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Stocks fall as inflation fears continue to grip investors
"Confidence is going to continue to shrink as long as inflation remains high," said one analyst.
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"Confidence is going to continue to shrink as long as inflation remains high," said one analyst.
Financial markets are rising, with some analysts predicting an economic slowdown rather than a recession.
According to the U.S. Department of Labor, initial jobless claims fell to 229,000 for the week ending June 18th. That's 2,000 fewer than the previous week. CBS News reporter Sarah Ewall-Wice joined Errol Barnett and Anne-Marie Green to discuss what these numbers mean for the U.S. economy and yesterday's congressional testimony on inflation from Federal Reserve Chair Jerome Powell.
Fed Chairman Jerome Powell acknowledged recession is possible but later said its likelihood is not "particularly elevated right now."
Stocks have slumped in recent weeks amid investor fears that sharply higher interest rates could trigger a recession.
Financial markets rebounded Tuesday, but some analysts think U.S. stocks have yet to touch bottom.
The possibility of a recession is looming large, as the Federal Reserve raises interest rates in the hopes of driving down inflation. President Joe Biden's critics argue he's not doing enough to address the issue and say rate hikes could cause more economic turmoil. Rick Newman, senior columnist with Yahoo Finance, joined CBS News to discuss some ways to lower consumer costs and prevent an economic downturn.
The Federal Reserve raised interest rates as all major stock averages ended last week in the negative, but U.S. Treasury Secretary Janet Yellen said a recession is neither "imminent" nor "inevitable." Akane Otani, a reporter at The Wall Street Journal, spoke with "CBS News Mornings" about Yellen's comments amid growing fears about the future of the economy.
The Federal Reserve's biggest interest rate hike since 1994 will push mortgage rates higher, and that means more homebuyers may be priced out of the housing market. Danielle Hale, chief economist of Realtor.com, joined CBS News' Errol Barnett and Elaine Quijano discuss.
The Federal Reserve has announced a 0.75% interest rate hike, the largest single increase since 1994. Gargi Chaudhuri, head of iShares Investment Strategy Americas for BlackRock, joins "CBS News Mornings" with advice for how Americans can use the hike to their benefit.
The Federal Reserve announced Wednesday it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994. CBS News correspondent Carter Evans reports on the decision. Then, Megan Greene, global chief economist for the Kroll Institute and a senior fellow at the Harvard Kennedy School, joins CBS News to discuss how the increase could affect the consumers.
The Federal Reserve on Wednesday announced its largest interest rate hike since 1994, in an effort to combat historic inflation. Matthew Luzzetti, a senior economist at Deutsche Bank, joins CBS News to discuss how the move is impacting the stock market.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
The stock market's tumble has put the S and P 500 into a bear market. CBS News correspondent Elaine Quijano reports on Wall Street's drop on Monday. Then, Akiko Fujita, a reporter and anchor for Yahoo Finance, joins Errol Barnett on CBS News to discuss the latest on the markets.
The Consumer Price Index jumped 1% in May 2022, representing an 8.6% bump year-over-year. That's the largest 12-month increase in more than four decades. CBS News reporter Sarah Ewall-Wice joined Anne-Marie Green and Vladimir Duthiers to discuss how inflation and higher prices are impacting Americans.
Americans are paying record-high prices for gasoline as the summer travel season kicks off. CBS News correspondent Carter Evans has more on the rising gas prices. Then, John Leer, the chief economist for Morning Consult, joins Lana Zak on CBS News to discuss the U.S. economy and more.
The white-hot demand for U.S. workers cooled a bit in April, though the number of unfilled jobs remains high.
What possible actions are on the table for President Biden to address gun violence? CBS News chief White House correspondent Nancy Cordes joins "Red & Blue" to discuss this, plus rising inflation and record-high gas prices.
President Biden is meeting Tuesday with Federal Reserve Chair Jerome Powell. The president says the Fed has the primary responsibility to control inflation and he will refrain from meddling in its process. Washington Post economic columnist Heather Long discusses what this could entail and how Americans worried about a possible recession can prepare.
Americans have been facing rapidly increasing prices at the gas station and grocery store and in the housing market. President Biden is expected to address this during a meeting with Federal Reserve Chairman Jerome Powell on Tuesday. Frances Stacy, director of strategy at Optimal Capital, joined "CBS News Mornings" to discuss what's contributing to high inflation.
Although U.S. inflation remains painfully high, two closely watched barometers suggest prices are moderating.
"The Federal Reserve plays a primary role in fighting inflation," President Biden said in his statement on Powell's confirmation.
The Dow Jones dropped Thursday following the release of the weekly jobless numbers and the Federal Reserve announcing a 0.5% interest rate hike as part of its ongoing effort to combat rising inflation. Frances Stacy, the director of portfolio strategy at Optimal Capital, joins CBS News to discuss the overall health of the U.S. economy.
The Fed raised its rate by .25% in March, which some experts felt was not enough.
The Federal Reserve announced a 0.25% interest rate hike -- the first increase since 2018. The Wall Street Journal's chief economics correspondent Nick Timiraos, author of "Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster," joins CBS News to explain what this means for American consumers.
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.
The message, posted on an online gaming platform, was found amid a search for a motive in the shooting of former President Donald Trump.
Former President Donald Trump is set to speak Thursday night at the Republican National Convention.
President Biden said, "I feel good," after the White House announced he had tested positive for COVID-19 and was experiencing mild symptoms.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
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.
Wall Street Journal reporter Evan Gershkovich appeared in court in Russia for the second hearing in his trial on espionage charges that he, his employer and the U.S. government vehemently deny.
Former President Donald Trump is set to speak Thursday night at 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.
The message, posted on an online gaming platform, was found amid a search for a motive in the shooting of former President Donald Trump.
Ingrid Ciprián-Matthews, the first Latina to lead the news division, was inducted into the National Association of Hispanic Journalists' Hall of Fame.
"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.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
The popular cooler bags are back in stock at Trader Joe's stores today. Some locations are setting purchasing limits.
Nearly 7,000 pounds of hot dogs were produced and distributed without being inspected, federal government says.
Baby formula maker Reckitt said tornado damage to an Indiana warehouse could affect supplies of its nutrition products.
The dinosaur fossil of a Stegosaurus nicknamed Apex fetched 10 times its estimate at a Sotheby's auction on Wednesday.
Former President Donald Trump is set to speak Thursday night at 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.
The message, posted on an online gaming platform, was found amid a search for a motive in the shooting of former President Donald Trump.
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.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
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 DOJ and ACLU 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.
At least 36 have been hospitalized after eating the mushroom "edibles."
A workout that mindlessly tones your arms while getting some cardio in? If it sounds too good to be true, that's because it may be. Here's what experts say.
Indian influencer Aanvi Kamdar was shooting Instagram reels at the popular Kumbhe waterfall when she slipped into a 300-foot deep gorge.
Authorities in Nice, southern France, say images show hooded people dousing a stairwell with liquid before a suspected arson fire that killed 7 people.
More women, children and entire families have fallen victim to indiscriminate violence in areas where drug cartels are fighting bloody turf battles.
Wall Street Journal reporter Evan Gershkovich appeared in court in Russia for the second hearing in his trial on espionage charges that he, his employer and the U.S. government vehemently deny.
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.
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."
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.
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.
Nominations for the 76th annual Emmy Awards were announced Wednesday, with "Shōgun," "The Bear," "Hacks," "Only Murders in the Building" and "Baby Reindeer" all earning multiple major nods. See the full list of nominees for the 2024 ceremony here.
The armorer on Alec Baldwin movie "Rust" filed to have her involuntary manslaughter conviction overturned, days after Baldwin's trial over a fatal on-set shooting collapsed due to withheld evidence.
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.
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.
For years, Tennessee has required anyone convicted of prostitution while HIV-positive to register as a sex offender for life. To settle DOJ and ACLU discrimination suits, the state has agreed to reverse course.
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.
Speakers at Day 3 of the Republican National Convention focused on immigration and border patrol. CBS News' Tony Dokoupil has more on the rhetoric those speakers used in their addresses.
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."
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.
As former President Trump prepares for his RNC speech, "CBS Mornings" co-host Tony Dokoupil explores the interpretation of some of Trump's most controversial quotes.
President Biden has reportedly been told privately by former House Speaker Nancy Pelosi that polls show he cannot defeat Donald Trump in November. The reports come as Biden isolates in Delaware due to a case of COVID-19. CBS News White House reporter Willie James Inman has the latest on Biden's campaign and Democratic strategist and CBS News political contributor Joel Payne has analysis of the situation.