Federal Reserve holds interest rates steady, but trims growth outlook
Fed Chair Jerome Powell cites "high uncertainty" around the impact of Trump administration tariffs on key trading partners.
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Fed Chair Jerome Powell cites "high uncertainty" around the impact of Trump administration tariffs on key trading partners.
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 Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
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.
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Inflation dropped to still-high 6%, likely bolstering Fed's resolve to keep raising interest rates well into 2023.
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
With so much uncertainty in the world, economic recovery will be a long, slow process.
It's not just the ski slopes feeling the pain of no snow, it's also the plow drivers like Jerome Powell of Powell and Sons Landscaping and Snow Removal.
The National Weather Service confirmed that EF-1 and EF-0 tornadoes touched down in Michigan from Sunday's storm.
Local emergency officials in Okemos, Michigan, and the National Weather Service are still determining how much Sunday's severe storm impacted neighborhoods.
A retail fraud suspect fled after a theft at Menards in St. Clair County; a police K-9 found him hiding in woods.
Some Egg Beaters and Bob Evans egg products have been recalled because they may include a cleaning solution, USDA says.
It could take several days before power comes back on in parts of Northern Michigan in aftermath of an ice storm.
Six adults and six children were rescued in the aftermath of an apartment fire and possible explosion early Monday.
The National Weather Service confirmed that EF-1 and EF-0 tornadoes touched down in Michigan from Sunday's storm.
Southeast Michigan might see another round of severe storms Wednesday afternoon and evening.
Local emergency officials in Okemos, Michigan, and the National Weather Service are still determining how much Sunday's severe storm impacted neighborhoods.
A retail fraud suspect fled after a theft at Menards in St. Clair County; a police K-9 found him hiding in woods.
The union said the tariffs could help bring back thousands of more automotive jobs across the U.S.
Tesla CEO Elon Musk's role in the White House has sparked protests nationwide, including in Southeast Michigan.
Automotive experts believe the buyouts are a cost-cutting move by reducing the workforce.
About 50 cars and trucks that are part of Ford's Heritage Fleet are on display in Dearborn, Michigan.
The Trump administration has imposed a 24% tariff on Canada and Mexico and a 10% tariff on China.
Actor Richard Chamberlain died Saturday, March 29, in Waimanalo, Hawai'i of complications following a stroke. He was two days shy of his 91st birthday.
Four North American river otter pups have made their debut at Toledo Zoo in northwest Ohio.
The Sex Pistols, the legendary English punk band, last went on a North American tour in 2003.
A lawyer for the two songwriters suing Mariah Carey said they will "make a decision shortly on whether to appeal."
Sterling State Park in Monroe County will not host a fireworks show on Michigan's Lake Erie shoreline this summer.
Some Egg Beaters and Bob Evans egg products have been recalled because they may include a cleaning solution, USDA says.
American Kaila Kuhn has become the first competitor to win two aerials gold medals in a single edition of the world freestyle and snowboard championships.
Stocks whipsawed on Monday on economic worries, ending the quarter with its worst performance in three years.
Five players and two coaches were ejected after a fight broke out in the second quarter in the Minnesota Timberwolves' game against the Detroit Pistons on Sunday.
President Trump indicated he was looking for ways to serve a third term, which is not allowed under the 22nd Amendment, in an interview with NBC News.
Some Egg Beaters and Bob Evans egg products have been recalled because they may include a cleaning solution, USDA says.
A Michigan resident died of rabies after an organ transplant in Ohio, health officials say.
A new business in Dearborn is capitalizing on the growing trend of women-only gyms.
The Livingston County Health Department and Livingston County Mental Health reported six overdoses in the county in just three days.
Nestlé USA cites consumer complaints, including "one potential choking incident" for recalling products sold nationwide.
American Kaila Kuhn has become the first competitor to win two aerials gold medals in a single edition of the world freestyle and snowboard championships.
Julius Randle had 26 points and eight rebounds and Anthony Edwards added 25 points and the Minnesota Timberwolves beat the Detroit Pistons 123-104 on Sunday night in a game that was interrupted by a second-quarter fight.
Twenty-five years after his lone national title, Tom Izzo has come up short of No. 2.
Five players and two coaches were ejected after a fight broke out in the second quarter in the Minnesota Timberwolves' game against the Detroit Pistons on Sunday.
The Michigan State Spartans men's basketball team has been eliminated from the 2025 NCAA tournament.
David Wasserman appears and talks about the two political parties.
It's a conversation about the first weeks of the Trump administration and its impact on Michigan.
Newly elected Michigan Democratic Party Chairman Curtis Hertel Jr. discussed his party and its future on CBS Detroit's Michigan Matters.
A career path tied to EVs and clean energy is opening a little wider for some Metro Detroiters.
As the legalized cannabis industry surpassed the $10 billion sales mark in the state since 2019, it's a look at what's ahead for this booming sector.
Local emergency officials and the National Weather Service in Okemos, Michigan, are still determining how much Sunday's severe storm impacted neighborhoods.
The Detroit Tigers' home opener is this week, and what's the game without the Home Opener Festival? Jody Haddad joins CBS News Detroit to preview the upcoming event.
A new round of tariffs are set to kick in this week, including an extra 25% on imported vehicles and auto parts. White House officials claim the move could bring billions of dollars and jobs back to the U.S.
Demolition has already begun at an apartment building in Detroit where an explosion and fire happened early morning hours of March 31, 2025. In the meantime, the Detroit Fire Department says an error was made when sending alerts to area residents. Instead of using Detroit's local alert system, the message was sent through the federal emergency public alert and warning system. That sent the broadcast to more phones than intended.
Dry conditions and cooler temperatures today, but more storms move in on Wednesday.