First inflation report under new Fed chief shows prices still rising
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
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The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
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.
An Italian citizen was arrested after he crossed the international border into the United States from Canada by kayak, the U.S. Border Patrol said.
The motorcyclist was taken to a local hospital, where he later died from his injuries, police said.
A total of eight vehicles were involved in the series of collisions Sunday night at Telegraph Road and Five Mile Road, police said.
The fire was reported at about 7:40 a.m. Monday in the 4300 block of Cicotte Street, near Michigan Avenue.
The Trump administration on Monday announced it is seeking to revoke the citizenship of 17 U.S. citizens accused of immigration fraud.
A total of eight vehicles were involved in the series of collisions Sunday night at Telegraph Road and Five Mile Road, police said.
The fire was reported at about 7:40 a.m. Monday in the 4300 block of Cicotte Street, near Michigan Avenue.
Gas prices continue to decline in Michigan, with the state average for regular unleaded now at $4.17 per gallon.
An Italian citizen was arrested after he crossed the international border into the United States from Canada by kayak, the U.S. Border Patrol said.
The motorcyclist was taken to a local hospital, where he later died from his injuries, police said.
American Axle, which is headquartered in Detroit, is a Tier 1 supplier to General Motors. UAW members have launched a strike at its Three Rivers site.
The UAW became known for fighting for higher wages, improved benefits and safer working conditions for workers across the auto industry.
Stellantis unveiled a nearly $70 million five-year strategic plan with the launch of new vehicles — including hybrids and EVs — over the next five years.
From classic cruisers to new memories still being made, the Woodward Dream Cruise remains a celebration of Michigan's automotive culture.
If you are planning a road trip for Memorial Day weekend, remember that the cost of gas this year is noticeably higher than last year.
Joe Negri, known to many as Handyman Negri on "Mr. Rogers' Neighborhood," has died at the age of 99, just days shy of his 100th birthday.
Stephen Colbert, former host of "The Late Show," is helping raise money for the Michigan nonprofit Monroe Community Media after appearing on a broadcast of the organization's community access program "Only in Monroe" earlier this month.
President Trump said he is considering replacing the Freedom 250 concert series with a rally after many artists dropped out.
Sonny Rollins, the legendary tenor saxophonist known for his bold tone and constant experimentation, has died at 95.
For three days, Detroit is the epicenter of techno music with this Memorial Day weekend tradition, and the music lovers made sure to attend the final day of the Movement Festival on Monday.
The Trump administration on Monday announced it is seeking to revoke the citizenship of 17 U.S. citizens accused of immigration fraud.
The lawsuit calls the event "deeply corrupt" and argues that it seeks to enrich the president and his allies and lacks proper authorization.
With the unemployment rate for young workers about twice as high as the national average, "Sunday Morning" talks with recent graduates from across the country about how AI is affecting both their prospects and the hiring process itself.
Golden Tempo made Cherie DeVaux the first woman to train a Kentucky Derby winner and the second woman to train a Belmont Stakes winner.
Police in Toledo, Ohio, reported that there were believed to be at least two shooters. No suspects have been arrested.
Now out of the hospital, Tavaun Clark says he's focused on recovering and getting back to what he loves most, playing football this summer.
According to the U.S. Attorney's Office, the two people are accused of providing federal authorities with false statements after arriving at the McNamara Terminal on Jan. 25, 2026.
West Nile virus has been detected among mosquitoes in two locations near Grand Rapids, the Kent County Health Department said.
A Northville dentist is facing 43 felony charges in an alleged Medicaid fraud scheme.
Michigan lawmakers are considering bills to allow doctors to prescribe life-ending medication to terminally ill patients.
Denny Hamlin went from the rear to first again Sunday, winning at Michigan International Speedway to earn his second consecutive NASCAR Cup Series victory from the pole position.
Kevin McGonigle homered in the fourth inning and hit a two-run single off All-Star closer Andrés Muñoz with two outs in the bottom of the ninth that gave the Detroit Tigers a 5-4 victory over the Seattle Mariners.
Detroit Tigers ace Tarik Skubal pitched five scoreless innings Sunday in the two-time Cy Young Award winner's first minor league rehabilitation appearance since undergoing elbow surgery last month.
In his fourth major final, Alexander Zverev beat Flavio Cobolli 6-1, 4-6, 6-4, 6-7 (5), 6-1 for the French Open title on Sunday.
Carson Hocevar used to regularly attend Cup races at Michigan International Speedway as a fan, hoping to see a victory by his favorite driver, Dale Earnhardt Jr. Now the Spire Motorsports driver can inspire the next generation as a home state favorite on the 2-mile oval.
Four leaders appear in one-on-one conversations on CBS Detroit's Michigan Matters this Sunday to discuss their political futures and the road ahead in the 2026 midterms.
Bob Riney, president and CEO of Henry Ford Health, headlines Michigan Matters this Sunday, along with three other community champions who discuss important issues dissected at the Mackinac Policy Conference.
It's the fourth year the Detroit Grand Prix has been on the streets of the Motor City after moving from Belle Isle.
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.
A total of eight vehicles were involved in the series of collisions, which happened about 11 p.m. at the area of Telegraph Road and Five Mile Road, the Redford Township Police Department said.
Four people were injured, with two of them taken to area hospitals, in the aftermath of an apartment building fire on Monday in Detroit, the Detroit Fire Department reported.
The historic Smithsonian Castle in Washington, D.C., is temporarily open for the public to visit with a special exhibit honoring America's 250. CBS News has this report.
The Palisades Fire in January 2025 left 12 people dead and burned thousands of homes and buildings in California. A trial in the case against a suspect is set to begin.
The Toledo community responds after a shooting near a weekend festival injures 12. Rochester is considering an e-bike ordinance. Those headlines, other top stories and weather are in the CBS Detroit news brief.