Federal Reserve hikes key interest rate by another 75 basis points
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.
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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.
Prices for just about everything are at a 40-year high, and as CBS2's Dave Carlin reports, even the least expensive items at bodegas and shops around New York City are getting hit.
Inflation continues to squeeze consumers, so Wednesday, the Federal Reserve raised interest rates 0.75 percent, meaning it will cost more to borrow money. The economic trouble is leaving families more worried about their bottom lines. CBS2's Dick Brennan has more on the reason why we keep seeing rate hikes.
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.
The nationwide average for a gallon of regular plunged to $4.36.
The newest figures are raising some serious concerns about our economy.
Inflation is hitting nearly every part of the economy and there is no quick end in sight, but as CBS2's Dick Brennan reports, many consumers continue to spend as the job market remains strong.
Many owners say they are making drastic changes to how they operate or closing down for good.
Inflation has flown past 9 percent, and we're all feeling the squeeze. Some restaurant owners told CBS2's Jenna DeAngelis they are either making changes or shutting down.
Prices continue to climb for everything from gas, to food and rent. CBS2's Lisa Rozner reports.
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.
The Federal Reserve announced an aggressive interest rate hike. The move comes as a way to combat inflation. CBS2's Aundrea Cline-Thomas has a look at what this means for your wallet.
Many Americans are worrying about their retirement funds as stocks dropped drastically yesterday. CBS2's Elijah Westbrook has more on what this means.
Prices on just about everything are rising at a pace not seen in decades. While many people are feeling the squeeze, CBS2's Dick Brennan has more on how it can be especially tough for people on fixed incomes.
Prices are skyrocketing for everything from food to fuel, and inflation is surging at the fastest pace in more than 40 years. While just about everyone is feeling the squeeze, as CBS2's Dick Brennan reports, it can be especially tough for people on fixed incomes.
Americans are feeling the squeeze, struggling with the cost of everything from gas to groceries as U.S. inflation hits an all-time high. CBS2's Andrea Grymes spoke with frustrated consumers.
Stocks plunged Friday as U.S. inflation hit a new high. The Labor Department reports prices surged 8.6% and wages are not keeping up. CBS2's Andrea Grymes spoke with New Yorkers who say every little bit helps during this sticker shock.
The Labor Department reports prices may surge 8.6%.
As gas prices reach record highs, New York drivers are finally getting some relief at the pump. CBS2's Elijah Westbrook reports on the gas tax holiday.
As Americans face record high prices, President Biden has laid out a plan to get inflation under control. Natalie Brand reports for CBS2.
For the first time in a decade, the city is considering a fare hike to help taxi drivers getting squeezed by record-high inflation, CBS2's Natalie Duddridge reports.
Jalen Brunson scored 33 points, including a 3-pointer that capped the Knicks' opening 23-point run, and New York beat the Jazz 146-112 on Friday.
Akira Schmid got a shutout against his former team, and the Golden Knights beat the Devils 3-0 on Friday night.
Rapper Tekashi 6ix9ine has been sentenced to three more months in prison for violating his supervised release terms in a New York gang case.
The destruction of homeless encampments across New York City, a hallmark policy of Mayor Eric Adams' administration, will be halted by Mayor-elect Zohran Mamdani.
A man is now in custody in Florida in connection to the 1997 murder of Tanya Denise Jackson on Long Island.
Rapper Tekashi 6ix9ine has been sentenced to three more months in prison for violating his supervised release terms in a New York gang case.
The destruction of homeless encampments across New York City, a hallmark policy of Mayor Eric Adams' administration, will be halted by Mayor-elect Zohran Mamdani.
A man is now in custody in Florida in connection to the 1997 murder of Tanya Denise Jackson on Long Island.
A Peekskill police officer is under investigation after video shows him kicking and cursing at a suspect on the ground.
A New York City woman was unlawfully held by ICE for nearly two weeks after being detained at LaGuardia Airport before Thanksgiving, a judge ruled.
If you're heading out, brace yourself — it's the coldest day of the season so far.
CBS News New York has learned Jed Parkington, who died by suicide during a standoff with law enforcement on Tuesday, was fascinated with Nazi Germany.
"Driven Into Debt," CBS News New York's latest investigative series, has uncovered a simple truth -- unpaid tolls can quietly spiral into crushing debt.
First Alert Weather Days have been declared in the NYC area as the arctic chill could bring record low temperatures.
A decomposed body and pipe bombs were found inside a Stamford, Connecticut, home after a shootout between the homeowner and police officers Tuesday, officials say.
An apartment building fire in Jersey City, New Jersey, displaced about 30 people Friday, sending them out into frigid temperatures.
A judge ruled Menendez, the former U.S. Senator, is no longer eligible for public employment after a bribery conviction.
If you're heading out, brace yourself — it's the coldest day of the season so far.
"Driven Into Debt," CBS News New York's latest investigative series, has uncovered a simple truth -- unpaid tolls can quietly spiral into crushing debt.
First Alert Weather Days have been declared in the NYC area as the arctic chill could bring record low temperatures.
A man is now in custody in Florida in connection to the 1997 murder of Tanya Denise Jackson on Long Island.
Nassau County Police charged Vito D'Ambrosio, of Seaford, with murdering his parents at A&A Italian Deli and Pizza in Bethpage.
If you're heading out, brace yourself — it's the coldest day of the season so far.
"Driven Into Debt," CBS News New York's latest investigative series, has uncovered a simple truth -- unpaid tolls can quietly spiral into crushing debt.
Two people were killed in a stabbing in Bethpage on Long Island, Nassau County police said.
A judge ruled Menendez, the former U.S. Senator, is no longer eligible for public employment after a bribery conviction.
Mayor-elect Zohran Mamdani's transition fundraising effort is paying off.
The principal of a Brooklyn middle school created controversy this week by turning down the opportunity to have a Holocaust survivor speak to students.
New York City Mayor Eric Adams issued executive orders Thursday designed to protect Israel and appeal to the Jewish community.
Federal prosecutors on Thursday presented an indictment of New York Attorney General Letitia James to a grand jury in Norfolk, Virginia.
In New York alone, there have already been more than 17,000 flu cases and nearly 1,000 hospitalizations, and doctors anticipate it's only going to get worse as more people gather for the holidays.
Colette Smith of the Bronx was diagnosed with lung cancer, despite never smoking. Her survival story is central to her push for early detection.
Some New Yorkers want the mayor-elect to appoint a new "rat czar" when he takes office after an uptick in rat sightings.
Gio's Law would establish a $25 million grant program to equip law enforcement nationwide with EpiPens and train officers how to use them.
A blood drive was held in Harlem on Wednesday as the New York Blood Center reports a dip in its blood supply.
Rapper Tekashi 6ix9ine has been sentenced to three more months in prison for violating his supervised release terms in a New York gang case.
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.
Stoppard was often hailed as the greatest British playwright of his generation.
The Brooklyn Nutcracker returns to Downtown Brooklyn with diverse cultural influences, community outreach, and a fresh take on Tchaikovsky's iconic score.
Jalen Brunson scored 33 points, including a 3-pointer that capped the Knicks' opening 23-point run, and New York beat the Jazz 146-112 on Friday.
Akira Schmid got a shutout against his former team, and the Golden Knights beat the Devils 3-0 on Friday night.
The 2026 Men's World Cup will be held across the United States, Canada and Mexico next summer.
The New York Rangers won for the league-leading 12th time on the road, beating the Ottawa Senators 4-2 on Thursday night.
The New York Islanders defeated the NHL-leading Colorado Avalanche 6-3 on Thursday night.
Neighbors in Brooklyn's Victorian Flatbush are expressing frustration after the city designated only part of their area as a historic district.
Brooklyn's Prospect Park is getting financing for a long-term project to battle the impacts of climate change, city leaders say.
The Brooklyn Conservatory of Music plans a 12,000-square-foot campus at One Prospect Park West, aiming to serve thousands more with music therapy and education programs.
Some residents at NYCHA's Eastchester Gardens in the Bronx say they've been shivering on and off all week.
The Brooklyn Nutcracker returns to Downtown Brooklyn with diverse cultural influences, community outreach, and a fresh take on Tchaikovsky's iconic score.
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.
CBS News New York's Lonnie Quinn has your First Alert Forecast for December 5 at 11 p.m.
Christmas tree lightings were held in Ridgewood, New Jersey, and the Bronx, New York, on Friday.
President Trump is praising the Federal Vaccine Advisory Committee's move to break away from Hepatitis B vaccine guidance that's been in place for over 30 years. Friday night, he signed a memorandum to fast track a comprehensive evaluation of the vaccine schedules. CBS News New York's Adi Guajardo has the latest.
A fire broke out inside a Midtown restaurant Friday evening.
Mayor-elect Zohran Mamdani said he will end the Adams administration's practice of removing homeless encampments from city sidewalks, but critics argue it will be a step backwards for the city's quality of life. CBS News New York's Ali Bauman reports.
