Fed hikes interest rates to highest level in more than 20 years
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
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Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
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.
Sen. Gary Peters told Defense Secretary Pete Hegseth at a Senate hearing that he bears personal responsibility for the lack of a winning strategy in the ongoing war with Iran.
A generic version of the allergy medication Zyrtec is under recall across the U.S. over cross-contamination concerns.
Michigan's average price for a gallon of regular unleaded gas has spiked 24 cents in the past week and a half, according to AAA.
The number of cyclosporiasis cases in Michigan has topped 7,100 as health officials continue to track a parasite that can cause diarrhea and nausea.
Rising gas prices, an unpopular war in Iran, and auto industry tariffs have fueled Republican concerns in Michigan ahead of the state's Aug. 4 primary.
The number of cyclosporiasis cases in Michigan has topped 7,100 as health officials continue to track a parasite that can cause diarrhea and nausea.
Rising gas prices, an unpopular war in Iran, and auto industry tariffs have fueled Republican concerns in Michigan ahead of the state's Aug. 4 primary.
Trump accused Canada of unfairly discriminating against U.S. automobiles, alcohol and dairy products, escalating tensions with one of its closest allies.
Sen. Gary Peters told Defense Secretary Pete Hegseth at a Senate hearing that he bears personal responsibility for the lack of a winning strategy in the ongoing war with Iran.
A generic version of the allergy medication Zyrtec is under recall across the U.S. over cross-contamination concerns.
Many newer vehicles are equipped with high-efficiency cabin air filters capable of capturing a significant amount of fine particulate matter.
Lawmakers in Michigan are working to push legislation that would stiffen penalties on noisy vehicles with exhaust modifications.
As the United States marks its 250th birthday, Ford Motor Company is showcasing more than a century of automotive history in a new exhibit that explores the company's role in shaping America.
The Detroit Auto Show has spent more than a century evolving alongside the auto industry. It has grown from a small, local exhibition into one of the world's premier automotive events.
The Pontiac Star Car Reunion at the Oakland Expo Center features a wide range of vehicles.
Behind every video is a true family effort.
Concerns surrounding air quality are prompting event organizers across Metro Detroit to make adjustments to their festivities or cancel altogether.
The few who aren't open for business on Thursday say it's out of concern for their employees' health and to protect their art.
Bonnie Tyler, the Welsh pop star best known for singing the chart-topping power ballad "Total Eclipse of the Heart" in 1983, has died. She was 75.
The nominations for the 78th annual Primetime Emmy Awards were announced Wednesday morning in Los Angeles, with the final season of HBO Max's "Hacks" setting a new record for the most nominations in a single year for a comedy series.
Sen. Gary Peters told Defense Secretary Pete Hegseth at a Senate hearing that he bears personal responsibility for the lack of a winning strategy in the ongoing war with Iran.
A generic version of the allergy medication Zyrtec is under recall across the U.S. over cross-contamination concerns.
Rising gas prices, an unpopular war in Iran, and auto industry tariffs have fueled Republican concerns in Michigan ahead of the state's Aug. 4 primary.
The continuing resolution would fund the federal government until Dec. 4. It now heads to the Senate, where it could face obstacles.
Trump accused Canada of unfairly discriminating against U.S. automobiles, alcohol and dairy products, escalating tensions with one of the United States' closest allies.
A generic version of the allergy medication Zyrtec is under recall across the U.S. over cross-contamination concerns.
The number of cyclosporiasis cases in Michigan has topped 7,100 as health officials continue to track a parasite that can cause diarrhea and nausea.
The number of cyclosporiasis cases in Michigan continues to grow in the hundreds each day as health officials track a parasite that can cause diarrhea and nausea after contaminated food is eaten.
While the U.S. Food and Drug Administration is still working to identify the source of a parasite that has caused a cyclosporiasis outbreak, a Michigan doctor says officials are closer than you think to solving the case.
The number of cyclosporiasis cases in Michigan continues has topped 6,100 as an investigation into the origin of the parasite in the food supply continues.
Chicago collected 11 hits while improving to 23-10 in its last 33 games, bouncing back nicely after losing 8-6 in 10 innings in the series opener on Monday night.
U-M President Domenico Grasso announced Monday that Manuel will leave the role by the end of the year, as a third-party culture review found failures to act on allegations of wrongdoing within the athletic department.
A Detroit nonprofit's annual summer celebration was in jeopardy after 400 pairs of shoes were stolen from its warehouse. Thanks to the community, Hoopfest was able to move forward.
Ryan Johnson struck out five and allowed one run in five solid innings, Jorge Soler and Zach Neto delivered RBI hits and the Los Angeles Angels snapped a four-game skid with a 3-2 win over the Detroit Tigers.
Spain dominated the match, outshooting Argentina 20-3, but couldn't manage a goal in regulation — finally scoring in the second period of extra time.
The conversation turns to rising auto insurance rates across Michigan and new legislative bills in Lansing that would help stem the tide.
The Democratic side of the aisle had an intriguing development earlier this week when state Rep. Mallory McMorrow suddenly dropped out of the contest
Former NBA All-Star/entrepreneur Jalen Rose, DTE's Trevor Lauer and Oakland University president Ora Hirsch Pescovitz headline an all-star Michigan Matters episode.
Mark Hollis, COO of Rocket Entertainment and tournament director of the PGA Tour's Rocket Classic, appears on Michigan Matters.
Former U.S. Energy Secretary and Michigan Gov. Jennifer Granholm appears exclusively on CBS Detroit's Michigan Matters.
Detroit police say a Troy man lied about being carjacked when his 7-month-old child was still in the car.
The number of potential cases of a parasite that causes an intestinal ailment known as cyclosporiasis continues to spike in Michigan and other states. CBS News Detroit reports on challenges that Southeast Michigan patients have found with getting testing, and a backlog in lab results with the rush of requests.
U.S. Department of Health and Human Services Secretary Robert F. Kennedy Jr. made his first public comment on the growing cyclosporiasis outbreak in Michigan and other states on Tuesday, declaring it under control and denying that cutbacks to monitoring activities have hurt U.S. food safety.
Defense Secretary Pete Hegseth told lawmakers Tuesday the U.S.-Iran war has cost about $37.5 billion so far, as the Trump administration asks Congress to approve additional Pentagon funding. CBS News has this report.
Three people were shot on Detroit's east side. A joint U.S.-Canada event to celebrate the Gordie Howe Bridge will not take place on Friday. Those headlines and other top stories are in the CBS Detroit news brief.