cell phone or connected tv. i'm matt pieper, cbs news, new york. 2022.t's thursday, july 28th, this is the "cbs morning news." interest rate increase. the fed makes another hike to curb inflation. what this means for your bottom line. >> this has been at the top of the mind for the president and for his whole national security team. possible swap. what the u.s. may have to give up to bring home two americans detained in russia. heat wave, no relief in sight for the pacific northwest. the blistering forecast that could set new records. good morning, good to be with you. i'm wendy gillette. anne-marie green is off. we begin with another big

interest rate hike by the federal reserve to try and bring down skyrocketing inflation. the fed raised its benchmark interest rate by .75% for the second straight time. it's the most aggressive action by the central bank in more than three decades. so what does it mean for you and your family? dan lieberman is in new york with the details. dan, good morning. >> reporter: good morning, wendy. well, it's a time of great uncertainty in the economy. fed chair jerome powell says the goal of the rate hike is to fight inflation which is now at 9.1%, the highest in four decades. the federal reserve's hefty rate hike is aimed at giving americans a break from inflation levels last seen during president reagan's first term in office. >> a dozen eggs is like $5 now compared to like last year being $2. >> reporter: boston area grocery store owner chris waller says he can't offer the sales he used to. >> we used to get deals from the vendors where we'd be able to

offer these boxes for $1 each, so ten for $10. but now it's four for $5. >> reporter: after the fed announced it's raising its benchmark interest rate by .75% point, chairman jerome powell said he'll keep working to bring down inflation. >> we understand how painful it is particularly for people who are living paycheck to paycheck and spend most of that paycheck on necessities such as food and gas. >> reporter: the fed's move will raise its key rate which affects many consumer and business loans to a range of 2.25% to 2.5%. its highest level since 2018. >> people who have adjustable rate mortgages, when the adjustment comes, it's probably going to adjust higher. >> reporter: wall street badly battered so far this year rallied yesterday amid investor hopes the fed will begin to ease its war on inflation which could end up sparking an economic slowdown. but chairman powell said another big rate hike could be necessary when the fed meets again in

september. the commerce department comes out with new gdp data this morning. wall street expects to see a second straight quarter of negative growth, traditional sign of a recession. wendy? >> dan lieberman in new york. thanks. there's new hope this morning of bringing back two americans detained in russia. word of a possible deal came on the same day that wnba star brittney griner testified in her drug case. caitlin huey-burns has more. >> reporter: soon after a handcuffed brittney griner was back in moscow to defend herself, secretary of state antony blinken revealed for the first time the u.s. has offered a prisoner swap for her release along with paul whelan, another american serving a prison sentence in russia. >> we put a substantial proposal on the table weeks ago to facilitate their release. >> reporter: blinken did not identify who the u.s. was willing to trade, but russia has long sought the release of

viktor bout, known as "the merchant of death." he's serving a 25-year prison sentence for conspiring to kill ams and provi materialupport to terrorists. griner was arrested after she landn moscow in february, just days before russia's invasion of ukraine began. in court she held up photos of her wife, family, and friends before testifying she wasn't read her rights at the time of her arrest. >> no, my rights were never read to me. no one explained it to me. >> reporter: the two-time olympic gold medalist said she was made to sign documents she couldn't understand. and that while she admits to bringing the cannabis oil cartridges prescribed by her doctor to russia, she says it was by accident. >> i do plead guilty because of the actions that have happened. i, again, did not intend to do this, i did not intend to smuggle or bring any substance into russia. >> reporter: griner faces a

possible ten-year term in russian prison. her sentencing is next month. caitlin huey-burns, the white house. cbs news did receive a statement last night from david whelan, the brother of paul whelan. he said, quote, our family appreciates the biden administration seeking paul's release using the resources it has available. we hope the russian government responds to the u.s. government and accepts this or some other concession that enables fuel -- paul to come home to his family. you can hear more from david whelan in a one-on-one interview coming up on "cbs mornings." it's far from a done deal, manchin says he and majority leader chuck schumer have reached a deal on a wide-ranging financial package that could be put to a vote as soon as next week. the agreement includes health care, energy, and climate

issues, increased taxes on high earners and big corporations, and federal debt reduction. after five days in covid isolation, president biden is back making public appearances. he delivered a speech yesterday from the white house rose garden. mr. biden earlier had mild symptoms from the virus. he urged americans to get the covid vaccine. >> covid was killing thousands of americans a day when i got here. that isn't the case anymore. you can live without fear by doing what i did -- get boosted, get tested, and get treatment. >> mr. biden tested negative for covid tuesday night and again yesterday morning after taking the antiviral drug paxlovid for five days. a heat wave in the pacific northwest is now expected to last longer than forecasters first thought. the national weather service saysempetures in portland, on, degrees today through saturday. oregon's governor has declared a state of emergency. forecasters say portland could

break or tie its previous record of 95-degree temperatures or hotter for six days in a row. coming up, what's behind the latest accusations of racial discrimination against sesame place. and later, mega missed. the number of people who missed out on the huge mega millions jackpot by one number. this is the "cbs morning news." " you love rich, delicious ice cream. but your stomach doesn't. that disagreement ends right now. lactaid ice cream is the creamy, real ice cream you love that will never mess with your stomach. lactaid ice cream. can dove stop 98% of daily hair damage? sandra treats one lock of hair with dove. glowing areas represent hair damage. dove precisely repairs so there are almost no signs... of visible damage. dove intensive repair. number one beauty brand not tested on animals.

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discrimination lawsuit is filed against sesame place. those are some of the headlines on the "morning newsstand." "the philadelphia enquirer" reports a black family filed a class action lawsuits against sesame place and its parent company seaworld parks and entertainment alleging racial discrimination. the family says costumed characters ignored a 5-year-old black girl and only interacted with white visitors during a meet and greet event last month at the theme park near philadelphia. it follows an incident caught on video earlier this month when a costumed character appeared to ignore two young black girls. >> these are the characters that taught our children, that taught me, that taught all of us how to be a friend, how to love people, how to read, how to be a good person, and yet kennedy was forced to experience racism at the age of 5. >> sesame place issued a

statement saying it's reviewing the lawsuit after the other incident earlier this month. the company apologized. "the new york times" says u.s. health regulators announced an additional 800,000 doses of monkeypox vaccine will soon be available for distribution. they had been held pending a review of where the vaccine is produced. the biden administration will announce an allocation plan later today. it comes after criticism it's been too slow in deploying the shots. the cdc reports more than 4,600 cases of monkeypox in the u.s. since the outbreak began. and the "associated press" says firefighters are making progress against a texas wildfire that's destroyed 16 homes. the chalk mountain fire about 50 miles southwest of fort worth has burned almost 7,000 acres. officials say fire crews were able to complete a fire line around the blaze yesterday which is now more than 50% contained. extreme drought, strong wind gusts, and temperatures topping

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bio♪ eeze. ♪ my name's caleb. what's yours? i'm grace! did you just move here? yeah! cool! here's a look at the forecast in some cities around the country. ♪ bad news for the parent company of facebook and instagram. and there's an opening for a very sweet job. matt pieper has those stories and more in today's cbs "money watch" report. >> reporter: stocks on wall street closed higher wednesday after the federal reserve ratcheted up its campaign against surging inflation by raising its key interest rate.

the dow gained 436. nasdaq up 469. the s&p 500 gaining 102. meta on the decline. for the first time ever, facebook and instagram's parent company posted its first revenue decline. meta earned profits of $6.69 billion in the april and june period. that's down 36% from a year ago. it comes as competition from rival tiktok intensifies and a decline in ad spending. spirit and frontier break up. for months the two had been working to possibly merge the two budget airlines. frontier's ceo says they're disappointed in the outcome, but the decision paves the way to approval for a competing takeover bid from jetblue. the "wall street journal" reports jetblue is nearing a deal to buy spirit, and it could be announced today. the deal would create the fifth largest carrier in the u.s. and how's this for a dream job -- candy fun house, which is an online candy store based in canada, has a job opening for a chief candy officer. whoever gets it will have to eat

candy and help decide which new products the company will carry. the salary is $78,000, and anyone 5 and above can apply. that's your cbs "money watch" report for this thursday morning. i'm matt pieper, cbs news, new york. >> are you going to apply? mega millions fever is intensifying. now that tomorrow night's drawing is worth more than $1 billion, turns out tuesday night's drawing was really close for some people. according to mega millions, nine tickets matched the first five numbers but did not match the mega ball. one ticket was good for $3 million thanks to the game's mega feature while the rest won a cool million. people are flocking to buy tickets for the next drawing including at that store in arlington, texas. the question is what would you do with all that money? >> buy all my relatives houses and cars and put money in the bank for them. >> a porsche 911 gtr.

>> chill out, enjoy the weather in a nice warm place, and have a lot of cold drinks. >> sounds good. mega millions tickets are $2. most winners opt for the cash option which for the drawing is an estimated $602 million. forget about striking gold. how about striking pink? a 170-carat pink diamond was recently discovered at a mine in southern africa. the lulo rose is claimed to be the largest such gemstone found in 300 years. the diamond will eventually go up for auction. it's unclear how much money it could bring in. a lot. coming up, the host with the most. "jeopardy!" makes it official. it announces its permanent hosts. " je "jeopardy" makes it official. high cholesterol. heart disease. 17 fad diets... 5 kids... 3 grandkids...

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here's a look at the forecast in some cities around the country. ♪ actor tony dow, best known as big brother wally cleaver in his agent said he died. -- died yesterday. he had been in hospice care and announced in may that he had been diagnosed with prostate and gall bladder cancer. a post on his facebook page tuesday prematurely said he had

died, but it was later taken down. tony dow was 77. shawn mendes has officially called off the rest of his world tour. the singer/songwriter said he wasn't ready for how difficult touring would be after time away during the pandemic. he said he needs to focus on his mental health. mendes kicked off his world tour for his latest album "wonder" in june. he still had concert dates planned in north america and europe. the game show "jeopardy!" didn't stray too far to find its new hosts. it's sticking with the two hosts it has now. the show's executive producer announced that actress mayim bialik and former champion ken jennings will continue to share hosting duties. jennings will host when the new season kicks off in september until january. bialik takes over after that. the two will split hosting specials and tournaments. and amelia earhart joins dwight eisenhower in

representing kansas in statuary hall at the u.s. capitol. a statue of the groundbreaking aviator was unveiled yesterday. each state gets two statues. earhart is the 11th woman. she disappeared in 1937 on an attempted flight around the world. >> 85 years after she vanished, amelia earhart still inspires us. her legacy encourages us to pursue our dreams and shoot for the stars. >> amelia envisioned aviation a great equalizer and fought valiantly to close the gender gap. >> in 1932, she became the first woman to fly solo across the atlantic ocean. she was born 125 years ago. coming up on "cbs mornings," in our "pushing the limits" series, we'll meet an ex-con who qualified for the boston marathon while running laps in a prison yard while he was serving time. how he's making strides toward a

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right now on kpix 5 at 5:00 a.m. frustration mounting over the rush to get monkeypox vaccines. out on the bay, building bonds. how an east bay police

department is reeling in community relationships and they're starting with young people. here in the weather center we're tracking below average temperatures. we'll talk about it in the full forecast. freeways off to a busy start. a car fire in the south bay, plus b.a.r.t. delays this morning. i'll have details on that. >> we will talk to you soon. time for a look at this morning's top stories. the secretary of health and human services is talking with the nation about the plan for monkeypox. the allocation of more than 780,000 doses of the vaccine, just over 4,000 set to come to san francisco with hopes many more are slated for the rest of the bay area. the meeting is set for 11:00 this morning. two americans held prisoner in russia could be coming soon. the president has signed off on a deal to get paul whelan and brittney griner home.