>> the sharpest u.s. interest rate rise since 1994. the federal reserve steps in to try to curb rising inflation. this is al jazeera, live from london. also coming up, the cost of living source, driven by the rising price of petrol. joe biden sent a letter to oil companies demanding action. israel demands to send more gas to the european union via egypt.

and thousands rally in eastern democratic republic of the congo . the u.s. federal reserve has raised interest rates by .75%. the biggest increase in almost three decades. the hope is that the move will curb soaring inflation and bring down consumer prices which are at 40 year highs. the chair of the central bank describe the current economic climate as extraordinarily challenging and uncertain and indicated further hikes are like. >> we anticipate that ongoing rate increases will be appropriate. the pace of those changes will continue to depend on the incoming data and evolving outlook for the economy. clearly today's 75 basis point

increase is an unusually large one and i do not expect moves of this size to become -- be common. either a 50 basis point or a 75 basis point increase seems most likely at our next meeting. we will however make our decisions meeting by meeting and we will continue to communicate our thinking as clearly as we can. >> more the federal reserve in washington dc. >> this is a very aggressive move. this is the highest one time rate hike in 28 years in the u.s. and the goal is to react to the alarming rate of inflation we saw in a report just last week at 6.8%. jerome powell also called these destroyed and really challenging and uncertain times for the u.s. economy. he has quite a challenge ahead of him. he is trying to cool down this

boring -- roaring hot economy. but he asked to do so and the board has to do so without triggering a recession. there is some fear of that happening. possibly next year. powell did not predict that. he said they were releasing the economic projection for the next three years in the u.s., finding that is when the u.s. economy may pull down to a healthier level where the unemployment rate and inflation rates are the target levels that the federal reserve wants. >> robert scott is at the economic policy institute. he says they are caused by international pressures and they may not be sold by a rate increase. >> i am afraid this is trying to use a canon to head off a fly in

the economy. what we are dealing with is a consequence of the russian invasion of ukraine. that resulted in restrictions in oil exports and gas exports. this cut off exports for russia and ukraine. this is disrupting food and energy markets and the principal cause of the rise in consumer prices, they were announced the past week or two. this is the problem. it is not an economy being driven by excessive demand. it is not excessively hard. wages are beginning to slow down. they actually decelerated since the first of the year. it is not clear what they hope to achieve with these dramatic rate increases. it is much more about politics than economics at this point. >> the u.s. president is urging oil company is to take action against soaring petrol prices. saying they need to produce more

petrol and diesel. >> sticker shock at the pumps as millions of americans feel up for the summer vacation driving season. that is why president joe biden sent a letter to the seven major u.s. oil companies, pressuring them to increase oil production to lower prices. biden writes my administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities. all of this to increase refinery capacity to ensure that every region of this country is appropriately supplied. u.s. oil companies are refining one million less barrels per day compared to pre-covid levels. western sanctions in russia over its invasion of ukraine says the

u.s. is also not important russian oil. that has led to less supply as americans returned to work from the pandemic, driving up prices. the biden administration has not revealed how it will increase supply. instead, it accuses the oil companies of exploiting consumers for record profits. biden has not pulled out a surtax on those games, he asked his energy secretary to hold an emergency meeting with oil producers. >> we are not against profit. it is just that when you have a 225% increase in profit in quarter one, it tells you something else is going on. >> the oil companies blamed by the for the problem, arguing his climate change agenda and the cancellation of the keystone pipeline have led to oil refining strain. biden can release oil from the strategic petroleum reserve to

bring down prices. until he has already used but it is a temporary fix. >> this is an attempt to play to the voters to show that politicians are doing something about a market situation. >> his letter comes one day after announcing he will meet with the saudi king next month to encourage his kingdom to also boost production. the kingdom has provided no assurances it will do so. president biden needs to contain fuel prices quickly. the longer americans face hardship, the more likely they are to vote against his democratic party. al jazeera, the white house. >> the european union has signed an energy deal with israel and egypt. the eu is working to reduce its reliance on russian gas because of the conflict in ukraine.

under the deal, israel is to send war for processing before sending it on to europe. reporting from west jerusalem. >> israel states on about 0.1% of global gas reserves, not much but the european union is looking everywhere it can to reduce its reliance on russian gas. egypt already taking in 26% of israel's gas production will start liquefying more at its two mediterranean plans. it will trim just a few percent of the 40% of gas the eu buys from russia. >> this is a quick fix. if you look at the spec capacity , it is something like 6, 7, 8% on russian gas. it is the first small step that we need other steps. we need more exploration. cracks israel had frozen gas exploration as it tried to meet renewable energy targets.

the surge has offered the israeli government to lucrative an opportunity to turn down. the commission president suggested there was long-term interest in partnering with countries to its south and east. >> it is very important for us to look forward into the new forms of energy and ideas are of course the renewable energies. i must say you are in a very lucky position as you have the resources that are necessary for the renewable energies and abundance, the sun, the wind, this will be the energy of the future and the demand will be enormous. >> is really gas is sent to khairat through the arab gas pipeline. it was designed to pump gas the other way from egypt to jordan commissary and lebanon but egypt

uses its own gas now for domestic needs. egypt wants to become a regional hub for the gas trade and israel can help that happen. but it will be a couple of years before europeans start using significant amounts of israeli gas as there are challenges in increasing production capacity. al jazeera, west jerusalem. >> king's president has called for the immediate deployment of original force to stabilize the eastern democratic republic of congo. the area is part of the rebel group in 23. thousands of congolese railing against neighboring rwanda who they say is behind the violence. >> people in this city are angry

with the president of neighboring rwanda. they say they are tired of rwandan military aggression in the democratic republic of congo. >> we are going into rwanda so they can kill us as they are doing with the and 23 rebels because we are tired of this ongoing situation in our country. >> the protesters blame wanda for being -- for the attacks in congo by the rebel group. rwanda's leaders deny it. nobody believes them. the demonstrators reach the border with rwanda. they dispersed them with the -- tear gas. congolese soldiers retreated into neighboring uganda. >> we will do everything possible to drive these

criminals, these terrorists and the support is out of the national territory. rwanda does not like us and we are not afraid. for the moment, we thank you for your support and we ask you to demonstrate peacefully. >> this village's primary school in congo was caught in the crossfire. two children were killed, buried nearby. one of them was this person's seven-year-old son isaac. he said he was playing with friends when he was blown to pieces. >> we are really tired. we demand more protection so our children may live in peace now. when there is a cracking sound, the children panic and have to flee. the child who has died will not come back with those who remain must be protected. >> it is the kind of violence that has pushed people to boiling points in the regional

capital. there has been armed conflict in eastern congo ever since rwanda and uganda invaded in the 1990's. those countries have been accused of looting minerals ever since. people here wanted -- want it to stop. >> the u.k. says it will fight any legal challenges to its plan to send asylum-seekers to rwanda. just one day after the first deportation flight got to take off. the flight was abandoned after a last-minute intervention by the european court of human rights and british court. for seven people were scheduled to be on board. they said the government will not be deterred. >> walk us through the decision by the stratford court.

we remain committed to this policy. preparations for our future lights have already begun. >> still to come on al jazeera, the battle over brexit claire's again. in the long search for ukraine's missing people begins. survivors of the fighting and for friends and family. >> it has been the coldest start

of the winter. i think we will see more flooding. we have already have -- we have already in the guangdong province. we look toward the yangtze river valley and the yellow river valley and we have some hot sunshine here. this is just a few degrees off engine. for the main island here in japan, we have a weak band of shower activity here. down under, we painted the colors on. look at melbourne, the cold is starting at 73 years. we have something for victoria.

some showers in tasmania as well. we will put this forward on friday. and windy conditions are pulling into the southwest. things are as they should. we have temperatures of 11° in price church -- christchurch. >> informed opinions. >> taking action to really facilitate here. request in-depth analysis of the days global headlines. cracks al jazeera -- >> al jazeera, wherever you are.

>> the top stories here on al jazeera, the federal reserve has announced an interest rate rise to try to curb soaring inflation. the increase is the largest seen in almost three decades. joe biden accused refiners of profiteering. the deal would allow israel to set its natural gas to egypt

before it is exported to europe. >> the eu and u.k. agreed there would be no new checks when goods cross the border between northern ireland and the republic of ireland. this is set in the province apart for the rest of the u.k.. >> if you think the battle over brexit was done and dusted, think again. the trade deal signed 18 months ago has come back to haunt all involved. >> it is illegal. that is why the commission has decided to take legal action.

>> in the u.k., they scooted across the floor of parliament. >> he talks about a trade war. what could be more foolish than just trade barriers? >> decided to prevent a hard border between northern ireland, parts of the u.k. and republic of ireland. that arrangement protected by the good friday agreement. it effectively created a border in the ever see with good support from mainland britton subject to checks. there are others who want the province to be a seamless part of the rest of the u.k.. the british government hopes its

bill would be a quick fix. the problem is the border between northern ireland and the republic of ireland is open, making it near impossible to know what goods are going where. the u.k. government argues the problems are rising from the protocol to justify scrapping the plan. the eu firmly disagrees, challenging the u.k. for failing to implement checks on goods entering northern ireland, failing to share trade data with the eu and failing to establish inspection post support. the case could go all the way up to the european court of justice with the u.k. possibly facing a hefty fine.

even ending the visa free travel for birds going to the ear. the u.k. and its european neighbors are already at end after the intervened to stop britton reporting -- deporting migrants to you rhonda -- rwanda. soon, this dispute seems almost certain to deepen. >> the united nations refugee agency says russia's invasion of ukraine forced a third of the population to leave their homes. thousands of those who escape the fighting are now searching for the friends and relatives were missing and feared dead. >> over the next few days, they risk their lives three times

driving back into the city. in a desperate attempt to find the father of their family. they fear he never made it out. we were driving, there were russians on one side, ukraine is on the other. we were determined to get dead. they fled to a basement, on the data escaped, the shelling was intense and alexander never made it from the basement to the civilian car. we were sure that he knew we would come back for him says miller and a few days later, they would return to where they

had lasting alexander. we saw all the buildings were burnt and destroyed. there was no one there. luke miller's story is not uncommon. the united nations estimates that russia's invasion has forced more than 12 million people to flee their homes. friends and loved ones were missing, feared dead. >> today, i had a lady that was -- whose husband was killed in front of your and she asked why she survived. >> families receive food parcels.

she used to work there. >> i think they are more sympathetic to the occupiers. they call me and ask when you are back but i will never return with russians in control. >> anastasia was a social worker before the work. she struggles to hold back the tears. cracks we all asked friends, they are gone forever. in my case, it would have been debt or captivity. i don't know if i will ever see my city again. >> the war is having major effect all over the world, especially on the food supply.

and together with -- together with russia, the war has put all of us at risk. because one of the major reasons for the global food crisis is the grain which is trapped inside ukraine. with an estimated 55 million to be harvested in the coming months. the u.n. has been working on a plane with turkey and russia to get the grain out of the port of odessa and through the black sea. course we are not responsible -- >> we are not responsible for this.

>> what does? ? russia get out of all of this there is a second part of the plan according to the united nations that would bring russian grain and fertilizer to the global market. although the spokesperson is giving few details. cracks in order to go forward, -- >> in order for this to go forward, there would need to be an agreement from the ukrainian and russian side. this would be in close cooperation with the turkish authorities and turkish military. if and when we have an agreement, that would mean that there are not any of these types of negotiations. >> there is a separate plan from the white house which was announced by president biden to set up grain silos on the polish

border. >> the u.s. has reiterated estimates for a thorough investigation into the citizen that was shot dead by israeli forces went on assignment. joe biden will be traveling to the middle east next month where he is planning to meet both israeli and palestinian leadership. >> we want this to be fully investigated. we called for thorough and complete transparency in his or her death. i just don't have that for you today. i don't want you to walk away thinking we want this fully investigated and for that investigation to be thorough and transparent.

>> this has been officially renamed jamal khashoggi way. he was murdered inside the saudi consulate. because we are standing outside the heavily fortified embassy here in washington dc. they decided to change the official name of the street to honor jamal khashoggi. the organizers say they are doing it to raise awareness.

>> also, the promise of making the saudi government the prior one. request -- ñçñçñçóiói?omqmqmqmq

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