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.
Police issued a warning due to an increase in reports of "bank jugging," which sees suspects deflating a person's tires and then following them after they withdraw cash from a bank or ATM.
A family of bears has been captured in Monrovia just hours after the mother bear swiped at a woman who was walking her dog early Saturday.
It's unclear where the chase began.
The Bruins are the second overall seed, just behind the defending champions in the 34-0 UConn Huskies.
The United States will face the winner of Monday's semifinal between Italy and Venezuela in Tuesday's World Baseball Classic title game.
"One Battle After Another" took home several big awards, including Best Picture, Best Director and the newly created Best Casting.
Police issued a warning due to an increase in reports of "bank jugging," which sees suspects deflating a person's tires and then following them after they withdraw cash from a bank or ATM.
A family of bears has been captured in Monrovia just hours after the mother bear swiped at a woman who was walking her dog early Saturday.
Just months remain until the California gubernatorial election, and CBS California is teaming up with local organizations for a live debate with the race's top candidates.
It's unclear where the chase began.
Police issued a warning due to an increase in reports of "bank jugging," which sees suspects deflating a person's tires and then following them after they withdraw cash from a bank or ATM.
A family of bears has been captured in Monrovia just hours after the mother bear swiped at a woman who was walking her dog early Saturday.
It's unclear where the chase began.
The Bruins are the second overall seed, just behind the defending champions in the 34-0 UConn Huskies.
The crash happened a little after 4 p.m. in the 15000 block of S. Brand Boulevard, Los Angeles Fire Department firefighters told CBS LA.
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.
Two new polls have conservative commentator Steve Hilton, billionaire Tom Steyer and Rep. Eric Swalwell as the front-runners for California governor.
Authorities are seeking more victims of a rideshare driver who allegedly sexually assaulted a passenger in Orange County last month.
An Orange County man died after being bitten by a rattlesnake while mountain biking at an Irvine trail.
The Bruins are the second overall seed, just behind the defending champions in the 34-0 UConn Huskies.
For the first time in the school's nearly 80-year history, California Baptist University is going dancing in March Madness. The Lancers first-ever appearance in the NCAA Division I Men's Basketball Tournament comes after they were selected by tournament organizers on Sunday.
A pedestrian was fatally struck by a hit-and-run driver in Jurupa Valley early Sunday morning and Riverside County authorities are still searching for the suspect.
Deputies say that the suspect was found dead from a self-inflicted gunshot wound
The owners of a Riverside financial services business that was targeted in a burglary in which $20,000 in camera equipment was taken believe that the suspect may have been familiar with their office.
The United States will face the winner of Monday's semifinal between Italy and Venezuela in Tuesday's World Baseball Classic title game.
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.
Duke is the top overall seed in the NCAA men's college basketball tournament, with Arizona, Michigan, and Florida also landing on the No. 1 line.
More than 11.5 million people are under blizzard warnings, another 4.3 million are under winter storm warnings, and about 20.6 million are under an extreme heat watch, according to forecasters.
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.
In an exclusive interview with CBS News Saturday, Federal Communications Chair Brendan Carr doubled down on his warning that broadcast licenses could be revoked amid President Trump's criticisms of media coverage of the war in Iran.
Federal Communications Commission Chair Brendan Carr did not name specific networks, but his post included a reference to a Saturday morning Truth Social post from the president.
TSA officers faced their first full missed paycheck Friday.
With oil markets paralyzed by the U.S.-Iran war, the Trump administration says it could escort ships through the Strait of Hormuz — a massive undertaking that experts say could already be in the preparatory stages.
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.
The Bruins are the second overall seed, just behind the defending champions in the 34-0 UConn Huskies.
The United States will face the winner of Monday's semifinal between Italy and Venezuela in Tuesday's World Baseball Classic title game.
Cutter Gauthier scored with 2:30 left, Leo Carlsson had two goals and an assist and the Anaheim Ducks beat the Montreal Canadiens 4-3 on Sunday night to regain the Pacific Division lead.
The No. 7-seeded Bruins will face off against No. 10 seed UCF on Friday.
For the first time in the school's nearly 80-year history, California Baptist University is going dancing in March Madness. The Lancers first-ever appearance in the NCAA Division I Men's Basketball Tournament comes after they were selected by tournament organizers on Sunday.
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.
Los Angeles-area police are issuing a warning over a crime called "bank jugging," which targets people after they withdraw cash from their bank or ATM.
Laurie Perez reports from Monrovia, where a family of bears was captured on Sunday just hours after the mother bear swiped at a woman who was walking her dog early Saturday morning.
Lauren Pozen reports from Hollywood, where security measures were increased on Sunday with the Oscars in town.
Alex Biston walks us through the upcoming wave of heat, which will bring triple-digit temperatures to much of Southern California.
A motorcyclist was killed in a two-vehicle crash in Mission Hills on Sunday afternoon.
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.
