Fed Chair Powell says he won't resign if Trump asks him to step down
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
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Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
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.
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.
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.
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.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
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.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
The top news stories you might not have heard about this week
The Federal Reserve bumped up its most important interest rate another quarter point on Wednesday, its seventh rate hike since late 2015.
The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended.
The Federal Reserve Bank of San Francisco apologized Tuesday for a political message posted to the bank's Twitter page.
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
Traditionally, home equity rises as a mortgage is paid off, but home values continue to plunge since the bubble burst in 2006.
A showdown vote in the Senate over a proposed cap on fees that stores charge for a debit card swipe is pitting bankers against merchants — but will consumers lose either way?
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis.
Consumers borrowed more in January to purchase new cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
The Federal Reserve told Congress on Thursday that it may reconsider its proposal to limit the fee that banks charge merchants for debit card transactions to 12 cents per swipe, the latest twist in a battle over billions of dollars.
Dylan Larkin scored the go-ahead goal in the second period and the United States beat Canada 3-1 in the 4 Nations Face-Off on Saturday night, wrapping up a spot in the championship game by winning a game that started with three fights in nine seconds and was played at a blistering pace with physicality throughout.
Justine Vanderschoot was 17 when she was brutally murdered by her boyfriend and his roommate in Placer County, California. More than 20 years later, her family continues to fight for justice.
Miami's Tyler Herro edged out Golden State's Buddy Hield to win the 3-point contest at the NBA's All-Star Saturday night in San Francisco.
It happened just before 6:25 p.m. and was centered near Highland, according to the United States Geological Survey.
The new location will be at Pamela Park gymnasium in Duarte.
A 3.5-magnitude earthquake struck near Malibu at 6:30 a.m. Saturday.
Justine Vanderschoot was 17 when she was brutally murdered by her boyfriend and his roommate in Placer County, California. More than 20 years later, her family continues to fight for justice.
Miami's Tyler Herro edged out Golden State's Buddy Hield to win the 3-point contest at the NBA's All-Star Saturday night in San Francisco.
It happened just before 6:25 p.m. and was centered near Highland, according to the United States Geological Survey.
An investigation has found that hundreds of fire hydrants spanning throughout Los Angeles may be in need of repair, despite being flagged by firefighters for maintenance as far back as a year ago.
The new location will be at Pamela Park gymnasium in Duarte.
The fire was first reported just after 3 a.m in the 150 block of Chia Way, according to the Los Angeles Fire Department.
Police say that several people had gotten into a fight which quickly escalated into a deadly shooting at around 1:45 a.m. outside of a business in the 11100 block of Magnolia Boulevard.
"Within literally a matter of minutes the restaurant was, both ends, entire parking lot, full of mud and debris," Josh Morgan, TS restaurants VP of operations said.
Photographers Jesse Rodriguez, Niaz Uddin and Kyle Cordova are hosting the two-day event at Elysium DTLA.
A 3.5-magnitude earthquake struck near Malibu at 6:30 a.m. Saturday, following a 3.7 quake that hit the same area just before midnight, according to the U.S. Geological Survey.
Driving in the rain is not always easy — and let's face it, those of us living in Southern California are not at all used to wet roads.
As Southern California recovers from the wildfires, it's seeing the worst flu season in years with cases surging across the region and nation.
An Orange County teenager's lifelong passion could change the future of firefighting, with his recent invention becoming the latest tool adopted by local fire departments to help stop wildfires before they grow out of control.
It happened just after 1:30 a.m. on Jamboree Road, south of Warner Avenue, according to the Irvine Police Department.
It happened just before 6:25 p.m. and was centered near Highland, according to the United States Geological Survey.
The man was sentenced to 30 years and 8 months in prison for a string of armed robberies at Riverside convenience stores while wearing a clown mask in 2023.
Police arrested a man in Perris on Friday after he allegedly tried to arrange a sexual encounter with an undercover officer who was posing as an underage girl online.
Police sa it's unclear why the driver of the BMW veered onto the other side of the road.
It happened just after 2:15 p.m. about seven miles south of Idyllwild.
KCAL News Investigates dives into the stats and budgets surrounding the enforcement of illegal dumping in LA.
Ross Palombo takes us through a year's worth of KCAL News Investigations.
A KCAL News investigation has found that there are possibly hundreds of fire hydrants across the Los Angeles area that need maintenance or repair. Ross Palombo reports.
Former LAUSD Superintendent Austin Beutner is spearheading the lawsuit that claim millions of dollars weren't spent properly. Ross Palombos reports.
Former LAUSD Superintendent Austin Beutner is spearheading the lawsuit that claim millions of dollars weren't spent properly.
Justine Vanderschoot was 17 when she was brutally murdered by her boyfriend and his roommate in Placer County, California. More than 20 years later, her family continues to fight for justice.
Miami's Tyler Herro edged out Golden State's Buddy Hield to win the 3-point contest at the NBA's All-Star Saturday night in San Francisco.
Jurors have gotten the case at the trial of rapper A$AP Rocky.
No states mandate that students receive the COVID-19 vaccine, though other vaccine requirements remain in place.
Happy Valentine's Day! Learn more about its history and what it's all about in 2025.
No states mandate that students receive the COVID-19 vaccine, though other vaccine requirements remain in place.
Federal layoffs are starting with huge numbers of probationary workers, and there are warnings of bigger cuts on the way.
Elon Musk's "dual roles pose conflicts of interest so obvious that they hardly require explanation," Sen. Richard Blumenthal wrote in the letter obtained by CBS News.
Elon Musk, the world's wealthiest man, took questions for the first time since the president gave him broad authority to overhaul the executive branch.
The nuclear agreement is a potential national security win for the United States, one expert said.
Grocery giant Albertsons will pay nearly $4 million to settle a lawsuit accusing it of overcharging customers at hundreds of Albertsons, Safeway and Vons supermarkets.
A federal judge has blocked a new California law allowing any person to sue for damages over election deepfakes.
Californians with iPhones and Apple Watches will now be able to store digital versions of their driver's licenses and identification cards on their devices, state officials announced.
The authorization comes after a week-long voting period for the more than 6,000 Food4Less workers represented by the United Food and Commercial Workers Local union.
A string of recalls connected to Wisconsin-based supplier Schreiber Foods has now extended to Aldi stores after similar recalls at Hy-Vee and other grocery chains.
No states mandate that students receive the COVID-19 vaccine, though other vaccine requirements remain in place.
Pertussis cases are on the rise again, after a dip following the winter holidays.
The CDC says respiratory illness is now "very high" nationwide.
Health experts say the website purge could result in deaths.
World Health Organization chief says agency already cutting back on hiring and travel with Trump withdrawal set to hit funding.
Fabric and crafts retailer Joann has announced it will be closing approximately 500 stores nationwide, almost a year after filing for bankruptcy.
Former Secretary of State Hillary Clinton, Democratic philanthropist George Soros and actor-director Denzel Washington were awarded the nation's highest civilian honor.
Insurance companies in California will have to offer coverage to homeowners in wildfire-prone areas under a new state regulation that was announced Monday.
The lawsuit contends that multiple food truck operators have created constant nuisance outside of the store in the form of congestion, trash generation and rudeness to store employees.
California Gov. Gavin Newsom announced Monday that the state would renew a rebate program for electric vehicles if the incoming Trump administration eliminates the current federal tax credit.
Dylan Larkin scored the go-ahead goal in the second period and the United States beat Canada 3-1 in the 4 Nations Face-Off on Saturday night, wrapping up a spot in the championship game by winning a game that started with three fights in nine seconds and was played at a blistering pace with physicality throughout.
Miami's Tyler Herro edged out Golden State's Buddy Hield to win the 3-point contest at the NBA's All-Star Saturday night in San Francisco.
The Los Angeles Angels announced a $10 million, one-year contract with veteran right-hander Kenley Jansen and a $5 million, one-year deal with veteran infielder Yoán Moncada on Saturday.
Lu'Cye Patterson scored a season-high 25 points and reserve Frank Mitchell recorded a double-double and Minnesota beat USC 69-66 on Saturday.
The timing means the 23-year-old Italian won't miss any Grand Slam tournaments. The French Open, the season's next major, starts May 25.
Jurors have gotten the case at the trial of rapper A$AP Rocky.
The Rock & Roll Hall of Fame on Wednesday unveiled their 2025 nominees for induction, which include Chubby Checker, OutKast and Mariah Carey.
Among the Westminster Dog Show finalists were a bichon frisé, a shih tzu, a whippet, a German shepherd, an English springer spaniel, a giant schnauzer and a Skye terrier.
Taylor Swift was back at the Super Bowl to watch Travis Kelce and his Kansas City Chiefs play the Philadelphia Eagles on Sunday.
Jon Batiste, a Louisiana native, sang the national anthem at the 2025 Super Bowl.
The new location will be at Pamela Park gymnasium in Duarte.
KCAL News photographer John Schreiber on Saturday was honored with the President's Award from the Society of Camera Operators during the Lifetime Achievement Awards for his stellar work done during the Los Angeles County wildfires and a lengthy career of success.
Gio Insignares takes a look at the concerns of residents living close to the Calabasas Landfill over the site being used as a dumping site for wildfire debris.
Laurie Perez reports from Topanga Canyon, where a massive mudslide brought on by recent rain is once gain impacting businesses that have already gone through a year of issues caused by Mother Nature.
Four different earthquakes hit Southern California on Saturday, spanning from Los Angeles County to the southern part of the Inland Empire.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
Several people have been injured and multiple homes burned after the Mountain Fire broke out Wednesday morning in Ventura County, burning over 10,000 acres within hours.
KCAL News Anchor and three-time Emmy award-winning journalist Chauncy Glover has died.
Los Angeles comes out to celebrate the Boys in Blue two days after winning the 2024 World Series.
The Los Angeles Dodgers are World Series champions after defeating the New York Yankees in game 5.
