Trump nominates Kevin Warsh as next Federal Reserve Board chair
President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
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President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
The U.S. Supreme Court heard oral arguments Wednesday in a high-stakes case that could have a major impact on the independence of the Federal Reserve. At issue is the legality of President Trump’s attempts to fire Lisa Cook from her post on the Board of Governors of the Federal Reserve.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Meanwhile, Federal Reserve Chairman Jerome Powell is now facing a criminal investigation. Bradley Blackburn reports.
Federal prosecutors claim Powell lied to Congress when he testified last year about the cost of the renovation of the Fed’s D.C. headquarters.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
The Federal Reserve is meeting to discuss a potential interest rate cut, with policymakers divided on the path ahead. As Lisa Rozner reports, this is happening as many Americans struggle to keep up financially.
Lisa Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors.
The Consumer Price Index is now at 2.9%, up a 0.4% from the previous month.
Federal Reserve Governor Lisa Cook filed suit against President Trump, Chair Jerome Powell and the Fed's Board of Governors on Thursday, asking a federal judge to block the president's attempt to fire her from the central bank.
President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors. Her attorney countered that they plan to file a lawsuit challenging the move.
President Trump continues to raise the stakes in his crime crackdown, held a public cabinet meeting in front of cameras, and is trying to fire Federal Reserve Gov. Lisa Cook Tuesday.
Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.
Investors are closely watching the Federal Reserve as it meets in Washington, D.C., to announce what's next for interest rates. President Trump is pushing the board to reduce rates.
The battle came as the president sparred with the head of the federal reserve in a rare presidential visit to their headquarters.
The House will soon take up the package of spending cuts narrowly approved by the Senate overnight, that slashes previously approved funding for foreign aid as well as PBS and NPR. Lawmakers are also reacting to President Trump's latest comments on whether he'll try to oust Federal Reserve Chair Jerome Powell, whom he has repeatedly criticized for not lowering interest rates.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
President Donald Trump is escalating his pressure campaign to get the Federal Reserve chairman to either lower interest rates or quit his post by targeting the expensive renovation at the central bank’s headquarters.
The Federal Reserve kept its key interest rate unchanged at its May meeting on Wednesday, brushing off President Trump’s demands to lower borrowing costs.
Stocks suffered their worst crisis since COVID in March 2020, as the Dow Jones plunged more than 2,200 points on Friday, over concerns about the fallout from President Trump’s tariffs. The NASDAQ and S&P lost nearly 6 percent. Posting on social media as he went golfing, the president called this “a great time to get rich.” But in a rare move, President Trump is calling on the Federal Reserve to cut interest rates. Fed chairman Jerome Powell warned on Friday that tariffs could do long-term harm to the economy.
Fed Chair Jerome Powell cites "high uncertainty" around the impact of Trump administration tariffs on key trading partners.
The Federal Reserve opted to leave its benchmark interest rate unchanged in its first policy meeting since President Trump's inauguration.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
On Thursday afternoon, the Federal Reserve decided to institute the second cut the interest rate of the year.
Cubs Chairman Tom Ricketts and manager Craig Counsell delivered a message to the Cubs team before their first full-squad workout.
Action in Springfield this week could jumpstart the seemingly stalled negotiations between the Chicago Bears and Illinois state lawmakers on a deal to build a new stadium in Arlington Heights.
Chicago residents and visitors to the city are getting a taste of spring this President's Day, but how long will it last?
A driver was seriously injured when a suspect fleeing from police crashed into his pickup truck on the Near West Side of Chicago, following a police chase that started in west suburban Cicero.
Police said the deadly shooting during a high school boys' hockey game in Pawtucket, Rhode Island, appears to have stemmed from a family dispute.
Action in Springfield this week could jumpstart the seemingly stalled negotiations between the Chicago Bears and Illinois state lawmakers on a deal to build a new stadium in Arlington Heights.
Amid rising property tax bills in Chicago, Cook County Assessor Fritz Kaegi – whose office plays a key role in determining individual property owners' tax burdens – is running for a third term against a former employee trying to take his seat.
After setting social media abuzz by saying aliens were real, former President Barack Obama said he didn't see evidence that aliens "have made contact with us."
This is after Mayor Brandon Johnson vetoed an ordinance that would have banned most hemp-derived products this weekend.
An 11th Congressional District candidate, Tedora Brown, was left off the ballot after she was accused of gathering fake signatures to run for office.
This is after Mayor Brandon Johnson vetoed an ordinance that would have banned most hemp-derived products this weekend.
This week marks Identity Theft Awareness Week, and Illinois Comptroller Susana Mendoza emphasized some safety tips Monday for avoiding and dealing with identity theft.
A controversial data center in Naperville, Illinois, could be the cause to pack a city council meeting there on Tuesday night.
Police in the west Chicago suburb of Geneva are warning of a scam involving spoofed phone numbers.
Protesters on Tuesday were cranking up the heat on Peoples Gas over a recently proposed rate hike that would add an additional $10 to $11 a month to utility bills.
Ann & Robert H. Lurie Children's Hospital announced this week that it is planning to open a new pediatric hospital in the west Chicago suburb of Downers Grove.
It has been nearly six years since the start of the COVID-19 pandemic, and one of the many questions doctors are still working to answer concerns the long-term effects.
Leaders from Cook County, the Illinois Department of Human Services, and the Greater Chicago Food Depository denounced changes to the Supplemental Nutrition Assistance Program on Wednesday.
The University of Chicago Medicine Comprehensive Cancer Center has received a grant from The Ralph Lauren Corporate Foundation for a new cancer center.
Chicago's Lurie Children's Hospital said Tuesday that it is no longer initiating gender-affirming medical treatment for minors.
BP refinery workers in Northwest Indiana hit the picket line this past weekend as they escalate their fight for a contract.
Funkytown has now received a $3.7 million grant from the City of Chicago. The money will be used to create a new brewery and tap room on the Near West Side.
With his name now hanging in the rafters, former Chicago Bulls guard Derrick Rose is helping the United Center with its major redevelopment.
A potential bidding war is taking shape for the Daily Herald, the newspaper of record for suburban Chicago.
A Near West Side diner known for drawing in Blackhawks fans and players is up for sale.
Robert Duvall was in such classics as "The Godfather," "To Kill a Mockingbird," "M*A*S*H," "The Great Santini" and "Tender Mercies."
"Dawson's Creek" and "Varsity Blues" star James Van Der Beek has died at 48 years old.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny took the stage at halftime for the 2026 Super Bowl. Here's who else performed at Super Bowl 60.
Meteorologist David Yeomans has the latest First Alert Weather forecast.
All family members of Nancy Guthrie have been cleared as suspects in her disappearance, authorities in Arizona said Monday, noting that this includes their spouses.
About 22,000 products were affected and may contain pieces of blue plastic. The products were distributed in 40 states, including Illinois.
Illinois shipwreck hunter, Paul Ehorn, said he found the "Lac La Belle" in Lake Michigan in 2022 after spending 65 years looking for it.
From George Washington’s teeth to how Andrew Johnson learned how to read, here are some of the fun facts.
Loved ones are remembering Ofelia Torres as a brave advocate, after the teenager died after successfully fighting to get her father released from immigration detention.
A driver was seriously injured when a suspect fleeing from police crashed into his pickup truck on the Near West Side of Chicago, following a police chase that started in west suburban Cicero.
Police said the deadly shooting during a high school boys' hockey game in Pawtucket, Rhode Island, appears to have stemmed from a family dispute.
Action in Springfield this week could jumpstart the seemingly stalled negotiations between the Chicago Bears and Illinois state lawmakers on a deal to build a new stadium in Arlington Heights.
Chicago residents and visitors to the city are getting a taste of spring this President's Day, but how long will it last?
A state lawmaker is joining the growing call for accountability from the Illinois Department of Children and Family Services about past abuse allegations before an 8-year-old boy's murder.
Chicago's rodent problem is well known, but a new pilot program testing rat birth control to curb the population in problem areas is underway to help rein it in.
From Kat Abughazaleh to Jason Friedman, some surprising names lead in fundraising in Illinois' primary elections.
The move means the United States Environmental Protection Agency will no longer regulate greenhouse gases emitted from sources like cars, trucks and power plants.
CBS News Chicago is tracking what led to the death of an 8-year-old boy in Round Lake Beach and whether state officials were aware of any red flags before his murder.
Cubs Chairman Tom Ricketts and manager Craig Counsell delivered a message to the Cubs team before their first full-squad workout.
Newly acquired Luisangel Acuna was among the White Sox players getting on the field for the first time.
The NBA Hall of Famer bear-hugged Reddick in victory lane and then jointly hoisted the Harley J. Earl trophy with the 23XI Racing driver.
Illinois pulled down 15 offensive rebounds, which led to 17 second-chance points, and outrebounded Indiana 38-25.
Saint Patrick High School in Chicago's Portage Park neighborhood finished third in Class 3A last year in what was a historic moment for the basketball program — marking their first ever trip to Champaign.
A device that can pick up certain electronic signals is being used in the search for Nancy Guthrie, as it may detect emissions from her pacemaker, sources told CBS News.
A 14-year-old girl was shot Sunday morning in a home unincorporated Oswego Township, and a male victim was later found shot dead in the same home.
A woman was hospitalized Monday after being shot in Chicago's Auburn Gresham neighborhood.
Police early Monday were searching for an attacker who shot and wounded two young men in Chicago's West Ridge or West Rogers Park neighborhood.
Chicago police were conducting a homicide investigation early Monday after a shooting in the city's Englewood neighborhood.
