters of a percentage point, the biggest in 28 years, trying to tackle inflation, trace. >> trace: jacqui heinrich is live at the who us with more on this. good afternoon. >> jacqui: all happening amid growing concern the fed may not be able to achieve a soft landing, so to speak, and bring rates up just enough to cool inflation but not so much it plunges the economy into a recession. historically that's a needle they have only been able to thread a handful of times, never been a list of this scale. so far the white house is staying mum about it and reiterating that the president has faced in the feds. >> certainly the president believes in the fed and the fed is the first line of defense against rising prices but the president continues to do everything in his power and to

call on congress to do everything in their power to help families in this hour of need. >> jacqui: the white house is dispatching top people to the hill for a closed door meeting with democratic lawmakers about how they should be talking about the economy as the party grows increasingly concerned about their prospects in the midterm. this morning, president biden wrote to oil companies telling them to ramp up production and cut costs at the pump, and granholm said there is not much more the president can be doing, and other countries are worse. but the data is a different story. 8.3% dwarfed canada, germany, france, italy and others. trace and sandra. >> trace: thank you. now our friends at fox business, edward lawrence live at the federal reserve.

edward. >> the federal reserve did raise interest rates the way the market thought, 75 basis points, the first rate hike since 1994 of this size. you may remember that year, nancy kerrigan got hit with a pipe, so it's been a while. esther george dissented this, only thought they should go .5%, not .75%. they did acknowledge the russian invasion is putting upward pressure on inflation, and the chinese lockdowns are continuing problems with the supply chain issues coming into the u.s. fed also looked at inflation, they moved the inflation forecast up for this year. the fed uses pce inflation, up to 5.2%, and downgraded the growth for the united states. gdp, 1.7% for the end of this year, the same level, 1.7% for

next year. and just ticking up in 2024. unemployment near record levels but ticking up to 3.7%, and up to 4.1% in 2024, so again, the federal reserve forecasting three more rate hikes at 50 basis points, half a percentage point and one more at 20% this year, that means a credit card, mortgages, adjustable rate mortgage, see the rate go up as these rate hikes happen throughout the course of the rest of this year. trace. >> trace: edward lawrence from fox business. sandra. >> sandra: so we are watching the reaction right now. the dow, you'll notice the bottom right corner of the screen, it had been up about 250 points prior to the decision six minutes ago, and it's pretty much cut the gains in half and looks like it's going back to unchanged on the day. we'll keep watching this for you. all right. larry kudlow is here, and larry,

bring you in now. because looks like the market is about to turn negative. tell me what this reaction is, considering the news, the federal reserve as anticipated, by the way, i should say as anticipated in recent days. >> larry: in the last 24 hours. >> sandra: the federal reserve, the indications were that it was going to be a half point hike, then in recent days, we watch our little fed fund calculator on the cme and said three-quarters of a percentage point. >> larry: usual leak to "wall street journal." >> sandra: anticipated in recent days but still a significant hike in interest rates, the biggest in 28 years, larry, to tackle inflation. so, we are watching the reaction in the markets, your reaction. >> larry: biggest in 28 years. the inflation rate is the biggest in 40 years. but you know what, i am going to give them a plus on this. i'm going to give them a plus. it's a good thing. 75 is better than 50.

they should have done 100, now i want to hear what jay powell has to say in the press conference because this is just the beginning. quite clear about this. i don't think the fed funds rate can really start beating inflation down until it gets up to about 6%, maybe 6.5%, ok. this will put it at what, 2 1/2 or some such. they have to raise in the july meeting and do it again in september and they should keep doing it, sandra. keep raising the rate and pulling cash out of the economy until they see commodity indexes coming down significantly, and the actual cpi and ppi indexes coming down. >> sandra: the ideal, larry, to weaken demand so that you don't have that demand driving prices

higher and higher. >> larry: that's part of it. they should be feeding supply. that's not the fed job. i mean, look -- you know, biden wants to tax excess profits, he's going to bring the national guard in to surround exxonmobil operation, probably march the national guard to midland, texas, a fully declared war. he would not give the supreme court justices protection but will bring in the national guard to attack the oil companies. i'm making a joke here but pardon my cynicism, it's the most silly thing. open up the spigots, ok. that would be a big plus. stop attacking business. afl/cio meeting yesterday he talked about raising taxes on corporations. that's what he shouldn't do. >> sandra: unbelievable. >> larry: you need to increase the supply of goods and services in energy, and do it by lowering

taxes and pulling back regulations. trump's most brilliant policy, i have to say this, was his deregulation policies and hopefully the federal government will not spending and creating money. left to its own devices, janet yellen is selling the biden budget on capitol hill. last week, did not get near enough press. that budget has build back better. that's another 5 trillion in federal spending. stop the spending, and stop the money printing. so, pull back demand, increase supply. >> sandra: they won't do that if they won't acknowledge the government spending is driving the inflation and they have not acknowledged that. >> larry: very good point. solid point. >> sandra: how do you fix it if you don't acknowledge the root of the problem. a member of the white house council of economic advisers, i think you are very familiar with, earlier today, heather, on --

>> larry: i know heather. >> the president believes in the fed and the fed is the first line of defense against rising prices but the president continues to do everything in his power as families are struggling with high prices at the pump and other things, to this point, due to putin's unprovoked war in ukraine. >> larry: the stock market is almost flat, it was up a couple hundred. she's giving you the party line, she's a lovely woman. don't believe it. >> sandra: you can't do that anymore. >> larry: biden's polls are so low, people do no the have confidence, they see through the lies and the falsehood. one of these other lies is somehow they are using a four-year average for trump's oil production. that includes 2020 and covid when everything was shut down. we are still over a million barrels a day of oil short from

where we were pre-pandemic and still about 750,000 barrels a day short in gasoline, and here is another point. instead of trying to go after the oil companies and yell at them and slap taxes on their excess profits, how about letting them build refineries. one key point, not only have they canceled leases in alaska and the gulf of mexico, not only stopped the xl pipeline and virtually any other pipeline, their environmental restrictions from epa and interior and energy have stopped new refineries. one of the problems with the gasoline situation is they are at capacity. why is this? because we have not built a new refinery since the 1970s. so the stuff is not good. they have tried to expand existing refineries, they need to build new ones, cannot get it through the epa regulations or the nepa permitting regulations.

these are self-inflicted wounds the biden administration has created and i hate to say we told you so but we told you so. trump got rid of these regulations. they are slapping them back on and then they worry their polls are down and inflation is up, really? really? >> sandra: and then the next talking point is the demonize the very oil companies they are asking help from, now they want more from them. >> larry: they are going to send the national guard to midland, texas, arrest them, god knows what they are going to do, go after exxonmobil and chevron, the finest oil companies. >> sandra: you are scaring us all now, larry, and not here to do that. >> larry: that was a joke, but the fact of the matter is -- he's openly declared war on fossil fuels, you no he what i mean. >> sandra: and the same time -- >> larry: don't protect the supreme court justices but --

>> sandra: and he's going to go to the middle east. bob nardelli was on last hour and had some seriously dire warnings about where the direction of this country is going based on the current decision making that is happening and he went as far, larry, i know -- >> larry: i know nardelli. >> sandra: you are the eternal optimist, a bright side and path forward because bob said everybody should go to cash right now, listen. >> it will have a continuing devastating impact on the consumers. i would encourage the consumer, again, we saw what happened on baby formula. build up a supply of nonperishables in your home, sustainable inflationary periods. >> sandra: are you worried, too, like bob is, who used to run home depot and all these big companies? >> larry: i knew him when he ran home depot. >> sandra: the environment we live in today is going to be

sustained for quite some time. we are going to live in this, prepare for it, change the way you invest in things. >> larry: i would not go that far. this is going to take two years, if we are going to see 2% inflation again, which is the fed's target. it's a long haul, as i said. this bump up by 75, which is good, ok, i'm in favor, they have to do it again and again and again and again. very hard to beat recession. >> sandra: i don't know if they plan to -- >> larry: i have to read everything, you are right, and -- >> sandra: i don't know if they will be as aggressive. hand it back to me, i'll tell you. >> larry: i see esther george dissented, the stupidest bloody dissent. the raskin woman they did not confirm because of the company that got on the special fed wire from the kansas city fed, esther

george has a lot of explaining to do. but this dissent, she wanted 50, that's the most silly thing i've heard. bob nardelli, a good guy. my best advice to investors, honestly, don't sell. do not sell. do not panic. the calvary is coming. woke socialist interlude will come to an end long. stocks in the long run are the singest best investment to make in the long run. do not sell now, in fact, i would almost say if you have spare cash, some spare savings, average it in. average it in. >> sandra: i have to go. 4:00, your show is going to be evermore important today, see how markets close, see you at 4:00. appreciate it. >> trace: scared me a little bit, just a little. pictures created a media frenzy across the country, an investigation decided the border patrol committed no crime.

so, why is fox now learning those agents are set to face punishment anyway? that is just ahead. >> sandra: a mainly upset in texas as the house seat flips red and a republican woman makes history. katie pavlich whether it's a sign of things to come for republicans across the country. >> trace: also moms still scrambling to find baby formula for their kids. elise stefanik is one of those moms. she will talk about her plan to solve the crisis, next. with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. if your moderate to severe crohn's disease or ulcerative colitis symptoms are stopping you in your tracks... choose stelara® from the start... and move toward relief after the first dose... with injections every two months.

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>> sandra: coming up, katie pavlich on the special election being billed as much bigger for republicans than a single house seat. but first, to the border patrol

agents accused by many in the media of whipping migrants last fall are set to face punishment by the feds, even though the agents were cleared of committing any crimes. bill is live on the border for us in la joya, texas. hello, bill. >> bill: good afternoon to you. a federal source telling me that d.h.s. is preparing to punish and discipline several of these horseback agents and accusing them of administrative violations during this incident. we'll pull up the video and rewind to september of last year, thousands of haitians were crossing illegally into texas. horseback agents were called down there to try to stop them at the river's edge. they were falsely accused of whipping haitian migrants, they do not carry whips, they carry split reins, but the in a --

narrative, mayorkas' tune changed a few days later. >> to ensure control of the horse, long reins are used. >> entire nation saw horrifying images do not reflect who we are, who we aspire to be, or the integrity and values of our truly heroic personnel in the department of homeland security. >> and d.h.s. launched an investigation into the kubt of the horseback agents. secretary mayorkas promised the public that investigation would be done in days, not weeks. it has now been nine months. the d.h.s. office of the inspector general previously cleared the agents of criminal wrongdoing. they kicked it down for an administrative investigation. i'm told by that federal source that cbp found administrative violation, we don't know what those are, and the agents will

be notified in the coming days. border patrol agents tell me they are angry by this. they say politicians crucified and convicted them before there was an investigation. >> what we witnessed takes us back hundreds of years. what we witnessed was worse than what we witnessed in slavery. >> evoked images of some of the worst moments of our history. >> see people treated like they did, horses nearly running them over and people being strapped, it's outrageous. i promise you, those people will pay. they will be, an investigation underway now and there will be consequences. >> i'm today the agents have been on desk duty ever since this incident. they have not been able to have contact with migrants and that cpb is going to propose disciplines. the agents can either accept the discipline or fight it. the border patrol union says they are going to vigorously defend their agents.

we'll send it back to you. >> sandra: bill, thank you. trace. >> concern for many voters, case in point in texas, a house seat flipped red in historic fashion. mayra flores, the first-ever mexican-born congresswoman and her win could have major implications for the midterms. >> liberal policies from washington are tearing our community apart. as the wife of a border patrol agent, i pray for his safety now more than ever. i'm mayra flores, and i approve this message. we must secure our borders and keep our families save. >> trace: katie pavlich, great to see you. this is from the texas democratic party chairman, he says the following "despite flooding south texas with over $3 million in far right dark money in a special election called by the governor at a time

specifically chosen to give republicans an overwhelming advantage, republicans could barely squeak out a win in c.d.34. that's big time sour grapes. eight points, not exactly a squeaker. that's some sour groups. >> katie: very much so, and rejection of reality and a little bit of burying their heads in the sand when it comes to what's happening, not just in texas, but around the country. this candidate, the first as you mentioned, mexican woman born in mexico, came to america, illegal immigrant, her family brought her here. she is not going to be in congress as a result of campaigning on america first platform, on the principle, she did talk about a lot saying democrats have taken advantage for 100 years of south texas voters and they have not earned that vote. so, she showed up, i thought her, you know, her campaign about being the wife of a border patrol agent and wearing that border patrol hat proves that they want law and order in

texas, they don't like this open border strategy that the national democratic party has put on to border states and the rest of the country, and when it comes to this strategy overall for democrats, they are losing their coalition. hispanics -- in 2016, plus 26 district in 2016. last night she won this race and democrats are losing it as a result of republicans finding good candidates, going in and talking directly to the voters who live there instead of taking for granted the votes they have had in the past. >> trace: i wonder if it's just the border. i started my tv career covering that part of the country there and things have changed drastically, and wondering what the causes are. is it -- is it, you know, that maybe now it's faith, family and hard work, is that resonating, is it the border or is the fact the democratic party down there is falling apart?

>> katie: in texas, border is a huge issue especially for her, this now congresswoman, her husband is a border patrol agent. overall, hispanics are leaving the democratic party for a number of reasons. lawlessness on the border, inflation crisis, hard work is not paying off anymore as a result of the inflation we are in, as a result of joe biden's policies, and her campaign message of democrats taking for granted for 100 years the votes of people who live in south texas, the votes of hispanics they just assume will vote for democrats based on their skin color and where they are from, that is something no longer resonating and hispanics and voters want politicians to go out and earn their votes and you are seeing that, seeing a different kind of message from the candidates as well, and the republican party is taking advantage and major inroads when it comes to the communities, the

coalition typically of democrats and coming over to republican party based on people showing up, knocking on their door, telling them why they should vote for them and as a result of the policy positions the democrats have implemented on the economy and on the border. >> trace: and i have to go quickly, katie. you talk about the democrats come out and say look, in november, she can only stay until january because it's a special election. they say in november, you know, the democrats are going to come storming back and taking back the 34th congressional district. ten seconds left for you. do you think that's going to happen? >> katie: there is a chance for that because the lines are being redrawn for the next election, make the district a bluer district so more challenging for her. however, given the numbers and the fact she won by so much and the shift of the momentum here that she clearly has a chance to keep that seat. >> trace: the key word is shift, things are changing in south texas. katie, always great to see you. thank you for coming on. >> katie: good to see you.

>> sandra: number three republican in the house, elise stefanik will be our guest. she's up next.

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you're an owner. giving you confidence throughout today's longer retirement. that's the value of ownership. >> sandra: biden administration just a short time ago boasting about another shipment of baby formula on its way to overseas. this time switzerland, but republicans say the president has dropped the ball with this yet again. elise stefanik, number three republican in the house writing the president needs to stop passing the buck. she says families deserve certainty and no family in the greatest country in the world should have to scrounge for essential products for their babies. no more time to waste. let's bring in house republican conference chair elise stefanik. great to have you here today. and you have a new baby at home, it's hard to believe we have gotten to this place in this country and it's not fixed faster. why is this not happening, and is the biden administration doing enough to fix the problem

and get formula back on the shelves? >> the answer is no, sandra. the biden administration is not doing enough to get baby formula back on shelves and look, you point out i do come at this from a personal perspective. i'm the newest mom in congress, the proud mom of my 9-month-old sam. he is formula fed and i've been hearing from new parents across the country or parents are babies who have struggled to get access to the products they need to feed their children where did joe biden go wrong, they dismissed the house republicans call to urgently address the issue and we know joe biden's own f.d.a. new it was going to be a shortage back at the end of last year and what did they do, they did nothing. the president of the united states did nothing, administration did nothing. i reached out to the f.d.a. this past february and we did not hear back from them until may. i've introduced legislation, babies need formula now act to immediately address the f.d.a.

malfeasance and yet democrats refuse to hold a vote on that bill on the floor so we needed answers yesterday, we need the shelves filled immediately. house republicans are going to hold this administration accountable and solve this crisis. >> sandra: it struck me when the white house was asked the press secretary for an update on the baby formula shortage and didn't have one on the moment. you would think there would be an update daily if not multiple times a day. it's a crisis and empty shelves across the country. that is part of the supply chain, inflationary crisis, we just got a federal reserve rate hike decision, you know they are trying to tackle inflation, some arguing it's a little too late to get a grip on this, but the reality americans face today. what is the republican solution? it's a common talking point now. republicans seem they have all the answers. if you regain control in

november, which it's looking more and more likely that is to happen, how do republicans tame inflation? what's the plan? >> well, first of all, we rein in the reckless tax and spend agenda we have seen under unified democrat leadership. they have spent trillions and trillions of dollars. look at the start of nancy pelosi's term with joe biden in office, they spent multi-trillion dollar bills of taxpayers funds and the vast majority did not even go toward covid relief, so further compounded challenge, when it comes to where the administration went wrong, you and i both remember the administration was dismissive that inflation was even a crisis. they said it was temporary, they said it was transitory, they have continued to pass the buck. so republicans are going to balance the budget to have fiscally responsible economic policy when we earn back the house, in addition, we want to unleash american energy

independence, compounding with the inflation issue, skyrocketing costs when it comes to our energy and people feel that every time they try to fill up their cars at the gas pump, prices go up and up, nearly doubled or actually doubled since joe biden took office. so, we want to invest in the american energy rather than what joe biden is doing, going to different countries around the world with authoritarian leaders to import, we should be producing energy here. >> sandra: so much i want to get to here and now to the big win, the first mexican-born woman to serve as a republican in congress, mayra flores. i know your pack endorsed her, you are among the first members of congress to endorse her. looked back, this was you months ago, april i believe, there's no better candidate you said than mayra flores to help deliver the first devastating blow to the biden-pelosi agenda and kick off

the red tsunami across southern texas. that was seen last night. what was your reaction to her win, congresswoman? >> she earned it, she outworked her opponents and had a message that resonated with texas voters in the district. they are tired of the failing democrat status quo. she made history, the firstborn in mexico and legally immigrated to the united states and first hispanic republican woman ever elected in the state of texas and the first republican to win that district in 100 years. it's a wake-up call for democrats that voters are not buying what they are selling and mayra ran on her personal story and standing up for her constituents and strong voice to the united states of america. she earned this, i was proud to endorse her, so proud of her. >> sandra: what is your take away for former president donald trump's influence in your party

with the recent races as we come to the midterm elections. what role will he play? >> he's going to play a really important role. we are working as one team to make sure our voters turn out and voters across this country have buyer's remorse, those that voted for joe biden, they are seeing the devastating impact of his policies and they were doing a lot better under president trump's leadership. so we have an opportunity to win, just not republicans but independents and democrats, that's how i've been able to win my district and a recipe for success elsewhere in the country. example is mayra flores district, worked as one team, and also earning back the voters, maybe they voted for joe biden but they see the inflation, they see the skyrocketing energy, so i'm proud to be a part of president trump's team and also leading the house republicans as their conference chair to make sure we are focusing on the issues that matter every day by the american

people. >> sandra: i want to run this by you, republicans can survive crossing trump but rarely can they survive being anti-trump. to that you say what, congresswoman? >> well, ultimately you are held accountable to the voters and particularly among republican primary voters, month more popular figure than president trump, the data backs that up, seen it across the primaries in the country. ultimately, voters want members of congress who deliver their views and seat at the highest level. >> sandra: a lot of speculation about your political future, congresswoman. care to break any news here today, you have a lot of the outlets speculating you might be former president trump's running mate in 2024. >> i'm focused on the historic task at hand which is we need to save this country from the devastating destruction that we have seen under far left unified government. i'm focused on representing my district, the constituents in

new york's 21st congressional district, number one focus, i work for them and honored to serve as the house republican conference chair to really unify our members to introduce policies that will improve their daily lives, we will address the inflation crisis, unleashing american energy independence, support law enforcement, secure the border, and fire nancy pelosi once and for all this november. i am laser focused on that, and that's what i'm going to do every single day between now and november. >> sandra: i have to leave it there, fair to say you left that door open. >> well, i'm honored for any mention and that's very nice, but i'm focused what the task is at hand. thanks for asking, sandra. >> sandra: great to have you here, congresswoman. hope to have you back soon. thanks very much. >> trace: gut wrenching murder

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>> sandra: a developing story we are watching for you on the microsoft executive shot dead in front of his 2-year-old

daughter. his ex-wife has been lawyering up and now her lawyer is talking to fox. phil keating has the latest on that for us. what are we hearing? >> well, it has certainly been four long and traumatic months for the wife, now widow of jared brenigan, shot dead, mysterious case and still no justice. nobody has been arrested but we do now know an explanation as to why this first wife lawyered up. her attorney is hank coax. former president of the florida bar, he was retained to see if steps could be taken to protect her young twins who are nine from publicity surrounding the murder of their father. he says there is no other reason. this is the former microsoft executive pictured here with his second wife kristen. he was shot and killed mid february in jacksonville beach,

murdered in front of his terrified 2-year-old daughter who was in his car. shanna fernandez, his ex-wife, also remarried. and they had a five year marriage, including twin daughter. very nasty divorce, constantly fighting each other, and who got to keep their ritzy house, alimony, primary custody of the kids and he accused her of spying on him and having an affair before the force. a vigil was held for brenigan shortly after the murder. jacksonville police are asking for information to help solve the crime, including locating the dark blue f-150 pickup truck, identified as a vehicle of action. jacksonville beach police tell

me they are not identifying anybody as a person of interest, in fact, treating everyone as a suspect. they have identified multiple people. >> sandra: a story we will keep following. phil keating in miami for us, trace. >> trace: president biden announcing another billion dollars to aid to ukraine, this as ukrainian officials warn without help vladimir putin's forces could be on their way to win in the east. let's bring in michael allen, former special assistant to george w. bush and senior director for counter proliferation strategy at the national security council. i kind of listen to jack keane, he's spot on on a lot of this stuff and he says it's vital, you have to get the weapons in there and yet the administration yesterday gives us a response that says basically that ukraine is well positioned. i mean, how can you be well positioned when you are losing territory? >> you are exactly right. ukraine is beginning to lose

territory. the russians, i think, have the upper hand for now. we have got to get our weapons in very much faster. there's too much pearl clutching and hand ringing on the side of the biden administration. we are not moving at the speed of war. there is an exacting bureaucracy and we need to move faster to get these high artillery rocket systems successfully into the fight. >> trace: and that's what i want to know, why is the foot dragging? the new york post talked about that a little bit, why is it there is so much lag time? we have $40 billion already allocated. administration says ok, we are going to give them another billion dollars. why so long? why can't we just get a huge load of these weapons to where they are needed right now instead of this kind of step-by-step snail process? >> i think it's an overall wrong-headed approach by the biden administration. from the get-go, i think they

have only been playing for a stalemate. they are not playing for a win. i don't think they see it historically as we should, that there is, you know, a russian aggressive power trying to rampage across europe, and we ought to be giving them what they need. stop telling ukraine we know better, quit sending lawyers over there to nickel and dime them and get the right things to them, stop the russians in their tracks. world wars start in europe, let's stop the russians where they are now. >> trace: they say russia is using long range missiles and because of that, ukraine needs to adapt but they don't have the resources and the weapons to adapt right now and that's a bad strategy. >> you are right. i think the rocket systems that you are referring to are called high mars, they can range from 40 to 60 kilometers, perfect for

the fight right now in the donbas. we need to be able to hit russian artillery that's farther away in turn hitting ukraine. so, they can't hit these high mars back, we have to get them into the fight, we put a few in but it's not nearly fast enough. the biden administration needs to quit the exacting bureaucracy and the delays and get things moving. >> trace: michael allen, good insight, appreciate it. >> sandra: the man who tried to assassinate president ronald reagan is getting his full freedom, 41 years after shooting the president. a jury found john hinckley not guilty by reason of insanity. more than two decades in a mental hospital. in 2003, he was allowed to live in the community as long as he attended therapy sessions and followed restrictions where he could travel. full-time in virginia since 2016 under those restrictions. then this past september the

judge said he would free hinckley completely as long as he continued to listen. now the restrictions are gone after decades of supervision. trace. >> trace: starting out, certain restrictions and then all of a sudden more. the nation's top doctor helping americans protect themselves from covid for the past two and a half years, well, dr. anthony fauci has now contracted covid. that announcement just coming in from the national institutes of health where he is, of course, the director, a statement reports that dr. fauci is currently experiencing mild symptoms. he's 81 years old, so clearly that is a concern, but he is fully vaccinated, and he has been boosted twice, which kind of goes to the argument. remember, this was a disease of the unvaccinated. well, even the vaccinated we know now can spread covid. they can contract covid and he's been boosted twice, and he still has covid. one of the things about dr. anthony fauci, of course, he's

been controversial because he has given so many contradictory statements over the past two and a half years. the nih says he will isolate and continue to work from home. he has not recently been in close contact with president biden or other senior government officials. dr. fauci says he will follow all the guidelines before returning to work. dr. anthony fauci, if you missed it, has now contracted covid. says he is experiencing mild symptoms, sandra, but really changes the whole dynamic, i mean, of this -- of who they are pointing fingers at and whether it's tennis tournaments or firefighters or air traffic controllers mandated to take the vaccine, even those who have had the disease, it changes the whole story line going forward. >> sandra: as most do with this most recent strain, it will likely pass and he will get over it and we wish all those who contract covid well, of course. dr. fauci as well.

dramatic caught on video, a group of kids and adults were stranded in utah more than a day. claudia, what happened? >> sandra, a good news story to wrap up the hour because this was a daring rescue and all of these kids got out of there ok. now, this happened on friday in sandthrax canyon, in southeastern utah, it's a slot canyon, steep and narrow. first look at the rescue itself. >> gentlemen, are you ready? >> i'm ready. >> a youth group of 19 people, mostly 11 and 12-year-olds kids and their leaders got caught in the canyon overnight. they were stranded for some 30 hours, and needed to be hoisted out one at a time by helicopter. it was a delicate and dicey operation, the chopper pilot had to stay absolutely steady as each kid was put into a harness

and hoisted straight up, gently pushing off the canyon walls in a way. they had everyone out of there in a matter of hours and all in good condition. video of the harrowing rescue was taken from the helmet cam of sergeant nick napirski. hours and hours of training and the hard work that goes into maintaining those helicopters. also said he was inspired by one of the kids, 12-year-old boy who when it was his turn to be hoisted out of there, let everyone else go in front, offering reassurance and helping with the harnessing before he himself left the canyon. at the end, sandra, he was given a patch and told to reach out in a couple of years for a possible job with the team. he certainly has the right attitude. >> sandra: wow, wow, cheers to the rescue crews, 19 hikers stuck for a day, rescued. claudia, thank you. and we hope that we are rescued from this inflationary crisis,

why we have been watching the federal reserve and anticipated the announcement. the market seems to have come way back, it's higher than before the announcement at 2:00 eastern. we will keep watching as we head to the final hour of trading. >> trace: i'm going to see you on the set next week in new york. >> sandra: i look forward to that. sandra smith. >> martha: thanks very much, guys. joining me on the set to kickoff "the story" today, dana perino and kellyanne conway, two of the best political observers that we know as we digest a lot of breaking news this hour. the fed just hikeded interest rates why 3/4 percentage points trying against all odds to hit the brakes on run-away inflation. you can see the markets responding well. up about 278 points right now. they're really trying to get this sort of run-away train to stop before it hits