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Federal Reserve Chairman Jerome Powell told lawmakers on Capitol Hill on Wednesday the country remains a "long way away" from reaching its goal in the fight against inflation. CBS News political and economics reporter Sarah Ewall-Wice has more.
Americans are still spending as inflation has finally shown signs of cooling. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.
For the first time in 15 months, the Fed paused hikes in interest rates as inflation has started to wane — although it remains high. Mark Strassmann reports.
CBS News business analyst Jill Schlesinger breaks down the decision by the Federal Reserve to pause raising interest rates this month, and how the U.S. is doing with inflation.
For the first time since March 2022, the Federal Reserve will not be raising interest rates. J.D. Durkin, on-air host for digital financial news platform TheStreet, joins CBS News to discuss the Fed's path forward.
For 15 months the Federal Reserve has been trying to catch up to rising inflation by slowing economic activity. The central bank announced Wednesday it will not increase interest rates for now, but warned that the pause may not last long. CBS News senior White House correspondent Weijia Jiang reports.
After 10 straight interest rate hikes done in an effort to combat inflation, the Federal Reserve on Wednesday chose to pause those rate hikes. However, Federal Reserve Chair Jerome Powell did signal that more rate hikes could be coming later this year. Weijia Jiang has more.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
The Federal Reserve has decided to leave interest rates unchanged after a Consumer Price Index report this week showed inflation is cooling. CBS News business analyst Jill Schlesinger and Javier David, managing editor for business and markets at Axios, have more.
Addressing the latest Consumer Price Index, President Biden said in a statement Tuesday that there was "continued progress tackling inflation," but "more work to do." The Biden administration also announced Wednesday that Secretary of State Antony Blinken will head to China this week. CBS News chief White House correspondent Nancy Cordes has more.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Inflation fell to 4% in May, the lowest rate since hitting a peak of 9.1% in June 2022. The welcome news may dissuade the Federal Reserve from raising interest rates for an 11th time. CBS News chief White House correspondent Nancy Cordes reports.
The Labor Department reported Tuesday that the inflation rate for the month of May fell to 4% -- the lowest level in more than two years. David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, joined CBS News to break down the numbers.
The latest consumer price index shows inflation is cooling. Prices rose 0.1% last month. Lori Bettinger, former director of the TARP Capital Purchase Program at the Department of the Treasury, has more on what this could mean for future interest rate hikes.
Officials at the Federal Reserve are considering pausing interest rate hikes at their next meeting, which starts June 13. But Friday's strong jobs report may complicate the Fed's path forward after 10 consecutive increases. Jeanna Smialek, a Federal Reserve and economy reporter for the New York Times, has more.
The U.S. averted disaster by raising the debt ceiling, but a mild recession is still possible even as job numbers remain hot, according to the head of Bank of America. Mark Strassmann breaks down how the U.S. economy is doing.
House Speaker McCarthy said Tuesday that he and President Biden are "nowhere close" to a deal on raising the debt limit. Negotiators continue to meet as the default deadline approaches. Nikole Killion has more.
Debt solution not yet set as deadline approaches; Scott widens GOP 2024, is DeSantis or Suarez next?
Battered by high prices, more than a third of adults said they were worse off in 2022 than a year earlier.
Biden & McCarthy to meet on debt ceiling; What to expect from Sen. Tim Scott's 2024 bid
President Biden and House Speaker McCarthy will meet in person on Monday to continue debt ceiling talks as the deadline for a government default approaches. Willie James Inman has the latest.
President Biden and congressional leaders met again Tuesday, but still have not reached a deal on raising the debt limit. Treasury Secretary Janet Yellen warns the U.S. may not be able to pay its bills as early as June 1. Ed O'Keefe reports.
President Biden, congressional leaders hold second debt ceiling meeting; How Pennsylvania races could set the stage for party control shifts.
Stocks closed relatively flat as investors reacted to new consumer debt and mortgage data. Sanders Morris Harris chairman George Ball spoke with CBS News about what the numbers mean for investors and the economy.
Javier David, a CBS News contributor and managing editor for business and markets for Axios, and J.D. Durkin, a host of "TheStreet," join CBS News' Elaine Quijano and Meg Oliver to discuss the latest financial news, including President Biden's Federal Reserve nominations, the announcement of Twitter's next CEO, and the latest inflation and unemployment numbers.
Lt. Gen. Christopher Donahue was slated to be promoted to a four-star rank and take command of the U.S. Army in Europe.
The $300 billion will go to developing countries who need the cash to wean themselves off coal, oil and gas.
The sprawling U.S. Department of Agriculture controls policies, regulations and aid programs related to farming, forestry, ranching, food quality and nutrition.
The Grammy nominee, 26, posted a rainbow flag emoji and short statement, then added in another post that he had been "outted."
The strikes, which destroyed an eight-story building and left a crater in the ground, were the fourth in Beirut in less than a week.
It fell to Fred Harris, chair of the Democratic National Committee in 1969 and 1970, to help heal the party's wounds from the tumultuous national convention in 1968 when protesters and police clashed in Chicago.
Two people were killed and a third was injured when a U.S. Civil Air Patrol plane crashed in Colorado's Front Range Saturday morning.
Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.
Teresa Gomez, 45, was fatally shot in 2023 after a Las Cruces police officer on a bicycle approached her while she sat in a parked car with another person, authorities said.
It fell to Fred Harris, chair of the Democratic National Committee in 1969 and 1970, to help heal the party's wounds from the tumultuous national convention in 1968 when protesters and police clashed in Chicago.
Lt. Gen. Christopher Donahue was slated to be promoted to a four-star rank and take command of the U.S. Army in Europe.
The sprawling U.S. Department of Agriculture controls policies, regulations and aid programs related to farming, forestry, ranching, food quality and nutrition.
This would be North Dakota's first national monument, a proposal several tribal nations say would preserve the area's indigenous and cultural heritage.
Teresa Gomez, 45, was fatally shot in 2023 after a Las Cruces police officer on a bicycle approached her while she sat in a parked car with another person, authorities said.
If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.
Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.
A jury ruled that Walmart must pay a former employee almost $35 million after finding that the retailer defamed him.
Highly Pathogenic Avian Influenza — also known as bird flu — is killing layer hens and reducing the nation's egg supply.
The Universal Service Fund was created by Congress in 1996.
It fell to Fred Harris, chair of the Democratic National Committee in 1969 and 1970, to help heal the party's wounds from the tumultuous national convention in 1968 when protesters and police clashed in Chicago.
Lt. Gen. Christopher Donahue was slated to be promoted to a four-star rank and take command of the U.S. Army in Europe.
The sprawling U.S. Department of Agriculture controls policies, regulations and aid programs related to farming, forestry, ranching, food quality and nutrition.
In a brief statement, NATO said Trump and its secretary general, Mark Rutte, met on Friday in Palm Beach, Florida.
President-elect Donald Trump has nominated a critic of COVID-19 health measures to lead the Food and Drug Administration.
Glioblastoma typically kills within 18 months, but a new type of treatment has kept Nadya El-Afandi's scans clear 17 months after diagnosis.
Laboratory findings show that Yu-Shang Food ready-to-eat meat and poultry products were making people sick, the CDC said.
More than half of the cases involve students, parents and guests of Rockwood Summit High School who attended events where food from Andre's Banquets and Catering was served.
Researchers have identified a chemical in certain tap water across the United States as chloronitramide anion. Here's what to know.
Whole Foods Market stores in five states sold recalled carrots and celery sticks that could contain E. coli.
The $300 billion will go to developing countries who need the cash to wean themselves off coal, oil and gas.
The adoption ban would apply to at least 15 countries, most of them in Europe, and Australia, Argentina and Canada.
Officials said the man, a tourist in his 60s, was kayaking with friends in the Franklin River when he slipped and became trapped.
The strikes, which destroyed an eight-story building and left a crater in the ground, were the fourth in Beirut in less than a week.
Around the world, women cook more meals per week than men, but Italy serves as the exception to the rule.
The Grammy nominee, 26, posted a rainbow flag emoji and short statement, then added in another post that he had been "outted."
Lawyers for actor Jonathan Majors and Grace Jabbari agreed to dismiss the case with prejudice, according to a joint filing in Manhattan federal court.
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. Now, from "The Coward Brothers," here are the Coward Brothers with "Early Shirley."
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. The pair opened up to CBS Saturday Morning about their fictional personas and that long hiatus earlier this week.
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. Now, from "The Coward Brothers," here are the Coward Brothers with "Tipsy Woman."
Black Friday is almost here, but some of the hottest tech items are already on sale. CNET senior editor Lisa Eadicicco joins CBS News to discuss high-demand gifts and what retailers offer the best prices.
Daisy's mission is two-fold: To waste scammers' time so they can't speak to real people and to draw attention to fraud by warning consumers to be vigilant.
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.
Australian legislators introduced a landmark bill Thursday to ban social media for children under 16. CBS News London's Leigh Kiniry reports on what this could mean for social media companies.
The Department of Justice on Wednesday filed a motion calling for Google to sell its Chrome search engine, arguing in court documents that "the playing field is not level." The Justice Department is also recommending dissolving any contracts in which Google is the default search engine on devices such as iPhones. Kelly O'Grady explains.
This winter, the National Oceanic and Atmospheric Administration predicted above-average temperatures throughout the U.S. because of a "slowly developing" La Niña pattern. CBS News Sacramento meteorologist Tracy Humphrey reports on the changing winter conditions.
The only emperor penguin known to have swum from Antarctica to Australia was released at sea 20 days after he waddled ashore on a popular tourist beach.
A volcano erupted in southern Iceland, near the town of Grindavík and the Blue Lagoon spa, marking the region's seventh eruption in a year.
Conservationists are teaming up with the U.S. Forest Service and logging companies to clear scorched land and make room for new reforestation projects.
Large wildfires fueled by climate change have destroyed tens of millions of acres of forests in the Pacific Northwest in recent years. Jonathan Vigliotti explores a major effort underway to restore those forests.
Teresa Gomez, 45, was fatally shot in 2023 after a Las Cruces police officer on a bicycle approached her while she sat in a parked car with another person, authorities said.
The police chief killed himself with his own weapon as marines, National Guard and soldiers closed in to try to arrest him, prosecutors said.
Former general Mario Montoya and his family are barred from traveling to the U.S., Secretary of State Antony Blinken said.
Prosecutors said eight people were detained following searches carried out in Belgium and the Netherlands earlier this month.
The man was arrested on an unrelated carjacking warrant and admitted to killing his roommate and her pet.
Marc and Sharon Hagle, both making their second space flight, were among the passengers for the NS-28 mission.
The ninth Blue Origin space tourism flight launched from West Texas Friday morning. CBS News space consultant Bill Harwood and space expert Scott Heidler offered analysis of the flight.
President-elect Donald Trump attended SpaceX's sixth flight test of its Super Heavy-Starship on Tuesday with CEO Elon Musk. The burgeoning friendship between the two men played a key role in Trump's reelection, with Musk now set to run a government efficiency agency in the coming months. CBS News political reporter Jake Rosen and Politico aviation reporter Oriana Pawlyk join "America Decides" with more.
President-elect Donald Trump was on hand with Elon Musk for the sixth test flight of SpaceX's huge Super Heavy-Starship rocket.
Researchers analyzed lunar soil brought back by China's Chang'e-6, the first spacecraft to return with a haul of rocks and dirt from the little-explored far side.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
See some of convicted serial killer Rodney Alcala's photographs that were discovered by detectives in a Seattle storage locker.
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
A look at the evidence in "The Dexter Killer" case; plus, newly revealed letters from the man police say wanted to be like fictional serial killer Dexter Morgan.
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. Now, from "The Coward Brothers," here are the Coward Brothers with "Early Shirley."
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. The pair opened up to CBS Saturday Morning about their fictional personas and that long hiatus earlier this week.
The Coward Brothers — better known as Elvis Costello and T Bone Burnett — began playing together more than 40 years ago, but until this week, the duo hadn't released any new music since 2006. Now, their new, self-titled album is earning critical acclaim. Now, from "The Coward Brothers," here are the Coward Brothers with "Tipsy Woman."
This morning, we travel to Los Angeles to explore an American entrepreneur's priceless car collection. It's a thing of beauty fittingly built by a cosmetics empire — and the collection is now so large it can't fit under one roof.
Today in a special Thanksgiving edition of the Dish, Dana Jacobson sits down with chef, cookbook author and social activist Andrew Zimmern. He's made a name for himself with his activist persona and versatile cooking, earning recognition and awards — including an Emmy. But when it comes to Thanksgiving, Zimmern takes time to reflect on the darker times of his life — and celebrates where he is now.