Fed lowers rates by 0.50 percentage points, its first cut since 2020
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
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The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
The Fed is leaving its benchmark interest rate unchanged, noting a lack of progress in curbing inflation.
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Inflation dropped to still-high 6%, likely bolstering Fed's resolve to keep raising interest rates well into 2023.
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.
UnitedHealthcare CEO murder suspect Luigi Mangione will return to NYC today after waiving extradition in Pennsylvania.
An internet outage at PRT has taken several systems offline.
Workers at Amazon facilities in major U.S. cities went on strike Thursday morning.
The decline in temperatures continues today before a cold weekend.
The fire broke out at an apartment building along North Pittsburgh Street just before 11 p.m. Wednesday.
UnitedHealthcare CEO murder suspect Luigi Mangione will return to NYC today after waiving extradition in Pennsylvania.
An internet outage at PRT has taken several systems offline.
Workers at Amazon facilities in major U.S. cities went on strike Thursday morning.
The decline in temperatures continues today before a cold weekend.
The fire broke out at an apartment building along North Pittsburgh Street just before 11 p.m. Wednesday.
After Bob Casey lost to Dave McCormick, what comes next for the three-term senator?
The Supreme Court on Wednesday said it will take up a challenge to a new law that could lead to a ban on TikTok in the U.S.
The House Ethics Committee voted to release its report on the investigation into former Rep. Matt Gaetz on Dec. 5, according to multiple sources.
"People deserve to know upfront what they're being asked to pay," FTC Chair Lina Khan said in announcing crackdown on certain consumer fees.
Electors are voting in each state to formalize President-elect Donald Trump's victory over Vice President Kamala Harris in the 2024 election.
Workers at Amazon facilities in major U.S. cities went on strike Thursday morning.
You've heard of online shopping and package scams, but what about package scams that come right to your door?
An attempt to cut down on energy bills turned into a financial nightmare for a Beaver Falls man.
American Airlines will soon add nonstop service between Pittsburgh International Airport and Los Angeles International Airport.
Pittsburgh Popcorn's food processing facility has been shut down.
The 71st Annual Free Care Fund Telethon started at 3 p.m. on Thursday, Dec. 19. We got a jump start of the telethon on PTL with the Neighborhood Ford Store and Eat'n Park giving away a car!
David Highfield and Heather Abraham talk about all the latest goings on and preview what's to come on today's show.
Katie O'Malley and Rania were back in the kitchen making a blintz souffle!
This week's Waiting Child is Yanxel.
We dove into the merry mayhem on how to stay festive, and heart-healthy, without skipping a beat this season. This segment was sponsored by Highmark Blue Cross Blue Shield, together with Allegheny Health Network.
An attempt to cut down on energy bills turned into a financial nightmare for a Beaver Falls man.
A Pittsburgh woman says she's dealing with a rodent infestation because of a neighboring house that's condemned.
Making housing more affordable is the cornerstone of the Gainey administration, but critics say his efforts have fallen short.
High-speed police chases can lead to the arrest of suspected criminals. But do the chases pose a risk to the public?
The University of Pittsburgh says it is jumping into the NIL sphere with both feet.
Sharon Regional Medical Center employees rallied with family and friends to save the hospital from an impending closure.
Miller Shevitz of Beaver Falls is at his happiest when he's showing off his toys.
Eleven-year-old Jayden Randall of Carrick is one of the children who is alive and thriving today thanks to UPMC Children's Hospital.
Just a few weeks ago, Christine Dankwardt worried walking down the hall would never be possible for her 15-year-old daughter Marissa.
Fitness instructor Jordan Rose joined the program to show us some kettlebell exercises to help build full-body strength.
Joseph was dealt to the Pens in exchange for future considerations.
The Sporting News named the sophomore linebacker a first-team All-American, making him the first sophomore Pitt defensive player to earn the honor since 1978.
Ogunjobi provided meals and supplies to immigrants resettling in Pittsburgh ahead of Christmas.
Seth Henigan threw for 294 yards and two touchdowns in his final game for No. 25 Memphis.
Pitt has made it to the final four of the NCAA tournament for the fourth straight year.
Pittsburgh Popcorn's food processing facility has been shut down.
Another restaurant in Pittsburgh's Station Square is closing.
Construction is taking off at the Arnold Palmer Regional Airport.
The new location will be opening sometime next summer.
D&G Pizza owner Ken Levato says the final day of business will be Saturday, December 21.
While 2024 may be ending, there's much to look forward to next year, including a major entertainment project by PNC Park.
Tony, Emmy, and Grammy Award-winning artist Barry Manilow will take the stage one final time in Pittsburgh.
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.
Mariah Carey's holiday concert at PPG Paints Arena was canceled on Wednesday afternoon, hours before its scheduled start time.
What we call "Hallmark Movies" during the holiday season might be cheesy but one psychologist tells us, it can be good for your health!
The 71st Annual Free Care Fund Telethon started at 3 p.m. on Thursday, Dec. 19. We got a jump start of the telethon on PTL with the Neighborhood Ford Store and Eat'n Park giving away a car!
David Highfield and Heather Abraham talk about all the latest goings on and preview what's to come on today's show.
Stay on top of local weather with meteorologist Carl Lam's forecast!
At least six families are without a home.
KDKA-TV's Rich Walsh and 93.7 The Fan's Chris Mueller discuss the sports topics of the day.
Newborn babies at UPMC Magee-Womens Hospital got dressed up in holiday onesies and hats knit by a nurse.
Pittsburgh has won 21 straight regular season home games against Cleveland.
Crews found the body of Elizabeth Pollard, the Pennsylvania grandma who fell into a sinkhole in Unity Township.
A Pennsylvania woman might have fallen into a sinkhole while searching for her missing cat, police said.
Fallen Pittsburgh Fire Battalion Chief John Walsh was laid to rest on Monday
