mean a cooling housing market and a better time to buy? not everyone agrees. our team is keeping and i on your money and how it is changing in the bay area. >> and the number of americans who say --. >> the future is now. >> everything old is new again. coming back to our 90's today. cool spots along the coast. most spots waking up with numbers in the 50's. another sunny day will feature

mostly sunny skies. 70's and 80's by lunchtime. that peak will -- that heat will peak inland today. we will talk about that coming up and just a few minutes. reggie? reggie: today, the fed is set to announce the biggest rate hike since 1994. as families deal with rising prices from everything from gas to food. we have team coverage for you this morning. more on how this will impact the bay area. we are starting with abc news reporter micah giorgi in washington. ike: this will be the biggest rate hike in decades. this morning, the rising price of goods and services continues its tightening grip on families.

>> we barely make it and i get paid pretty good at my job. >> families are now spending nearly $350 more each month and they did last year. gas is around 50% higher than last year. groceries are up, too. almost 12%. rent up 26%. >> i am looking for a part-time job at 75. >> the labor department says producer enters rose 75% last month compared to the same time last year. the federal reserve responding. they expect their rates will -- all in hopes of slowing down the economy. >> this inflation is very painful. it has to come down. the only way of doing that is getting those interest rates up and slowing the growth rate in the economy. >> let economic slowdown means

the cost of credit cards, car loans and mortgages will rise even more, at a time americans are already seeing rising prices for just about everything. present biden in philadelphia tuesday reminding americans unemployment remains at record lows but preaching -- but pushing back and critics who say the spending funds fueled this inflation. pres. biden: i don't want to hear anymore of these lies about reckless spending. jobs are back, inflation is still too high. my work isn't done. >> the federal reserve is trying to tame inflation without plunging our economy into a recession. some experts warn the country may still already be headed for one. kristen: bay area home prices has been soaring during the pandemic. the prospect of a possible recession could cool the market.

live in walnut creek was more on what housing experts think will happen. brian, good morning. brian: good morning. we all know bay area housing prices are way too high, higher than we all want them to be. with the way the economy is going, there is a chance housing prices could drop slightly. according to bay area housing group and real estate group badger real estate, prices will soon stabilize or perhaps even have a small drop. normally the list price for a home is rarely the selling price. however, they say interest rates are still historically low and with that, there is still very high demand that will continue to drive prices high. a part of that demand, experts say is due to the rise in work home. people are leaving the city and looking to buy cheaper homes in the east bay and other areas. >> you are able to have a lower

paramount even with interest rates going up. >> we are still below our levels in terms of supply for housing. brian: on theeawith the way thes going and the stock market is going, they envision it could cause some hesitancy for some people putting down payments down for mortgages. reggie: new at six, new statistics show the nation's abortion rate has increased for the first time in three decades. according to the gus meyer institute, it rose 20% between 2017 and 2020. california's abortion rate jumped 17% from 2017. researchers say it could

contribute to more private funding. the support abortion fact says expanded medicaid coverage. the supreme court's decision of expanding roe v. wade should be released in july. kristen: at an event on the steps of city hall, -- announced a plan to help them gain economic stability. it would be a one-time investment spread out over two years from the city's general reserve. our media partners at the san francisco -- tapping into over concerns of the city's long-term finances at risk. reggie: one year since california's officials opened. last year, governor newsom said the pandemic was not quite over and he was right. but in ways i don't think any of

us understood. in the past 12 months, california has experienced three more surges from omicron variant. about three forts of the state population is now vaccinated and hospitalizations have relate -- have remained relatively low. two california police officers killed in the line of duty. the call to a small roadside hotel that quickly turned into an ambush of gunfire. drew: 6:07 a.m.. warm weather will peak inland today as a cold front moved through here today and tomorrow. temperatures are going to tumble. we will go hour-by-hour and plan out your

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drew: 6:10 a.m.. looking at air quality today and tomorrow, good, fresh air. our hui in the green. read easy the next couple of days. hour-by-hour we are warming quickly from the coast. we have fog along the coast this morning which was -- which will slow the warming.

our warmest spots likely go into the 80's before lunchtime. we expect 90's to return again. 70's around the shoreline. pretty warm inland. 93, antioch. 93, santa rosa. much cooler weather arrives tomorrow. sue: a minor backup. middle lanes tracking back towards the over crossing. they flip on at five this morning. you are looking at a pretty easy ride. we have some slowing approaching the bridge. taking a look at san jose with the sun coming up, this is 108, 880 over 108. reggie: an explosive device

found at 8 -- home. stockpile of merchandise still being hidden at a california apartment. prepare for pop drop. some royalty of swords already got a good look at the turkey. it is 6:12. we will be right back. or high blood pressure you're a target for chronic kidney disease. you can already have it and not know it. if you have chronic kidney disease your kidney health could depend on what you do today. ♪far-xi-ga♪ farxiga is a pill that works in the kidneys to help slow the progression of chronic kidney disease. farxiga can cause serious side effects including dehydration, urinary tract or genital yeast infections in women and men, and low blood sugar. ketoacidosis is a serious side effect that may lead to death. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking farxiga and call your doctor right away

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kristen: in southern california dozens of police cruisers lined up to honor two police officers killed in a violent gun battle. authorities say they were responding to a report of a stabbing at a motel. once they arrived, they confronted a man identified as a suspect and gunfire broke out inside a motel room. >> they were acting as a first-line of defense for our community members trying to keep a family safe. these two officers were like family and our community with deep ties to our neighborhood. kristen: detective say that suspect was hit by gunfire and died at the scene. neither the officers nor the suspect have been identified. authorities investigating an explosive device found outside a home of san jose woman.

davis and her family were forced to evacuate the area. no arrests have been made. reggie: a show of support for the family of a san francisco man whose killing last year spark the stop asian hate movement locally. more than two dozen people gathered outside the home yesterday ahead of the hearing for the suspect charged in the murder. the daughter known -- the daughter of the man expressed appreciation for the support they received. >> we are all united. it is a strong and very powerful rise of. reggie: the suspect, 21 antoine watson has been charged with murder but not a hate crime. his attorneys say he did not intend to kill the man and they raised questions about his mental state during the trial. >> president barack obama and

former first lady michelle obama will be -- starting saturday starting august 16. tickets are free and on a first-come first come braces at the museum. residents get into the museum free on saturday. it includes the significance of those portraits. reggie: the metaverse is growing and so spending. we are talking about real money on real things such as cosmetics. people say they have already bought something in the metaverse and they are planning to buy more. this includes virtual learning, fitness and gaming. i am not entirely sure but i think when we say people are buying cosmetics and things,

don't they mean, this is nothing you can actually apply to your face? it is stuff that your character can have? your character has a hot new lip loss? drew: yeah. karina: it is not real life. reggie: new shoes you can wear and walk around in in the metaverse. karina: the thing that the character wears. i don't know. my nephew told me all about this and i was half listening. drew: i think it is our nieces and nephews spending our parents money to buy. karina: that is what they want for their birthdays now. i want money to end in the metaverse. drew: i am still skeptical of this metaverse thing. karina: i know. drew: a zoom call with more than

five people, it is such a mess. and you want us to be in metaverse together? it's a whole thing. maybe we will sort it out in the next couple of years. let's see this beautiful picture. if you can see, very faintly, in the middle of your screen, you can see that mont and our morning sky. a lot of sunshine out there. it is another day where it is pretty warm. heat is peaking inland this afternoon. a cold front moved through tomorrow. it is breezier, colder. especially friday afternoon. we rebound a bit for the weekend. it is kind of nice for father's day and juneteenth. farther down on the coast, 40 at half moon bay. 50's on the shoreline. a couple of 60's in our warmer spots inland this morning. wind is pretty calm across the region.

we keep those winds gusting likely 10 miles per hour. a wide range of temperatures. we start to see a little bit of marine flow. warm inland going back to the mid-90's in our warm spots later on this afternoon. overnight tonight, patchy fog continues. some of that patchy fall will drop into the 50's. a cold front will move through here. that is going to read of us in 90's temperature readings. 80's in warmer spots. cooler air continues to pour in here. friday, look at these temperatures. we will struggle to hit even 70 degrees by friday afternoon. here is the forecast. warmth, we will peak today. will cool down nicely for sunday.

karina: let's turn to ginger zee. she is live with a look of what is coming up on gma. >> coming up on gma, all eyes on the federal reserve to take on the fight against inflation. possibly set for the biggest increase in three decades. we will tell you what it means for home prices, jobs. and then the devastating images from yellowstone national park. the ongoing flooding and how long this place is going to be closed, when it could reopen. how one mother gave her daughter the greatest gift, serving as her surrogate. we are going to talk to both of them. haley beaver here live talking about how her husband justin bieber is doing after his help scare her, her health after her mini stroke and her new skincare

line. so much more here on gma. reggie: gender, you tommy something this morning on instagram. keyhole gardening? what is that. >> it was developed in drought stricken areas in africa. the compost goes directly in this little hole, a keyhole that has greats that feed the nutrients and water to plants. it cuts water by at least two and a half times. it would be very useful out there in california for anybody who is a happy gardener. reggie: did you hear about this, karina? a keyhole garden? karina: i heard about in the past doing stories. it is fascinating. i think you should try it. >> reggie, the gardener. reggie: ok. you have already seen how good i am in the kitchen. let's see how good i do in the garden.

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philips. reggie: authorities have discovered over $2000 of lululemon items in southern call-up are you. the crime task force was tipped off to three boxes being shipped from ohio to la habra. they excepted them and deliver the boxes themselves. that is when officers found 13

more boxes of stolen items inside the apartment. lululemon says it is the largest amount of stolen goods recovered in the current -- in the company's history. karina: lebron james was wowed by this family cup. the stanley cup stands three feet tall. it is north america america's oldest professional sports trophy dating back to 1893. colorado avalanche and reigning champion's timber bay lightning face-off in day one of the stanley cup final tonight. abc 7 is your home for game one of the stanley cup finals. the cup drops tonight after abc7news at 4:00. an especial addition of abc7news at 8:00. at 9:00, -- will a fortune at

10:00. high schoolers say they are devastated this morning. their claims of graduation discrimination. discrimination. reggie: an for you i wish many things... to see all the world can be. but most of all... i wish you'll never stop wishing. and now most admired alum! get up there. this is so embarrassing. there's no way it's me. you know her.... you love her.... ruh roh.

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solutions, this is abc 7 news. reggie: now at 6:30, the cost-of-living prices. the cost of almost everything rising to levels we haven't seen in decades. the attempt to stop inflation in his tracks. karina: a live look from wall street this morning with a stock market very on edge. reggie:: vaccine first -- covid vaccine for kids. when it could be available. karina: a big move out there for us overnight, drew? drew: that full moon in our sky, sunshine later on today. visibility right now down to four miles. that is going to hold temperatures in the 40's. 50's around the base shoreline. 60's in warmer spots. a live look. a lot of sunshine this morning. it is a day when the heat will peak inland. we are back to warmer spots. the base shoreline in the 70's

and 80's. that fog will stay --. finish out friday. we look at those numbers coming up in about nine minutes. karina? reggie: it will be the biggest single increase since the early 90's. take a look at this. aaa and the u.s. labor bureau says gas in california is up more than 50%. the price for a dozen bigs up by nearly a third. and the cost of rent and other housing, up five and a half percent just this past year. that is highest increase since 1991. president biden says he has a plan to bring down the skyrocketing cost. the resident says his mission is still tapping into auto reserves and working on getting grain out of ukraine to address food

problems. pres. biden: to stop my plans to bring down costs to ordinary families. reggie: if the federal reserve raises interest rates, it means the cost of credit cards, car loans and mortgages will go up. karina: people here in the bay area are feeling the impact of inflation. what are we doing to deal with the rising cost? abc7news reporter ryan curry is live in walnut creek with a look at reaction to all of this. ryan: it seems as though prices across the board in all facets are rising. prices at the pump going up as well as prices for consumers at grocery stores and other areas. what are people doing about it? they are looking for jobs that pay them more. according to job recruitment firm -- about 50% of job

applicants are requesting higher pay is the main reason when it comes to finding a new job. they say that puts pressure on employers to fill positions when that is not so easy to do right now. there are other factors as well, like driving to work and filling up with gas. robert harrison says companies can offer stipends to pay for such costs. with a lingering recession, they say companies may not want to do that and they may not want to pay employees more. >> you may have to pay more to make sure that person doesn't look for a new role because i don't feel like they are being paid enough. you will have some companies going, this is what we pay, there is no negotiations and are fine with employees leaving. ryan: according to their data, most of the people wanting these paved raises are millennials working in tech or they have young families.

they say around 44% of bay area workers are also looking for jobs that will require them to mostly work remotely, that way they will have to avoid commute to work and avoid having to pay for gas and other commute related costs they don't want to have to budget for. reggie: california has expanded its program to help homeowners who have fallen behind in their mortgage payments during the pandemic. about 13,000 bay area households are now eligible for relief under the california and mortgage relief program. to be eligible, you have to miss at least two mortgage payments before june 30. the state can pay up to 80,000 dollars review. eligibility depends on your income. karina: a live look at is all right now. the airport is seeing some of the highest passenger numbers since the pandemic began. and it is dealing with a shortage of security workers. the company that handles sfo is

offering $3000 signing bonus is for people who want to become a security screener. the bonuses come after two days of long lines at security there. the airport issued a reminder for passengers to show up at least two hours early for domestic flights in three hours early for international flights. reggie: california officials have agreed to pay 3000 -- $300,000 to the deadly shooting in yountville. -- were killed by former patient at the veterans home. authorities say the dumb -- the program earlier for of refusing to comply with the plan. the settlement was a part of a state budget document released on monday and approved by the state legislator. the fda meeting to discuss vaccines for children under the age of five got underway just minutes ago. whether the authorized the

pfizer vaccine to youngest americans. the deputy chief in -- county told border officers they can start next week. until now, only pfizer's vaccine was available for seven to 13 euros. karina: -- will meet with the families of the victims of the shooting that left 10 people dead one month ago. the governor and other top officials will visit the site of the shooting. the f bia is investigating as a hate crime. it is not sure whether they will announce federal hate crimes against the eight-year-old suspect. -- 18 year-old suspect. reggie: after the recent shooting in uvalde, texas, that plan would -- domestic violence abusers and increase school

mental health plans. if legislation ends up reflecting the framework, he will be supported. california's red log on flag long -- red flag gun law is the first in-depth case study of that law. the red flag law allows authorities, family members, educators, coworkers and employers to as a court to temporarily remove firearms from people who are deemed a threat. california is the first of 19 states to adopt a red flag law. karina: changes coming to christmas in the park in downtown san jose. the events longtime executive director is stepping down this week. the search is on for a new christmas boss. he has served in the role for 10 years. he steered the holiday tradition

through some of its toughest times, including the pandemic. he moved to roseville a few years ago. he plans to return for christmas in july, the event annual fundraiser on july 23. we have seen plenty of brush fires already this year. there is an emergent problem that might make matters far worse. another look on how the markets are doing, up next. and what can batteries do for you? the new push to have this thing show up at your front door. don't forget, you can watch us for a whole a shower now. abc 7 is live on the week they. -- the weekday.

sue: good, sue hall and forge a been a this morning. parkway exit is slow and go. you are in company here on the 80 eastward freeway approaching the macarthur maze. a little busy moving along. overall, pretty green. a lot of folks enjoying summer vacation. here is a look at the richmond center field bridge. definitely bumper-to-bumper. drew? drew: going to san jose this morning. sunny skies once again. air quality today, tomorrow, read easy. a qi in the green. live doppler 7 light, what we have going on, crib out warm

aerial away from the coast. that is going to feel cool by friday afternoon. we will have a little bit of a marine layer, patchy fog this morning. it hangs much of the day. away from the coast, a lot of sunshine. a light range of temperatures. warm response since the 90's today. 70's and 80's across the shoreline. three day forecast. our warm weather -- windy, even cooler from the 60's at the shore coast.

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karina: happening today, the man who attempted to assassinate president ronald reagan is free from oversight. a judge ruled that he was no longer a danger to himself or others. he has been under supervised release since 2016. now that he is free, he will perform a sold-out musical concert in new york city next month. reggie: a karate instructor in san jose is facing sexual assault charges involving a child. he owned and operated extreme martial arts in san jose for more than 20 years. he also ran an afterschool program and trace elementary through which police say he met and assaulted a 14-year-old girl. police are sharing his photo in k's there are other victims. >> he is an absolute predator and we are glad he is in jail. we want to put his picture out here and anyone who has been a

victim by him, please get a hold of us. karina: today, the ashes of norman neto -- norman monette --. he died last month at his home in maryland. his memorial was held over the weekend and the east coast. he will be late to rest next to his parents and his siblings. reggie: six east bay high school grads are devastated after they were left off the graduation ceremony program and their diplomas were delayed. at least three of these students were in special education classes and they say they feel discriminated against. their parents went to the san leandro high school to the principal to question why the students were excluded. >> he told me he treats all the

students the same, that is not true. he says, we forgot to order the certificates. it is going to be about a month until you guys receive it. reggie: yesterday the school gave the families programs with their kids names on them. in a statement they said, "we are sorry this occurred and we are conducting a full review of our graduation processes to ensure a critical error like this does not happen in the future." the principal also says they are going to hand-deliver the diplomas to the students. karina: many users are reporting you may have to review all of someone stories before they are able to see new ones. parent company metta says it is working to get things back to normal as quickly as possible and apologizes for the inconvenience. no word yet on how many users are affected by this issue. metta is also expanding parental controls. the company says it is rolling out expanded tools for both instagram and its vr headsets.

the features allow parents to deny download purchase request. it allows parents to monitor screen time and view information when teens post on the app. reggie: here is your morning money report. we could see the federal reserve kick in the biggest interest rate hike since we have seen since the early 90's. many economists are projecting an increase of about three quarters of a percentage point at the fed wraps up his two-day meeting later today. that lonely decision sent the s&p 500 and dow to finish a negative turn again yesterday. stock futures for the three major stock indexes are all trading slightly up this morning. i think we are about to see that is what is happening now. taking a live look. we are up about 397 points.

a crypto winter. cryptocurrency, including bitcoin have seen a massive selloff recently. bitcoin has plunged nearly 70%. since its all-time high of $69,000 last november. karina: say goodbye to internet explorer. microsoft is shutting it down today 27 years after it was introduced. it is the end of an era. microsoft announced the decision last year. explorer is being replaced by microsoft edge browser already on many computers. and it explorer debuted in 1995 and became an instant hit. at one point commanded 95% of the browser market. ups has come up with a new way to get packages to your door. you can see here, it is way smaller than the company's more traditional delivery truck. ups says it is a battery-powered

four-wheel cycle. the driver peddles around. the idea is to whisk deliveries around some of the world's most congested streets. right now ups is trying to get them out of new york city and several cities in europe. reggie: that wouldn't fit the number of packages my building gets in half a day. so. drew: it could have potential. in some areas. it is congested on our streets. i would rather this in a drone dropping my head. karina: do you think it could make it up a hill? it is a good idea. some places, those trunks cannot get to. they are massive. and they have to carry those packages, i always feel bad for the package delivery people. reggie: there is something not

real hot about it though. drew: you think it could be a better shape. reggie: when i saw it, you look ridiculous. they are usually in these big chunks. it is like a little clown car. drew: it is the size. you want a bigger truck for the more packages your building has an enormous amount of packages. let's go outside. a beautiful picture from our king street right now. it sunshine out there already. we are expecting a warm day away from the coast. we are already starting to see pinned up fog. changes are coming. warmth will peak this afternoon. it is breezy and cooler. pretty nice for father's day and juneteenth for the second half of the weekend. half moon bay is cooler. sunshine. we are in the 50's and 60's and

our warmest spots away from the coast. wednesday -- wind is light. gusting 10 to 20 miles per hour. you feel that breeze later on today. a summerlike spread out there. a little bit of a marine influence today. it 70's and 80's around the bay shoreline. our orma spot top out in the low to mid 90's. tonight, the fog continues around the coast. patchy fog spilling around the bay. thursday we are watching a cold front. this is going to feel rather cool for this time of the year. 60's on the board. our warmest cities are struggling to even break 70 degrees but friday afternoon.

it is gusty and cooler, especially on friday. we start the weekend off below-average but we warm up by sunday. we build on that warmth monday and tuesday. tuesday, summer officially arrives early in the morning. karina: as we get into fire season, -- is severely understaffed. so far only 62% of positions have been filled. officials recently announced they haven't been able to fill or than 1000 temporary positions. workers blame low play -- low pay, strenuous work. reggie: warriors fans are in good company. >> it is a town with a lot of rich history. reggie: giants pitcher says they

have been closely following the warriors throughout the years. thompson who grew up in northern california has been a warriors fan his whole life. >> professional athletes can relate with professional athletes. to see guys like steph curry -- steph curry overcome the obstacles they had to come -- overcome in their career is inspiring for us. reggie: these other teams are showing their pride on social media. they are going to catch some of these players at the chase center just like the rest of us rooting on the warriors. karina: stephen curry is back in boston at the td garden. after game five, aisha curry and steph curry -- a t-shirt. it was a direct response to a bar that said aisha curry can't

cook. curry was asked about his shirt in this post came press conference. >> what is it about your t-shirt? >> aisha curry can cook. >> what is the back story behind that? >> you have got to ask tim -- you have got to as tutor. karina: abc 7 is your exclusive home for the abc finals. live coverage from boston tomorrow starting at 5:00 p.m.. tipoff is at 6:00 p.m.. the seven things you need to know today. reggie: 6:34. wereinright back.

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karina: it is 6:57. here are the seven things you need to know this morning. stocks are rallying as the fed announces an interest rate. expected to raise the interest rate by three quarters of percent. reggie: rick and home prices have been red-hot. but the fed's announcement could change things. prizes will start to stabilize and then perhaps drop a bit. karina: number three, the national average for gas has reached a record high. it california is much higher. we know, stations in san

francisco well over six dollars a gallon. reggie: right here on abc 7, the california avalanche and raining champs face-off in game one. the drp s at 8:00. drew: number five, we have a little bit of sunshine and coastal fog to start out our day. heat and limited fog and most of skies. by noon, 70's and 80's. one more pretty warm day. going into the 90's, on the shoreline, 70's and 80's. much cooler weatherwise today and friday. we are all set in the 60's. karina: -- sue: number six, you will start to see some slowing. you are slowing down all the way intokey. number seven, courtney

kohn returned to san francisco this weekend with hundreds of small dogs running around ocean beach. it starts at 10:00 saturday morning. it will include a costume contest. courtney con is back after a three year hiatus. that was too cute. drew: i ran from -- i ran through marina green when this was going on. it is wild to see all these porky's. reggie: that one dog was a piñata. drew: he does love porky's. reggie: a pride and corgi lab. we love to see it. we haven't set on the air that karina and drew and me are all going to be involved in the pride fundraiser. it is the first time abc 7 has ever aired the parade live. we are so excited to be a part

of it. karina: we are going to stream the whole thing. i am going to be live on the street. i cannot wait. ♪ good morning, america. for our viewers in the west, the federal reserve set to take action against inflation as we start this wednesday. historic hike. the fed set for what could be the biggest increase in nearly three decades. the impact on home prices, jobs, the stock market and the battle against soaring prices as president biden feels the heat. who he's pointing fingers at for slowing down his plans. dangerous flooding. rushing waevastating yellowstone national park ters forcing 10,000 people to leave. now when the park could re-open, and at least 20 states on heat alert. ginger is tracking the record scorching temperatures. last shot of hope? when vaccines could be available