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.
President Trump is threatening a third straight day of U.S. strikes in Iran.
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Inflation across the U.S. accelerated in May as the shock to global energy supplies from the Iran war continued to push prices higher. The Consumer Price Index rose at an annual rate of 4.2%, up from 3.8% in the prior month and marking the highest level since April 2023.
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
Consumers have kept the economy chugging along despite financial pressures. But some signs suggest they could be losing steam, experts say.
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
The Personal Consumption Expenditures Price Index rose 0.4% in April to reach 3.8%, the highest rate in almost three years.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
The chain's North American operator forecast it will open 205 stores in 2026, although those openings will be outpaced by a series of closures.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Goolsbee, president of the Federal Reserve Bank of Chicago, said mounting inflation risks "complicates the picture" on interest rates.
Economists say the conflict in Iran is making a recession more likely, with higher energy prices hitting consumers and businesses.
Mortgage rates, though still well below their level a year ago, have edged up since the Iran war erupted. Here's why.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
The Bureau of Labor Statistics released new numbers about the overall economy, showing modest inflation of .3% last month and 2.7% in the year. Streaming video services were a major outlier and saw an inflation of nearly 20% in the same period.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
President Trump says he's winning the war against inflation. But a look at prices around the U.S. shows why many Americans still feel financially squeezed.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
The Consumer Price Index climbed at an annual rate of 3% in September, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
Social Security's annual cost-of-living adjustment is aimed at helping the program's 75 million beneficiaries keep pace with inflation.
Citing the shutdown, the Social Security Administration postponed its announcement of the annual payment bump beneficiaries will receive in 2026.
Another piping plover chick that recently hatched at Chicago's Montrose Beach has died, the Chicago Piping Plovers conservation organization announced.
A 72-year-old man was slashed and killed in a fight in Chicago's West Englewood neighborhood early Sunday.
Navy Pier issued an apology over the weekend after fog drowned its massive July 4th fireworks display.
One of the men charged with attacking a CBS News Chicago crew last week was due back in court Monday in an unrelated case.
A suspect was set to appear before a judge Monday on charges in a shooting that injured two Chicago police officers during a traffic stop last week.
President Trump hasn't committed to a firm number of people who will receive clemency — he's scheduled to have a meeting on pardons Friday afternoon, sources said.
Dr. Debra Houry, who resigned in protest from the health agency, said the spread of misinformation impacted lives.
David Hearn is accused of ripping out a piece of sealant on the bottom of the Reflecting Pool on June 19, U.S. Attorney Jeanine Pirro said.
Illinois House Speaker Emanuel "Chris" Welch is making moves to remove state Rep. Harry Benton (D-Plainfield) from office.
Special Agent-in-Charge Douglas DePodesta, who has led FBI Chicago for the past three years, is leaving his post on July 6.
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.
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.
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.
June is National Aphasia Awareness Month, raising awareness of a disorder that affects a person's ability to speak, write, and understand both spoken and written language.
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.
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.
Taylor Swift and Travis Kelce were married as they celebrated their wedding with hundreds of guests Friday at Madison Square Garden in New York City.
Renowned singer-songwriter and Chicago-area native John Prine will be honored with a mural at the Old Town School of Folk Music in the Lincoln Square community.
Victor Willis, lead singer of the disco group Village People, whose hit "Y.M.C.A." became a fixture at rallies for President Trump, has died at the age of 74, his wife and the band said.
Taylor Swift and Travis Kelce's wedding plans include a rehearsal dinner and a late-night celebration at Madison Square Garden in New York City, according to sources familiar with the security planning.
Chicago rapper Twista has pleaded guilty to willfully failing to pay income taxes.
When your calendar fills up during the summer, it can lead to burnout. Erin Clifford, a wellness coach and the author of “Wellness Reimagined,” joins Marie Saavedra to talk about how to balance your summer and set boundaries.
A man was slashed Sunday night in a fight on the Chicago Riverwalk downtown early Sunday.
The study also found the more languages a person knows, the younger their brain appears.
ALS is a terminal disease that robs people of their ability to move and speak. Now, new technology is using AI to give a man his voice back.
Meteorologist Kylee Miller has your 5 a.m. First Alert Weather forecast for Monday, July 6, 2026.
A suspect was set to appear before a judge Monday on charges in a shooting that injured two Chicago police officers during a traffic stop last week.
A man was slashed Sunday night in a fight on the Chicago Riverwalk downtown early Sunday.
Chicago police early Sunday were investigating a mass shooting that left multiple teens wounded in Chicago's West Garfield Park neighborhood.
A Delta Air Lines flight landing in Chicago was hit by a firework as it was coming to land at Midway International Airport on Saturday.
Another piping plover chick that recently hatched at Chicago's Montrose Beach has died, the Chicago Piping Plovers conservation organization announced.
About 13,000 people were treated in emergency rooms for fireworks-related injuries in 2025, and with America's 250 birthday celebration about to start, doctors worry even more people could get hurt this year.
A new AI-powered tool being used by some police departments claims to turn a shell casing into an investigative lead in under 24 minutes.
University of Illinois - Chicago scientists took their lab work to the streets of the South Side during this week's heat wave, checking on tree cover and tree health in some of Chicago's more vulnerable neighborhoods.
In a major turnaround in the opioid crisis, overdose deaths are falling across Chicago and Cook County.
An Uber driver who was assaulted during a ride said he begged Chicago police officers not once but twice for help, but was left to fend for himself.
Briscoe held off Christopher Bell in NASCAR's return to Chicagoland Speedway, racing to his first Cup Series win of the season.
The finale was delayed by rain and unplayable conditions on the water-logged outfield warning track.
Alex Bregman doubled in a run, pinch-hitter Pedro Ramirez had an RBI and the Cubs posted two unearned runs to win for the 10th time in their last 13 games.
In less than a month, Chicago Sky rookie Gabriela Jaquez went from winning a national title at UCLA to being drafted fifth overall by the Sky.
Balogun's reinstatement came after President Trump called FIFA President Gianni Infantino last week to ask whether the organization was going to review the situation, sources told CBS News.
A 72-year-old man was slashed and killed in a fight in Chicago's West Englewood neighborhood early Sunday.
One of the men charged with attacking a CBS News Chicago crew last week was due back in court Monday in an unrelated case.
A suspect was set to appear before a judge Monday on charges in a shooting that injured two Chicago police officers during a traffic stop last week.
A man was slashed Sunday night in a fight on the Chicago Riverwalk downtown early Sunday.
A man died after being found with gunshot wounds to the chest in Chicago's Englewood community early Monday morning.
