Welcome to meet the press now.

We begin with breaking news from Wall Street, as stocks tumbled more than a thousand points

today after a worse than expected inflation report showed prices for key goods, including food and housing, are still soaring for millions of Americans.

And you see there, that's the view from the New York Stock Exchange.

The Dow Jones has closed the day down nearly 1,300 points in all, making it the worst day of the year for the stock market.

And it comes as President Biden is hosting an event at the White House to celebrate part of the administration's response to rising crisis.

We will have much more on all of that in just a moment, but we do want to begin with this breaking news.

And NBC News, senior business correspondent Stephanie Rule to help us break down what we are witnessing.

So walk us through what happened today, Stefan. How significant is this moment?

Well, we got this inflation report. And while there's very good news, you're seeing gas prices go down.

That helps everyday Americans, not just in the day to day, but from a sentiment perspective,

how you feel about the economy. But despite the fact that

the Fed has taken pretty aggressive efforts to raise rates to slow the economy, we're not seeing

it slow as quickly as they thought it would. Rent is still very high. Health care costs are very

high. And when you go to the grocery store, almost everything you buy costs a whole lot of money.

Now, can the Fed do much about that or the administration?

Not thus far.

Remember, we get so much of our food products from overseas, whether you're dealing with droughts here in California, the situation in Ukraine, where we get wheat from.

These are all complicated factors.

And then you turn to the markets and say, hold on a

second. Why are they going down that much? Remember, the Fed now sees they likely have to raise rates

again, and that is tough for public companies, because that means it will be more expensive for

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