Federal Reserve raises interest rates for the first time since 2023
The Fed increased its benchmark rate by 0.25 percentage points to battle resurgent inflation driven by soaring energy prices.
Watch CBS News
The Fed increased its benchmark rate by 0.25 percentage points to battle resurgent inflation driven by soaring energy prices.
The Federal Reserve is likely to raise borrowing costs on Wednesday, and more hikes could be in store, according to economists.
The report comes at a pivotal moment for the Federal Reserve, which is scheduled to meet next week to decide whether to hike interest rates.
Strong hiring last month was driven by gains in education and in leisure and hospitality, with the nation's jobless rate remaining steady at 4.1%.
The Personal Consumption Expenditures index was unchanged from June, highlighting stubborn inflationary pressures.
The White House has informed Lisa Cook, a member of the Federal Reserve Board of Governors, that President Trump is considering firing her.
The Supreme Court allowed Lisa Cook to continue in her post as a member of the Federal Reserve Board of Governors while legal proceedings over President Trump's attempt to fire her continue.
The Supreme Court handed down split decisions today when it comes to President Trump's power to fire people, but refused to overturn the verdict in E. Jean Carroll's multi-million-dollar verdict against him.
A new report says nearly half of Minnesota hospitality and tourism businesses surveyed are seeing fewer customers and less income as the state heads into its most profitable season.
Alan Greenspan's lengthy reign at the Federal Reserve coincided with a period of stability from the mid-1980s until 2007.
U.S. inflation is expected to remain elevated through the end of the year, Fed officials say in their latest forecast.
New Fed Chairman Kevin Warsh is stepping in at a critical juncture for the U.S. economy, with inflation at its highest level in more than three years.
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
Fed officials are grappling with a host of economic challenges, from stubborn inflation to a slowing job market.
President Trump’s pick is raising some eyebrows, so St. Thomas economics professor Tyler Schipper shares how economists are reacting.
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.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
The Federal Reserve is cutting its benchmark interest rate as the U.S. economy faces headwinds, including a faltering labor market.
Lisa Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors.
President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors. Her attorney countered that they plan to file a lawsuit challenging the move.
President Trump says he has removed Federal Reserve Governor Lisa Cook from the Fed's Board of Governors and accused Cook of committing mortgage fraud.
Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
