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Progressives call on Biden to replace Powell as Federal Reserve chair
They say he hasn't done enough to address the effects of climate change on the financial system and has weakened regulations.
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They say he hasn't done enough to address the effects of climate change on the financial system and has weakened regulations.
Federal Reserve chair downplays inflation and COVID-19 risks, saying the U.S. economic recovery remains on track.
The markets are reacting positively to data from the Labor Department. It shows a slightly slower year-over-year inflation rate than economists had feared. Overall, prices are up 5.4% compared to July of last year. CBS News reporter Sarah Ewall-Wice has more on what the July Consumer Price Index means for the state of the U.S. economy.
The federal government will begin dispersing monthly cash payments to low- and moderate-income families on July 15 as part of the child tax credit program included in the latest round of COVID relief. The rollout comes as the Federal Reserve paints a clearer picture of the current state of the economy, saying inflation will likely remain elevated in the coming months. CBS News reporter Sarah Ewall-Wice joins CBSN's Lana Zak with the details.
The latest report from the U.S. Department of Labor shows the Consumer Price Index jumped to 5.4%, the largest increase in 13 years. Experts say the rise is being driven in part by an increase in prices of used cars, gas and hotel stays. Mark Zandi, chief economist with Moody's Analytics, joined CBSN to explain the reasons for the spike and his predictions for the coming year.
The central bank expects to raise interest rates twice by the end of 2023 after previously estimating there would be no interest rate hike until 2024.
The Treasury secretary's remarks come as the president is pushing two proposals totaling $4 trillion.
The latest monthly Treasury report says the country spent nearly $660 billion more than it took in during March alone.
Fed Chair Jerome Powell tells 60 Minutes America is going back to work; Pentagon programs hope to make COVID-19 the last pandemic ever; And, what's hidden in Prince's vault of unreleased music?
President Biden and Vice President Harris are expected to meet with a small group of bipartisan lawmakers Monday at the White House to discuss the $2.3 trillion infrastructure proposal. Republicans have raised concerns over the size and cost of the package, while some Democrats say it needs to be even bigger. CBS News chief White House correspondent Nancy Cordes joins CBSN AM with the latest.
Federal Reserve Chairman Jerome Powell gives his thoughts on how the economy is rebounding from the COVID-19 pandemic. Scott Pelley reports.
The complete text of Scott Pelley's interview with the Federal Reserve chairman.
In a conversation with Scott Pelley about the economic outlook, Powell also commented on the fallout from the Archegos Capital collapse, last year's bailout of money market funds, and the potential development of a U.S. digital dollar.
Federal Reserve Chairman Jerome Powell gives his thoughts on how the economy is rebounding from the COVID-19 pandemic. Scott Pelley reports.
When asked if continued spending on infrastructure and COVID-19 relief could set off inflation, Jerome Powell said he doesn't "see that now" and the economy needs to fully recover before spending levels "return to a sustainable path."
With COVID-19 wreaking havoc on the U.S. economy a year ago, Jerome Powell and his advisors at the Fed considered the possibility of a Great Depression scenario.
Jerome Powell said money market funds need to be "resilient enough" to handle future liquidity shocks, and without federal assistance.
Jerome Powell said a potential U.S. digital dollar is being evaluated by the Federal Reserve, and it would require careful consideration before being introduced. When asked if the rise of cryptocurrencies was a motivation, he said they are not "concerning at this point."
The Chairman of the Federal Reserve said the fallout from the collapse of Archegos Capital, its investments included ViacomCBS, was the result of a "risk management breakdown" and the Fed will take a closer look "to make sure it never happens again."
Powell spoke with Scott Pelley Wednesday for a report airing tonight on 60 Minutes.
Powell spoke with Scott Pelley Wednesday for a report airing tonight on 60 Minutes.
Powell called global vaccination efforts "not only the right thing to do, it's also the smart thing to do."
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen said Tuesday that the U.S. avoided a major economic crisis thanks to two stimulus packages in 2020 and 2021. CBS News reporter Sarah Ewall-Wice joins CBSN's Elaine Quijano to discuss what was covered during the first part of the two-day hearing.
"The Biden administration is not going to propose policies that hurt small businesses or Americans," said Treasury Department chief Janet Yellen.
Federal Reserve Chair signals he is in no hurry to hike interest rates, citing "great hardship" caused by COVID-19.
Former President Donald Trump is slated to accept the GOP's nomination for president on the fourth and last day of the Republican National Convention.
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.
July is on track to see the fifth consecutive monthly drop in migrant apprehensions along the U.S.-Mexico border.
Many questions remain about the possible motive and political views of the 20-year-old who tried to assassinate former President Donald Trump.
A man who authorities have described as a dangerous pedophile was arrested in Georgia, nearly 30 years after he fled an Oregon prison.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
Sonya Massey was killed after Sangamon County deputies responded to her 911 call about an intruder early on July 6, officials said.
A man convicted of killing a delivery driver who stopped for cash at an ATM to take his wife to dinner is scheduled for execution in Alabama, which has agreed to forgo the usual post-execution autopsy.
"CBS Mornings" got an exclusive first look at the 47th class of Kennedy Center honorees, who will be celebrated for their lifetime artistic achievements and impact on American culture.
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.
July is on track to see the fifth consecutive monthly drop in migrant apprehensions along the U.S.-Mexico border.
Bissell says it has received more than 150 reports of burn injuries from recalled product. Here's how consumers can get a refund.
John Deere & Co. says the farm equipment maker will no longer participate in "social or cultural awareness" events.
The gunman, Thomas Matthew Crooks, opened fire from the roof of a building near the rally, hitting Trump in the right ear.
Bissell says it has received more than 150 reports of burn injuries from recalled product. Here's how consumers can get a refund.
John Deere & Co. says the farm equipment maker will no longer participate in "social or cultural awareness" events.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
The buyer intends to keep the fossil in the U.S., and is exploring making it available for public display.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
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.
July is on track to see the fifth consecutive monthly drop in migrant apprehensions along the U.S.-Mexico border.
The gunman, Thomas Matthew Crooks, opened fire from the roof of a building near the rally, hitting Trump in the right ear.
Many questions remain about the possible motive and political views of the 20-year-old who tried to assassinate former President Donald Trump.
President Biden has tested positive for COVID-19, prompting an array of questions about his health and condition. Here's what we know so far.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
President Biden has tested positive for COVID-19, prompting an array of questions about his health and condition. Here's what we know so far.
Public safety and health care organizations are using drones to speed up lifesaving treatment during medical emergencies in which every second counts.
For years, Tennessee has required anyone convicted of prostitution while HIV-positive to register as a sex offender for life. To settle discrimination suits, the state has agreed to reverse course.
Nearly 7,000 pounds of hot dogs were produced and distributed without being inspected, federal government says.
Far-right Israeli official Itamar Ben-Gvir paid a controversial visit to a contested holy site as a rights group details alleged Hamas war crimes.
The cubs - a female named Tochka and a male named Timur - explored their enclosure together with their mother, 13-year-old Katinka.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
Michael Travis Leake, who fronted Moscow-based rock band Lovi Noch, was detained in June 2023.
Canada plans to buy 12 new submarines as the U.S. and its allies and adversaries step up operations in the thawing Arctic.
After nearly four years of legal disputes, renowned wedding dress designer Hayley Paige has regained the right to use her name and control of social media accounts.
Emmy award-winning actor Sheryl Lee Ralph joins "CBS Mornings" to talk about her new comedy, "The Fabulous Four," and her third Emmy nomination for "Abbott Elementary."
Oprah Winfrey selected "Familiaris" by David Wroblewski as her latest book club selection. Watch as author David Wroblewski answers reader's guide questions about his novel.
Oprah Winfrey selected "Familiaris" by David Wroblewski as her latest book club pick. Watch the author, David Wroblewski, read an excerpt from his long-awaited follow-up to his bestselling debut, "The Story of Edgar Sawtelle."
The 47th class of Kennedy Center honorees was revealed on "CBS Mornings" Thursday. The star-studded list of recipients includes award-winning filmmaker Francis Ford Coppola, legendary rock band the Grateful Dead, blues rock singer-songwriter Bonnie Raitt, jazz musician and composer Arturo Sandoval and the Apollo.
NASA says the Deorbit Vehicle will drive the lab to a controlled re-entry and breakup in 2030 to close out three decades of operation.
Tech mogul Elon Musk said Tuesday afternoon that he would be moving the headquarters of both his social media company X and SpaceX to Texas in response to a new California law signed by Gov. Gavin Newsom.
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.
Apple users can now download an early version of a new iPhone operating system that will be officially released this fall.
AT&T on Friday disclosed that hackers had accessed records of calls and texts of "nearly all" its cellular customers for a six-month period between May 1, 2022, and Oct. 31, 2022. Jo Ling Kent reports.
The melting of glaciers and polar ice sheets causes water to move closer to the equator, fattening the planet and slowing its rotation, according to a recent study.
Spade-toothed whales are the world's rarest, with no live sightings ever recorded. Until, perhaps, now. One may have washed up onto a New Zealand beach.
Symptoms among the new bird flu cases included "fever, chills, coughing and sore throat/runny nose," alongside pink eye and eye tearing, a CDC spokesperson confirmed Monday.
The image released Friday depicts two merging galaxies, nicknamed "the Penguin and the Egg," that are about 100,000 light years apart, a surprisingly close distance in astronomical terms.
The 2024 Atlantic hurricane season got off to a deadly start as Hurricane Beryl tore across the Caribbean, Mexico and eventually the U.S.
A man who authorities have described as a dangerous pedophile was arrested in Georgia, nearly 30 years after he fled an Oregon prison.
Sonya Massey was killed after Sangamon County deputies responded to her 911 call about an intruder early on July 6, officials said.
Kayla Wright's body was found in a truck-bed-style toolbox on a sandbar in the Missisquoi River in February.
A man convicted of killing a delivery driver who stopped for cash at an ATM to take his wife to dinner is scheduled for execution in Alabama, which has agreed to forgo the usual post-execution autopsy.
More women, children and entire families have fallen victim to indiscriminate violence in areas where drug cartels are fighting bloody turf battles.
NASA says the Deorbit Vehicle will drive the lab to a controlled re-entry and breakup in 2030 to close out three decades of operation.
Rain already falls on Venus, but it took more than 14 minutes for Missy Elliott's The Rain (Supa Dupa Fly)" to reach the planet.
It has been two years since NASA's James Webb telescope gave us a stunning first look at the depth of our universe. To commemorate the achievement, NASA has released new images showing two distant galaxies interacting with each other. Jane Rigby, astrophysicist and a senior project scientist for the Webb telescope at NASA, joins CBS News to discuss.
The image released Friday depicts two merging galaxies, nicknamed "the Penguin and the Egg," that are about 100,000 light years apart, a surprisingly close distance in astronomical terms.
SpaceX's Falcon 9 rocket suffered a catastrophic engine failure as it launched a batch of Starlink satellites into orbit Thursday night, the first time in nearly a decade the rocket has failed. CBS News space consultant Bill Harwood has more on that and the latest images from the James Webb Space Telescope.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
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.
A teenager's murder in Lowell, Massachusetts, goes unsolved for more than 40 years -- were the clues there all along?
The actor, recipient of a lifetime achievement Academy Award, was renowned for such films as "MASH," "Klute," "Don't Look Now," "Ordinary People," and "The Hunger Games."
The Illinois mom wrote, "If something ever happens to me, please make sure the number one person of interest is Tim." Take a look at the evidence that led to Tim Bliefnick's arrest.
Hayley Paige, known from TLC's "Say Yes to the Dress," reintroduces herself to the world after a four-year legal battle over using her name. This spring, she regained the right to use her name publicly and on social media.
Performers for the Paris Olympics' opening ceremony are threatening to go on strike with just eight days remaining before the ceremony takes place. CBS News correspondent Elaine Cobbe has more.
A new Human Rights Watch report found Hamas committed numerous war crimes and crimes against humanity during the Oct. 7 attacks in Israel. Human Rights Watch also tells CBS News that due to lack of access, they have been unable to do a comprehensive report on Israel's conduct in Gaza. CBS News correspondent Debora Patta has more.
Wall Street Journal reporter Evan Gershkovich is back in a Russian court on espionage charges that could send him to prison for 20 years. The U.S. says the charges are a sham and that Gershkovich is being wrongfully detained as a political hostage. CBS News senior foreign correspondent Elizabeth Palmer has more.
Former President Donald Trump will deliver his first speech since last weekend's assassination attempt when he takes the stage Thursday night at the Republican National Convention. CBS News campaign reporter Jake Rosen has a preview of Trump's remarks.