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.
The scam is targeting attendees of the Mission Inn's beloved Festival of Lights, which features millions of holiday lights adorning the historic hotel.
It happened a little after 2 a.m in the 9000 block of Krueger Street, police said.
They gathered to wish a fond farewell to their beloved track, where countless memories were made and some people's dreams of becoming professional drivers came true.
After a U-Haul loaded with toys was stolen from outside of a South LA home, Chargers linebacker Daiyan Henley and his community came together to make sure that a giveaway could still happen on Saturday.
The blaze, which spread quickly, caused more than$100,000 worth of damage to equipment inside of the facility, deputies said.
The scam is targeting attendees of the Mission Inn's beloved Festival of Lights, which features millions of holiday lights adorning the historic hotel.
It happened a little after 2 a.m in the 9000 block of Krueger Street, police said.
They gathered to wish a fond farewell to their beloved track, where countless memories were made and some people's dreams of becoming professional drivers came true.
After a U-Haul loaded with toys was stolen from outside of a South LA home, Chargers linebacker Daiyan Henley and his community came together to make sure that a giveaway could still happen on Saturday.
The blaze, which spread quickly, caused more than$100,000 worth of damage to equipment inside of the facility, deputies said.
It happened a little after 2 a.m in the 9000 block of Krueger Street, police said.
They gathered to wish a fond farewell to their beloved track, where countless memories were made and some people's dreams of becoming professional drivers came true.
After a U-Haul loaded with toys was stolen from outside of a South LA home, Chargers linebacker Daiyan Henley and his community came together to make sure that a giveaway could still happen on Saturday.
A 17-year-old girl was stabbed to death by an 18-year-old man Friday night, according to the Los Angeles County's Sheriff's Department, which has described the suspect as an "acquaintance" of the victim.
TSA agents at Los Angeles International Airport found knives, replica firearms and more in what the security agency has described as an "extremely concerning" discovery inside a woman's carry-on luggage, officials said Friday.
It happened at around 4:20 p.m. near Orangewood Avenue and Court Street, according to the Orange County Sheriff's Department.
Holiday joy lit up the sky and water in Orange County as the Newport Beach Boat Parade started this week.
Johnny Anchondo led authorities on a wild pursuit through Orange and LA counties on Nov. 9, 2022, during which he crashed several times, rammed police cars and stole multiple vehicles.
The lawsuit alleged that a victim was abused by Michael Harris, a former priest and vice principal at Mater Dei in 1978.
The collision, which happened at the intersection of La Palma Avenue and Moody Street, left a woman in her 60s with fatal injuries, police said.
The scam is targeting attendees of the Mission Inn's beloved Festival of Lights, which features millions of holiday lights adorning the historic hotel.
The blaze, which spread quickly, caused more than$100,000 worth of damage to equipment inside of the facility, deputies said.
Deputies say that the victims were father and son.
Investigators say that the incident happened at Sky Trail Mobile Village in Moreno Valley.
It happened at around noon on Dec. 18, when police were called to a 28000 block of Scott Road after learning of the incident, according to the Murrieta Police Department.
Is your recycled Starbucks cup ending up where you expected? A CBS News investigation says that it probably isn't.
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.
After California man's death sentence is overturned, there's a renewed push to clear him.
The suspect drove through the doors of a JCPenny in Killeen, Texas, and continued inside for "several hundred yards," an official said.
Party City informed employees in an email on Friday that it was conducting an immediate "mass layoff" at its headquarters.
Rickey Henderson is widely considered to be one of the best leadoff hitters and base stealers in baseball.
Mark Burnett helped produce hits like "Survivor" and "The Voice," but is perhaps best known for teaming up with President-elect Donald Trump for "The Apprentice," which first aired in 2004.
An F/A-18 fighter jet was "mistakenly fired on" by the guided missile cruiser USS Gettysburg, authorities said.
Mark Burnett helped produce hits like "Survivor" and "The Voice," but is perhaps best known for teaming up with President-elect Donald Trump for "The Apprentice," which first aired in 2004.
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
The U.S. government faced the threat of a shutdown if Congress didn't pass a spending bill before Dec. 21, 2024. Here's a look at the potential impact.
The stopgap measure will fund the government and provide tens of billions in disaster relief.
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.
California Gov. Gavin Newsom issued an emergency proclamation on Wednesday in response to growing concerns over bird flu cases in the state and across the country.
Cases now reported in eight states related to Yu Shang Food products sold online and at stores nationwide, officials say.
Public health officials are urging residents and business owners to monitor their water sources after seven people reported contracting Legionnaire's Disease in recent days.
The first case in the U.S. of a more severe strain of mpox was reported in San Mateo County, the California Department of Public Health said.
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."
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.
Avid coin collectors jumped at the chance to get their hands on a rare "double eagle" gold coin at a Southern California auction house.
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.
Quentin Grimes scored 20 points off the bench, 14 in the fourth quarter, leading eight Mavericks in double figures as Dallas beat the Los Angeles Clippers 113-97 on Saturday night despite missing leading scorer Luka Doncic.
JuJu Watkins scored 25 points and No. 7 USC recovered from blowing a 18-point second half lead to beat Paige Bueckers and fourth-ranked UConn 72-70 on Saturday night.
LeBron James had 32 points and the Los Angeles Lakers beat the Sacramento Kings 103-99 to sweep a two-game set.
This is the fourth trade between the two teams since the end of last season.
Rickey Henderson is widely considered to be one of the best leadoff hitters and base stealers in baseball.
The lawsuit lays out Blake Lively's allegations against Justin Baldoni during their time working on "It Ends with Us."
Tory Lanaz, who is serving a 10-year prison sentence for shooting Megan Thee Stallion in the feet, is harassing her from prison through surrogates, the petition alleges.
A spokesperson for Foxx said that he had to get stitches after he was hit in the face by a glass thrown from someone else in the restaurant.
Sean "Diddy" Combs filed a motion Friday to dismiss his appeal for bail, meaning he will stay in jail until his trial on sex trafficking charges in May 2025.
Paula Abdul and former "American Idol" producer Nigel Lythgoe have agreed to settle a lawsuit in which she alleged he sexually assaulted her in the early 2000s when she was a judge on the show.
One Long Beach family is dazzling crowds with a holiday show like no other, featuring fire dancers, 90,000 lights and aerial dancers.
Dozens of lowriders hit the streets of East LA to cruise into the Christmas holiday on Saturday evening.
With many still celebrating the Dodgers World Series victory, some fans even took it as far as their Christmas decorations.
After a U-Haul loaded with toys was stolen from outside of a South LA home, Chargers linebacker Daiyan Henley and his community came together to make sure that a giveaway could still happen on Saturday. Laurie Perez reports.
Thousands of children walked away with a new toy on Saturday after receiving just some of the many donations that were received by the CHiPs for Kids Toy Drive, a collaborative effort between the California Highway Patrol and KCAL news. Gio Insignares reports.
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.
