Powell says Fed could keep lifting rates "for some time"
While higher borrowing costs will hurt, failure to ease inflation "would mean far greater pain," Federal Reserve chief says.
Federal Reserve
Assessing the state of the U.S. economy
The Bureau of Economic Analysis reports the GDP fell 0.6% during the second quarter. Jeanna Smialek, a Federal Reserve and economy reporter for The New York Times, joins CBS News to discuss the decline and a highly anticipated speech by Fed Chairman Jerome Powell at the Kansas City Federal Reserve's Economic Policy Symposium.
Stock market slows after Monday sell-off
The stock market stayed flat Tuesday after falling sharply Monday. Rebecca Walser, president of Walser Wealth Management, joins CBS News to explain how the sell-off is connected to fears over what the Federal Reserve has planned for next months interest rate hike.
Fed saw evidence of a slowing economy at its last meeting
Despite sputtering U.S. economic growth, Federal Reserve hiked interest rates to ease "unacceptably high" inflation.
Investors cheer July CPI report
Investors are reacting to the July Consumer Price Index report, which showed the annual rate of inflation at 8.5%, down from 9.1% in June. CBS News' Tanya Rivero and Elaine Quijano speak with Insider reporter Ben Winck on what the report means for American consumers.
Inflation rate down from 40-year high
The Consumer Price Index rose to 8.5% in the month of July, bringing inflation down from its 40-year high. Gas prices are falling, but the cost of food and rent are still increasing. Lori Bettinger, president of BancAlliance and the former director of the U.S. Treasury's Troubled Asset Relief Program, joined CBS News to discuss what this data means for the economy.
Investors await July inflation report
Investors are awaiting the July Consumer Price Index report for signs of whether inflation has started to ease after hitting another four-decade high in June. CBS News' Tanya Rivero and Elaine Quijano speak with Rick Newman, senior columnist for Yahoo Finance, about the state of the economy.
8/7: Face The Nation
This week on "Face the Nation with Margaret Brennan," we talk to Florida Republican Sen. Rick Scott about the party’s opposition to the Democrats' economic plan, and former FDA Commissioner Dr. Scott Gottlieb returns to discuss the monkeypox health emergency. And after a surprising July jobs report, we talk to San Francisco Federal Reserve Bank President and CEO Mary Daly about what it means for the U.S. economy.
Markets react to July jobs report
July's jobs report surpassed many economists' expectations despite concerns of inflation. Frances Stacy, director of portfolio Ssrategy at Optimal Capital, joins CBS News to break down how the markets reacted to the latest employment figures.
Job openings slow in June
The Labor Department says job openings slowed in the month of June. CBS News' David Begnaud and Debra Alfarone speak with Mark Hamrick, senior economic analyst and Washington bureau chief for Bankrate, on the state of the economy and what to expect in Friday's July jobs report.
Open: This is "Face the Nation with Margaret Brennan," July 31
This week on "Face the Nation with Margaret Brennan," with 100 days to go until the midterm elections, Democrats have revived a tax and spending package and hope voters will reward them if it passes. Plus, Minneapolis Federal Reserve President Neel Kashkari and the new CBS News Battleground Tracker.
Breaking down the U.S. economy's mixed signals
Unemployment is down. Inflation is up. With the Federal Reserve Board again raising interest rates this week, plus new indications we could be in a recession, the economy is in uncharted waters. And no one seems certain about what's next or what to do. CBS News' chief political analyst John Dickerson helps us add it all up with the help of two experts: Lloyd Blankfein of Goldman Sachs, with the overview; and Michelle Singletary, a personal finance columnist for the Washington Post, with advice for all of us.
Stock market ends the week with gains
The stock market closed out the week with gains as it responded to the Federal Reserve's interest rate hike. Melissa Armo, founder and owner of The Stock Swoosh, joins CBS News at the closing bell to break down what's driving the market.
7/28: Red and Blue
U.S. economy shrinks for second consecutive quarter; Mega Millions jackpot tops $1 billion
White House adviser weighs in on recession fears
President Biden said the economy is in a good place despite GDP falling for two consecutive quarters. Debra Alfarone reports from the White House. Then, Gene Sperling, senior adviser to the president, joined "Red and Blue" to discuss the state of the economy.
U.S. GDP decline amplifies recession fears
The U.S. GDP shrank 0.9% in the second quarter, raising new fears that a recession is unavoidable. CBS News business analyst Jill Schlesinger breaks down what this could mean for American families.
Business analyst on interest rate hike
With the highest inflation rates in four decades, the federal reserve has raised the short-term interest rate for the fourth time this year. CBS News business analyst Jill Schlesinger joins "CBS Mornings" to discuss the impact this has on borrowers with mortgages, credit card debt and loans.
7/28: CBS News Mornings
Federal Reserve raises interest rates; lawmakers grill gun manufacturers.
Fed hikes interest rates amid recession fears
The Federal Reserve made another move to try and tamp down rising prices by raising interest rates by 3/4 of a percentage point, the fourth hike this year. Kris Van Cleave shares the latest.
Fed raises interest rates again
For the fourth time this year, the Federal Reserve has raised its benchmark interest rate in a bid to slow record-high inflation. Megan Cassella, a reporter for Barron's, joined CBS News' Lana Zak to discuss.
CBS Evening News, July 27, 2022
Fed hikes interest rates again amid recession fears; FBI honors 1st female special agents 50 years later
Fed hikes interest rates yet again
The Federal Reserve raised interest rates 0.75% on Wednesday. It's the fourth rate hike this year, aimed at curbing inflation while also preventing a recession. Naomi Ruchim reports on the news. Then, Major Garrett is joined by Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors, to discuss what this could mean for the economy.
Biden tests negative for COVID-19, ends isolation
President Biden ended his isolation Wednesday after testing negative for COVID-19 both Tuesday night and again Wednesday morning. Sean Sullivan, deputy politics editor for campaigns at the Washington Post, joins "Red and Blue" to discuss the latest from the White House, including a potential deal with Russia to release WNBA star Brittney Griner.
Federal Reserve announces interest rate hike
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.
What the Fed's latest interest-rate hike means for your money
"Extraordinary" rate hike comes on the heels of another sharp increase in June. That means debt is about to get more expensive.
live updates
Fires in L.A. area leave at least 10 dead, apocalyptic scenes
The Palisades, Eaton, Hurst and Lidia fires are burning in Southern California, forcing tens of thousands of people to evacuate. Here are the latest updates.
Trump to be sentenced for New York "hush money" crimes, a historic first
Trump was found guilty in May of 34 felonies in authorizing a scheme in 2017 to falsify records in order to cover up reimbursements for a "hush money" payment.
Appeals court won't block partial release of special counsel's Trump report
Special counsel Jack Smith submitted his final report on his investigations into President-elect Donald Trump to Attorney General Merrick Garland on Tuesday.
The TikTok ban heads to the Supreme Court today. Here's what to know.
The Supreme Court is set to hear arguments Friday morning on whether to overturn or delay a law that could lead to a ban on TikTok in the U.S.
Maduro to be sworn in again despite outcry over Venezuela's election
Donald Trump says Venezuela's embattled opposition leader must be protected, as President Nicolas Maduro prepares to take the oath again after allegedly stealing an election.
Biden says feds will cover 100% of fire response costs in California
"I told the governor and local officials, spare no expense," President Biden said, calling the damage "catastrophic."
TV bailiff accused of murder sobs, "I live with it every day"
Renard Spivey was found not guilty of his wife's murder, but he says he still can't sleep at night.
Founder of adult website linked to mass rape trial faces charges
The website enabled Dominique Pelicot to recruit dozens of strangers to rape his heavily sedated wife for years, authorities say.
Jimmy Carter laid to rest in Plains, Georgia, after funeral service in D.C.
President Biden honored former President Jimmy Carter in a eulogy at his funeral.
U.S.
More U.S.
TV bailiff accused of murder sobs, "I live with it every day"
Renard Spivey was found not guilty of his wife's murder, but he says he still can't sleep at night.
Trump to be sentenced for New York "hush money" crimes, a historic first
Trump was found guilty in May of 34 felonies in authorizing a scheme in 2017 to falsify records in order to cover up reimbursements for a "hush money" payment.
Many Americans are leaving U.S. states with abortion bans, study finds
Abortion bans enacted since Roe v. Wade was overturned may be driving Americans to leave restrictive states, researchers find.
Questions over attack linger as New Orleans brings in security expert
New Orleans is facing lawsuits and investigations surrounding its safety barriers as the Super Bowl and dozens of Mardi Gras parades loom.
"This Is Us" star Milo Ventimiglia loses home to Los Angeles fires
Ventimiglia, a 47-year-old father to be, is among the celebrities affected by the destructive blazes that broke out Tuesday morning.
MoneyWatch
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Many Americans are leaving U.S. states with abortion bans, study finds
Abortion bans enacted since Roe v. Wade was overturned may be driving Americans to leave restrictive states, researchers find.
Prison inmates among those fighting the Los Angeles wildfires
Hundreds of incarcerated firefighters are working to extinguish the massive blaze scorching Los Angeles.
What Californians should know about filing insurance claims after fire
For those who have it, a standard homeowners' insurance policy does cover destruction caused by fire, including wildfires.
Businesses offer aid to people affected by Los Angeles wildfires
Some businesses are offering free emergency shelter and other services to residents who have been displaced by the Los Angeles fires.
The TikTok ban heads to the Supreme Court today. Here's what to know.
The Supreme Court is set to hear arguments Friday morning on whether to overturn or delay a law that could lead to a ban on TikTok in the U.S.
Politics
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Trump to be sentenced for New York "hush money" crimes, a historic first
Trump was found guilty in May of 34 felonies in authorizing a scheme in 2017 to falsify records in order to cover up reimbursements for a "hush money" payment.
Appeals court won't block partial release of special counsel's Trump report
Special counsel Jack Smith submitted his final report on his investigations into President-elect Donald Trump to Attorney General Merrick Garland on Tuesday.
Supreme Court won't stop Trump sentencing in "hush money" criminal case
President-elect Trump's sentencing for his criminal conviction in New York is scheduled for Friday morning.
Appeals court pauses plea proceedings in alleged 9/11 architect KSM's case
The U.S. had filed an appeal to stop plea proceedings for alleged 9/11 architect Khalid Sheikh Mohammed and two others from moving forward Friday in the war court in Guantanamo Bay.
JD Vance resigns from Senate ahead of becoming vice president
Ohio Gov. Mike DeWine will appoint Vice President-elect JD Vance's replacement.
HealthWatch
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Many Americans are leaving U.S. states with abortion bans, study finds
Abortion bans enacted since Roe v. Wade was overturned may be driving Americans to leave restrictive states, researchers find.
Slipped up during Dry January? Expert tips for getting back on track
In Dry January, people choose to give up alcohol for the month, but what happens if they have a drink? Here's what an expert says.
Over 17,000 doctors urge Senate to reject RFK Jr. as health secretary
Thousands of doctors are calling on the Senate to reject Trump's nomination of Robert F. Kennedy Jr., saying he is "actively dangerous."
Most of the world's 35,000 online pharmacies are run illegally, U.S. warns
Ninety-six percent of online pharmacies were found to violate the law, meaning they were operating without a license and selling medications without prescriptions.
How Olivia Munn's cancer journey sparked life-saving test for Alison Hall
"Inside Edition" correspondent Alison Hall opens up about her breast cancer battle and how Olivia Munn's own experience with early detection inspired her to take a life-saving risk assessment test.
World
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Maduro to be sworn in again despite outcry over Venezuela's election
Donald Trump says Venezuela's embattled opposition leader must be protected, as President Nicolas Maduro prepares to take the oath again after allegedly stealing an election.
Mercury's north pole seen in stunning new photos after spacecraft flyby
The BepiColombo spacecraft swooped as close as 183 miles above Mercury's night side before passing directly over the planet's north pole.
Founder of adult website linked to mass rape trial faces charges
The website enabled Dominique Pelicot to recruit dozens of strangers to rape his heavily sedated wife for years, authorities say.
Woman reportedly wounds 8 in hammer attack at university in Tokyo
Japanese media say a sociology student attacked her classmates with a hammer during class after voicing frustration at being ignored.
Most of the world's 35,000 online pharmacies are run illegally, U.S. warns
Ninety-six percent of online pharmacies were found to violate the law, meaning they were operating without a license and selling medications without prescriptions.
Entertainment
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"This Is Us" star Milo Ventimiglia loses home to Los Angeles fires
Ventimiglia, a 47-year-old father to be, is among the celebrities affected by the destructive blazes that broke out Tuesday morning.
Alec Baldwin files lawsuit over manslaughter charge in fatal "Rust" shooting
The lawsuit was filed in Santa Fe, where a judge in July dismissed a charge of involuntary manslaughter against Alec Baldwin in the death of cinematographer Halyna Hutchins.
Actor Milo Ventimiglia loses home in L.A. fires
Actor Milo Ventimiglia has revealed his family's Malibu home burnt down in the Los Angeles fires -- an eerie reflection of the tragedy that befell his character on the NBC drama series "This Is Us." Tony Dokoupil has more.
TikTok could shut down unless Supreme Court blocks or delays U.S. ban
Court to hear arguments Friday on law forcing TikTok sale by Chinese parent company that takes effect in Jan. 19.
Harlan Coben on success of "Missing You"
Harlan Coben joins CBS Mornings to talk about "Missing You," the global TV hit he executive produces. Based on his novel, the show follows Det. Kat Donovan as she investigates the case of a missing person.
Technology
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The TikTok ban heads to the Supreme Court today. Here's what to know.
The Supreme Court is set to hear arguments Friday morning on whether to overturn or delay a law that could lead to a ban on TikTok in the U.S.
TikTok could shut down unless Supreme Court blocks or delays U.S. ban
Court to hear arguments Friday on law forcing TikTok sale by Chinese parent company that takes effect in Jan. 19.
How AI powered robots are helping small farms
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Fact-checkers to Mark Zuckerberg: We never censored anything
Fact-checking firms that teamed with Meta are refuting CEO Mark Zuckerberg's suggestion linking their work to censorship.
Implications of Meta's decision
Nick Thompson, CEO of "The Atlantic" and former editor-in-chief of "Wired," discusses the consequences of Meta's decision to end its fact-checking program and the rise of self-policing in a "post-information" age.
Science
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Science
Jimmy Carter's fight against climate change
The wildfires in California are the latest in a string of natural disasters made worse by climate change. Former President Jimmy Carter was one of the first U.S. officials to draw attention to man-made issues impacting the environment. Gus Speth, a member and chair of the Council on Environmental Quality during Carter's presidency, joins "The Daily Report."
What is Biden's legacy on climate change?
Officials on Wednesday afternoon briefed President Biden about the massive wildfires in Southern California fueled by climate change. Slashing Mr. Biden's climate regulations is at the top of President-elect Donald Trump's to-do list. CBS News environmental correspondent David Schecter joins "America Decides" to look at the outgoing president's record on the issue.
Biden offers aid to California to fight fires
Multiple fires are burning in the Los Angeles area, forcing thousands to flee their homes and destroying hundreds of buildings. President Biden approved a major disaster declaration Wednesday afternoon to help California boost the ranks of those battling the blazes. CBS News correspondent Elise Preston has more from Malibu.
Scientists: "Toxic" semen could kill female mosquitoes, curb disease spread
Female mosquitoes are targeted because only they bite and drink blood, thereby spreading diseases such as malaria and dengue fever.
Jimmy Carter's environmental legacy
As the U.S. Capitol prepares to honor former President Jimmy Carter, Rolling Stone climate reporter Jeff Goodell looks back on his environmental legacy.
Crime
More Crime
TV bailiff accused of murder sobs, "I live with it every day"
Renard Spivey was found not guilty of his wife's murder, but he says he still can't sleep at night.
Suspect captured week after Wisconsin woman, 2 girls found dead
Elizabeth Kolba, 33, and two girls ages 12 and 13 were found shot to death at a home in New Lisbon on Dec. 30.
Founder of adult website linked to mass rape trial faces charges
The website enabled Dominique Pelicot to recruit dozens of strangers to rape his heavily sedated wife for years, authorities say.
Woman reportedly wounds 8 in hammer attack at university in Tokyo
Japanese media say a sociology student attacked her classmates with a hammer during class after voicing frustration at being ignored.
Military doctor pleads guilty to sexually abusing dozens of soldiers
Maj. Michael Stockin faced 52 charges involving claims of abusive sexual contact with 41 victims, the Army said.
Space
More Space
Mercury's north pole seen in stunning new photos after spacecraft flyby
The BepiColombo spacecraft swooped as close as 183 miles above Mercury's night side before passing directly over the planet's north pole.
NASA studies options to rein in cost of Mars Sample Return mission
NASA hopes a revised plan will get Mars samples back to Earth faster and cost less than the agency's original plan.
Webb telescope spots record number of stars in distant galaxy
A phenomenon called gravitational lensing turned a galaxy into a "hall of mirrors of cosmic proportions," allowing for the discovery.
NASA probe beams home update after record-breaking flyby of sun
NASA said scientists began receiving more detailed telemetry — or "housekeeping data" — from the spacecraft on New Year's Day.
When and where to see the Quadrantids, 2025's first meteor shower
The first meteor shower of 2025 is about to peak. Here's how to watch and where you can see the Quadrantids.
Latest Galleries
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Notable Deaths in 2024
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Scott Peterson case: New evidence?
Peterson's death sentence for the murder of his pregnant wife Laci has been overturned. Now his supporters are pushing for a complete retrial.
The troubled marriage of Ashley and Doug Benefield
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Texas couple investigates teen daughter's unusual death
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
Serial killer Rodney Alcala's secret photos
See some of convicted serial killer Rodney Alcala's photographs that were discovered by detectives in a Seattle storage locker.
Latest CBS News Videos
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Latest CBS News Videos
Trump to be sentenced in "hush money" case
President-elect Donald Trump will be sentenced Friday for his New York "hush money" conviction. Trump was found guilty last year on 34 counts for falsifying business records. CBS News political reporter Olivia Rinaldi has more.
Slowdown expected in December jobs report
The December jobs report is set to be released later Friday morning and it's expected to show slowing growth. According to a survey of forecasters by the data firm FactSet, U.S. employers are expected to have added 153,000 jobs last month, a significant drop from November's report that saw 227,000 new jobs. CBS News MoneyWatch correspondent Kelly O'Grady has more.
New Orleans ramps up security
One week after the deadly attack on Bourbon Street in the early morning hours of New Year's Day, New Orleans has brought in a security expert to help guide the city's plans in the near future. As the city faces lawsuits and investigations concerning the supposed mismanagement of safety barriers, New Orleans is preparing for the Super Bowl and dozens of parades in the coming weeks leading up to Mardi Gras. Kati Weis reports.
Efforts to save animals from California fires
Hundreds of volunteers came together at the Pasadena Humane Society to help save animals displaced by the wildfires ravaging the Los Angeles area. CBS News Los Angeles' Josh Sanders reports on the efforts.
Trump on Supreme Court's "hush money" ruling
President-elect Donald Trump answered questions from reporters about the Supreme Court denying his attempt to halt his sentencing in New York's criminal "hush money" case. He also addressed questions about his interaction with former President Barack Obama at President Jimmy Carter's state funeral and criticized Democratic leadership in California amid wildfires.