GDP report expected today
Depending on what the report says, we could be officially in a recession. CBS2's Zinnia Maldonado has more.
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Depending on what the report says, we could be officially in a recession. CBS2's Zinnia Maldonado has 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.
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.
Just as anticipated, St. John's and UConn turned the Big East regular season into a two-team race. Maybe they're headed for one more heavyweight clash in the finals of the conference tournament.
A 78-year-old Gravesend, Brooklyn man was killed just half a block from his home in a chain-reaction crash involving an FDNY ladder truck.
A dog missing for two years has been reunited with its Texas family after being found in New Jersey.
A photo of one of an NYPD chief leaping over a barricade while responding to the IED incident outside Gracie Mansion this weekend has gone viral.
Showers and a few thunderstorms are expected to develop in the afternoon and evening as the warm weather continues across the Tri-State Area.
Just as anticipated, St. John's and UConn turned the Big East regular season into a two-team race. Maybe they're headed for one more heavyweight clash in the finals of the conference tournament.
A 78-year-old Gravesend, Brooklyn man was killed just half a block from his home in a chain-reaction crash involving an FDNY ladder truck.
A photo of one of an NYPD chief leaping over a barricade while responding to the IED incident outside Gracie Mansion this weekend has gone viral.
Showers and a few thunderstorms are expected to develop in the afternoon and evening as the warm weather continues across the Tri-State Area.
A tiny home in Selden on Long Island is on the market for almost $330,000, but with no bedroom.
Showers and a few thunderstorms are expected to develop in the afternoon and evening as the warm weather continues across the Tri-State Area.
Thunderstorms are expected in New York, New Jersey and Connecticut this weekend after severe weather hit the Midwest.
Periods of rain will move through the New York area Thursday, but spring temperatures are on the way for the weekend.
Snow and rain will make for messy morning and evening commutes for New Yorkers on Tuesday. It's a First Alert Weather Day.
The Tri-State Area's weekend is looking like a tale of two seasons with both snow and sunshine.
A dog missing for two years has been reunited with its Texas family after being found in New Jersey.
Showers and a few thunderstorms are expected to develop in the afternoon and evening as the warm weather continues across the Tri-State Area.
New Jersey Gov. Mikie Sherrill, on the job for a little over a month, called for major cuts during her first budget address Tuesday.
The Jets are set to acquire quarterback Geno Smith and a seventh-round draft pick from the Raiders.
Thunderstorms are expected in New York, New Jersey and Connecticut this weekend after severe weather hit the Midwest.
A tiny home in Selden on Long Island is on the market for almost $330,000, but with no bedroom.
Showers and a few thunderstorms are expected to develop in the afternoon and evening as the warm weather continues across the Tri-State Area.
A Long Island mother accused of driving while impaired in a 2024 wrong-way crash that killed her son 9-year-old son on the Southern State Parkway has been found not competent to stand trial, the Suffolk County DA's office confirmed Tuesday.
A three-alarm fire was reported Tuesday morning at West Side Elementary School in Laurel Hollow on Long Island.
Data shows a massive increase in pump-and-dump schemes over the last year. Two traders from New York say it cost them tens of thousands of dollars.
New York City's minimum wage could climb to $30 per hour in the coming years. The proposal in the City Council stands to benefit of a lot of people, but there has also been significant pushback.
New Jersey Gov. Mikie Sherrill, on the job for a little over a month, called for major cuts during her first budget address Tuesday.
The Albany budget battle that could test whether New York City Mayor Zohran Mamdani has to raise property taxes began Tuesday with the state Senate and Assembly unveiling their initial wish lists.
Carl Schurz Park near Gracie Mansion was evacuated Tuesday as police investigated a suspicious package. It comes after two teens were arrested for an attempted "an act of ISIS-inspired terrorism."
More than 1,000 new seats for New York City's 3-K program were announced Tuesday by Mayor Zohran Mamdani.
A new study shows toxic forever chemicals known as PFAS may be entering the food chain on Long Island through contaminated soil, water and air.
Erik Lochtefeld is back to acting and marathon training after a glioblastoma diagnosis and complex surgery at NYU Langone.
HHS Secretary RFK Jr. wants the popular coffee chains to prove their surgery drinks are safe for teens and suggested the Trump administration could place limits on your cup of coffee.
Failed contract agreements between Mount Sinai and Anthem have caused thousands of New York patients to lose in-network care.
New York Attorney General Letitia James' office has ordered NYU Langone Health to resume its Transgender Youth Health Program.
A woman was arrested on Sunday for firing multiple shots at the Beverly Hills home of Rihanna, Los Angeles Police Department officials say.
Actress Daryl Hannah explains why the depiction of herself in the FX miniseries "Love Story" is unacceptable in an op-ed in Friday's New York Times.
Justin Timberlake is suing Sag Harbor to prevent the release of bodycam video of his 2024 arrest for driving while intoxicated on Long Island.
Brian Anthony Moreland is a Tony Award-nominated producer who has worked on numerous hit shows and joins a short list of Black producers working on Broadway.
Pokémon fans across New York City waited in live for special events marking the franchise's 30th anniversary.
Just as anticipated, St. John's and UConn turned the Big East regular season into a two-team race. Maybe they're headed for one more heavyweight clash in the finals of the conference tournament.
Mathew Barzal scored in overtime to cap the Islanders' rally from a three-goal deficit for a 4-3 win over the Blues on Tuesday night.
Jalen Duren scored 26 points, Cade Cunningham had 21 points and 15 assists, and the Pistons hammered the Nets 138-100 on Tuesday night.
Alexis Lafreniere got his second career hat trick and Jonathan Quick stopped 21 shots as the Rangers defeated the Flames 4-0 on Tuesday night.
The Jets are set to acquire quarterback Geno Smith and a seventh-round draft pick from the Raiders.
Neighbors and local businesses in Long Island City, Queens, say rental trucks parked on streets are impacting daily operations.
Erik Lochtefeld is back to acting and marathon training after a glioblastoma diagnosis and complex surgery at NYU Langone.
Manhattan historians recently discovered a link to the Underground Railroad at the Merchant's House Museum.
The National Dance Institute in Harlem hosts a special camp twice a year to bring together dancers with and without special needs for a dance camp, proving anyone can take center stage.
Could New York City's harsh winter weather end up curbing the number of rats? Here's why experts are saying don't count on it.
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.
Several New Jersey mayors gathered Wednesday for a news conference about the premiere FIFA World Cup fan festival in northern New Jersey.
The family of a man who was shot by police during a mental health episode is pleading with the Queens District Attorney to drop the charges against him.
Suspected Iranian drones hit at least three ships in and around the Strait of Hormuz, continuing attacks that have paralyzed traffic through the shipping channel vital for the flow of the world's oil supply.
An industrial building in Brooklyn was destroyed after responders extinguished a five-alarm fire. CBS News New York's Elijah Westbrook reports.
Expect showers this evening with more strong storms throughout Wednesday night. Some snow is also expected Thursday. CBS News New York John Elliott has the afternoon forecast.
