ABC and CBS Present Opposite Takes on Economic News

On Friday evening, the CBS Evening News and ABC's World News with Charles Gibson offered opposite views on whether the recently released inflation figures for May should be viewed as good or bad. While CBS News anchor Russ Mitchell referred to "inflation alarms" going off, leading to higher interest rates that are "hitting [home] buyers hard," ABC News anchor Gibson characterized inflation as "under control" as he conveyed that the report "eased worries" and set off a stock market rally.

Below are transcripts of relevant portions of the CBS Evening News and ABC's World News with Charles Gibson from Friday June 15:

From the June 15 CBS Evening News, as Mitchell introduced a report about the plight of home buyers facing higher mortgage rates:

RUSS MITCHELL:  Now to the economy: Inflation alarms went off today when the government reported that consumer prices in May took their biggest jump in nearly two years, energy prices leading the way. So far this year, inflation is running 5.5 percent. That's more than twice last year's rate. And that is helping to send interest rates higher. Thirty-year fixed rate mortgages rose this week to an average of about 6 and 3/4 percent. Anthony Mason reports that's hitting buyers hard.

From the June 15 World News with Charles Gibson:

CHARLES GIBSON: Wall Street ended the day and the week with another rally. As worries about interest rates and inflation eased, the Dow closed up 85 points today, and the NASDAQ was up 27. Government numbers indicate that except for food and energy -- two major exceptions -- consumer inflation is under control.