The Fed rate decision meeting is today. Here's their rate decision.
Inflation-weary consumers have also been slammed by high borrowing costs, but the Fed is cautious about sticky inflation.
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?
The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis.
Consumers borrowed more in January to purchase new cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
The Federal Reserve told Congress on Thursday that it may reconsider its proposal to limit the fee that banks charge merchants for debit card transactions to 12 cents per swipe, the latest twist in a battle over billions of dollars.
SpaceX successfully launched a rocket from Southern California into orbit Thursday.
Baseball moms are getting a special lesson in setting their kids up for success in the sport in Long Beach.
The California Public Utilities Commission (CPUC) unanimously approved a flat rate for electric bills on Thursday. The flat rate will impact Investor-Owned Utilities like PG&E.
Deputies closed two major South LA streets to investigate a reported robbery at a local Wells Fargo branch.
The pedestrian died at the scene. Deputies did not say what prompted the shooting or if the man was armed.
SpaceX successfully launched a rocket from Southern California into orbit Thursday.
Baseball moms are getting a special lesson in setting their kids up for success in the sport in Long Beach.
The California Public Utilities Commission (CPUC) unanimously approved a flat rate for electric bills on Thursday. The flat rate will impact Investor-Owned Utilities like PG&E.
Deputies closed two major South LA streets to investigate a reported robbery at a local Wells Fargo branch.
The pedestrian died at the scene. Deputies did not say what prompted the shooting or if the man was armed.
SpaceX successfully launched a rocket from Southern California into orbit Thursday.
Baseball moms are getting a special lesson in setting their kids up for success in the sport in Long Beach.
Deputies closed two major South LA streets to investigate a reported robbery at a local Wells Fargo branch.
Public Health officials closed the popular waters off Dockweiler and Venice Beaches after thousands of gallons of untreated sewage spilled in the area.
Los Angeles County deputies need help tracking down the suspect who allegedly stole an X-ray machine from a dentist's office in Calabasas.
Anaheim police surrounded a BMO building after a bank robbery Wednesday afternoon.
Police found the bodies of Jordan Block and Brian Xan Martin after Block's boyfriend allegedly stabbed and shot them to death.
A man drowned in Laguna Lake over the weekend.
Police discovered two dead bodies inside of a Santa Ana business park.
A UC Irvine senior expressed her determination to spread her message despite police arresting more than 200 of her peers at UCLA's pro-Palestinian encampment.
The pedestrian died at the scene. Deputies did not say what prompted the shooting or if the man was armed.
Two people, including a 16-year-old boy, have been arrested for a car-to-car shooting that left an 18-year-old with major injuries on the 210 Freeway in early April.
The crash happened a little before 1:45 p.m. on southbound lanes of I-215 near SR-210, according to CHP officers.
Campus police discovered an assault rifle registered to the student, as well as several high-capacity magazines, ammunition and "hand-drawn images in a journal depicting a violent act."
The camera, which was wrapped in clay to be disguised as a rock, has neighbors concerned as to why someone would be watching their homes.
"No teacher should have to lie as part of their job". Ross Palombo talks to a teacher in the Los Angeles Unified School who says he was told to lie about class attendance, which is how the state calculates funding from your tax dollars.
The CDC recommends that at least 95% of students have the MMR vaccine in order to lower the risk of measles outbreaks at their school, but a recent KCAL News investigation shows that hundreds of SoCal schools are well below that number.
For months, migrants have arrived in Los Angeles on controversial buses chartered from Texas. With a lack of coordination from the Lone Star state, community groups stepped in to help bring things under control and helped hundreds across Southern California.
KCAL senior reporter Ross Palombo gets an unprecedented look into the tactics the LAPD uses to stop retail theft.
A federal court ruling involving a controversial arrest within Moreno Valley Unified School District could lead to big changes in school policies nationwide.
Democrats running for office are using abortion rollbacks to galvanize voters, with abortion rights ballot initiatives amplifying their lines of attack.
President Biden said in an interview with CNN he's "made it clear" to Israelis that "they're not going to get our support" if they attack Rafah's population centers.
A man was convicted in the 2001 murder of Amanda Gonzales, a U.S. Army soldier who was 19 at the time of her death.
Panera is phasing out a highly caffeinated selection of lemonade beverages that's at the center of several lawsuits.
The start date for former President Trump's classified documents trial was originally scheduled for May 20.
Democrats running for office are using abortion rollbacks to galvanize voters, with abortion rights ballot initiatives amplifying their lines of attack.
President Biden said in an interview with CNN he's "made it clear" to Israelis that "they're not going to get our support" if they attack Rafah's population centers.
The start date for former President Trump's classified documents trial was originally scheduled for May 20.
The lawsuit claims that the measure, signed into law by President Biden, is unconstitutional.
President Biden delivered the keynote address at the U.S. Holocaust Memorial Museum's Annual Day of Remembrance Celebration.
Target, looking for ways to add sales, is relaunching its Target Circle loyalty program including a new paid membership with unlimited free same-day delivery in as little as an hour for orders over $35.
When, who and how much to tip is becoming more of a question in consumers' minds.
One in four college students says they have credit card debt, according to a new survey by U.S. News and World Report. And with interest rates topping 20 percent, those students could be in debt for years. On Your Side's Kristine Lazar has more on the biggest mistakes college students are making with their credit cards.
Fewer than a third of Americans have a will. Experts say that could lead to confusion and money loss when someone dies without one. On Your Side's Kristine Lazar has expert tips on who needs a will and how to create one.
Choosing random numbers increases your chances of not having to split the prize money should you win.
Panera is phasing out a highly caffeinated selection of lemonade beverages that's at the center of several lawsuits.
Recall includes yogurt pretzels and other confections sold by retailers such as Dollar General, HyVee, Target and Walmart.
Around 1 in 5 retail milk samples had tested positive for the bird flu virus, but further tests show it was not infectious.
The California State Capitol Capitol doesn't generally work the way people think it does. We're following bills prompted by our reporting, to show you how things really work inside California's Capitol.
Governor Gavin Newsom is seeking a bold new step to open California medical facilities to Arizona doctors for abortions on their patients after the state's Supreme Court upheld an 1864 abortion ban.
Robotaxis are hitting the streets of Los Angeles.
Disney is seeking approval from local officials to expand its California theme park offerings over the next four decades.
Target, looking for ways to add sales, is relaunching its Target Circle loyalty program including a new paid membership with unlimited free same-day delivery in as little as an hour for orders over $35.
Southern California Edison will pay $80 million to settle claims on behalf of the U.S. Forest Service connected to a massive wildfire that destroyed more than a thousand homes and other structures in 2017.
As he closes in on the Republican presidential nomination, former President Donald Trump made a highly unusual stop.
Jo Adell hit his fifth homer of the season and added an RBI single and the Los Angeles Angels slipped by the Pittsburgh Pirates 5-4.
Teoscar Hernández hit a two-run homer in the sixth, Gavin Stone continued the run of solid Dodgers' starts and Los Angeles beat the Miami Marlins 3-1 to complete an unbeaten six-game homestand.
Ippei Mizuhara, 39, of Newport Beach, has agreed to plead guilty to one count of bank fraud, which carries a maximum sentence of 30 years in federal prison, and one count of subscribing to a false tax return, which carries a sentence of up to three years in federal prison.
Yoshinobu Yamamoto pitched eight effective innings, Max Muncy hit a grand slam in the first and the Los Angeles Dodgers beat the Miami Marlins 8-2 for their sixth straight victory.
Kevin Pillar homered twice and drove in six runs, helping Patrick Sandoval and the Los Angeles Angels beat the Pittsburgh Pirates 9-0.
'Bob Hearts Abishola', the acclaimed comedy, is signing off after its fifth season on CBS.
Bernard Hill died Sunday at 79. The actor was known for his roles in "Lord of the Rings" and "Titanic."
"Sunday Morning" has an exclusive behind-the-scenes look at the creation of the country singer's first post-stroke song, "Where That Came From," which blends art with artificial intelligence in a recording that captures Travis' country heart.
The 2024 Met Gala theme is "The Garden of Time" — to go along with the spring exhibition, titled "Sleeping Beauties: Reawakening Fashion."
Former Nickelodeon producer Dan Schneider is suing the makers of the documentary "Quiet on Set: The Dark Side of Kids TV" for implying that he sexually abused children.
Evelyn Taft delivers a special forecast for all the mothers looking forward to this weekend.
Desmond Shaw flies to the Adamson House in Malibu.
SpaceX launched the latest Falcon 9 rocket from Vandeberg Space Force Base.
Some customers are skeptical of the new plan.
After canceling its commencement, the University of Southern California is hosting an event celebrating students' graduation at the LA Memorial Coliseum Thursday.
Shots from the second day of the JM Eagle LA Championship held at the Wilshire Country Club in the Palos Verdes Estates.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
The Academy Awards will hand out filmmaking's top honor in 23 categories during the 2024 Oscars at the Dolby Theatre in Hollywood, starting at 7 p.m. Eastern, 4 p.m. PDT.
Shots from the PGA's Genesis Invitational golf tournament held at the Riviera Golf Club in the Pacific Palisades.
Even a potentially historic storm bearing down on California couldn't keep the stars away from the red carpet ahead of the 66th Grammy Awards in Los Angeles.