Fed expected to raise interest rates again
The move is meant to curb historically high inflation.
The move is meant to curb historically high inflation.
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.
As CBS2's John Dias reports, there are a number of factors contributing to this key week for the state of the economy.
This comes as Americans see consumer prices skyrocket on everything from groceries to gas. CBS2's Elijah Westbrook reports.
CBS2's Nick Caloway has more on what this could mean for your wallet and investments.
Move comes in an effort to put the breaks on rising costs, but it means loans and credit cards will cost more.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Markets tried to shake off Monday's massive losses. On Tuesday, the S&P 500 fell yet again.
Dr. Giacomo Santangelo makes some painful predictions after an already difficult pandemic
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
Consumers could soon feel a bigger squeeze on credit cards, debts and mortgages.
Many consumers are going to feel a tighter squeeze after the Federal Reserve announced Wednesday it's raising interest rates.
Many consumers are going to feel a tighter squeeze after the Federal Reserve announced Wednesday it's raising interest rates. It's the first hike since 2018, and it's meant to combat soaring inflation; CBS2's Meg Baker reports.
That means you'll likely be paying more for certain loans. CBS2's Jessica Moore has advice from the experts.
Gov. Kathy Hochul announced 40 new pop-up vaccine sites would open statewide.
Some retail stores are now telling customers to use exact change or pay by credit or debit card.
Investors seem unimpressed with the Federal Reserve's largest interest rate cut since 2008, pushing down stocks amid mounting concerns over the coronavirus.
Federal Reserve Chairman Jerome Powell will hold a news conference Wednesday, as the fed is expected to raise its key short-term interest rate again this year.
Private economists expect the next hike to occur at the September meeting with a fourth rate hike expected in December.
The gain in spending followed an even better 0.5 percent rise in May, which was revised from a 0.2 percent initial estimate, the Commerce Department reported Tuesday.
President Donald Trump's top economic policymakers insisted Sunday that the robust growth marked in the April-June quarter will maintain its pace.
The news of a second summit comes as the White House is still trying to clarify what was said at the first meeting.
Americans increased their borrowing in May at the fastest pace in a year and a half, boosted by a big increase in credit card borrowing.
With the Federal Reserve announcing it's raising interest rates and the Supreme Court ruling states can impose sales tax on more online purchases, what does this mean for your wallet?
If you're like most Americans, you're probably carrying some credit card debt.
The City Council passed a bill into law on Thursday that addresses two pieces of dress code legislation in New York City schools.
The U.S. Secret Service is facing mounting questions about the security flaws that allowed the shooter to fire from a rooftop near the rally.
The Kennedy Center named its 2024 Honorees Thursday morning. They include Harlem's historic Apollo Theater, the first institution to ever receive the honor.
Some of Amazon's popular e-readers are still on sale now that Prime Day 2024 has come to an end.
Protesters returned to the site of a future homeless shelter in Brooklyn for the second day in a row Thursday.
The City Council passed a bill into law on Thursday that addresses two pieces of dress code legislation in New York City schools.
The Kennedy Center named its 2024 Honorees Thursday morning. They include Harlem's historic Apollo Theater, the first institution to ever receive the honor.
Protesters returned to the site of a future homeless shelter in Brooklyn for the second day in a row Thursday.
There were long hours of cleanup Thursday after powerful winds and hundreds of lightning strikes slammed the northern suburbs. One man got the fright of his life when lightning struck just feet away.
Police closed Grand Central Terminal's Main Concourse to the public Thursday afternoon in response to reports of planned protests.
After several days of searing, summer heat, we've finally got some good news for the Tri-State Area, weather-wise.
New York and New Jersey coped with another day of excessive heat and humidity Wednesday, as well as severe weather.
Severe weather moved through parts of the Tri-State Area amid another heat wave Tuesday, causing widespread damage.
Physical effects of heat waves, like heat stroke, are widely known. But scientists are now sounding the alarm on psychological consequences of extremely high temperatures.
The First Alert Weather Team has issued a Red Alert through Wednesday due to excessive heat and humidity in New York City, New Jersey and the entire Tri-State Area.
Despite many calls to resign, convicted Sen. Bob Menendez says he's staying put and a pundit says he has the means to do so.
Heat-related cancellations and delays continued Thursday on NJ Transit lines, prompting anger from riders.
After several days of searing, summer heat, we've finally got some good news for the Tri-State Area, weather-wise.
Sen. Bob Menendez is refuting reports that he's planning to resign after he was convicted on federal bribery charges.
Pressure is mounting on convicted felon Bob Menendez to resign from the U.S. Senate, but not everyone thinks he will.
New York's next offshore wind farm, Sunrise Wind, will be seven times bigger than its first one.
Officials in Hempstead are warning beach goers about recent shark sightings and rough seas.
Nassau County Executive Bruce Blakeman signed a a controversial transgender athlete ban Monday which passed last month by the Nassau County legislature along party lines.
Physical effects of heat waves, like heat stroke, are widely known. But scientists are now sounding the alarm on psychological consequences of extremely high temperatures.
The First Alert Weather Team has issued a Red Alert through Wednesday due to excessive heat and humidity in New York City, New Jersey and the entire Tri-State Area.
The City Council passed a bill into law on Thursday that addresses two pieces of dress code legislation in New York City schools.
The U.S. Secret Service is facing mounting questions about the security flaws that allowed the shooter to fire from a rooftop near the rally.
Trump would also lead Harris. Voters say both Biden and Trump encouraged national unity after assassination attempt against Trump.
Despite many calls to resign, convicted Sen. Bob Menendez says he's staying put and a pundit says he has the means to do so.
Heat-related cancellations and delays continued Thursday on NJ Transit lines, prompting anger from riders.
Physical effects of heat waves, like heat stroke, are widely known. But scientists are now sounding the alarm on psychological consequences of extremely high temperatures.
At least two cases of measles have been found in people staying at a New York City-run shelter for migrants in Brooklyn.
Nationwide, the CDC says the COVID virus level in wastewater is now "high" for the first time since last winter.
A first responder on Long Island is said to be the first in the country, outside a clinical trial, to undergo a life-saving surgery for peripheral artery disease.
Tahjana Lewis suffered burns to her chest, arms and legs, according to a recent lawsuit the Connecticut woman filed.
The Kennedy Center named its 2024 Honorees Thursday morning. They include Harlem's historic Apollo Theater, the first institution to ever receive the honor.
Bob Newhart, who starred in the long-running sitcoms "The Bob Newhart Show" and "Newhart," has died at age 94.
Run-DMC's Darryl McDaniels will headline this weekend's free SummerStage concert at Flushing Meadows-Corona Park in Queens.
Nominations for the 76th annual Emmy Awards were announced Wednesday, with "Shōgun," "The Bear," "Hacks," "Only Murders in the Building" and "Baby Reindeer" all earning multiple major nods. See the full list of nominees for the 2024 ceremony here.
"Big Brother" announced Tuesday the 16 new Houseguests who will move into the "Big Brother" house and, for the first time ever, have the power to vote in a 17th houseguest.
Josef Martínez scored two second-half goals to help CF Montreal rally for a 2-2 tie with the New York Red Bulls.
Mounsef Bakrar and Talles Magno each scored a second-half goal to help New York City FC rally and play Atlanta United to a 2-2 tie.
Argentina won its second straight Copa America championship, overcoming Lionel Messi's second-half leg injury to beat Colombia 1-0 on Lautaro Martínez's 112th-minute goal.
Fans appeared to breach the security gates at Hard Rock Stadium hours before the Copa America final between Argentina and Colombia.
Michael Toglia hit three of the Rockies' six homrs in an 8-5 win over the Mets on Sunday.
The Kennedy Center named its 2024 Honorees Thursday morning. They include Harlem's historic Apollo Theater, the first institution to ever receive the honor.
It's a tradition that dates back to 1887. Worshippers in Brooklyn paraded through the streets, a beloved Italian tradition.
Yehuda Beinin said his daughter was held in two different homes in Gaza for 54 days.
The New York City Department of Environmental Protection is installing seven miles of porous pavement in Brooklyn.
CBS New York first reported in April that drivers were illegally parking cars in a grassy area alongside a bike lane under the Queensboro Bridge. Since then, community members say they've seen little improvement.
Tens of thousands of people flooded Manhattan streets on June 2, 2024 for the 60th annual Israel Day on Fifth Parade.
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 50th Annual Village Halloween Parade drew massive crowds, celebrating the theme "Upside/Down:Inside/OUT."
As much of the northeast experiences heavy rains, parts of New York City are beginning to flood.
Thousands of people flooded Union Square on Friday for a PlayStation giveaway promoted by livestreamer Kai Cenat.
It addresses two pieces of dress code legislation that may mean more freedom for students and more transparency from schools. CBS New York's Doug Williams reports.
"Big Brother" fans – your summer addiction is back for season 26. Thursday night is the second part of a two-night premiere. You can see it all at 9 p.m. on CBS and streaming on Paramount+.
This year's Kennedy Center honorees include Harlem's own Apollo Theater. It's the first time an institution has been recognized by the Kennedy Center Honors. CBS New York's Jessi Mitchell reports.
As CBS New York's Jennifer McLogan explains, families seem to love getting lost in a sunflower maze.
CBS New York's Lonnie Quinn is calling for sunny skies and 85 degrees, with low humidity, on the final day of the work week. The weekend is looking pretty good, too.