patriots here, and not to use the war as an excuse or as a reason to not put out production. >> and rebecca jarvis back with us tonight. and of course, rebecca, the fed signaling this so-called soft landing, that's what they're hoping for, trying to slow down inflation, slow down the rising prices while at the same time, trying not to plunge the u.s. into recession. but we've been talking about this, this is certainly not guaranteed. >> reporter: oh, it isn't, david, and the odds of a recession are rising. it's something we've said before and it continues to be the case. look, this inflation, the depths and the scale of it, was caught offguard, the federal reserve, as well as this administration, and a number of economists believe that they failed to act soon enough. moody's analytics putting out a note tonight, saying the fed could be facing a very difficult decision ahead, whether to plunge the economy into a mild recession in order to tame inflation or wait and face an even more significant recession. david? >> american families waiting for these decisions and how they'll effect them moving for

and so, we know part of what's driving this, of course, let's get right back to rebecca jarvis tonight. rebecca? >> reporter: david, you can think of this as wall street confronting its new normal. for the last decade, the federal reserve has kept interest rates near 0%, helping to prop up the economy and helping to drive up things like stocks, crypto-currencies and home values. but faced with historic inflation, the fed must do the on opposite, they must hike interest rates higher. david? >> all right, rebecca jarvis, thank you. >>> and in uvalde, texas, tonight, we cannot forget the funerals that continue. 11-year-old laila salazar was laid to rest today. her family saying she loved singing, dancing, and the dallas cowboys. her father holding a photo of her, saying they would sing together every morning on their drive to school together. 21 victims in you a, laila is the 20th funeral. the final, the 21st funeral, will happen on saturday. >>> when we come back here tonight, the chilling subway accident here in new york city. the passenger dragged by a train. >>> and then later here to

that hurricane is right out there down the road coming our way. >> reporter: for "this week," rebecca jarvisabc news, new york. >> thanks, rebecca. >>> let's bring in transportation secretary pete buttigieg. secretary buttigieg, thanks for joining us this morning. let's play off what jamie was saying there, he sees storm clouds there. elon musk is worried about the future of the economy. is that americans should be braced for? >> well, right now, what we're doing is preparing for the road ahead, where you're not going to see this kind of swift red-hot, wildly fast economic growth that we had over the last year or so, but still expecting strong economic growth and working to keep it this way. now, look, whether we're talking about growth or inflation, one very important principle right now that this administration takes seriously and respects is to allow the fed to do its job, but the administration and congress have a job to do as well, and that is to support growth in this economy, including issues on the supply side of our economy, like making sure our supply chains are stronger, making su

here's abc's chief business economics and technology correspondent rebecca jarvis. >> kind of just neverngry in the mornings. usually a cup of coffee or tea holds me over. >> reporter: there's a moment in every young person's life when you feel like things are starting to come together. your job's going well. your home is in order. you're paying your bills. but for nata kondua, that moment has been painfully elusive. >> you try to be independent, but you're realizing you need a lot more help. your independence kind of has a different outlook than what you imagined it would be. >> reporter: at 26, he has a job and an apartment he shares with roommates. but still, the struggle to make ends meet has been a sealingly ne seemingly never-ending challenge. across the country, an economic conundrum is brewing. prices surging on just about everything, up 8.6% from a year ago. >> a healthy, well-functioning economy should have an average inflation rate of 2%. inflation today is at the highest level it's been in 40 years. >> reporter: and it's impossible to miss. groceries up nearly 12%. gas up nea

abc's rebecca jarvis has the details. >> in this morning's "gma" first look, crypto crash. bitcoin, back in january, one bitcoin would have cost you more than $47,000. today, it is worth less than half of that, plunging by a staggering 25% in just the last week. one of the largest crypto lenders, celsius networks, freezing customer withdraws. >> its>> going to hurt us a life we don't see that money. >> crypto is unregulated and lacking the legal protections built into banks, making a volatile and unpredictable way to invest. >> the smart way to invest is going to be your 401(k), or you know, an index fund or a mutual fund. >> it's not just the crypto market struggling. coming up, we will have what you need to know to deal with rising interest rates and falling stock prices. with your gma first took, i am rebecca jarvis, abc news new york. >> for the first time, elon musk held a virtual meeting with twitter employees to hear and answer some questions. in an internal livestream, which the new york times attended, he commented on major concerns. according to the times, he seem

for "this week," rebecca jarvis, abc news, new york. >>> thanks to rebecca for that. we're joined now by treasury secretary janet yellen. thanks for joining us this morning. the wall street journal reported this morning that 44% of economists expect a recession within the next year, is that what you expect as well? >> well, i expect the economy to slow. it's been growing at a very rapid rate as the economy is the labor market is recovered and we reached full employment, it's natural now that we expect to transition to steady and stable growth. i don't think recession is at all inevitable. chair powell, clearly inflation is unacceptably high, it's president biden's top priority to bring it down, and chair powell has said that his goal is to bring inflation down while maintaining a strong labor market that's going to take skill and luck, but, i believe it's possible. i don't think a recession is inevitable. >> you say it's not inevitable. the question is, is it likely? we're already seeing consumers start to pull back on services especially some signs that the job marke

i want to bring in our chief economics correspondent rebecca jarvis. oning. but are there any tips to keep the cost as low as possible especially people dealing with cancellations and seeing their vacations extended? >> hey, michael, yeah, you have to eat obviously. dining out has become more expensive with restaurant misses up more than 7%. you can save, though. you can try apps like too good to go which connects you with stores and restaurants that have leftover food at the end of the day. it is active in a number of cities and lets you capitalize on surplus food. also download the app to your favorite restaurant chain. many are offering daily deals and coupons and check out sites like groupon and living social. they list deals on food and experiences wherever you travel. there's also a great best value guide on eater that gives you a sense of where you can stretch your money the farthest. >> all gate suggestons, rebecca. gio, how about the timing? when should you travel if you want to try to avoid a flight-mare? >> reporter: well, robin, hands down e

rebecca jarvis standing by. >>> the reports coming in on those two american veterans missing, fearedsian forces, possibly near kharkiv. their families waiting for word back here at home tonight. the state department now responding and james longman with late reporting from ukraine

. >>> also this morning, rebecca jarvis is going to show us some of the tiktok trends that might helpelphia. want to go back to janai norman who is in philadelphia. good morning, janai. >> reporter: hey, george. this area of south street was blocked off by barricades and packed with people saturday night when the gunfire erupted. police saying at least five weapons were involved according to ballistics evidence and that includes at least one police officer who they say opened fire after seeing a shooter shooting into the crowd. this morning, multiple manhunts under way as the country reels from another spree of deadly mass shootings. >> we got multiple victims. >> reporter: crowds seen racing to escape after gunfire erupted in philadelphia saturday night turning a busy street into chaos. this footage obtained by abc news showing the fight that broke out beforehand. investigators saying the incident started as a physical altercation between two men who then both started shooting. >> i hear like rat a tat, tat, tat. >> they observed several civilians suffering from gunshot wounds. they

want to go back to rebecca jarvis on wall street and, rebecca, there are some signs that a recessione to keep in mind even if you don't own a single stock, these periods have impacts.rkets and they last on average ten months. we saw one most recently in the pandemic that lasted 33 days, but they can run much longer like the great depression and great recession where we saw this happen and they can be both a sign that a recession is coming. they can also have an impact and bring one on because they influence our psychology so dramatically. here's what you need to keep in mind as a consumer in the united states. there are things you can do right now to protect yourself. pay off debts. put a budget together. take on extra work if you're in a position to do so, and, amy, no major purchases in a time like this. >> rebecca, we appreciate it. thank you so much. >>> now to britain's most famous race course as this year's royal ascot gets under way. maggie rulli is live in london. maggie, we learned this morning that the queen will not be making an appearance today. >> reporter: hey, amy, goo

chief business correspondent rebecca jarvis back with the story. &p 500 is what's reflected in most retirement savings accounts is down about 6%. this is amid historic inflation. the fed aggressively hiking interest rates for the first time in three decades in order to drive prices lower and that has consequences. some things were already starting to see. new construction on homes is slowing. consumers are spending less on their wants like electronics in order to cover their needs like groceries and rent and layoffs this week did slightly increase. now, eventually prices will stabilize but economists do see increased risks of a recession and there are some things you can do right now to protect yourself. start paying down debts especially credit cards. they're getting more expensive. in this environment. take on extra work if you're in a position and stay away from major purchases, t.j. >> all right, rebecca, thank you as always. >>> we want to turn now to a new study linking childhood fitness with better brain function later in life. it's the resul

rebecca jarvis back with that. hey, rebecca. >> reporter: hey, george.icular in rents, which are up 25% from a year ago. the average one-bedroom apartment now $1,700 plus a month. but some consumers are finding ways to make it work. when gabby scored an internship at stanford in palo alto, california, finding an affordable place to live was crucial. >> i was thinking about staying on campus or maybe renting a studio but living by myself was too expensive. >> reporter: with the price of an average studio apartment in palo alto nearly $3,400, up 9% over the year, she needed a different option. and that's when she learned about brownstone shared housing, a start-up offering sleep pods in a communal home. for $800 a month, gabby has a private sleep pod, access to a shared kitchen and living space. >> basically that's where i spent my time, where i sleep, where i do some research. i thought i would take more time to adjust but actually it was very smooth. >> reporter: the shared home is occupied by 12 residents including co-founders james stallworth and chris

our chief business correspondent rebecca jarvis joins us now. becca, we heard the secretary say recession is not inevitable. a chorus of economists and ceos believe a recession is coming. >> reporter: which is absolutely the case, george. good morning to you. this is the first time in a long time i can say this but we are not facing a new record here at the pump. in fact, gas prices are now below $5 a gallon but not far from there and still 40 cents higher than they were just a month ago with these considerations of the national gas tax holiday. so what would that potentially mean for you? it would shave about 18 cents off every gallon of gas and it would also take money away from infrastructure projects. it's a balancing act in a time like this when you have prices soaring, really across the board. everything from rents to shelter costs to the cost of groceries up 12% from a year ago. airfares up nearly 40% and we are starting to see those first signs of slowdown in areas like retail sales which dipped in may for the first time this year. bookin

rebecca jarvis tracking it from wall street. becca, good morning. >> reporter: good morning, george. this is all a giant balancing act. balancing the fact that americans are paying so much more money at the pump, at the grocery store, on their rents with the fact that any new measures from the federal reserve which are expected later today could also cause a slowdown and worse case scenario cause a recession. they are expected later today to announce the largest rate hike in nearly three decades, and it's already having an impact on things like mortgages, making them more expensive. take a look at this. the 30-year fixed rate mortgage average has gone from 3% to now above 6%. meaning if you were to buy a home at the start of this year and were able to afford a home at $450,000 in january, the monthly payments on that home would be the equivalent of the monthly payments on a home today of $316,000 with interest rates rising. of course, the reason for all of this is those prices. the typical american families are now paying about $

the latest on the economy with chief business correspondent rebecca jarvis and transportation secretary

chief business correspondent rebecca jarvis all over this breaking it down. , robin. it is great to see you and good morning. experts are warning it's starting to show up in more places. for example, some of you watching right now may be enjoying a bowl of cereal. consumer world finds that honey bunches of oats now has 17% less in a package. their 14 1/2-ounce boxes are down to 12 ounces and anyone sipping coffee right now, consumer world reports folgers has reduced their canister by 7 1/2 ounces bringing the amount down to 43 1/2 ounces from 51 ounces. so is that shrinkflation? well, folgers says not so fast. in a statement the company says this is due to a new roasting technology that makes the most out of every bean, resulting in lighter-weight coffee grounds saying, quote, the total weight of our coffee products will be reduced but the amount of coffee you receive by way of total servings will remain the exact same. and finally, you should also keep an eye on household goods like toilet paper. consumer world says angel soft toilet paper has reduced the num

chief business correspondent rebecca jarvis is here now with more. mpanies including starbucks, jpmorgan, apple, amazon, dick's sporting goods and disney, the parent of abc news, have announced expanded benefits and outlined how their healthcare policies can cover travel costs. lyft and uber have vowed to carry legal fees for ride share drivers if they face lawsuits for transporting women to clinics. and pat gone that in a post on linkedin said it will pay bail for full and part-time employees who peacefully protest for reproductive justice. most large health insurance plans do cover the cost of abortion, but what's not clear here according to legal experts is how these private policies may be impacted by state laws and what happens to both the corporations and employees who take advantage of the benefit and travel elsewhere because they live in states where abortion is banned, michael. >> big statements by those companies. rebecca, thank you. amy? >>> well, michael, coming up in our "gma morning menu," the roe versus wade decision dividing some famil

our chief business correspondent rebecca jarvis is here with what you need to know. each time the fed hikes interest rates and with each rate increase credit card aprs are going up so you could see the latest rate hike show up in your current billing cycle. >> give us an example here. how much is this going to cost people? >> it has a significant impact so let's say you carry the average credit card balance of $5,525 and you're paying 20% apr. if you're only making minimum payments, that's about 2% of the balance. it will take you, wait for this, more than 58 years to pay off your credit card and it will cost you almost $25,000 in interest if the apr jumps to 21%, it's going to take you 76 years to pay down and you'll pay more than $34,000 in interest, whit. >> so, for those of us who don't have 76 years, what can you actually do to keep that from becoming a reality? >> well, and because we know that rates are rising, this is only going to get more expensive. the first thing you can do is stop taking on new credit card debt. you want to put together a budget and then

new numbers set to be released this morning, chief economics correspondent rebecca jarvis is on wall reet with what we can expect. rebecca, good morning. >> reporter: good morning, whit. inflation got hotter, in the month of may, prices up 8.6% from a year ago, that's a post-pandemic high, a new record and it's really hitting americans across the board. from gas to groceries, to shelter. in real terms the average american family is now spending $341 more every month to buy the same things they bought a year ago, food prices, groceries are u 11.9% from a year ago, the highest level we've seen since 1979 and rents are also up 26.5% higher for a one-bedroom apartment according to rent.com from a year ago the average nationwide to rent a one-bedroom apartment, $751 a month. the real focus here on wall street, we know it's painful for american families does it put us on the path to recession? that's a real concern on wall street. >> i know we all hope we don't go there. thank you so much. rebecca. >>> now to new evidence in the uvalde school massacre. fourth grade teacher eva mireles will

our chief business correspondent rebecca jarvis with the red flags. >> these scams often start on a socialta from the ftc about scammers in the crypto craze, from the start of 2021, more than 46,000 people reported losing more than a billion dollars in crypt onto scams. >> people hear stories about other people making lots of money. they don't want to miss out. and those 20 to 49, nearly three times as likely as older people to lose money. jeffrey says he was duped after what he thought was a legitimate post on a friend's social media page about making a lot of money investing in crypto. he says he initially reached out, set up an account and made an initial $500 investment and saw a huge jump. >> my account there was $4900, and i was, like, wow! $4900! and i was so excited and he was, like, how would you like this money to be sent? then jeffrey says he was told he needed to pay a withdrawal fee and more fees to send the check. >> i lost $1200, and i felt embarrassed. >> he says only after all this, he discovered that post was fake. >> there's also no bank, no centralized authority to flag

our chief business correspondent rebecca jarvis is here. walmart is denying the accusations?claims that walmart failed to properly train employees and failing to alert customers about a rise in money transfer fraud. in turn scammers swindled walmart customers out of hundreds of millions of dollars. here's how it happened according to the ftc. walmart offers money transfer services through its stores and the agency says walmart turned a blind eye failing to protect scammers as they left for prey for scammers acting as long lost relatives and the irs. it did not warn customers of the potential fraud according to the ftc and now the agency is asking a court to order the retail giant to pay back consumers and impos impose civil penalties. it is flawed and legally baseless and they're robust and have helped to protect consumers. robin, the bottom line here is no matter what the outcome of this is, the most important takeaway for our viewers is to triple check before you initiate a money transfer. one reason these transaction are so beloved by fraudsters is that the cash is nearly

but you can negotiate for a better deal and abc news economics correspondent rebecca jarvis here to tells and homes to rent. the national vacancy rent is below 6%. it's been there for most of the last year and with mortgage rates soaring, the cost of owning is so expensive. more are turning to rentals and it's just as younger americans who moved back in with their parents during the pandemic are looking to move out, be on their own and landlords are still trying to recoup the losses from the pandemic and they're giving up higher rents to people and catching people by surprise. if you moved during the pandemic you're especially likely to see these increase. >> so let's say that price hike is just too high for you to save. how do you negotiate? >> you have to negotiate here. it's really important. first you need to do your homework. research your building's rental history and the neighborhood to understand whether it's a fair ask and in line with the current market value for your unit. if it's higher than the other options you have a good case to mke. you can go to your landlord and ask fo