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How the Fed's rate hike makes everything from cars to Thanksgiving dinner more expensive
Interest rates mostly impact those buying cars and homes, but businesses borrow money too, and pass along the costs to consumers.
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Interest rates mostly impact those buying cars and homes, but businesses borrow money too, and pass along the costs to consumers.
The Federal Reserve raised its key interest rate another three-quarters of a percentage point as it battles the hottest inflation in decades. The impact of the move on consumers is wide-ranging.
The 10 most popular candy brands have seen an average price increase of 13% since 2021, according to Datasembly.
"In the minutes from the Fed's September meeting, they articulated something very clearly. They said they are much more concerned about doing too little on interest rates and inflation rather than too much,"
With inflation forcing many seniors to cut back on food and medicine, annual cost-of-living hike will boost their income.
The most eyepopping increase: an almost 50% jump on a carton of eggs.
So far this year, the centers have served 2,163 guests. Last year in total, the number was 422.
Ron Gresham is struggling to afford the unit where he keeps awards from working with artists like Earth, Wind & Fire and Boys II Men.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
The Consumer Price Index reports the price of gas skyrocketed nearly 60 percent over the last year – and it's of course far from the only commodity affected.
Inflation hit 9.1 percent over the year in June, which is the highest it has been since 1981.
While the Federal Reserve is trying to pump the brakes on inflation, Papa Willie's BBQ owner Brian Merel said it's already too late for his business.
We found premium gas in Chicago going for $7.29 a gallon on Thursday. That is a figure higher than the federal hourly minimum wage in a dozen states. CBS 2's Marissa Perlman reports.
Sharply higher prices for food, energy and other products are draining household budgets across the U.S.
From the gas pumps to the checkout counter, you don't have to look far to see the effects of inflation - it's the highest we've seen in four decades. On Tuesday, the CBS 2 Investigators asked - what are the solutions? CBS 2 Investigator Megan Hickey reports.
Inflation is the highest we have seen in four decades, and one does not have to look far for its impacts. The CBS 2 Investigators are asking, what are the solutions?
Inflation is the highest we have seen in four decades, and one does not have to look far for its impacts. CBS 2 Investigator Megan Hickey reports.
With deep political divisions in the country and protests over the war in the Middle East, there are fears as this year's DNC approaches. But Drummond is optimistic.
The way things had been going, owner Alfio Sciacca was not sure Amici would make it a year. Now, everything has changed.
The dog turned its owners for reasons unknown.
The victim lost control of his car and hit the 19-year-old pedestrian.
The Joliet Police Department said it is work with the Will County State's Attorney Office for possible charges.
The 500-acre site would become home to the world's first commercially useful quantum computer.
"I will say that I have said directly to the vice president that I'm going to do everything and anything that is necessary to make sure that we beat Donald Trump and JD Vance," Pritzker said.
The Chicago Teachers Union opposed the budget plan, warning of the impact of spending cuts imposed to eliminate a $500 million deficit.
More than 50 Democratic lawmakers boycotted the speech—including U.S. Reps. Jan Schakowsky and Delia Ramirez, and Sen. Dick Durbin (D-Illinois).
President Biden said it's been the privilege of his life to serve the country for over 50 years.
Experts say insurance companies are paying close attention, and the average person should be doing so too.
The hike was fueled mainly by the company's Safety Modernization Program to replace nearly 2,000 miles of dangerous, old, deteriorating natural gas pipes.
As of Tuesday evening, a total of five tornadoes had been confirmed in the Chicago area from the storms Monday night and six Sunday night.
The tax is up just 2 cents compared with Sunday. But it is quite a jump compared with the Illinois gas seven years ago.
One third of Chicago's roughly 400 new car dealers are using pen and paper to complete deals.
A warning of a Listeria monocytogenes outbreak affecting 12 states, including Pennsylvania, New Jersey and New York, was issued by the CDC Friday afternoon linking infections to sliced meat at deli counters.
Lisa Gee's experience taught her the life-saving importance of organ donations for thousands of patients.
Keisha House said people trust their hairdressers and barbers, and great communication takes place while in those chairs.
The FDA found even some products that claimed to be "sterile" were contaminated.
Under state law, all children living in a high-risk ZIP code must be tested for lead exposure at 12, 24, and 36 months of age.
The way things had been going, owner Alfio Sciacca was not sure Amici would make it a year. Now, everything has changed.
Bally's took possession of the River West property July 5.
The plant, which was indefinitely idled in February 2023, is expected to reopen next year.
Fiscal Year 2024 saw total cannabis sales exceed $2 billion, which exceeded the figures for Fiscal Years 2023 and 2022.
Kroger owns the Mariano's brand, while Albertsons owns Jewel-Osco.
Newhart was an Oak Park native and an alumnus of Saint Ignatius College Prep and Loyola University in Chicago.
Bob Newhart, who starred in the long-running sitcoms "The Bob Newhart Show" and "Newhart," has died at age 94.
Nominations for the 76th annual Emmy Awards were announced Wednesday, with "Shōgun," "The Bear," "Hacks," "Only Murders in the Building" and "Baby Reindeer" all earning multiple major nods. See the full list of nominees for the 2024 ceremony here.
"Big Brother" announced Tuesday the 16 new Houseguests who will move into the "Big Brother" house and, for the first time ever, have the power to vote in a 17th houseguest.
After many people criticized Andress' rendition of the National Anthem online, comparing her with Fergie, the singer says she's going to rehab.
Chief Meteorologist Albert Ramon has your 10 p.m. First Alert Weather forecast for Thursday, July 25, 2024.
John "Bulldog" Drummond, known to generations as one of CBS Chicago's star reporters, was working with WIND radio during the chaotic Democratic National Convention in Chicago in 1968. Drummond joins Jim Williams with a look back, and a reflection on lessons the city learned.
The owner of Amici in Lakeview wasn't sure how long his relatively new restaurant would stay open. But thanks to the Keith Lee Effect, everything changed. Charlie De Mar reports.
Officials will be talking to people in the area around the United Center Friday about what they can expect ahead of the big event. Marybel Gonzalez reports.
Police had to shoot and kill the dog, which a neighbor said attacked its owners for reasons unknown Thursday afternoon. Jermont Terry reports.
The dog turned its owners for reasons unknown.
"We will do what is absolutely necessary to keep the city safe," Chicago Police Supt. Larry Snelling said.
But the way things had been going, owner Alfio Sciacca was not sure Amici would make it a year. Now, everything has changed.
With deep political divisions in the country and protests over the war in the Middle East, there are fears as this year's DNC approaches. But Drummond is optimistic.
The victim lost control of his car and hit the 19-year-old pedestrian.
Former Secret Service agent McCarthy said security for both conventions is now even under more scrutiny since the assassination attempt on former President Trump.
The department has now confirmed they will be providing emergency medical support both inside the secure perimeter that will be going up around the United Center.
Data show the 4th of July has historically been one of the deadliest days of the year.
The former University of Illinois football player had been hired at Aunt Martha's despite having a criminal conviction on his record.
Two battalion chiefs told CBS 2 Investigators said hiring needs to be a priority for the Chicago Fire Department, and they plan to protest their working conditions.
The team is allowing Owens to skip part of Training Camp and their first preseason game so he can go to Paris to cheer on his wife.
The Chicago Union recently moved their home games to Evanston, which has helped grow attendance significantly.
Max Scherzer had a season-high nine strikeouts to take over 10th place on MLB's career list with the most among active pitchers.
The Chicago Sky currently share a practice facility with the public at Sachs Recreation Center in Deerfield.
The White Sox (27-77) lost their 10th game in a row to fall 50 games under .500 for the first time since finishing 56-106 in 1970.
The victim lost control of his car and hit the 19-year-old pedestrian.
Edwin Ortiz wants to become the 45th person to have his conviction, tied to Guevara, to be overturned in court.
Four businesses were hit in one night.
The burglary was reported and items were taken from Cook County State's Attorney's Office located at the Leighton Criminal Courthouse in Chicago.
The Davey Tree Expert Company said the victim was one of its employees who was on a jobsite at the time.