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The Fed rate decision meeting is today. Here's their rate decision.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
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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.
All eyes are on Coney Island for the 2024 Nathan's Famous Hot Dog Eating Contest. In addition to winning the coveted Mustard Yellow Belt, contestants are competing for a $20,000 cash prize.
Fireworks can make dogs feel anxious and scared. Veterinarians from around the country explain why and share advice for protecting your pets and keeping them calm on the Fourth of July.
One person died and four were taken to the hospital in a boat crash in Long Beach Wednesday, according to the Long Beach Fire Department.
One person died Wednesday and another was injured when a vehicle overturned on the 118 freeway and rolled onto a below street in Pacoima.
A man and a woman were found dead in Rosemead Wednesday, according to the Los Angeles County Sheriff's Department.
An Orange County jury reached a verdict Wednesday. The reading is set to take place after 3 p.m.
A brush fire burning in the hills of Simi Valley triggered the evacuation of some residents as it moved east.
All eyes are on Coney Island for the 2024 Nathan's Famous Hot Dog Eating Contest. In addition to winning the coveted Mustard Yellow Belt, contestants are competing for a $20,000 cash prize.
Fireworks can make dogs feel anxious and scared. Veterinarians from around the country explain why and share advice for protecting your pets and keeping them calm on the Fourth of July.
One person died and four were taken to the hospital in a boat crash in Long Beach Wednesday, according to the Long Beach Fire Department.
One person died Wednesday and another was injured when a vehicle overturned on the 118 freeway and rolled onto a below street in Pacoima.
A man and a woman were found dead in Rosemead Wednesday, according to the Los Angeles County Sheriff's Department.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
Temperatures pushed into the triple-digit range in parts of Los Angeles County Wednesday as a high-pressure system settled over the region, promising to linger through the Fourth of July holiday weekend and well into next week.
The jury reached its verdict after deliberating for just one day.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
Three men were arrested in the alleged robbery and killing of a 68-year-old tourist outside a Newport Beach mall.
A 69-year-old tourist was killed after suspects robbed her at the Fashion Island Mall in Newport Beach.
The resolution also urges President Joe Biden to declare the Tustin Hangar fire a national emergency.
An investigation was underway Sunday after a 20-year-old man was fatally shot in Santa Ana.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
A bystander filmed the moments of a road rage confrontation that escalated into a stabbing on the streets of Ontario last Friday.
Police identified three of four people killed in a crash that ended a high-speed pursuit in Upland as teenagers.
Maria Martinez Lomeli, 74, was ejected from the backseat of a Kia Sorento when the driver lost control and veered into the center divider of I-15 on Sunday afternoon.
The massive fire engulfed the home early Monday morning in the 24600 block of Conejo Drive.
After a two-year KCAL News Investigation uncovered serious concerns about police selling their old weapons, a new case study has brought a new light to where agencies buy their new guns.
Thousands of guns once owned by law enforcement have been found at crime scenes, including at incidents in Southern California, an in-depth investigation has revealed.
"No teacher should have to lie as part of their job". Ross Palombo talks to a teacher in the Los Angeles Unified School who says he was told to lie about class attendance, which is how the state calculates funding from your tax dollars.
The CDC recommends that at least 95% of students have the MMR vaccine in order to lower the risk of measles outbreaks at their school, but a recent KCAL News investigation shows that hundreds of SoCal schools are well below that number.
For months, migrants have arrived in Los Angeles on controversial buses chartered from Texas. With a lack of coordination from the Lone Star state, community groups stepped in to help bring things under control and helped hundreds across Southern California.
All eyes are on Coney Island for the 2024 Nathan's Famous Hot Dog Eating Contest. In addition to winning the coveted Mustard Yellow Belt, contestants are competing for a $20,000 cash prize.
Fireworks can make dogs feel anxious and scared. Veterinarians from around the country explain why and share advice for protecting your pets and keeping them calm on the Fourth of July.
A case of H5 influenza, also known as bird flu or avian influenza, has been confirmed in a man who was working at a dairy farm in northeastern Colorado.
Ahead of July 4, here are the states where fireworks sales are legal, where they're illegal and where various restrictions apply.
Attorneys for Alec Baldwin's "Rust" said the incentive would have been used to pay a settlement to cinematographer Halyna Hutchins' family.
Following debate, age factors in, and race shifts in Trump's direction after the first 2024 presidential debate.
President Biden met with Democratic governors on Wednesday amid concerns over his debate performance last week.
Lawyers involved with Jan. 6 prosecutions are focused on the date when the window to bring charges against defendants will close.
It's a welcome number for the candidate, who caused widespread concern among Democrats after his debate performance
With just hours to spare, Democratic legislators announced Sunday night an agreement on a Prop 47 reform initiative they plan to put on a ballot.
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.
Target, looking for ways to add sales, is relaunching its Target Circle loyalty program including a new paid membership with unlimited free same-day delivery in as little as an hour for orders over $35.
When, who and how much to tip is becoming more of a question in consumers' minds.
One in four college students says they have credit card debt, according to a new survey by U.S. News and World Report. And with interest rates topping 20 percent, those students could be in debt for years. On Your Side's Kristine Lazar has more on the biggest mistakes college students are making with their credit cards.
A case of H5 influenza, also known as bird flu or avian influenza, has been confirmed in a man who was working at a dairy farm in northeastern Colorado.
The CDC says it is too early to say if this year's summer COVID-19 surge has arrived.
The FDA said its study better simulated how commercial milk processing kills the bird flu virus, H5N1.
The Los Angeles County Department of Public Health announced on Monday that there was a "concerning increase" of mpox, or monkeypox, cases that have been reported in the last two weeks.
Millions today owe their lives to the work of the man who devoted his career to public health, but in recent years Dr. Anthony Fauci has been targeted by a partisan, anti-science spectrum of opponents.
Gov. Newsom Saturday signed a state budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and business tax increases.
Democrat lawmakers in California have agreed to delay a minimum wage increase for about 426,000 health care workers to help balance the state budget.
The California Supreme Court has removed a measure from the state's November ballot that would have made it harder to raise taxes.
Colorado wants to welcome more celebrities and movie stars to the Front Range. The state submitted a proposal to host the Sundance Film Festival in Boulder starting in 2027.
California has fined Amazon a total of $5.9 million, alleging the e-commerce giant worked warehouse employees so hard that it put their safety at risk.
All eyes are on Coney Island for the 2024 Nathan's Famous Hot Dog Eating Contest. In addition to winning the coveted Mustard Yellow Belt, contestants are competing for a $20,000 cash prize.
The pair of rookies were introduced at the team's training center in El Segundo on Tuesday.
Promising wing Max Christie is returning to the Los Angeles Lakers with a four-year, $32 million contract, according to CBS Sports.
Paul George agreed early Monday to leave the Los Angeles Clippers and sign a $212 million, four-year deal with the Philadelphia 76ers and team up with Joel Embiid.
Matt Chapman homered and drove in three runs, and the San Francisco Giants hit 10 doubles to rout the Los Angeles Dodgers 10-4 in front of a sellout crowd of 40,428 at Oracle Park.
All eyes are on Coney Island for the 2024 Nathan's Famous Hot Dog Eating Contest. In addition to winning the coveted Mustard Yellow Belt, contestants are competing for a $20,000 cash prize.
Attorneys for Alec Baldwin's "Rust" said the incentive would have been used to pay a settlement to cinematographer Halyna Hutchins' family.
Ann Wilson, lead singer of rock band Heart, says she has cancer.
Over a month ahead of their scheduled stop in Colorado, Neil Young and Crazy Horse canceled their entire tour, which includes the show scheduled for July 31 at Fiddler's Green.
"CBS News 24/7," a daily flagship show featuring live reporting from CBS News and Stations' local-to-global newsrooms, brings viewers a dynamic and immersive news experience.
Deputies said there was a pyrotechnical incident Wednesday night.
Not assigned
An officer was struck by gunfire Wednesday night.
Another one of the men fired a gun three times, according to police.
A man and a woman were found dead in Rosemead Wednesday, according to the Los Angeles County Sheriff's Department.
A look back at the hallowed career of the indie "B-movie" filmmaker, known for exploitation films, monster flicks, and some bizarre movie posters.
Shots from the second day of the JM Eagle LA Championship held at the Wilshire Country Club in the Palos Verdes Estates.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
The Academy Awards will hand out filmmaking's top honor in 23 categories during the 2024 Oscars at the Dolby Theatre in Hollywood, starting at 7 p.m. Eastern, 4 p.m. PDT.
Shots from the PGA's Genesis Invitational golf tournament held at the Riviera Golf Club in the Pacific Palisades.