Fed hikes key interest rate 0.75 percentage points as it battles inflation
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
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"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Stocks fell again Tuesday ahead of the Federal Reserve's impending announcement on interest rates. This week's losses come on worries that high inflation will push the central bank to hit the brakes too hard to slow demand.
The stock market took a deep dive on Friday after the CPI was released: the S&P 500 dropped 117 points, or 2.9%, to 3,901. The Dow Jones industrial Average dropped 2.7%, and the tech-heavy Nasdaq sank 3.5%.
Business leaders in nine Midwest and Plains states indicated in a monthly survey that the region's economy continued to improve going into the new year, with confidence in the economy over the next six months soaring.
The job market was red-hot this summer, but it's cooling off significantly. Across the nation, there are around 11 million openings, including more than 1 million adding in July alone.
Minnesota's unemployment rate held steady at 4% in June as the state recorded its first month of job losses since December.
As Minnesota continues its recovery from more than a year of dealing with pandemic-related restrictions, employers are working to fill jobs.
Minnesota's unemployment rate continued to decline in April, dropping to 4.1%. That's down from 4.2% in March as more Minnesotans find work or return to jobs lost during the COVID-19 pandemic.
State officials announced Thursday that Minnesota's unemployment rate dropped to 4.3% last month, down from 4.5% in January.
The pandemic has disproportionately affected employment for women, particularly women of color. More than 2 million women have left the workforce since February of last year.
State officials say Minnesota's unemployment rate dropped slightly last month as more Minnesotans left the workforce and the state shed nearly 50,000 jobs amid the tightened COVID-19 restrictions.
Wisconsin's unemployment rate dropped from 6.3% in August to 5.4% in September, below the national rate but 2 points higher than a year ago as the state deals with a surge in coronavirus cases.
While Minnesota's unemployment rate dropped to 7.7% last month, down from 8.6% in June, there's still a long road ahead to economic recovery as many remain jobless amid the COVID-19 pandemic.
The economy continues to recover in nine Midwest and Plains states, but businesses are still cutting jobs amid the ongoing impact of the coronavirus outbreak, according to a monthly survey of business leaders released Monday.
Minnesota faces a potential $4.7 billion deficit in its next two-year budget due to continued economic fallout from the coronavirus pandemic, according to a new planning estimate announced Friday by the Minnesota Management and Budget office.
Large venues all across the Twin Cities are still sitting empty. From canceled concerts and conventions, WCCO found the cost to the local economy has been staggering.
Gov. Walz on Wednesday announced that he will convene a special legislative session starting Friday, with police reform and building a stronger economy on the top of his priorities.
Amazon and Netflix continue to do well as coronavirus isolates people in their homes, but many other companies have benefited or may soon.
Minneapolis Federal Reserve Bank president Neel Kashkari says uncertainty is still driving economic fears.
A new monthly survey of business leaders suggests the economy is slowing down in nine Midwest and Plains states as the U.S. trade war with China continues.
With the news of the state's booming economy, sometimes lost in the headlines are the layoffs affecting thousands of Minnesotans.
Dozens of nursing homes have closed in rural Minnesota in the past two decades, putting pressure on the small communities that rely on them for care, income and revenue.
Minneapolis lands in top 10 cities to have families making six figures still struggling to make ends meet, MagnifyMoney reports.
Travel officials say the Twin Cities metro area welcomed 34.5 million visitors in 2018, an increase of nearly 4% over 2017.
Seven in 10 Americans say the economy is in good shape, including a quarter who say it is very good.
A 33-year-old man has been sentenced for causing a crash in Arden Hills, Minnesota, in 2024 that killed two people in their 70s.
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy parts of Warner Bros. in a deal valued at nearly $83 billion.
A resident of a care facility in a northern suburb of Minneapolis is in custody after allegedly starting a fire that injured another resident.
The new financial aid package is expected to shore up the U.S. agricultural sector, which has been hurt by tariffs and a trade war with China.
Police have taken a 23-year-old woman into custody after a man was fatally stabbed in St. Cloud, Minnesota early Monday. The incident happened at about 4 a.m. along the 1200 Block of Washington Memorial Drive.
A 33-year-old man has been sentenced for causing a crash in Arden Hills, Minnesota, in 2024 that killed two people in their 70s.
A resident of a care facility in a northern suburb of Minneapolis is in custody after allegedly starting a fire that injured another resident.
A building housing a mosque and school in the Twin Cities is a complete loss after an overnight fire, the facility manager said.
Opposition to ICE actions is widespread among Democratic elected officials throughout the state, though nowhere more than in Minneapolis, home to the state's largest Somali population.
A man is dead after crashing his car on the side of a highway in the Twin Cities, then getting out and "walking into the lanes of traffic," where he was hit by another driver, according to the Minnesota State Patrol.
Renowned architect Frank Gehry died at the age of 96 on Friday, a representative confirmed to CBS News. His worldwide legacy included two works that were constructed in Minnesota.
Out of the 1,500 men on his ship, Del Thielke was the only one selected to be aboard the USS Missouri when the peace treaty was signed.
The owner of the historic Lutsen Resort on Minnesota's North Shore has been charged with arson and insurance fraud more than a year after a fire destroyed the resort's lodge.
Minnesota will see a higher-than-expected surplus for this current budget, but is expected to see a deficit in the future due to spending outpacing revenues, according to state budget experts.
Police in Duluth, Minnesota, say a mountain lion has been spotted in the city recently.
A Superior, Wisconsin, police officer is expected to recover after being shot early Sunday morning, according to the town's mayor.
River Falls hosts St. John's this weekend in round three of the NCAA tournament.
Bodycam video captured a sheriff's deputy in Racine County, Wisconsin, saving the life of a little girl from a house fire that killed her mother and the family dog earlier this week.
A divided Wisconsin Supreme Court has agreed to take a case brought by the American Civil Liberties Union on behalf of an immigrant rights group.
A Democrat who served four years as Wisconsin's lieutenant governor and narrowly lost a 2022 U.S. Senate bid is running for governor in the battleground state.
Firefighters are continuing a 44-year tradition that happens every year north of the Twin Cities.
It was a scary moment in the Twin Cities over the weekend, as a trailer hauling sled dogs turned over on Interstate 494 in Minnetonka.
On Sunday, members of Minnesota's Somali community spoke out against President Trump's social media post calling for an end to temporary protected status.
Two hundred Thanksgiving meals were distributed to this community by Second Harvest Heartland and the Thielen Foundation.
A Minnesota nonprofit is getting a major boost this week as dozens of college students spend their morning sorting donated shoes to support families in need.
The new financial aid package is expected to shore up the U.S. agricultural sector, which has been hurt by tariffs and a trade war with China.
The Supreme Court heard arguments over the president's authority to remove members of many independent agencies that Congress has sought to insulate from political pressure.
Fear and uncertainty continue in Minnesota's Somali communities as ICE continues its intensified focus on the Twin Cities.
Leading Democrats are demanding the release of classified video showing a deadly U.S. military strike on a boat carrying 11 people.
Opposition to ICE actions is widespread among Democratic elected officials throughout the state, though nowhere more than in Minneapolis, home to the state's largest Somali population.
The holidays are upon us, and in the town of Kellogg, Minnesota, you'll find a toy store unlike any other.
When we do winter weather stories, there's always that one line people use: cold, snow, ice — it's just what happens here. And this week, Ticket King president Michael Nowakowski said that same idea kind of applies to Minnesota Vikings ticket prices.
Thanksgiving is a big day for the farmers who raise the centerpiece of Americans' dinner tables on the last Thursday of November. But in Minnesota, the nation's top turkey producer, the work doesn't stop once the national holiday ends.
A family-owned Linden Hills bar and restaurant is closing its doors for Thanksgiving, but opening the kitchen for those who need it most.
On the eve of Thanksgiving, Sentyrz Liquor & Supermarket turned into holiday headquarters for last-minute shoppers.
A 33-year-old man has been sentenced for causing a crash in Arden Hills, Minnesota, in 2024 that killed two people in their 70s.
Police have taken a 23-year-old woman into custody after a man was fatally stabbed in St. Cloud, Minnesota early Monday. The incident happened at about 4 a.m. along the 1200 Block of Washington Memorial Drive.
A Superior, Wisconsin, police officer is expected to recover after being shot early Sunday morning, according to the town's mayor.
Police in Brooklyn Center, Minnesota, are investigating a shooting that took place Saturday afternoon.
Car thieves aren't waiting for the sun to rise in the suburbs of the Twin Cities, and neither are the police.
Inspire Change Clinic opened its doors in Minneapolis with a simple mission: provide access to marginalized communities. On Thursday afternoon, the clinic should have been bustling with a waiting room filled with families. Instead, the clinic was empty.
Minnesotans who welcomed a child this year were able to start applying this week to the state's new paid family and medical leave program to take time off in 2026.
Cases always rise in colder months, with the use of furnaces and people working on gas motors in closed garages.
A jury has awarded an Iowa woman a $19.8 million verdict against the Mayo Clinic and a colorectal surgeon in a lawsuit brought in Minnesota courts, according to her attorneys.
ByHeart said it can't rule out that all of its baby formula across all product lots could be contaminated, citing recent test results.
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy parts of Warner Bros. in a deal valued at nearly $83 billion.
The nominations for the 2026 Golden Globes were announced on Monday morning. Here are the nominees.
President Trump is hosting the Kennedy Center Honors on Sunday after presenting medals to the 2025 Kennedy Center honorees during an Oval Office ceremony Saturday.
Frank Gehry was known for designing the Guggenheim Museum Bilbao in Spain and the Walt Disney Concert Hall in Los Angeles.
Netflix on Friday said it will acquire Warner Bros., including its film and television studios, HBO Max and HBO.
Early in the winter season, there are always good nonconference matchups in Minnesota, including Friday, when the Chanhassen girls basketball team visited Blaine. Plus, see the results of other exciting prep games in Minneapolis, Shakopee, Andover and other areas in the state.
At almost every home Gopher women's basketball game, you can find Ryan Radunzel and his service dog Peyton courtside at the Barn.
J.J. McCarthy threw a career-high three touchdown passes in his first turnover-free game, returning from his latest injury absence in prime form for the Minnesota Vikings in a 31-0 victory on Sunday.
Aatu Raty had two goals and an assist, and the Vancouver Canucks beat the Minnesota Wild 4-2 to snap a four-game skid.
Naz Reid made a go-ahead 3-pointer with 13 seconds remaining, Jaden McDaniels scored 27 points and the Minnesota Timberwolves beat the Los Angeles Clippers 109-106 on Saturday night.
Fear and uncertainty continue in Minnesota's Somali communities as ICE continues its intensified focus on the Twin Cities.
Opposition to ICE actions is widespread among Democratic elected officials throughout the state, though nowhere more than in Minneapolis, home to the state's largest Somali population.
Minnesotans who welcomed a child this year were able to start applying this week to the state's new paid family and medical leave program to take time off in 2026.
Minnesotans who welcomed a child in this year can start applying to the state's new paid family and medical leave program to take time off in 2026. In Talking Points, Esme Murphy spoke with Matt Varilek, the commissioner of the state's Department of Employment and Economic Development about the program's rollout and who qualifies for the program.
Minnesotans who welcomed a child this year were able to start applying this week to the state's new paid family and medical leave program to take time off in 2026.
The holidays are upon us, and in the town of Kellogg, Minnesota, you'll find a toy store unlike any other.
With the holidays fast approaching, and lutefisk on the menu for many families, one Minnesota town has the distinction of being called the "Lutefisk Capital of the Country."
How would you like to own a former Cold War missile site? In Dakota County, Minnesota, there's a one-of-a-kind property that could be yours for the right price.
It's a photograph found in homes across the country, and even overseas. The picture "Grace" shows a man bowing his head in prayer with food and what appears to be a Bible in front of him.
Fall harvest means barns across the Midwest are a busy place — but for a central Minnesota woman, they aren't just farm buildings, they're works of art.
It is the food that is top of mind right now, but did you know more turkeys come from Minnesota than anywhere else in the country?
Minnesota, Minneapolis, Minnehaha, Minnetonka, Minnewaska, Minneota. Those are just some of the place names in "the Land of 10,000 Lakes" featuring "minne" as the first five letters.
As we approach Thanksgiving, we wanted to do a deep dive into gratefulness, and why it makes us feel better.
Many commuters know the Interstate 394 and Interstate 94 interchange seems to back up almost every afternoon. And you face the choice: should you wait in the back of the line or try to get closer and swoop in?
According to the Minnesota Christmas Tree Association, 50% of their farms open before Thanksgiving, which used to be unheard of.
Minnesotans got a great view of the northern lights Tuesday night.
A look at the newest addition to the polar bear population at St. Paul, Minnesota's Como Zoo.
From food shelves to school programs, our team is proud to serve where it matters most.
The Minnesota State Fair has unveiled its new food, drinks and vendors for 2025.
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.
WCCO meteorologist Lisa Meadows says today will top out in the mid-20s with light snow brushing by the metro.
In Minnesota, weather can be all over the place. Here at WCCO, we want to give you what you need to prepare for what's happening next.
Temperatures will top out in the 20s Monday, but deeply chilly temperatures are on their way in later this week, WCCO meteorologist Joseph Dames reports.
The snow will wrap up by mid-morning, leaving a coating behind. Highs will climb to the upper 20s.
Monday will be a warmer day with light snow brushing by the Twin Cities in the evening.
WCCO meteorologist Lisa Meadows says today will top out in the mid-20s with light snow brushing by the metro.
Immigration crackdowns continue throughout the Twin Cities. Now, city officials in Burnsville confirm they are seeing immigration activity within the city limits.
Jacquelyn Carpenter shares a preview of Cookie Cart's holiday wares, along with a demonstration of the holiday decorations.
Author Sammy Bosch shares a preview of the book that can be customized for your pets.
St. Cloud police were called to an apartment early Monday morning on a report of a domestic-related stabbing.