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.
They believe that someone was going around sparking the fires, and that they are likely responsible for at least three fires.
Waymo One, the driverless ride-hailing app, is now fully available to much of greater Los Angeles after the robotaxi service previously started offering rides in LA to a limited number of people on a waiting list.
Winds continue to batter much of Southern California with forecasters issuing wind advisories across three counties warning of gusts reaching up to 60 mph this week.
Imported from Mt. Shasta on a flatbed truck, the 80-year-old tree will be hoisted by a giant crane at The Park in the outdoor shopping area.
From video taken at the house in the 6000 block of Medford Court, the black sedan could be seen resting on a patio overhang, crashed through a window, leaving a gaping hole on the side of the house.
The long-awaited ruling, related to presidential immunity, could have profound consequences for the case.
From video taken at the house in the 6000 block of Medford Court, the black sedan could be seen resting on a patio overhang, crashed through a window, leaving a gaping hole on the side of the house.
A woman is facing federal charges after security agents discovered more than a dozen shirts soaked with methamphetamine inside of her luggage at LAX in early-November.
Nearly a week after the destructive Mountain Fire destroyed more than a hundred buildings and torched tens of thousands of acres of brush in Ventura County, firefighters are defending their response to the blaze as some residents return to their burnt homes.
Waymo One, the driverless ride-hailing app, is now fully available to much of greater Los Angeles after the robotaxi service previously started offering rides in LA to a limited number of people on a waiting list.
They believe that someone was going around sparking the fires, and that they are likely responsible for at least three fires.
Waymo One, the driverless ride-hailing app, is now fully available to much of greater Los Angeles after the robotaxi service previously started offering rides in LA to a limited number of people on a waiting list.
Winds continue to batter much of Southern California with forecasters issuing wind advisories across three counties warning of gusts reaching up to 60 mph this week.
From video taken at the house in the 6000 block of Medford Court, the black sedan could be seen resting on a patio overhang, crashed through a window, leaving a gaping hole on the side of the house.
Nearly a week after the destructive Mountain Fire destroyed more than a hundred buildings and torched tens of thousands of acres of brush in Ventura County, firefighters are defending their response to the blaze as some residents return to their burnt homes.
Police say that a white powdery substance was discovered at the house where the party was early Sunday.
A man was arrested in connection with the death of a relative at her Westminster home over the weekend, according to police.
Deputies evacuated the Orange County Registrar of Voters after it received a bomb threat at its Santa Ana office.
Air quality regulators issued an ash advisory for most of Southern California as crews try to contain Ventura County's Mountain Fire.
Kroger, the parent company of Ralphs, agreed to pay up to $122 to California to resolve allegations that it failed to adequately monitor opioids distributed by its pharmacies.
A Moreno Valley teacher has been placed on administrative leave after they were caught in the midst of a rant about president-elect Donald Trump following Election Day last week.
Gov. Gavin Newsom pardoned five veterans for their past crimes in Southern California.
A preliminary 3.5-magnitude earthquake struck near Desert Center this afternoon, according to the U.S. Geological Survey.
The crash happened just before 2 a.m. on Saturday on southbound lanes of I-215 in Riverside, police said.
Concerned about President-elect Donald Trump's campaign promises, community activists hold signs in support of migrants on the steps of San Bernardino City Hall.
While sometimes slow, the tracing system from the Bureau of Alcohol, Tobacco Firearms and Explosives played an instrumental role in helping law enforcement locate the man who opened fire inside a Monterey Park dance hall in 2022.
Following a deadly hijacking of a Metro bus, Ross Palombo digs through data about violence on the Metro system.
Ross Palombo goes over the crime statistics available for the Metro.
KCAL News investigates connection between Beverly Hills armed robbery and gun belonging to notorious police killer Christopher Dorner.
Ross Palombo shows how investigators arrested the man accused of starting the Line Fire after they spotted his white truck. Palombo also speaks to the man's family.
Returning lawmakers will be choosing the leaders for the next Congress and finishing work on the remaining priorities of the outgoing 118th Congress.
The long-awaited ruling, related to presidential immunity, could have profound consequences for the case.
Capitol riot defendants are citing Trump's election in requests to delay their cases because of his pledge to pardon some convicted of Jan. 6-related crimes.
Pandemic-prompted drinking persists, according to a new study that shows a continued increase in alcohol use.
A Spirit Airlines flight from Florida was damaged by gunfire en route to Haiti and diverted to the neighboring country of the Dominican Republic, the airline said.
Returning lawmakers will be choosing the leaders for the next Congress and finishing work on the remaining priorities of the outgoing 118th Congress.
Oil and natural gas companies will have to pay a federal fee if they emit methane above certain levels under a rule being finalized by the Biden administration that incoming Trump officials are likely to reverse.
The long-awaited ruling, related to presidential immunity, could have profound consequences for the case.
Capitol riot defendants are citing Trump's election in requests to delay their cases because of his pledge to pardon some convicted of Jan. 6-related crimes.
President-elect Donald Trump says Tom Homan, his former acting U.S. Immigration and Customs Enforcement director, will serve as "border czar" in his incoming administration.
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.
The "Dawson's Creek" alum shared the news on Sunday and said that despite the diagnosis, there is "reason for optimism, and I'm feeling good."
Public health officials have reported two more locally acquired cases of the mosquito borne illness dengue in Los Angeles County, bringing the total to 11 cases in recent weeks.
McDonald's says Quarter Pounders will be back on the menu at hundreds of its restaurants after testing ruled out beef patties as the source of an E. coli outbreak.
Decision to cut topping comes as officials work to confirm source of E. coli outbreak linked to McDonald's Quarter Pounders.
McDonald's has stopped selling the popular product in some states as an investigation into the cause of the bacteria continues.
Los Angeles County is taking on Pepsi and Coke for their role in plastic pollution.
Two more members of the Los Angeles Times editorial board have resigned after the newspaper's owner blocked its plan to endorse Democratic Vice President Kamala Harris for president.
Thousands of mental health workers at Kaiser Permanente facilities spanning across Southern California went on strike on Monday, calling for increased pay and restored pension plans, amid other demands.
Workers at seven CVS pharmacies in Southern California have gone on strike for better pay and health care and to protest what they say is bad-faith contract bargaining by the company.
Some of the lowest-paid health care workers in California will get a pay bump Wednesday under a state law gradually increasing their wages to at least $25 an hour.
Eric Dailey Jr. and Lazar Stefanovic scored 13 points each and UCLA defeated Boston University 71-40.
Captain Mikael Backlund had a goal and assist to lead the Calgary Flames to a gritty 3-1 victory over the Los Angeles Kings on Monday.
The Miami Dolphins snapped their three-game losing streak with a gritty 23-15 victory over the Los Angeles Rams.
Shai Gilgeous-Alexander scored a career-high 45 points, and the Oklahoma City Thunder beat the Los Angeles Clippers 134-128 in their first game this season without Chet Holmgren.
Los Angeles Dodgers star Shohei Ohtani is a finalist for his first National League MVP award after winning the AL honor twice, joined among the top three in NL voting by New York Mets shortstop Francisco Lindor and Arizona second baseman Ketel Marte.
Mattel apologizes for inadvertently directing people to pornography site instead of one promoting upcoming film.
Judith Jamison, an internationally acclaimed dancer who later served as artistic director of the Alvin Ailey American Dance Theater for two decades, has died at age 81.
Actor Tony Todd's TV and movie credits spanned 40 years and included the 1992 horror film "Candyman" and its 2021 sequel.
The nominations for the 67th Grammy Awards have been announced, and the nominees include a long list of top music stars.
Quincy Jones, the multi-talented music legend who collaborated with everyone from Michael Jackson to Frank Sinatra, has died at 91, his family announced.
The holiday season is officially here, as the Christmas tree is installed at The Grove in Los Angeles.
Amanda Huffman, creator of the "Woman of the Military" podcast, and Air Force veteran talks about her military service and transitioning to regular life.
Tech expert Jessica Naziri shares some Holiday Travel Tech that will make traveling much easier
Hallmark’s countdown to Christmas is underway, with “Confessions of a Christmas Letter" movie.
Insurance expert Karl Susman discusses how the Mountain Fire will impact the current insurance marketplace.
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.
The Los Angeles Dodgers win the World Series in Game 5 in a 7-6 win over the New York Yankees
