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.
Watch CBS News
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.
A Michigan woman convicted of animal neglect was sentenced to 92 days in jail more than a year after three dozen dogs and cats were removed from her home.
The suspected gunman was found dead in the school from a "self-inflicted injury," Canadian police said.
A federal grand jury refused to indict six Democrats who drew President Trump's ire by taping a video telling members of the military that they must reject "illegal orders," three sources told CBS News.
The GameAbove Sports Bowl, which is hosted annually by Ford Field, will be canceled ahead of the 2026 season, the venue announced on Tuesday.
Residents and business owners in St. Clair Shores, Michigan, near 11 Mile Road and Little Mack, experienced a rare weather phenomenon on Tuesday
Michigan Governor Gretchen Whitmer and Ontario Premier Doug Ford say they expect the bridge to still open on time.
Residents and business owners in St. Clair Shores, Michigan, near 11 Mile Road and Little Mack, experienced a rare weather phenomenon on Tuesday
A judge on Tuesday ordered four people to stand trial more than a year after a hyperbaric chamber explosion in Troy, Michigan, killed a 5-year-old boy.
The Detroit Tigers announced Tuesday that they signed Justin Verlander, a 42-year-old free agent, to a one-year, $13 million deal.
A Michigan woman convicted of animal neglect was sentenced to 92 days in jail more than a year after three dozen dogs and cats were removed from her home.
Union Vice President Laura Dickerson confirmed that the worker, TJ Sabula, "has no discipline on his record."
Some General Motors employees are taken aback by this year's profit-sharing checks, with it being $4,000 less than the previous one.
While many assume a "harsh" winter, or this bone-chilling, sustained cold, is the enemy of asphalt, the real culprit is temperature fluctuation.
In Metro Detroit, drivers are paying about $2.90 per gallon, which is 2 cents less than last week and 29 cents less than at the same time last year.
The winter storm that brought snow to Southeast Michigan on Sunday didn't stop car enthusiasts from leaving their homes for the final day of the 2026 Detroit Auto Show.
For the first time, a major U.S. automaker is putting a team up against the European giants of Formula One. Can Cadillac be a contender?
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny took the stage at halftime for the 2026 Super Bowl. Here's who else performed at Super Bowl 60.
Lead singer and frontman Dee Snider said he suffers from degenerative arthritis and has had several surgeries over the years.
Michigan Governor Gretchen Whitmer and Ontario Premier Doug Ford say they expect the bridge to still open on time.
FBI Director Kash Patel posted videos of a person outside the home of Nancy Guthrie, the mother of Savannah Guthrie, on the morning of her disappearance.
The Trump administration has filed lawsuits against 24 states in an effort to obtain their voter rolls.
A fight broke out between the Detroit Pistons and Charlotte Hornets in the third quarter of Monday night's game, and four players were ejected.
Cade Cunningham had 33 points and nine rebounds, and the Detroit Pistons hung on to beat Charlotte 110-104 on Monday night, snapping the Hornets' nine-game winning streak in a wild game that included a fight and four player ejections.
Officials announced eligibility for mothers and babies in the city of Detroit.
Two Metro Detroit representatives are among those sponsoring a bill that calls for a 32% tax on any wireless device purchased for someone age 17 and younger.
The Oakland Community Health Network will now be taking over that responsibility amidst a financial dispute between the two organizations.
Legionella testing at Oakland County government facilities has detected the bacteria in the water systems of two additional buildings.
When the temperatures plummet, and the snow starts piling up, most of us have the same instinct: retreat indoors, crank up the heat, and get cozy.
The GameAbove Sports Bowl, which is hosted annually by Ford Field, will be canceled ahead of the 2026 season, the venue announced on Tuesday.
The Detroit Tigers announced Tuesday that they signed Justin Verlander, a 42-year-old free agent, to a one-year, $13 million deal.
A fight broke out between the Detroit Pistons and Charlotte Hornets in the third quarter of Monday night's game, and four players were ejected.
Cade Cunningham had 33 points and nine rebounds, and the Detroit Pistons hung on to beat Charlotte 110-104 on Monday night, snapping the Hornets' nine-game winning streak in a wild game that included a fight and four player ejections.
Tracy Scroggins, who had 60 1/2 sacks in 10 seasons as a playmaking defensive end for the Detroit Lions, has died. He was 56.
The roundtable discusses the impact of the high-profile game for advertisers, including Detroit-based Rocket and Redfin.
Could a new entertainment tax and a new sales tax be ahead for the Motor City?
As the 2026 Detroit Auto Show wraps up Sunday, the roundtable discusses the signature event and standout moments from the past two weeks.
Penske and Reuss address a wide range of critical issues for Detroit, Michigan and the nation.
Huntington Place CEO Bryan Crowe and his team have been preparing to welcome hundreds of thousands of visitors to the Detroit Auto Show this week.
A suspected frost quake near St. Clair Shores damaged the tile floor of a 7-Eleven store.
A statewide ban on student use of cell phones during K-12 class time has been approved, with Gov. Gretchen Whitmer signing the legislation Tuesday in Lansing.
FBI Director Kash Patel posted videos of a person outside the home of Nancy Guthrie, the mother of Savannah Guthrie, on the morning of her disappearance.
The conversation surrounding President Trump's threats to block the Gordie Howe International Bridge from opening continues to generate reactions from Canadian and U.S. politicians alike.
The assault happened around 4:30 a.m. Tuesday at a Sunoco gas station on Joy Road near Greenfield Road. Detroit police say a man had parked his Jeep Compass at the gas station, went inside the building, and found someone inside his vehicle when he went back outside.