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.
Munetaka Murakami hit his majors-leading 13th homer of the season to highlight a six-run second inning, Colson Montgomery added his ninth home run, and the Chicago White Sox beat the San Diego Padres 8-2 for their fourth straight win.
Thought you knew everything about Chicago? So did we, but wait until you see what new things we learned thanks to the help of the Chicago History Museum.
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.
The woman who was pistol-whipped during an armed robbery at a Family Dollar store in Albany Park last weekend said she was horrified to learn one of the two men who were arrested was also accused of later shooting two Chicago police officers, killing one of them.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
Elmwood Park, Center Cass, Oak Lawn Hometown, and Atwood Heights are among the Illinois districts being investigated by the Justice Department over classroom instruction on gender and sexuality.
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
The longest shutdown of a federal department in U.S. history came to an end on Thursday when President Trump signed a bill to fund most of the Department of Homeland Security following a breakthrough on Capitol Hill.
The Coast Guard will run out of funding to pay personnel on May 1, with the first missed paychecks expected May 15.
Illinois lawmakers are not planning to pursue a constitutional amendment on redistricting after a key U.S. Supreme Court ruling on Wednesday.
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.
A passenger on an American Airlines flight from New York to Chicago has been charged with making a false bomb threat that forced an emergency landing at Detroit Metro Airport last month, according to a federal criminal complaint.
The second-largest physicians' group in the U.S. has issued a surprising switch in breast cancer screening recommendations.
A new $48 million wellness center opened Thursday in the West Garfield Park neighborhood. The goal is to improve the health and quality of life for people on the West Side of Chicago.
La Rabida Children's Hospital went all out for Earth Day on Wednesday, with volunteer cleanup efforts by staffers and activities for patients and families.
It has been several weeks since West Suburban Medical Center in Oak Park, Illinois, abruptly shut down — and then on Wednesday, it just as swiftly partially reopened, with some services available.
The Centers for Disease Control and Prevention says more than 80% of deaths related to pregnancy are preventable, and Black women are three times more likely to die from pregnancy-related causes than white women.
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.
A $170 million-plus plan announced this week will redevelop the Water Tower Place mall on the Magnificent Mile.
The Holiday Club in Chicago's Buena Park neighborhood will soon be going out of business, as the building that houses the popular bar is set to be torn down.
At a meeting on Tuesday, the Lincolnwood Village Board approved a pre-development agreement with the mall, providing a roadmap with the property owner for further preparations and government approvals for redevelopment.
The only remaining location of Pal Joey's pizzeria in Batavia, Illinois, will soon be going out of business, its owner announced this week.
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.
Jake was at the funeral for one of his closest friends when he learned of his parents' deaths, he said.
Tickets for the 2026 Ravinia Festival season went on sale Thursday morning.
Chief meteorologist Albert Ramon has the latest First Alert Weather forecast.
Thought you knew everything about Chicago? So did we, but wait until you see what new things we learned thanks to the help of the Chicago History Museum.
A sharp uptick in gas prices has pushed the cost of an average gallon of regular in Chicago to more than $5. 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.
The woman who was pistol-whipped during an armed robbery at a Family Dollar store in Albany Park last weekend said she was horrified to learn the man who was arrested was also accused of later shooting to Chicago police officers, killing one of them.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
The woman who was pistol-whipped during an armed robbery at a Family Dollar store in Albany Park last weekend said she was horrified to learn the man who was arrested was also accused of later shooting to Chicago police officers, killing one of them.
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.
Thought you knew everything about Chicago? So did we, but wait until you see what new things we learned thanks to the help of the Chicago History Museum.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
Clerical workers at the Northern Indiana Public Service Company (NIPSCO) have ratified a new contract agreement with the company, and will return to work next week, ending a monthlong lockout.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
An elderly woman has essentially abandoned her home of three decades because of constantly broken elevators at her high-rise condo building on the Southwest Side of Chicago.
Violent retail crime is on the rise in Illinois, according to a new report from the Illinois Organized Retail Crime Association.
A top administrator in the Libertyville school district has been placed on leave after a fiery school board meeting focused on how the district handled allegations of grooming leveled against a former teacher.
Potholes along one stretch of road in Chicago's Pullman neighborhood are so bad, people say they damage their cars just getting to work.
Munetaka Murakami hit his majors-leading 13th homer of the season to highlight a six-run second inning, Colson Montgomery added his ninth home run, and the Chicago White Sox beat the San Diego Padres 8-2 for their fourth straight win.
Michael Busch had two hits and two RBIs, helping Colin Rea and the Chicago Cubs top the Arizona Diamondbacks 6-5.
The Kentucky Derby will see a full field of 20 horses in the first leg of the 2026 competition for horse racing's Triple Crown.
Seven-time All-Star Skylar Diggins has only been with the Sky for about three weeks, but it's clear she's already one of the leaders of the team.
The Cubs have won 12 of their last 15 games.
Chief Geoff Guttschow, who has an autistic child who drives, says the Blue Envelope Program gives officers a tool to recognize when a driver may need additional communication support.
A woman has been charged with shooting a 15-year-old boy outside an indoor track facility near Gately Park in Chicago in 2024, after getting into a fight with another woman during a back-to-school event in the Pullman neighborhood.
Sexual abuse charges were filed this week against a Park City, Illinois, police officer.
Attorneys for the man convicted of the murders of two girls in Delphi, Indiana, have filed a new brief with the Indiana Court of Appeals to overturn his case.
Attorneys for a woman convicted of killing her 69-year-old landlord in Chicago's Arcadia Terrace community have filed an appeal.
