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.
Federal Reserve
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.
Fed To Buy $600B In Bonds To Aid Economy
Stocks Rise On Hopes Of Fed Move, Dow Breaches 11k
Dollar Tumbles Broadly As Fed Moves Expected
CBS News Detroit — Watch Live 24/7
Latest News
One killed, dozens hurt when theatre roof collapses in Illinois
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
Helping Handzzz package thousands of donated homemade meals for homeless
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.
Rockets snap 7-game skid by beating Pistons 121-115
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.
Michigan Brandon Naurato promotes to full-time head hockey coach
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.
Uncovering a treasure trove: The best of CBS News Detroit from March 27-31
Here are some of the best stories from the CBS News Detroit team this week:
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One killed, dozens hurt when theatre roof collapses in Illinois
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
What happens now that Trump has been indicted?
Here is what is likely to come next, according to a former prosecutor and the typical process for criminal defendants in New York.
Trump "upset" and "angry" but "not worried" about indictment, attorney says
A New York grand jury has voted to indict former President Donald Trump.
Helping Handzzz package thousands of donated homemade meals for homeless
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.
Rockets snap 7-game skid by beating Pistons 121-115
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.
Automotive News
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UAW holds first day of 2023 special bargaining convention
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.
Ford's Tenn. plant could make 500K electric pickups per year
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.
GM to stop making the Camaro but a successor may be in works
General Motors, which sells the brawny muscle car, said Wednesday it will stop making the current generation early next year.
Cruise wants to test self-driving vehicles across California
General Motors' Cruise autonomous vehicle unit on Monday asked California for permission to test the cars across the entire state.
Ford Woodhaven Stamping Plant honors Rosie the Riveter
Women are carrying a big part of the load in the tool and die department at the Ford Woodhaven Stamping Plant.
Entertainment News
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Rock 'n' Roll legend Kiss adds Detroit show to The End of The Road Tour
The concert is scheduled for 7:30 p.m. on Friday, Oct. 20, at the Little Caesars Arena.
Michigan Matters: Talking with Two Detroit Legends, Helping the Community
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
Metro Detroit musician is on a mission to inspire metro youth
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.
Gwyneth Paltrow not responsible for ski crash, jury finds in civil trial
Retired optometrist Terry Sanderson had sued the actress for more than $300,000 over a 2016 collision on a ski slope.
Motown singer Martha Reeves raising $55K for Hollywood Hall of Fame star
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.
National News
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One killed, dozens hurt when theatre roof collapses in Illinois
Belvidere Police Chief Shane Woody described the scene after the collapse as "chaos, absolute chaos."
U.S. reporter's arrest likely "approved at the highest levels in Moscow," ex-ambassador says
Former U.S. Ambassador to Moscow John Sullivan warned that Evan Gershkovich, who was arrested on espionage charges, faces a tough fight ahead.
At least 3 killed, dozens hurt as powerful storm system hits several states
More than 85 million people were under weather advisories as a monster storm system tore through the South and Midwest.
Chat GPT wrote a letter to get a college student out of a parking ticket
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.
Trump "upset" and "angry" but "not worried" about indictment, attorney says
A New York grand jury has voted to indict former President Donald Trump.
Health News
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Detroit clinic speaks on ruling to strike down ACA preventative care mandate
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.
Millions are about to lose Medicaid. Here's why — and what to do.
For the first time in three years, states will check if people enrolled in the health care program still qualify. Many don't.
DEA issues warning about drugs used to make fentanyl even deadlier
The DEA has issued a public safety alert about an increase in reports of fentanyl being laced with a sedative used for animals.
Royal Oak pediatric diabetes nurse shares special connection with her patients
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.
FDA sketches out plan to bolster fragile US infant formula supply management
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.
Sports News
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Rockets snap 7-game skid by beating Pistons 121-115
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.
Michigan Brandon Naurato promotes to full-time head hockey coach
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 hires Robyn Fralick as coach
Michigan State women's basketball hired Bowling Green State University's Robyn Fralick as head coach, the school announced Friday.
Michigan center Hunter Dickinson enters the transfer portal
The 7-foot-1, 260-pound Dickinson led the Wolverines with 18.5 points and nine rebounds per game last season as a junior.
Urban Hockey Foundation bringing hockey from Detroit to Africa
The Urban Hockey Foundation, a Detroit-based nonprofit, is growing hockey at a grassroots level and bringing the game to Africa.
Michigan Matters
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Michigan Matters: Talking with Two Detroit Legends, Helping the Community
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
Michigan Matters: Closing Out Women's History Month with Two Sports Superstars
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.
Michigan Matters: Celebrating First Lady Betty Ford & Bavarian Inn's Dorothy Zehnder
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.
Michigan Matters: Star Trek's William Shatner, Auto Icon Bob Lutz, ONE's Mujeeb Ijaz & Dunamis Clean Energy's Natalie King
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.
Michigan Matters: Focus on Jobs and Tree Trimming in Motor City
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.
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Helping Handzzz packages thousands of donated homemade meals for homeless
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.
NEXT Weather Forecast March 31 (Late Night)
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.
Suspect in custody after shooting involving Detroit police
Police say a suspect is in custody Friday night after a shooting involving Detroit police.
Ronnie's Roundup: Fish fry at St. William Parish in Walled Lake
The fish fry run by The St. Williams Dad's Club aims to support activities within the parish.
National Arab American Heritage Month: Looking at the past, present and future
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.