
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.
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The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
Inflation's still high, but analysts warn that further rate hikes from the Fed could lead more more banks to topple.
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.
Can the Fed keep raising interest rates and defeat the worst bout of inflation in 40 years without causing a slump?
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
The central bank boosted interest rates for the seventh time this year, which means pricier debt and loans.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
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.
It's never a great time to carry credit card debt. But right now is arguably the worst time.
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 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.
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
Short term interest rates are going up a quarter of a percent.
President Barack Obama is nominating economist Kathryn Dominguez to serve on the Federal Reserve's board of governors.
U.S. stocks surged Thursday after the Federal Reserve unveiled a long-awaited package of aggressive steps to spur economic growth.
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.
Americans increased their borrowing in December for the second straight month
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.
Policy deciders at the Federal Reserve are expected to announce Wednesday afternoon whether the central bank will make moves to stimulate the economy.
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.
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.
The Federal Reserve sizes up the economy in a two-day policy meeting which concludes Wednesday.
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
What first began as an idea in her grandmother's basement, has turned into thousands of homemade meals for the homeless in Detroit, led by The Helping Handzzz founder Nadine Daoud.
Kevin Porter Jr. scored 30 points and Jalen Green added 26 to help the Houston Rockets end their seven-game losing streak with a 121-115 win over the Detroit Pistons on Friday night.
Naurato has led the Big Ten Tournament champion Wolverines to the Frozen Four — in which they play Quinnipiac on April 6 — after being named interim coach in August.
Here are some of the best stories from the CBS News Detroit team this week:
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
Here is what is likely to come next, according to a former prosecutor and the typical process for criminal defendants in New York.
A New York grand jury has voted to indict former President Donald Trump.
What first began as an idea in her grandmother's basement, has turned into thousands of homemade meals for the homeless in Detroit, led by The Helping Handzzz founder Nadine Daoud.
Kevin Porter Jr. scored 30 points and Jalen Green added 26 to help the Houston Rockets end their seven-game losing streak with a 121-115 win over the Detroit Pistons on Friday night.
As electric vehicle production booms for the big three, the United Auto Workers union is looking for a change when it comes to its benefits.
A new Ford assembly plant being built in western Tennessee will be able to build up to 500,000 electric pickup trucks per year at full production, the company said Friday.
General Motors, which sells the brawny muscle car, said Wednesday it will stop making the current generation early next year.
General Motors' Cruise autonomous vehicle unit on Monday asked California for permission to test the cars across the entire state.
Women are carrying a big part of the load in the tool and die department at the Ford Woodhaven Stamping Plant.
The concert is scheduled for 7:30 p.m. on Friday, Oct. 20, at the Little Caesars Arena.
Detroit born actor Tom Selleck, star of "Blue Bloods" and the original "Magnum PI" TV series talks about his illustrious career, his beloved Detroit Tigers and more on "Michigan Matters" airing 8 a.m. Sunday on CBS Detroit
Kid Jay is a rising star in the hip-hop world and recently won a Stellar Award for his song "Glory," with the Detroit Youth Choir.
Retired optometrist Terry Sanderson had sued the actress for more than $300,000 over a 2016 collision on a ski slope.
Legendary Motown singer Martha Reeves is facing a crucial deadline for her to receive a star on the Hollywood Walk of Fame - an honor she was selected for in 2021.
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
Former U.S. Ambassador to Moscow John Sullivan warned that Evan Gershkovich, who was arrested on espionage charges, faces a tough fight ahead.
More than 85 million people were under weather advisories as a monster storm system tore through the South and Midwest.
Millie Houlton said the parking ticket was wrongly issued, but she was going to just pay up. Then, she realized she could ask ChatGPT to dispute it.
A New York grand jury has voted to indict former President Donald Trump.
On Thursday, U.S. District Judge Reed O'Connor declared a portion of the Affordable Care Act requiring insurance companies to cover preventive services without charging patients is unconstitutional.
For the first time in three years, states will check if people enrolled in the health care program still qualify. Many don't.
The DEA has issued a public safety alert about an increase in reports of fentanyl being laced with a sedative used for animals.
Emily Falk works as part of the pediatric diabetes team at Corewell Health's Beaumont Hospital, where they operate one of the most active clinics in the region.
The US Food and Drug Administration announced Tuesday its initial strategy to boost and strengthen the management of the country's supply of infant formula.
Kevin Porter Jr. scored 30 points and Jalen Green added 26 to help the Houston Rockets end their seven-game losing streak with a 121-115 win over the Detroit Pistons on Friday night.
Naurato has led the Big Ten Tournament champion Wolverines to the Frozen Four — in which they play Quinnipiac on April 6 — after being named interim coach in August.
Michigan State women's basketball hired Bowling Green State University's Robyn Fralick as head coach, the school announced Friday.
The 7-foot-1, 260-pound Dickinson led the Wolverines with 18.5 points and nine rebounds per game last season as a junior.
The Urban Hockey Foundation, a Detroit-based nonprofit, is growing hockey at a grassroots level and bringing the game to Africa.
Detroit born actor Tom Selleck, star of "Blue Bloods" and the original "Magnum PI" TV series talks about his illustrious career, his beloved Detroit Tigers and more on "Michigan Matters" airing 8 a.m. Sunday on CBS Detroit
As Women's History Month continues, it's a conversation with two women who dominated their sport on the world's stage as legendary driver Lyn St. James and Olympic Gold Medal Winning Ice Skater Meryl Davis appear on "Michigan Matters" this Sunday to talk about their careers, making it to the top and helping the community.
As Women's History Month continues, it's a "Michigan Matters" spotlight on two dynamic leaders from our state – former First Lady Betty Ford and Dorothy Zehnder, the 101-year-old restaurant owner from Frankenmuth.
It's talk about electrification and our future on "Michigan Matters" as William Shatner, star of the "Star Trek" TV show/movies, Bob Lutz, former Vice Chair of GM, ONE's CEO Mujeeb Ijaz and Dunamis Clean Energy's Natalie King appear on "Michigan Matters" 8 am this Sunday on CBS Detroit.
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.
What first began as an idea in her grandmother's basement, has turned into thousands of homemade meals for the homeless in Detroit, led by The Helping Handzzz founder Nadine Daoud.
A final round of heavy rain and storms will push through, leaving us with a windy Saturday, a calming and clear Saturday night, and a beautiful Sunday ahead.
Police say a suspect is in custody Friday night after a shooting involving Detroit police.
The fish fry run by The St. Williams Dad's Club aims to support activities within the parish.
April is National Arab American Heritage Month and CBS News Detroit's Ahmad Bajjey and Ibrahim Samra sat down with guests to discuss the Arab American culture.