Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Watch CBS News
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
The financial health of some groups has deteriorated sharply compared with a year ago due to rising inflation and higher bills.
The Saudi cut of 1 million barrels per day comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
Millions of Social Security recipients "need to be very careful" about spending because payments could be delayed, one expert said.
"No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict," Federal Reserve Chairman Jerome Powell said.
Central bank officials will announce on Wednesday if they are hiking the federal funds rate for a 10th consecutive time.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
More than 4,000 students visited the state's largest construction career fair.
The economy grew at a tepid 1.1% rate, showing that the Fed's interest rate hikes are taking effect.
Mired in a prolonged sales slump, the retail chain has struggled to attract customers both in stores and online.
CEO Jonah Peretti wrote in a memo that "the company can no longer continue to fund BuzzFeed News as a standalone organization."
Wedding dress retailer cites "post-COVID environment and uncertain economic conditions," saying it's looking for a buyer.
Majority of respondents remain pessimistic about the economy as a whole, according to Primerica survey.
Are robot waiters the future?
Inflation's still high, but analysts warn that further rate hikes from the Fed could lead more more banks to topple.
The government said Wednesday that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
Amid a growing jobs gap, companies like DTE are teaming up to help the cause. Hear from Jerry Norcia - president/CEO of DTE Energy, Nicole Sherard-Freeman, group executive of City of Detroit's Job and Economy Team, Portia Roberson, CEO of Focus: HOPE, and James Shaw of IBEW Local 17 as they discuss one new program and, the overall jobs picture.
The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate.
Home Depot marked one of the S&P's larger losses despite reporting stronger profit than expected for end of 2022.
The Conference Board's consumer confidence index — a closely watched metric gauging attitudes about the current and future strength of the economy — measured 107.1 in January, according to data released Tuesday by the business think tank.
U.S. economy grew at 2.9% rate in last three months of year despite pressure of high rates and fears of recession.
The fight over the nation's debt limit could have very real implications on everything from your 401(k) to Social Security.
Michigan faces a challenging season with six opponents in the preseason AP Top 25.
Michigan is reporting its first human case of Eastern equine encephalitis, also known as EEE, since 2021.
Tyrone Noling has spent 30 years on death row for the double murder of an elderly Ohio couple that he insists he didn't commit.
A Detroit man faces multiple charges related to a narcotics smuggling investigation at Michigan state prison facilities.
A second Metro Detroit library has reported detecting bedbugs, resulting in a temporary closure of the branch for treatment and cleaning.
Tuesday's Dearborn City Council meeting was not business as usual, with anti-Islam protesters gathering before and during the meeting.
Michigan is reporting its first human case of Eastern equine encephalitis, also known as EEE, since 2021.
Michigan's nine winning "I Voted" sticker designs for 2026 include a nap-ready cat, a nod to the sunken Edmund Fitzgerald, and a design built around the phrase "No, yeah."
Michigan faces a challenging season with six opponents in the preseason AP Top 25.
Tyrone Noling has spent 30 years on death row for the double murder of an elderly Ohio couple that he insists he didn't commit.
Automotive expert Paul Eisenstein of Autoline TV said the number of vehicles recalled this year has surged.
Woodward Dream Cruise participant Mike Holmes, who showed off a DeLorean at Saturday's event, said the " human interaction is just as much fun as driving the car."
General Motors says 350 workers will be laid off in January at its Lansing Grand River Assembly/Stamping and Lansing Regional Stamping sites.
Ford says the reveal is intended to connect directly with the enthusiasts who have helped make the Woodward Dream Cruise one of the nation's premier automotive events.
On average, drivers in the state are paying $4.15 per gallon for regular unleaded fuel.
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.
Vincent Pastore played Salvatore "Big Pussy" Bonpensiero on all six seasons of "The Sopranos," which aired from 1999 to 2007.
It was another busy night in Ann Arbor as country singer Morgan Wallen took the stage on Saturday for his second concert in as many days at Michigan Stadium, better known as the Big House. Like any game day at the venue, there's a lot of foot traffic and first responders at every corner.
A group of young performers is taking the stage on Friday night to showcase their talents while celebrating Detroit's culture and history.
Tyrone Noling has spent 30 years on death row for the double murder of an elderly Ohio couple that he insists he didn't commit.
Tuesday's Dearborn City Council meeting was not business as usual, with anti-Islam protesters gathering before and during the meeting.
Democratic Sen. Elissa Slotkin has asked Defense Secretary Pete Hegseth to confirm that he won't send troops to polling places during the midterm elections.
Michigan's nine winning "I Voted" sticker designs for 2026 include a nap-ready cat, a nod to the sunken Edmund Fitzgerald, and a design built around the phrase "No, yeah."
More than 7.2 million checks have been mailed so far, with millions more expected to go out this week, according to State Farm.
Michigan is reporting its first human case of Eastern equine encephalitis, also known as EEE, since 2021.
A second Metro Detroit library has reported detecting bedbugs, resulting in a temporary closure of the branch for treatment and cleaning.
Large bags and shopping carts are banned from the Royal Oak Public Library as staff attempt to prevent a bedbug resurgence.
The Michigan Department of Health and Human Services says a human case of influenza A H1N2 swine flu was detected in a person who was a participant at the Kent County Youth Fair.
A new executive order from President Trump is reshaping federal childhood vaccine recommendations and encouraging states to review their school immunization requirements, a move that comes as Michigan families prepare for the new school year.
Michigan faces a challenging season with six opponents in the preseason AP Top 25.
Braxton Ashcraft allowed five hits over eight efficient innings, Oneil Cruz homered in his return from the injured list, and the Pittsburgh Pirates beat the Detroit Tigers 4-1.
Kevin McGonigle hit a two-run homer, and the Detroit Tigers held off the Pittsburgh Pirates 8-5 on Monday night and moved into a three-way tie for the final AL wild-card spot.
LIV Golf is ending its season one tournament early.
Western Michigan's Dan Bartholomae has been hired as Michigan State's athletic director.
Rachel Stewart previews the upcoming America's Thanksgiving Parade presented by Gardner White, which will celebrate its 100th anniversary in 2026.
The eyes of the nation were on Michigan as its critical 2026 primary was held last Tuesday.
As the nation turns its attention to Michigan's critical Aug. 4 primary, the Michigan Matters roundtable weighs in.
Perry Johnson discussed not receiving President Trump's endorsement and the reasons he believes John James did.
The conversation turns to rising auto insurance rates across Michigan and new legislative bills in Lansing that would help stem the tide.
A trial has begun in federal court in California, where nearly 30 states are suing Meta, the company behind Facebook and Instagram, on accusations of intentionally designing a product that is addictive to youth. CBS News has this report.
Hundreds of people remain stranded in Hawaii after Hurricane Lala created catastrophic flooding. Here's a recap of the damage and what needs to be remediated.
Anti-Islam protesters gathered before and during the Dearborn city council meeting on Tuesday, which was moved to a larger location to accommodate the potential crowds. Here's a recap of the situation as of Wednesday morning.
President Trump has delayed a new round of tariffs on Canadian imports that was to take effect on Wednesday. Should they take effect, the auto industry is among those expected to be affected. CBS Detroit has this report.
Anti-Islam protesters and Dearborn community members attend the city council meeting. The new round of Canadian import tariffs is delayed. Those headlines and other top stories are in the CBS Detroit news brief.