>> of course, i'm concerned and matt egan joins us now. man, what else did he say?> well, jim, it's remarkable to hear a billionaire admit that he's scared that the former leader of the free world could retaliate against them just for speaking, his mind. >> but it does say a lot about where we are right now. >> and remember a lot a former ceos who were critical of former president trump, especially after january 6. they've turned around on him right there back on the trump train now, reid hoffman, however he is very much a speaking out against some of the dangers of trump being returned to the white house. he just pin this op-ed for the economists where he's slammed business leaders who are supporting from that op-ed was titled american business should not empower a criminal. now, what's interesting is that hoffman told me that in the end, trump is going to hurt corporate america where it hurts the most. their bottom line, he says that it's actually president biden and who's pro-business, not trump because he says that biden respects the rule of law and he doesn't t

consumer prices rose by 3.3% according to statistics from the labor department, let's start with cnn's matt egan. so matt, what is the decision? >> billboards briana, we just got this in no change in interest rates from the federal reserve. the fed is on hold for a seventh consecutive, meaning that means no relief from these high borrowing costs. rates are at 23 or highs, no relief yet in terms of mortgage rates, credit cards or car loans, the fed statement did make a significant change. the fifth get it. now says that there has been, quote modest further progress towards the committee's 2% inflation goal. that is an upgrade from the previous statement, which had said that there had been a lack of further progress. that is a nod to the report that we just got out today. >> now, looking ahead, the fed is still projected ding interest rate cuts this year, but it no longer is projecting three cuts. >> we knew it would come down. they fed is now projecting just one interest rate cut this year. now, remember there's only four meetings left this year after today. >> so that does raise some questions a

cnn's matt egan joins us now. matt, why exactly is this happening? >> well porous and brionna, your last year was a blockbuster year for the stock market, two 22024 off to a great start. we're not quite halfway done with a year, but the s&p 500 is already up nearly 15%. goldman sachs says that is the best start to an election year on record and listen, this is really good news. for millions of americans, right? everyone who's got money in the market, other directly owning stocks or indirectly in there for e1, kei plan's and their college savings plans and history shows that election years tend to be good ones. 4 the stock market, especially when the incumbent is running for reelection, which is what we have this year. this is also the first time since 18, 92 were both major party candidates have previous presidential experience. so maybe that is helping the market a little bit because remember, investors like stability, but listen, there's a lot of other factors out there that have nothing to do with the election. there's the ai boom that has catapul

employee would have to work for nearly 200 years to earn what the ceo matlab last year, cnn reporter matt egan took a deep dive into this study. matt helped put this sort of pay gap 200 years into context for us yeah. >> jessica, brianna's startling numbers. listen, it's a great time. the bsc, you and cos, they've made more money than workers forever, right? but it's that pay gap that is so startling. and the fact that it is growing. now here's why that's happening. >> it's because see, you pay is increasing rapidly, much more rapidly than work occur. pay, the median ceo and the s&p 500 made just over $16 million last year. >> that's up 13% from the year before. >> now the good news is employers are making more money, but at a much more moderate pace up 5% to just over $81,000. >> now, to take this a step further. there that means the annual pay height for employees last year, it was about $4,300 for ceos 1.5 million. again, that's just the increase. now these numbers are obviously tough to swallow for workers because a lot of people are struggling with the high cost of living, right? i mean,

matt egan for us. thanks so much for that reporting. >> rihanna. >> now to some of the other headlines that we're watching this hour, the new york stock exchange says a bizarre glitch that briefly pause trading today for some major stocks has been resolved at one point, berkshire hathaway shares are down nearly 100%. officials say there is no indication that he cited hybrid attack was to blame. they also said that impacted stocks have since reopened and all systems are currently operational also, hawaii's kilauea volcano is opting again and it's forcing officials to raise safety alert levels. this particular area we're talking about here, hadn't seen an eruption and nearly 50 years and the mother of gavi potato says she forgives her daughter's killer and fiance brian laundry, but she doesn't forgive his mother speaking last week at a true crime convention, potatoes mom called mrs. laundry pure evil and said she did not deserve forgiveness. she also accused the laundries have been complicit and aiding a

. >> let's bring in cnn's matt egan and matt were learning at this outage could last for several days that's right. >> bores. this is very much an ongoing situation. these back-to-back cyber attacks on cdk global are causing disruptions across north america because this company is software powers thousand thousands of auto dealers. now some of those auto dealers are being forced to resort to pen and pad to process sales and repairs and listen to timing here. is awful. right? this is the first official weekend of summer. normally a lot of these auto dealers would be packed with car buyers. now some of those car buyers are going to face delays. some of the dealerships are going to lose some business. so here's what happened cdk suffered a cyber incident. they announced that on wednesday they were able to bring their systems back online, but then they suffered a second cyber incident that evening now, the company is telling dealers that systems could be down for several days. that's according to two sources briefed on the situation. here's why this is such a big deal. cdk powers about 15

cnn's matt egan is with us now. alright. , obviously we've been hearing about the rise of ai for a long time now, where are we right now in relation to our jobs? >> well, omar sometimes ai feels like this futuristic thing happening many years in the future. in reality, it's really happening right now. this survey finds 61% of large firms say they plan to use ai to automate tasks that were once done by humans and they're not saying they're gonna do this a decade from now, they're saying in the next year, it's moving very, very quickly and companies are using this for a variety of reasons, right? this survey was from duke university, atlanta fed richmond fed, and they found that companies say they're adopting ai to increase the product quality, improve their output, reduce labor costs, and yes, sometimes to substitute word workers. now, researchers say ai is being used to substitute workers for a variety of tests, everything from financial reporting and doing invoices to other tasks like paying suppliers. and that's on top of s

bottom line, buyers and the broader economy cnn's matt egan joins us now, matt, what's the update will abortion briana. >> this has really been a mess both for customers and for the car dealerships. it's about a week ago that cdk global revealed that it was the victim of back-to-back cyber attacks. now cdk may not be a household name, but it is very important in the auto industry, its texas knowledge and powers 15,000 dealerships across north america. and this outage is really cause some significant disruptions for customers. they've faced delays at some dealerships. wait times have doubled or even tripled because the sales staff has had to resort to pen and paper to process the sale well, sort of course, has really slow things down card shoppers, they've had fewer choices here, fewer car dealers to choose from. that means less leverage when they're trying to negotiate a deal on a new car. even people who are just trying to get their cars fixed have been impacted because some of these repair shops at the car dealers they rely on cdk's technology g to book appointments and to track part

cnn reporter matt egan is joining us now on this. all right. matt break down each candidates economic plan will pour some briana no doubt the economy's gonna be front and center tonight. it really is the number one issue for voters and trump and biden. they've really differ on the economy. first, if you ask them about the current economy, they're gonna sound like they're on different planets, but they also really differ on their plan's going forward. let's look at the trump agenda first. he wants to lower the corporate tax rate, extend those 2017 tax cuts. he wants higher tariffs on all imports and on china. and this immigration crackdown the problem of course is those first three points economists say that that would actually make inflation worse. trump also is advocated for energy dominance, more oil drilling less regulation. now, biden, he's got a very different agenda. he wants to raise taxes on the rich raise taxes on corporations. he's focused on lowering costs, although that's really the job of the federal reserve, he's pushing for clean

rapidly dropping since may dealing a huge blow to the former president's net worth cnn reporter matt egan is joining us, write down matt, truth, social is hurting right now. big time. what is happening? >> well, this is a stock that is basically in free fall mode right now, trump media was trading above 50 box has recently may 30. of course. that's the de that donald trump was convicted here in new york. and within seconds of that conviction, we saw the stock price plunged and it's just snow oh, ball. since then, this company has now lost over half of its value in just three weeks. it's staggering losses. >> the spark for this week selloff was the fact that regulators gave a green light to investors who own what's known as warrants to buy extra stock in this company. >> it's a move that could allow trump media to raise extra money, but it's also going to water down existing shareholders. and that has spooked some investors. i don't want to assign too much logic here though to the stock moves because remember, experts have said that trump media is basically a meme stock it is trading on hy

. >> cnn's matt egan joins me now to take a deeper look. >> so matt explain what is going on and whatxplains the rising housing costs. >> well, manu today's inflation report overall was encouraging. we actually did see prices drop on a monthly basis for things like gasoline and new cars and airfare. but one of the big problems of course, is how expensive it is right now to rent and to own a home. and that is really pushing up the overall inflation rate. so we can see that shelter costs were up year over year last month by five 5.4%. >> that is, well el ahead of the overall inflation rate of 3.3%. and this is, of course, a big problem because one shelter is a huge part of our monthly budgets. so this is something that americans really feel. >> of course, this is also a problem because this is a big component of the overall inflation rate. and one of the reasons why this is happening is because there's just not enough supply out there. >> whether we're talking about supply of homes or the supply of affordable units to rent. >> there's more demand and supply in that has pushed up the cos

blockbuster month of job growth, 272,000 jobs were added in may, blowing in past expectations cnn's matt egan joins us now, mat were kind of in a pattern here where we talk about how great the jobs reports are. but then it kind of highlights the fight that the fed is continuously had with inflation, right? >> that's right, boris, i mean, the jobs market is relentless just when it looked like things were slowing down, we find out today that hiring unexpectedly accelerated in may 272,000 jobs added. that is a strong number in any environment, it crushed expectations and it's looking more and more but like that's slowdown in april was really just a blip. clearly, there is still a lot of demand out there for workers wages rose sharply, notably increasing more than prices did. >> and really there was across the board strength when you look at the sectors, there were 68,000 jobs added in health care alone and other 43,000 jobs in government. >> 42,000 and leisure and hospitality. now, all of this is good news for workers wanting to keep an eye on, is the household survey part of the jobs report was

cnn's matt egan got a hold of this letter. mat what does it say? >> well, abortion, briana inflation clearly remains public enemy. number one in this economy, americans are so frustrated with the cost of living yet in this letter, these 16 nobel prize winning economist they're saying that trump's policies wouldn't just fail to fix inflation. it would actually make inflation even worse. let me read you a key line from this letter. these economists, right? we believe that a second trump term would have a negative impact on the u.s. economic standing in the world. >> and a de-stabilizing effect on the us's domestic economy. >> in particular, they argue that trump would quote re-ignite inflation. these economists point to specifically former president trump's policies around taxes, right? remember trump wants to extend the 2017 tax cuts economists say that would add trillions of dollars in debt and it would give the economy a sugar rush that it probably doesn't need trump's also polling for lifting tariffs. and an immigration crackdown, including unpre

cnn's matt egan is with us now.'m at what he learned here. >> well, john, it's a great time to be a ceo. some of these pay packages are pretty epic. now, see you as have always made more money than their workers, but the gap is widening now last year, see you as meet 196 times what their median employee made. >> that's according to the study from aquila and associated press. now, that is up from 185 times the year before the gap is widening. because see, you pay is rising much faster than worker pay. the median ceo of s&p 500 companies made just over $16 million. last year. that is up 13% from the year before. now, the good news and pull it is employees, they made more money to just over $81,000. that's up 5%. >> obviously, a much slower pace just to take this a step further, the average employee made about $4,300 more than the year before they ever see you 1.5 million more. >> now, obviously these numbers are tough to swallow right now because a lot of workers are struggling with the high cost of living, right? >>

matt egan. thank you so much. >> graeme president biden will soon arrive in italy for three days of critical meetings at the g7 summit, the president departing from delaware this morning where he spent time with his family after his son, hunter's conviction on federal gun charges yesterday, the leaders of the world's wealthiest democracies have major global issues on their agenda, including the israel-hamas war four and supporting a huge loan to ukraine backed by hundreds of billions of dollars in frozen russian assets. >> cnn international diplomatic editor nic robertson is live in italy. he's covering the g7 for us. a nick sources tell cnn that the us and ukraine are expected design a long-term security agreement there at the g7. this is pretty big news. what more can you tell us sure. >> i think the best reference point on this is to look back at the nation to summit last summer when i'm president zelenskyy he wanted a commitment that ukraine was going to be a member of nato. he wanted the eq

cnn reporter matt egan is joining us right now. matt, what more of you learned? tell us about this well, this is a developing situation. >> here's what we know. the new york stock exchange says that it is investigating what they're calling a technical issue involves what's known as limit op, limit down, which is really a safeguard put in place to prevent stock prices from moving to wildly. now, in just the last few moments, the new york stock exchange sent out an update saying that these stocks that have been impacted, they are reopening or are in the process of the opening and they say that the issue at the heart of this has been resolved. now we're going to keep an eye to see how these stocks open up trading because there was a bizarre situation where you mentioned dozens of stocks were halted for no apparent reason. some of them were showing really unusual moves up, most notably berkshire hathaway as the big holding company run by legendary investor warren buffett class a shares for berkshire hathaway were listed down trading at $185.10. >> that would be a 99.

some good news for people hoping to hit the road this summer travel season, as cnn's matt egan explainsn a polarizing election year, the price of the pumpkin have far-reaching implications. >> victor an amara, it was exactly two years ago, friday that us gas versus hit an all time high above $5 a gallon. >> that was a nightmare. i'm so painful for budgets boot investors and helped catapult the inflation rate to 9% for the first time in 40 years very few americans had ever seen $5 gas before, except maybe in california. now thankfully, we're miles away from that right now, the national average as of friday was 346 a gallon? >> no, that's not sheep. >> of course, it was cheaper during covid when demand was extremely low because people weren't driving. >> but right now, gas prices are down by more than $1.50 from the peak two years ago. >> not only that catholics are about $0.13 cheaper than they were at this point last year. it drivers in some states are seeing even bigger year over year drops including in utah, washington state, and some battleground states as well like arizona was const

countries have agreed to keep oil production cuts through the election and into next year is seen as matt egan this morning. >> what's going on here, matt? >> well, john opec cloths, they're not interested in doing any favors for american consumers or frankly for this administration. now, this producer group of course, is extremely influential. influential is read by russia and saudi arabia and it accounts for almost half the world's supply over the last two years. they've been holding back supply. it's like drill baby, drill in reverse, right? they want to prop up prices. >> look at this 6 million barrels per day approximately that's how much they'd been holding back supply. >> those are deep cuts and amounts to 6% of global demand. now, if they did nothing at this week's meeting, a lot of these supply cuts would have actually unwound, meaning more production would have hit the market. they don't want that to happen because that would have lowered prices. so oh, pipe plus agreed to extend most of these supply cuts until the end of next year. they're going to gradually add some supply back, bu

. >> this is according to speech excerpts first shared with cnn our matt egan is with this now with theatt, what are you learning? >> well, john, listen, what's going on in ai is moving so fast, right? we've got an arms race between the tech companies, wall street firms are embracing ai and then regulators are just trying to keep up with it and worry what could go wrong now, tomorrow's speech from janet yellen will be hurt most extensive remarks today on ai at this conference in washington, she plans to tell tech executives, bankers, and academics that there are tremendous opportunities and significant risks associated with the use of ai by financial companies that she's going to lay out some of these concerns turns including what's known as the black box problem, which is the fact that we don't really know how these ai models work, which makes it impossible to know how safe they are and how safe there'll be when you introduce them to the financial system. >> she's also going to talk about crowded trains. >> how if a lot of investors are using the same ai models and same ai data, you co

and who is going to benefit seen as matt egan is keeping a very close eye on this one for us. what is going on here? >> well, kate, if you're an invidious shareholder, don't freak out the share price is about to shrink dramatically, but it's not a glitch. it's actually a sign of success. so as you mentioned and videos, just having this legendary period of success lately, they power these computer chips that really ron artificial intelligence. and so they're so hot that the board announced a ten for one stock split. that means that the stock is going to go from closing on friday above $1,200 a piece. to just over $120 reason why companies do this is because they're trying to make the share price more accessible, right? when a stock goes into the high hundreds of dollars for a lot of the market exactly. it makes it harder for smaller investors to take a piece of it. now, the market value is onchange. this is really just a cosmetic change, but this is something that a lot of other successful tech companies have done. apple, amazon and tesla have all done it. and it's really a sig

federal reserve is set to announce its latest policy decision in trying to control inflation, seen as matt egan is here with a look at that. so what is expected first and foremost with cpi this morning? >> well it's crunch time for the us. we've got the fed decision inflation report back to back just hours apart. this would be like having game seven of the stanley cup finals and the nba finals on the same day, except here exactly, exactly. like that. except these issues, these events actually really impact everyone because it gets at the cost of living the major frustration with this economy. and so the big question for the inflation report is whether or not we're going to see any sort of progress at all and whether or not we do is going to have a big say in what the fed does next. now the fed, there's almost no chance that the fed lowers interest rates today. the big question is, what does it say about rates going forward previously they were penciling three interest rate cuts this year. that seems very unlikely, just looking at the calendar. so are they going to go to one cut, which would mea

let's bring in matt egan. he's looking into this. what is this all about?> well, this is a looming legal battle and it's about something that i think americans care a lot about how much they are paying for the price of alcohol. now, a source confirms to cnn and the federal trade commission is preparing to file a lawsuit against southern glaciers wine and spirits. this is the nation's largest alcohol distributor, more than 7,000 brands, everything from grey goose vodka in jim beam bourbon to yellow tail wine. and this would be aimed at trying to lower cost for consumers, making sure that mom and pop shops are operating at a level playing field against the big national chains and listen a lot is at stake here, american spent almost 90 billion on alcohol last year alone. we know that the cost of living is very high right now. biden officials are eager to show that you're taking action to lower costs and that i'm taking action to confront dominant companies. >> but this lawsuit kick could be risky because it would force regulators to dust off a law that has rar

. >> just one of the handsome men you saw in that interview right there to cnn's matt egan, who spokeith reid hoffman. what did he tell you? >> will john reid hoffman is a rare breed these days, a billionaire business leader, forcefully making the case against another trump presidency. we've seen psalm ceos who are critical of trump after january 6, their back on the trunk i'm trained hoffman on the other hand, he penned an op-ed in the economist blasting ceos who support trump saying that american business should not empower a criminal. hoffman told me that in the end, trump is going to hit corporate america, where hurts them the most, the bottom line right? he is saying that really it's trump. who's not as pro-business as biden because he says that trump doesn't respect the rule of law. and biden doesn't. it's an interesting argument, especially because of course trump's sees himself as the ceo, president, right? he wants low taxes light regulation. he just went to a meeting with ceos in washington where he said he doesn't want to just extend the 2017 tax cuts. he wants to make the

. >> the cost of homo, home-ownership has gone up 26% since the pandemic spring and seen as matt egan, he's got more on this digging into these what's going to be sobering numbers, what's going on here? well, a lot of people probably think that once they buy their first home, they're done, right? but in reality, they're just getting started because there's all of these hidden costs of homeownership and they can really add up bank rate found that on average americans are spending 18 thousand dollars a year to own and maintain their home. that is obviously a lot of money when you think about it, it's almost like the cost of buying a used car a year. this is 26% more than in 2020. and of course this is all on top of your mortgage payment, right? we're talking about the cost of energy, the cost of property taxes and the biggest drivers according to bankrate or the fact that it's gotten more expensive to maintain a home. and also the cost of home insurance that we've seen premiums spike, right? for two reasons. >> one, it's the fact that there's the climate crisis has made it more likely t

that is 27% higher than the congressional budget office estimated earlier this year, cnn's matt egan is joining us now. wow, the economy. look in pretty good the budget deficit look in pretty terrible. >> yeah, absolutely. so this was a very sobering report. we knew them budget was a mess. it's even worse than we realize. cbo now projecting 1.9 trillion for the federal deficit this fiscal year. this is massive and it's $400 billion larger than the estimated just a few months ago, 27% increase. remember the deficit is the difference between how much the government brings in revenue and how much it spends. the few major drivers here, the biggest is about $145 billion in spending related to student debt relief also, fdic deposit insurance related to the bank failures of last year, discretionary spending increases, medicaid spending, no matter the driver, what's concerning here is the trend when we look back to fiscal 2016, the deficit was about 600 billion all the way on the left side of that chart that is nothing to sneeze at. >> but that looks downright tiny compared to right now, we'

and that is what matt egan as digging into today, where do our prices right now? >> well, we are miles away from that nightmare of two years ago, right? 346 a gallon. >> that is not cheap, right? of course, prices were cheaper in 2020 because no one was on the road. it was that health crisis but what's interesting is that gas prices are, or even lower than this point last year, $0.13 lower. and it can more than $1, below that all time high from two years ago. and that was of course just such a disaster, right? financially, psychologically, it was really, really bad. and now we've seen prices come down really across the country talking about this since it relates to inflation and some of the good news. >> i mean, the reason why inflation hit 9% two years ago was because of $5 gas and it was just this massive problem. but look at this now over the last year, we've seen massive drops, $0.69 lower than this point a year ago in utah and $0.47 in washington state and also some of the battleground states that are gonna to be pivotal in this election have seen massive dro

we have cnn's matt egan with us now. so this was a glitch. what caused it well, brynn, we are still learning details about exactly what happened. >> here's what we know. about 15 minutes into trading there was a trading pause for multiple stocks, ultimately dozens of stocks were halted and some of them had bizarre stock prices that really didn't make any sense. >> most notably, berkshire hathaway, that's the big holding company run by legendary investor warren buffett. now, as of 944 here in new york everything looked normal, right? this stock class a shares were trading above $600,000. that's where they actually normally trait. and then suddenly with no explanation this stock was listed at just a $185 and there were no trades in between to indicate why that stuck had gone down. there was no news release so clearly something was wrong here because that would amount to a 99% drop. >> now, as you can see on your screen this stock has reopened. it's trading back to where it should be above $600,000 a piece. and the new york stock exchange says t

social shares shot up yesterday by more than 20% after weeks of being in a state of free fall, cnn's matt egan joins me now. what more did this linkedin co-founder tell you about this and what do you make of what's been happening with this stock? >> well, jim reid hoffman is just done by the price tag on trump's social media company and reid hoffman knows a thing or two about social media, right? he made a fortune co-founding linkedin and then selling it to microsoft. now, trump media shares, they did collapse after trump was convicted here in new york in late may, but they're bouncing back big time. and this is a company that is valued at six billion despite the fact that it generates very little revenue. >> and it's still very tiny player in social media. >> and so that's why reid hoffman told me that the price tag on trump media is quote, absurdly out of the realm, home of normal business. now, i should note that reid hoffman is no fan of donald trump. he has blasted business leaders who support trump he has donated to democrats and 2 anti-trump candidates, but hoffman is hardly the only on

. >> cnn spent egan has much more on this. he's joining us now, matt, who are these economists and what are they most concerned about? >> we'll get there most concerned about what trump's policies would do to inflation, which by the way is also the number one concern among voters with this economy. now, these 16 nobel prize winning economists they're warning that trump's policies wouldn't just fail to fix inflation. they would actually make matters burst. let me read you the the line from this letter which was put out just yesterday. they wrote, we believe that a second trump term would have a negative impact on the u.s. economic standing in the world and a d de-stabilizing effect on the us's domestic economy. the letter which was organized by famed economist joseph stiglitz argues that the trump policies would quote, reignite inflation. they point to what they described as quote fiscally irresponsible budgets and research that finds us some of these policies would lift prices. in particular, there's the trump tax plan. remember, trump wants to not jus