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.
Gas prices continue to decline in Michigan, with the state average for regular unleaded now at $4.17 per gallon.
Iran's military declares a halt to operations as Trump says Israel and Tehran are seeking an "immediate ceasefire" after a major escalation in the 101-day war.
A series of drone incursions into countries neighboring Ukraine and Russia is fueling concern that their four-and-a-half year war could spread.
Family and friends said their final goodbyes to Nicholos Hatcher over the weekend. The 34-year-old was stabbed to death in Livonia, Michigan, on May 28.
A 39-year-old man is dead after a motorcycle crash on a race track at Grattan Raceway in Kent County, Michigan, on Sunday afternoon, the sheriff's office said.
Gas prices continue to decline in Michigan, with the state average for regular unleaded now at $4.17 per gallon.
The NEXT Weather Team is tracking Florida-like humidity and some storm chances for Southeast Michigan this week.
Cpl. George F. Sepsey, who grew up in Croswell, Michigan, is set to be laid to rest over 83 years after he went missing during a World War II battle in Papua New Guinea.
Department of Homeland Security Secretary Markwayne Mullin says his agency is prepared to facilitate trade and travel at the Gordie Howe International Bridge.
Family and friends said their final goodbyes to Nicholos Hatcher over the weekend. The 34-year-old was stabbed to death in Livonia, Michigan, on May 28.
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 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.
Department of Homeland Security Secretary Markwayne Mullin says his agency is prepared to facilitate trade and travel at the Gordie Howe International Bridge.
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.
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.
Israel and Iran traded new strikes overnight, threatening efforts to reach a peace deal. CBS News has this report.
Gas prices in Michigan are still high compared to a year ago, but are down an average 21 cents per gallon compared to last week, AAA says.