What Kevin Warsh as new Federal Reserve chair could mean for the economy
The president is turning to a former Fed official as his nominee to replace outgoing Chair Jerome Powell.
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The president is turning to a former Fed official as his nominee to replace outgoing Chair Jerome Powell.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
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?
A Los Feliz family is hoping to raise enough money to replace an adaptive tricycle that was stolen from their son, who has Down syndrome and autism.
The shooting happened at around 3:50 p.m. near W. McFadden Avenue and Graham Street, according to Santa Ana police.
Trent Perry scored 23 points, Donovan Dent had 17 points and 10 assists, and UCLA beat Washington 77-73.
California wildlife officials say that the wolf, which was born in Plumas County north of Lake Tahoe, traversed through the Sierra Nevada and was detected northwest of Lancaster early Saturday.
The family says that they received two tickets from Los Angeles County Parking Enforcement this week, despite having lived in the same situation since last January when their home was damaged in the Eaton Fire.
A Los Feliz family is hoping to raise enough money to replace an adaptive tricycle that was stolen from their son, who has Down syndrome and autism.
The shooting happened at around 3:50 p.m. near W. McFadden Avenue and Graham Street, according to Santa Ana police.
California wildlife officials say that the wolf, which was born in Plumas County north of Lake Tahoe, traversed through the Sierra Nevada and was detected northwest of Lancaster early Saturday.
The family says that they received two tickets from Los Angeles County Parking Enforcement this week, despite having lived in the same situation since last January when their home was damaged in the Eaton Fire.
Surveillance video footage captured the moments that an alleged burglar broke through the roof of a Woodland Hills jewelry store before taking off with approximately $100k in merchandise, owners say.
A Los Feliz family is hoping to raise enough money to replace an adaptive tricycle that was stolen from their son, who has Down syndrome and autism.
California wildlife officials say that the wolf, which was born in Plumas County north of Lake Tahoe, traversed through the Sierra Nevada and was detected northwest of Lancaster early Saturday.
The family says that they received two tickets from Los Angeles County Parking Enforcement this week, despite having lived in the same situation since last January when their home was damaged in the Eaton Fire.
Surveillance video footage captured the moments that an alleged burglar broke through the roof of a Woodland Hills jewelry store before taking off with approximately $100k in merchandise, owners say.
Multiple people were injured when a car that was on fire crashed into the Deloitte building in Manhattan Beach on Saturday night.
The shooting happened at around 3:50 p.m. near W. McFadden Avenue and Graham Street, according to Santa Ana police.
Orange County officials confirm second measles case in Disneyland visitor
Laguna Beach city leaders are mulling a proposal that would ban large pop-up shade structures on the sand to protect the safety of beachgoers.
A diver swimming under the waves along the Laguna Beach coast has formed an unlikely bond with a young white seal.
An Orange County landfill has been cited for foul odors after Irvine neighbors complained about the stinky smell.
Deputies say that the suspect had run from the spot of a hit-and-run crash before they tried to take him into custody.
An unlicensed 15-year-old driver crashed into a motorcyclist on Friday morning in the midst of a school walkout against federal immigration operations across the country.
A motorcyclist who was fleeing from Riverside County Sheriff's Office deputies died after crashing into an uninvolved car at a Perris intersection on Thursday afternoon.
The California Highway Patrol closed one lane of the southbound I-15 Freeway near Eastvale after a dump truck crashed its trailer into an overpass.
Riverside County installed a new camera system on the 91 Freeway to crack down on carpool lane violators.
Savannah Guthrie released a new video on Saturday, saying her family is willing to pay for the safe return of their mother.
More than 35 local, state and federal agencies have been working for the last 18 months to prepare for Super Bowl LX in Santa Clara, California.
Actor Timothy Busfield has been indicted on four counts of criminal sexual contact of a child, officials said Friday.
The footage is included in a video that promotes false claims that the 2020 presidential election was rigged against Mr. Trump.
The FBI has arrested "one of the key participants" behind the attack on U.S. facilities in Benghazi, Libya, in 2012 that killed four Americans.
Skier Chris Lillis said he was "heartbroken about what's happened in the United States," while skater Amber Glenn said she "will not just be quiet."
President Trump late Friday addressed a video posted to his social media account that included a racist depiction of Barack and Michelle Obama as apes, telling reporters he didn't see the part that showed the former president and first lady.
The footage is included in a video that promotes false claims that the 2020 presidential election was rigged against Mr. Trump.
The FBI has arrested "one of the key participants" behind the attack on U.S. facilities in Benghazi, Libya, in 2012 that killed four Americans.
Newly released documents from the Epstein files raise more questions about activity seen on video from the jail the night he died.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Meal kit delivery firm HelloFresh will pay $7.5 million to settle a lawsuit accusing it of misleading customers and making it difficult for them to cancel their subscriptions.
With the help of her daughter and her 5th-grade class, CBS News California (KCAL) Investigative reporter Julie Watts investigates "Sephora Kids" concerns.
A Southern California man has pleaded guilty for his role in a scheme that stole more than $2 million from San Francisco-based food delivery company DoorDash, federal prosecutors said.
Health officials said that the traveler arrived at LAX's Tom Bradley International Airport Terminal on a Viva Aerobus Flight on Jan. 26.
Orange County health officials have confirmed their second measles case of 2026 in an international traveler who arrived in California at Los Angeles International Airport before visiting Disneyland and California Adventure last week.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
"I don't know how I'm going to pay for this," said one person with an Affordable Care Act plan that will cost her $1,100 a month starting in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
The Fremont factory will still manufacture Model 3 and Y, but the space where Model S and X are made will instead focus on mass production of Tesla's Gen 3 Optimus robots.
About 30% of San Francisco was without power at the height of the outage, according to utility provider PG&E.
The DMV said it is giving Tesla Motors 60 days to address its misleading use of "autopilot," or it could have its dealer license temporarily suspended.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Trent Perry scored 23 points, Donovan Dent had 17 points and 10 assists, and UCLA beat Washington 77-73.
LeBron James had 20 points, 10 assists and seven rebounds to help the Los Angeles Lakers beat the Golden State Warriors 105-99 on Saturday night.
Terrance Gore, a former outfielder and three-time World Series champion known for his blazing speed on the base paths, has died at 34 years old, according to Major League Baseball officials.
The U.S. ended Saturday in first place with 44 points. Japan was five points back going into the men's, women's and pairs free skates to decide the medals Sunday.
Lakers' big man Jaxson Hayes will represent the team in the 2026 AT&T Slam Dunk Contest when All-Star Weekend heads to the Intui Dome in Inglewood next weekend.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Don't miss the 2026 Winter Olympics opening ceremony. Here's how to watch live, stream for free and catch replays.
The sheriff says the note was sent to a local Arizona news station, which agreed not to report on it, following the disappearance of "Today" show co-host Savannah Guthrie's mother, Nancy Guthrie.
Josh D'Amaro, who oversees Disney theme parks and dozens of resort hotels worldwide, will become the next Disney CEO.
Chuck Negron, a founding member of Three Dog Night whose lead vocals powered a string of hits for one of the top rock acts of the late 1960s and early '70s has died. He was 83.
A Los Feliz family is hoping to raise enough money to replace an adaptive tricycle that was stolen from their 9-year-old son Jack, who has Down syndrome and autism.
Multiple people were injured when a car that was engulfed in flames crashed into the Deloitte building in Manhattan Beach on Saturday night.
A wolf has visited Los Angeles County for the first time in at least 100 years, according to California Department of Fish and Wildlife officials.
Orange County health officials have confirmed a second measles case in a person who visited Disneyland in January, just one week after reporting the first case.
Zach Boetto reports from Altadena, where a family living outside of their home destroyed by the Eaton Fire says that they were ticketed by Los Angeles County Parking Enforcement twice last week.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
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.
