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.
Karla Murillo recently found out she'll spend the next three to seven years next door at UCLA's prestigious Stein Eye Institute.
The Trump administration began deploying U.S. Immigration and Customs Enforcement agents to some of the busiest airports in the country Monday morning.
Two pilots were killed and dozens of people were injured at New York's LaGuardia Airport late Sunday night when an arriving Air Canada Express plane and a fire-and-rescue vehicle collided, authorities said.
Nick Schmaltz scored his second goal of the game on a break at 1:46 of overtime to give the Utah Mammoth a 4-3 victory over the Los Angeles Kings on Sunday night.
Alex Karaban scored a career-high 27 points and had Bill Murray and the rest of the UConn crowd roaring with each splashed 3 as he helped send the second-seeded Huskies back to the Sweet 16 with a 73-57 win over UCLA in the NCAA Tournament on Sunday night.
Karla Murillo recently found out she'll spend the next three to seven years next door at UCLA's prestigious Stein Eye Institute.
The Trump administration began deploying U.S. Immigration and Customs Enforcement agents to some of the busiest airports in the country Monday morning.
Two pilots were killed and dozens of people were injured at New York's LaGuardia Airport late Sunday night when an arriving Air Canada Express plane and a fire-and-rescue vehicle collided, authorities said.
Alex Karaban scored a career-high 27 points and had Bill Murray and the rest of the UConn crowd roaring with each splashed 3 as he helped send the second-seeded Huskies back to the Sweet 16 with a 73-57 win over UCLA in the NCAA Tournament on Sunday night.
One person was hospitalized and five others were injured in a stabbing in downtown Los Angeles on Sunday afternoon, according to firefighters.
Karla Murillo recently found out she'll spend the next three to seven years next door at UCLA's prestigious Stein Eye Institute.
One person was hospitalized and five others were injured in a stabbing in downtown Los Angeles on Sunday afternoon, according to firefighters.
A 34-year-old man and a 71-year-old woman were hospitalized after a two-story apartment building caught fire in El Sereno at around 4 a.m. on Sunday.
A woman and a dog were killed in the Beverly Grove neighborhood in a shooting that stemmed from a domestic incident early Sunday morning, according to Los Angeles police.
Police believe that the victim and suspect know each other.
Bluey, Bingo and the Heeler family made their grand debut at Disneyland Park on Sunday, with the "Bluey's Best Day Ever" fan experience that transports visitors into the heart of the acclaimed animated series.
One person was killed when a Westminster home was engulfed in flames on Tuesday night, according to the Orange County Fire Authority.
After Bill Kerwin's health saw a rapid decline while battling Stage 4 pancreatic cancer, 16 of his family's closest friends came together to make sure that he could see his daughter, Abbi, graduate from Huntington Beach High School with an early ceremony on Monday evening.
Federal officials appealed a judge's decision to dismiss a deportation case against Narciso Barranco, the father of three U.S. Marines in Orange County.
A Seal Beach woman in her 70s was hospitalized after she was hit by a young man on an electric motorcycle.
More than 20 years after an investigation into a Moreno Valley homicide began, Riverside County deputies have finally made an arrest.
Authorities have arrested a man wanted in connection with a crash in Moreno Valley that killed a 25-year-old woman in January.
Two more people have been arrested in connection with a possible murder-for-hire that left a 30-year-old man dead at a Murrieta apartment complex in January, according to police.
Corona Police shot and killed a man accused of stabbing a woman to death inside an apartment Thurday morning.
LA County deputies also seized $1 million in cash during the two-month operation.
The Trump administration began deploying U.S. Immigration and Customs Enforcement agents to some of the busiest airports in the country Monday morning.
Two pilots were killed and dozens of people were injured at New York's LaGuardia Airport late Sunday night when an arriving Air Canada Express plane and a fire-and-rescue vehicle collided, authorities said.
Alex Karaban scored a career-high 27 points and had Bill Murray and the rest of the UConn crowd roaring with each splashed 3 as he helped send the second-seeded Huskies back to the Sweet 16 with a 73-57 win over UCLA in the NCAA Tournament on Sunday night.
Portland's Kristoffer Velde scored in the 13th minute and Timbers defender Kamal Miller picked up a red card seven minutes later, but James Pantemis surrendered only a João Klauss goal to help them hold on for a 1-1 draw with the Los Angeles Galaxy on Sunday.
President Trump said Immigration and Customs Enforcement agents will assist TSA agents at airports as delays and security staffing shortages continue to worsen.
The Trump administration began deploying U.S. Immigration and Customs Enforcement agents to some of the busiest airports in the country Monday morning.
President Trump said Immigration and Customs Enforcement agents will assist TSA agents at airports as delays and security staffing shortages continue to worsen.
In a 54 to 37 vote, two Democrats voted with all Republicans in attendance to advance Sen. Markwayne Mullin's nomination. A final confirmation vote is expected in the coming days.
Most Republicans, especially MAGA, continue to support the US action and express a lot of confidence in Trump personally.
The Supreme Court will consider whether states can count mail ballots that are postmarked by Election Day but arrive after.
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.
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 trial has been set in the San Francisco Bay Area for a Florida woman accused of providing a cosmetic injection that killed a woman who was known as a Kim Kardashian lookalike, prosecutors said.
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.
About 30% of San Francisco was without power at the height of the outage, according to utility provider PG&E.
The DMV said it is giving Tesla Motors 60 days to address its misleading use of "autopilot," or it could have its dealer license temporarily suspended.
Nick Schmaltz scored his second goal of the game on a break at 1:46 of overtime to give the Utah Mammoth a 4-3 victory over the Los Angeles Kings on Sunday night.
Alex Karaban scored a career-high 27 points and had Bill Murray and the rest of the UConn crowd roaring with each splashed 3 as he helped send the second-seeded Huskies back to the Sweet 16 with a 73-57 win over UCLA in the NCAA Tournament on Sunday night.
Troy Terry scored 1:29 into overtime for his second goal of the game after Mikael Granlund tied it late in regulation and the Anaheim Ducks rallied to defeat the Buffalo Sabres 6-5.
Los Angeles Lakers star Luka Doncic is clear to play Monday night at Detroit after the NBA rescinded his 16th technical foul of the season.
Portland's Kristoffer Velde scored in the 13th minute and Timbers defender Kamal Miller picked up a red card seven minutes later, but James Pantemis surrendered only a João Klauss goal to help them hold on for a 1-1 draw with the Los Angeles Galaxy on Sunday.
Bluey, Bingo and the Heeler family made their grand debut at Disneyland Park on Sunday, with the "Bluey's Best Day Ever" fan experience that transports visitors into the heart of the acclaimed animated series.
CBS News announced Friday that CBS News Radio will be shutting down this spring after nearly 100 years of broadcasting, citing "challenging economic realities."
Bodycam video footage of Justin Timberlake's June 2024 DWI arrest on Long Island was released to the media Friday.
Chuck Norris' family said his death at 86 was sudden, but did not share any details on the cause.
ABC has canceled its already filmed season of "The Bachelorette" starring Taylor Frankie Paul after video surfaced of a 2023 incident in which she was charged with assault.
Justin Khosrowabadi, from the LA Animal Services, encourages people to adopt or foster puppies from their local shelter. He says they should also be mindful of the responsibilities that come with caring for a puppy.
Lifestyle expert and Go-To Girlfriend Sadie Murray shares female-founded brands to support during Women’s History Month.
United Airlines announced it would be cutting flights over the next six months as it prepares for jet fuel prices to soar due to the war in Iran. Katy Nastro, a travel expert at Going.com, says people should consider booking their summer flights now before prices continue to rise.
CBS LA morning anchor Jamie Yuccas sits down with self-help author and blogger Mark Manson. They talk about how his career has evolved and his new interest in AI.
Conversations continue this week after sexual abuse allegations against Cesar Chavez were revealed. Megan Cutter, the chief of victim services at RAINN, says that victims can often face shame when coming forward about their experiences especially when it involves a prominent figure.
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.
