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.
Officials had the eastbound 10 Freeway in West Covina closed for about an hour due to an overturned car.
The Pentagon announced Monday that a fourth American service member has been killed in Operation Epic Fury.
Day 3 of the U.S.-Israeli war on Iran sees America's military death toll rise to four, and skies full of missiles as Persian Gulf allies take hits.
The woman fell into the San Gabriel River during a hike near the Bridge to Nowhere early Sunday morning, according to the San Dimas Mountain Rescue Team.
For the second day in a row, thousands of people took to the streets of Los Angeles to express their hopes for freedom after the death of Iran's longtime leader, Ayatollah Ali Khamenei, who was killed when the U.S. and Israel launched a joint air strike on Iran.
The U.S. military says three troops have been killed in the war with Iran, as President Trump says the operation is proceeding "ahead of schedule." Follow live updates.
Officials had the eastbound 10 Freeway in West Covina closed for about an hour due to an overturned car.
The Pentagon announced Monday that a fourth American service member has been killed in Operation Epic Fury.
U.S. Central Command said Sunday that three American service members were killed and five others were seriously wounded as part of the military operation in Iran.
The woman fell into the San Gabriel River during a hike near the Bridge to Nowhere early Sunday morning, according to the San Dimas Mountain Rescue Team.
Officials had the eastbound 10 Freeway in West Covina closed for about an hour due to an overturned car.
The woman fell into the San Gabriel River during a hike near the Bridge to Nowhere early Sunday morning, according to the San Dimas Mountain Rescue Team.
For the second day in a row, thousands of people took to the streets of Los Angeles to express their hopes for freedom after the death of Iran's longtime leader, Ayatollah Ali Khamenei, who was killed when the U.S. and Israel launched a joint air strike on Iran.
The Inland Empire is abuzz with excitement as the Dodgers' newest minor league baseball affiliate, the Ontario Tower Buzzers, get set to take the field in their brand new stadium for their inaugural season.
The shooting happened near the grand opening of the Marathon Burger location on Pine Avenue. A spokesperson said that the incident was not connected to their event.
The Big Bear bald eagles have another clutch of eggs after losing their initial set earlier this season.
Rudy Martinez's family is demanding justice, saying their 36-year-old relative was shot and killed by an Anaheim police officer.
The National Guard's Weapons of Mass Destruction Civil Support Team works with local agencies during hazardous material investigations.
Police were called to the home for reports of "suspicious circumstances" by the property's landlord. They later handed the investigation over to FBI officials, who have been at the home since Monday.
The Santa Ana Police Department booked the inmate into the Theo Lacy Facility on Feb. 19 for vehicle theft, receiving a stolen vehicle and obstructing or resisting a peace officer.
The Inland Empire is abuzz with excitement as the Dodgers' newest minor league baseball affiliate, the Ontario Tower Buzzers, get set to take the field in their brand new stadium for their inaugural season.
The fundraising effort came after Cal Baptist University announced that the men's wrestling, golf and swimming and diving teams would be cut.
Deputies say that the suspect fired at a moving vehicle in the 25000 block of Florida Avenue at around 7:20 p.m. Wednesday. No one was struck by gunfire.
The Big Bear bald eagles have another clutch of eggs after losing their initial set earlier this season.
The crash happened at around 5 a.m. on southbound lanes of the 215 freeway near Central Avenue, according to a news release from the California Highway Patrol.
The Pentagon announced Monday that a fourth American service member has been killed in Operation Epic Fury.
"Sadly, there will likely be more before it ends. That's the way it is. Likely be more," President Trump said after mentioning the three U.S. service members killed in the operation.
Hillary Knight, Megan Keller and Jack and Quinn Hughes made a surprise appearance during "Heated Rivalry" star Connor Storrie's opening monologue on "SNL."
The first U.S. casualties of the war with Iran occurred among American personnel based in Kuwait.
The man who killed two and wounded 14 also had photos of Iranian leaders in his home, a source said.
The Pentagon announced Monday that a fourth American service member has been killed in Operation Epic Fury.
For the second day in a row, thousands of people took to the streets of Los Angeles to express their hopes for freedom after the death of Iran's longtime leader, Ayatollah Ali Khamenei, who was killed when the U.S. and Israel launched a joint air strike on Iran.
"Sadly, there will likely be more before it ends. That's the way it is. Likely be more," President Trump said after mentioning the three U.S. service members killed in the operation.
The first U.S. casualties of the war with Iran occurred among American personnel based in Kuwait.
Demonstrators took to the streets of Los Angeles on Saturday in the wake of a U.S. and Israeli strike on Iran overnight, which killed multiple Iranian officials, including Supreme Leader Ayatollah Ali Khamenei.
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.
Riverside County health officials have reported the second and third measles cases of the year, which they say could be connected to the county's first case that was reported last week.
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.
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.
California is set to join a growing list of states banning the practice of cat declawing, under a new law taking effect in January.
Luka Doncic had 28 points and nine assists, LeBron James added 24 points and the Los Angeles Lakers finished a back-to-back set with a 128-104 victory over the Sacramento Kings.
Cutter Gauthier scored twice in regulation, Leo Carlsson and Mason McTavish both converted in the shootout, and the Anaheim Ducks beat the Calgary Flames 3-2.
Kawhi Leonard scored 23 points and the Los Angeles Clippers beat the New Orleans Pelicans 137-117 on Sunday night to end a three-game losing streak.
The Inland Empire is abuzz with excitement as the Dodgers' newest minor league baseball affiliate, the Ontario Tower Buzzers, get set to take the field in their brand new stadium for their inaugural season.
No. 2 UCLA has completed the first undefeated regular season in Big Ten women's basketball in 11 years.
Hillary Knight, Megan Keller and Jack and Quinn Hughes made a surprise appearance during "Heated Rivalry" star Connor Storrie's opening monologue on "SNL."
Shia LaBeouf, who was charged with battery after police say he punched several people outside a New Orleans bar earlier this month, was arrested again on Saturday.
Singer-songwriter Neil Sedaka, known for his hits like "Laughter in the Rain," "Breaking Up is Hard to Do" and "Calendar Girl," has died.
Streaming giant Netflix declined to match Paramount Skydance's $31 per share offer for Warner Bros. Discovery.
The Rock & Roll Hall of Fame has announced its 2026 list of nominees, including Phil Collins, Mariah Carey, Wu-Tang Clan and more.
Laurie Perez provides the latest details in the ongoing military actions taking place in the Middle East, which saw three U.S. Service members killed on the second day of U.S. and Israeli strikes.
For the second day in a row, thousands of people took to the streets of Los Angeles to express their hopes for freedom following the death of Iran's longtime leader, Ayatollah Ali Khamenei, who was killed when the U.S. and Israel launched a joint air strike on Iran. Lauren Pozen reports.
The shooting happened about a block from the grand opening of Marathon Burger's Pine Avenue location, leaving one person dead and two others wounded. Police say that there is no indication the two events are connected.
Zach Boetto reports from ONT Field in Ontario, where the newest minor league affiliate of the Los Angeles Dodgers, the Ontario Tower Buzzers are set to hit the diamond for the first time this season.
One of the nation's longest-running races celebrating the Lunar New Year took place on Sunday with the L.A. Chinatown Firecracker. Alys Martinez 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.
