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.
Stolen identities were allegedly used to secure high-value real estate loans, fabricate financial documents, and "move millions of dollars through a maze of fraudulent businesses and funnel accounts," said Tyler Hatcher, Special Agent in Charge, IRS-CI Los Angeles Field Office.
In her first public interview since the investigation, Dolores Huerta said that at the time of the incidents, she felt alone and trapped.
On March 22, 2023, around 2;30 a.m., four suspects entered Ursitti's home in the 700 block of W. Owen Court as Ursitti and his girlfriend were asleep in their room.
Lawmakers in the California state legislature said they are moving to designate "Farmworkers Day" as a state holiday following sexual abuse allegations against Cesar Chavez.
Mayor Karen Bass said she grew up admiring Cesar Chavez and the farm workers' movement and was hurt when she found out about the allegations.
Stolen identities were allegedly used to secure high-value real estate loans, fabricate financial documents, and "move millions of dollars through a maze of fraudulent businesses and funnel accounts," said Tyler Hatcher, Special Agent in Charge, IRS-CI Los Angeles Field Office.
In her first public interview since the investigation, Dolores Huerta said that at the time of the incidents, she felt alone and trapped.
Members from various unions, including the United Teachers Los Angeles, announced plans for a massive strike in April if ongoing contract negotiations with LAUSD officials do not reach a conclusion.
On March 22, 2023, around 2;30 a.m., four suspects entered Ursitti's home in the 700 block of W. Owen Court as Ursitti and his girlfriend were asleep in their room.
Lawmakers in the California state legislature said they are moving to designate "Farmworkers Day" as a state holiday following sexual abuse allegations against Cesar Chavez.
Stolen identities were allegedly used to secure high-value real estate loans, fabricate financial documents, and "move millions of dollars through a maze of fraudulent businesses and funnel accounts," said Tyler Hatcher, Special Agent in Charge, IRS-CI Los Angeles Field Office.
In her first public interview since the investigation, Dolores Huerta said that at the time of the incidents, she felt alone and trapped.
On March 22, 2023, around 2;30 a.m., four suspects entered Ursitti's home in the 700 block of W. Owen Court as Ursitti and his girlfriend were asleep in their room.
Mayor Karen Bass said she grew up admiring Cesar Chavez and the farm workers' movement and was hurt when she found out about the allegations.
Temperatures across Southern California are still expected to be between 20 and 30 degrees above normal, but a cool down is coming soon.
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.
Investigators said Jose Angel Aguilar cut off his ankle monitor and escaped while attending classes at an Orange County community college.
Detectives are investigating the "suspicious death" of a 23-year-old woman who died after a fight with a family member on Tuesday, according to a news release from the Riverside County Sheriff's Office.
Deputies said that a 38-year-old man was violently assaulted in the 14000 block of Big Horn Avenue on Tuesday afternoon and that he succumbed to his injuries after being taken to a local hospital.
Riverside police have arrested a man in connection with a deadly stabbing spree outside the Riverside courthouse last week.
After dozens of community members gathered to share their thoughts on whether or not the city of Ontario would rebuild the historic Jay Littleton Ball Park, which was destroyed by a fire in 2024, city council members opted to delay their vote for another day.
Two people were hospitalized after a fiery multi-car crash at a busy Jurupa Valley intersection on Tuesday afternoon.
A California desert community tied the highest March temperature ever recorded in the U.S., amid a record-breaking winter heat wave in the Southwest.
Saddiq Bey scored 25 points, Trey Murphy added 23 and the New Orleans Pelicans overcame an early 18-point hole to beat the Los Angeles Clippers 124-109.
A long-duration heat wave is taking shape over the western half of the U.S. and forecast to stick around in the days ahead.
Allegations of abuse of women and girls by union leader Cesar Chavez were first reported by the New York Times on Wednesday.
President Trump on Wednesday temporarily eased a century-old law that limits shippers from transporting energy products around the U.S.
Lawmakers in the California state legislature said they are moving to designate "Farmworkers Day" as a state holiday following sexual abuse allegations against Cesar Chavez.
President Trump on Wednesday temporarily eased a century-old law that limits shippers from transporting energy products around the U.S.
President Trump's director of the National Counterterrorism Center, Joe Kent, announced his immediate resignation Tuesday, citing the administration's decision to intervene in Iran.
Border Patrol official Gregory Bovino was pulled away from a high-profile role leading immigration raids in major U.S. cities, including Minneapolis, earlier this year.
U.S. intelligence has circulated to President Trump's inner circle that Iran's late supreme leader had misgivings about his son replacing him, viewing Ayatollah Mojtaba Khamenei as not very bright.
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.
Noah Cates scored on a deflection off goalie Lukas Dostal's skate at 2:17 of overtime and — after a review for offsides on the play — the Philadelphia Flyers beat the Anaheim Ducks 3-2 on Wednesday night.
Luka Doncic had 40 points and LeBron James added 30 as the Los Angeles Lakers extended their winning streak to seven games with a 124-116 win over the Houston Rockets.
Saddiq Bey scored 25 points, Trey Murphy added 23 and the New Orleans Pelicans overcame an early 18-point hole to beat the Los Angeles Clippers 124-109.
After dozens of community members gathered to share their thoughts on whether or not the city of Ontario would rebuild the historic Jay Littleton Ball Park, which was destroyed by a fire in 2024, city council members opted to delay their vote for another day.
With the game tied going into the 9th, Eugenio Suárez smacked a double into left-center field to score pinch runner Javier Sonoja for what would prove to be the winning run.
The film follows CBS News correspondent Steve Hartman and photographer Lou Bopp through their seven-year journey to document the toll of America's school shooting epidemic.
"One Battle After Another" took home several big awards, including Best Picture, Best Director and the newly created Best Casting.
The acclaimed filmmaker, who died in February at age 96, revolutionized the art of documentaries with such films as "Titicut Follies." In an interview recorded last year, the pioneering Wiseman talked about his unusual production methods aimed at capturing life.
Singer-songwriter John Mayer and film director-producer McG have teamed up to buy and renovate the legendary movie studio built by Charlie Chaplin, to preserve as a soundstage, recording studio, and a campus for artistic collaborations.
Hollywood's biggest stars were honored at the 98th annual Academy Awards on Sunday. Here is what to know and how to watch the 2026 Oscars.
Brandi Bakewell, Bakewell Media executive vice president, shares local news highlights: Sister Dreamer sculpture garden, Morehouse takes local students and Paint the Park, Compton.
Dr. Richard Pitts talks about the need for cancer screenings and the upcoming Every Cancer. Every Life. Event of Orange County.
LAUSD Acting Superintendent Andrés E. Chait said they are making every effort to avoid a strike.
Author Paul Eastwick, also a psychology professor at UC Davis, talks about compatibility and lasting love -- and the myths.
The United States Postal Service releases new series of lowrider forever stamps, honoring the Chicano and lowrider car culture across the Southwest.
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.
