What to expect as Kevin Warsh leads his first Fed interest rate meeting
New Fed Chairman Kevin Warsh is stepping in at a critical juncture for the U.S. economy, with inflation at its highest level in more than three years.
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New Fed Chairman Kevin Warsh is stepping in at a critical juncture for the U.S. economy, with inflation at its highest level in more than three years.
The policy meeting comes after the government said inflation had risen to a three-year high. As CBS News Business Analyst Jill Schlesinger explains, the Federal Reserve is expected to keep interest rates stable.
After a stronger than expected May jobs report, despite rising inflation and economic pessimism, the Federal Reserve is unlikely to cut interest rates as President Trump has demanded.
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
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.
After more than a decade since it was announced, the Obama Presidential Center and Library officially opens to the public in Chicago's Jackson Park on June 19, 2026.
Lawyers for the "Broadview Six" are trying to uncover communication between the White House and Chicago U.S. Attorney's Office regarding prosecutorial misconduct in their now-dismissed case.
Priya Shah was born without a left hand, but what she first described as an "oppression" towards her aspirations, quickly transformed into inspiration.
A federal judge ruled Tuesday that Hannah Dugan's obstruction of justice conviction will stand, rejecting her legal team's argument that a recent appeals court ruling should have invalidated the case.
The family of a man who was shot and killed by police in Elk Grove Village back in 2023 has won a $10.5 million settlement, attorneys announced Wednesday.
After more than a decade since it was announced, the Obama Presidential Center and Library officially opens to the public in Chicago's Jackson Park on June 19, 2026.
Lawyers for the "Broadview Six" are trying to uncover communication between the White House and Chicago U.S. Attorney's Office regarding prosecutorial misconduct in their now-dismissed case.
A federal judge ruled Tuesday that Hannah Dugan's obstruction of justice conviction will stand, rejecting her legal team's argument that a recent appeals court ruling should have invalidated the case.
Vice President JD Vance said on "CBS Monrings" that the Trump administration wants "to tell the American people what's in this deal."
A group of Chicago aldermen says it is time to get serious about teen takeovers and youth violence in Chicago, and they say the way to do so is by punishing parents.
An Illinois law banning "swipe fees" on taxes and tips — already delayed twice by lawmakers — appears to be on life support after a federal judge that once permitted it issued a permanent injunction against it this week.
A new study from the Cook County Treasurer's office underlines growing concerns about the impact the Illinois megaprojects bill could have on the county's property tax base and overall fiscal health.
As thousands of Chicagoans wrap up road trips over the Memorial Day holiday weekend, gas prices in the city have reached the highest levels seen in four years.
Consumer and environmental advocates said Monday that they found overcharges buried in the most recent rate-hike request by Nicor.
One week away from Memorial Day weekend and the unofficial start of the summer travel season, with gas prices remaining high, negotiations were set to resume Monday at the largest oil refinery in the Midwest.
After Bruce Willis was diagnosed with dementia, his wife Emma Heming Willis found a new purpose as a health advocate.
The North Shore suburb of Wilmette this week became the latest Chicago-area municipality to discover mosquitoes carrying the West Nile virus this year.
Dr. Peter Stafford was working with a missionary group in the Congo when he came down with the virus last month.
While 330 Ebola infections are confirmed in central Africa and huge challenges remain, hundreds more suspected cases "have been cleared out," the WHO says.
June is World Infertility Awareness Month, and Northwestern Medicine on Monday shared the story of a woman who is celebrating the birth of her second child after a tumor disrupted her fertility.
Daley's Restaurant, known as Chicago's oldest, has served Chicago's Woodlawn neighborhood for more than 130 years.
Walgreens is set to close in Chicago's Chatham neighborhood on Thursday, and there's growing concern about where families will get their medications.
The owners of Gene & Georgetti steakhouse are suing a concessions operator over their expansion at Midway International Airport.
DraftKings announced Monday that it is closing its sportsbook operation at Wrigley Field after only about two years.
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.
Luke Skywalker's lightsaber from the "Star Wars" sequel "The Empire Strikes Back" is expected to sell for at least $1 million at an upcoming auction.
Rio de Janeiro's Military Fire Department said one of the helicopters crashed in the parking lot of a car dealership, where several electric vehicles were parked, igniting a fire.
Actress Sarah Jessica Parker addressed the Class of 2026 at Northwestern University at their commencement ceremony at the United Center Sunday.
Forty years ago last weekend, crowds turned out for the Chicago Blues Festival — an event studded with a roster of stars for a spectacle that's still talked about today.
Visitors will soon be able to check out the set from CBS' "The Late Show with Stephen Colbert" in Chicago, at the Museum of Broadcast Communications.
The Simple Good is a Chicago nonprofit that is aimed at supporting young people and their mental health through art programming.
Severe storms with the risk of flash flooding and tornadoes will move through the Chicago area in two waves Wednesday.
A group of Chicago aldermen says it is time to get serious about teen takeovers and youth violence in Chicago, and they say the way to do so is by punishing parents. Lauren Victory reports.
A member of the City Council is pushing to rename Northerly Island, the lakefront park and nature preserve which was once home to Meigs Field airport, after Chicago native Pope Leo XIV.
After her husband's dementia diagnosis, Emma Heming Willis launched a women's health advocacy journey.
Flooding is now the greatest widespread threat from two rounds of strong storms that will move through the Chicago area Wednesday.
A group of Chicago aldermen says it is time to get serious about teen takeovers and youth violence in Chicago, and they say the way to do so is by punishing parents.
A bar in Chicago's West Loop is testing a higher age restriction for entry, and it's sparking debate on social media.
After more than a decade since it was announced, the Obama Presidential Center and Library officially opens to the public in Chicago's Jackson Park on June 19, 2026.
Lawyers for the "Broadview Six" are trying to uncover communication between the White House and Chicago U.S. Attorney's Office regarding prosecutorial misconduct in their now-dismissed case.
Kindbody entered into an agreement with a cryogenic storage facility in Massachusetts, but not all patients received the email.
A Chicago woman says a life insurance policy she paid into for 25 years was cancelled over a $112 shortfall that she never knew existed, and now, at 82 years old, she's uninsurable.
The Crisis Alternative Response Evanston, or CARE, team responds to calls that, before July 2024, would have been lumped into police calls.
The system will provide all heating, cooling, and ventilation for the high school's new physical education facilities and contribute to the school system, saving the district nearly $400,000 a year.
The forecast for a summer reopening of West Suburban Medical Center in Oak Park is growing cloudy, as negotiations continue between the owners and landlord, after the safety net hospital abruptly shuttered its doors in March.
The three-game series wraps up Wednesday with Rockies LHP Sean Sullivan facing Cubs RHP Javier Assad.
Spencer Jones homered in the second inning, Ben Rice and Paul Goldschmidt each added a two-run drive in the fourth, and the Yankees rocked the White Sox 12-2 on Tuesday night.
Former NHL player Kyle Calder has died at age 47. The Alberta native spent a majority of his 10 years in the league with Chicago and also played for Philadelphia, Detroit, Los Angeles and Anaheim.
The Chicago Bulls have officially named Tiago Splitter as their new head coach.
Crow-Armstrong extended his on-base streak to 19 games with his second leadoff home run in three games, a 434-foot shot to center field off Michael Lorenzen.
A sport-utility vehicle rammed into a Shell gas station mini mart in what was believed to be an attempted crash-and-grab burglary in Chicago's East Pilsen neighborhood.
Luigi Mangione's lawyers will argue that he was suffering from an extreme emotional disturbance when he allegedly killed UnitedHealthcare CEO Brian Thompson.
Rex Heuermann was sentenced to life in prison without the possibility of parole for the series of murders known as the Gilgo Beach serial killings.
A man from Chicago's south suburbs was sentenced to more than 33 years in prison last week for running an online chat group that trafficked in child pornography.
Chicago police on Tuesday released surveillance images of three attackers who they say beat a man on a downtown CTA Blue Line platform last week.
