Fed hikes interest rate 0.25 percentage point but signals pause
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
Federal Reserve
Will Fed raise interest rates again this week? Here's what to expect.
Central bank officials will announce on Wednesday if they are hiking the federal funds rate for a 10th consecutive time.
First Republic Bank seized by regulators, then sold to JPMorgan Chase
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.
Federal Reserve hikes its key interest rate a quarter point
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
Investors are panicked over banks. Will the Fed make things worse?
Inflation's still high, but analysts warn that further rate hikes from the Fed could lead more more banks to topple.
Deposits at Silicon Valley Bank to be fully guaranteed, U.S. government says
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.
Federal Reserve likely to cause a recession, research says
Can the Fed keep raising interest rates and defeat the worst bout of inflation in 40 years without causing a slump?
Federal Reserve hikes interest rates 0.25 percentage point
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
Fed is boosting rates again. What it means for your wallet.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Fed hikes key interest rate for seventh time this year
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
The 'yes, but' economy. Yes, we're worried about recession — but the economy remains resilient
Each week brings head-scratching contradictory news about the economy. This past week was no different, with a batch of economic reports showing that — despite the recession talk — the US economy shows remarkable resilience.
Credit card rates hit a record high as Fed fights inflation
It's never a great time to carry credit card debt. But right now is arguably the worst time.
Stocks rise on Wall Street ahead of election, inflation data
Stocks rose in afternoon trading on Wall Street Tuesday as Americans head to the polls to vote in midterm elections that are being heavily influenced by inflation and the threat of a recession.
A key US inflation gauge stayed at a high 6.2% in September
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
Fed hikes key interest rate another 0.75 percentage point
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
Federal Reserve Raises Short Term Interest Rates; What That Means For You
Short term interest rates are going up a quarter of a percent.
Obama Nominates U-M Professor Kathryn Dominguez To Federal Reserve Board
President Barack Obama is nominating economist Kathryn Dominguez to serve on the Federal Reserve's board of governors.
Stocks Surge After Fed Announces New Stimulus
U.S. stocks surged Thursday after the Federal Reserve unveiled a long-awaited package of aggressive steps to spur economic growth.
Opinion: Auto And Bank Bailouts Prove Effective
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
Fed: Consumer Borrowing Sees Strong Growth
Americans increased their borrowing in December for the second straight month
Fed: Interest Rates Won't Rise Until At Least 2014
The Federal Reserve, looking to provide a boost to a modestly growing economy, said Wednesday that it's unlikely to raise interest rates before late 2014.
Federal Reserve To Deliver Announcement After Policy Meetings
Policy deciders at the Federal Reserve are expected to announce Wednesday afternoon whether the central bank will make moves to stimulate the economy.
Fed To Investors: Interest Rates To Stay Low
The Federal Reserve says it will likely keep interest rates at record lows for the next two years after acknowledging that the economy is weaker than it had thought, with increasing risks.
BBB Warns Of New E-mail Scam Claiming To Be From The Federal Reserve
A new e-mail claiming to be from the Federal Reserve is hitting corporate in boxes around the country seeking to infect computers with malware. The Better Business Bureau of Detroit and Eastern Michigan is alerting businesses not to fall for this phishing attack.
Federal Reserve To Address Inflation, Interest Rates
The Federal Reserve sizes up the economy in a two-day policy meeting which concludes Wednesday.
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Boil water advisory lifted for Wayne, parts of Romulus, Westland and Inkster
The Great Lakes Water Authority issued the advisory Friday afternoon due to pressure loss in the cities.
Tentative debt ceiling deal reached to avert default
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton, Texas attorney general, impeached by state House
Ken Paxton will be immediately suspended pending a Senate trial.
Hurricanes and climate change: What's the connection?
Science tells us there's a connection between hurricanes and climate change. But how strong is it? And what can we expect for the future?
Michigan Humane supports proposed bill banning cat declawing
Michigan lawmakers are considering a bill that would ban cat declawing in the state. Opponents of the bill said the decision to declaw should be left to pet owners and their vets, while supporters said the bill would prevent unnecessary harm to cats.
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Boil water advisory lifted for Wayne, parts of Romulus, Westland and Inkster
The Great Lakes Water Authority issued the advisory Friday afternoon due to pressure loss in the cities.
Tentative debt ceiling deal reached to avert default
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton, Texas attorney general, impeached by state House
Ken Paxton will be immediately suspended pending a Senate trial.
Hurricanes and climate change: What's the connection?
Science tells us there's a connection between hurricanes and climate change. But how strong is it? And what can we expect for the future?
Michigan Humane supports proposed bill banning cat declawing
Michigan lawmakers are considering a bill that would ban cat declawing in the state. Opponents of the bill said the decision to declaw should be left to pet owners and their vets, while supporters said the bill would prevent unnecessary harm to cats.
Automotive News
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City leaders preview Chevrolet Detroit Grand Prix
City leaders came together for a news conference Thursday to share the excitement around the event.
Ford decides to keep AM radio on 2024 models, will restore AM on two electric vehicles from 2023
Owners of new Ford vehicles will be able to tune in to AM radio in their cars, trucks and SUVs after all.
Ford's Farley: Cut costs, improve quality and boost margins through software and services
Ford CEO Jim Farley says his company is remaking itself by cutting costs, raising quality and offering software, services and new vehicles that will make profit margins among the best in the industry.
Ford says it will stop competing in over-served markets, won't be all things to all people
Ford CEO Jim Farley says the company will stop competing in over-served market segments and instead will place big bets on connected vehicles and digital services.
General Motors recalls 668,000 SUVs due to anchor bars that may prevent child seats being installed
General Motors is recalling more than 668,000 small SUVs in the U.S. because owners may not be able to hook child seats to the anchors.
Entertainment News
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Detroit Symphony Orchestra performs tribute to Aretha Franklin
"Respect: A Tribute to Aretha Franklin," commemorates 25 years since the "Queen of Soul" performed with the DSO over three nights around Thanksgiving 1998.
Rock band Protomartyr speaks on upcoming 6th album
Rock band Protomartyr, which formed in Detroit more than 10 years ago, will debut its 6th album, "Formal Growth in the Desert," on June 2.
Celine Dion cancels remaining tour dates for health reasons
The already postponed shows were set to begin in August in the Netherlands and continue into spring 2024.
Janet Jackson wows fans at the "Together Again" tour stop in Detroit
In addition to her iconic catalog, fans say they also come to show off their Janet-inspired looks.
5th Annual Detroit Diaspora Day Party kicks off this weekend
Sunday, May 28, marks the annual Detroit Diaspora Day Party, highlighting the diversity of the city's artistic and cultural communities.
National News
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Tentative debt ceiling deal reached to avert default
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton, Texas attorney general, impeached by state House
Ken Paxton will be immediately suspended pending a Senate trial.
Hurricanes and climate change: What's the connection?
Science tells us there's a connection between hurricanes and climate change. But how strong is it? And what can we expect for the future?
Denny Stolz, former Michigan State football coach, dies at 89
Former Michigan State football coach Denny Stolz has died.
Debt ceiling deadline is now June 5, Yellen says
Time is running short for House Republicans and the White House to reach an agreement on the debt ceiling to avoid default.
Health News
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Adderall shortage leaves some waiting months for refills
Adderall prescriptions are becoming hard to fill leaving many patients scrambling to find a pharmacy to fill the order.
CDC investigates six-state salmonella outbreak linked to cookie dough
At least 18 people have contracted salmonella, which the CDC has linked to cookie dough sold by Papa Murphy's.
Michigan hospitals respond to shortage of chemotherapy drugs
In recent months some oncologists have been scrambling to find Cisplatin and Carboplatin, used to treat a variety of cancers.
Mental health: Importance of having open conversations
Many companies are trying to shed more light on mental health awareness in the workplace.
FDA advisers vote in support of RSV vaccine to protect newborns
The US Food and Drug Administration's independent vaccine advisers voted Thursday in favor of recommending approval of a new vaccine to protect infants from respiratory syncytial virus, known as RSV.
Sports News
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Denny Stolz, former Michigan State football coach, dies at 89
Former Michigan State football coach Denny Stolz has died.
Suspended Lions WR Jameson Williams says he wasn't aware of NFL rules on gambling he violated
Detroit Lions receiver Jameson Williams, suspended for the first six games of the season, said he was unaware of the NFL gambling policy that he violated.
Faedo fans a career-best 10, helping Tigers to a 7-2 win over White Sox
Alex Faedo struck out a career-high 10 batters in six innings and the Detroit Tigers beat the Chicago White Sox 7-2.
A family affair at Golf Tech in Novi
With more than 30 years of experience, Golf Tech is a retail store that offers custom clubs and equipment repair.
NCAA survey suggests widespread teen sports-gambling problem
A majority of underage gamblers typically bet between $1 and $50 but lose between $10 and $300 a day, the survey found.
Michigan Matters
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Michigan Matters - Big 3 county executives weigh in, plus roundtable on politics
The three leaders appeared in the Memorial Day weekend show with Carol Cain, Senior Producer/Host, and talked about regional transit, the mental health crisis enveloping the state and country, and workforce development.
Michigan Matters - Mayor Duggan updates tidings of Motor City, chairman Bud Denker previews Detroit Grand Prix
The focus was on major events coming to the Motor City as Detroit Mayor Mike Duggan and Chevrolet Detroit Grand Prix presented by Lear chairman Bud Denker appear on CBS Detroit's Michigan Matters to discuss the upcoming race and more.
Michigan Matters - The electrifying future of Ford, ONE and roundtable discussion
Mujeeb Ijaz, founder and CEO of Our Next Energy (ONE) brought his EV battery-making start-up company to Metro Detroit from Silicon Valley two years ago, and it has grown dramatically since.
Michigan Matters - Doug Meijer & BAMF Health Fighting Cancer, plus roundtable discussion
Grand Rapids philanthropist Doug Meijer appears with Dr. Anthony Chang, founder and CEO of BAMF Health, on CBS Detroit's Michigan Matters.
Michigan Matters - Brenda Lawrence's new gig, mental health across the region and roundtable discussion
Former Congresswoman Brenda Lawrence surprised many when she opted not to seek re-election last year.
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NEXT Weather Forecast May 28, 2023 (Tonight)
Heat climbs this week and sunny skies continue. Meteorologist Ahmad Bajjey shows us when we could near 90 degrees.
Eye on Detroit: America's War Dogs
Ahead of Memorial Day, we want to honor our nation's heroes, including some many may not have heard of. For this Eye on Detroit, we take a look at America's war dogs.
Michigan Humane supports proposed bill banning cat declawing
Michigan lawmakers are considering a bill that would ban cat declawing in the state. Opponents of the bill said the decision to declaw should be left to pet owners and their vets, while supporters said the bill would prevent unnecessary harm to cats.
Detroit Symphony Orchestra performs tribute to Aretha Franklin
"Respect: A Tribute to Aretha Franklin," commemorates 25 years since the "Queen of Soul" performed with the DSO over three nights around Thanksgiving 1998.
Michigan State Police brace for influx of travel during Memorial Day weekend
This weekend, millions will join in on the Memorial Day weekend fun. AAA predicts more than 1.2 million Michigan residents will travel for the extended holiday weekend.