Fed lowers rates by 0.50 percentage points, its first cut since 2020
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
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The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The decision could help people trying to borrow money for a home or a car. But as Bradley Blackburn reports, it might take a while to feel the effects.
The 142,000 jobs added in August is fewer than the expected 160,000. It's also the 44th consecutive month of job growth.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
Inflation is moving sideways, remaining above 3% for the first three months of 2024. Here's how that could impact your finances.
One Fed official on Thursday said if the economy continues to demonstrate strength, "Why would we cut rates?"
The Fed left its benchmark interest rate unchanged amid persistent inflation. Bankers are predicting three rate cuts later this year.
The Federal Reserve marked its first rate decision of 2024 by keeping its benchmark interest rate unchanged.
In the past year and a half, the Federal Reserve has increased interest rates to the highest level in 22 years in an attempt to ease inflation. The Fed is trying a new strategy. CBS News business analyst Jill Schlesinger reports.
Inflation is heating back up, with the Federal Reserve's inflation gauge rising the highest we've seen in months. Consumer prices continue to rise. Experts tell CBS News it's a sign high inflation still has a hold on the economy, despite the Fed's efforts to tame it. Chicago restaurant owners tell CBS 2's Tara Molina they are getting hit twice.
Interest rates mostly impact those buying cars and homes, but businesses borrow money too, and pass along the costs to consumers.
The Federal Reserve raised its key interest rate another three-quarters of a percentage point as it battles the hottest inflation in decades. The impact of the move on consumers is wide-ranging.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
For years, advocates have advised people that they were safe in their homes, and said this is a violation of their rights.
Many community service centers and some Cook County courthouses will be open during the day.
The Joliet Police Department is facing a federal civil rights lawsuit for patting down a 12-year-old girl who was a passenger in a vehicle pulled over for not having lights on.
Detectives said the suspect got into an argument with one of the victims before the stabbings.
Illinois led 47-30 at halftime thanks to a 25-4 run to end the half.
U.S. Rep. for Illinois Robin Kelly has introduced an amendment to the defense funding bill to prevent President Trump from taking over Greenland.
ICE authorized its officers to enter homes without judicial warrants in the cases of people with deportation orders, a sweeping reversal of longstanding rules, according to a whistleblower complaint.
President Trump said he will not be imposing tariffs against European countries over their objections to his efforts to acquire Greenland.
Leaders from Cook County, the Illinois Department of Human Services, and the Greater Chicago Food Depository denounced changes to the Supplemental Nutrition Assistance Program on Wednesday.
The City Council delayed a final vote on a measure that would have expanded CPD's authority to impose teen curfews, when aldermen balked at immediately voting on last-minute changes to the ordinance.
A controversial data center in Naperville, Illinois, could be the cause to pack a city council meeting there on Tuesday night.
Police in the west Chicago suburb of Geneva are warning of a scam involving spoofed phone numbers.
Protesters on Tuesday were cranking up the heat on Peoples Gas over a recently proposed rate hike that would add an additional $10 to $11 a month to utility bills.
A lawsuit filed late last month took Chicago-based McDonald's to task over the McRib sandwich, calling its name a form of false advertising.
As this holiday season nears its end, Illinois Treasurer Alexi Giannoulias issued a warning Tuesday about text scams.
Leaders from Cook County, the Illinois Department of Human Services, and the Greater Chicago Food Depository denounced changes to the Supplemental Nutrition Assistance Program on Wednesday.
The University of Chicago Medicine Comprehensive Cancer Center has received a grant from The Ralph Lauren Corporate Foundation for a new cancer center.
Chicago's Lurie Children's Hospital said Tuesday that it is no longer initiating gender-affirming medical treatment for minors.
Roughly 1.4 million fewer Americans have signed up for an Affordable Care Act plan as expiring tax breaks drive up premiums.
January is Radon Action Month, and the Cook County Department of Public Health is urging residents to test their homes for radon.
A development proposal issued this month calls for the replacement of a building housing a Giordiano's pizzeria in Chicago's Lakeview neighborhood with a new mixed-use building with 28 residential units.
United Airlines flight attendants picketed outside Chicago's Willis Tower Thursday morning as they fought for a new contract.
WSCR-AM, 670 The Score, will begin a simulcast on 104.3 FM next month.
Does the Chicago Bears' dramatic improvement this season, culminating in their first playoff run in five years, change the discussion about where they will build a new stadium?
The Piggery, a popular barbecue restaurant and bar in the northwest corner of Chicago's Lakeview neighborhood, announced Thursday that it is going out of business.
Prince Harry struck a combative tone as he testified in his lawsuit against the Daily Mail's publisher.
The 2026 Songwriters Hall of Fame inductees were revealed on "CBS Mornings" on Wednesday. See the full list.
If you can't get enough of "Heated Rivalry," merch from the show is now available.
A flamenco dance series in Chicago is expanding access to the arts by bringing the expressive traditional dance form to Chicago communities.
Monday is the opening day for a new exhibit at the Griffin Museum of Science and Industry that immerses visitors into the imaginative world of award-winning fashion and costume designer Paul Tazewell.
Meteorologist Laura Bannon is tracking dangerous cold in the Chicago area.
The memo was presented to Congress by whistleblowers who said this directive goes against not only the law but standard training.
If you think it's cold now, it's going to get even colder with sub-zero wind chills coming Friday into Saturday.
The lawsuit notes the child was not suspected of any crime, was ordered out of the vehicle, and subjected to a pat-down without any legal justification.
Aurora police said an autopsy will be performed at a later time to determine the exact cause of death, police said.
The Joliet Police Department is facing a federal civil rights lawsuit for patting down a 12-year-old girl who was a passenger in a vehicle pulled over for not having lights on.
Chicago weather Friday will be severe enough that an Extreme Cold Watch has been issued for the entire area starting overnight, and frostbite could take hold in minutes.
For years, advocates have advised people that they were safe in their homes, and said this is a violation of their rights.
Many community service centers and some Cook County courthouses will be open during the day.
Detectives said the suspect got into an argument with one of the victims before the stabbings.
The Joliet Police Department is facing a federal civil rights lawsuit for patting down a 12-year-old girl who was a passenger in a vehicle pulled over for not having lights on.
$10 million settlement in case of Anthony Stringfellow, Jr. who took his own life while at Madden Mental Health Center
Aaron and Andre Richmond are both charged with sexually assaulting teenage girls they taught at Thornton Fractional High School District 215.
Chicago police issued a warning about a string of vehicle break-ins involving Honda Civics on the South Side.
Even as Mayor Brandon Johnson has warned of possible mid-year city worker layoffs if revenue estimates in the budget fall short, city employees and workers at the city's sister agencies owe a mountain of outstanding debt to the city.
Illinois led 47-30 at halftime thanks to a 25-4 run to end the half.
During a press conference on Wednesday, Johnson and Bears General Manager Ryan Poles both emphasized a back-to-square-one mentality for the team despite their success this season.
The New York Mets acquired Luis Robert Jr. in a trade with the Chicago White Sox on Tuesday, filling a hole in center field.
Matas Buzelis added 21 points, Ayo Dosunmu scored 18, and Kevin Huerter added 14. All three players made four 3s.
Connor Bedard added an empty-net goal as the Blackhawks stopped a three-game slide. It was Bedard's first goal since returning from a right shoulder injury.
Chicago police are warning about a string of burglaries over four days last week where thieves used sledgehammers and crowbars to bust through glass front doors or windows of businesses across the city.
ICE authorized its officers to enter homes without judicial warrants in the cases of people with deportation orders, a sweeping reversal of longstanding rules, according to a whistleblower complaint.
Cook County Crime Stoppers announced Wednesday that they are offering a reward of up to $10,000 for information leading to an arrest in a shooting that killed a 17-year-old girl on Chicago's West Side this past weekend.
The man was taken to the hospital in unknown condition and was later pronounced dead.
A man was ordered detained until trial on arson charges, after authorities said he started a fire that displaced residents at an apartment building in Carpentersville, Illinois, back in November.
