Well, it's sort of weird to see cheering there at the closing bell because not a lot of investors were cheering.

Welcome to me at the press down, checked out here in Washington.

Yes, that was the closing bell. We're following the breaking news on Wall Street where markets took a massive hit today.

Not surprising, considering the ugly economic data that came out this

morning. Inflation is still red-hot. There's been no slowing down, as some had hoped in the Biden

White House. Gas prices are soaring. The recession fears are now rising. Stocks dropped after the

inflation report showed a much faster than expected rise in prices. We thought there was going to be a slowdown.

President Biden is trying to tamp down those recession fears.

He addressed the issue of inflation this afternoon at the port of Los Angeles,

trying to blame the war in Ukraine for this issue while vowing his own action.

Today I'd like to speak about my top economic priority, fighting inflation.

I understand Americans are anxious, and they're anxious is a good reason.

I was raised in a household when the price of gasoline rose precipitously.

It was the discussion at the table.

It made a difference when food prices went up.

I'm doing everything in my power at a blunt Putin's price height and bring down the cost of gas and food.

So we're standing by for some additional remarks from the president any moment now as he attends the summit of America's in Los Angeles,

a summit that the United States is hoping will keep a close eye on what he has to say and bring you the most important parts. All of this comes as we are also tracking the fallout

from those remarkable primetime hearings last night by the House Select Committee investigating the

January 6th insurrection. The committee appears to be assembling everything. It would need to make a

criminal referral to the Justice Department to potentially prosecute. Former President Trump will have much more on that in just a moment.

But let's get a little bit of nuance here in context on what happened today on the market.

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