and delivered to your door in as little as one hour. good afternoon. you are watching chris jansing reports live from msnbc headquarters in new york city. in just one hour, fed chairman jerome powell is expected to announce new interest rate hikes designed to cool down inflation. but it's a huge economic gamble. higher interest rates mean credit cards and mortgages become more expensive. and that risks pushing the u.s. into a recession. but the hope is to bring down prices for everyday americans. >> everything is just going through the roof. and it's like there's no middle

class. there is either extreme rich or extreme poor and the rest of us just kinds of fall through the cracks. >> it is exactly those kinds of voters that democrats and the white house are trying to reach. we heard the president just yesterday insisting that americans should trust that he has a plan to help working families. but those families are feeling frustrated and overwhelmed. and, in fact, we saw a little of president biden's own frustration in a letter today where he lashed out at oil companies for making huge profits while gas prices hit record levels. for him, his administration, and the entire democratic party, this economic problem has become an escalating political problem. consider the stakes w more than two dozen states holding primaries over the next three months. voters are making decisions based on what they are feeling now, not what might happen down the line. >> if you like $8 a gallon gas and you like continued rising

costs on every single type of goods that we, everyday people depend on everyday, then vote democrat. >> the hard-working people of our country are sidelined. and i'm very upset about this. so i think it is more important than ever before to have a voice. >> now, there is one more important note. the president has consistently argued. he's the only one with a real economic plan at all. but the "wall street journal" reports that republicans are starting to fill in details of their own economic proposals, offering americans something else to consider as the mid terms approach. we've got a fantastic group to talk this over. nbc's tom costello joins me from d.c. ben white is politico's chief economic correspondent. tim miller, an msnbc political analyst and writer at large for the bull work. and tarabi, a financial expert with nerd wallet.com. good to have all of you. tom, the fed is expected to raise rates by three quarters of

a point, the biggest hike in something like 28 years. what are they thinking that will accomplish? how fast will americans see it. >> we have already seen mortgage rates go up by almost 3% this year alone. and so we are already paying more. if you took out a $400,000 mortgage in january compared to taking out one today, you are going to pay more today than you did on january 1st, even before the fed comes in with this three-quarter-point rate hike. the goal here is, as said, to tame the inflation here. you do that by cooling the economy. and by doing that, the hope is that you raise the cost of borrowing, therefore, people are not going to go out and buy a new house. or they are not going to buy the new car. and companies may not borrow money to expand. in fact, if they start contracting and bringing their work force down that could lead

to lives. now we have an unooish usual situation a. 50-year low in unemployment and two jobs for every worker out there. there is a lot of open jobs. if companies start to contract and start laying off employees, in theory right now there are more jobs than employees. the question how long will that last? if you really raise fates fast like the fed is talking about, then we may go towards a recession. and this is a very, very delicate approximately balancing agent that the fed is on right now, to raise rates fast because inflation is clearly out of control right now at 40-year highs but not slam on the brakes and put us into a ditch. they admit they are behind on this. they should have been been acting back in the fall to raise rates and tame down inflation. they didn't get it right. they have been raising rates so far this year. this will not be the only rate hike. we should make the point. they are going to raise rates again in july. another three quarters of a point. another half point in september,

probably, and then again in december. so they have got a lot of work to do to get rates up to what -- they are probably going towards a total of 4% on where they would like to see rates. >> tom costello, always great to have you on the program. thank you. ben, i was looking at this headline in the "washington post" that says markets and households lose faith that the fed had handle inflation. they haven't always gotten it right. in fact they have been pretty wrong a couple of times, maybe multiple times. how sure are the economists you are talking to that this is the right move this time? >> well, i think tom laid out the case pretty well that they have to move, and they have to move significantly with inflation staying over 8%. it just can't stay there. americans can't keep up with that kind of cost. 75 basis points, which they are expected to do, is a big increase. in mortgage rates and all the rest of it will go up. but there is not a lot of confidence. i want to point to an modern number. retail sales came out this morning and went down .3%, which

was much worse than expectations. that tells us that the prices are starting to pinch the consumer. a lot of motor vehicle sales went down. that's what underopinions most of this economy. 70% is consumer spending. so if we start to see the consumer feel pinched, they are drawing down a lot of their vid-era savings. that's going to be bad for the economy, sometimes that they are raising rates. you are right, they have gotten it wrong more than right. the fed historically has preferred to err on the side of triggering a mild recession rather than letting inflation run out of control. eight of the last nine times we have gotten a mild recession in this kind of rate hiking cycle. and as tom said they are late to the party in raising rates. >> the word recession scare as lot of people. we heard from the woman at the top of the hour who said it feels like the middle class is going away, there is just the rich people who can weather this. that's what you get when you

talk to people like jamie martinez. take a listen. >> vent going to continue increasing and who knows when it is going to be to a point like okay i can't afford this anymore, where am i supposed to live? >> where am i supposed to live? rents have gone crazy in a lot of parts this country. while people are waiting to see if the fed can bring down inflation, rents are going up, mortgage rates are going up, gas prices are going up. what do you tell people in this situation? >> it is a devastating time for americans, no doubt, no argument there. you know, it is hard to talk about silver linings or any sort of, you know, light at the end of the tunnel when it just seems like inflation is increasing every single month. what i am telling everybody is that it's important to remember history. it's important to have all of this through a contextual lens, which is that recessions are cyclical. you can't have growth without contraction. right now what we are

experiencing is sort the aftermath of, you know, many -- a couple of years of stimulus and good wages and good employment. and i think we are in a period now where we have to sort of pay the price, pay the bryce of the stimulus, pay the price of the supply disruption has the pandemic created. i don't think we can rate hike our way out of this inflation crisis. i think that the president has an opportunity here, which i don't think he's really taken advantage of, to think deeply about communicating how we are going to communicate to the american people about what sort of policies we are going to create, what sort of tax reform we are going to create because what we don't just have is a consumer demand issue. we have a serious supply deficit, which was, as we know caused primarily by covid and now with the russian war that's putting pressure on gas prices. how are we going to address that side of the equation. rate hikes are important, and historically they can help but i

don't see them being able to help us get out of this period swiftly. >> tim, she points out really how high the political stakes are. right? one of the thing president biden has said just in the last couple of days is, here's all the things i have done, here here's what i am going to do. the republicans don't have a plan. now we get this report from the "wall street journal" that republicans are, indeed, developing this plan. i guess the key question as we look towards the mid terms and some of the primaries, is it enough to say, i have an alternative to what's bothering you right now? the details for most people, who are not economists, they are not going to do the deep dive. is that a fair assessment? >> it is. but, look, i think that biden needs to go further than this in creating a choice against the republicans. look, they tried the build back better package, which was not very well sold. and then that went under last christmas. so they still have what's called reconciliation, you know, where they don't need a filibuster.

they only need the 50 votes they have in the senate. so they can come up with a plan with joe manchin and say, hey, here's what we want to do to address inflation. the republicans are blocking everything. all they care about is relitigating 2020. and you know, taking gay books out of kids' schools. that's what they are talking about. they are not trying to solve your plans. we have a plan here. biden hasn't really done that. and the democrats haven't really demonstrated their pro active plan which i think makes the argument the republicans don't have a plan weaker. so they need to draw that contrast much more starkly down now and november. >> drawing that contrast, of course, then means there has to be coherent and fruitful messaging, right? one of the things that we are seeing from this administration is they are bringing in former atlanta mayor keisha lance bottom mgs who by a lot of accounts did very well with covid in her city, was a great messenger to her constituents and got a lot of national

attention for that. is this a message problem? it is a messenger problem? can one happen without the other? >> it is all of those problems. tim laid out pretty well the messaging failures of this white house. they have gone from, you know, it's big oil's problem, it's putin's problem on inflation. it's the fed's job to do it, not really ours. so they haven't sent a lot of message. but i have talked to a lot of people inside the white house economic team over the last couple of weeks and they are frustrated by the fact that there isn't that much -- they are trying to pull the levers they can. tim is right, they need a clearer message. lance bottoms is important to not only talk about the message and reach out to the economic groups, but that's the office that is a keeley ason to the business community. it has been open.

they need someone in that role to take the ceos and bring them into the white house to talk the biden. they need that communication. she's an important player there. that's an important job. but the bottom line is, there is no message you can deliver that's going to make people feel better if inflations stay above 8%. gas prices stay above 5 bucks, rents are where they are and people are feeling as squeezed as they are. the only message has to be inflation is coming down by my watch. if that doesn't happen by the fall, they are in tom trubl in the elections. >> demandsing that they increase supply. he wrote, refinery profit margins well above normal being passed directly on to american families are not acceptable. then he demanded they increase the supply of gas and oil. but his energy department says refinery capacity will hit 9 %

this summer. realistically, what's the answer here? how much relief could any of this provide for these high gas prices? >> that's a good question. i don't know. i mean n the absence of real cracking down, i don't know what's going to change. it's beyond each gas prices. consumers are getting hit with additional fees on top of increased prices at a number of retailers. i did a story for credit, net how retailers are adding fees to receipts, sometimes they are hidden because they are using your credit card. now they are saying we want to employ our employees health insurance, which is important, but then they are passing on that cost to us. so we are now entering a place where we are not just dealing with inflation. but we are dealing with some merchants who are price gouging. we are dealing with additional fees. the thing i would tell consumers is cash is king right now. cash is queen. cash is power. so if you can negotiate -- even

at the gas pump, and offer cash instead of credit, using a gas app the find the cheapest gas. literally gas stations across the street are having 30 to 50 cent per gallon differences. what's that about? doing a little research can go a long way on saving on gas, which is a huge part of everyone's budget. coming up, how much sway does former president trump have with republican vote centers the new clues we are getting from primary election results, and what it could all mean for the next presidential election. plus, look at this surveillance video. it was just released by the january 6th committee. why they say it raises big questions about a republican congressman's actions the day before the attack on the capitol. and in just the past few hours, the new charges from the feds against the suspect in the mass shooting in buffalo. details about a note they found in a search of his home. you are watching chris jansing

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new questions today from the january 6th committee to georgia republican congressman barry loudermilk about a tour he gave on january 5th, the day before the insurrection. in a letter to loudermilk, the committee says members of that tour spent hours in the capitol despite the fact that it was actually closed to the public due to the pandemic. and the letter says, they photographed and recorded areas of the complex not typically of interest to tourists, including hallways, staircases, security check points. they also released surveillance video of the tour. now take a look. the man you are looking at was, according to the committee, part of the crowd that protested outside the capitol on january 6th. now, we should make it clear that the capitol police chief says he has reviewed the surveillance footage and says none of the activities he saw were suspicious. and loudermilk provided a statement to nbc news in just

the past hour saying, in part, that the committee is pushing a false narrative that has already been put to bed. i want to bring in nbc's capitol hill correspondent ali vitale, pete williams, and carol last-minute a former prosecutor and msnbc analyst. ali, if the chief of the capitol police says the tour was innocent what leads the committee to think it wasn't. >> they have video like the one that you show that raises questions. i think what they are putting together here in the video they released again asking for loudermilk's cooperation, they are trying to draw the thread between the people on your screen there taking videos and pictures in places we don't see tourists taking pictures because it is security areas, stairwells, and juks posing that

with the fact that many of these people were at the march on the capitol one day later. that's the conclusion they are drawing her. they want to talk to loudermilk himself. this is the second time they have asked him to come in. this tomb they are releasing imagery about why they want to talk to him. i imagine this is not going to be a central focus of their committee hearing, especially not the one tomorrow. that's going to be all approximate vp mike pence and the pressure campaign that was placed on him. but at the same time, this is clearly one of those threads, especially something that was talked about in the aftermath of january 6th. a lot of confusion and concern around it because the capitol complex at the height of the covid pandemic at that point was closed to tours. so there were definitely some questions about this, and clearly the committee is not done asking them. >> obviously, this is part the committee's attempt to show this was a coordinated, planned attack. but it also seems to be at least an attempt to suggest that maybe some republicans somehow facilitated this.

is that how you read it? >> yeah. it's hard to say right now, chris, because there hasn't been any evidence that congressman loudermilk actually knew the purpose for which these folks wanted the tour of the capitol grounds. but what i do want to point out is how frustrating this is for the committee, to have to drag witnesses, especially a congressman, you know, towards the truth, kicking and screaming. he has denied in the past that he gave any tour of the capitol grounds. he denied in the past that anyone was wearing red caps during that time. and only when confronted with the video evidence does he concede touch a tour was given. really, if the committee has to do this with all of its witnesses, it takes a long time. and one would dhi that a congressman could own up to the fact that he forgot or was mistaken or such, that would enable the committee to do the

work it was commissioned to do. listen to steve bannon. >> i want to appreciate the january 6th committee cancelling today. their ratings stink and they can't compete with the trial of bannon. that's why they are cancelling. >> what was bannon actually doing in court today? >> his lawyers were asking the judge to dismiss the contempt of congress indictment against him. the judge has just said, no, i am not going to do that. they had several theories. they said the committee was not properly constituted. this is a claim that many people who are fighting sps from the committee have raised. it has been a complete non-starter so far in the courts. secondly, they argue there is a policy that former administration officials at the high level are immune from congressional subpoena when a president exers executive privilege. what the judge said here is

well, the contempt citation deals with his activities as a private citizen not as a government official and that former president trump never asserted askedive privilege over what the committee wants from bannon. he made other arguments, the law is unconstitutional as applies to him. the judge resisted all of those claims. i don't think the charges will be dismissed, and secondly it reserves issues they can resolve on appeal. but now there is nothing standing between now and july 19th when bannon goes on trial. >> the committee also released a clip from hirschman who said one of trump's advisers, john eastman was still calling him the day after the insurrection to talk about election fraud. want to play what hirschman said. >> i said to him, are you out of

your effing mind? i said i only want to hear two words coming out of your mouth from now on. orderly transition. repeat those words to me. >> what did he say? >> eventually, he said, orderly transition. >> i said, good, john. now i am going to give you the best free legal advice you are ever getting in your life. get a great effing criminal defense lawyer, you are going to need night sound likeseman and others like him, carol, could be a big part of this hearing? >> yeah, they will be a big part of this hearing, because -- because what we have seen so far is that virtually everybody in the president's inner circle, including his own hand picked attorney general and his own attorneys surrounding him were telling him it's over. and the few exceptions that were there, people were telling them, stop it, it's over. and that's very poignant in a way, you know, that this is -- this is -- this is the

president's own group of people whom he hand picked saying what was more important to them was the orderly transition of power with the new president being allowed to come in to play. and the ft thathe president and a few people who are on the outer ring -- ranges of society are saying, no, hang on, you can still do it -- it's a very dangerous thing for this country. and it resulted in large part in january 6th events. >> carol last-minute, pete williams, ali vitale, thanks the all of you. now we have new assessments of the impact of dangerous floods and mudslides on yellowstone national park. what experts are take about how long the park might be shut down. plus, 165,000 people without running water in the middle of a texas heat wave. when people there could see some relief, as officials warn of an imminent threat to people's safety. you are watching chris jansing reports, on nbc. -- msnbc. his investment account

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ken, what can you tell us about these new charges? and i understand there was a note the fbi says it found in his home? >> that's right, chris this. 26-count federal indictment comes on top of the state level domestic terrorism and murder charges already filed against payton jen dren. it carries the possibility, unlike the state charges the death penalty. the mass shooting resulted in the deaths of ten black people, injuries to others and two white people. they say he wanted to prevent black people from replacing white people and eliminating the white race. his rightings say it choose the tops supermarket because its zip code had the largest percentage of black people near where he lived. during the attack, gendron

appeared to avoid shooting at white people. when a security guard shot at him, he shot the black officer, then turned toward a white store employee who was wounded and he said sorry to the employee. and the letter says here's your reparations and the great replacement. the attorney general who met with families of the victims in this case explained why the federal government is bringing these charges even though he faces death in prison in the state charges. >> no one in this country should have to live in fear that they will go to work or shop at a grocery store and be attacks by someone who hates them because of the color of their skin. someone who commits that act because he subscribes to the

vile theory this only people like him belong in this country. >> now, chris, as you mentioned, the fbi says that they seized at his house a note written to his family in which he apologizes to his family for the attack but says he had to carry it out to protect the white race. and chris a word about the federal death penalty. excuses resumed in 2021 under attorney general bill barr after a 17-year hiatus. but they are paused begun by attorney general garland. right now there is no word whether the federal or the state case will go to trial first. out west we are being told that jellostone national park has been shut down indefinitely. roads and bridges have been closed after record flooding and more rain is in the forecast. flood waters are starting to recede. crews are taking stock of the

damage in wyoming and montana and officials say it is extensive. area respects, anguished by the devastation. >> this summer was the first summer not as intense with the covid, no fires. we were getting great rain. this was going to be our season. and our creek turned into a river. >> this disaster comes at the start the peak summer season, forcing countless people to have to cancel vacations, including plans to stay overate at yellowstone's nine lodges, 12 camp grounds, hundreds of camp sites. last july alone the national park service says more than a million people visited the park, the first time that's happened in a single monday. in texas, the problem isn't a lot of water. it's lack of it. 165,000 people in odesa have been without water since monday. a major water main break forced the city the shut down its entire water system. and the timing couldn't be worse. temperatures soaring higher than

100 degrees. people are heading to grocery stores and water distribution sites for bottled water. no word yet on what caused the break or when people will get their water back. now, to what could be a big step toward getting the youngest children vaccinated against covid-19. right now, an fda committee is discussing whether to allow the pfizer and moderna vaccines for kids under 5. last weekend fda scientists said both vaccines appear to be safe and effective in children. if this panel gives the thumbs-up, it goes to a cdc advisory panel and the cdc director. then vaccinations could start as soon as this weekends. halfway through the primary season, there is one big takeaway, trump-backed republicans are winning more often than not. so could that actually help democrats in the midterms? what does it mean for trump's own decision on 2024? you are watching chris jansing reports on msnbc. y particular about keeping a healthy body.

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today, the midterm stage is increasingly being set as democrats against trump-backed republicans n. nevada, adam laxalt, who ran trumps campaign in that state won the primary to take on incumbent democrat catherine cortez masto for a senate seat a. top republican target. and a man who says he would not have certified the 2020 election results, marchant is the nominee for secretary of state, the job that oversees elections n. south carolina, the gop incumbent, nancy mace won her primary against a trump-backed challenger, although later in the campaign mace did try heal her split from trump. and tom rice who voted to impeach trump lost. it tells us state by state how

important trump's stamp of approval remains. look at this survey from actionio. from the house, 12 hins, three losses, and for statewide offices, eight wins, six losses we are just halfway through a competitive primary season. there are more endorsed candidates out there. john hillyard is live from south carolina. and tim miller from the bull work is back with us. von, what are republicans taking away from the playbook in south carolina? >> yeah, chris, look, tom rice was the first republican who voted to impeach donald trump, who willingly stood up and put his name back on a primary ballot and tried to beat back a trump-backed challenger here. he got clobbered. he only pulled in 25% of the vote. what is notable about tom rice is the lack of republican support he had here on the ground. former speaking paul ryan came the campaign on his behalf.

but it is not like you saw a battalion, a storm here in south carolina to defend -- he calls himself a christian conservative who has served in congress for more than a decade now. there was no like kevin mccarthy or stefanik were not here. vormer vice president mike pence was not here. i asked him specifically on monday how he felt about essentially being the lone fighter here to fend this seat for himself. he told me, quote, they have the make their own choices. i am not going to judge. i know i made the right decision, i know i made the decision to preserve our freedom and prosperity by defending our constitution. i said tom rice was the first of those impeachment republicans to put his name on the. about. there are four others we are looking a in the the next two months. you have jamie herrera butler and dan new house in washington state. peter myer in washington, and in the middle of august, liz cheney puts her name on the ballot. the one other race here of course was nancy mace. she ultimately did win this

primary. she didn't vote to impeach him, though she called for his kens censuring. he made peace with trump in the last to you months. i wanted to hear her message to donald trump now. >> my message to him is the same as it is to anyone else, i am willing to work with anyone who is willing to work with me. full stop. >> now, the question here is, ultimately we are going to find out in the next two months. can republican members of congress continue to stand up to donald trump and have success in their primary challenges against those trump-endorsed candidates? >> tim miller do you want to try to answer that question? are you hearing or seeing anything, say, from the january 6th committee, that might lead you to believe that the second half of the primary season might be different than the first? >> i really don't think so, chris. look, i think there is another number von didn't hit on there when he was going over the

impeachers, the number who have already left of their own accord, which is four of them. right? so four of them didn't even put themselves up for re-election. one has now lost. there may only be four members of congress who were part of the ten courageous members who voted to impeach donald trump. if you have any doubt what this is all about. tom rice is not a moderate republican like i was. he is from the ted cruz, mike huckabee christian conservative hard right wing of the party. his only -- the only thing that separated him from a conservative republican voter was his vote on impeachment. and he only got 24% of the vote. so, look, i don't think that trump is going to win every race that he endorses people in. particularly if the two candidates are both pro-trump candidates. sometimes local issues are going to overwhelm. but any time somebody steps out

and does a courageous thing they are going to go down in these primaries. brad raffensperger's win in georgia is the only one to the contrary. somebody who challenged trump and won this the primary. i see that as a distinct without ains deference when they are running against somebody who is also a trumper. mid terms are much smaller turnouts. could primary wins for trump-backed candidates provide an opening for democrats? if so, where do you think? >> yeah, maybe. look, it is going to dend on the individual candidates. we saw in skrirge in 2021 you can't run against trump in the midterm when he's not on the ballot. but if the candidates themselves are extreme i think so.

look at the pennsylvania case, mastriano is a far right insurrectionist, he was there january 6th. i think pennsylvania should be the type of state in a good year for republicans where republicans would win the governor's race, i think they could lose that race to josh shapiro who is running a good race as a center democrat. in georgia, walker should be a winner. but news broke yesterday he has a secret child, he can't answer questions, he was also an insurrectionist. i think in certain races democrats can pick it up. i think the more concerning thing for me, some of the secretary of state races, you mentioned nevada, in a wave republican year some republicans are going to get swept in who are extreme that win the lower races like secretary of state because voters just don't split their ballot that often. that's something i am looking at and really really concerned about. >> tim and von, thanks to both of you. appreciate that. meantime we have got some critical meetings today that

will influence what happens next at a pivotal moment for ukraine. what president zelenskyy says he needs, and what the u.s. just announce it will actually provide. congressman mike quickly from the intelligence committee joins us to discuss what the u.s. should do now. you are watching chris jansing reports, only on msnbc. y on msnc our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪

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in just the last hour, the white house told us that president biden talked with ukraine's president by phone this morning and told him the u.s. would provide another billion dollars in security assistance. moments ago after a meeting in brussels, defense secretary lloyd austin announced the latest package. it includes additional ammunition. but ukraine's president said they need even more than that. the major fight in ukraine right now is in sievierodonetsk.

joining me is mike quickly, a member of the house committee. is this package enough? it is less than they wanted. >> look, the total aid package that we're committed to is somewhere in the nature of $23 billion, $24 billion. there's enough dollars dedicated to this. it comes in tranches. the president announced another billion today. when i looked at the list that you show, it was all 155 caliber. that's u.s. and nato how it'sers. -- howitzers. ukraine is trying to reform from soviet era weaponry to current

weaponry and that's hard to do. i was just in poland looking at the logistics of this conflict and i do believe the west is doing what it can as quickly as possible to get there, but you have to add the logistical issues and how tranches move. it's a tough task. i think we'll get it down. >> another thing that lloyd austin said is he believes the fight that's going on now in sievierodonetsk is pivotal. what is your understanding of the fight on the ground, especially in regions so closely from now. we've been hearing on the front lines in recent days have been some of the bloodiest and deadlyist in the last threes months since the war began. >> i was just on the phone and it was described a slug fest. that's what it is. i've heard it called a stalemate but it's not.

there's horrible fighting taking place right now. this is a logistics struggle right now and we start to see the russians attacking the supply line. our task is to get it to that border. unfortunately after that it's up to ukrainians to get it in the farther east. the movement east also makes this much easier for the russians from a logistical point of view. the terrain is more to their liking and their kind of tactics. i appreciate that secretary austin is going to brussels. a vital part of all of this is the president did a great job building this coalition. almost as difficult and perhaps more difficult i guess at times is maintaining it, maintaining the interest in keeping the resolve of our western allies. we hear nato developing a comprehensive package there. that needs to happen very

quickly. >> president zelenskyy today asked the eu to start his country on the road to membership. he warned it would stretch from warsaw to sophia. >> they've earned it. when i think of why we formed the eu and how important economic relations are, it's actually vital that we do this. i also think they've earned for all the reasons that we've formed nato for nato to come to their complete assistance. they're fighting the fight for the reasons nato was formed and the eu component will only add to their strength. >> congressman quigley, it's so good to see you. thank you for taking the time. make sure to join us for "chris jansing reports" every weekday at 1:00 eastern time. don't forget to tune in to special coverage when the january 6th hearings pick back

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federal reserve may be about to announce the biggest interest rate hike in 30 years. this is the third of seven planned interest rate hikes, it is a pivotal moment for the economy. they are trying to cool the economy down and slow growth without bringing a major recession. some worry the timing of their policy shift has come too late. inflation has reached its highest rate in 40 years. the average cost of groceries has increased dramatically. a dozen eggs $1.23 more than a year ago. a gallon of milk, 70 cents more than last year but it is the price at the pump that has most americans straining to make ends meet. the average cost of a gallon of gas now more than $5. that right there as an all-time high. joining me right now