This is how the Fed's latest interest-rate hike will affect you
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
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The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
The economy shrank again in the second quarter, fueling debate about whether or not the country is in a recession. CBS News reports.
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.
The move is meant to curb historically high inflation.
As CBS2's John Dias reports, there are a number of factors contributing to this key week for the state of the economy.
This comes as Americans see consumer prices skyrocket on everything from groceries to gas. CBS2's Elijah Westbrook reports.
Move comes in an effort to put the breaks on rising costs, but it means loans and credit cards will cost more.
CBS2's Nick Caloway has more on what this could mean for your wallet and investments.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Markets tried to shake off Monday's massive losses. On Tuesday, the S&P 500 fell yet again.
Dr. Giacomo Santangelo makes some painful predictions after an already difficult pandemic
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
Consumers could soon feel a bigger squeeze on credit cards, debts and mortgages.
Many consumers are going to feel a tighter squeeze after the Federal Reserve announced Wednesday it's raising interest rates.
Many consumers are going to feel a tighter squeeze after the Federal Reserve announced Wednesday it's raising interest rates. It's the first hike since 2018, and it's meant to combat soaring inflation; CBS2's Meg Baker reports.
That means you'll likely be paying more for certain loans. CBS2's Jessica Moore has advice from the experts.
Gov. Kathy Hochul announced 40 new pop-up vaccine sites would open statewide.
Some retail stores are now telling customers to use exact change or pay by credit or debit card.
Investors seem unimpressed with the Federal Reserve's largest interest rate cut since 2008, pushing down stocks amid mounting concerns over the coronavirus.
Federal Reserve Chairman Jerome Powell will hold a news conference Wednesday, as the fed is expected to raise its key short-term interest rate again this year.
Private economists expect the next hike to occur at the September meeting with a fourth rate hike expected in December.
The gain in spending followed an even better 0.5 percent rise in May, which was revised from a 0.2 percent initial estimate, the Commerce Department reported Tuesday.
President Donald Trump's top economic policymakers insisted Sunday that the robust growth marked in the April-June quarter will maintain its pace.
The news of a second summit comes as the White House is still trying to clarify what was said at the first meeting.
Surveillance video shows the woman being dragged beneath the vehicle for several feet in Brownsville.
Negotiators for major New York City hospitals and NYSNA will return to the bargaining table as the city's largest nurses strike enters a fifth day.
A teen is being held on charges after a 17-year-old was shot and killed after leaving school on January 8 in west suburban Cicero, Illinois.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
Ilya Sorokin made 35 saves for his NHL-leading fifth shutout of the season as the New York Islanders edged the Edmonton Oilers 1-0 on Thursday night.
Surveillance video shows the woman being dragged beneath the vehicle for several feet in Brownsville.
Negotiators for major New York City hospitals and NYSNA will return to the bargaining table as the city's largest nurses strike enters a fifth day.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
There have been three gun-related incidents at New York City public schools this week alone. Now, both parents and school safety agents are raising concerns.
A data company is finding that some Airbnb hosts in New Jersey are charging a lot for the time period around upcoming World Cup matches.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
Two men posing as Amazon delivery workers held a Connecticut homeowner at gunpoint while robbing him and his wife, police said.
Wednesday night, things begin to change. Showers linger, and areas well north and west may pick up some light snow.
Police in Danbury, Connecticut, are actively looking for a man who they believe fired a deadly gunshot that traveled through a wall and killed his neighbor.
There's plenty of sunshine is on the way to the Tri-State Area, but the First Alert Weather team is also tracking a round of snow later this week.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
A data company is finding that some Airbnb hosts in New Jersey are charging a lot for the time period around upcoming World Cup matches.
A pastor in Morristown, New Jersey, says community members are too afraid to go outside after recent ICE activity.
Jersey City Mayor Steven Fulop is reflecting on his public career as he moves to New York for his next job.
Priyatharsini Natarajan, 35, of Hillsborough, N.J. faces two first-degree murder charges in the death of her two boys, 5 and 7.
Get ready for more winter weather in the Tri-State Area because we're tracking two chances for accumulating snow this weekend.
A federal judge ruled the Empire Wind project can move forward while he considers the merits of the Trump administration's order to suspend it.
Hochul said she would commit $1.7 billion in the next budget to expand child care in New York in her 2026 state of the state address.
Wednesday night, things begin to change. Showers linger, and areas well north and west may pick up some light snow.
Three people were sentenced Tuesday for their roles in murdering and dismembering a man and a woman in Amityville in February 2024.
Hochul said she would commit $1.7 billion in the next budget to expand child care in New York in her 2026 state of the state address.
Venezuelan opposition leader María Machado previously said she wanted to "share" the prize for removing Nicolás Maduro from power.
A panel of judges on a federal appeals court ruled Thursday that a district court judge did not have the authority to order the release of Columbia University activist Mahmoud Khalil.
An Immigration and Customs Enforcement officer shot a man Wednesday night in north Minneapolis after allegedly being attacked by men with shovels during an arrest operation, three U.S. officials told CBS News.
Border czar Tom Homan said no decision had been made about the exact nature of the cuts, which are supposed to take effect in two weeks.
Negotiators for major New York City hospitals and NYSNA will return to the bargaining table as the city's largest nurses strike enters a fifth day.
Nurses continue to hold the picket line as the largest nurses' strike in New York City history is on its third day with no end in sight.
Nurses say health care benefits and workplace safety are their main reasons for striking, and are refusing to go back to work until their demands are met.
Loved ones of patients at hospitals in New York City are concerned about care as nurses continue to strike due to failed contract negotiations on Monday.
The New York State Nurses Association said it called for the strike as negotiations stalled with the city's wealthiest hospitals.
John Forté, the Grammy-nominated musician known for his work with the Fugees, was found dead in his home in Massachusetts.
The 2026 Golden Globes honored the standouts in both film and television from last year. See the full list of winners and nominees.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Bob Weir wrote or co-wrote and sang lead vocals on Grateful Dead classics including "Sugar Magnolia," "One More Saturday Night" and "Mexicali Blues."
Video of an angry confrontation during intermission at a performance of "Mamma Mia!" on Broadway is going viral on social media.
Ilya Sorokin made 35 saves for his NHL-leading fifth shutout of the season as the New York Islanders edged the Edmonton Oilers 1-0 on Thursday night.
Jimmy Butler had 32 points and eight rebounds, Stephen Curry warmed up in the second half to finish with 27 points and seven assists, and the Golden State Warriors beat the New York Knicks 126-113 on Thursday night.
Authorities said the alleged scheme involved 39 players, 17 different NCAA Division I men's basketball teams and 29 games.
Negotiations are ongoing, but John Harbaugh is expected to end up coaching the New York Giants.
The Kings (11-30) won their third straight to spoil the return of Knicks coach Mike Brown, who made his first appearance in Sacramento since being abruptly fired early in the 2024-25 season.
A group in Queens has banded together to revive landlines and give their children a simpler way to socialize.
A city-approved plan to rezone a stretch of Atlantic Avenue is expected to bring thousands of new apartments to Brooklyn, but tenant advocates say the deal falls short for lower-income residents and could accelerate displacement.
A three-year pilot run by the Brooklyn Justice Initiative and the Mayor's Office of Criminal Justice aims to improve court compliance and reduce recidivism by meeting participants where they live.
Harlem native Teyana Taylor wins her first major acting honor at the 83rd Golden Globes Awards for her performance in Paul Thomas Anderson's "One Battle After Another." Locals say it's a win for the whole neighborhood.
Legislation would protect and expand hunger programs and improve benefit security as New York pantries see rising demand.
The Halloween tradition strolled through Manhattan's East Village on Sunday, with furry friends dressed in colorful costumes.
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.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
A woman was killed Friday morning in a hit-and-run in Brownsville, Brooklyn.
New Jersey State Police said the investigation linked the man to other rock-throwing incidents in Bergen County.
Negotiators for major NYC hospital systems and NYSNA will return to the bargaining table as the city's largest nurses strike enters a fifth day. CBS News New York's Christina Fan reports.
The New York City Health Department says more than half of the city's flu cases this season are in people under 18 years old.
Opposition leader María Corina Machado gave President Trump her Nobel Peace Prize while visiting the White House. CBS News' Jarred Hill reports.
