Powell corrects Trump over cost of Federal Reserve renovations
The battle came as the president sparred with the head of the federal reserve in a rare presidential visit to their headquarters.
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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.
The Federal Reserve opted to leave its benchmark interest rate unchanged in its first policy meeting since President Trump's inauguration.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
On Thursday afternoon, the Federal Reserve decided to institute the second cut the interest rate of the year.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
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.
What University of Chicago scientists call an artificial leaf that mimics photosynthesis could be useful for wireless medical implants and other technologies.
CTA Yellow Line service has been suspended Tuesday afternoon after a train struck a vehicle in Skokie.
The Cicero Police Department launched a new "real time crime center," a tech-driven command center to support public safety initiatives.
A woman was arrested in Round Lake Beach, Illinois, Tuesday and charged with the death of her newborn child nearly 25 years ago.
New estimates call for a 3.6% to 3.8% benefit increase next year, although the final adjustment will depend on inflation readings released this summer.
Of the 162 employees, 82 were from central office positions and the remaining 80 were from those citywide positions, CPS said.
The City Council Finance Committee on Monday backed a plan to spend $425 million in taxpayer funds for new roads, utilities, and other infrastructure supporting Chicago Fire FC's new South Loop stadium in the megaproject known as The 78.
South Carolina Gov. Henry McMaster announced his pick to fill the vacancy left by Sen. Lindsey Graham's death.
Sen. Mitch McConnell released a statement on his health on Sunday along with a photo of himself and his wife, Elaine Chao, after questions swirled about his condition.
U.S. Sen. Dick Durbin (D-Illinois) issued a statement honoring the late Sen. Lindsey Graham (R-South Carolina), who died this weekend.
Chicago remained the most bed bug-treated city in the country, according to Orkin's latest annual rankings covering a full year of residential and commercial treatment data.
Illinois Attorney General Kwame Raoul this week warned residents cleaning up from last month's storms to be on the lookout for scams.
Illinois Gov. JB Pritzker on Thursday signed several new consumer protections into law, including a ban on junk fees.
CBS News Chicago has learned that Illinois home insurance premiums are not only higher than the nation's average, but going up faster too.
As an alternative to legalizing video gambling terminals citywide, Bally's offered to open slot machine lounges at O'Hare and Midway, saying the move would replace the $6.8 million the city budgeted from VGTs.
Chicago just barely made the top 20 in the American College of Sports Medicine's 2026 ranking of the country's fittest cities.
In a major turnaround in the opioid crisis, overdose deaths are falling across Chicago and Cook County.
The north Chicago suburb of Glenview became the latest Illinois municipality this week to confirm mosquitoes testing positive for the West Nile virus this year.
Environmental and community groups are suing the U.S. Environmental Protection Agency for failing to act on a petition challenging U.S. Steel Gary Works operating permit renewal.
In the four years since Roe v. Wade was overturned and Illinois became a destination for abortion care, Illinois providers and advocates have rebuilt the state's infrastructure to support the tens of thousands of people who travel to the state for abortion services every year.
Illinois American Water and Aqua Illinois are both seeking rate increases that would raise monthly bills by as much as $28, while their parent companies seek regulatory approval to merge — a deal a consumer watchdog says would give one company control of nearly all regulated water customers in the state.
The Federal Trade Commission and attorneys general from several states secured a right-to-repair settlement Wednesday with agriculture equipment giant Deere & Co. — commonly known as John Deere — that requires the company to let farmers and independent shops fix their own equipment.
Chicago Soul Café opened Monday at 6248 S. St. Lawrence Ave.
The Chicago Bears this weekend said they are assessing land at Wolf Lake Terminals in Hammond, Indiana, for a possible new stadium.
As an alternative to legalizing video gambling terminals citywide, Bally's offered to open slot machine lounges at O'Hare and Midway, saying the move would replace the $6.8 million the city budgeted from VGTs.
New Zealand actor Sam Neill, known for "Jurassic Park" and "The Piano," died Monday at 78, his family says.
The 46th Taste of Chicago is cashless for the first time, accepting only credit cards, with a drone and fireworks show scheduled for approximately 9:15 p.m. Friday near Buckingham Fountain.
The Chicago Symphony Orchestra's summer home in Highland Park reopened after a $70 million gut renovation that redesigned the stage to reduce sound levels harmful to musicians.
Bonnie Tyler, the Welsh pop star best known for singing the chart-topping power ballad "Total Eclipse of the Heart" in 1983, has died. She was 75.
The nominations for the 78th annual Primetime Emmy Awards were announced Wednesday morning in Los Angeles, with the final season of HBO Max's "Hacks" setting a new record for the most nominations in a single year for a comedy series.
Meteorologist David Yeomans has your 11 a.m. First Alert Weather forecast for Tuesday, July 14, 2026.
The Illinois Department of Public Health is reporting over 215 cases statewide amid outbreaks in other states.
More strikes have been launched by the U.S. and Iran after a ceasefire over the Strait of Hormuz fell apart.
The second fatal ICE shooting in Maine in two weeks have increased calls for answers and accountability. ICE is reportedly halting most vehicle checks in the wake of the killing.
Members of the Chicago Teachers Union blamed some of the cuts in the Chicago Public Schools system on a chronic problem with property taxes. Lauren Victory reports.
CTA Yellow Line service has been suspended Tuesday afternoon after a train struck a vehicle.
The Illinois Department of Public Health is reporting over 200 cases statewide amid outbreaks in other states.
An Air Quality Alert is in effect for nearly the entire Chicago area for high levels of ozone pollution during enduring hot and stagnant weather.
A woman was arrested in Round Lake Beach, Illinois, Tuesday and charged with the death of her newborn child nearly 25 years ago.
What University of Chicago scientists call an artificial leaf that mimics photosynthesis could be useful for wireless medical implants and other technologies.
Chicago is bracing for another heat wave, less than two weeks after the last one. This time, the heat comes with air quality concerns.
The university released what it's called a strategy statement about the impact it's already seeing artificial intelligence make on higher education and the legal profession.
New Cook County State's Attorney Eileen O'Neill Burke is fighting innocence claims more often than her predecessor, Kim Foxx, and hiring outside counsel to help.
On Tuesday evening, CBS News Chicago reported on wild weeds taking over a property in the South Side's Washington Heights neighborhood, and neighbors who said they spent months trying to get help.
Kevin Jackson was wrongfully convicted of murder and spent 22 years in prison before he was freed. Now he has realized his dream by starting a landscaping business. But his quest to be declared innocent continues.
The Cliburns are one of 10 sets of twins in MLB history to reach the major leagues.
Paige Bueckers had 22 points and 11 assists, Jessica Shepard added 19 points and 10 rebounds, and the Dallas Wings beat the Chicago Sky 96-91.
Chicago (50-45) swept the three-game series by outscoring the A's 24-2 after getting swept in three games against Boston.
Chicago took two of three from the Reds and entered the All-Star break at 54-42, in position for an NL wild card and five games back of NL Central-leading Milwaukee.
Michael Busch had three hits and Carson Kelly also went deep for the Cubs, who improved to 3-2 on their six-game trip before the All-Star break.
A woman was arrested in Round Lake Beach, Illinois, Tuesday and charged with the death of her newborn child nearly 25 years ago.
Burglars smashed into a gas station minimart in the south Chicago suburb of Calumet City, Illinois, early Monday.
Armed robbers held up a restaurant in Chicago's Roseland community early Monday morning, police said.
Burglars tried unsuccessfully to take an ATM from a store in Chicago's West Town community early Monday, police said.
A person was shot early Monday morning on Interstate 57 in Chicago's south suburbs in what a source said was a road rage incident.
