connected tv. i'm matt pieper, cbs news, new york. it's wednesday, july 27th, 2022. this is the "cbs morning news." fighting inflation. americans are paying more for just about everything. how the federal reserve hopes to get prices under control. investigation intensifies. new developments as the justice department looks into efforts to overturn the 2020 election. how it might be closing in on former president trump. check your tickets. $830 million up for grabs. mega millions reveals whether anyone won last night's staggering jackpot. good morning. good to be with you. i'm wendy gillette. anne-marie green is off. we begin with efforts to bring down inflation that's now at a

four-decade high. the federal reserve wraps up a two-day meeting today. it's likely to raise interest rates again for the fourth time since march. the goal is to slow inflation and bring down prices for everyday items. dan lieberman is in new york with more. good morning. >> reporter: good morning, wendy. that's right. the fed will make its big decision later today at the end of its two-day policy meeting. wall street and others will be paying very close attention to the exact wording fed chair jerome powell uses at his news conference to see if he reveals any clues as to what the federal reserve has planned beyo day's expected hike. the federal reserve is expected to raise its benchmark interest rate again today. officials have signaled the hike will be at least three quarters of a percentage point. >> the cost of everyday food costs has gone up. the cost of luxury goods has gone up. everything has gone up. >> reporter: the goal is to curb inflation, now at its highest level in over 40 years.

>> the typical american household needs to spend almost $500 more a month to buy the same goods and services that they were buying a year ago. that's a lot of money. >> reporter: economic adviser brian deese says the biden administration is committed to getting soaring prices under control. >> it's our view that inflation is the top economic priority that we need to be focused on as a country. >> reporter: experts say the fed has to be careful not to trigger a recession by making it too expensive to borrow money. >> it's difficult to raise rates high enough fast enough to slow growth, quell inflation, but not too high, not too fast to undermine economic growth and put us into a recession. >> reporter: fed chairman jerome powell has acknowledged the risk but says out-of-control inflation poses a bigger long-term threat to the economy. the fed's expected to hammer the point that it's willing to raise rates until inflation falls even at the risk of slowing growth too much. wendy? >> dan lieberman in new york.

thanks. breaking overnight, at least four people are dead and dozens more injured after a powerful earthquake in the northern philippines. one resident in the capital of manila filmed their condo door swinging and chandelier swaying following the magnitude-seven quake. walls cracked in houses and buildings as people rushed outdoors to safety. search and rescue teams have been dispatched to the hardest hit areas. scientists are expecting more aftershocks. the justice department is looking into former president trump's actions as part of its january 6th criminal investigation. cbs news has confirmed that prosecutors asked witnesses appearing before a grand jury about conversations they had with trump, his lawyers, and allies about efforts to overturn the 2020 election results. it was first reported by "the washington post." investigators have also taken phone records of key officials and aides who served in the trump administration.

there is no indication that trump himself is a target of the investigation. meantime, the u.s. attorney general weighed in on possible charges in the investigation. it comes as trump and former vice president mike pence gave dueling speeches ahead of possible white house runs. here's natalie brand. [ chants ] >> reporter: back in washington for the first time since leaving the white house, former president trump hinted at a 2024 presidential run. >> we may just have to do it again. we have to straighten out -- >> reporter: mr. trump said the impact of the house select committee's january 6th investigation won't stop him. >> they really want to damage me so i can no longer go back to work for you. and i don't think that's going to happen. >> reporter: but the department of justice's own investigation into the insurrection and election interference is intensifying. >> the most wide-ranging investigation in its history.

>> reporter: in an interview with nbc news, when pressed about possible charges against the former president, attorney general merrick garland did not rule out prosecution. >> we will hold accountable anyone who was criminally responsible for attempting to interfere with the transfer, legitimate lawful transfer of power from one administration to the next. >> reporter: in a new development in the doj's probe, marc short, former vice president mike pence's top aide, said he testified before a federal grand jury. pence who also spoke in washington at a dueling event tuesday, said the main difference between the former running mates isn't the issues but focus. >> i truly do believe that elections are about the future. >> reporter: while pence did not talk directly about january 6th in his speech, the former vp will release his autobiography later this year with details of how former president trump severed their relationship on january 6th. natalie brand, cbs news, washington. breaking overnight, the mega

millions jackpot is now more than $1 billion. no one matched all six members -- numbers in last night's drawing. the last time someone won the jackpot was april 15th. that's 29 consecutive drawings without a big winner. your next chance to win is friday night. a state of emergency was declared in st. louis after record rainfall hammered the area and left at least one person dead. more than a foot of rain dropped in surrounding areas yesterday morning. one person was found dead in a car in about eight feet of water. the flooding also damaged homes and businesses and prompted water rescues. >> we woke up this morning seeing the -- this area was under water. so we all tried to come out as quickly as we could. and we get here and couldn't go in. >> forecasters are expecting more storms through the rest of the week. wnba star brittney griner,

who remains detained in russia, could testify in her trial today. she appeared in court yesterday for the fifth hearing on drug charges. she previously admitted having vape canisters with cannabis oil in her suitcase when she was taken into custody at a moscow airport in february. her lawyers told the judge that griner used the medical cannabis to reduce pain from injuries. griner pleaded guilty earlier this month. she faces up to ten years in prison. coming up, space surprise. russia reveals its plans for the international space station. and later, instagram defends itself after celebrities and other users complain about recent changes. this is the "cbs morning news." e "cbs morning news." it takes energy to take on the world.■ so whether you■re breaking a sweat, breaking down barriers, or breaking the laws of gravity, keep moving with the ultimate energy bar. we bake in delicious,

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earlier yesterday, dow's management team issued a statement saying the 77-year-old "leave it to beaver" star had died. the statement was later corrected saying dow was alive but gravely ill. the management team said dow's distraught wife had earlier notified them that the actor had died. russia makes its plans known for the international space station, and firefighters are gaining ground on a huge wildfire burning near yosemite national park. those are some of the headlines on the "morning newsstand." the "associated press" reports firefighters in california continue to make progress against the state's largest wildfire this year. the oak fire near yosemite national park has burned over 18,000 acres and destroyed more than 40 homes and other buildings. thousands of people have been evacuated. nearly 3,000 firefighters are batting the blaze which is more than 25% contained. >> there's brush that's been on the ground for years that's tinder dry. takes one spark to have a fire. >> at least one of the main

roads is closed and inaccessible now. but we don't believe that the fire is going to get into yosemite. >> the cause of the fire which started last friday is still under investigation. "the new york times" reports russia says it will pull out of the international space station after 2024. the new head of russia's space agency made the announcement yesterday during a meeting with russian president vladimir putin. he said the country will focus on building its own orbiting lab. the announcement comes amid escalating tensions between washington and moscow following russia's invasion of ukraine. nasa says it is committed to keeping the space station running through 2030. and "the washington post" reports two new scientific papers say the coronavirus pandemic originated at a seafood market in wuhan, china. the research published yesterday in the journal "science" and partly funded by the u.s. government says the virus likely spilled over from animals to

people in late 2019. some have argued that covid escaped from a chinese lab. more than six million people around the world have died from the virus. still to come, buzz-worthy auction. the amount that some of "apollo 11" astronaut buzz aldrin memorabilia sold for including his moon landing jacket. anding . do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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users appeared to have agreed, slamming instagram for pushing more video content rather than pictures. ceo adam mosseri responded on twitter saying the changes are designed to improve the user experience. >> i do believe that more and more of instagram is going to become video over time. we see this even if we changed nothing. we see this even if you look at chronological feed. if you look at what people share that's shifting to more videos over time. if you look at what people like and consume on instagram, that's shifting to video. even when we stop changed anything. >> he said the changes will help people discover new content but said users can turn off recommendations for one month if they don't like what's in their feed. a major e-commerce company is handing out pink slips, and the moon landing jacket worn by buzz aldrin sells for a sky-high price. matt pieper has those stories and more in the cbs "money watch"

report. >> reporter: stocks closed lower on wall street tuesday, and it tame after walmart warned that inflation is negatively impacting american consumers' spending power. the dow lost 228, the nasdaq down 220, the s&p 500 losing 45. some shopify workers have been laid off of 1,000 people, impacting most in recruiting, sales, and support. based in canada, shopify is an e-commerce service that allows merchants to quickly build and customize websites for selling on line. what was a pandemic-fueled explosion of online sales appears to be cooling off. twitter sets a date even if elon musk doesn't show up and doesn't call back. september 13th is when its shareholders will vote on the company's pending buyout by the tesla ceo for $44 billion. that's despite twitter's ongoing legal battle over the deal. the case is going to go to a

five-day trial in october. he's 92, and he's still a force to be reckoned with. nasa memorabilia from the career of buzz aldrin sells for more than $8 million at auction including his moon landing hich million. the sotheby's auction included that jacket during the "apollo 11" mission to the moon in 1969 and his presidential medal of freedom. aldrin in a statement saying the time felt right to share these items with the world. that is your cbs "money watch" report for this wednesday morning. i'm matt pieper, cbs news, new york. the newest forever stamp from the u.s. postal service is out of this world. the agency said it will feature the james webb space telescope. you can start buying them september 8th for 60 cents. postal officials said there are no plans now to make stamps featuring the telescope's captured images. next, feline fallout. why a controversial decision by a scientist is making cat lovers

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here's a look at the forecast in some cities around the country. ♪ investigators are looking into what caused a small plane to crash into seattle's alki beach.

the coast guard says the 66-year-old pilot was the only person on board when the plane went down yesterday. he was able to make it to shore and was taken to a local hospital for evaluation. a 102-year-old world war ii veteran was honored in alabama for her service after president biden decided to award the congressional gold medal to her unit. romay davis is the oldest surviving member of an all-female, all-black military unit that delivered mail to american troops in europe during the war. >> what a blessing it is for me to be here to witness this. you wouldn't think it would happen. i'm so delighted. i wish i could stand up and hug everybody. every single one. >> davis is one of six surviving members of her unit. a very special tribute to the man who broke major league baseball's color barrier opened in lower manhattan.

a ceremonial grand opening was held for the long-awaited jackie robinson museum. his 100-year-old widow, rachel, was there. robinson was the first black player to make it to the big leagues as a member of the brooklyn dodgers in 1947. the museum recognizes his remarkable life and impact on the civil rights movement. jackie robinson died in 1972. a polish scientist is coming under fire after he listed domestic cats as an invasive alien species on a national database. the scientist cited the damage cats do to birds and other wildlife. he says they kill about 140 million birds in poland each year. cat lovers pushed back saying other things like pollution and building facades are partially to blame for killing birds in flight. coming up on "cbs mornings," how surviving a shark attack turned a professional diver into an advocate for saving sharks. we'll talk with paul de gelder about his new shark week shows on discovery channel. i'm wendy gillette.

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and day one of training camp for the 49ers today. what head coach kyle shanahan said who their starting qb is. who wants to be a billionaire? no winner in the mega millions jackpot drawing. the pot gets bigger. the latest on the record-setting lottery frenzy. there's a little bit more maroon -- excuse me, marine layer pushing its way in this morning and monsoonal moisture. we'll break that down coming up in the full forecast. come up your wednesday morning commute, off to a decent start. we'll have a look at travel times coming up. we're getting more encouraging news from the oak fire this morning. cal fire says an increase in relative humidity, extra moisture in the air helps lower the temperatures around the fire and while this is helping, the terrain is rough. hand crews have to be sent in ■ instead of heavy equipment. so far, the fire burned over 18,500 acres and destroyed more