there's no better person to ask about the state of the american economy than federal reserve chairman jerome powell. we sat down with the chairman for a rare interview to ask about the future of interest

rates, whether prices will come down, and what the fed might do next. >> inflation has been falling steadily for 11 months. >> right. >> you've avoided a recession. why not cut the rates now? the number of migrants arriving at the southern border is unprecedented. last year, u.s. customs and border protection recorded 2.5 million instances of detaining or turning away people attempting to cross into the united states from mexico. so, what's the fastest-growing group among them? chinese migrants. yes, you heard that right, chinese. betting and losing money, for millions of fans like these guys, it's one more reason to watch and enjoy sports. but for others, it's not all fun and games. 60% of online betters are young men, and it's a safe bet that many of them are addicted and

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jerome powell, the chair of the federal reserve, may have just rescued the economy from inflation without throwing millions out of work. when americans were suffering through the highest inflation in 40 years, powell's fed raised interest rates 11 times to cool the economy. economists expected a recession. but now, inflation is tumbling while employment is near a 50-year high. thursday, we met powell for a rare interview, to talk about interest rates, remaining dangers, and the one question that's on everyone's mind. is inflation dead? >> i wouldn't go quite so far as that. what i can say is that inflation has come down really over the past year and fairly sharply over the past six months. we're making good progress. the job is not done, and we're very much committed to making sure that we fully restore price stability for the benefit of the

public. >> but inflation has been falling steadily for 11 months. >> right. >> you've avoided a recession. why not cut the rates now? >> well, we have a strong economy. growth is going on at a solid pace. the labor market is strong, 3.7% unemployment. with the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully. and we want to see more evidence that inflation is moving sustainably down to 2%. we have some confidence in that. our confidence is rising. we just want some more confidence before we take that very important step of beginning to cut interest rates. >> inflation has fallen from just over 9% to about 3%, near the fed's ultimate goal of 2%. >> why is your target rate 2%? >> interest rates will always include an estimate of future

inflation. if that estimate is 2%, that means you'll have 2% more that you can cut in interest rates. the central bank will have more am ewe ammunition, more power to fight a downturn if rates are a little bit higher. >> are you committed to getting all the way to 2.0 before you cut the rates? >> no, no. that's not what we say at all. we're committed to returning inflation to 2% over time. i have said that we wouldn't wait to get to 2% to cut rates. >> we met powell in the federal reserve board room, where this committee meets every six weeks or so to set the so-called federal funds interest rate, which influences most loans. last week, powell announced the rate would stay at its 23-year high, about 5.5% unchanged for six months. >> you disappointed a lot of people on wednesday. >> i can't overstate how

important it is to restore price stability, by which i mean inflation is low and predictable and people don't have to think about it in their daily lives. that's where we were for 20 years. we want to get back to that. >> moving too soon would set off inflation again. >> you could or you could just halt the progress. i think more likely, if you move too soon, you would see inflation settling somewhere well above the 2% target. >> what is the danger of moving too late? >> if you move too late, policy would be too tight. and that could easily weigh on the economic activity and the labor market. >> making a recession. >> right. and we have to balance those risks. there is no easy, simple, obvious path. >> was the fed too slow to recognize inflation in 2021? >> so, in hindsight, it would have been better to have tightened policy earlier. we thought that the economy was so dynamic that it would fix itself fairly quickly. and we thought that inflation would go away fairly quickly without an intervention by us.

so, in the fourth quarter of '21, it became that inflation was not transitory in the sense that i mentioned. and we pivoted and started tightening. as i said, it's essential that we did that. it was critical that we did that. that's part of the story why inflation is coming down now. >> we wondered about an interest rate cut in the next committee meeting in march. >> i think it's not likely that this committee will reach that level of confidence in time for the march meeting, which is in seven weeks. >> the next committee vote then would be in may. >> how would you characterize the consensus around the table for rate cuts? is everyone on board? >> almost all. almost all of the 19 participants who sit around this table believe that it will be appropriate in their most likely case for us to cut the federal funds rate this year. >> reporter: cuts in the federal funds rate would likely be a quarter, maybe half a percentage point at a time, as long as

inflation data remain good. >> we just want to see more good data along those lines. it doesn't need to be better than what we've seen or even as good. it just needs to be good. so, we do expect to see that. >> reporter: back in 2021, little seemed good. inflation ignited after pandemic disruptions and when the federal government spent $5 trillion to keep the economy afloat. many in congress questioned powell's rapid rate increases and predicted disaster. >> and i hope you'll reconsider that, as you drive this -- before you drive this economy off a cliff. thank you, mr. chairman. >> reporter: but strangely, when rates went up, the economy added more than 5 million jobs. powell told us that's because of the odd dynamics of the pandemic. car sales, for example. >> it was a semiconductor shortage because so many people were buying goods that involved a lot of semiconductors.

so, while demand for cars was spiking because people didn't want to ride public transportation, for example, and they're moving to the suburbs, while that's happening, you can't get semiconductors. you can't make cars. so, there's a shortage. so, what happened is inflation just spiked. but as the semiconductor supply came back, prices -- inflation has moderated a great deal. so, really these unique features of the pandemic did reverse in a way that brought inflation down. >> reporter: jerome powell turns 71 today. after a career in investment banking, he was appointed to the fed by barack obama, made chairman by donald trump, and retained by joe biden. powell often travels to listen to the country. and we met him at spelman college in atlanta, where the talk was of higher prices. >> inflation is one thing. prices are another. and i wonder if there is any reason to believe that people

will see the prices of things decline. >> so, the prices of some things will decline. others will go up. but we don't expect to see a decline in the overall price level. that doesn't tend to happen in economies except in very negative circumstances. if you think about the basic necessities, things like, you know, bread and milk and eggs, prices are substantially higher than they were before the pandemic. so, that's -- we think that's a big reason why people are -- have been relatively dissatisfied with what is otherwise a pretty good economy. >> but those prices will not soften, short of something like a recession. >> things that are affected by commodity prices -- like, for example, gasoline prices have come way down. some food prices that incorporate the price of commodities, grains and things like that. but the overall price level doesn't come down. >> reporter: the federal reserve

was empowered in the great depression to regulate the economy by controlling the supply of money and setting interest rates. it also regulates commercial banks for safety, something still challenged by the effects of the pandemic. >> the value of commercial office buildings all across the country is dropping, as people work from home. those buildings support the balance sheets of banks all across the country. what is the likelihood of another real estate-led banking crisis? >> i don't think -- i don't think that's likely. we looked at the larger banks' balance sheets, and it appears to be a manageable problem. there's some smaller and regional banks that have concentrated exposures in these areas that are challenged. and, you know, we're working with them. >> you believe it's a manageable problem? >> i think it appears to be. >> we're not going to see bank failures across the country, as

we did in 2008. >> i don't think there's much risk of repeat of 2008. certainly there will be banks that have to be closed or merged out of existence because of this. that will be smaller banks, i would suspect, for the most part. >> reporter: just last year there was a panic at the 16th largest bank. a frl reserve report blamed bank mismanagement but also inadequate supervision by the fed itself. >> you seem confident in the banks, and yet the silicon valley bank, second largest failure in u.s. history. did the fed miss that? >> so, yes, we -- we did. and we forthrightly saw that we needed to do better. so, we've spent a lot of time working on ways to make supervision more effective and also to adapt regulation to a more -- to a modern context, in which a bank run can happen so much faster than it could have even 20 years ago.

>> reporter: another economic hangover after the pandemic is a sharp increase in the national debt. 30 years from now, it is projected to be $144 trillion or $1 million per household. >> how do you assess the national debt? >> we mostly try very hard not to comment on fiscal policy and, you know, instruct congress in how to do their job when actually they have oversight over us. >> but is the national debt a danger to the economy in your view? >> on the long run, the u.s. federal government is on an unsustainable fiscal path. that just means that the debt is growing faster than the economy. >> i have a sense this worries you very much. >> over the long run, of course it does. effectively, we're borrowing from future generations. it's time for us to get back to putting a priority on fiscal sustainability. and sooner is better than later.

>> what would you say is the single most important factor for the future of american prosperity? >> with your permission, i'll name two things. one is i think we need to just remember that we have this dynamic, innovative, flexible, adaptable, economy. more so than other countries. and this is the big reason why our economy has come through so well. the other thing i'll point to for the united states is really since world war ii, the united states has been the indispensable nation, support rg and defending democracy, security arrangements, economic arrangements. we've been the leading voice on that. and it is clear that the world wants that. and i would want the united states to know, this benefits our country enormously. it benefits our economy so much to have this role. and i hope that continues. >> reporter: jerome powell has about two years in his current

term as chairman. he suggested to us the likely time for the first interest rate cut would be the middle of the year, a few months before the election. >> your decisions, inevitably, are going to have a bearing on this year's election. and i wonder, to what degree does politics determine your timing? >> we do not consider politics in our decisions. we never do, and we never will. it's not easy to get the economics of this right in the first place. these are complicated, you know, risk-balancing decisions. if we tried to incorporate a whole nother set of factors in politics into those decisions, it can only lead to worse economic outcomes. so, we simply don't do that and we're not going to do it. we haven't done it in the past and we're not going to do it now. >> there are people watching this interview who are skeptical about that. >> you know, i would just say this. integrity is priceless.

and at the end, that's all you have. and we plan on keeping ours. welcome to cbs sports hq, presented by progressive insurance. >> scores from a historic weekend of college hoops. earlier on cbs, zack eatty said a school record for double doubles. yesterday north carolina, kansas, and tennessee all won their top ten showdowns. next sunday, cbs is your home for super bowl lviii. our day begins at 11:30 a.m. eastern, with continuous coverage until kickoff in vegas. . ugh, don't you ever get sick of bread? -how dare you? -come on. if you saved nearly $750 like this, imagine what we could splurge on. oh, like sourdough. no, the good stuff, like blueberries. -uh, and strawberries? -exactly. raspberries, blackberries, cranberries, elderberries, boysenberries...

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attempting to cross into the united states from mexico. so, what's the fastest-growing group among them? chinese migrants. yes, you heard that right, chinese. we saw large groups, including many from the middle class, come through a 4-foot gap at the end of a border fence 60 miles east of san diego. the illegal entryway is a new route for those hoping to live in america. >> reporter: just after sunrise, we saw the first group of migrants make their way from mexico through a gap between the 30-foot steel border fence and rocks. ducking under a bit of razor wire and into the united states. we were surprised to see the number of people coming through from china, nearly 7,000 miles away. >> careful.

watch. >> reporter: our cameras, and at one point this armed border patrol agent standing 25 feet away, did not deter them. >> so, how old are you? >> i'm 20 years old. >> reporter: this man, a college graduate, told us he hoped to find work in los angeles. he said his trip from china took 40 days. >> what countries did you go through? >> thailand, morocco, qatar, columbia, panama, costa rica, nicaragua. >> geez. >> reporter: 30 minutes later, a smugglers suv raced along the border fence and dropped another group at the same spot. and 30 minutes after that, another group. over four days, we witnessed

nearly 600 migrants, adults and children, pass through this hole and onto u.s. soil unchecked. we saw people from india, vietnam, and afghanistan. many of the chinese migrants who came through will end up asking for political asylum. >> did you travel by yourself or with family or friends? >> no, just me. >> just you? >> yeah. >> reporter: the gap is a global destination. littered with travel documents from around the world. with the help of a translator, we learned a little about the chinese migrants coming through. >> teaching? you're a teacher? >> yeah. >> oh, my goodness. >> reporter: we also met a banker and small business owners. some of the migrants made a grueling journey through central america with dusty backpacks. but we noticed middle class

migrants from china arriving with rolling bags. they told us they took flights all the way to mexico. some flew from china to ecuador because it doesn't require a visa for chinese nationals, then took flights to tijuana, mexico. the migrants told us they connected with smugglers, what they call "snake heads," in tijuana. and they each paid them about $400 for the hour-long drive that ended here at the gap. >> why did you decide to come to united states? [ speaking in a global language ] >> it's hard to live there, hard to find jobs. >> what did you do? did you work in china?

>> translator: i worked in a factory. it's hard to work in a factory. >> was this trip expensive? she said it was and that she sold her house to cover the $14,000 cost of her trip to the u.s. last year, u.s. customs and border protection reported 37,000 chinese citizens were apprehended crossing illegally from mexico into the u.s. that's 50 times more than two years earlier. many of the migrants told us they made the journey to escape china's increasingly repressive political climate and sluggish economy. this 37-year-old woman said china's covid lockdown destroyed her child care business. she left her two young children with family at home. >> why did you decide to come to united states?

>> translator: many reasons. >> for work or -- >> translator: not entirely. >> okay. what reasons? >> translator: freedom. >> freedom? >> reporter: we wondered how all of these migrants knew about this particular entryway into california. the answer was in their hands. [ speaking in a global language ] >> oh, you learned on tiktok. >> reporter: tiktok is a social media platform created in china. the post we found had step-by-step instructions for hiring smugglers and detailed directions to that hole we just visited. we were struck how orderly and routine it all seemed.

the migrants walked about a half mile down a dirt road and waited in line for u.s. border patrol to arrive so they could surrender. >> how much property do you have here? >> reporter: the land they're waiting on is owned by 75-year-old jerry schuster. >> the whole world seems to know there's a way in, and it's on your property. >> when they come in here, they come with suitcases. they come prepared with computers like they got off a norwegian cruiseship yesterday. >> reporter: population, 540. >> you're an immigrant yourself. >> yes. >> where did you come from? >> i come from yugoslavia. and i left yugoslavia, went to austria. i stayed there eight months and i knock on this door, i bust the door down to come here. >> you came through the front

door. >> i came through the front door. >> what do you think about this? >> they don't care. they come through the hole like they're coming to their own country over here. and nobody do nothing about it. >> reporter: schuster says it all started in may. he went to investigate some smoke coming from his property and found migrants burning trees to stay warm. today, his property looks like a messy moonscape, littered with the trash and tents migrants have left behind. >> have you ever just yelled, get out of here? >> well, they say, i -- it was, like, four months ago, there was eight guys start knocking my trees and start burning my trees on the other side. so, i told them, please, don't do that. please don't -- they start surrounding me. i went home and i got my gun and i shoot in the air. they arrest me. >> they arrested you? >> they arrested me. >> on your property? >> on my property. just because i asked them not to

burn the trees. and they arrest me. they put me in police car and just protecting my own land. >> reporter: schuster wasn't charged, but his gun was confiscated. >> if you had to guess, how many migrants do you think you've seen come through here? >> maybe 3,000 a week. >> 3,000 a week? >> i would say that, yes. because this is ongoing deal. >> reporter: about two hours after these migrant as rooifed, we saw the border patrol pull up, broadcasting recorded instructions in mandarin. the migrants were driven to a detention facility near saen diego, where they are given background checks. some are interviewed. typically been 72 hours, they are released into th united states and can begin the process of filing an asylum claim. jacqueline arellano has volunteered on the border for

eight years, offering humanitarian aid to migrants. >> i'm a native spanish speaker. i have been able to rely on being bilingual in doing this work for the duration i have been doing it. and in this past year, there's been times i have come to the sites and not spoken to a single spanish speaker. >> reporter: she relies on translation apps to communicate with chinese migrants. >> why isn't this happening at a port of entry? >> that would be the ideal situation, and people would much prefer to do so. it would definitely be much safer and more efficient. unfortunately, there are barriers to people being able to seek asylum at a port of entry. >> reporter: one barrier is the phone app called cvp1. asylum seekers are supposed to use the app to make an appointment to enter the u.s. through a legal border crossing. as we saw, last spring in mexico, the system is glitchy. >> yeah, and it gets stuck,

right? >> at 9:00, no more. >> reporter: volunteers who work with migrants told us there's still a three to four-month wait to secure employment at a border crossing. >> so, is this a shortcut? >> it's really the only one they have. i don't even know they would consider it a shortcut. >> reporter: for years, millions of chinese entered the u.s. with a visa that allowed them to visit, work, or study. but in the last few years, those visas have been increasingly difficult to secure, as tensions between the two countries have grown. t in 2016, the u.s. granted 2.2 million temporary visas to chinese nationals. in 2022, it was just 160,000. >> so, a lot of these folks may have come -- >> reporter: tammy lynn is an immigration attorney and has worked with clients from china for nearly two decades. >> if someone is not granted asylum here, will china say, okay, yes, we'll take them back. >> i haven't seen that happen

really. i think even back to 2008, a lot of the chinese nationals that had failed asylum cases weren't able to get passports to be put on the plane to be sent back. so, we can't send you back. >> reporter: based on our review of data from immigration and customs enforcement, there are at least 36,000 chinese who have been ordered by u.s. courts to leave the country. but china is notorious for not taking back its citizens. and the u.s. can't force china to accept them. >> so, then what happens if they have a failed claim but they can't go back to china. >> that's a very good question. they're stuck in this limbo. >> reporter: according to the department of justice, last year, 55% of chinese migrants were granted asylum, compared to 14% for every other nationality. with the odds in their favor and a phone to guide them, there's little to discourage more chinese migrants from coming through the gap near jerry

schuster's place. >> have you said to anybody, hey, there's this giant hole. they're coming through. how about patching that up? >> they know that thing is there. and we've all been telling them, hey, when this thing going to quit over here? you've got to call washington, d.c. that's what they say. >> reporter: so, we did. u.s. customs and border protection told us their agents don't have authority to stop people from coming through gaps like this one and can only arrest them after they've entered illegally. as for closing that gap, they said it is on their priority list but would require money from congress. what do some migrants do after being released by border patrol? >> they call an uber and they're gone. >> at 60minutesovertime.com. (vo) explore the world the viking way from the quiet comfort of elegant small ships

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next sunday on cbs, the super bowl will, for the first time, be held in las vegas, a fitting venue, given the prominent role gambling plays in sports today. america recently brought its age-old love of sports betting out of the shadows and onto our phones. and this has created an all-time mismatch, pitting man against machine. gamblers, overwhelmingly young men, versus gambling companies armed with a.i. and data, enticing bets on games and plays within games. the results, billions. and ta growing population of sports bettors struggling to

defend against the rush. >> reporter: boston is nothing if not a sports town. and when there's a game, odds are good there are guys like billy, andrew, and john at the local bar. >> just waiting for the camera. >> reporter: they grew up playing hockey together. now in their mid 20s, they bond over beer, wings, trash talk, and lately, a new fix yture of e fan experience. >> what do you bet on? >> football and hockey. >> reporter: for millions of fans like these guys, it's one more reason to watch and enjoy sports. during games, promotions for sports books like fan duel and draftkings are everywhere. a 2018 supreme court decision opened the doors for states to legalize sports betting. tantalized by new revenue, 38 states and counting have done just that. and americans have spent more than a quarter of a trillion dollars sports betting.

that's the gdp of greece. leagues have cashed in, networks too. >> i've got to teach you how to gamble. >> reporter: for decades, odds and points spreads were forbidden topics. now espn has its own sports book. when i work at the tennis channel, i sit here. >> download the app. >> reporter: back at the bar, casual social bettors like billy, andrew, and john revel in their wins. >> what did you throw down? >> $8 for 347. >> you won 300 -- >> it's still early innings, and remarkably there is no federal funding for gambling research, so data is scarce. but survey after survey confirms that of the 50 million or so sports bettors in the u.s., men under the age of 35 are far and away the biggest demographic. for decades, leagues feared gambling would corrupt competition. so far that crisis hasn't happened. but the last five years have

given rise to a surge in young gambling addicts. joe ruscillo. >> it had a bug impact. i worked my whole life. i got a check every week, but it would deposit right into whatever app i was using. >> were you interested in the game itself? >> i am a sports fan, but as the years grew on, you become less interested in the game itself and more inventory in the result. >> reporter: and who needs a bookie when a fresh bet is just a swipe away. >> wake up in the middle of the night, take your phone out, set an alarm for a match overseas or something like that. i would place a bet on anything anywhere at any time. >> reporter: he would sneak in bets at family functions. he would delete the apps one day, reinstall the next. >> you can't gamble on this phone. >> not too many apps on that phone. i think people aren't familiar

might think of the typical gambling addict, middle aged guy in a windbreaker betting his retirement savings. >> it's more prominent in the younger generation than ever. the sportsbooks and the commercials and the leagues themselves are making it look so cool to gamble and risk your money. >> reporter: there are distinct signs of trouble. according to a sienna college poll, which we can report for the first time now, of the young men wagering online, nearly half feel they're betting more than they should. in the five years since new jersey legalized online sports gambling, calls to the state's problem gambling helpline nearly tripled. the largest demographic, 25-34. >> this is a public health emergency happening, and we're not talking about it yet. >> reporter: harlry levant is a gambling addiction therapist. a decade aago, levant was a trial lawyer whose gambling

addiction was so fierce he used client money to fuel his habit, leading to his disbarment. in today's career. >> i have patients who gamble in the shower. i have patients who gamble before they get out of bed in the moerning. i have patients who gamble while they're driving. there are no guardrails. we know the risk reward system for a young man isn't fully formulated until you're 25. >> where are young men getting the money? >> i have patients who have gambled federal student loan money. i have young patient who is have gambled away inheritances. >> reporter: it was an nfl sunday, though on draftkings, the betting options extended far beyond football. >> soccer, basketball, hockey, motor sports, rugby, volleyball -- >> reporter: and there was tennis. >> playing alfredo perez in a challenger qualifying match in

charlottesville. >> those are two names i've never heard before. who is betting on those match? two guys nowhere near the top 100. >> because john, this is not about tennis. they're not designing them for the fans of qualifier tennis in charlottesville. they're designed for people who want more action. >> reporter: the opportunities for action are literally limitless. live in-game microbetting allows users to wager on every pitch, serve, and snap. >> if you come down here, you can bet on the current drive of the green bay packers. will it be a punt, touchdown, turnover, or a field goal. >> using algorithms powered by a.i., draftkings refreshes the odds constantly. >> where are these numbers coming from? how do they know what the odds of green bay losing a fumble are? >> we don't know that. they have access to all of the stats combined with artificial intelligence and the ability to

predict what will draw the action in. >> reporter: matt zarb-cousin is a leading gambling reformer in the uk. he is also a recovering gambling addict. >> i would say, understand what the nature of these companies really is. they are big data companies that are extractive. >> reporter: zarb-cousins successfully lobbied for restrictive gambling restrictions in britain. he says the uk, where gambling's been legal for decades, offers a sobering glimpse into what he believes is a crisis headed straight toward the u.s. >> there's lots of opportunities to gamble in britain. you assume it's safe. you don't realize how easy it is to get addicted to that stuff. >> addiction is intensified, he says, by how much the gambling companies know about each user. recently zarb-cousin was able to use britain's public information laws to access data the betting company flutter, owner of fan

duel, had on a uk customer. that data was used to tailor actions to keep that guy in action. >> when they bet, what offers worked, what inducements worked. on this particular one, he played slots for three to four days straight. they knew the life state. people that have given up gambling for a while and they're trying to get them to come back. there's also like 2,514 deposits in a year, which is about seven a day. >> so, these gambling companies know when we're post impetuous. they have reams and reams of data on us. what matches that for the adolescent male? >> it's not a fair wager. >> they know the people that are addicted. >> the flutter insisted the company does take steps to

protect, their term, vulnerable customers, sometimes banning them outright. the two largest sportsbooks in the u.s., draftkings and fanduel said the same. we arranged to speak to draftkings, but abruptly they pulled out of our scheduled on camera interview. so, we came to washington, d.c. to meet bill miller, president of the american gaming association. >> take out our phone, 24 hours a day, a few swipes. how do you reconcile that with the fact this entertainment has the potential to addict users? >> the addiction element of are people addicted to their phones, which is, kind of, a common phrase, i don't believe that there is an addiction to mobile betting any more than there is an addiction to utilization of your phone for any other reason. >> you don't think adding a layer of betting makes the phone more addictive than just tooling around instagram? >> no. every clinician we've spoken to

said we're noticing a rise in problem gambling. there are a lot more problem gamblers now by every metric than there were pre-2018. i would concede to the fact there are more known people with gambling problems because we in the gambling industry are flagging those people. the illegal industry doesn't flag any of them. >> reporter: miller told us sportsbooks looks at patterns to spot problem gamblers. >> there is problem gambling. it is a real problem. whether it's gotten bigger or it's just become more noticeable because sports betting is legal, i think is an unknown. >> really? >> my view absolutely is we need to make sure that we are giving people the resources they need to mitigate this issue. >> reporter: yet given all the high-tech designed to get gamblers onto the sportsbook, for those seeking to quit,

they're often directed to a glaringly old school solution, a 1-800 number. >> it is a dangerous approach. >> why? >> it takes the entire onus, puts it back on the individual to take the addictive product, deliver it in light speed, and then say to people, now use this responsibly. it is wrong. and it's very similar to what happened with tobacco. >> harry le van doesn't make that casually. he paired up with dick daynard, architect of the first major lawsuits against the big tobacco companies. along with mart gottlieb, they're preparing to wage war against mobile gambling addiction. >> you made a name for yourself fighting big tobacco. what do you see as the overlap? >> first of all, we're dealing with an addictive product. we're dealing with an industry that will defend sometimes on

the basis that it's really the smoker who's making the choice. so, we have that exactly with the gambling industry. >> following daynard's tobacco playbook, in december they followed the first in a series of lawsuits, suing draftkings in massachusetts for deceptive advertising. the group is also lobbying congress to enact federal regulations. they say the current mishmash of state-by-state policies just isn't working. >> this was the not the temperance movement, you're trying to outlaw gambling. >> no, no. we have seen, certainly with tobacco, a lot of rules to control the way these products are promoted. we would like to see that with these products as well. right now it's sometimes described as the wild west, right, because there's almost no controls at all. >> safe to say when the supreme court opened the flood gates to sports betting in 2018, it didn't anticipate a.i. powered

odds on every snap or tailored push notifications engineered to keep bettors betting. >> that decision was only five years ago. that's the frightening thing. what's it going to look like five years from now? i think these products have the potential to become significantly more addictive and dangerous in a very short period of time. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our clients' portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. covid-19? i'm not waiting. if it's covid, paxlovid. paxlovid is an oral treatment for adults with mild-to-moderate covid-19

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"the last minute" of "60 minutes" is sponsored by united health care, there for what matters. now, an update on ingenuity, the tiny helicopter so appropriately named. its mission ended on mars in january, almost three years and 200 million miles from home. a stow away on the undercarriage of the perseverance rover. as the jet propulsion laboratory's mimi aung told anderson cooper in 2021, there o were doubts "ingenuity" would ever fly. >> a lot of people thought it could not be done. >> it's really counterintuitive.

you need atmosphere. >> in its 72 flights, "ingenuity" delivered breathtaking images. one final image showed the shadow of a broken rotor after a surface strike a world away. i'm scott pelley. next sunday, cbs sports covers the super bowl. we'll be back in two weeks with another edition of "60 minutes." only unitedhealthcare medicare advantage plans come with the ucard - one simple member card that opens doors where it matters for you. what if we need to see a doctor away from home? ucard gets you in with medicare advantage's largest national provider network. how 'bout using it at the pharmacy? yes - your ucard is all you need. huh - that's easy! can it help keep my smile looking good? yep! use your ucard at the dentist. say cheese! get access to what matters with the ucard only from unitedhealthcare.

where are the jobs and who's hiring? tomorrow on cbs mornings.

♪ ♪ >> trevor: good evening and welcome to music's biggest night. it's the 66th annual grammy awards. and tonight we are coming to you live from the city of los angeles, where the local population has just survived the unthinkable... rain. we'll have a moment of silence for them later. but right now, let's turn it up with an international superstar, a multiple grammy winner, nominated tonight for song of the year.