Fed hikes interest rates to highest level in more than 20 years
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
Watch CBS News
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
The average price for a Big Mac in the U.S. is $5.35. At the location in Darien, Connecticut, some combo meals top $21.
The Durfee Innovation Society and the group, Life Remodeled, have taken over the site of a former school and filled each classroom with resources and opportunities.
Cookout costs will vary, but Americans hitting the road are about to save $2.6 billion on gas this holiday weekend over last year.
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.
Lakeview High School parent Andy Amsdill first went to the school with concerns about the syllabus for his daughter's ninth-grade gym class, which required female students to disclose the length of their menstrual cycles to make up swim days.
According to the Oakland County Sheriff's Office, authorities recovered a .177-caliber revolver-style BB gun in the student's backpack.
Data show that attendance during the 2025-2026 school year increased by 0.2 percentage points to 91.5%.
With heavy rain in the forecast on Saturday night, the White Sox have moved up their game against the Detroit Tigers.
The Detroit Board of Police Commissioners voted Thursday to express confidence in Chief Todd Bettison.
Lakeview High School parent Andy Amsdill first went to the school with concerns about the syllabus for his daughter's ninth-grade gym class.
The Michigan Supreme Court issued the order Thursday in People v. Ethan Robert Crumbley, the Oxford High School shooter serving life without parole for the 2021 attack that killed four students.
Temple Israel, a Detroit-area synagogue, has spent the last six months rebuilding after a terror attack destroyed parts of the building.
Michigan's gas and diesel prices have risen noticeably every day this week, with gas prices inching closer to $5 a gallon and diesel prices continuing to set records, AAA says.
According to the Oakland County Sheriff's Office, authorities recovered a .177-caliber revolver-style BB gun in the student's backpack.
Tony Stewart Racing unveiled a special Dodge livery on Tuesday at Stellantis' North America headquarters in Auburn Hills, Michigan.
The spike in prices has also sparked differing opinions among drivers about who's to blame.
A Ford contract employee was taken to a hospital following an incident on Monday morning at the Michigan Assembly Plant in Wayne, Michigan.
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."
If you're looking for sunshine in Metro Detroit, Friday is the day to seek it out.
Stevie Wonder's shows at the Fox Theatre sold out, with some tickets listed for thousands of dollars. That's raising questions about what Michigan's "Taylor Swift" ticket law actually protects fans from.
The list of 50 restaurants is made from a team of 16 scouters who travel the country and try food at all kinds of places, according to the NYT.
Aaron Rowe, Beoga, Lukas Graham and Finneas all released statements Tuesday on Instagram saying they were withdrawing from Ed Sheeran's tour.
Dearborn Mayor Abdullah Hammoud told rapper Macklemore he's "always welcome in Dearborn" after venues on Ed Sheeran's stadium tour refused to include him.
The Michigan Supreme Court issued the order Thursday in People v. Ethan Robert Crumbley, the Oxford High School shooter serving life without parole for the 2021 attack that killed four students.
Democratic Sen. Elissa Slotkin urged President Trump to make this issue a "centerpiece of your talks with President Xi."
Temple Israel, a Detroit-area synagogue, has spent the last six months rebuilding after a terror attack destroyed parts of the building.
The Pentagon on Friday released a new group of files about unidentified anomalous phenomena, or UAP or UFOs, including a batch of documents regarding a mysterious military program studying aerospace threats.
Josh Allen and the Bills put on a show in a 41-31 win over the Detroit Lions in the first regular-season game at Highmark Stadium.
Thursday marks one year since Michigan Medicine ended gender-affirming care for young patients
Nearly half of Americans with medical debt owe at least $2,000, forcing them to make tough choices, new research shows.
The school immunization waiver rate climbed to 7.1% last year from 6.2% in 2024, the fifth straight year of decline and the highest exemption rate since 2010. Michigan is now outpacing the national average.
The standardbred-Friesian mare is currently undergoing treatment and is believed to be unvaccinated, according to state officials.
A new four-legged team member is already making an impact on students at Polk Elementary School in Dearborn Heights.
With heavy rain in the forecast on Saturday night, the White Sox have moved up their game against the Detroit Tigers.
Josh Allen and the Bills put on a show in a 41-31 win over the Detroit Lions in the first regular-season game at Highmark Stadium.
Munetaka Murakami hit his team-leading 32nd home run as the Chicago White Sox tied with Cleveland for first place in the AL Central with a 3-1 win over the Detroit Tigers.
There are several ways fans can watch and stream Thursday's game.
An NCAA football committee says that while it cannot overturn Western Michigan's loss to Michigan earlier this month, it acknowledges the game would have had a different outcome if replay protocols were followed.
At the top of the list is the open U.S. Senate contest between Democrat Abdul El-Sayed and Republican Mike Rogers.
The Detroit Regional Partnership, which has been around for six years, has been a significant catalyst, helping bring numerous jobs and companies to the region.
The roundtable talks politics, civility and issues that will resonate this fall in various elections.
As we count down the final days of summer, there's still a wee bit of time left to grab a good book as you head to the beach or maybe your backyard.
Rachel Stewart previews the upcoming America's Thanksgiving Parade presented by Gardner White, which will celebrate its 100th anniversary in 2026.
Metro Detroit native Paul Whelan is thanking Congresswoman Haley Stevens for introducing a bill to help Americans wrongfully detained abroad. Whelan spent more than five years in a Russian prison after being accused of espionage.
President Trump says he is banning CNN, Politico and MS Now (formerly MSNBC) from the White House, saying their reporting is what he calls "fake news."
A 17-year-old Pontiac girl was taken into custody on Friday after the authorities said she brought a loaded BB gun to Lake Orion High School.
Lakeview High School parent Andy Amsdill first went to the school with concerns about the syllabus for his daughter's ninth-grade gym class.
Rain moves in for the weekend. NEXT Weather Meteorologist Karen Carter explains when we'll see the heaviest rain showers.