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 is the host

of "the 11th hour," stephanie rule, tom costello with us, white house correspondent carol lee and host of public radio's "full disclosure." the news is in, stephanie, three quarters of a point. >> we thought originally it was going to be 50 basis point but jay powell is in a situation. we are in a serious inflationary environment. normally the fed likes inflation to be around 2% and it's currently approaching 9. so 75 basis points is a big move but it's still tricky because what they don't want to do is move so much so quickly that they push us into recession. but if they don't do something aggressive, prices will likely continue to rise and the economy is suffering for it, especially right around gas prices. this is a big move. it's not unexpected. it's the thing that people have been waiting for. most economists across the board have said this should have

happened months ago. markets are going to take this as a positive. >> robin, it is hard to thread this needle, though. the federal reserve doesn't necessarily have a great history with getting it right because their levers are not precise. it's hard to target exactly what the economy needs. they've got a big lever and a small lever. >> yes. and he is not some omnipotent mr. miagi here who can fix everything. the fed has gotten it wrong several times. stephanie, we've had rolling financial bubbles now for the better part of 25 years where they come in, they inflate too much and then they crash the economy by hiking rates. you have .com, subprime and global economy shuts down but the timing is never perfect. you always leave too much money out there for too long and you have to do this emergency job of mopping it up. that's when you start to feel pain like those egg prices.

those are really pocketbook issues. and it's so much harder to kill inflation after fact than kind of inflate a recessing economy. >> speaking of the eggs, tom, walk us through what we're seeing out there because it is rough. >> it is rough. listen, we've got overall inflation as you've heard running at 8.6%. the last time we had that was 40 years ago. and, oh, by the way, now this biggest rate hike in almost 30 years. food is expensive, up about 10%, housing up 5.5%. you talk to anybody at the gas pump, they'll tell you how much they're paying in their state, well over $5 a gallon in half the states out there. the short answer here is that by raising the interest rates, no, we're not suddenly going to see prices come down. quite the contrary. you're going to be paying more if you take out a new mortgage, a new car loan, credit cards, private student loans. the point is they're trying to make it more difficult for people to spend, not just

average americans but corporate america because they want to hopefully slow the economy. as you mentioned, they don't have a lot of tools in their tool box to do it. right now they got a sledge hammer and it's not very accurate. if they can slow the economy, tame inflation without going into recession and oh, boy, is that a challenge. if they can do that, they will have pulled off an amazing feat. they're way behind the curve here. they should have been raising rates, as they acknowledge, back in the fall. then they got behind inflation. they thought inflation would be in and out quickly and over. it's not. we're used to some inflation. 2% inflation is normal in any economy. that's what you want. when we're pushing 9% inflation, think about your paycheck. did you get a 9% raise this past year? chances are your paycheck is worth a heck of a lot less now than it was a year ago. this is going to take time. if they can slow down the economy by rate hikes, it will take time to eventually feed

through the entire economy. listen, if we end up in a recession and people start losing their jobs, that's the risk here right now. >> so the white house is confident, carol, or they do believe that the fed can get a handle on this without pushing us into any recession. they believe that this can be a soft landing. what are you hearing out of the white house today? >> well, their big focus out of the white house today, katie, is on the price of gas. so you saw this letter that the president sent to ceos of oil companies basically saying we want you to come work with us, the administration, to figure out how to lower gas prices. there's some shaming in this letter saying that profits are too high, that the president writing that the profit margin for these companies is unacceptable and pointing out that just in march gas was -- the average price of gas was 75% less than it is now, $4.25 a gallon, while the price of oil

per barrel was also $120. so they're trying to figure out how to come up with some way of lowering gas prices, which is one of the core planks of the president's plan to fight inflation. so what the white house is asking is that these companies engage with the administration and explain why they're not doing more, producing more and to try to come up with solutions for lowering gas prices. now, the companies push back and say, look, we're not producing more because of the president's climate change agenda, reducing dependence on fossil fuel so it's a bit of a fight but more than the white house wants to have. >> steph, can you speak to that? we're seeing the president saying you have record properties, it's not fair as an oil company to have record profits on the backs of

consumer, especially when there's a war going on and you have the oil companies trying to push it back on the president saying this is all about their policies make it political. sort it out for us. >> and i'm by no means defending these companies, but it's not fair, do the right thing. do the right thing by whom? these companies are there to work for themselves, they're there to work for their shareholders. that's what they're doing. they're not a public service. the white house is shaming them. that might have some impact but likely probably not. most likely the white house is going to need to sit down with these companies and figure out is the white house willing to offer something, some sort of floor for them if things aren't profitable? and, again, i'm not saying that's nice, i'm not saying it's lovely. these companies don't have to play ball. while some are saying why is biden going to saudi arabia next month, why is he negotiating with them, all the things they've done? that makes absolute sense. however, you can't just say to the oil producers say jack it up, turn on the spigots.

they're not prepared to do so. where they can is in saudi arabia and biden needs to address it now. that's why they're talking overseas. at the end of the day they don't really have to do the right thing. they don't work for him. >> let's talk about how the stock market factors into all of this. it hasn't been great over there. if you look at the ten-year average, the five-year average, it's great, the stock market is up a lot. if you're just looking at the past few months, it's going down. >> yeah. and you know, we know this well. recessions happen, bear markets happen, corrections happen, panics. we've had them now in our lifetimes. what we have not had was this institutional memory of having to jack up interest rates so many times belatedly. i posed this question to this venerable -- what is this, an eight split screen, how many people do we have in this panel right now? but inflation is at a 40-year high, stephanie, tom, where was

paul volker 40 years ago on interest rates? he wasn't on interest rates. today we're at 2%. weren't we in the mid teens? isn't that the ultimate concern, to truly snuff out inflation, not only do you need gas prices at $5 a gallon but we need interest rates we haven't seen since the early 80s. >> we've all become addicted to super, super low interest rates. during the trump administration it made absolute sense to raise interest rates but we didn't and one of the reasons you saw the stock market doing so well is because rates are at zero. when rates are at zero, there is no where else to invest than the stock market. so the stock market was artificially going up. what we're experiencing right now, though it doesn't feel good, is a normal market. we can't have 0% rates and a stock market that goes in one

direction, up. >> you talk about 0% rates. largely the fed had cut rates down to zero, at the same time flooded the market with money because it was trying to stimulate the economy during the pandemic. we also had a lot of free money in the form of tax cuts from the previous republican congress, we have bipartisan stimulus money, pandemic stimulus money. the republicans and the democrats passed it, just a flood of money into the economy. when you flood an economy with money and you cut rates to zero, it's free money, right? anybody can go buy anything. you can go buy an expensive house. there's plenty of money going around. that's abnormal. as they try to raise rates to get back to a norm situation, they ideally should be pulling money out of the economy. when the government buys bond, they're stimulating the money, and now they've got to sell

bonds to decrease money supply. that sounds complicated. if you flood your kids with money and they go out and spend and spend and spend, at a certain time you have to turn off the spigot. we have multiple reasons why at 8.6%, plenty of blame to go around all side but the fed has got to get this out of control. >> quickly because i'm getting the wrap. >> we flooded our economy with money. why? because we were experiencing a once in a lifetime pandemic. we were on the brink. >> exactly. >> there really wasn't an option. six months ago no one was expecting ukraine would be facing a war, which is why gas and food prices are so high. you're dealing with two extreme instances. it's easy to judge the administration and the fed now. he's are some extraordinary times. >> thank you. it is a difficult time we're in and it's hard to predict the future and this is why getting control of something like this, this runaway inflation, is not a

surgical task. as tom said, there's a sledge hammer that the fed is using and they're hoping that has the right aim. this is a five-box rub. if you think this is a big panel we got going here, i have been in a 35 box before, my friend. >> you're ready to go full cnbc. >> we don't need all those voices. we have enough right here. >> thanks, everyone, for joining us. >> coming up, why the january 6th committee released this footage of a capitol tour and what they want to know from the republican congressman who led it. and what will republican senator john cornyn says may need to get pared down to get votes. o get v.

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the third january 6th hearing starts back tomorrow. you are watching new footage put out today by the panel. it has been released as part of a letter from chairman betty thompson to republican congressman barry laudermilk of

georgia. this shows him leading a tour of ten people through tunnels in and around the capitol. he said they can be seen taking photographs of areas that wouldn't normally interest the tourist areas like staircases, hallways and security check points. one of the so-called guests was later caught on film of the january 6th riot. the man made a disturbing video threat to specific members of congress and filmed others doing the same. earlier capitol police acknowledged the tour throughout the capitol and said the activities they observed were, quote, not suspicion. loudermilk's office issued this state, adding nothing about this

visit with constituents was suspicious. my next guest broke this news earlier. joining me is jake sherman, an msnbc contributor. jake, the video, i'm not the capitol police and i know he'd said it's not suspicious. it seems intriguing that they're taking pictures of security and staircases and tunnels. that's not what i would take a picture of if i was visiting the capitol. >> no. i can give some context here, katy. in those videos, which seem to be obviously the capitol police surveillance videos, this man is taking a photo of a staircase, a commonly used staircase and what appears to be, i would bet a lot of money, it's a security check point in the tunnel between cannon longworth and the capitol, which is a main thoroughfare for members of congress -- >> these are the office

buildings that are around the capitol. these are where the lawmakers and their staffs going to work every day and then they take these tunnels to get into the capitol to vote and go to the floor. >> that's right. i should have said that. and then the third one appears to be another tunnel between the rayburn building, another house office building and the capitol. i've been in this building working every day pretty much for 12 or 13 years. i've never seen anybody take those photos that led tours of the capitol. i took you around the capitol, katy. people don't take these photos. maybe this man felt a special urge to take photos of these check points, but it's extremely unusual behavior based on my own experience. now, it's important to say here, katy, the committee has not accused barry loudermilk, republican of georgia, of any wrong doing but he said previously that this man was not

at the january 6th riot insurrection at the capitol. the committee has evidence that he was based on footage that they have from a documentarian, which they have also released and saying he was going to drag members of the congressional leadership out by their hair, they were going to be in the building like white on rice. so there are questions to be answered here. we reported this morning that the committee has spoken to this man. we don't know what he has said, but a strange chapter here, quite frankly, in this investigation. >> he said, according to the video released by bennie thompson or according to the letter to loudermilk, the man in the capitol said, "there's no escape, pelosi, schumer, we're coming for you, we're going to take you out and pull you out by your hairs." jake sherman, thank you very much and thank you for that tour of the capitol the other day where i did not take pictures of security or staircases or

tunnels. >> neither did i. >> chris krebs was the first director of cyber security and infrastructure agency. you were intimately involved in all of the aftermath of the election until you weren't because you were fired. when you watch these committee hearings, what are you thinking? >> well, i think they did a pretty good job on monday to bring in a set of voices that had not necessarily been as forward in denouncing the former president and giving their view of what was transpiring during that post-election period. i think it was actually very helpful, very useful use of time, screen time and witness time. they continued to establish that the former president knew he lost and yet he continued with the grift anyway, to the tune of

at least 250 million. tomorrow with the justice department they'll continue to establish that senior leadership of the department of justice counselled the white house and senior staff that despite the claims they did investigate there was no evidence of any kind of fraud that would tilt the balance. yet there were some outliers. i think they'll try to establish that with jeff clark and we'll see where they continue to go with subsequent hearings. >> let's talk about what's happening right now and the elections that are coming for us. we just saw a few primaries yesterday. one of them in nevada has now put a -- somebody who said they would not certify the ruts of election into contest for a a secretary of state position in a state that could be pivotal in the 2024 election, nevada. what do you have make of this candidate and what it going to mean going forward? >> i mean, that's just one

candidate, right? you're seeing the same sort of thing in arizona with mark fencham. he previously said he would not certify. then you have pennsylvania, a state where the secretary of state is actually appointed by the governor. so if he were to win, he would able to appoint that secretary of state. he just appointed or brought on board as legal counsel jenna ellis, famous of that november 19th press briefing with sydney powell and rudy giuliani's hair dye. i think we have a much more distributed diffuse threat to democracy, but now we actually have folks in place that have their hands on the levers of elections, how they're processed, how they're certified and that slate that i think will also be the fake electors in

2020, maybe in '24. it won't necessarily be a fake electorate, it will be what the secretary of state actually determines rather than the will of the people. >> i was talking about jim marchant of nevada getting the gop primary for secretary of state there. let's also talk about new mexico and what is happening there. there is a primary that the elections board is refusing to certify? >> yeah. so there are multiple players here, right. you've got the federal layer, you have members of congress, you have secretaries of state at the statewide level. now in new mexico, you've got the head of the cowboys for trump, coy griffin, he is the commissioner of a county and they're saying they're not going to certify the recent primary votes. so that could throw a pretty significant procedural monkey wrench into new mexico elections they may not be able to get things in place for the

general -- >> and this is all about dominion voting machines, chris? >> yup. this is all part of the my pillow guy movement and a former new mexico state university professor, dave clements, that's part of this effort. the my pillow guy said he wants to melt down all these machines and turn them into jail bars or something like that. there's a group of folks in the country that have lost all sense of reality and touch with reality. it all starts back at the top with trump and the fact that he continues to push these narratives. we need some accountable, responsible folks in the gop and the rnc to stand up and say we're done with this, enough. we've done enough damage to democracy. we have to repair the damage done. >> chris krebs, i could ask you a thousand more questions about what, i don't know, russia might do with all of this but we're running out of time. we'll have you back.

coming up, both of these south carolina lawmakers crossed donald trump. only one of them survived a primary challenge. what those results and others tell us about the november mid terms. we'll continue the conversation i was having with chris. and senator joe manchin has called it the best chance at gun safety reform, but could a disagreement on the, quote, boyfriend loophole derail the legislation? i recommend salonpas. agreed... my patients like these patches because they work for up to 12 hours, even on moderate pain. salonpas. it's good medicine [♪♪] if you have diabetes, it's important to have confidence in the nutritional drink you choose. try boost glucose control®. it's clinically shown to help manage blood sugar levels and contains high quality protein to help manage hunger and support muscle health. try boost® today.

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some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com we are following breaking news out of new york. the department of justice has filed 26 federal hate crime and firearms charges against the accused gunman in last month's mass shooting at a tops grocery store in buffalo. according to the criminal complaint, the 18-year-old's motive for the mass shooting was to prevent black people from replacing white people and eliminating the white race. and to inspire others to commit similar attacks. he is the first in new york state history to be charged with domestic terrorism motivated by hate. the complaint also revealed that the shooter had left a handwritten note in his bedroom apologizing to his parents. along with a receipt from the store before the attack and

sketches of its layout, the new charges were announced as merrick garland met privately with the victims and survivors of that attack. and in texas, funerals are being held for the victims of the mass massacre in uvalde. as uvalde grieves, the lead republican negotiator on the senate's bipartisan gun bill expressed concerns that two key provisions might need to be watered down. >> i don't think anything that funds 19 states for their programs but ignores other states that have chose not to have a red flag law but have other ways to address the same problem is going to fly. that's one of them. the other issue has to do with the way that nontraditional relationships are handled in

terms of domestic violence, misdemeanors. we got to come up with a good definition of what that actually means because what this does is it would add a category to a bar for people being able to purchase a firearm if they fall in that category. so it's got to be clear. we got to settle these issues or else we're talking about jeopardizing our ability to deal with legislation next week. >> joining me now is ali vitale and shannon watts. ali, i want to get your reporting on where we stand and also some clarity, if there is any, on what senator cornyn was saying about the boyfriend loophole when he talks about being very precise in the definition of the misdemeanors and felonies and taking away of guns for those individuals. do you have any idea of what language he wants to add or he's being asked to add?

>> look, it's a question at this point of if the language is broad or if it is narrow. that's as it pertains to the so-called boy friend loop here. this is something regardless of what the bill text looks like that it looks like all democrats will be on board for. when we're talking about sticking points, we're talking about sticking points around the crafting of this language among republicans. how can they keep the ten republicans on board with that framework and then also potentially earn more votes, as signalled by senate majority leader mitch mcconnell. on the boyfriend loophole it's a matter of how broad or narrow it is and how they make it so it's not just 19 states that have those programs that would be

incentivized to keep them. these are the sticking points that we're talking about but senator chris murphy, the lead democrat in these negotiations still finding time for levity saying in a tweet we can pull up on the screen here, "we only have two sticking points? that's great news. we're going to get this done. there are always hiccups when we have something worthwhile, we'll get through it." he's sounded optimistic in getting through this legislation. both of these negotiators on both sides are trying to keep this train on the tracks. it really is and always has been a question of the devil being in the details. plus, they're up against the clock. july 4th is coming pretty fast. >> you are the founder of moms demand action. in that role how do you see about what you're seeing on

capitol hill right now? >> we always knew there would be bumps along the road, that the devil would be in the details. i am optimistic that these conversations are moving forward. there's a real willingness to come to an agreement on this. your own network reported today that the reason that senator mcconnell feels so strongly about this is because he sees the writing on the wall. he knows that people in the suburbs, particularly women and moms, expect something to get done. he knows there's overwhelmingly support for gun regulation in this country. i am a suburban mom of five and it is ridiculous that we cannot send our kids to school and wonder if they will come home alive. i really do think at this point if you are a republican and you oppose this legislation, it's more of a political liability than benefit. >> let me can you if it's enough. there are folks saying the

provisions won't stop a lot of shootings from happening. how do you feel about what can get done, the possible that they're negotiating right now? >> i just want to be clear that these are historic discussions, the fact that we have ten republican senators at the table who are willing to have a conversation about strengthening our gun laws is due in large part to the movement we've created since the sandy hook school shooting. i've been a full-time volunteer with moms demand action now for a decade. back when we started this work about a quarter of all democrats in congress had an a rating from nra. today none do. we need every lawmaker to be on the right side of this issue regardless of the political party they represent. in addition to moving the political needle, we are also talking about true life saving provisions, whether it's closing the dating partner loophole, expanding red flag laws, making it hard to get a rifle if you're

and you the age of 21. that's why it's so important to move forward. everyone text the world bold to 6433 and let your senator know you support this legislation. >> and november's mid-term elections will be stacked with donald trump aligned republicans. adam, who led efforts to challenge the results will take on his opponent. if elected he would be in charge of running them. in texas, republican mayra flores defeated dan sanchez flipping a blue house seat in the state's special election. in south carolina, tom rice, one of ten republicans who voted to impeach donald trump lost but

nancy mace survived even after blaming trump for the insurrection and so did south dakota as dusty johnson, who voted in favor of the january 6th commission. joining me is vaughn hillyard. i just want to talk about south carolina and the food. but tell us about the primaries. >> reporter: you can catch a plane here tonight and make it in plenty of time. tom rice has effectively been ousted from the u.s. congress after a decade in office. it's hard to reckon a christian conservative republican in a deep red myrtle beach area could be ousted in a primary but that's what happened to him because he voted to impeach donald trump. and i think that is where the republican party is looking at a

reality, that in the u.s. house next year, tom rice's voice won't be there, adam kinzinger, congressman gonzalez, potentially congresswoman liz cheney won't be there. and nancy mace was also on trump's purge list. she didn't vote to impeach him but after the january 6th insurrection, he called for his censure. that's why he backed the primary challenge against her. in the last year she's halted her criticism of him and tried to make peace with that wing of the party. ultimately she hit that 50% mark and she is very likely to be in congress next year. that is why i wanted to ask her the question because she is sort of on this island now of somebody who effectively was able to beat back a trump-endorsed candidate. that's why i wanted to ask her what role she sees herself playing in the gop ahead. take a listen. >> after 2022, the republican

party is going to be shaped even more in the image of donald trump, based off of primaries we have already seen take place these last months, what role will you play in the republican party going forward? >> i'm going to play as much of a role as i can, as i have so far. i am not unaccustomed to being called to the principal's office and sometimes the vice principal's office but i work really hard to represent the values of my district. i bring that voice to washington and that's why you saw us get elected and have a great win tonight. >> reporter: katy, we have become accustomed to hearing these republicans candidates from oz to vance to walker, myra flores, the three trumped backed candidates offer effusive praise of donald trump. nancy you rays say she wanted to

be a -- >> i remember having her on in the aftermath of the insurrection and she was adamant it was not okay, not okay what happened. vaughn, thank you very much. appreciate it. coming up, record rainfall and unprecedented flooding strands thousands of tourists at one of america's most popular national parks. the video is crazy. and now what experts are saying what's going to happen in yellowstone or not happen because of all that damage. >> then shots in all arms. when the youngest of us, the youngest americans, our littlest kids, might finally be protected from covid. that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. announcer: type 2 diabetes? your money never stops working for you with merrill, discover the power of 3 in the ozempic® tri-zone.

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eligible for the vaccine, as every parent knows. right now the fda advisory committing is waiting to weigh in. it could clear the way for a formal recommendation. we are expecting a note on that in the next hour. joining me is msnbc medical contributor and former obama white house policy director. we've been in sort of this position before where we almost gets shots for kids under 5. what has changed? why does this time look more hopeful? >> this is the day so many families have been waiting for. we can talk about when people can practically expect to get shots in arms. what's changed in january when the fda said they were going to potentially have shots in arms is really the fact that omicron really hit everyone. that's really the factor here. with adults affecting, we know

that the efficacy had gone down with omicron. same thing with children. that's why pfizer needed to add a third dose and moderna has been looking into doing a booster in the under 6 population. all promising signs that the advisory committee will closely unanimous or unanimously vote through a recommendation to authorize both moderna and pfizer, giving people choices. >> i talked to a parent who said it's not so kid is healthy, why do i have to take a risk on that? >> there's been a sense that kid don't get it so bad and the rest of that phrase should say compared to older adults. in this age group that has not had access to a vaccine, we have had 202 deaths all preventable

from covid. we have had thousands of hospitalizations and during omicron when you and i were talking about when we might have had access to a vaccine, just in that period of time alone the rates of hospitalizations in the under 5 age group exceeded those we would see in the height of influenza season. just to make it very clear, vaccines matter and this is something that we're still seeing unfortunate consequences. and not to mention long covid. we do know vaccines help with adults hopefully over time with long covid and we hope it would with adults. the safety profile for both of these shots is incredible. fever and kind of ache at the site tend to be the top side effects for different vaccines. something talk about with a pediatrician. >> pfizer and moderna are working on an update for their

vaccine for the fall. should we expect it to target omicron, which is the variant that's currently dominant? >> yeah. i think the moment today was moderna commenting that they have a third dose for the under 6 age group that is based on updated vaccine technology and they expect data on that by the end of the summer. that could be incredible news and help essentially our kids to catch up because we think we'll have data for that on adults in the fall. more to come. >> thank you very much. we should mention that the nih has just confirmed that although he has avoided it up until now, dr. fauci has contracted covid. no word on how he is but there are therapeutics out there. thank you very much, dr. patel. coming up, destroyed bridges and forced evacuations at one of the

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boulders narrowly missing cars on the road. >> it just moved. >> reporter: flood swollen rivers even sweeping away buildings. this two story house carried nearly five miles downstream. roads and bridges leading to yellowstone national park that weren't washed away have been shut down indefinitely at the start of the peak summer season. >> it's safe to say it's going to be an extended period of time, the northern end will be closed. >> reporter: some 10,000 visitors were evacuated from yellowstone. even more from surrounding communities. some air lifted out of harms way. >> it landed. i'm getting goose bumps talk about it. it was so emotional because none of us were expecting it. >> this is a house that used to be surrounded by a huge yard. >> reporter: in the small town of red lodge which is normally a quiet creek, now a raging

torrent. >> this summer was the first summer not as intensive with covid, no fires and getting great rain. this was going to be our season and our creek turned into a river. >> reporter: the historic flood the result of an atmospheric river, a narrow corridor of moisture that drop relentless rain on washington, montana and wyoming along with fast melting mountain snows turning streams into life threatening rapids. >> it was frightening because in addition to all of this debris coming, you could hear the rocks in the creek. these are giant boulders. rolling down. it feels like you're on the manhattan bridge listening to the trains go by with you. >> reporter: a region home to an iconic national treasure now transformed by record floods. the good news here, there's no rain in the forecast over next couple of days. when you look at all that damage

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