Skip to main content

tv   KRON 4 News at 530pm  KRON  November 2, 2022 5:30pm-6:01pm PDT

5:30 pm
5:31 pm
>> an effort to tame inflation today, the federal reserve announced its raising interest rates, three-quarters of a percent yet to get our at washington, d.c., correspondent raquel martin explains what's to be expected. >> this is now the 4th time in a row. the federal reserve has raised interest rates more aggressively at 3 quarters of a percentage. the increase will make it more expensive to take out a new mortgage, buy a new car or pay down a credit card. the cost of borrowing just got even more expensive for taking forceful steps to
5:32 pm
moderate demands. >> in an effort to tame high inflation wednesday, the federal reserve announced it will raise interest rates, three-quarters of a percentage yet again, it's the 6th rate hike this year. inflation remains well above our longer run goal. federal reserve chairman jerome powell says despite best efforts the labor market is too strong and prices are too high. he warns more rate increases are on the way to try and slow down spending without price stability. the economy does not work for anyone. we understand that our actions affected communities, families and businesses across the country. the increase means purchasing a home, a new car, or even pay down your credit card will cost you more bank of america economist michael gate been says american families and businesses. we'll definitely feel the pinch, but says it's still better than the fed doing nothing because that inflation get some trench. >> reversing that history says it's much more costly. wednesday. president joe biden
5:33 pm
sympathize with struggling americans. inflation still hurting people. we're making real progress palace as the federal reserve will continue increase interest rates until inflation reaches their 2% goal. health increase interest rates have helped slow down the housing sector. for instance. but a lot more work is ahead as how long it will take to stabilize prices. he says that still highly uncertain. >> for now in washington, raquel martin, back to you. >> all right, back to us. we now want to bring in family wealth advisor from morgan stanley in the east bay, george snitch. good evening, george. thanks for being with us. grant vicki, highly uncertain when things will stabilize. what's your best? guess? well, the federal reserve's been very clear. they said they're going use the rates and they're going to do it very hard. so we've had a total 6 rate. 6 increases this year in the past 4, then three-quarters of one percent. so now the banks, the federal reserve, is lending to banks at 3.7, 5% to 4% the banks and
5:34 pm
take that and they mark it up and then they charge us more for credit card. use. they charge us more for home equity lines. they charge us more for mortgages. and so that's that's really created a lot of problems, immediate problems for people who want to buy a house but boy does really they have to get inflation down. so they're going to come on strong, raise rates until spending starts to decrease. our supply chain gets better and the inflation rate comes down. so there's all this talk about taming inflation. so far. it's not your >> why is inflation so wild? >> well, inflation is integrated in our economy. so when they raise rates this quickly that close together, it takes several months in order for us to see the effect of it. but, you know, just think about it. if your consumer, you're tired. you have $100,000 in your retirement account. and this year you saw your portfolio down 20%. you are taking out about 3% to buy groceries, which was ok because you're making 6. but now you're not. you're down 20%, but 3%
5:35 pm
doesn't buy your groceries anymore. so you got to take out another 6%. so a top of losing 20, you're taking out 6, you really down. 26% for years and that you're out of money. that's why the federal reserve has raise their hammer really hard and come down her people people are going to feel the pain right now so they can really slow down this inflation and get it fixed quickly. jay powell said today don't worry too much about race in interest rates. where more about to ration, the longer inflation goes on, the more that the roads around personal assets that we have. this is for everybody. but we are seeing gas prices go down. a little bit and that's helped our consumer price index go down about one percent, you know, was at a high of about 9.1%. and just last week that went down to, you know, 8.1%, that's still high inflation. i think it's going to be fairly quick within the next month or 2. we'll see our cpi, consumer price index, inflation rate. good down from 8.1 to about 5%. what's going to be really heart breaking because of all the money in our economy. it's
5:36 pm
going from the 5 to the target of 2%. that's going to be really hard. a lot of smart people say even though it's maybe not official, we are in a recession currently. >> do you buy that and separately, have you think all of this will affect the upcoming election. i don't buy this recession. talk at all. i think we're in a slowing economy. i see numbers to to to to prove that that, you know, little bit older. so i go back to the 70's and i remember the 70's we had. >> very, very high double-digit inflation. we have very fact very high unemployment. and we we were not energy independent. and so all that's been reversed. now, you know, we have very low unemployment. we you know, a really unlimited gas and oil that we can produce if people are working and making money, we just flooded the economy with money because of the covid issue, an economy had to stop. i mean, think about but when you stop to 24 trillion dollar economy, you don't know what's going to happen. the results are, you know, in this case, inflation. and if you take a lot of time for the money to matriculate out of
5:37 pm
the system and get these reach the election. the effect on that. well, the midterm elections have a big effect right now. that creates volatility in the market because the stock market doesn't know which party is going to get the majority. and that does matter because that will implement policies on things that, for example, the biden administration is pushing. those are the companies you want to invest in. but if in fact he loses the majority, then there are republican issues. you may want to invest. and so right now the market doesn't know which way to go because of the potential ball till election that's going to be solved in the next couple of weeks. and this is going to ne something we should all watch policy matters now. not so much the people that the policy, that's where the money spent. that's what affects the companies that you may want to invest in. >> george, we like getting free advice. i'm sure our viewers even though we're running out of time, i do want to in. one more question to you. i i know a i say it get who was trying to buy a house last week. yeah, barely making it. and now with this bump up. >> how is that possible? >> me being priced it's a possible for the majority of the people. i mean, when the
5:38 pm
interest rates, mortgage rates are 2, 3%. the banks look at your debt that you're taking on to, to your to your cash flow. and so if your debt doubles that major cash will has to go way up. and so most people are not going be able to qualify for these mortgages right now. i mean, they the government wants to get people in houses. but right now they're making it painful, their crushing the house market to try to keep inflation down. but as soon as they can get inflation down the start lowering the rates that will gradually allow people to get back in. so, you know, millennials, you know, be be patient, you know, hold your cash. it's intended to buy a house. and, you know, the rates will go down, you know, sometime next year and it will be more affordable for some people. okay. did i hear you say that the rate will come down? we would expect them to come down because the federal reserve will get inflation down. if that happens to death, they have to, though, to get it down and that will push the mortgage rates down. in the meantime, people can't buy houses so they have to rent and the rents are going up. it's a
5:39 pm
mess. go up and that creates inflation. very good, he the bill for that. by the way, i get yeah, not high. >> appreciate your time. this georgia, teddy financial expert with a morgan stanley from okay. there was great on you. got always appreciate street tips there. george. have a good evening. still to come, a shocking new study linking alcohol and the amount of deaths seen among young people. >> and after 2 students accused of killing their teacher, new court documents are reveal
5:40 pm
mom, we need to talk to you about yiorgos. don't you think it's a little odd he showed up in your life right when you became a gigillionaire?! he's a gig-digger, mom! he's using you for your at&t fiber. now that it has hyper-gig speeds. he spends half day shirtless, playing vr games. kids. why do you think i became a gigillionaire in the first place? yes, i am yiorgos. we know. live like a gigillionaire with at&t fiber, now with speeds up to 5 gigs. limited availability
5:41 pm
5:42 pm
>> 2 iowa teenagers are accused of killing their high school spanish teacher over a bad grade. the incident happened last november. investigators say the 2 teens, so you see here are 16 at the time. they say they beat their teacher. graber with the baseball bat in a park in the small town of fairfield in iowa. one of the students met with graber earlier in the day. prosecutors say to discuss a failing grade he had received their class after that meeting, the teenagers allegedly followed their teacher to a park where she was known to take walks after school. her body was later found in a park hidden under a tarp, a wheelbarrow and railroad ties. police say the boy's bragged about the murder on social media. both are being charged as adults with first-degree murder. the cdc says excessive drinking has
5:43 pm
caused the deaths of the 5th of young adults within just a few years. a survey looked at alcohol related deaths between 2015 2019. >> and those researchers found that alcohol caused the deaths of 13% of americans age 65 or younger. but for those between 20 and 49, it was 20% or one in 5 people in that age group, the types of deaths included those from related digestive cardiovascular and infectious diseases and cancers. motor vehicle crashes, violence falls and even alcohol. overdoses also played a big role. still ahead with less than a week to go until the midterm elections, voter intimidation concerns continue to grow across the country. >> what's been done to try to keep people safe as they cast
5:44 pm
5:45 pm
5:46 pm
>> as we approach next week's midterm elections. law enforcement and government officials are worried about voter and poll worker intimidation. our washington correspondent alexandra limon spoke to one sheriff who's getting involved to help solve the problem nationwide. >> some officials are concerned about what they see as a growing trend of self appointed poll watchers going beyond peaceful observation being nearby, a box arm or dressed in such a way, you know, tactical or military type that concrete
5:47 pm
intimidation or concern for people dropping off ballots. justin smith is an elected republican shift in larimer county, colorado. smith says he felt compelled to join the committee for safe and secure elections because of the rise in voter and poll worker intimidation. the final nature of these comments, the explicit threats, smith and other government officials say the goal of these tactics is to discourage voting or to pressure election officials into changing results. the threats are driving many experienced election workers to quit while laws vary state by state. smith says if an action seems inappropriate. >> there's a good chance. it's also illegal in colorado, for people are prohibited from having an open fire arm in an concealed. >> within 100 any sort of voting location. smith blames the problems on extreme political polarization that he says is driven by misinformation that spreads
5:48 pm
widely on social media. are elections have been, you know, something that's really a sacred to us on either side you when you lose an election, you lost an election and you move on. you honor that in washington. alexandra limon. >> new e-mails have revealed donald trump's lawyers saw supreme court justice clarence thomas says key to overturning the 2020 election. the e-mail sent to the january 6 commission show trump lawyers trying to frame arguments in hopes thomas would issue a stay on georgia's election results. trump lawyer john eastman wrote that he thought thomas was the key to their efforts and quote, their only chance the messages were part of 8 e-mails that eastman sought to shield from the committee. a federal judge ordered them released. thomas's wife ginni was interviewed by the committee back in september vertex to trump aides about overturning the election, getting cold out there and families may have to shell out hundreds of extra dollars this winter because of
5:49 pm
higher energy costs. according to reports, prices haven't been this high. >> in more than 15 years, the biden administration said it is adding 4 and a half billion dollars to an energy assistance program for low-income families and an additional 9 billion dollars to a new rebate program for energy efficient upgrades. but some people are concerned those steps will not help everyone who's going to struggle this winter. >> energy is just becoming unaffordable. the united states and these funds are step in the right direction. but it's not going to be enough. >> the national energy assistance directors association is asking congress to add another 4 billion dollars to the energy assistance program to apply for some of that assistance. you can head to our website kron 4 dot com. we said it's getting cold and we're not kidding. here's a live look in san francisco. that's along the embarcadero there. you need some heat in that. yeah, in a word, lawrence, yeah. and
5:50 pm
we're going to see that for a showing up around parts the bay area tonight. we'll see the clouds part. >> as the clouds part, the winds settle down. that's perfect conditions to watch as temperatures really fall specially with that cold alaska air already in place. so yeah, we have a few scattered showers today. even a couple of thunderstorms tonight. it's going to be all about the chilly temperatures of sun just about the set. now we're getting ready. one of the coldest nights of the season so far. temperatures right now out the door. not warm by any means. you're looking at 53 in half moon bay right now. 57 in oakland, 55 in livermore and 54 degrees in santa rosa. but frost advisories are going up in the north bay in the mill valley. the bottle, sonoma and napa valley. you can see the temperatures dropping off in the low to maybe the mid 30's. it's going to be very cold overnight tonight and into early tomorrow morning. so here are the forecast. low temperatures about 30 below freezing in santa rosa tomorrow morning. 34 in napa likely see some frost developing around their public. some frost a bottle as
5:51 pm
well. 39 and little. 35 both conquered and live. more 40's around the bay and along the coastline. so we've got a chilly night ahead tonight as we have those showers kind of moving on through. but now they're starting to part. but we had a couple of thunderstorms. you may have seen some of those rolling on through with that meet looking top well, they produced a couple lightning strikes around the bay area today in the north bay and also in the santa clara valley. that is starting to settle down just a bit. if use leftover scattered showers as you make your way toward a fairfield, also to vacaville. but we're talking about some changes on the way to return to more sunshine after a cold start tomorrow morning. partly cloudy skies on friday this weekend. guess what? another chance of more rain. guys, back to you. thank you, lawrence. next up, some tips to take the stress out of your next trip. >> from directions to jet lag, rich demuro
5:52 pm
5:53 pm
chocolate. vanilla. strawberry. but this isn't ice cream. this is big tobacco. and their candy flavors are served with a strong dose of nicotine. because big tobacco knows four out of five kids who use tobacco started with a flavored product. and once they're hooked, they can be addicted for life. it's time to put the brakes on big tobacco's candy-flavored trick and protect california kids. vote yes on proposition 31.
5:54 pm
>> make your next international trip. a little smoother with the help of some new tech tools. ok, rich demuro shares what he learned on a recent trip in tonight's tech smart. >> every time i travel, i learn something new on my recent overseas trip, i discovered these apps and tips that can make the process easier. starting with rome 2 rio. this is a helpful app for finding the best way between 2 points, whether it's big cities or local landmarks see transit options including trains, buses, subways, taxis, walking and more. it gives you
5:55 pm
a proximate prices and even the recommended and fastest ways to get there. time shifter is an app that helps you combat jet lag. plug in your travel dates in flights and it generates a plan to help your body adapt to the time. difference is telling you went to sleep nap, drink coffee and get some bright light. the first plan is free. i can't say it worked perfectly, but it did seem to help before you reach your destination, activate wi-fi, calling this way you can still send and receive texts and calls for free even overseas. now, if international data is not included in your plan and you want to avoid fees entirely turn off data roaming and purchase and east and for your destination. i like air low because you can buy and activity in seconds through their app on the ground. i use the app world clock time widget to put various time zones on my home screen in a digital format. so they're easy to understand to bridge the language barrier. you can use google translate or apple's built-in translate
5:56 pm
app. both will transform text on signs instantly. just be sure to download a language before you leave. finally for currency conversions, you could ask siri or google assistant, but i like the app xc. it's simple and straightforward. >> and you can add a widget for easy conversions. i'm rich demuro and you are tech smart. >> well, what did we do before we had those instant translators? lot of hand movement bumble hitting the wrong answer your question. wasn't right. all right. that wraps up kron 4 news at 5. appreciate you being with us this hour. stick around, though. a lot more news to get to tonight on kron. 4 news at 6. pam and catherine are here >> look ahead. good evening you. before we had rich to there, we go to >> all right. vicki and grant, thanks to you both. coming up tonight at 6 o'clock new details surrounding the attack on paul pelosi. >> capitol police explain why hammers at the speaker. san
5:57 pm
francisco home were not being monitored when that man broke in. also, the federal reserve is boosting interest rates yet again. this is another effort to rein in inflation. what it could mean for consumers. i'm catherine heenan. i'm pam catherine heenan. i'm pam moore. t okay everyone, our mission is complete balanced nutrition. together we support immune function. supply fuel for immune cells and sustain tissue health. ensure with twenty-five vitamins and minerals, and ensure complete with thirty grams of protein.
5:58 pm
5:59 pm
>> from the bay area's news station. you're watching kron. 4 news at 6.
6:00 pm
>> now at 6 more details emerging about the security aroun house speaker nancy pelosi, san francisco home following the attack on her husband. the home break-in was captured by capitol police surveillance cameras. but no one was monitoring them at the time. thank you for joining us on kron. 4 news at 6. i'm pam moore and i'm catherine heenan and for ken wayne capitol police said the command center monitors roughly 1800 cameras, including those at the pelosi home. >> and they generally monitor the feed when the house speaker is at home. the attacker told authorities that he was on a self-proclaimed suicide mission aimed at speaker pelosi, but she and her security detail were in washington at the time. however, she was not the only target. evan lambert has the latest on the investigation. >> but there's a band with us. former capitol police officer and secret service member matthew dority tells news nation he isn't surprised. cameras capturing last week's attack on paul pelosi. we're not


info Stream Only

Uploaded by TV Archive on