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.
The owner said she was feet away from her front door when the attack took place.
An investigation is underway at a Northern California prison after a man died earlier this week, officials said.
George Retes, a U.S. Army veteran, was a guest of Congressman Mark Takano (D) at Tuesday's State of the Union address.
Search warrants were also executed at the LAUSD headquarters and a home in South Florida, according to the FBI.
The DOJ lawsuit accuses the University of California of failing to prevent and correct discriminatory conduct at UCLA.
It's not clear what wrongdoing, if any, Alberto Carvalho is accused of.
The owner said she was feet away from her front door when the attack took place.
An investigation is underway at a Northern California prison after a man died earlier this week, officials said.
George Retes, a U.S. Army veteran, was a guest of Congressman Mark Takano (D) at Tuesday's State of the Union address.
The DOJ lawsuit accuses the University of California of failing to prevent and correct discriminatory conduct at UCLA.
The owner said she was feet away from her front door when the attack took place.
George Retes, a U.S. Army veteran, was a guest of Congressman Mark Takano (D) at Tuesday's State of the Union address.
The DOJ lawsuit accuses the University of California of failing to prevent and correct discriminatory conduct at UCLA.
Three of the four members of a "sophisticated burglary crew" that was arrested last year for a multi-million dollar heist involving a Simi Valley jewelry store and coffee shop were sentenced to prison on Tuesday.
The crash happened on Jan. 9 at around 2:40 a.m. near 8th Street, police said. The victim, a man in his 20s, suffered severe injuries.
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.
One man was killed and another was wounded when they were shot at while driving in Santa Ana late Friday, according to police.
If you're looking to visit a museum, dozens of exhibits are offering free admission this weekend.
Four suspects stole about $180,000 worth of collectibles and Pokémon cards from an Anaheim store earlier this week.
Balboa Island's ferries are ditching diesel and turning to electricity to power their boats.
At least 10 donkeys have been killed since December in a series of mysterious attacks in Riverside County, leaving wildlife activists desperate for answers.
Southern California's favorite bald eagle couple, Jackie and Shadow, laid their third egg of the season on Tuesday afternoon, just weeks after their nest was raided by ravens.
The 48-year-old man was declared dead at the scene.
The infamous "graffiti towers" in downtown Los Angeles have a new potential buyer in a Riverside County-based real estate development firm.
A total of four people were transported to a local hospital with major injuries from the collision.
The Rock & Roll Hall of Fame has announced its 2026 list of nominees, including Phil Collins, Mariah Carey, Wu-Tang Clan and more.
CBS News fact checked President Trump's 2026 State of the Union address, and Virginia Gov. Abigail Spanberger's Democratic response.
President Trump defended his first year back in office in his 2026 State of the Union address, touting his record on immigration, the economy, tariffs and more.
Virginia Gov. Abigail Spanberger delivered the Democratic response to President Trump's State of the Union address Tuesday night as the party attempts to counter the president's message.
The U.S. men's hockey team also visited the White House on Tuesday following their gold medal win at the Winter Olympics.
CBS News fact checked President Trump's 2026 State of the Union address, and Virginia Gov. Abigail Spanberger's Democratic response.
President Trump defended his first year back in office in his 2026 State of the Union address, touting his record on immigration, the economy, tariffs and more.
Virginia Gov. Abigail Spanberger delivered the Democratic response to President Trump's State of the Union address Tuesday night as the party attempts to counter the president's message.
The U.S. men's hockey team also visited the White House on Tuesday following their gold medal win at the Winter Olympics.
The highest-ranking officials in Washington will be present for President Trump's State of the Union address Tuesday night — here's what to know about where they're sitting.
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.
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.
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.
Donovan Dent led UCLA past Southern California 81-62 with a season-high 30 points.
Wendell Carter Jr. made a go-ahead putback with 6.7 seconds to play, Paolo Banchero scored 36 points and the Orlando Magic finished a strong West Coast trip with a 110-109 victory over the Los Angeles Lakers.
The U.S. men's hockey team also visited the White House on Tuesday following their gold medal win at the Winter Olympics.
Desmond Bane scored 36 points and Paolo Banchero added 16 points and eight assists as the Orlando Magic held on for a 111-109 victory over the Los Angeles Clippers.
Nicolás Fernández scored on a penalty kick in the second half and New York City FC tied the Los Angeles Galaxy 1-1 in a season opener before a sellout crowd of 30,510 at Dignity Health Sports Park.
The Rock & Roll Hall of Fame has announced its 2026 list of nominees, including Phil Collins, Mariah Carey, Wu-Tang Clan and more.
Nick Reiner, 32, was charged with two counts of murder in the killing of his parents, Rob Reiner and Michele Singer Reiner.
"Jersey Shore" star Nicole "Snooki" Polizzi said in a TikTok video that her results at a post-op appointment for a cone biopsy showed stage 1 cervical cancer.
In April 2025, Eric Dane announced he had been diagnosed with amyotrophic lateral sclerosis, or ALS.
Warner Bros. Discovery said that Paramount Skydance is considering enhancing its buyout offer for the entertainment company.
The 5000 Role Models of Excellence Project is a mentoring program for Black young men, teaching leadership, social skills and more.
Moonshadows Malibu owner, JD Slajchert, is partnering with CORE, an emergency relief nonprofit, as he runs the LA Marathon to raise money for wildfire relief.
The latest Milken Educator Award was presented to Dr. Ellen Dooley, a middle and high school teacher at Milken Community School in Bel Air.
Isaac Hale, Occidental College assistant professor of politics, talks about the State of the Union address.
The FBI has served a search warrant at the home of Los Angeles Unified School District Superintendent Alberto Carvalho home in San Pedro. The affidavit with the reason for the warrant is under seal, according to the FBI. It's not clear what wrongdoing, if any, Carvalho is accused of.
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.
