Trump nominates Kevin Warsh as next Federal Reserve Board chair
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.
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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.
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.
No. 3 Michigan beat Nick Boyd and No. 23 Wisconsin 68-65 on Saturday to advance to the Big Ten Tournament championship.
Purdue beat short-handed UCLA 73-66 on Saturday to advance to the Big Ten Tournament championship game.
Police said the mother and daughter were last seen at the daycare on Friday. Anyone with information on their whereabouts is asked to contact the police.
Chicagoans and visitors from California and Tennessee came to be part of this famous Chicago tradition.
The ages of the victims range from 16 to 39, according to Chicago police.
TSA officers faced their first full missed paycheck Friday.
With oil markets paralyzed by the U.S.-Iran war, the Trump administration says it could escort ships through the Strait of Hormuz — a massive undertaking that experts say could already be in the preparatory stages.
A key City Council committee on Friday backed a $27 million settlement with the family of a mother of six killed in a crash during a high-speed police chase in 2017.
A federal judge has quashed a pair of grand jury subpoenas sent to the Federal Reserve Board as part of a criminal probe by U.S. Attorney Jeanine Pirro's office.
Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Caine briefed on Operation Epic Fury in Iran Friday.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
For Cook County residents hoping to lower their property tax bills, applications are open for exemptions.
Officials in the north Chicago suburb of Wilmette issued a warning Tuesday about scammers who are impersonating representatives of village departments.
The war with Iran is causing gas prices to surge, with motorists in Chicago and around the country guaranteed to feel the impact at the pump Monday morning.
A new Iowa law bans local nondiscrimination protections on the basis of gender identity after the state became the first in the U.S. to roll back its civil rights code last year.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
Illinois Gov. JB Pritzker on Monday announced a $1.5 billion investment from biotherapeutics company CSL for a new plasma therapy manufacturing plant in Kanakee.
When a doctor was told there was no cure for his daughter's condition, he was motivated to transform not only her health, but the lives of thousands of others.
Ann & Robert H. Lurie Children's Hospital announced this week that it is planning to open a new pediatric hospital in the west Chicago suburb of Downers Grove.
Despite a rash of restaurant closures, veterans of the plant-based food business pushed back against prophecies of doom — and in one case argued that such closures notwithstanding, plant-based eating is only growing.
Two popular Chicago craft breweries – Half Acre Beer Co. and Maplewood Brewery & Distillery – announced on Tuesday they are merging to create a new "premier Chicago beverage company."
Illinois Gov. JB Pritzker on Monday announced a $1.5 billion investment from biotherapeutics company CSL for a new plasma therapy manufacturing plant in Kanakee.
Capital One is laying off more than 1,100 workers at the former Discover headquarters in north suburban Riverwoods.
A new development at the southeast corner of Chicago's East Lakeview community would clear away a medical office building and replace it with a residential high-rise.
Comedy power couple Nick Offerman and Megan Mullally are starring in the Goodman Theatre's new musical coming this summer.
A play inspired by the story of Emmett Till has now been extended twice past its initial run at Collaboraction Theatre in Humboldt Park.
Jennifer Runyon, a Chicago native who became famous as an actress appearing in "Ghostbusters" and "Charles in Charge," died last week.
A woman was arrested on Sunday for firing multiple shots at the Beverly Hills home of Rihanna, Los Angeles Police Department officials say.
Actor and filmmaker Bruce Campbell told fans that he is in treatment for cancer and will cancel some upcoming public appearances.
A 34-year-old man was in an alleyway when he was shot multiple times in the body, according to Chicago.
The severe threat increases late afternoon into the evening. Meteorologist Mary Kay Kleist is tracking the latest.
This comes as the president says the Navy will "soon" escort tankers through the Strait of Hormuz, a critical waterway through which a fifth of the world's oil flows, adding that many countries would help secure the waterway in coordination with the U.S.
The event featured music, dancing, and art for all ages.
The annual event left the river as green as far as the eye could see.
Chicagoans and visitors from California and Tennessee came to be part of this famous Chicago tradition.
Another round of storms are expected to hit the Chicago area on Sunday.
Police said the mother and daughter were last seen at the daycare on Friday. Anyone with information on their whereabouts is asked to contact the police.
Chicago has a weekend full of St. Patrick's Day parades and citywide celebrations. Here's what you need to know.
The ages of the victims range from 16 to 39, according to Chicago police.
Attorneys for the family of a woman killed in a crash during a high-speed police chase in 2017 say officers involved failed to activate their body cameras or turned them off during the pursuit.
A new specialized unit is being created to prosecute domestic violence homicides in Cook County, as these killings surged 15% last year, even as overall violent crime declined across Chicago.
After a year of water bill complaints in Lisle, Illinois, the village board is officially moving forward with a plan to review those issues and possibly have the village take over for the private utility that supplies water to part of the village.
Two separate child abuse cases in Lake County, Illinois, are prompting questions about the roles schools play in identifying warning signs and alerting authorities.
A Chicago senior citizen said his phone has been ringing off the hook with hundreds of unwanted spam calls that have made his beloved landline virtually unusable. New efforts in Springfield could bring real relief.
No. 3 Michigan beat Nick Boyd and No. 23 Wisconsin 68-65 on Saturday to advance to the Big Ten Tournament championship.
Purdue beat short-handed UCLA 73-66 on Saturday to advance to the Big Ten Tournament championship game.
Connor Bedard scored off a rebound off a post at 3:57 of overtime to give the Chicago Blackhawks a 3-2 victory over the Utah Mammoth on Thursday night.
Bears general manager Ryan Poles said there was a common theme to the free agents they are bringing in this offseason, saying the team "wanted to get faster, more explosive" with guys that are "passionate about football."
Northwestern now has a seven-game winning streak against the Hoosiers.
The attacker rammed a vehicle into Temple Israel in West Bloomfield and opened fire, but he was the only one killed, law enforcement officials said.
A new specialized unit is being created to prosecute domestic violence homicides in Cook County, as these killings surged 15% last year, even as overall violent crime declined across Chicago.
A man was shot and killed on the street in the midday hours Wednesday in Chicago's West Garfield Park neighborhood.
Park rangers cited the four visitors, all from Illinois, for collecting and defacing park resources.
A woman has been charged in a road rage shooting that left someone injured this past weekend on the Dan Ryan Expressway.
