
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.
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Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
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.
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.
The Great Lakes Water Authority issued the advisory Friday afternoon due to pressure loss in the cities.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton will be immediately suspended pending a Senate trial.
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 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.
The Great Lakes Water Authority issued the advisory Friday afternoon due to pressure loss in the cities.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton will be immediately suspended pending a Senate trial.
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 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.
City leaders came together for a news conference Thursday to share the excitement around the event.
Owners of new Ford vehicles will be able to tune in to AM radio in their cars, trucks and SUVs after all.
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 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 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.
"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, which formed in Detroit more than 10 years ago, will debut its 6th album, "Formal Growth in the Desert," on June 2.
The already postponed shows were set to begin in August in the Netherlands and continue into spring 2024.
In addition to her iconic catalog, fans say they also come to show off their Janet-inspired looks.
Sunday, May 28, marks the annual Detroit Diaspora Day Party, highlighting the diversity of the city's artistic and cultural communities.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Ken Paxton will be immediately suspended pending a Senate trial.
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?
Former Michigan State football coach Denny Stolz has died.
Time is running short for House Republicans and the White House to reach an agreement on the debt ceiling to avoid default.
Adderall prescriptions are becoming hard to fill leaving many patients scrambling to find a pharmacy to fill the order.
At least 18 people have contracted salmonella, which the CDC has linked to cookie dough sold by Papa Murphy's.
In recent months some oncologists have been scrambling to find Cisplatin and Carboplatin, used to treat a variety of cancers.
Many companies are trying to shed more light on mental health awareness in the workplace.
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.
Former Michigan State football coach Denny Stolz has died.
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.
Alex Faedo struck out a career-high 10 batters in six innings and the Detroit Tigers beat the Chicago White Sox 7-2.
With more than 30 years of experience, Golf Tech is a retail store that offers custom clubs and equipment repair.
A majority of underage gamblers typically bet between $1 and $50 but lose between $10 and $300 a day, the survey found.
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.
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.
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.
Grand Rapids philanthropist Doug Meijer appears with Dr. Anthony Chang, founder and CEO of BAMF Health, on CBS Detroit's Michigan Matters.
Former Congresswoman Brenda Lawrence surprised many when she opted not to seek re-election last year.
Heat climbs this week and sunny skies continue. Meteorologist Ahmad Bajjey shows us when we could near 90 degrees.
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 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.
"Respect: A Tribute to Aretha Franklin," commemorates 25 years since the "Queen of Soul" performed with the DSO over three nights around Thanksgiving 1998.
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.