Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
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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.
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.
The Monroe County Sheriff's Office is urging people never to point a laser at an aircraft after a reported laser strike in Bedford Township, Michigan, on Sunday.
Hot and humid conditions arrive quickly in Southeast Michigan on Monday with highs in the upper 80s to low- to mid-90s and heat indices briefly exceeding 100 degrees in the afternoon, especially west of Interstate 75.
Rescue efforts continue in Venezuela after two massive earthquakes struck the country on Wednesday. In Metro Detroit, organizations and businesses are coming together to help those impacted.
The Detroit Tigers were bested by the Astros 7-5 on Sunday at Comerica Park after Houston's Christian Walker hit a three-run homer during a four-run 10th inning for the visitors.
A girl is dead after going underwater in the Detroit River by Maheras-Gentry Park on the east side of Detroit Saturday night, according to police.
Hot and humid conditions arrive quickly in Southeast Michigan on Monday with highs in the upper 80s to low- to mid-90s and heat indices briefly exceeding 100 degrees in the afternoon, especially west of Interstate 75.
Michigan State Police personnel are investigating after the body of a newborn baby was found in a restroom at the Electric Forest festival on Sunday morning.
A girl is dead after going underwater in the Detroit River by Maheras-Gentry Park on the east side of Detroit Saturday night, according to police.
Rescue efforts continue in Venezuela after two massive earthquakes struck the country on Wednesday. In Metro Detroit, organizations and businesses are coming together to help those impacted.
The Monroe County Sheriff's Office is urging people never to point a laser at an aircraft after a reported laser strike in Bedford Township, Michigan, on Sunday.
The Pontiac Star Car Reunion at the Oakland Expo Center features a wide range of vehicles.
President Trump says major automakers Ford and General Motors are in talks with defense contractors about possibly repurposing some plants for weapons production.
According to AAA, the average cost of gas statewide sits at $4.07.
Ford is recalling more than 250,000 vehicles that were incorrectly repaired under a previous recall meant to fix a problem that caused the engine to stall while driving, according to the National Highway Traffic and Safety Administration.
The United Auto Workers announced on Wednesday a tentative agreement with American Axle in Three Rivers, Michigan, ending a 10-day strike.
Grammy Award-winning rapper and recording artist Ludacris won't be performing at the National Cherry Festival in Traverse City, Michigan, after initially being billed for the event due to an "unforeseen scheduling conflict," according to organizers.
National Detroit-style Pizza Day is June 23, a date tied to a dish that traces its roots to a Detroit neighborhood bar and a Sicilian family recipe from 1946.
Crews have been preparing all morning, getting everything ready for the show just after 10 p.m.
Clive Davis helped shape the careers of music stars including Janis Joplin, Bruce Springsteen and Whitney Houston.
Claude Guillemot and a flight instructor were flying in a twin-motor Cessna 421 on Friday evening. An investigation into the crash is underway.
An Equal Rights Amendment to the U.S. Constitution – guaranteeing rights to all Americans regardless of sex – was first proposed to Congress in 1923. More than a century later, the ERA still has not become a formal part of our nation's bedrock of laws.
Americans weighed in on what's best about the U.S., its greatest invention, most representative food and more in latest CBS News poll.
Anthony Cohen has spent his life bringing attention to the Underground Railroad, secret routes once used by enslaved people seeking freedom.
President Trump on Saturday said he has nominated Lance Schroyer to be the next director of U.S. Immigration and Customs Enforcement.
Keider Montero and Emmanuel De Jesus combined for a five-hitter while both Venezuelans wore hats embroidered with "VZ" after this week's earthquakes, and the Detroit Tigers beat the Houston Astros 8-0 on Friday night.
A Detroit grandmother dedicated to honoring her daughter's memory needs the public's help. After starting a transportation business to support her family, her vehicle is breaking down and she needs a new one to continue the service.
State officials have taken over the investigation into one death and hospitalizations among patients who received dialysis treatment in Southeast Michigan.
Five of the twelve organizations receiving these opioid settlement funded grants are located in Southeast Michigan.
The death of one dialysis patient and hospital treatment for five others are under scrutiny in the Novi area.
Michigan Gov. Gretchen Whitmer named a new acting director of the Michigan Department of Health and Human Services ahead of current Director Elizabeth Hertel's departure.
The Detroit Tigers were bested by the Astros 7-5 on Sunday at Comerica Park after Houston's Christian Walker hit a three-run homer during a four-run 10th inning for the visitors.
Isaac Paredes hit a two-run double in the eighth inning and the Houston Astros spoiled their former manager's opportunity at a milestone victory by rallying for an 8-6 win over the Detroit Tigers.
Keider Montero and Emmanuel De Jesus combined for a five-hitter while both Venezuelans wore hats embroidered with "VZ" after this week's earthquakes, and the Detroit Tigers beat the Houston Astros 8-0 on Friday night.
Five-time Olympian Hilary Knight signed a two-year contract extension with her new PWHL expansion team in Detroit, securing her through the 2028-29 season.
Tatsuya Imai struck out 10 in six scoreless innings and Taylor Trammell homered to lead the Houston Astros to a 2-1 victory over the Detroit Tigers on Thursday night.
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.
We're in the throes of the 100 most dangerous driving days of the year as more folks take to the road for vacations.
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.
A girl is dead after she went underwater in the Detroit River on Saturday night, the body of a newborn was found at the Electric Forest festival in West Michigan and other top stories for the evening of June 28, 2026.
Sterling Heights Mayor Michael Taylor wants state lawmakers to change laws surrounding fireworks. He says cities need more authority over how they're enforced.
Metro Detroit residents are coming together to raise money and collect donations for people in Venezuela impacted by the earthquakes that rocked the country on Wednesday. Many of them still have family living there. CBS News Detroit's Veronica Ortega reports.
An Extreme Heat Watch starts Tuesday at noon
Police say a girl is dead after she went underwater in the Detroit River by Maheras-Gentry Park on Detroit's east side Saturday night.