News Wrap: Boil water notice lifted in Jackson, Miss., mortgage rates top 6%

Amna Nawaz:

There will not be a nationwide freight rail strike after all. Railroads and labor unions reached a tentative agreement early today, preventing a walkout that would have made supply chain issues even worse.

The five-year deal includes 24 percent raises and bonuses of $5,000. It also addresses union concerns about working conditions. This morning, President Biden met with negotiators who had worked nearly round the clock.

Afterward, in the Rose Garden, he praised their effort.

Joe Biden, President of the United States: This agreement is validation, validation of what I have always believed. Unions and management can work together, can work together for the benefit of everyone.

For the American people, this agreement can avert a significant damage than any shutdown would have brought.

Amna Nawaz:

A strike also would have halted most of the nation's passenger rail service. Today, Amtrak said it's working to restore full service after scaling back as a precaution.

Mortgage rates in America jumped again, topping 6 percent for the first time since the 2008 financial crisis. Freddie Mac reported that 30-year fixed rates rose from 5.89 percent last week to 6.02 this week. That is more than double what it was a year ago. And the sharp rise is pushing homebuyers out of the market. Sales of new homes have fallen for six straight months.

In Ukraine, President Volodymyr Zelenskyy has announced the discovery of mass graves in Izyum. Ukrainian forces recaptured the city in recent days. Earlier, in Kyiv, Zelenskyy hosted European Commission President Ursula von der Leyen after a week of major battlefield gains.

Meanwhile, Russian President Vladimir Putin met with Chinese President Xi Jinping at a regional summit in Uzbekistan. For the first time, Putin appear to acknowledge setbacks in the war.

Vladimir Putin, Russian President (through translator):

We highly value the balanced position of our Chinese friends when it comes to the Ukraine crisis. We understand your questions and concerns about this. We will, of course, explain our position.

Amna Nawaz:

Separately, the U.N.'s nuclear watchdog agency demanded today that Russia end its occupation of the endangered Zaporizhzhia nuclear plant in Southern Ukraine. Only Russia and China voted against the resolution.

Mourners in London waited for up to nine hours today to pay their respects to the late Queen Elizabeth II. She lay in state at Parliament's Westminster Hall. The line to file past the coffin stretched for more than four miles. The vigil continues until Monday, when the funeral is scheduled.

Back in this country, the boil water notice in Jackson, Mississippi, has finally been lifted. The state's capital city made the announcement today, but also advised again not to use the water in baby formula. Officials imposed the notice in late July after trouble at aging and poorly maintained water facilities. The situation escalated into a crisis with heavy rain and flooding in late August.

Former White House Chief of Staff Mark Meadows has complied with the Justice Department's subpoena as part of the January 6 investigation. It's widely reported that Meadows turned over the same records that he'd already given to a congressional committee. The Justice Department has served a battery of subpoenas this month to allies of former President Trump.

And on Wall Street, stocks gave more ground today over fears that inflation will ultimately bring on a recession. The Dow Jones industrial average lost 173 points to close at 30961. The Nasdaq fell 167 points, nearly 1.5 percent. The S&P 500 was down just over 1 percent.