The Fed expects only one rate cut this year amid sticky inflation
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.
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.
Can the Fed keep raising interest rates and defeat the worst bout of inflation in 40 years without causing a slump?
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Each week brings head-scratching contradictory news about the economy. This past week was no different, with a batch of economic reports showing that — despite the recession talk — the US economy shows remarkable resilience.
It's never a great time to carry credit card debt. But right now is arguably the worst time.
Stocks rose in afternoon trading on Wall Street Tuesday as Americans head to the polls to vote in midterm elections that are being heavily influenced by inflation and the threat of a recession.
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
Amy Douglas was crowned winner and United International Elite Exceptional Ms. Classic, a moment she says made her feel like her favorite singer.
A man suffering from a mental health crisis shot three people, including a pregnant woman, at a Detroit gas station Monday night.
Ohio Sen. JD Vance delivered a speech on the third night of the Republican National Convention and accepted the party's nomination for vice president.
A kitten is expected to be OK after it was rescued from a muffler in Howell.
Police in Hamtramck are investigating after a 3-year-old girl was fatally struck by a vehicle on Tuesday afternoon in Hamtramck.
Police said a man broke into a home to attack his ex-girlfriend and was shot and killed by the woman's stepson in Orion Township Wednesday morning.
Amy Douglas was crowned winner and United International Elite Exceptional Ms. Classic, a moment she says made her feel like her favorite singer.
A man suffering from a mental health crisis shot three people, including a pregnant woman, at a Detroit gas station Monday night.
A 36-year-old man died after an equipment malfunction at a Michigan automotive manufacturing facility just days before the facility was scheduled to begin closing, officials said.
Ohio Sen. JD Vance delivered a speech on the third night of the Republican National Convention and accepted the party's nomination for vice president.
The Biden administration is awarding $1.7 billion to 11 "shuttered or at-risk" facilities in Michigan, Ohio, Pennsylvania, Georgia, Illinois, Indiana, Maryland and Virginia, to bolster electric vehicle production.
Throughout the next year, dozens of new zero-emission buses will be hitting the pavement in the city of Detroit, all thanks to a $30.8 million federal grant.
The company said the temporary layoffs will impact about 1,600 workers for the month of July.
American automakers are pushing back against a federal safety ruling that involves automatic emergency braking technology in new cars.
Dearborn Village Ford general sales manager Jay Sturtz says they're resorting to good old-fashioned pen and paper while they wait for CDK to come back online.
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.
Shannen Doherty had been battling cancer since 2015.
Richard Simmons devoted his life to making people sweat with his "Sweatin' to the Oldies" workout videos.
Ohio Sen. JD Vance delivered a speech on the third night of the Republican National Convention and accepted the party's nomination for vice president.
The committee's Republican chairman subpoenaed U.S. Secret Service Director Kimberly Cheatle as Republicans ramp up efforts to investigate the assassination attempt.
President Biden said, "I feel good," after the White House announced he had tested positive for COVID-19 and was experiencing mild symptoms.
Nearly 7,000 pounds of hot dogs were produced and distributed without being inspected, federal government says.
Airline officials say they are aware of a series of incidents where cans have ruptured, resulting in an onboard mess and reports of about 20 injuries to employees so far this summer.
Nearly 7,000 pounds of hot dogs were produced and distributed without being inspected, federal government says.
At least 36 have been hospitalized after eating the mushroom "edibles."
Rite Aid, which has already closed hundreds of stores, is shutting more locations in Michigan and Ohio.
Trinity Health's virtual nursing program uses teamwork and technology so bedside nurses can focus on what matters most: being there in person for patients.
Nationwide, the CDC says the COVID virus level in wastewater is now "high" for the first time since last winter.
Joe "Jellybean" Bryant, a former Philadelphia 76ers and La Salle University basketball great and the father of the late, NBA legend Kobe Bryant, has died. He was 69.
The Detroit Lions will induct Hall of Fame wide receiver Calvin Johnson into the Pride of the Lions during the 2024 season.
Paris 2024 Summer Games organizers hope Olympic flame's glitzy arrival in the City of Light can help cast off shadow of low local enthusiasm.
Argentina won its second straight Copa America championship, overcoming Lionel Messi's second-half leg injury to beat Colombia 1-0 on Lautaro Martínez's 112th-minute goal.
Yohan Ramírez had two consecutive errors in the ninth inning, paving the way for the Detroit Tigers to beat the Los Angeles Dodgers 4-3 on Sunday for their second straight comeback win over the NL West leaders.
Gardner-White is a 112-year-old family-owned furniture retailer, and Stewart is the first female to serve as CEO of the company.
It's a focus on our physical well-being as we talk about the importance of oral health and its impact, particularly among children.
U.S. Energy Secretary Jennifer Granholm and U.S. Transportation Secretary Pete Buttigieg appear on CBS Detroit's Michigan Matters this Sunday.
The University of Michigan's Ross School of Business is celebrating its 100th anniversary this year.
The three top elected county leaders essentially run the Metro Detroit region.
Amy Douglas, who is now an international pageant winner. CBS News Detroit first brought you the story in June about the Metro Detroit mother-daughter duo who both won their respective categories for the United International Queens Pageant for 2023-24. That victory secured their ticket to Atlanta where Amy took home the international title, being crowned winner and United International Elite Exceptional Ms. Classic. It's a moment she says made her feel like her favorite singer.
A man suffering from a mental health crisis shot three people, including a pregnant woman, at a Detroit gas station Monday night.
The World Health Organization is warning consumers about the rise in fake weight loss drugs. Dr. Suki Singh, a weight management director with Henry Ford Health, joined CBS News Detroit to discuss what people should know before inquiring about weight loss drugs.
Michigan has already seen both President Joe Biden and former President Donald Trump during their 2024 presidential campaigns, and the state will see them again before the voters choose a winner. Campaign experts tell CBS News Detroit that the reason the state sees so much political activity is simple.
Detroit's People Mover will temporarily stop moving people in September for 11 weeks when the Detroit Transit Corporation, the agency that operates the transit system, works to restore multiple areas of worn track, prompting a full system closure.