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.
According to the National Weather Service, Friday night is looking clear, with a 30% chance of rain around 4 a.m. early Saturday.
From the heights of fame and fortune to the depths of despair, Jillian Barberie has lived it all.
The U.S. Department of Justice filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.
Los Angeles County deputies arrested a 19-year-old on Thursday for allegedly killing four people at a home in Lancaster over the weekend.
Disgraced Los Angeles County politician Mark Ridley-Thomas' legal team presented their argument to overturn his conviction to a federal appellate panel on Thursday.
According to the National Weather Service, Friday night is looking clear, with a 30% chance of rain around 4 a.m. early Saturday.
From the heights of fame and fortune to the depths of despair, Jillian Barberie has lived it all.
The U.S. Department of Justice filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.
Los Angeles County deputies arrested a 19-year-old on Thursday for allegedly killing four people at a home in Lancaster over the weekend.
Disgraced Los Angeles County politician Mark Ridley-Thomas' legal team presented their argument to overturn his conviction to a federal appellate panel on Thursday.
According to the National Weather Service, Friday night is looking clear, with a 30% chance of rain around 4 a.m. early Saturday.
From the heights of fame and fortune to the depths of despair, Jillian Barberie has lived it all.
The U.S. Department of Justice filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.
Los Angeles County deputies arrested a 19-year-old on Thursday for allegedly killing four people at a home in Lancaster over the weekend.
Disgraced Los Angeles County politician Mark Ridley-Thomas' legal team presented their argument to overturn his conviction to a federal appellate panel on Thursday.
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 cat was scared up a tree by one of the neighborhood's small dogs before getting tranquilized and relocated by wildlife officials.
Park officials say the ride had technical difficulties. Twenty-two riders were involved. Two were brought to a hospital.
The student told police that the alleged relationship was ongoing for six months.
One of the Orange County firefighters injured after his crew's truck rolled over during a crash near the Airport Fire will return home on Friday.
The Riverside County District Attorney's Office declined to file charges against the suspected sexual predator who tried to meetup with a Temecula teenager for sex because they said more evidence was needed before they could take action.
The woman told firefighters that she had fallen into the hole sometime Tuesday evening and wasn't discovered until a passerby heard her screaming for help.
Undercover detectives posed as a teenage girl online and began talking with a 43-year-old man from Arizona who expressed his intent to meet up for sexual purposes.
It happened at around 9:15 p.m. on Friday near the intersection of SR-74 and White Avenue, according to California Highway Patrol officers.
Investigators arrested the 46-year-old man after an undercover operation revealed he was trying to meet a minor for sexual purposes.
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.
Shohei Ohtani becomes the second player named MVP in both the American and National leagues.
President-elect Donald Trump made the announcement Thursday evening after Matt Gaetz withdrew himself from consideration.
Cristian Fernando Gutierrez-Ochoa — the son-in-law of Jalisco New Generation cartel leader "El Mencho" — was arrested in Riverside, California, officials said.
President-elect Donald Trump announced Gaetz as his nominee to be attorney general last week.
A major storm swept across the northwestern U.S., battering the region with strong winds and rain, causing widespread power outages and downing trees that killed at least two people.
President-elect Donald Trump made the announcement Thursday evening after Matt Gaetz withdrew himself from consideration.
President-elect Donald Trump announced Gaetz as his nominee to be attorney general last week.
Los Angeles County Supervisors are calling for a county-run homeless department after a recent audit found that the Los Angeles Homeless Services Authority was having a number of issues, including the handling of funding provided for direct response to the homeless crisis.
Dr. Mehmet Oz unsuccessfully ran for Senate in 2022. Now he's Trump's choice to lead the Centers for Medicare and Medicaid Services.
City Council members on Tuesday will consider adopting an ordinance that will make Los Angeles a "sanctuary city," which will prohibit any city resources from being used to help the federal enforcement of immigration laws.
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.
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."
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.
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.
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.
Shohei Ohtani becomes the second player named MVP in both the American and National leagues.
Sebastian Mack scored 21 points, Tyler Bilodeau hit 4 of 4 from 3-point range and finished with 20 points and UCLA beat Idaho State 84-70.
Ukko-Pekka Luukkonen stopped 24 shots, Jason Zucker scored the game's only goal, and the Buffalo Sabres beat the Los Angeles Kings 1-0.
James Harden scored 24 points and the Los Angeles Clippers won their sixth game in a row at their new arena, beating the Orlando Magic 104-93.
Freddie Freeman's historic walk-off grand slam ball from Game 1 of the World Series is hitting the auction block.
For years, actor and comedian Katt Williams has claimed he lied about his age as a teenager to join the Marines and passed boot camp before being drummed out. The Marines have no record of him ever serving.
The much-hyped fight pitting the 58-year-old Tyson against Paul, 27, shattered records but was marred by tech glitches.
Betty White will be honored with a stamp in 2025, the U.S. Postal Service announced on Friday.
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.
Emily Van Greuning of Mammoth Mountain talks about getting to the mountain, and how to prepare as the first big storm of the season moves in.
Ed O’Keefe, CBS News political correspondent, discusses Trump's No. 2 pick for attorney general after Matt Gaetz stepped down.
The UCLA football team hosts crosstown rival USC in the Battle for LA at Rose Bowl Stadium Saturday.
A chilly morning will lead to a dry, sunny afternoon with a light chance of rain starting Saturday.
From the heights of fame and fortune to the depths of despair, Jillian Barberie has lived it all. Pat Harvey shares her story.
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
