What Kevin Warsh as new Federal Reserve chair could mean for the economy
The president is turning to a former Fed official as his nominee to replace outgoing Chair Jerome Powell.
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The president is turning to a former Fed official as his nominee to replace outgoing Chair Jerome Powell.
President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Employers across the U.S. added 147,000 jobs in June, while the unemployment rate fell to 4.1%.
Fed Chair Jerome Powell responded with a one-word answer when asked if he'd step down if asked by President-elect Donald Trump.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
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.
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.
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
Personal consumption expenditures increased at the lowest rate in over a year, showing the long run-up in prices is likely ending.
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.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
The top news stories you might not have heard about this week
The Federal Reserve bumped up its most important interest rate another quarter point on Wednesday, its seventh rate hike since late 2015.
The Fed is boosting its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended.
The Federal Reserve Bank of San Francisco apologized Tuesday for a political message posted to the bank's Twitter page.
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.
Traditionally, home equity rises as a mortgage is paid off, but home values continue to plunge since the bubble burst in 2006.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
The crash happened just after 5 p.m. on Saturday in the 1700 block of Pacific Coast Highway, according to police.
Marco Rossi scored with 9.5 seconds left in overtime to help the Vancouver Canucks beat Anaheim 4-3 on and prevent the Ducks from clinching a playoff spot.
LeBron James had 18 points, six assists and four rebounds in the first half, and the Los Angeles Lakers tuned up for the postseason with a 131-107 win over the Utah Jazz.
Bennedict Mathurin scored 20 points off the bench as the Los Angeles Clippers defeated the Golden State Warriors 115-110.
Swalwell faced pressure from his own party to drop out of the race after a former staffer accused him of sexually assaulting her when she was too drunk to consent.
The union was preparing to strike on Tuesday.
The woman alleged the California gubernatorial candidate sexually assaulted her twice when she was too drunk to consent.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
The crash happened just after 5 p.m. on Saturday in the 1700 block of Pacific Coast Highway, according to police.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
The crash happened just after 5 p.m. on Saturday in the 1700 block of Pacific Coast Highway, according to police.
All four of the victims, between 17 and 22 years old, were hospitalized in stable condition after they were struck by gunfire at a street takeover at the intersection of Garvey and Del Mar avenues.
The woman was walking near the LA River and Anaheim Street when she said she was attacked by a pit bull and suffered severe injuries to her arms and legs.
Los Angeles County Sheriff's Department detectives are investigating a homicide that happened in El Monte early Sunday morning.
Two waves of rainstorms are predicted to hit Southern California over the weekend, bringing a drop in temperatures across the region.
The homicide investigation led Orange County deputies to an illegal gambling house in Stanton, where nearly 50 people were detained over the weekend.
An hours-long pursuit finally came to an end after the alleged DUI suspect led California Highway Patrol officers through Orange, Los Angeles, Riverside and San Bernardino counties on Tuesday night.
Santa Ana Police Department detectives are seeking help from the public in solving a homicide that left a 37-year-old man dead outside his home in early 2025.
Two Inland Empire teenagers, including the daughter of an Orange County firefighter, were hospitalized with severe injuries after they were involved in an off-roading accident in Utah last week.
The Riverside County Sheriff's Office said the teens shot and killed the 16-year-old inside a Moreno Valley business.
Detectives said the man was murdered and then left on the side of a remote road near Twentynine Palms.
An Ontario mother sued the school district after staff found her son face down in a pool after teachers and aides allegedly left him unattended.
A deputy in Riverside County was caught scrolling on what appeared to be a dating app during a standoff with an armed suspect.
The arson suspect who was arrested for allegedly starting a fire that decimated a 1.2 million square-foot Kimberly-Clark paper goods warehouse in Ontario earlier this week was charged by prosecutors on Thursday.
Pope Leo has been critical of the war in Iran and other priorities of the Trump administration.
Swalwell faced pressure from his own party to drop out of the race after a former staffer accused him of sexually assaulting her when she was too drunk to consent.
The probe comes as Swalwell is also being accused of assaulting a former staffer in an unrelated case.
Rory McIlroy of Northern Ireland won the 2026 Masters Tournament at Georgia's Augusta National, claiming his second straight green jacket.
A former staffer of Rep. Eric Swalwell said he allegedly forced himself on her after they met for drinks in New York in 2024.
Pope Leo has been critical of the war in Iran and other priorities of the Trump administration.
Swalwell faced pressure from his own party to drop out of the race after a former staffer accused him of sexually assaulting her when she was too drunk to consent.
The probe comes as Swalwell is also being accused of assaulting a former staffer in an unrelated case.
A former staffer of Rep. Eric Swalwell said he allegedly forced himself on her after they met for drinks in New York in 2024.
The political crisis surrounding Democratic Rep. Eric Swalwell is rapidly escalating into a broader bipartisan showdown that could reshape the makeup of the House.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Meal kit delivery firm HelloFresh will pay $7.5 million to settle a lawsuit accusing it of misleading customers and making it difficult for them to cancel their subscriptions.
With the help of her daughter and her 5th-grade class, CBS News California (KCAL) Investigative reporter Julie Watts investigates "Sephora Kids" concerns.
A Southern California man has pleaded guilty for his role in a scheme that stole more than $2 million from San Francisco-based food delivery company DoorDash, federal prosecutors said.
An unlicensed cosmetologist from Florida has been found guilty in a California court for providing an injection that killed a model who was known as a Kim Kardashian lookalike, prosecutors said.
LA County public health officials issued a bacteria warning at several beaches as a potentially record-breaking heat wave arrives in Southern California.
Food containing norovirus may smell and taste normal but still cause serious illness if consumed, FDA warns.
HHS Secretary RFK Jr. wants the popular coffee chains to prove their surgery drinks are safe for teens and suggested the Trump administration could place limits on your cup of coffee.
Tests of dozens of baby formulas by Consumer Reports found that nearly half contained potentially dangerous chemicals.
A home-based food movement has been heating up in California, with home cooks turning their beloved family recipes into small businesses.
More than a dozen cities and counties across California were given a "final warning" from state officials Wednesday, saying they have failed to properly plan for additional new homes amid the state's lack of affordable housing.
A nonprofit that booked a Social Agent said it's a lot cheaper than hiring someone to do their social media full-time. A typical job runs about $200, with same-day delivery, and if clients already have footage, they can upload it and get a finished piece.
A California judge has tentatively stopped the state from canceling commercial licenses for more than 20,000 immigrant truck drivers.
The Fremont factory will still manufacture Model 3 and Y, but the space where Model S and X are made will instead focus on mass production of Tesla's Gen 3 Optimus robots.
Marco Rossi scored with 9.5 seconds left in overtime to help the Vancouver Canucks beat Anaheim 4-3 on and prevent the Ducks from clinching a playoff spot.
LeBron James had 18 points, six assists and four rebounds in the first half, and the Los Angeles Lakers tuned up for the postseason with a 131-107 win over the Utah Jazz.
Bennedict Mathurin scored 20 points off the bench as the Los Angeles Clippers defeated the Golden State Warriors 115-110.
Shohei Ohtani connected off Jacob deGrom for his second straight leadoff home run, but the Texas Rangers rallied to beat the Los Angeles Dodgers 5-2 and avoid a three-game sweep.
Rory McIlroy of Northern Ireland won the 2026 Masters Tournament at Georgia's Augusta National, claiming his second straight green jacket.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
The Pitt star Noah Wyle is the newest name on the Hollywood Walk of Fame, and the Pittsburgh-based show is a big reason why.
The rapper formerly known as Kanye West being denied entry into the U.K. has raised questions over the star's upcoming performance in Italy.
A major music festival featuring the rapper formerly known as Kanye West was canceled after the U.K. government blocked Ye from entering the country.
"Beverly Hills, 90210" actress Tori Spelling was involved in a two-car crash in Temecula on Thursday night, according to her manager and Riverside County Sheriff's Office officials.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
Long Beach authorities captured a dog that apparently attacked a woman while she was on a morning walk near the Los Angeles River, according to police.
Democratic Rep. Eric Swalwell suspended his bid for California governor on Sunday as he faced growing pressure to end his campaign amid allegations of sexual assault. Brittney Ermon reports.
After a wet weekend, Alex Biston takes a look at what Southern Californians can expect to start the new week.
A San Fernando Valley man was arrested on suspicion of murder after crashing into and killing two pedestrians while driving under the influence of alcohol, according to police.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
Several people have been injured and multiple homes burned after the Mountain Fire broke out Wednesday morning in Ventura County, burning over 10,000 acres within hours.
