Fed unlikely to cut interest rates until 2027, Bank of America says
A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
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A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
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.
President Trump's plans to ease the financial pressures on Americans are bold but could backfire, experts said.
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.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
Bitcoin has erased all of its 2025 gains and is on track for its worst monthly performance since 2022. Here's what experts say about the decline.
The Fed on Wednesday announced its second interest-rate cut of 2025, reducing borrowing costs in a move to spur U.S. hiring.
Concerns about a weakening labor market may outweigh worries about rising inflation, tipping the Fed toward another rate cut, economists say.
The Federal Reserve announced Wednesday to cut base interest rates by a quarter percentage point bringing 4.25%. It's the first cut we've seen in nine months and that could have an impact on consumer interest rates for credit card debt, car loans and mortgage rates. CBS News has this report.
The Federal Reserve is cutting its benchmark interest rate as the U.S. economy faces headwinds, including a faltering labor market.
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 Federal Reserve's September meeting this week is taking place amid the Trump administration's push for the agency to lower interest rates.
President Trump has said he is firing Cook from her role over allegations she made false representations on mortgage agreements several years ago.
Americans' confidence in finding a new job fell to the lowest measure on record, new government survey shows.
Headlines from the White House include the latest discussions on a new crime bill; President Trump's dispute with a Federal Reserve governor; and a letter submitted by some FEMA staff. CBS News has this report.
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.
Federal Reserve Chair Jerome Powell cited risks to the labor market in opening the door to cutting interest rates. Here's what job-seekers should know.
President Trump called on Fed Governor Lisa Cook to resign on Wednesday after one of his appointees accused her of mortgage fraud.
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.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Wednesday before the Senate Banking Committee, Federal Reserve Chair Jerome Powell emphasized the country's national debt is on an unsustainable path. Also on Wednesday, President Trump said he had people in mind for Powell's replacement, although the chair's term is not yet expired.
The Federal Reserve said Wednesday it will maintain the benchmark interest rate at its current range of 4.25% to 4.5%
Abby, a chimpanzee who has spent the last 38 years at the Detroit Zoo, has died, zoo officials announced on Thursday.
A significant weather shift is heading to Southeast Michigan over the next few days.
Spencer Torkelson drove in the winning run with an RBI single with two outs in the ninth inning and the Detroit Tigers snapped a three-game losing streak by edging the Toronto Blue Jays 3-2.
Cade Cunningham scored 21 points and the top-seeded Detroit Pistons dominated the second half, beating the Cleveland Cavaliers 115-94 to force a Game 7 in their Eastern Conference second-round series.
The department confirmed to CBS News Detroit that the woman, 28-year-old Khaira Howard, died on May 13.
After a man was caught on camera during an attempted break-in at a Livonia home, police say they are now investigating a second incident they believe may be connected.
A Davison Township police chief released body camera video showing how a senior "water wars" prank brought an officer within milliseconds of opening fire on a student.
Abby, a chimpanzee who has spent the last 38 years at the Detroit Zoo, has died, zoo officials announced on Thursday.
A suspect is dead after a shooting involving Michigan State Police and Waterford Township police Thursday night in Waterford, the agencies said.
A significant weather shift is heading to Southeast Michigan over the next few days.
Michigan is demanding repayment of $35 million from the American Center for Mobility, a key player in autonomous vehicle development.
A bipartisan bill introduced in Washington, D.C., by Michigan Congresswoman Debbie Dingell and Congressman John Moolenaar would prohibit the importation, manufacture or sale of Chinese cars in the United States.
Michigan's average diesel price on Sunday is $6 — the highest ever recorded by the American Automobile Association.
Ford Motor Company is recalling over 179,000 vehicles due to a front seat issue that can increase the risk of injury in a crash, the National Highway Traffic Safety Administration said.
A vote by UAW Local 2093 members will be on May 11. The UAW says that if approved, workers could walk out of the Three Rivers facility starting on May 31.
The Library of Congress revealed this year's list of 25 recordings to be preserved for future generations on the National Recording Registry.
With summer not far behind, the city of Detroit is preparing for the highly anticipated 2026 Ford Fireworks next month.
Motown may be Detroit's most famous sound, but it's far from the only one.
Gene Simmons visited Detroit Rock City to celebrate the grand opening of a restaurant co-founded by him and his Kiss bandmate Paul Stanley.
The moon music tradition started more than 50 years ago, NASA said as it shared the Artemis II crew's playlist this week.
Spencer Torkelson drove in the winning run with an RBI single with two outs in the ninth inning and the Detroit Tigers snapped a three-game losing streak by edging the Toronto Blue Jays 3-2.
Cade Cunningham scored 21 points and the top-seeded Detroit Pistons dominated the second half, beating the Cleveland Cavaliers 115-94 to force a Game 7 in their Eastern Conference second-round series.
In a move aimed at curbing the growing problem of "teen takeovers," D.C. U.S. Attorney Jeanine Pirro is threatening to bring charges against parents if their teens violate the local curfew.
Sens. Tammy Duckworth of Illinois and Tammy Baldwin of Wisconsin say their concern is there may be more emergency exit doors than flight attendants in the event of an evacuation.
The Supreme Court has maintained mail access to the abortion pill mifepristone, setting aside for now a lower court order that blocked abortion providers from prescribing the widely used drug through telehealth and shipping it to patients.
Teen tobacco use in Michigan is rising again, prompting calls for increased prevention spending.
A Texas couple is filing a lawsuit accusing the AI company of guiding their teenage son in using drugs, resulting in a fatal overdose.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
More than 100 people from a cruise ship dealing with an outbreak of the rare and deadly hantavirus are set to be disembarked.
In 2002, Zermeño found out he contracted hantavirus after cleaning the family house following the death of his mother and sister. He had been exposed to rodent droppings and became infected.
Spencer Torkelson drove in the winning run with an RBI single with two outs in the ninth inning and the Detroit Tigers snapped a three-game losing streak by edging the Toronto Blue Jays 3-2.
Cade Cunningham scored 21 points and the top-seeded Detroit Pistons dominated the second half, beating the Cleveland Cavaliers 115-94 to force a Game 7 in their Eastern Conference second-round series.
Women's hockey pioneer Manon Rhéaume has been named the GM of the PWHL's Detroit expansion team.
The Detroit Lions released their official 2026 season schedule, with the first matchup set at home against the New Orleans Saints.
The Detroit Lions will host the defending NFC North champion Chicago Bears in Detroit's annual Thanksgiving Day game.
This week on Michigan Matters, the roundtable talks about the governor's race and the impact of former Detroit Mayor Mike Duggan.
The roundtable discusses the impact of rising gas prices and friction at the federal level with Canada and the U.S., and how it affects tourism.
Life Directions has been helping guide and mentor young people in Detroit.
Robert Costa, the award-winning national correspondent for CBS Sunday Morning and chief Washington analyst for CBS News, talks about Michigan's role in this critical midterm election.
Diallo Smith, CEO of Detroit nonprofit Life Remodeled, talks about its new opportunity hub on the east side of Detroit called Anchor Detroit.
The Michigan Department of Corrections says a female inmate's death at the Huron Valley Correctional Facility is under investigation.
Cade Cunningham scored 21 points and the top-seeded Detroit Pistons dominated the second half, beating the Cleveland Cavaliers 115-94 on Friday night to force a Game 7 in their Eastern Conference second-round series.
The heat is on, and so are the latest storm chances.
A suspect is dead after a shooting involving Michigan State Police and Waterford Township police Thursday night in Waterford, the agency said.
A Davison Township police body camera video shows how close a high school senior's "water wars" prank came to a deadly outcome — and the chief of police is now using the footage as a warning.