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.
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.
A showdown vote in the Senate over a proposed cap on fees that stores charge for a debit card swipe is pitting bankers against merchants — but will consumers lose either way?
A teen was shot outside a Taco Bell, across the street from the North Hollywood High School.
A federal judge has blocked a California law from going into effect that would ban federal immigration agents from covering their faces but they will still be required to wear clear identification showing their agency and badge number.
Showers are expected to hit most of Southern California on Tuesday afternoon.
The child was not vaccinated and has no recent history of out-of-state or international travel.
The National Weather Service called the incoming rain a "routine storm" that will mostly occur overnight.
A teen was shot outside a Taco Bell, across the street from the North Hollywood High School.
A federal judge has blocked a California law from going into effect that would ban federal immigration agents from covering their faces but they will still be required to wear clear identification showing their agency and badge number.
Showers are expected to hit most of Southern California on Tuesday afternoon.
Villa's Tacos, a beloved Los Angeles-based taqueria, made a guest appearance during the Super Bowl halftime show on Sunday, putting an even larger spotlight on the restaurant already loved by Angelenos.
The child was not vaccinated and has no recent history of out-of-state or international travel.
A teen was shot outside a Taco Bell, across the street from the North Hollywood High School.
Showers are expected to hit most of Southern California on Tuesday afternoon.
The guitars are being created in Fender's custom shop and will be auctioned off to support the rebuilding effort.
The company said hospitals and nearly all medical offices will remain open through these dual strikes, but some appointments may be shifted to virtual.
Three people were wounded when a gunman allegedly opened fire in East Los Angeles on Sunday night, authorities said.
Showers are expected to hit most of Southern California on Tuesday afternoon.
A Garden Grove coffee shop was shut down by police last week for alleged illegal activity, which included several code violations for nudity and serving alcohol without a license.
Police say that all three victims were found suffering from gunshot wounds in the street outside of a house party late Saturday night.
The shooting happened at around 3:50 p.m. near W. McFadden Avenue and Graham Street, according to Santa Ana police.
Orange County officials confirm second measles case in Disneyland visitor
Showers are expected to hit most of Southern California on Tuesday afternoon.
A Chino family is demanding answers after their Nicaraguan mother, who was awaiting an outcome in her asylum case, was detained by federal immigration agents in January.
Health officials say that an unvaccinated minor visited the Walmart Supercenter in Ontario on Jan. 29.
Deputies say that the suspect had run from the spot of a hit-and-run crash before they tried to take him into custody.
An unlicensed 15-year-old driver crashed into a motorcyclist on Friday morning in the midst of a school walkout against federal immigration operations across the country.
A federal judge has blocked a California law from going into effect that would ban federal immigration agents from covering their faces but they will still be required to wear clear identification showing their agency and badge number.
Kawhi Leonard had 41 points and eight rebounds and the Los Angeles Clippers beat the slumping Minnesota Timberwolves 115-96 on Sunday.
Team USA defended its Olympic figure skating team event gold medal on Sunday after Ilia "Quad God" ushered the team to victory at the Milan Cortina 2026 Winter Olympics.
The Seattle Seahawks defeated the New England Patriots Sunday to win the 2026 Super Bowl.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
A federal judge has blocked a California law from going into effect that would ban federal immigration agents from covering their faces but they will still be required to wear clear identification showing their agency and badge number.
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the 2026 Winter Olympics shared their thoughts on U.S. politics.
Skier Chris Lillis said he was "heartbroken about what's happened in the United States," while skater Amber Glenn said she "will not just be quiet."
President Trump late Friday addressed a video posted to his social media account that included a racist depiction of Barack and Michelle Obama as apes, telling reporters he didn't see the part that showed the former president and first lady.
A judge ordered the U.S. to return three migrant families who were affected by President Trump's family separation policy in his first term and then deported in his second.
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.
Health officials say that an unvaccinated minor visited the Walmart Supercenter in Ontario on Jan. 29.
Health officials said that the traveler arrived at LAX's Tom Bradley International Airport Terminal on a Viva Aerobus Flight on Jan. 26.
Orange County health officials have confirmed their second measles case of 2026 in an international traveler who arrived in California at Los Angeles International Airport before visiting Disneyland and California Adventure last week.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
"I don't know how I'm going to pay for this," said one person with an Affordable Care Act plan that will cost her $1,100 a month starting in January.
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.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
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.
Lindsey Vonn posted on Instagram a day after suffering a broken leg in a devastating crash at the Winter Olympics in Italy.
Villa's Tacos, a beloved Los Angeles-based taqueria, made a guest appearance during the Super Bowl halftime show on Sunday, putting an even larger spotlight on the restaurant already loved by Angelenos.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Jazzy Davidson had 27 points, 8 rebounds and 8 assists as the Trojans secured their fourth-straight win on the road on Sunday against Illinois.
Kawhi Leonard had 41 points and eight rebounds and the Los Angeles Clippers beat the slumping Minnesota Timberwolves 115-96 on Sunday.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Reactions poured in when Bad Bunny was named Super Bowl halftime headliner, with some praising and others criticizing the choice.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny took the stage at halftime for the 2026 Super Bowl. Here's who else performed at Super Bowl 60.
Don't miss the 2026 Winter Olympics opening ceremony. Here's how to watch live, stream for free and catch replays.
A teenager was reportedly wounded in a shooting that happened near a Taco Bell in North Hollywood on Monday afternoon. Mike Rogers reports.
It's the first-ever SoCal Pizza Week, which allows pizza lovers to score deals and vote for their favorite pizza place across Southern California. Organizer Joey “Pepperoni” Rubino and Joe Vitale of Joe’s Pizza join CBS LA to talk about the week.
"Legally Blonde" actress Selma Blair has launched a new glasses line with Benny's benefiting the American Brain Foundation. She joined CBS LA live to talk about her health journey.
Searching for a behind-the-scenes look at some of the world's most powerful women? Winnie Harlow, Isabela Grutman and Loren Ridinger join CBS LA live to talk about Prime Video’s “The CEO Club.”
Palisades Charter High School has finally returned to campus after last year's devastating Palisades Fire forced the school to temporarily relocate. CBS LA's Jasmine Viel reports.
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.
