Fed lifts interest rates another 0.75 percentage point
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
The central bank on Wednesday said it is increasing rates by 0.75 percentage point, its sixth boost this year.
According to a Bureau of Economic Analysis report released Thursday, the U.S. gross domestic product grew at a 2.6% annual rate from July through September. David Wessel, the director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution joined John Dickerson to discuss the latest economic numbers and state of the economy.
The September Consumer Price Index shows prices rose 8.2% over the last year, and increased 0.4% between August and September. Gargi Chaudhuri, head of iShares Investment Strategy Americas at BlackRock, and CBS News senior White House and political correspondent Ed O'Keefe joined Tanya Rivero and Nancy Chen to discuss the impact of these numbers on the U.S. economy.
Experts say the bump in interest rates is slowly cooling the red hot housing market we've seen this summer, but it can still be a good time to buy.
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
The Federal Reserve raises a key rate three-quarters of a percentage point, 3 shot in downtown Minneapolis overnight, and more.
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.
Jonah Kaplan reports on why the Federal Reserve is raising interest rates and what that means for the economy and consumers.
The Federal Reserve raised the interest rate Wednesday by three-quarters of a percentage point. Jeff Wagner explains why that seemingly-small change can have a big impact on your money.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
In an effort to rein in inflation, the Federal Reserve later this week is expected to meet and raise interest rates.
In an effort to rein in inflation, the Federal Reserve is expected to meet and raise interest rates later this week.
Authorities are searching for a man they say robbed a central Minnesota bank on Thursday.
Are you looking for love this summer? Caribou Coffee is ready to play cupid.
The Twin Cities are in for a lovely Friday, but more rain is on the way.
Whether you're a new driver or new to the state, scheduling a driving test in Minnesota can be a bumpy road.
This inaugural season of the PWHL has been a long time coming.
Are you looking for love this summer? Caribou Coffee is ready to play cupid.
Shocking video from inside an autism center in Burnsville shows the repeated assault of a 3-year-old. Twenty-five-year-old Arianna Williams has been charged with malicious punishment of a child.
A pro-Palestinian encampment cleared on Thursday morning after organizers reached an agreement with the administration, but Jewish students say they still have many concerns.
More new mothers and babies die in the United States than in any other high-income country, and Black women are three times more likely to die from pregnancy-related complications than White women.
Fierce flames erupted from a vacant building in Minneapolis nearly a month ago, but it turns out it wasn't vacant after all.
Authorities are searching for a man they say robbed a central Minnesota bank on Thursday.
The Morrison County Sheriff's Office says it received a report around 6:48 p.m. of an ATV accident on the Soo Line Trail, about a mile west of Highway 10 in Bellevue Township.
rom unpredictable weather to unpredictable farm prices, rural Minnesotans face challenges every day.
Canadian wildfires in 2023 caused multiple days of smoke and poor air quality in Minnesota.
Police in the central Minnesota city of Willmar arrested a 72-year-old man who allegedly threatened to open fire inside a business Wednesday afternoon.
Twenty-four-year-old Madison Bergmann, of St. Paul, was charged with one count of first-degree child sexual assault with a child under age 13.
Officials say that a school shooting threat was "neutralized" at a middle school west of Madison, Wisconsin, Wednesday morning, with no reported injuries to those inside the school.
Police are removing an encampment of pro-Palestinian protesters at the University of Wisconsin's Madison campus on Wednesday morning and have taken away several protesters.
Six middle school students and two adults were injured in a school bus crash near Hudson on Thursday morning.
The 59th annual Flood Run motorcycle ride is this Saturday, and the Minnesota State Patrol is asking bikers and motorists alike to be extra careful while cruising beside the St. Croix River.
Dr. Greg Ekbom founded LimbFit, a Christian nonprofit that designs and fits prosthetics and also works side-by-side in hospitals with Ukrainian trauma surgeons.
The nation's third-largest food bank is using a 24-hour fundraiser to fight food insecurity.
An Eden Prairie family is keeping their son's legacy alive, one year after his sudden death.
Fifteen-year-old Bennett Fisk loves baseball and has been playing youth league his whole life. Unfortunately, last season, he had to sit out because even the largest adult-size baseball helmet didn't fit his head and it was too unsafe to play without a helmet.
For the first time in Minnesota cannabis usage on 420 is legal.
Two measures that would strengthen gun laws in the state are now on their way to the Minnesota Senate.
A bill to legalize sports betting in Minnesota is in serious trouble, running afoul of the partisan rancor over the arrest of a state senator on a felony burglary charge.
Democratic Arizona Gov. Katie Hobbs has signed a bill to undo a long-dormant law that bans all abortions except those done to save a patient's life, but the ban is still in effect until the fall.
The Coalition of Asian American Leaders puts on the yearly tradition to celebrate and call on local lawmakers to pass legislation important to Asian communities across the state.
Joshua Dean was a quality inspector at Spirit AeroSystems, which builds the bulk of the 737 Max for Boeing, and recently died from a fast-spreading infection.
Are you looking for love this summer? Caribou Coffee is ready to play cupid.
John Lauritsen looks at how a Breezy Point barn went from housing buffalo and cattle to hosting customers and wedding parties.
For Minnesota sports fans, this is the wrong time for Bally Sports North to go black.
Americans are struggling to keep up with their credit card payments and personal bankruptcies are rising — and it's starting to worry economists.
The cost of buying a home continues to climb.
Authorities are searching for a man they say robbed a central Minnesota bank on Thursday.
Shocking video from inside an autism center in Burnsville shows the repeated assault of a 3-year-old. Twenty-five-year-old Arianna Williams has been charged with malicious punishment of a child.
Twenty-four-year-old Madison Bergmann, of St. Paul, was charged with one count of first-degree child sexual assault with a child under age 13.
Police in the central Minnesota city of Willmar arrested a 72-year-old man who allegedly threatened to open fire inside a business Wednesday afternoon.
James Barbier, 79, is charged with first-degree murder in the 1966 stabbing death of 18-year-old Karen Snider at her home in Calumet City.
More new mothers and babies die in the United States than in any other high-income country, and Black women are three times more likely to die from pregnancy-related complications than White women.
You may have seen an anti-abortion ad that's taken over Minnesota airwaves recently. Esme Murphy reviewed 15 years of state abortion data to show us what's true, what needs context, and what is misleading.
Spring has sprung, and so have allergies. And if you've felt like your sniffles and sneezes are worse this year, you're not alone.
Mike Max is going to turn 60 years old this year and he's been thinking a lot about how to make the next ten years healthy years.
Minnesotans love to get outside no matter the season. Something about being in nature always seems to leave us feeling better. So why does it feel good to get outdoors? Good Question.
See who's nominated for the 77th annual Tony Awards. The Tonys will air live on CBS and Paramount+ on Sunday, June 16.
Paramount said long-time CEO Bob Bakish will leave the company, which is in discussions to explore a sale or merger.
Billie Eilish, the pop musician and two-time Oscar winner, will stop in St. Paul for two shows on her upcoming tour.
French screen actor Gerard Depardieu was reportedly detained for questioning and released Monday after two women accused him of sexual assault.
The vinyl sales alone were monumental, Billboard said, with "the largest sales week for an album on vinyl in the modern era."
This inaugural season of the PWHL has been a long time coming.
The St Paul Academy boys' tennis team is hoping to hold onto the dynasty they've created, working to three-peat their single-A state championship title.
A bill to legalize sports betting in Minnesota is in serious trouble, running afoul of the partisan rancor over the arrest of a state senator on a felony burglary charge.
Natalie Spooner scored twice and Toronto clinched first place in the inaugural season of the Professional Women's Hockey League with a 4-1 win over Minnesota on Wednesday night.
For Minnesota sports fans, this is the wrong time for Bally Sports North to go black.
University of Minnesota students continue growing calls across the country for a cease-fire in Gaza. In Talking Points, Esme Murphy spoke with the students leading the demonstrations about why it's so important to them.
University of Minnesota students continue growing calls across the country for a cease-fire in Gaza. In Talking Points, Esme Murphy spoke with Ethan Fine, a leading voice of Jewish students on campus. Hamline University Professor David Schultz weighed-in on the rights of students and the university.
University of Minnesota students continue growing calls across the country for a cease-fire in Gaza. Most of the protestors are not of Palestinian, Muslim or Jewish heritage. In Talking Points, Esme Murphy explores the motives of local protesters.
University of Minnesota students continue growing calls across the country for a cease-fire in Gaza. In Talking Points, Esme Murphy spoke with Sana Wazwaz, the president of the local chapter of American Muslims for Palestine.
Before marijuana was legalized in Minnesota, the state patrol and other law enforcement agencies repeatedly voiced their concern over how to determine if someone pulled over was high on cannabis.
John Lauritsen looks at how a Breezy Point barn went from housing buffalo and cattle to hosting customers and wedding parties.
It's one of the few covered bridges remaining in the Midwest, and it's seen a lot of traffic over the years.
Decades ago, at an 88-acre pasture near Annandale, cars replaced cows and French Lake Auto Parts was born.
There's an attraction in Fergus Falls that's centered around a man-made disaster.
In this week's Finding Minnesota, John Lauritsen goes to New Ulm where the Minnesota Music Hall of Fame is celebrating 35 years.
Whether you're a new driver or new to the state, scheduling a driving test in Minnesota can be a bumpy road.
From drama involving Democratic Minnesota state Sen. Nicole Mitchell to now-former Republican Congressman George Santos, we've recently seen the flames of expulsion being fanned.
Releasing balloons is like slowly littering potentially miles from where the person let them go.
Minnesotans love to get outside no matter the season. Something about being in nature always seems to leave us feeling better. So why does it feel good to get outdoors? Good Question.
What do Lebron James, David Bowie and Bill Gates all have in common? They're left-handed. While they're a minority of the population, they're not alone. So why are we right- or left-handed? Good Question.
Many Minnesotans were treated to a stunning double rainbow on Thursday.
Nicolae Miu, a 54-year-old man from Prior, Lake, Minnesota was found guilty of six criminal charges, including first-degree reckless homicide. Miu's trial lasted eight days in a Hudson, Wisconsin courtroom.
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.
An early spring snowstorm made for many beautiful sights across the state of Minnesota over the weekend.
State fire officials say a grass fire near Waseca is contained Monday morning after burning more than 1,000 acres.
Meteorologist Joseph Dames says we're in for a lovely Friday, but more rain is on the way.
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.
The Twin Cities are in for a lovely Friday, but more rain is on the way.
Meteorologist Joseph Dames says we're in for a lovely Friday, but more rain is on the way.
WCCO meteorologist Chris Shaffer says skies will clear overnight for a partly cloudy and warmer Friday.
Authorities are searching for a man they say robbed a Bremer Bank in Alexandria on Thursday afternoon.
Two measures that would strengthen gun laws in the state are now on their way to the Minnesota Senate.
Meteorologist Joseph Dames says we're in for a lovely Friday, but more rain is on the way.
An old steam engine train is now restored and making stops in select cities, including a visit to St. Paul on Friday.
Are you looking for love this summer? Caribou Coffee is ready to play cupid!