back to you. >> matt egan, thank you for that. final preparations underway in times square for the big new year's eve celebration. crews are getting the iconic times square new year's eve ball ready for its midnight trip up that 139 foot pole atop one times square. and this isn't just any ball, it is a geodesic sphere 12ft in diameter, weighing nearly 12,000 pounds. and of course, it's covered with 2688 crystal triangles. and the confetti is also ready. organizers of tomorrow's event did a confetti test 2025. welcome. 3,000 pounds of confetti will be blanketing the huge crowds gathered in times square. and before we go, a reminder tomorrow night ring in the new year with cnn. join anderson cooper and andy cohen for new year's eve live coverage starts at 8:00 on cnn. and the lead with jake tapper starts after a quick break. >> welcome to times square. >> it's the biggest party of the year. happy new year. with the biggest guests, we have even more amazing guests lined up for you with performances by music's biggest stars and appear

egan back of the end zone to coleman. makes the jumping grab.out there. bulls turn in the fifth ot archie scanning finds keyshawn singleton. that puts all the pressure on the spartans. egan now from the shotgun for san jose state under pressure, tosses it up to the end zone and it's batted down. san jose state falls in this instant classic, losing 4139 in 5 overtimes to south florida. >> what a game. well, some men incarcerated at solano state prison were given the gift of a second chance this holiday season. the golden state warriors launched a first of its kind partnership in the u-s. >> the unique program uses basketball and coaching fundamentals as a way to teach life skills and prepare the men for life. after release. i spent a day at the prison to see the program firsthand. the sun rises on a new day at california state prison solano, inside the general population facility in vacaville. nearly 4000 incarcerated men are serving sentences for a range of offenses under the watchful eye of officers from the california department of corrections

um, listen, matt egan's reporting. i wanted to get your take on that mortgage rates continuing to go up, hitting the highest point since july despite the rate cuts coming from the fed. what do you make of this? >> yeah, well, you know, matt's reporting actually dovetails with what we just talked about. so animal spirits, huge people are spending. but that's inflationary right. and he pointed out that the bond market, the long term bond market is saying we think inflation is going to be higher. we think rates are going to be sharply higher. so that says this economy, which has been strong is is very strong. coming into the trump administration may potentially, in the short term get even stronger. there's going to be a lot of spending, um, you know, tax cuts could essentially keep the markets high. again, that's all inflationary. and it's again, it's great until it isn't. and i just want to say, you know, what goes up comes down. i mean this is how business cycles work. so i do think we're going to be in for a higher for

cnn's matt egan is following that part of the story. matt, it's only natural that these companies are going to be worrying about this. what are they telling their employees? >> well, jim, there is a real sense of nervousness and even fear in c-suites really across the country. this fatal shooting in midtown manhattan, not far from where i am right now, has been a real wake up call for business leaders and for boards of directors. the security firms that are paid top dollars to protect executives. they say that their phones have been ringing off the hook ever since this news broke. one veteran security executive told me that corporate america is nervous, and he said health care is the target now, but who's next? and so, yes, companies are considering a range of steps to try to ramp up security, including reassessing the security protocols that are already in place and the budgets they're increasing the number of security personnel and the amount of technology in offices and even in the residences of executives. they're urging executives

. >>> over the weekend in paris, a new era egan for the legendary notre dame cathedral, as it reopenedi need to know what it was like to hear those bells ringing again. >> reporter: good morning, jessica. just an amazing, amazing thing to hear those bells, to hear the grand organ. lines started forming outside the cathedral before sun rise here today, the excitement surrounding the reopening of notre dame fueled by what was a historic weekend. [ bells tolling ] >> reporter: the solememn toll the ancient bells. the haunting moan of the organ, announcing the return of notre dame. >> it's a symbol of paris, of course, but a symbol of humanity and kindness all over the world. >> reporter: the iconic church ravaged by fire five years ago, craftsman and architects, many of those heroes honored with a standing ovation that lasted several minutes. as they take their place in the cathedral they brought back to life. >> such an amazing, amazing structure. so the flying buttresses and gargoyles. >> reporter: dignitaries and heads of state gathered for the openining ceremony, including first lady

we have cnn's matt egan, who filed this report. >> boris and brianna, another interest rate cut from the fed looks imminent. the market is widely expecting a quarter point cut today. this would be the third straight interest rate cut from the fed. and it would mean that interest rates have come down by a full percentage point since september. the market is pricing this in at this point, so the fed almost has to cut rates because if they don't, they would risk unnerving investors. and they don't want to do that. now the fact that borrowing costs have come down of course is good news for consumers. everyone who's trying to pay off credit card debt or get a mortgage or a car loan, they should catch a bit of a break. but the real key today is what the fed signals about the road ahead. because officials are set to issue new projections and the thinking is that the fed is going to signal fewer interest rate cuts in 2025. now, back in september, the fed was penciling in four rate cuts for next year. now the fed could be signaling three cuts or even two. and in some ways it is an awkward tim

i want to get right to cnn's matt egan. he's at the federal reserve here in d.c. matt, tell us what is behind this big drop on wall street. >> well, jake, this is all about the federal reserve, not what they did today. they cut rates. we knew that was happening. the more significant news is that the fed is making clear that they're in no rush to do further interest rate cuts next year, that they need to see more progress on inflation before they cut rates any further. the fed had been penciling in four rate cuts for 2025. now they only see two rate cuts. they also significantly bumped up their inflation forecast. all of this really spooked investors. we see the dow closing down about 1100 points 2.6%. this is the 10th straight day where the dow is in the red. that's the longest losing streak since 1974. now that's just the dow. it's only 30 stocks. the broader markets are not down by quite as much. and we should note that markets are still pretty close to all time highs. but clearly this news from the fed this uncertain outlook around inflation and interest rates

cnn's matt egan is joining us now. okay, so what is so magnificent, magnificent about these seven stocks. and clearly it is not my ability to speak well, sarah. >> these seven stocks are clearly living up to the hype. they basically put the entire stock market on their shoulders and carrying it higher. so we are talking about what's been dubbed the magnificent seven. this is amazon, alphabet, apple, meta, microsoft, nvidia and tesla. now all seven of their no surprises. and really they all have two things in common, right? they're all massive. they're also all a.i. plays, right. they're investing heavily in artificial intelligence. and they are believed to be the likely winners in this a.i. arms race. now, the combined market value of these seven companies has now spiked above $18 trillion trillion with a t some context that is more than the entire gdp of china. and since election day, these seven stocks have accounted for the vast majority 86% of the returns of the s&p 500. it's really stunning. now, we have seen this

gasbuddy shared exclusively with cnn's cnn's matt egan, joins us now to share his new reporting.so, matt, can you walk us through this new forecast here? >> yeah, it is so nice to be here about some good news for 2025. so gasbuddy is projecting that next year will be the third straight year of falling gas prices. they're calling for an annual average of $3.22 a gallon. that would be an 11 cent drop from this year. it would also be the lowest annual average since 2021. of course, it's also true that gas prices are still higher than they were before covid 19. of course, it's also true that people are making more money than they were before covid, right? and gas is swallowing up a smaller and smaller amount of paychecks, which is obviously good news. now this is a forecast is is a far cry from what we saw in 2022 when gas prices skyrocketed above $5 a gallon for the first time ever. that was a nightmare. thankfully, oil prices have come down dramatically since that russian invasion of ukraine, in part because the u.s. is producing more oil than any country in world history. so we ha

boris matt egan live for us at the federal reserve. >> thanks so much, matt. turning now to capitol hill and as house republicans wrap up their own investigation on the january 6th attack, they've concluded that former representative liz cheney should be investigated by the fbi. >> that's right. for probing what happened in that attack and looking at the role of then-president trump in the insurrection. joining us now is former u.s. attorney harry litman. harry, this report is alleging witness tampering by liz cheney with star witness in the january 6th hearing. cassidy hutchinson is there any merit to their claim here? >> none that i can see. this is really brass knuckles stuff, brianna. all they have is they were communications between cheney over a signal line, so they don't know the content. and cassidy hutchinson that happens with witnesses in every hearing. and what happened here, if you may remember, is that she hutchinson initially had a lawyer paid for by the trump organization who had told her in her account not to be forthcoming. and then she got an

. >> cnn's matt egan joins us now for a deeper dive. matt, what are prices like now compared to when trump was in office? >> well, boris, no doubt. it's just gotten so much more expensive to buy groceries. and that, of course, is a major frustration for voters. you know, before covid, we didn't really notice the price increases at the supermarket. they were pretty gradual. and then we had covid happen and prices just went through the roof. since february of 2020, supermarket prices are up by 27%. you can see it on that chart right there, just a significant move higher. now, thankfully, they're no longer skyrocketing, but they're also not coming down. and some items have gotten more expensive over the last 12 months. butter prices are up by 4%, pork chops 5%. and look at that. eggs almost 40% more expensive. that, of course, is largely due to bird flu. now trump during the campaign he did talk about making prices plunge. and i know that made some economists scratch their heads because even though falling prices sounds great, it's not rea

matt egan, thank you so much for that reporting. it was great. >> and kate bouncing off that by the way. that intel report put it that positive online reaction. there is real new concern over the morbid glee that has flooded the internet over the ceo's killing and the glorification of his accused killer. from ebay to amazon, tiktok to instagram people and products cheering on luigi mangione while showing little sympathy for the father of two who was murdered is really everywhere. several companies now trying to stop sales on disturbing merchandise, capitalizing on the murder separately but interesting. a book written about the health care industry published in 2010 called delay, deny, defend, has now jumped to amazon's number two spot in the nonfiction section. those words we know, were found on shell casings at the murder scene, and officials are now speaking out. alarmed by social media posts like these this ivy league hottie named luigi is the robin hood that we never knew that we needed. >> i listened to luigi's manifesto this m

cnn's matt egan is here with the details.my math, that's more than a quarter of a billion dollars, matt. that's right. >> john. listen, we should warn our viewers if you're a little bit bothered by the influence of money in politics, you might find this segment disturbing because, yes, the richest guy on the planet bankrolled donald trump to the tune of $260 million. it's a staggering amount of money. it's also stunning because, remember musk, he used to back democrats. he donated to hillary clinton to barack obama, albeit by smaller amounts. he also, just two years ago, he said that trump was too old to be president. and suggested that he should ride off into the sunset. instead, he ended up using his almost limitless financial power to bankroll trump, and he donated to three super pacs that we knew about america pac, more than $200 million. this was the group that spent a lot of money in battleground states. but new fec filings show that he also bankrolled two other groups that had emerged in the final days of the campaign,

matt egan, thank you very much. we appreciate it.e right back people love to find me. >> but me, i love finding the perfect gift. like for my friend wanda, who loves coffee or for my little dog? woof. who eats big thank you gifts that say i get you? >> it's. >> i wish my tv provider let me choose what i pay for. >> sling lets you do that. hey, where are you going? >> i wish my tv provider let me choose what i pay for and let me pause my subscription when i want. >> to do that to sling. >> i wish my tv provider let me choose what i pay for and let me pause my subscription when i want and have hundreds of free channels. >> sling let you do that too. mr. fish. >> choose and customize your channel lineup or watch for free. sling lets you do that. >> okay everyone, our mission is to provide complete, balanced nutrition for strength and energy. >> ensure with 27 vitamins and minerals, nutrients for immune health and ensure complete with 30g of protein your shipping manager left to find themself leaving you lost. >> you need to hire. >> i n

cnn's matt egan is with us this morning.s is something you talk about quite a bit here, but these numbers are just huge. yeah, john, they are huge. >> i mean, look, this is what inequality looks like. there's just this staggering gap between the haves and the have nots. so the median renters net worth in the united states is just over $10,000. that is a small, small fraction of the $400,000 net worth for the median home owner. and those numbers are as of 2022. so you could imagine that the gap has actually only gotten bigger since then, because we know home prices have gone up. and it's not just about net worth. this same aspen institute report also found that renters are likely to have smaller cash flow, more burdensome debt than homeowners, and also less savings. and listen, the problem is a familiar one, right? homeownership remains the ticket to building wealth in america. but there's too many people trying to chase after too few homes. and so home prices have gone higher and higher. we've seen this across the country. h

cnn's matt egan is here. which countries and why? >> well he's threatening these tariffs on brics countries. >> that's the international group that was originally founded by brazil russia, india and china it has since expanded to include south africa, saudi arabia and iran now this is all about the president elect trying to defend threats to the u.s. >> dollar. i mean, john, there's really no shortage of problems that trump thinks that tariffs could solve, right? >> illegal immigration, drug trafficking and now threats to the dollar. it makes me wonder if i should think about tariffs to try to get my kids to clean up their toys. i don't know, they would probably just think i was negotiating with them. but listen, a couple of things to remember here. the us imports a lot from these countries, right. and if you put a 100% tariff, which is what the president elect has threatened in this true social post, that would make a lot of things more expensive. for example we import from china iphones, we get a lot of sugar from brazil, spices fr

all right matt egan, thank you so much.kay. >> so this morning the white house is announcing a new move in the battle against the climate crisis, setting a more aggressive target for cutting planet warming pollution, a move that almost certainly is going to be undone by the incoming trump administration and a target seen as a challenge to pull off. even if a democrat had won the election and was preparing now to take over. cnn's chief climate correspondent, bill, we're here with much more on this. what is this new target and what is this really about? >> well, it's based on the paris climate accords, in which every five years countries assess where they are and maybe increase their ambition a little bit when it comes to carbonization. so this is one that's even with the inflation reduction act was going to meet. maybe 40 or 50% of president biden's goals. he wanted to extend this. they want to cut pollution up to 66% below 2005 levels within the next ten years. that's a mouthful there, but it's really a signal to the rest o

cnn's matt egan is here to explain. so walk us through this, matt. >> well, john, there's really not much drama over what the fed is going to do today. the real suspense is over. what comes next. now the market is pricing in a 95% chance of a quarter point cut from the fed. today, they almost have to cut because if they don't, it would shock markets. and fed officials do not like to shock markets. so listen if you're a borrower this is good news because it means rates are coming down. if you're in the market to finance the purchase of a car, you're trying to pay off credit card debt, trying to get a mortgage. this is a welcome sign. interest rates are still high, but they have started to move noticeably lower since the fed started cutting interest rates in september. you can see it on that chart. still near multi-decade decade highs, but coming down a bit. but the bad news for borrowers is that the fed is also likely to signal today that they plan to tap the brakes on interest rate cuts next year. they're going to relea

we're going to go to cnn's matt egan live. he just heard from the fed chief. we'll talk about what he said and why the markets are reacting this way sore throat. >> got your tongue? >> mucinex institute sore throat medicated drops uniquely formulated for rapid relief that lasts and lasts. that's my baby. try our new sugar free cough drop. instant soothe. >> this ability is not a dirty word. >> it takes a lot to be able to get to the pride part of disability, because we live in an ableist society. >> there are millions of people like me. they are overlooked and underestimated. >> i have a mind. i have a heart. i have a passion it's who i am, whether i'm sitting or standing. >> if i didn't have the disability, i wouldn't be the person that i am today. >> disability with pride you weight loss is changing. >> for so long i felt stuck on repeat. i tried and tried again. lost weight. gained it back. >> but zepp found means change. >> zepp bands for adults with obesity to help lose weight and keep it off. >> activating two naturally occurring hormone receptors in my

let's get right to cnn's matt egan on this. good morning. matt. >> good morning john. listen, we've got to talk about the president elect's nickname for trudeau, calling him governor trudeau, even though he's obviously the prime minister of canada. this goes back to a joke that trump told trudeau when trudeau was at mar-a-lago recently saying that if canada can't handle his proposed tariffs, then perhaps canada should join the united states as the 51st state. this is a telling joke because it reflects how much trump loves to use tariffs as a weapon, a weapon that can pressure friends and foes alike to address problems everything from illegal immigration to drug trafficking. consider that just since winning the election trump has threatened tariffs on not just canada, but mexico, china and brics nations. that's a group that includes india and russia and brazil south africa iran, egypt, india the uae. i could go on. again, that's just in the last five weeks. and trump, he has praised tariffs again and again. he's called himself the tariff man. he has said that he loves t

okay matt egan very very interesting stuff. thanks so much. photos of the suspect wanted for the killing of the ceo of unitedhealthcare. we'll tell you where police are searching right now and get your brackets ready. the college football playoffs are now set. we're going to tell you more about that in just a moment this cnn business update is brought to you by invesco qxk. >> let's rethink possibility. invesco distributors incorporated car. >> this isn't the way home that's right james. it isn't. >> all right, where are we going? >> we're here the future isn't scary. >> not investing in it is. >> were you in on this? >> nothing gets by you, james. >> nasdaq 100 innovators one etf. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus@invesco.com. >> there's something going around the gordon home. good thing gertrude found delsym. now what's going around is 12 hour cough relief and the giggles the family that takes delsym together feels better together get your home ready for h

don't you go down as a new providence senior with jim egan? what else do it on august did. oh gosh, the pores, google auto keep cutting glass, but the cheese guide is in front of mouth save for the front on the news and the selling dealer was doing if we would split it to us. is this nevada now paul got store a sewage to a ridge store, nicole jetson. i'm that i need to booked it or get you to provide me a thought or reduce this off. cuz usually the sheets in units, the least, the, the most of the machine you use them this month. i mean, it costs corruption present to them. plenty of assuming that the the, [000:00:00;00] the, the russian states never is as tight as one of the most sense community best ingles, all sense and up the speed. what else calls question about this? even though we will then in the european union, the kremlin, the machine, the state on the russia to day and split the ortiz full neck, even our video agency, roughly all the band on youtube tv services. what question did you say it's a request, which is the holiday season? apollo's, we decided to get well

and i'll send you with jim egan. what else do i of august did? oh gosh, the boys, google auto keep cutting glass, but the she's good is in front of off the front on the news and the selling dealer was doing if we would split it to us, is this nevada now? paul gods store a switch to a ridge to nicole jetson. i'm that i need to booked in or get you to provide me. but thought i would just say shop, cuz usually she gets in units the least the most of the machine you spend this month, or how many costco rupture present to them one year the a solid is gone. now what, what about syria? is it gone to? it would seem so outside, powers are carving up the country. what was in international proxy war against damascus is turning into an international civil war. and is there a place for the syrian people, the plane crash in weston? catholics gone to seize thousands killed but all was tough. there's a boat the also by john allen's flight suffice. including 3 children the full, a full are killed, quite shutting in a port of town in boxes, cost, screenshots, loca

telegram channel, at the same time that had been voice is coming from another ukrainian m p, alex egan. gillian, who has been quick to jump to basically refuse to claim that any such a bill of this kind to exist so that this is a fake news essentially his hold on ukrainians to to verify sources that they are using in this to alex a good in guy has echoed and basically reiterated the message that has been repeatedly sent to the grant. in spite incidents, there's a lot of discussion in the media about lowering the draft age for ukrainians. to go to the front lines, we must focus on equipping existing brigades and training personnel to use this equipment. we must not compensate the lack of equipment and training with the youth of soldiers, but all these denials they didn't come out of nowhere because the ukraine ends the landscape. personally, his retinue has been pushed quite vigorously towards lowering that age of mobilization to 18 years of age. first and foremost by the united states defense secretary has been pushing. you're going to do that, or america's secretary of state has been

and that's the one you brought up as a new put off, and i'll send you with jim egan. what else do i a cost at all? just the floors, google or will keep cutting glass, but the she's good is in front of mouth save for the front on the news in the selling dealer. one of us doing if we will solicit to us, is to serve on, you know, fall gods store a suit. you are rich to nicole, just some of the new book, 10 or get screwed by near the thought i reduce this off, cuz usually it's in units. the least. you must give me a blessing yet. it's been just meant that many calls corrupt you visited them. plenty of assumed that the the the breaking news, a plane crash in western catholics, the seas dozens killed. but almost half those up for the us or by john airlines flight survive to children, believe to be among them. the for people are killed in the shelling of a border ton and rushes crisp region. local officials say you printing improves actively sought to target civil building blocks. the separatists. criminals will either lay down that voluntarily will be still.

good afternoon, former chair egan. my name is jody medeiros and i'm the executive director of walk san francisco. and on behalf of my organization and all the people in san francisco who walk, thank you so much for your leadership and service at the mta board. you are a true pedestrian safety advocate, a real safe streets champion. under your leadership, we really you established the vision zero subcommittee, which was so important to have those real conversations, to dig into the challenges, to look for solutions, and to bring so many people to the table. that was really critical and really important for the movement. and i appreciated so much last year when you asked every single member what their priorities were for the year, and 100% of our board members said vision zero, that means a lot to the community. that means a lot to us as an organization. so thank you for putting everybody's priorities out in the open. we're going to miss you intensely as chair, but we know that you have good colleagues that are going to

thank you, egan, as well. >>> uranium fever. a lot more resources are needed.ppa will take us inside the west's largest you uranium mine. >> demand is rising. we got an exclusive look at the mine. take you inside coming up next on "power lunch." after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals. anything can change the world of work. from hr to payroll, adp designs forward-thinking solutions to take on the next anything. craig here pays too much for verizon wireless. from so he sublet half hissigns f real estate office...ons [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipmen

cnn's matt egan examines if this reliance is healthy for investors. >> you remember the fab five in basketballll, now you have the mag seven in the stock market. >> we're talking about alphabet, amazon, apple, meta, microsoft, nvidia and tesla combined. these companies are now valued at more than $18 trillion trillion with a t some context that's more than the entire gdp of china. pretty amazing when you think about it. apple alone is on the verge of becoming the first company to be valued at $4 trillion. now, these seven stocks have been basically carrying the market higher since election day. these seven stocks have accounted for 86% of the gains in the s&p, 586%. and this trend is not entirely new. coming into today, the s&p 500 had surged almost 30% on the year. but without the mag seven, the s&p would only be up 13% on the year. so still up, but not nearly as much. now, when you think about these seven stocks, what they have in common is, well, first they're all big, big technology companies. but they're also all a.i. plays. they're investing heavily in artificial intelligence. and invest

matt egan thanks. really appreciate it. everyone else. a new hour of cnn news central starts right now. >> this morning we are learning details about the state funeral for former president jimmy carter, who has died at the age of 100. the world now honoring his achievements in the white house and his rich legacy and accomplishments after his presidency. families in south korea are mourning the deaths of 179 people killed in the country's deadliest air disaster in decades. what we know about what may have caused the crash. and health experts warning that the u.s. isn't doing enough to counteract the bird flu threat and needs to use the hard learned lessons from the covid pandemic. rahel solomon here with omar jimenez, sara, john and kate are all out today. this is cnn news central. >> this morning, remembering the life and legacy of the longest living u.s. president, jimmy carter. as the nation prepares to honor him. with a state funeral now set for next thursday, january 9th. now, overnight, president biden declared that same day as a nat

. >> cnn's matt egan is with us now with a closer look at how this case has really shaken c-suites across the country. matt, what are you hearing well, boris and brianna, this has been a real wake up call for corporate america. >> there's a palpable sense of concern, even fear, in boardrooms and in c-suites. and i'm told that the phones at the security firms that protect ceos, those phones have been ringing off the hook ever since the shooting a week ago. one veteran security official told me, quote, corporate america is nervous. health care is the target now. but who's next? and so, yes, businesses are taking a range of action to ramp up security. first, they are increasing the number of security personnel and the level of technology at offices and even in the residences of executives. they're also urging executives to delete their digital footprints, stuff like where their kids go to school and the floor plans to their homes. they're enhancing mail screening. they're more closely scrutinizing online threats as well. and there's also a growing belief that the security blanket that protec

cnn's matt egan has more on the magnificent seven, and also examines if the market dominance we saw in is healthy for investors. >> you remember the fab five in basketball? well, now you have the mag seven in the stock market. we're talking about alphabet, amazon, apple, meta, microsoft, nvidia and tesla combined, these companies are now valued at more than $18 trillion trillion with a t. some context that's more than the entire gdp of china. pretty amazing when you think about it. apple alone is on the verge of becoming the first company to be valued at $4 trillion. now, these seven stocks have been basically carrying the market higher since election day. these seven stocks have accounted for 86% of the gains in the s&p, 586%. and this trend is not entirely new. coming into today, the s&p 500 had surged almost 30% on the year. but without the mag seven, the s&p would only be up 13% on the year. so still up, but not nearly as much. now. when you think about these seven stocks, what they have in common is, well, first they're all big, big technology companies. but they're also all a.i.

cnn's matt egan is with us now. and, matt, we were backstage. you got the news. your reaction was, these numbers are not good. >> no, john, this was not what we wanted to see. >> we got some hot inflation numbers. >> now this is producer prices wholesale inflation. it's inflation before it gets to all of us as consumers. >> and the big number here 3% year over year. >> that's how much producer prices were up in november. now the forecast was for 2.6%. not even close. this is a big miss and a step in the wrong direction, because this metric was at 2.4% the month before. look at this trend here. you can see clearly things have improved from where they were two and a half years ago. right. we had that inflation crisis. this metric was at almost 12%. but it's also clear that it is starting to creep higher. again, that is not what we wanted to see. now digging into why this happened in today's report. goods prices were significantly higher, including food prices in particular, the bls called out vegetables, fresh fruit, chicken and the big one, eggs. egg prices more t

cnn's matt egan is here with that good morning sir. well, good morning john. >> look, this is a case of campaign promises colliding with reality. wall street does not believe that the looming immigration crackdown under trump will live up to the hype. so goldman sachs surveyed more than 500 economists, and they do expect immigration to come down under trump. but look at this just 6% say immigration will go negative under trump. and that's basically what would have to happen in order for him to keep his promise of deporting millions and millions and millions of undocumented people, the vast majority over 70%, say that immigration will still be above 500,000 per year under trump. for some context, pre-covid the pace was around 1 million per year. so again slower but not nearly as big of a crackdown as trump has promised. why is this well, goldman sachs economists say there's two big reasons. one, because there are legal limits and two, because there are logistical limits to executive action and those limits will likely slow down the pace

cnn's matt egan is here.t, all those fed cuts, all those fed rates that were cut, were supposed to, you know, bring some kind of relief. what happened? >> yeah. jessica, this is just so frustrating for all of the home buyers out there. >> and everyone who had been hoping to refinance their mortgage rate. as you mentioned, this is happening even though the fed has slashed interest rates by a full percentage point since september. >> you see, the 30 year average is now 6.85%, almost triple where rates were back during covid at the end of 2020. >> now, why is this happening? well, it's really important to remember that although the federal reserve is extremely powerful, it really influences short term rates for stuff like credit cards and car loans. >> when it comes to long term rates for things like a 30 year mortgage, the bond market really calls the shots, and the bond market has driven rates significantly higher since the end of the summer, as investors anticipate three things faster economic growth, fatter

and to cut all tests is goldman playing well, but honest slots, he inherited a very good squads from egan clark, and he's made them even better individual coaching while and grab him. but stepping it as a, as a number 6. the one of the plans of the season cuts his jones young level pool plat, homegrown hungry is be made to more tactically, disciplined by all the slots and also the defense. i mean it's can see that it's a goal in the premier league about every 2 and a half hours. so that frustrating to play against. and he's mixed them up there is this control which he has both and certainly in this field. but also there's an element of the so if you know that the devil in the dash that define you couldn't cups taking so good mixture of the 2 very well flushing as well. henry wins. i thank you very much for your thought. i much appreciated treasure field and seem to have concern that midfield a. eduardo beauvais is awake and alerts in hospital. he collapsed on the page. during these teams set it all match against into milan, which was suspended. but it was been stretched it off and has bee

cnn's matt egan is here to explain all of this further. so, matt walk us through these allegations from the d.c. attorney general. >> well, alex, this lawsuit says that some people in d.c. are getting their amazon deliveries at a much slower speed than their friends. and neighbors who live in more affluent neighborhoods. and that this discrepancy is no accident. so the washington, d.c., attorney general is alleging that two years ago amazon secretly stopped its speedy deliveries to two predominantly black predominantly lower income neighborhoods and that they excluded these neighborhoods located east of the anacostia river from its fast delivery service and in the process, they deceived 48,000 residents into paying for those speedy delivery benefits that they were not actually receiving. the lawsuit says that amazon stopped making deliveries with its amazon branded vehicles that we've all come to recognize, and instead relied on, relied on ups and the postal service, and that the impact here in terms of delivery speeds was dramatic. the la

cnn's matt egan joins me now to break down the latest inflation report.this is not the way that anyone wanted to see this going. >> that's right sarah. this is more evidence that the war on inflation has hit a bit of a wall. after all of that progress. now, we've seen inflation move in the wrong direction. so today's numbers show that consumer prices were up by 2.7% year over year in november. this is the second month in a row where the rate of inflation has heated up. we wanted to obviously cool down. that is not happening right now. two big reasons why. one, it's part of this is the calendar. a year ago, inflation was cooling rapidly. so that's tough to live up to on a year over year basis. but it's also because of shelter, right. the cost of rent has been stubbornly high. it's also worth noting that month over month prices were up by 0.3%. that is not alarmingly high. but again, that is also moving in the wrong direction. now, when we look at the trend to really see where we are right now, annual inflation is nowhere near the nightmare of two and a hal

cnn's matt egan has much more on what this lawsuit now means. talk to me. >> well, kate, imagine finding out that for the past two years, many of your neighbors have been getting significantly faster deliveries from amazon and that this wasn't an accident that's the allegation here from this new lawsuit from the washington, d.c. attorney general, which says that two years ago, amazon secretly decided to exclude two predominantly black predominantly low income zip codes in washington, d.c. from their fast amazon prime deliveries. and that this essentially was duping 48,000 residents into paying for that faster delivery service that they actually weren't getting. and also putting forth misleading advertising about deliveries. so instead of using those amazon branded vehicles that we've all become accustomed to seeing amazon essentially was using the postal service and ups and the lawsuit found that there was a dramatic impact, as you would imagine, on delivery speeds, right, that in those two zip codes that were excluded they were getting their de

well and we could see revisions to the october number joining us now with more on the markets, bill egan, chief investment officer for the absolute return fixed income group at jpmorgan asset management i threw out the notes because of our conversation during the break because of what -- some of the things you intimated to us about your opinion on inflation. because it matters so much and we have talked about it so much 2% the last mile, getting there. >> good luck good luck. >> then they got -- they're still cutting they're already cutting. so that makes it -- >> you know what's funny, if you were an alien and got dropped out from space and said okay we're growing at 3.2%, grew at 3%, inflation dropped to the mid 2s, now turning up to the 3s, roaring kitty moving meme stocks as i heard you say before, volatility at the lows, risk premiums for all forms of fixing at the tightest levels not in the last five years, but ever, you would say, okay, i guess the fed is tightening, right? no, they're going the other way, cutting into an accelerating economy with inflation turning up and i look a