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.
Pittsburgh is among the "most sinful" cities, a new report from WalletHub found.
Over the last year, the number of school districts in Ohio that allow staff to be armed quadrupled, with 14% of the state's districts now participating.
People are calling and flocking to sports cards and memorabilia stores looking for the one-of-a-kind Paul Skenes card.
Pittsburgh EMS workers say they are understaffed and overstretched, racing from one call to the next.
Pittsburgh Pirates pitcher Paul Skenes was named the National League Rookie of the Year.
Pittsburgh is among the "most sinful" cities, a new report from WalletHub found.
Over the last year, the number of school districts in Ohio that allow staff to be armed quadrupled, with 14% of the state's districts now participating.
People are calling and flocking to sports cards and memorabilia stores looking for the one-of-a-kind Paul Skenes card.
Pittsburgh EMS workers say they are understaffed and overstretched, racing from one call to the next.
Pittsburgh Pirates pitcher Paul Skenes was named the National League Rookie of the Year.
The order is a win for Dave McCormick and a loss for Bob Casey as the campaigns prepare for a statewide recount.
Mr. Biden has made addressing climate change a key part of his policy agenda.
West Virginia Gov. Jim Justice appointed his wife to the state school board after winning a decisive U.S. Senate race against his Democratic opponent.
Pennsylvania's race for U.S. Senate has triggered an automatic recount.
Pennsylvania lawmakers are taking new steps to protect pets of domestic violence survivors.
A pizzeria in Pittsburgh's Oakland neighborhood was hit with a consumer alert.
Want to check the latest product recalls, click here!
The latest economic data shows consumer prices rose slightly in October, which is impacting people's holiday budgets.
The scammer is directing people to a number claiming it will reactivate their EBT cards.
The Hershey Company recently announced the acquisition of the sour candy brand, Sour Strips.
Etiquette expert Liz Aquino was here to put our holiday manners to the test! Just in time for Thanksgiving, she challenged us on what's truly polite and what might need a little refining at the festive gatherings.
On today's Straight to the Point, we unveiled the surprising laws from the year 1621! The pilgrims had rules for everything and some were downright bizarre. This segment was sponsored by Edgar Snyder and Associates.
As the holidays approach, Katie is hitting all the right notes with a dazzling tour of homes. We got to see one today that is a Broadway-inspired symphony of splendor that's sure to leave you singing!
David and Heather got to enjoy some Burgatory today, more specifically, a Thanksgiving-themed burger and a Pumpkin Pie shake!
A Harlem Globetrotter entered the PTL studios! He was here to show us some moves and even put our skills to the test!
The Ambridge Area School District recently purchased a security system touted for its ability to detect guns and knives.
As tales of scammers swiping tickets from Ticketmaster accounts grow, there are simple yet effective ways to protect your tickets.
With gambling addiction on the rise, thousands of Pennsylvanians have opted to ban themselves from casinos and online sportsbooks.
Civil forfeiture is a legal process that allows law enforcement to seize property.
A West Mifflin woman said she feels duped after falling for a convincing weight loss gummy ad created by scammers using AI.
Pittsburgh EMS workers say they are understaffed and overstretched, racing from one call to the next.
The Kane Community Living Center in McKeesport is dealing with a COVID-19 outbreak.
U.S. Consumer Product Safety Commission issues urgent safety alert after ninth recall of adult bed rails in three years.
The 65-year-old actor and stand-up comedian, best known for portraying Joey Gladstone on "Full House," said he first noticed symptoms in October.
Consumer Reports applauds food giant's decision after less-than-expected demand for the meal kits from school districts.
People are calling and flocking to sports cards and memorabilia stores looking for the one-of-a-kind Paul Skenes card.
Pittsburgh Pirates pitcher Paul Skenes was named the National League Rookie of the Year.
Pittsburgh turns its attention to another divisional foe, the Cleveland Browns, in Week 12.
The much-hyped fight pitting the 58-year-old Tyson against Paul, 27, shattered records but was marred by tech glitches.
The Steelers beat the Ravens 18-16 at Acrisure Stadium in Pittsburgh.
Spirit Airlines announced that it has filed for Chapter 11 bankruptcy protection and will attempt to reboot itself.
Giant Eagle has opened a new grocery store in Pittsburgh's Westwood neighborhood.
The latest economic data shows consumer prices rose slightly in October, which is impacting people's holiday budgets.
The $600 million project would redevelop fifteen acres of old industrial land along the Ohio River.
New numbers just published show whether small or big schools are growing the most in the Pittsburgh region.
The much-hyped fight pitting the 58-year-old Tyson against Paul, 27, shattered records but was marred by tech glitches.
With the release of part one of her new memoir, Cher talks about her relationship - on stage and off - with Sonny Bono, and why their TV partnership survived beyond their marriage.
Betty White will be honored with a stamp in 2025, the U.S. Postal Service announced on Friday.
The 46-year-old Houston native – whose name is Jason Head – was putting a gun away at his ranch when it "slipped out of the holster, hit the side of the jeep and discharged into his stomach area," his publicist said.
The band continues its touring schedule in 2025 and in August, they'll make a stop at PPG Paints Arena.
The Dunlap's Creek Bridge on Market Street in Brownsville is getting a makeover.
Cam Heyward and some teammates passed out turkeys on Monday.
Get the latest weather updates with First Alert Meteorologist Kristin Emery's forecast.
The first Von Maur department store in Pennsylvania has opened at South Hills Village.
First Alert Meteorologist Mary Ours visited the Campus Laboratory School of Carlow University on Monday.
The Steelers beat the Ravens 18-16 at Acrisure Stadium in Pittsburgh.
Firefighters battled a massive fire at Riley's Pour House, a popular Irish pub in Carnegie, on Thursday.
Kamala Harris and Donald Trump held rallies in Pittsburgh on the eve of Election Day.
No. 4 Ohio State went to State College and came away with a win.
Halloween 2024 was a smashing success for both Pittsburgh Today Live and Talk Pittsburgh. Team PTL celebrated with a classic monster theme while Talk Pittsburgh got in the ring with some real wrestlers. Here's a look at some of the fun!
