Fed lowers rates by 0.25 percentage point, but expects fewer cuts
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
Watch CBS News
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
The Federal Reserve announced a third rate cut today, but also cautioned it expects fewer cuts in 2025.
The Federal Reserve announced its second interest rate cut of 2024, but Trump's economic priorities could impact future policy.
Donald Trump's victory in the 2024 presidential election is likely to have a major impact on the economy. Here's what to know.
The Federal Reserve said it is cutting rates by 0.25 percentage points, its second rate cut of the year.
This month's report reflects a lot of noise due to hurricanes, Boeing machinists strike.
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The Fed has slashed borrowing costs for the first time in more than four years. Here's how that would impact people with credit card balances.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Federal Reserve kept its benchmark rate in a range of 5.25% to 5.5%, the same level where it's been parked since July 2023.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
Inflation is moving sideways, remaining above 3% for the first three months of 2024. Here's how that could impact your finances.
The Fed left its benchmark interest rate unchanged amid persistent inflation. Bankers are predicting three rate cuts later this year.
The Federal Reserve marked its first rate decision of 2024 by keeping its benchmark interest rate unchanged.
In its last rate decision of 2023, the central bank said it is holding its benchmark rate steady amid cooling inflation.
Interest rates for a home loan are continuing to soar, driving many aspiring property owners out of the market.
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
Central bank officials will announce on Wednesday if they are hiking the federal funds rate for a 10th consecutive time.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
Inflation's still high, but analysts warn that further rate hikes from the Fed could lead more more banks to topple.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
The owner of the Jazz Cannabis Club says the suspects could be the same people accused of committing a similar crime last month using sledgehammers.
On Wednesday, CBS News Detroit joined the Fugitive Apprehension Services Team in Wayne County for a ride-along to understand the team's day-to-day operations.
The New York Times named the Lebanese Sundae at Leila and the ham sandwich at Mike's Famous Ham Place as two of "The 26 Best Dishes We Ate Across the U.S. in 2024."
Jonathon Matthew Cheek pleaded no contest in October 2024.
The Detroit Lions are holding out hope that running back David Montgomery might be able to return from what was believed to be a season-ending knee injury.
Lawmakers in Lansing are trying to redefine what it means to have suitable shelter for animals.
We're tracking snow and more bitterly cold air for Southeast Michigan this week.
The owner of the Jazz Cannabis Club says the suspects could be the same people accused of committing a similar crime last month using sledgehammers.
According to court documents, from July 2023 through June 2024, Mack Davis, 22, of Owosso, researched mass killers online and on social media sites and paid tribute to them.
On Wednesday, CBS News Detroit joined the Fugitive Apprehension Services Team in Wayne County for a ride-along to understand the team's day-to-day operations.
Organizers announced earlier this year that the show was returning to its traditional January slot after taking place in the fall in recent years.
The grants are in addition to the $1.8 million that Stellantis provided for home repairs to 120 homeowners on the east side in 2020 and 2021.
Troubled automaker Stellantis has decided that its Ram brand needs its own executive, so it is bringing back an executive who retired this year when CEO Carlos Tavares was still running the company.
In Metro Detroit, gas prices continue to fall. Motorists are filling up for an average of $2.96 per gallon.
As we prepare for the winter season, getting your car ready for its quick or long trek can make all the difference.
The New York Times named the Lebanese Sundae at Leila and the ham sandwich at Mike's Famous Ham Place as two of "The 26 Best Dishes We Ate Across the U.S. in 2024."
Detroit Diamond put her skills on display as a finalist in the Netflix series "Rhythm + Flow," and her career is starting to take off.
Among the 25 films selected by the Library of Congress to be preserved for future generations are the Coen Brothers' "No Country for Old Men," "The Social Network," Cheech & Chong's "Up in Smoke," and "The Texas Chainsaw Massacre."
A spokesperson for Foxx said that he had to get stitches after he was hit in the face by a glass thrown from someone else in the restaurant.
Sean "Diddy" Combs filed a motion Friday to dismiss his appeal for bail, meaning he will stay in jail until his trial on sex trafficking charges in May 2025.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
The Supreme Court on Wednesday said it will take up a challenge to a new law that could lead to a ban on TikTok in the U.S.
The House Ethics Committee voted to release its report on the investigation into former Rep. Matt Gaetz on Dec. 5, according to multiple sources.
An Indiana man, Joseph Corcoran, convicted of killing four people including his brother and his sister's fiancé decades ago was put to death, without any independent witness, marking the state's first execution in 15 years.
NASA astronauts Butch Wilmore and Suni Williams have been stuck in space for months longer than expected, and will not return to Earth until at least March 2025 at the earliest, NASA indicated.
Wayne County is erasing $27 million in medical debt for more than 46,000 county residents.
Republicans wants to extend 2017 tax cuts that expire next year and could let ACA subsidies lapse to help pay the tab, according to analysts.
A court in Hazel Park is aiming to treat people with substance abuse while keeping them out of prison.
Aaron Siri, an attorney to Robert F. Kennedy Jr., petitioned the FDA to "withdraw or suspend" its approval of a polio vaccine.
Union officials representing the University of Michigan Health-Sparrow nursing staff have been working for months for an improved contract, but leaders say they're not close to a deal.
The Detroit Lions are holding out hope that running back David Montgomery might be able to return from what was believed to be a season-ending knee injury.
Patrick Mahomes is battling another ankle injury.
The first-round draft pick suffered an injury to his left tibia during Week 6. However, he says he wasn't going to let the injury stop him and made a promise to his teammates.
Harris launched his "Season of Smiles" event, an annual shopping spree for five preselected deserving families.
Campbell, though, doesn't like that Detroit gave up 48 points in a six-point loss to the AFC East champion Buffalo Bills on its home turf.
Mary Tyler Moore turned the world on with her megawatt smile as she starred in the iconic "Dick Van Dyke" and "Mary Tyler Moore" shows a generation ago.
The roundtable talked politics and focused on blockbuster news that Detroit Mayor Mike Duggan would run for governor in 2026 but as an independent candidate.
President-elect Donald Trump campaigned with talk of ending the $7,500 electric vehicle tax credit which has helped fuel sales.
The 98th Annual America's Thanksgiving Parade will roll through the streets of downtown Detroit this Thursday, with hundreds of thousands lining Woodward Avenue as six new floats make their debut.
Hackel, the former Macomb County Sheriff, said the results of the 2024 contest are giving him more confidence than ever that he has the right stuff and resumé to be governor.
An investigation is underway after a Detroit dispensary was vandalized in an attempted robbery early Wednesday morning.
The Fugitive Apprehension Services Team (FAST) is a task force of Detroit police officers and Wayne County Sheriff's deputies. The team had a record-setting year in 2024, arresting nearly 1,040 individuals with outstanding felony warrants. It's the most arrests since the unit was formed in 2019.
Snow returns late Thursday with a slippery Friday morning possible.
You can catch a performance of "The Preacher's Wife" at Greater Emmanuel Institutional COGIC in Detroit Dec. 19-20.
Luigi Mangione was indicted Tuesday by the Manhattan district attorney in the murder of UnitedHealthcare CEO Brian Thompson.