If it's Wednesday, record gas prices and soaring inflation meet the biggest hike in interest rates in nearly 30 years.

As the Federal Reserve scrambles to try to get control of inflation, and the White House pushes oil companies to ramp up production of gas quickly.

Plus, Trump's grip on the Republican Party following another round

of primaries, maybe it's a little bit stronger. A new slate of winners and losers means new

insights into both parties' paths in November. We'll break down the latest lessons from last night's

election results from coast to coast. And later, the January 6th committee zeroes in on the former president's

in action during the insurrection. We've also got new details on what to expect in tomorrow's

hearing, featuring our key advisor to former vice president, Mike Pence. Welcome to meet the press. Now, I'm Chuck Todd, and we begin this hour with the breaking economic news that policymakers in Washington are scrambling to address inflation, which may be the biggest political threat to President Biden

and the Democrats, at least in the short term. Right now, the Federal Reserve is still trying

to play catch-up. This afternoon, raise interest rates at three-quarters of a percentage point.

It's the single largest increase in interest rates in 28 years, as the prices Americans are

paying for everything from gas to groceries continues to soar.

The Fed chair, Jerome Powell, just finished answering reporter questions after announcing the rate hike.

He told reporters that additional rate hikes of this magnitude were possible as his agency tries to bring costs down without, they think, throwing the U.S. into an economic recession.

We at the Fed understand the hardship that high inflation is causing. We're strongly committed to

bringing inflation back down, and we're moving expeditiously to do so. We anticipate that

ongoing rate increases will be appropriate. The pace of those changes will

continue to depend on the incoming data and the evolving outlook for the economy.

So the Fed's announcement comes as gas prices remain above $5 a gallon nationwide, according

to AAA. And in a letter to major oil refinery companies, President Biden is now demanding

they take immediate actions to ramp

up supply, writing, I understand that many factors contributed to the business decisions to reduce

...