When will the Fed cut rates? Maybe not in 2024, Fed official cautions
One Fed official on Thursday said if the economy continues to demonstrate strength, "Why would we cut rates?"
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One Fed official on Thursday said if the economy continues to demonstrate strength, "Why would we cut rates?"
Consumer prices in January rose 3.1% from a year earlier, higher than economists had forecast, as food and housing costs jumped.
Workers in some jobs, including many who are self-employed, enjoyed double-digit wage gains last year. Here's who got the biggest pay bumps.
This year's robust stock market performance defied analysts' predictions as investors cheered prospects of lower interest rates and inflation.
Billions of dollars' worth of gift cards go unspent every year. Here's what to know about redeeming them — and avoiding scams.
Christmas traditions aren't immune to the inflation we've all been feeling this year. PNC Bank did the research and found the items in the classic song "The Twelve Days of Christmas" would cost a little more than $46,000.
It may seem hard to believe, but after the holidays, the presidential campaign season will really heat up -- and CBS News just out with a new poll on how people are feeling about the economy. CBS News pollster Anthony Salvanto joins us to explain the results.
The Farm Bureau says the cost of a Thanksgiving meal is down 4.5 percent from last year, but man Thanksgiving classics have gotten a lot pricier. CBS News’ Jo Ling Kent reports.
"People have been using the wrong R-word to describe the economy," one economist said. "It's resilience — not recession."
With the youth unemployment rate at a 70-year low, this year's crop of new graduates is likely to have an easier time getting hired.
The government just released the latest report on inflation. CBS News Business Analyst Jill Schlesinger helps break down the report showing a decline for the first time since June 2021.
Prices rose at the slowest rate in two years amid the Federal Reserve's ongoing series of interest rate hikes.
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.
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.
While inflation overall is improving, the prices for food items like eggs continue to increase at a significant pace.
Consumer prices rose less than expected in November, a sign that inflation is cooling a bit. But costs are still up more than 7% since last year. One of the areas still rising: Food.
Annual holiday feast is likely to see sharply higher prices for turkey and other traditional food items.
Organizers said a Thanksgiving dinner last year cost as little as $12 to put together, but this year's cost will be closer to $20.
Thanksgiving dinner is going to cost more this year thanks to inflation. Rising food costs, coupled with supply chain issues are really putting the squeeze on local food pantries. CBS 2's Lauren Victory visited a community pantry in Woodridge that's facing staggering numbers.
That includes everything from appetizers to desserts sides and beverages.
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 10 most popular candy brands have seen an average price increase of 13% since 2021, according to Datasembly.
"In the minutes from the Fed's September meeting, they articulated something very clearly. They said they are much more concerned about doing too little on interest rates and inflation rather than too much,"
With inflation forcing many seniors to cut back on food and medicine, annual cost-of-living hike will boost their income.
The Texas Rangers rout the Chicago White Sox on Monday night to grab the AL West lead.
Thousands of Gary residents lined up for everything from food to household essentials.
An investigation revealed that when the husband and wife in their 80s stepped out to listen to the estimate from a man who knocked on the door, another man slipped into the house.
Many communities like Gary have been in the dark for almost two weeks since the devastating derecho tore through.
Last month, Pfleger was removed from ministry and sent to live away from the parish after he was accused of sexual abuse of a minor more than 30 years ago.
The Supreme Court divided 6-3 in granting the Trump administration's request for emergency relief.
President Trump said tariffs on Canadian automotive and steel imports will rise to 50% on Jan. 1, 2027, in a social media post.
After losing one of the closest House races in the country, Democrat Christina Bohannan is campaigning earlier and deeper into rural Iowa, including counties she did not visit before the 2024 election.
Cook County Treasurer Maria Pappas said Monday that there was "no apology necessary" on her part over a heated text exchange with former Cook County Commissioner Richard Boykin recently.
Researchers and disability rights advocates warn that the dismantling of the Education Department and its erosions of civil rights oversight risk widening the disparities autistic children face.
Cook County homeowners are again facing a sharper increase in property taxes this year than businesses, the Office of Cook County Treasurer Maria Pappas announced Monday.
Contracted linemen from out of state sat idle in a Griffith church parking lot for hours without work orders from NIPSCO, as residents in Northwest Indiana approach two weeks without power.
A law firm has filed a class action lawsuit against NIPSCO, alleging the utility's failure to manage trees and vegetation has left thousands of Northwest Indiana residents without power for up to two weeks.
Dozens of cases of E. coli and salmonella in multiple states are linked to an alfalfa grower in Minnesota, health officials say.
A new Illinois law signed by Gov. Pritzker offers up to $1,000 to eligible homeowners hit by storm damage, but the money won't be available until next year — and the program only covers certain areas of Chicago.
Dozens of cases of E. coli and salmonella in multiple states are linked to an alfalfa grower in Minnesota, health officials say.
Moderna and Merck announced study results that reflect a "landmark moment" in treatment for one of the deadliest forms of skin cancer.
Researchers from the University of Chicago have uncovered some information on how space travel affects — or actually doesn't affect — the heart.
As people age, it becomes crucial to do whatever possible to protect from issues like memory loss. But leading neurologist Dr. David Perlmutter said the process actually starts well before advanced age.
The Illinois Department of Public Health is not adopting new federal child vaccine guidelines and will continue following recommendations by the American Academy of Pediatrics.
An expert blames Illinois lawmakers and "internecine political problems" for the failure to seal a deal for a new stadium within the state for the Chicago Bears.
Real estate investment and development firm Concord Capital has acquired nine apartment buildings on Elaine Place, a single-block residential street in Chicago's East Lakeview community.
The Chicago Plan Commission voted Thursday to approve a plan to redevelop Ford City Mall into an industrial complex, despite objections from some neighbors.
A new Barnes & Noble bookstore opened in the heart of downtown Chicago on Wednesday, while separately, a building that used to house an old Barnes & Noble store in the Gold Coast was being demolished.
The Original Rainbow Cone celebrated its 100th anniversary on Sunday with a special event at its Beverly location.
Madonna leads all artists with 11 nominations at this year's MTV VMAs, and a full sweep would tie her with Beyoncé and Taylor Swift for the most VMA wins in history.
Hayden Panettiere, who starred in "Remember the Titans" as a child actor and rose to fame in the series "Heroes," has died at the age of 36. The coroner's office says she was found in cardiac arrest.
Buddy Guy was honored with the Chicago Music Legend Award at the Obama Presidential Center's Chicago Culture Ball this weekend.
Bal Khabra is the author of the four-part series "Off the Ice," a college hockey romance collection that is wrapping up at just the right time.
Crews need about a week and a half to tear down the festival site before the city can begin its own inspection — and past cleanup costs have topped $1 million.
Both took a swim in the lake before biking through city streets and finishing with a run to the finish line in Grant Park.
Meteorologist Davide Yeomans is tracking the latest in First Alert Weather.
CDOT said the restoration of the Cortland Street Bridge will take years, and it will remain closed to vehicles as CDOT goes through environmental review, engineering, and design work.
Thousands lined up 13 days after Mother Nature tore up power lines and any sense of normalcy. For the thousands who remain in the dark and feel isolated, the giveaway helped.
In July, Father Michael Pfleger was removed from ministry and sent to live away from the parish after he was accused of sexual abuse of a minor more than 30 years ago.
Many communities like Gary have been in the dark for almost two weeks since the devastating derecho tore through.
Last month, Pfleger was removed from ministry and sent to live away from the parish after he was accused of sexual abuse of a minor more than 30 years ago.
Grayson, 32, was found guilty last October of second-degree murder for the shooting of Sonya Massey and was serving a 20-year sentence.
Prosecutors offered a plea deal to Keshia Golden, charged with killing her boyfriend in 2022, which she said was self-defense.
Almost two weeks since power was knocked out in Northwest Indiana, nearly 10,000 homes and businesses were still in the dark on Monday afternoon.
The program was launched by the utility company last year, with some saying it makes it easier to address problem poles.
She was counting down the days to the first day of 5th grade until her school district told her she didn't have a spot there. Now, a federal judge has ordered the district to put the 10-year-old girl with autism back in her neighborhood school.
Who you gonna call if someone locks you out of your own charity? That's the question members of a Ghostbusters-themed nonprofit say they're asking.
Residents of Ogleby Towers on Wednesday morning spoke out about the system that constantly changes their rent, which they say makes it hard to budget.
CEO of the Illinois Quantum and Microelectronics Park, Harley Johnson, gave CBS News Chicago an exclusive look inside the new park in South Chicago.
The Texas Rangers rout the Chicago White Sox on Monday night to grab the AL West lead.
The WNBA has been the subject of recent debates on whether transgender women should be allowed to participate in the league.
Senior defensive back Mark Johnson signed up to be on the national bone marrow registry, and when he got the call, he came through.
The Sky were eliminated from the playoff race with the loss and a win by Washington on Sunday night.
Cubs blew out the Seattle Mariners 19-2 on Sunday to avoid a three-game sweep.
One person was killed and another was wounded in a shooting Sunday night at a hotel in northwest suburban Wheeling.
At least four people were killed, and 17 more were injured, in weekend shootings across Chicago as of Sunday, according to police.
Chicago police this weekend issued a warning about a string of armed robberies in the city's Bronzeville community.
Illinois State Police and the FBI announced this weekend that they may have a new lead, though not a suspect, in the 1992 murder of college student Tammy Zywicki.
Chicago police were investigating early Sunday after a man was slashed to death the night before in Washington Park.
