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.
President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
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.
Officers arrested the 25-year-old man after he posted a video of himself pouring a BuzzBall into a bird's mouth.
Wild video shows a frighteningly close encounter between a Pasadena toddler and a coyote on Monday afternoon, when the boy gets chased back into his home with the animal chasing him up the driveway.
The Los Angeles Police Department is in pursuit of a grand theft auto suspect.
Southern California's favorite bald eagle couple, Jackie and Shadow, laid their third egg of the season on Tuesday afternoon, just weeks after their nest was raided by ravens.
The pursuit began around 2:15 p.m. in the San Fernando Valley.
Officers arrested the 25-year-old man after he posted a video of himself pouring a BuzzBall into a bird's mouth.
Wild video shows a frighteningly close encounter between a Pasadena toddler and a coyote on Monday afternoon, when the boy gets chased back into his home with the animal chasing him up the driveway.
The Los Angeles Police Department is in pursuit of a grand theft auto suspect.
Southern California's favorite bald eagle couple, Jackie and Shadow, laid their third egg of the season on Tuesday afternoon, just weeks after their nest was raided by ravens.
The pursuit began around 2:15 p.m. in the San Fernando Valley.
Officers arrested the 25-year-old man after he posted a video of himself pouring a BuzzBall into a bird's mouth.
Wild video shows a frighteningly close encounter between a Pasadena toddler and a coyote on Monday afternoon, when the boy gets chased back into his home with the animal chasing him up the driveway.
The Los Angeles Police Department is in pursuit of a grand theft auto suspect.
The intersection will be renamed, the Nipsey Hussle Square, to honor the rapper's legacy and dedication to his community.
Dr. Ellen Dooley was surprised with the so-called "Oscar of Teaching" award during a morning assembly at Milken Community School. Cheers rang out when the social science teacher and instructional leader's name was called by the award's founder, Lowell Milken.
The Santa Ana Police Department booked the inmate into the Theo Lacy Facility on Feb. 19 for vehicle theft, receiving a stolen vehicle and obstructing or resisting a peace officer.
One man was killed and another was wounded when they were shot at while driving in Santa Ana late Friday, according to police.
If you're looking to visit a museum, dozens of exhibits are offering free admission this weekend.
Four suspects stole about $180,000 worth of collectibles and Pokémon cards from an Anaheim store earlier this week.
Balboa Island's ferries are ditching diesel and turning to electricity to power their boats.
Southern California's favorite bald eagle couple, Jackie and Shadow, laid their third egg of the season on Tuesday afternoon, just weeks after their nest was raided by ravens.
The 48-year-old man was declared dead at the scene.
The infamous "graffiti towers" in downtown Los Angeles have a new potential buyer in a Riverside County-based real estate development firm.
A total of four people were transported to a local hospital with major injuries from the collision.
FBI investigators have identified the human remains found near the Salton Sea as a 17-year-old Riverside County girl who was reported missing last year.
According to sources close to the investigation, there are concerns that DNA recovered from Nancy Guthrie's home may not yield a usable profile for comparison.
The highest-ranking officials in Washington will be present for President Trump's State of the Union address Tuesday night — here's what to know about where they're sitting.
A record-setting snowstorm has prompted managers of The Boston Globe to postpone the printing of their daily newspaper for the first time in its 153 year history.
Anna Kepner, 18, was on a Caribbean cruise with her father, stepmother and three stepsiblings when she was discovered dead on the Carnival Horizon in November.
An image the FBI released of the suspect at Nancy Guthrie's front door, without a backpack, was captured by her Nest doorbell camera prior to the night of her abduction.
The highest-ranking officials in Washington will be present for President Trump's State of the Union address Tuesday night — here's what to know about where they're sitting.
Newsom's remarks about his 960 SAT score went viral as he told Atlanta Mayor Andre Dickens and a packed auditorium: "I'm not trying to impress you, I'm just trying to impress upon you I'm like you, I'm not better than you."
FedEx sued the Trump administration over its tariffs on Monday, asking for a "full refund" of all payments it made to the government under a set of tariff policies that were ruled illegal by the Supreme Court.
The Democratic Women's Caucus wore pink to President Trump's address to Congress last year. This year, they're returning to white.
Documents given to Congress appear to show courses involving use-of-force were eliminated from ICE officer training.
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.
Riverside County health officials have reported the second and third measles cases of the year, which they say could be connected to the county's first case that was reported last week.
Health officials say that an unvaccinated minor visited the Walmart Supercenter in Ontario on Jan. 29.
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.
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.
Desmond Bane scored 36 points and Paolo Banchero added 16 points and eight assists as the Orlando Magic held on for a 111-109 victory over the Los Angeles Clippers.
Nicolás Fernández scored on a penalty kick in the second half and New York City FC tied the Los Angeles Galaxy 1-1 in a season opener before a sellout crowd of 30,510 at Dignity Health Sports Park.
Jaylen Brown had 32 points, eight rebounds and seven assists, and the Boston Celtics swept the season series in the NBA's most storied rivalry with a 111-89 victory over the Los Angeles Lakers.
No. 2 UCLA beat Wisconsin 80-60 and locked up the program's first outright Big Ten regular-season title.
Jacob Bridgeman held on to win the Genesis Invitational at Riviera for his first PGA Tour title.
Nick Reiner, 32, was charged with two counts of murder in the killing of his parents, Rob Reiner and Michele Singer Reiner.
"Jersey Shore" star Nicole "Snooki" Polizzi said in a TikTok video that her results at a post-op appointment for a cone biopsy showed stage 1 cervical cancer.
In April 2025, Eric Dane announced he had been diagnosed with amyotrophic lateral sclerosis, or ALS.
Warner Bros. Discovery said that Paramount Skydance is considering enhancing its buyout offer for the entertainment company.
Robert Duvall was in such classics as "The Godfather," "To Kill a Mockingbird," "M*A*S*H," "The Great Santini" and "Tender Mercies."
Luzdelia Caballero reports from downtown Los Angeles, where several people were injured on Tuesday when a car slammed into a tree.
Wild video shows a frighteningly close encounter between a Pasadena toddler and a coyote on Monday afternoon, when the boy gets chased back into his home with the animal chasing him up the driveway. Jasmine Viel reports.
Southern California's favorite bald eagle couple, Jackie and Shadow, laid their third egg of the season on Tuesday afternoon, just weeks after their nest was raided by ravens.
Dr. Ellen Dooley, teacher at Milken Community School in Bel Air, received the Milken Educator Award.
The 57th NAACP Image Awards will be broadcast live on Saturday, February 28, 2026 on BET.
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.
