Federal Reserve to conclude two-day policy meeting
CBS News Business Analyst Jill Schlesinger has a breakdown of what the Fed is expected to do, and what it could mean for borrowers and savers.
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CBS News Business Analyst Jill Schlesinger has a breakdown of what the Fed is expected to do, and what it could mean for borrowers and savers.
For now, fed policymakers left short-term interest rates where they are, between 3.5-3.75%.
Fed officials are grappling with a host of economic challenges, from stubborn inflation to a slowing job market.
President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
The U.S. Supreme Court heard oral arguments Wednesday in a high-stakes case that could have a major impact on the independence of the Federal Reserve. At issue is the legality of President Trump’s attempts to fire Lisa Cook from her post on the Board of Governors of the Federal Reserve.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Meanwhile, Federal Reserve Chairman Jerome Powell is now facing a criminal investigation. Bradley Blackburn reports.
Federal prosecutors claim Powell lied to Congress when he testified last year about the cost of the renovation of the Fed’s D.C. headquarters.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
The Federal Reserve is meeting to discuss a potential interest rate cut, with policymakers divided on the path ahead. As Lisa Rozner reports, this is happening as many Americans struggle to keep up financially.
Lisa Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors.
The Consumer Price Index is now at 2.9%, up a 0.4% from the previous month.
Federal Reserve Governor Lisa Cook filed suit against President Trump, Chair Jerome Powell and the Fed's Board of Governors on Thursday, asking a federal judge to block the president's attempt to fire her from the central bank.
President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors. Her attorney countered that they plan to file a lawsuit challenging the move.
President Trump continues to raise the stakes in his crime crackdown, held a public cabinet meeting in front of cameras, and is trying to fire Federal Reserve Gov. Lisa Cook Tuesday.
Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.
Investors are closely watching the Federal Reserve as it meets in Washington, D.C., to announce what's next for interest rates. President Trump is pushing the board to reduce rates.
The battle came as the president sparred with the head of the federal reserve in a rare presidential visit to their headquarters.
The House will soon take up the package of spending cuts narrowly approved by the Senate overnight, that slashes previously approved funding for foreign aid as well as PBS and NPR. Lawmakers are also reacting to President Trump's latest comments on whether he'll try to oust Federal Reserve Chair Jerome Powell, whom he has repeatedly criticized for not lowering interest rates.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
President Donald Trump is escalating his pressure campaign to get the Federal Reserve chairman to either lower interest rates or quit his post by targeting the expensive renovation at the central bank’s headquarters.
The Federal Reserve kept its key interest rate unchanged at its May meeting on Wednesday, brushing off President Trump’s demands to lower borrowing costs.
Stocks suffered their worst crisis since COVID in March 2020, as the Dow Jones plunged more than 2,200 points on Friday, over concerns about the fallout from President Trump’s tariffs. The NASDAQ and S&P lost nearly 6 percent. Posting on social media as he went golfing, the president called this “a great time to get rich.” But in a rare move, President Trump is calling on the Federal Reserve to cut interest rates. Fed chairman Jerome Powell warned on Friday that tariffs could do long-term harm to the economy.
Fed Chair Jerome Powell cites "high uncertainty" around the impact of Trump administration tariffs on key trading partners.
Organizers for Lollapalooza are helping fund the next generation of headliners.
Edgar Quero hit a two-run homer in the 10th inning and the Chicago White Sox beat the Chicago Cubs 9-8 on Sunday in the rubber game of their first crosstown series this season.
A fire at the vacant old Balmoral Park racetrack in Crete, Illinois, sent smoke billowing over several south Chicago suburbs Sunday morning.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Two people were rushed to the hospital from the scene of a fire in Chicago's South Shore neighborhood early Sunday morning.
In a move aimed at curbing the growing problem of "teen takeovers," D.C. U.S. Attorney Jeanine Pirro is threatening to bring charges against parents if their teens violate the local curfew.
State Rep. Josh Turek and State Sen. Zach Wahls squared off Thursday over which candidate can flip Iowa's open Republican-held Senate seat, as millions in outside spending reshapes the primary's final stretch.
Sens. Tammy Duckworth of Illinois and Tammy Baldwin of Wisconsin say their concern is there may be more emergency exit doors than flight attendants in the event of an evacuation.
Ald. Jim Gardiner (45th) is suing the city of Chicago, its inspector general's office, and the Board of Ethics, accusing them of defamation.
The Supreme Court has maintained mail access to the abortion pill mifepristone, setting aside for now a lower court order that blocked abortion providers from prescribing the widely used drug through telehealth and shipping it to patients.
Chatham residents say they're losing a vital resource as Walgreen's prepares to close its store near 86th and Cottage Grove.
According to AAA, the average price of a gallon of regular gas in Chicago was $5.17 on Friday, up from $3.75 a year ago.
Peoples Gas and North Shore Gas Company customers are likely to see minor credits on their bills for the next three years, thanks to a $125 million settlement agreement announced Thursday by Illinois Attorney General Kwame Raoul.
Chicago gas prices are spiking as the war with Iran drags on, with regular gas nearing $6 in some spots and premium already selling for more than $7 in some places.
In the legal venue of anti-trust enforcement, the state is not taking on the Trump administration, but rather filling a void that state officials say the Trump administration has vacated.
At least 80 deaths have been reported in a new Ebola disease outbreak in Congo and Uganda, authorities said.
Engineers at Northwestern University have created a wireless polygraph to detect stress.
Chicago Mayor Brandon Johnson on Wednesday announced an expansion to the city's CARE Program, a specialized team that responds to mental health crises without police.
A Texas couple is filing a lawsuit accusing the AI company of guiding their teenage son in using drugs, resulting in a fatal overdose.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Flight attendants at Chicago-based United Airlines have approved a new labor contract, marking their first pay increases in six years.
The Chicago Fire FC announced Wednesday morning that its new stadium in the South Loop will be named McDonald's Park.
U.S. prosecutors allege a man with multiple aliases used the name of the famed Astor family to scam a Mexican billionaire out of $450 million.
Thousands of people marched from the West Loop to Daley Plaza in downtown Chicago on Friday for May Day, with activists calling for workers' rights, stronger labor protections, and increased school funding.
The Chicago-born house music track, which began as a personal poem in 1982 and became a defining anthem of the city's house music scene, has been selected for permanent preservation by the Library of Congress.
The Library of Congress revealed this year's list of 25 recordings to be preserved for future generations on the National Recording Registry.
David Allan Coe also had hits with "You Never Even Called Me By My Name" and "The Ride" among others.
Some youngsters got a behind-the-scenes look at the magic of making opera Sunday at the Lyric Opera of Chicago.
Matt DeCaro, an actor who was a familiar face on the Chicago stage for many years, died this weekend.
Meteorologist Kylee Miller has your 5:30 p.m. First Alert Weather forecast for Sunday, May 17, 2026.
Organizers and local leaders say the event was meant to highlight the contributions of Asian Americans and Pacific Islanders in Chicago.
Meanwhile, a drone attack on a nuclear facility in the United Arab Emirates has America’s Gulf allies on edge. Olivia Rinaldi reports.
Two Navy jets collided in midair, then plummeted to the ground at the air show southwest of Boise.
The Volo Museum in Illinois got a lot of attention for a speeding ticket from New York City for “K.I.T.T.” from “Knight Rider.” Now, the talking car, or at least the actor behind it, is proclaiming its innocence.
A woman appeared in court Sunday on charges that she stabbed her 2-month-old daughter to death in a home on Chicago's Southwest Side.
One person was killed and five others were injured in a multi-vehicle crash on the Eisenhower Expressway in Chicago's western suburbs early Sunday.
A fire at the vacant old Balmoral Park racetrack in Crete, Illinois, sent smoke billowing over several south Chicago suburbs Sunday morning.
Organizers for Lollapalooza are helping fund the next generation of headliners.
After more than 80 years, there will be no Ann Sather restaurant location in the 900 block of West Belmont Avenue in Chicago's Lakeview community, effective in June.
Pothole complaints continue everywhere, but especially on one street in the Pullman neighborhood on the South Side of Chicago.
People in Lincoln Park and Lakeview have rallied against a plan to build a new industrial ComEd electrical substation in their neighborhoods, pushing local and state leaders to get involved.
Monday marks one year since Illinois enacted Karina's Law — legislation aimed at taking firearms out of the hands of people accused of domestic abuse.
Tenants at a South Shore apartment building said they've noticed their rent fluctuating by hundreds of dollars a month due to a change in how their utility billing system is set up.
A man from the Chicago suburbs lost $69,000 of his savings to a scam by a thief using an AI-generated U.S. Marshals badge to intimidate him.
Edgar Quero hit a two-run homer in the 10th inning and the Chicago White Sox beat the Chicago Cubs 9-8 on Sunday in the rubber game of their first crosstown series this season.
Murakami added his 17th homer in the fifth, a two-run shot to center off Jameson Taillon that traveled an estimated 428 feet.
Chris Brady had six saves for Chicago and has six shutouts this season.
Carson Kelly hit a tiebreaking single in the seventh inning and drove in four runs as the Chicago Cubs stopped a five-game White Sox winning streak with a 10-5 victory over their crosstown rival.
Randal Grichuk hit a two-run homer and drove in four runs, leading the Chicago White Sox to a 6-2 victory over the Kansas City Royals.
A court hearing was held Sunday for a woman charged with stabbing her 2-month-old daughter to death in a home on Chicago's Southwest Side.
A motorcyclist was found with a gunshot wound on the Eisenhower Expressway on Chicago's West Side Saturday night.
The ages of the victims range from 19 to 55, according to Chicago police.
A Davison Township police chief released body camera video showing how a senior "water wars" prank brought an officer within milliseconds of opening fire on a student.
A man was found shot to death Thursday morning in Chicago's West Garfield Park neighborhood.
