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A New King is Official; The Fed Lifts Rates By a Quarter Point; Camas Teen Arranges Tank Ride to Prom. Aired 4-4:10a ET
Aired May 08, 2023 - 04:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COY WIRE, CNN 10 ANCHOR: Hello, everyone. I`m Coy Wire. This is CNN 10. Hope you had a wonderful weekend. Looking forward to starting this week
strong with you. Let`s start this show with the hottest ticket in town, which was the coronation of King Charles III at Westminster Abbey in
London. About 2200 people, including royal family members, celebrities, faith leaders and heads of state from around the world were there to see
74-year-old King Charles officially crowned into the royal lineage of the British monarchy with his 22-carat gold 360-year-old crown.
It`d been 70 years since the last coronation when King Charles` mother, Queen Elizabeth II took the crown. His wife Camilla received her own
coronation as well as Queen. Like her husband, she was anointed with holy oil by the Archbishop of Canterbury before having Queen Mary`s crown placed
on her head.
Senior royals Prince William and wife Princess Catherine were there. Prince Harry as well, but without his wife Meghan who reportedly stayed in the
U.S. with their children.
After the ceremony, there was a massive procession from Westminster Abbey to Buckingham Palace with about 4000 troops escorting the King and Queen.
The newly anointed monarch and the Queen waved as thousands of spectators packed the streets of London to get a glimpse of the royal couple.
But this pageantry saw some feathers ruffled as well. Antimonarchy demonstrators were also present wearing yellow t-shirts, booing and
shouting, not my king. London`s Metropolitan police said it had made more than 50 arrests during the coronation from these protests.
Our Max Foster has more on this piece of history in the making.
MAX FOSTER, CNN ROYAL CORRESPONDENT: A day of destiny, the patient prince crowned at last. Charles III, king of the United Kingdom and Commonwealth
realms. London stood still as well-wishers lined the streets, huddled in the rain to join the celebration of British monarchy.
Leaders, dignitaries, family members and celebrities, more than 2000 gathered in Westminster Abbey for this once in a generation event. Prince
Harry entered alongside other royals, including Prince Andrew, Prince Edward, Princess Beatrice and Princess Eugenie.
The Prince and Princess of Wales arrived behind the King and Queen and followed them into the Abbey in what appeared to be a break from the
schedule. King and Queen, married in 2005, arrived in splendor. The couple wore their respective robes estates Camilla in the robe of state originally
made for Queen Elizabeth II. The deeply religious ceremony moved through several stages. First, the recognition. Charles faced the four points of a
compass symbolically presenting himself to the people.
UNIDENTIFIED FEMALE: I here present unto you King Charles.
FOSTER: Breaking from tradition, Charles read a prayer aloud.
KIND CHARLES III: We may discover the ways of gentleness and be led into the paths of peace.
FOSTER: Another first, a gospel choir. Before the oath, Charles acknowledged the role of the Church of England to foster an environment in
which people of all faiths and beliefs may live freely.
KIND CHARLES III: I will.
FOSTER: 70 years since his mother before him, Charles fulfills his destiny and takes his place in the holy lineage of kings and queens. Made for the
last King Charles in 1661, the sovereign crown comprises solid gold set with rubies and sapphires and other gems. Would the crown fit?
UNIDENTIFIED MALE: God saved the king.
CROWD: God saved the king.
FOSTER: Queen Camilla received her own coronation. Like her husband, she was anointed with holy oil and the keeper of the jewel house. Then
presented the consort`s ring, marrying her to the king, to God, and their people.
From Westminster Abbey to Buckingham Palace, a vast procession of 4000 ceremonial troops accompanied the royals into a new era, a new Britain,
ruled by its newly crowned monarch. Max Foster, CNN, Buckingham Palace, London.
WIRE: Ten second trivia.
Which of these institutions is currently led by Jerome Powell?
The Federal Reserve, the FBI, Princeton University, or J.P. Morgan?
Jerome Powell is the current Chairman of the Federal Reserve, which is the central bank in the United States. For the past year, we`ve seen the
Federal Reserve repeatedly trying to tame soaring inflation by hiking up interest rates.
Well, the Fed did it again for the 10th consecutive time since last March. The continued raising of the interest rates is hurting Americans pockets,
especially when it comes to paying for mortgages, car loans and credit card bills. Our Christine Romans is here to break it all down for us.
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: The Federal Reserve has raised rates ten times over the past year. That target interest rate from
the Fed influences a lot of other borrowing costs for mortgages, credit cards, business loans. The Fed`s attempt to tame inflation raises costs for
all Americans. Let`s look at how it`s felt in your household budget.
The rate for a 30-year fixed rate mortgage was 4.16% back when the rate hike started over a year ago. Today it`s 6.39%. So on a $500,000 loan with
20% down, that works out to be more than $500 extra a month.
New car loans have jumped from four and a half percent last year to almost 7% on a six year auto loan. That means the monthly car payment is $63 more
expensive for the same car.
The Fed`s rate hikes make credit card debt even more dangerous and expensive to carry. Average credit card rates have soared from 14 and a
half percent, already high to a record above 20%. So if you pay just a minimum on $2,000 balance say, it`ll take you nearly eleven more months to
pay it off because of the rising interest rates. More recently, the Fed has signaled a potential pause in new rate hikes.
WIRE: Today`s story, getting a 10 out of 10, the wildest prom arrival we`ve ever seen. You`ve heard of limos, buses, vintage cars, horse drawn
carriages, but have you ever heard of someone showing up to prom in a tank? Not a tank top, but like a legit tank, an armored one. Jeanne Moos has
JEANNE MOOS, CNN NATIONAL NEWS CORRESPONDENT: This is how Washington State resident Sherman Bynum made his entrance at the Camus High School prom in
the turrets of a World War II tank.,
UNIDENTIFIED FEMALE: Sherman, are you happy?
SHERMAN BYNUM, CAMAS HIGH SCHOOL STUDENT: Heck, yeah.
We`re kind of tired of seeing sports cars, limousines, the average ride, but also as a teenage boy, I mean, I like tanks.
MOOS: It was offloaded near the prom venue, the treads rubberized to avoid damage in roads. A bagpiper known as the Unipiper served as an escort.
Sherman, no relation to the tank, used a GoFundMe page to raise the $1,000 needed to rent the tank from a collector who did the driving. As for
UNIDENTIFIED FEMALE: He asked me with a sign that said, I`d be thankful to take you to prom with me. And it was perfect.
MOOS: Perfect, though to protect her gown.
BYNUM: She did not want to sit inside of the tank. That was not something she was interested in at all. Jeanne Moos, CNN, New York.
WIRE: But dude, she was like, no, thank you. She`s not riding that thing. Many thanks to all of you who have subscribed and have been commenting on
our CNN 10 YouTube Channel. I wish there was a way for us to get to every single one of you.
Today`s shoutout is going to Big Sky State Park High School in Livingston, Montana. We see you. It`s Monday, May the 8th. Let`s go, be great.
Remember, greatness isn`t just innate. It`s something you create and cultivate. Outwork everyone every single day. I`m Coy Wire, and we are CNN