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.
Protesters demonstrated inside a Los Angeles Home Depot on Friday afternoon.
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 deal merged Major League Pickleball and the Carvana PPA Tour, two of the nascent sport's most active entities, under one company, Pickleball Inc.
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.
The day's event kicked off at 10 a.m. at MacArthur Park, with participants marching three miles to Gloria Molina Grand Park.
Protesters demonstrated inside a Los Angeles Home Depot on Friday afternoon.
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.
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.
The day's event kicked off at 10 a.m. at MacArthur Park, with participants marching three miles to Gloria Molina Grand Park.
Anthony Stevens is accused of three chain-snatching robberies that happened on April 20 near the 1500 block of Martin Luther King Avenue, close to Long Beach Polytechnic High School.
Protesters demonstrated inside a Los Angeles Home Depot on Friday afternoon.
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.
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.
The day's event kicked off at 10 a.m. at MacArthur Park, with participants marching three miles to Gloria Molina Grand Park.
Anthony Stevens is accused of three chain-snatching robberies that happened on April 20 near the 1500 block of Martin Luther King Avenue, close to Long Beach Polytechnic High School.
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.
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.
A 3.4-magnitude earthquake struck near the Riverside-San Bernardino county line on Wednesday night, which was then followed by a smaller 2.7-magnitude aftershock.
Police say that the driver of a Honda Civic lost control of their car, which veered off the side of the highway and rolled to the bottom of a steep embankment in Lake Elsinore on Wednesday afternoon.
A San Bernardino County high school coach was arrested for allegedly sleeping with a 15-year-old girl he met at a water polo match in October last year, police said.
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
The new format would add eight more at-large teams, and take eight more teams out of the main bracket for play-in games.
The regulatory agency issued the order after President Trump and first lady Melania Trump urged ABC to fire late-night host Jimmy Kimmel.
A federal appeals court rejected the Trump administration's policy of making immigrants subject to mandatory ICE detention without bond, including those who have lived in the U.S. for years.
Former FBI Director James Comey is again facing federal charges after the government's previous case against him was dismissed.
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
Top gubernatorial candidates met onstage at the CBS California Governor's Debate on April 28. Here are the highlights.
A federal appeals court rejected the Trump administration's policy of making immigrants subject to mandatory ICE detention without bond, including those who have lived in the U.S. for years.
Former FBI Director James Comey is again facing federal charges after the government's previous case against him was dismissed.
A closer look at voters' views on issues in the primary for the California governor's race going into Tuesday's debate.
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.
The deal merged Major League Pickleball and the Carvana PPA Tour, two of the nascent sport's most active entities, under one company, Pickleball Inc.
Nkosi Tafari headed in Son Heung-Min's free kick in second-half stoppage time and LAFC beat Toluca FC 2-1 in the first leg of the CONCACAF Champions Cup semifinal.
Jabari Smith Jr. scored 22 points, Tari Eason added 18 and the Houston Rockets avoided playoff elimination for the second straight game with a 99-93 victory over the Lakers in Game 5.
Javier Sanoja singled in the go-ahead run with two outs in the eighth inning, lifting the Miami Marlins over the Los Angeles Dodgers 3-2.
Los Angeles Angels pitcher Yusei Kikuchi left a game against the White Sox in Chicago after two innings with left shoulder tightness.
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.
The Lady Lowriders car club is a female empowering group, dedicated to building, driving, and showcasing custom cars.
Spirit Airlines is making plans to cease operations as soon as Saturday, barring last-minute intervention, CBS News has learned. Negotiations over a $500 million government aid package remained stalled after bondholders balked at the terms. Joy Benedict reports.
Protesters demonstrated inside a Los Angeles Home Depot on Friday afternoon. Hunter Sowards and Luzdelia Caballero report.
Following the targeted enforcement at Sunshine Motel and its closure, many community members say prostitution in the area is a problem and needs to be cleaned up.
UFC fighter Sean O'Malley visits with Chris Hayre for a look ahead to UFC Freedom 250 at the White House, his rise to stardom and much more!
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.
