Fed hikes key interest rate 0.75 percentage points as it battles inflation
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
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"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.
Experts say Americans could soon see some relief as surging prices starts to weigh on consumer spending.
Dr. Giacomo Santangelo makes some painful predictions after an already difficult pandemic
Consumers could soon feel a bigger squeeze on credit cards, debts and mortgages.
Drivers in Connecticut are getting some relief at the pump as a temporary suspension of the state's gas tax took effect Friday. CBS2's Natalie Duddridge reports.
The extension would last through July 1.
As gas prices surge to record highs, drivers in Connecticut could see some relief soon.
As many employees continue to work from home, there are concerns along Long Island's major office park corridor of Route 110 that things have changed permanently. CBS2's Jennifer McLogan reports.
Economists hope pandemic price hikes driven by high demand and supple chain problems will ease soon.
Some consumers said gas prices are hitting especially hard because they just restarted commuting to work. CBS2's Meg Baker reports.
As inflation rates continue to rise, President Biden reiterated that his administration has a plan to address the issue. He said he will "lower your costs, not your wages." Watch this portion of his State of the Union address.
Many Americans feel the economic squeeze is likely to grow tighter, thanks to the war in Eastern Europe. CBS2's Tony Aiello spoke with some experts for a look at what to expect.
The hottest commodity in town right now is on four wheels. Car dealers are raising prices, car makers are pushing back and customers are stuck in the middle. CBS2's Jessica Moore met two exhausted car buyers and has tips on how you can avoid the squeeze.
Car dealers are raising prices, car makers are pushing back and customers are stuck in the middle.
