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.
At least 13 people were at hospitals following a shooting at a party at Arcadia Lake, near Oklahoma City, police say.
San Bernardino County Sheriff's Department deputies fatally shot a man who was wanted in connection with an alleged assault in the Oak Hills area, near Hesperia, on Saturday.
The building and several cars caught fire.
Riverside County firefighters have fully contained the Gopher Fire, which broke out in southern Riverside County on Saturday afternoon and temporarily forced evacuation orders for some residents.
A suspect wanted for allegedly injuring a Los Angeles County sheriff's deputy led police on a pursuit before crashing and then barricading themself inside a car in Beverly Hills on Sunday, prompting an hours-long standoff with police.
A suspect wanted for allegedly injuring a Los Angeles County sheriff's deputy led police on a pursuit before crashing and then barricading themself inside a car in Beverly Hills on Sunday, prompting an hours-long standoff with police.
At least 13 people were at hospitals following a shooting at a party at Arcadia Lake, near Oklahoma City, police say.
San Bernardino County Sheriff's Department deputies fatally shot a man who was wanted in connection with an alleged assault in the Oak Hills area, near Hesperia, on Saturday.
The building and several cars caught fire.
Riverside County firefighters have fully contained the Gopher Fire, which broke out in southern Riverside County on Saturday afternoon and temporarily forced evacuation orders for some residents.
The building and several cars caught fire.
A suspect wanted for allegedly injuring a Los Angeles County sheriff's deputy led police on a pursuit before crashing and then barricading themself inside a car in Beverly Hills on Sunday, prompting an hours-long standoff with police.
Police said that the threat is believed to have been a hoax.
It happened at around 12:50 a.m. on Thursday near Manchester Avenue and Vermont Avenue, according to the Los Angeles Police Department.
An initial burglary alarm call went out to the Los Angeles Police Department around 9 p.m. to a home in the 1600 block of Blue Jay Way.
Following the Orange County death of victim Ed Ashman on Thursday, new charges of involuntary manslaughter for the teen's mother were announced by the DA on Friday.
Ocean experts say to expect more shark sightings through the summer. "It is gearing up to be a sharky summer," said Chris Lowe, the director of the Shark Lab at California State University, Long Beach.
The redesignation of All American Way to Charlie Kirk Way is "in honor of slain activist Charlie Kirk," according to Westminster City Council documents. The name change was approved by the city council in a 4–1 vote last fall.
The crash happened at around 11:50 a.m. near Newland Street, police said.
Evacuation warnings were lifted on Sunday morning, firefighters said.
San Bernardino County Sheriff's Department deputies fatally shot a man who was wanted in connection with an alleged assault in the Oak Hills area, near Hesperia, on Saturday.
Riverside County firefighters have fully contained the Gopher Fire, which broke out in southern Riverside County on Saturday afternoon and temporarily forced evacuation orders for some residents.
The team will move from El Segundo to the Coachella Valley beginning with the 2026-27 season.
The Sunshine Motel, at 570 N. H Street, was also found to be unsafe due to health and safety violations and was red-tagged for closure.
The Ontario Tower Buzzers teamed up with a pair of kids from the Make-A-Wish foundation to design unique jerseys for the Minor League Baseball team.
At least 13 people were at hospitals following a shooting at a party at Arcadia Lake, near Oklahoma City, police say.
There was no immediate reason given for the 81-year-old's hospitalization.
An investigation is underway after a United Airlines plane struck a light pole and truck on the New Jersey Turnpike as it was coming in for a landing at Newark Liberty Airport on Sunday afternoon, officials said.
The service members were participating in African Lion, the largest joint military exercise on the continent.
Cherie DeVaux became the first woman to train the winner of the opening leg of the Triple Crown.
There was no immediate reason given for the 81-year-old's hospitalization.
Los Angeles mayoral candidate Spencer Pratt lashed out at his opponents in a new attack ad.
President Trump said earlier this week he was reviewing the possible reduction of troops in Germany, which hosts more than 35,000 U.S. service members.
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
ICE reported the 18th death of an individual in its custody so far this year, putting the agency on track to record a new all-time high in detainee deaths.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
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.
An unlicensed cosmetologist from Florida has been found guilty in a California court for providing an injection that killed a model who was known as a Kim Kardashian lookalike, 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.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
A home-based food movement has been heating up in California, with home cooks turning their beloved family recipes into small businesses.
More than a dozen cities and counties across California were given a "final warning" from state officials Wednesday, saying they have failed to properly plan for additional new homes amid the state's lack of affordable housing.
Mark Vientos hit two home runs and right-hander Clay Holmes allowed one run in 6 2/3 innings as the New York Mets beat the Los Angeles Angels 5-1 on Sunday.
Justin Wrobleski tossed six scoreless innings to help the Los Angeles Dodgers beat the St. Louis Cardinals 4-1 to snap a four-game losing streak.
The Los Angeles placed left-hander Yusei Kikuchi on the 15-day injured list Sunday with shoulder inflammation and purchased the contract of left-hander Tayler Saucedo from Triple-A Salt Lake.
Oswald Peraza hit a two-out RBI single in the 10th inning and the Los Angeles Angels snapped a seven-game losing streak with a 4-3 victory over the New York Mets.
Mathias Laborda scored in the 82nd minute for the Vancouver Whitecaps in a 1-1 tie with the LA Galaxy.
Just a week after the two-weekend Coachella Music Festival left Indio, the Empire Polo Club grounds were flooded by country music fans for Stagecoach. Police arrested 119 people during the three-day event, most of whom were arrested for possession of alcohol under 21 years of age.
The Stagecoach Music Festival was evacuated on Saturday night due to extreme winds blowing in the area.
Jake was at the funeral for one of his closest friends when he learned of his parents' deaths, he said.
During a court appearance on Thursday, Los Angeles County prosecutors said that singer D4vd, who was charged with murder in connection with the death of 14-year-old Celeste Rivas Hernandez, had a "significant amount" of child pornography on his cellphone.
Michael Tilson Thomas, the 12-time Grammy Award winning composer and famed conductor who led the San Francisco Symphony for a quarter century, has died.
After nearly eight hours, a hostage was freed by an armed suspect who is wanted in connection with the attempted murder of a Los Angeles County sheriff's deputy. Brittney Ermon reports from Beverly Hills.
An armed suspect wanted for attempted murder of a Los Angeles County sheriff's deputy was barricaded inside a car and holding a hostage captive in Beverly Hills during an hours-long standoff on Sunday. Brittney Ermon reports.
Alex Biston takes a look at the weather for the upcoming week in her NEXT Weather Forecast.
The two-day Core Los Angeles Music Festival drew thousands of people to the Los Angeles State Historic Park over the weekend. Zach Boetto reports.
Authorities closed and evacuated the Redondo Beach Pier on Sunday morning due to a bomb threat that's now believed to be a hoax, according to the U.S. Coast Guard.
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.
