right now in america this morning, the big move today affecting your money. the decision to raise interest rates again in hopes of bringing down inflation and finally getting prices under control. what we're expecting and the worry on wall street breaking right now, vladimir putin's announcement, what he's doing to reshape the war in ukraine. his message to the russian people just moments ago. should the man convicted in a deadly school shooting more than two decades ago be allowed to walk free? what? he told the parole board. and who's standing in the way, got on camera 2 wild crashes, an 18 wheeler veers off this overpass and a crane comes crashing onto a car. we hear from the woman inside that car a

record breaking fraud case. how? 1/4 of a billion dollars in taxpayer money meant to help was allegedly stolen. to buy real estate and luxury cars, and later a big treat for betty white fans. from abc news in new york. this is america this morning. good wednesday morning everyone. we begin with your money and the big decision expected today from the federal reserve to address inflation it's expected to raise interest rates in hopes of bringing down the high prices we're paying on everything from food to clothes. but wall street is worried that today's announcement could go too far. some analysts fear the stock market could be sent into a nosedive. abc's alex prochet explains. today, the federal reserve is set to announce a policy that affects your money, increasing a key interest rate by an expected 3/4 of a point and hopes of tamping down inflation. i'm optimistic we can kind of

navigate through all this. it's not going to be fun. it's going to be uncomfortable. investors are worried the fed could go even further today and raise rates by a full point after seeing last week's higher than expected inflation report a full point increase could send the market into a tailspin if they do, that would be a surprise to me and to markets to invest. there's a pretty bad day in the stock market the fed is raising rates to throw cold water on the overheated economy by making it more expensive to borrow money. the hope is that we'll stop prices on nearly everything from continuing to rise. americans paid 8.3% more for goods in august compared to a year ago, but in some areas it's even worse, like in phoenix, where prices are up a whopping 13% in the last year. i got milk. $5 for half gallon i got a cucumber that was $0.50. eggs were $4.00 for a dozen eggs, salad was $2.00 and two cans of tuna. that's going to last a week. there are signs that

higher interest rates are working. the housing market has weakened in construction of new homes has slowed, but prices at grocery stores still soaring and a new report warns home heating bills this winter could be the highest in a decade, up 17% from last year. so will today's expected interest rate. provide any relief for your wallet, experts say it takes time, as they say monetary policy works with a long lag, so it'll take a little bit of time, but it will show up. the economy will slow a bright spot in the economy remains jobs the unemployment rate is under 4% low. some experts think that could rise to 5% by year's end. andrew and rhiannon, alex, thank you for that. that hurricane fiona has turks and caicos after wreaking havoc in the dominican republic and puerto rico. the good news is officials in turks and caicos. reporting animal damage this morning. the storm is expected to grow, though, into a category four and spin past bermuda on friday. at least four deaths have been reported in puerto rico were up to 30 inches of rain fell, damage assessments could take several days and new

video shows power lines exploding, officials say. a large part of the island should see power restored by today. a public health emergency is now in effect, freeing up more aid development from the war in ukraine. vladimir putin making a move to annex parts of eastern. ukraine could reshape the war as soon as this weekend, and moments ago putin also announced a partial mobilization of russian citizens, saying he will draft reservists as he tries to boost the failing war effort. it all comes as president biden prepares to address the united nations today. abc's reena roy is at the un, with more arena. good morning. andrew, good morning to you. that's right, the white house says the president will address a range of issues in his speech later this morning, but that his main focus will be on the war in ukraine he'll stress the importance of coming together during this turbulent time. this morning, russian president putin addressing his nation and saying that moscow will respond with all the means at our

disposal if russia's tutorial integrity is threatened. he moved to officially declare large areas of eastern and southern ukraine part of russia, planning to stage referendum votes starting friday, setting the stage significantly ramp up this war that both of these things are happening this week as we're at the united nations shows his utter. contempt and disdain. the united nations, the white house slamming those planned referendums as a sham. these are not the actions of a confident country, these acts of quite the opposite. would president zelensky dismissing the moves as noise and thanking our lives for their support, putin also announced a partial mobilization of russian citizens. he tries to ramp up the size of the military for war effort. this all comes as putin suffers heavy battlefield losses. ukrainian troops marching into this newly liberated village in the eastern donbass region, the un general

assembly is fully back in person for the first time since the pandemic began, secretary general urging. world leaders to work together in an effort to tackle dire crises around the world. our world is in big trouble, president biden announcing leaders later this morning. the white house saying he'll announce funding to fight global hunger, discussed the climate crisis and condemn russia's war on ukraine, still offer a firm rebuke of russia's unjust war in ukraine. countries cannot occur, their neighbors by force. and while president biden expected to deliver a harsh and direct message to president putin, officials say that he will not russia's removal from% from the un security council. cannon. alright, rina, thank you, florida governor ron de santis is now facing a federal class action lawsuit for flying migrants to martha's vineyard and advocacy group accuses him of luring the migrants to travel

across state lines withthe promise of getting jobs and a better life. performances has also announced an investigation into the flights, which originated in san antonio. de santis insists the migrants got on the planes voluntarily, showing this consent form they allegedly signed. how would you respond to the sheriff in texas who saying that these migrants werls pretenses,e that they theye transporte from here under false pretenses that could could be tantamount to criminal conduct, and they'll be dealt with accordingly. migrants at the border in record numbers, president biden says under his watch. many of them are fleeing political oppression in venezuela, cuba and nicaragua, says sending them back is an option january 6th committee has scheduled what's expected to be its final public hearing for next wednesday. the chairman says it will feature new. video and witness testimony that

have seen yet and clean up begins topay attention to monument to get rid of red paint and obscenity written on the landmark yesterday, a man was taken into custody will be charged with vandalism. turn now to one of the first snow of a convicted school shooter. possibility of leaving prison in the late 1990s, michael carneal opened fire at a hockey school, killing several of his classmates. now, he's role board. here's abc's lionel moist in december 19, 9714 year old michael carnell armed with a stolen pistol, opened on a prayer group at heath high school near kentucky, killing three students. injured five others after pleading guilty. but mentally ill, he was sentenced to life. person with the possibility of parole after 25 years. it makes me feel terrible that i heard anybody now, 25 years later, carl is making his case for the%

parole board, saying he heard voices told. well, here's those voices today i was hearing in my mind when the last time that one of these voices that told you to do something harmful couple days ago. cornell also saying he's at fault for the columbine school shooting, which came just 15 minutes after he carried out his attack. i really feel responsible for that. even today. these things happen, i feel. possible for that asked whether he deserved people, he said this. i think i do a lot of good. it's also spoke at the hearing paris shooting and says carnell should stay in prison. in a wheelchair without the role ever in the two person parole board failed to reach an agreement refer the case to the full board which is set to meet

on monday. lying is abc news. thank you. time now for a look at thursday weather. good morning, major. hurricane fiona continues its northward track. it'll make a glancing blow to the island of bermuda. and eventually into se canada by this upcoming weekend. speaking of upcoming weekend, we'll be watching another potential storm moving its say, the caribbean, which could become a hurricane as an end for mexico sometime late next week. we'll have a cold at our way folks. enjoy a taste of autumn this this week, whether you're kevin. coming up, the new progress made fighting cancer first, the record breaking fraud how $250 million meant to help kids during pandemic was alleged. three cars and real estate chris

crashes right on top of this. we hear

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donate now at v dot org. 20 friday night on abc. back now with an. flying off this interstate, bursting into flames north of the driver did not survive, but police say the truck another vehicle before falling off the. crashing onto a car, woman in the car survived. danielle cruz red in the bronx when the crane just collapsed. only a cut on her. thing it did was was hit my head. and it did my. wait, will they rushed me to the er, but it had glass all. it wasn't

seriously injured. crane was cited for safety violations. they're learning more this morning about a major fraud case court. money allegedly stolen. car. 3 fuji has more. this morning, doug. accused of stealing $50 million in funds supposed to help feed children the pandemic. ultimate get rich. in minnesota, say this is the mastermind behind no, you're violating the law. no there. 3. block founder of. profit taking part in a federal child nutrition program, the indictment balk and 46 other defendants filed fraudulent reimbursement forms claiming they were feeding needy children they're accused of firing cheats

and invoices for purchase food. serve meals to thousands kids all. 40 aspects were pocketing the core billion dollars, the largest pandemic relief scheme date, the one participating. in this program, legitimately would. that they could hire. purchase food. handle the logistics involved in this process. make me. and the children and bill. it's not possible. started dozens of shell. to receive the money and then laundered it to buy real estate, luxury cars and defendants would have kept going. there's only shut down when this investigation went. block has pleaded not guilty the judge department. $50 million in

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moving forward, finding solutions. this is abc 7 news. reggie: oakland under threat of seemingly constant violence. what we are learning about two of the four victims who died in the span of just 24 hours. kumasi: addressing world leaders. president biden at the united nations today. what he is expected to focus on in his speech. reggie: buckle up and breath allies -- and breathalyze. the technology that could soon be added to every new car. drew, the roads were wet. drew: they are wet this morning. we have scattered showers out there. we will end the day with sunshine, but wet weather is out there. down at street level, had se lightning and par north of rio . those of the couple of lightning strikes you see right there. this is the threat of thunderstorms this morning. very light rain over the city. some light rain beginning to spread into oakland as well this morning. redwood city, stanford, sunnyvale, some mist and drizzle

this morning.