Fed unlikely to cut interest rates until 2027, Bank of America says
A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
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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.
A new report from Realtor.com projects that the housing market will shift in a more buyer-friendly direction in 2026.
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.
The Federal Reserve's September meeting this week is taking place amid the Trump administration's push for the agency to lower interest rates.
The Trump administration wants an appeals court to lift a ruling that blocked President Trump from firing Federal Reserve Governor Lisa Cook before an interest rate meeting next week.
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.
The Federal Reserve said Wednesday it will maintain the benchmark interest rate at its current range of 4.25% to 4.5%
The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.
The Federal Reserve on Wednesday moved to lower its benchmark rate by 0.25 percentage points, but said it plans fewer cuts in 2025.
The Federal Reserve announced a third rate cut today, but also cautioned it expects fewer cuts in 2025.
The Federal Reserve said it is cutting rates by 0.25 percentage points, its second rate cut of the year.
The Federal Reserve announced its second interest rate cut of 2024, but Trump's economic priorities could impact future policy.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.
The Fed has slashed borrowing costs for the first time in more than four years. Here's how that would impact people with credit card balances.
The Average rate for 30-year fixed mortgage now stands at 6.44%, the lowest in 16 months, according to the Mortgage Bankers Association.
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
After years of soaring housing costs, renters are getting some relief as the Federal Reserve looks to extinguish inflation.
Inflation is moving sideways, remaining above 3% for the first three months of 2024. Here's how that could impact your finances.
The Federal Reserve marked its first rate decision of 2024 by keeping its benchmark interest rate unchanged.
If faced with a sudden loss of income, more than half of Americans say they worry they wouldn't have enough savings to cover a month's living expenses.
Two people escaped, but a third person has died, as a result of a house fire in Canton, Michigan.
Frustrations boiled over at Monday night's school board meeting in Pontiac as a consolidation plan to eventually close Owen, Kennedy, and Alcott elementary schools in the next few years passed.
Monday's severe weather caused damage across Metro Detroit, and resulted in some school closings for Tuesday in Macomb County.
José Ramírez homered and hit a two-run double on a 3-for-4 night, and the Cleveland Guardians beat the reeling Detroit Tigers 8-2.
Within hours after an attack on Monday at the Islamic Center of San Diego, Temple Israel in West Bloomfield Township, Michigan, is calling for funding to protect houses of worship after experiencing a similar incident.
Monday's severe weather caused damage across Metro Detroit, and resulted in some school closings for Tuesday in Macomb County.
Frustrations boiled over at Monday night's school board meeting in Pontiac as a consolidation plan to eventually close Owen, Kennedy, and Alcott elementary schools in the next few years passed.
A dreamcatcher that included a monkey skull and python bones was recently confiscated at Detroit Metro Airport.
Two people escaped, but a third person has died, as a result of a house fire in Canton, Michigan.
José Ramírez homered and hit a two-run double on a 3-for-4 night, and the Cleveland Guardians beat the reeling Detroit Tigers 8-2.
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.
Michigan is demanding repayment of $35 million from the American Center for Mobility, a key player in autonomous vehicle development.
A bipartisan bill introduced in Washington, D.C., by Michigan Congresswoman Debbie Dingell and Congressman John Moolenaar would prohibit the importation, manufacture or sale of Chinese cars in the United States.
Michigan's average diesel price on Sunday is $6 — the highest ever recorded by the American Automobile Association.
The three commemorative posters are designed by a featured artist representing one of the three distinct art fairs that come together as one.
The Library of Congress revealed this year's list of 25 recordings to be preserved for future generations on the National Recording Registry.
With summer not far behind, the city of Detroit is preparing for the highly anticipated 2026 Ford Fireworks next month.
Motown may be Detroit's most famous sound, but it's far from the only one.
Gene Simmons visited Detroit Rock City to celebrate the grand opening of a restaurant co-founded by him and his Kiss bandmate Paul Stanley.
José Ramírez homered and hit a two-run double on a 3-for-4 night, and the Cleveland Guardians beat the reeling Detroit Tigers 8-2.
Within hours after an attack on Monday at the Islamic Center of San Diego, Temple Israel in West Bloomfield Township, Michigan, is calling for funding to protect houses of worship after experiencing a similar incident.
Three people were killed in a shooting at the Islamic Center of San Diego, and two suspected shooters were found dead inside a vehicle nearby, police said.
California jury dismissed all charges, finding that Musk missed the three-year statute of limitations to file suit.
The Trump administration announced it's restricting people who don't have U.S. passports from entering the country if they have been in Congo, South Sudan or Uganda amid the Ebola outbreak.
Officials say 21 cases were reported in the state, with 29% of those cases among children.
Michigan has $176 million in opioid settlement funds sitting unused in local government accounts.
Two Michigan health systems and Detroit Public Schools are getting $86.4 million in grants from the Federal Emergency Management Agency for costs that were needed to respond to the COVID-19 pandemic, the agency said.
At least 80 deaths have been reported in a new Ebola disease outbreak in Congo and Uganda, authorities said.
Teen tobacco use in Michigan is rising again, prompting calls for increased prevention spending.
José Ramírez homered and hit a two-run double on a 3-for-4 night, and the Cleveland Guardians beat the reeling Detroit Tigers 8-2.
Sunday's win at Aronimink Golf Club in Newtown Square, Pennsylvania, is only his second PGA tour victory, after winning the 2024 Wyndham Championship.
The Detroit Tigers were defeated by the Blue Jays 4-1 on Sunday after Toronto's Vladimir Guerrero Jr. homered and scored twice, and Kevin Gausman pitched six shutout innings.
A Michigan community college student will be the first female welder to represent the United States at a worldwide competition described as the Olympics of the skilled trades.
The Detroit Pistons and Cleveland Cavaliers will square off for Game 7 of their playoff series on Sunday night with a trip to the Eastern Conference finals on the line.
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.
Life Directions has been helping guide and mentor young people in Detroit.
Robert Costa, the award-winning national correspondent for CBS Sunday Morning and chief Washington analyst for CBS News, talks about Michigan's role in this critical midterm election.
Diallo Smith, CEO of Detroit nonprofit Life Remodeled, talks about its new opportunity hub on the east side of Detroit called Anchor Detroit.
Monday's storms resulted in trees down and power outages in Macomb County. Pontiac school district will close three elementary buildings in a consolidation plan. Those headlines and other top stories are in the CBS Detroit news brief.
Tuesday will be another warm and humid day with a high of 88. This will increase the risk of severe thunderstorms during the afternoon and evening hours. The strongest storms could produce damaging winds, large hail, and isolated tornadoes.
Frustrations boiled over at Monday night's school board meeting in Pontiac as a consolidation plan to eventually close Owen, Kennedy, and Alcott elementary schools in the next few years passed.
Monday's severe weather caused damage and havoc across multiple communities in Metro Detroit.
Officials in the Pontiac School District are expected to vote on a controversial consolidation plan on Monday. If passed, it would place three elementary schools in the district on the chopping block.