Federal Reserve raises interest rates for the first time since 2023
The Fed increased its benchmark rate by 0.25 percentage points to battle resurgent inflation driven by soaring energy prices.
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The Fed increased its benchmark rate by 0.25 percentage points to battle resurgent inflation driven by soaring energy prices.
The Federal Reserve raised interest rates for the first time since 2023 on Wednesday, reversing course as the Iran war drives up global energy prices and fuels inflation.
Alan Greenspan's lengthy reign at the Federal Reserve coincided with a period of stability from the mid-1980s until 2007.
After three rate cuts last year, the Federal Reserve is expected to hold interest rates steady, making a formal announcement at 2 p.m. Wednesday. The rate staying constant means borrowing costs for things like mortgages and credit cards aren't dropping yet, but your savings can earn you more. Josh Sanders has the latest from the Pulse Desk.
The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.
Federal Reserve Chair Jerome Powell said he's facing a federal criminal investigation. While Powell said the DOJ probe is tied to testimony he gave last summer over a renovations project for Fed buildings, he said a in a video released Sunday that "the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president."
Bitcoin has erased all of its 2025 gains and is on track for its worst monthly performance since 2022. Here's what experts say about the decline.
The Federal Reserve announced its second interest-rate cut of 2025 Wednesday, lowering its benchmark rate by 0.25 percentage points.
The Federal Reserve is slated to meet to consider another rate cut. It comes even as a near-total blackout of federal economic data continues with the government shutdown. Hear more on how a rate cut could impact your money on our new CBS News Philadelphia In Your Corner podcast.
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
Federal Reserve Chairman Jerome Powell warned this week that President Trump's tariff plan could cause higher unemployment, inflation and a potential economic slowdown. Jim Donovan has your latest morning headlines with weather from Meteorologist Grant Gilmore.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The Federal Reserve is leaving its benchmark interest rate unchanged as investors look for signals that a cut is imminent.
The Fed left its benchmark interest rate unchanged amid persistent inflation. Bankers are predicting three rate cuts later this year.
The Fed is meeting today to decide whether to again raise rates as it battle inflation. Here's what it means for interest rates and mortgages.
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
The Federal Reserve is hitting the pause button on interest rates, thanks in part, to the latest inflation numbers from May. Jessica Kartalija reports. READ MORE: https://cbsloc.al/3qGC22S
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
The regional lender, whose collapse is the second-biggest bank failure in U.S. history, is the third bank to be seized by regulators since March.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
All deposit accounts at Silicon Valley Bank and Signature Bank in New York will be guaranteed, the Federal Reserve, Treasury Dept. and FDIC said in a joint statement.
Because inflation is easing, Fed is increasing rates at slower pace. But borrowing will still be more expensive.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Monday in the Philadelphia region will be mostly cloudy and mild, with a chance of scattered rain.
Eagles running back Saquon Barkley will undergo an MRI after he missed most of Sunday's 24-20 comeback win over the Titans with a stinger, according to multiple reports.
Part of a Lavallette, New Jersey, liquor store was boarded up and a bouquet of flowers was left outside Sunday night, somber reminders of a horrific crash that killed a woman a day earlier.
The congregation at Messiah Lutheran Church in Downingtown celebrated its official grand reopening Sunday.
Jeffery Simmons gave Jalen Hurts bulletin board material heading into Week 2, and the Eagles quarterback responded with a game-winning drive late in the fourth quarter to beat the Titans.
Jalen Hurts tossed a game-winning touchdown pass to Darius Cooper to help the Philadelphia Eagles beat the Tennessee Titans, 24-20, Sunday at Nissan Stadium.
Monday in the Philadelphia region will be mostly cloudy and mild, with a chance of scattered rain.
Jeffery Simmons gave Jalen Hurts bulletin board material heading into Week 2, and the Eagles quarterback responded with a game-winning drive late in the fourth quarter to beat the Titans.
Eagles running back Saquon Barkley will undergo an MRI after he missed most of Sunday's 24-20 comeback win over the Titans with a stinger, according to multiple reports.
Part of a Lavallette, New Jersey, liquor store was boarded up and a bouquet of flowers was left outside Sunday night, somber reminders of a horrific crash that killed a woman a day earlier.
The congregation at Messiah Lutheran Church in Downingtown celebrated its official grand reopening Sunday.
Ed Sheeran opened his solo concert in Philadelphia on Saturday with comments about Gaza, saying what is happening there is "catastrophic and unjustifiable."
Health officials are warning of a possible measles exposure at Philadelphia International Airport, and it's not related to the case at CHOP.
Surveillance video captured the moment a man had his laptop snatched off his table at gunpoint Friday at Parc in Philadelphia.
Police believe a social media beef might have led to a shooting that injured a 16-year-old in East Germantown Friday night.
Part of a Lavallette, New Jersey, liquor store was boarded up and a bouquet of flowers was left outside Sunday night, somber reminders of a horrific crash that killed a woman a day earlier.
Olympian Dominique Dawes said she wants to create a healthier culture within gymnastics.
The suspect has been identified in a deadly shooting that happened outside a Wawa location in Toms River on Friday.
Gregory Taylor says his son, Xavier, is still on a ventilator, but they're hopeful and steadfast in their faith.
North Wildwood police say a man drowned in the ocean near Second Avenue on Wednesday.
Friday will start on the humid side, but as temps climb into the low-mid 80s, the decreasing humidity will make for a nice day.
Today looks warm and noticeably more humid in the Philadelphia region, with highs reaching the mid-80s but feeling like the upper 80s.
Another beautiful September day is underway Wednesday in the Philadelphia region.
Tuesday will bring plenty of sunshine, low humidity and light winds in the Philadelphia region, all ingredients to spend time outside.
Concerns are growing in Wilmington, Delaware, after separate shootings over the weekend left two people dead, including a teen.
Health officials are warning of a possible measles exposure at Philadelphia International Airport, and it's not related to the case at CHOP.
Health officials in Philadelphia are warning about possible measles exposures in the CHOP NICU.
An 18-year-old from Mifflin County has died from measles-related complications, Pennsylvania health officials said.
The Philadelphia Eagles' cheerleading squad has nine new members, including a Jefferson Health cardiac ICU nurse and three other healthcare professionals.
A 40-year-old woman died on Saturday from complications associated with measles, the coroner reported.
New Jersey floral designer Alisha Simone Bell said she puts her "whole heart" into every arrangement and every detail.
On Tuesday, Pennsylvania took a major step in the fight against the negative impacts of social media, particularly on children.
Thieves are smashing windows and targeting trading card stores looking for valuable Pokémon cards, police in South Jersey say.
Customers lined up to support Somerdale Cold Cuts as it reopened after a copper theft.
While some assume landlords are required to provide air conditioning, the law is not nearly as clear-cut as it is for heat in the winter
Two people were taken to the hospital after a large tree fell onto three cars on Belmont Avenue in Bala Cynwyd on Friday.
A crash involving at least two cars is slowing traffic on I-95 South near Allegheny Avenue.
Drivers will start getting tickets for parking in Smart Loading Zones without registering.
A man on a motorcycle was launched from a highway overpass near 2nd and Callowhill streets on Monday night, police say.
SEPTA has resumed service on three Regional Rail lines after downed Amtrak wires caused a suspension on Monday.
Eagles running back Saquon Barkley will undergo an MRI after he missed most of Sunday's 24-20 comeback win over the Titans with a stinger, according to multiple reports.
Jeffery Simmons gave Jalen Hurts bulletin board material heading into Week 2, and the Eagles quarterback responded with a game-winning drive late in the fourth quarter to beat the Titans.
Cristopher Sánchez earned his major league-leading 18th win Sunday, leading the Phillies to a 7-2 victory over the Mets.
Jalen Hurts tossed a game-winning touchdown pass to Darius Cooper to help the Philadelphia Eagles beat the Tennessee Titans, 24-20, Sunday at Nissan Stadium.
Bruno Damiani, teenager Cavan Sullivan and Milan Iloski all scored over a five-minute span of the second half for Philadelphia, and the Union used an own goal to beat Sporting Kansas City 4-3 and extend their unbeaten streak to 11 with a fifth straight victory.
Crews are setting up for Ed Sheeran's concert at Lincoln Financial Field this weekend amid a controversy over Macklemore's recent comments.
Aaron Rowe, Beoga, Lukas Graham and Finneas all released statements Tuesday on Instagram saying they were withdrawing from Ed Sheeran's tour.
Performer Macklemore is being dropped from Ed Sheeran's Loop tour after making on-stage statements that some found controversial.
The Philadelphia Eagles' cheerleading squad has nine new members, including a Jefferson Health cardiac ICU nurse and three other healthcare professionals.
The Landmark Ritz Five movie theater in Philadelphia's Old City neighborhood has reopened after a brief closure.
Ukee Washington reports.
Natasha Brown reports.
Natasha Brown reports.
Natasha Brown reports.
Ukee Washington reports.
Middle school students in Philadelphia got the opportunity to do hands-on learning during the school district's five-day career and technical camp.
With her Girl Talk mentoring program, one Philadelphia teen turned her camp days into a safe space to discuss social issues young girls face every day.
Recent high school graduate Sylvain Farrell says his temporary position at a local clinic is the pathway to a full-time career.
A Philadelphia student won an award from NFL Films for his documentary on bringing back sports teams at his Kensington school.
A group of East Norriton eighth graders took what started as an Earth Day project and made a whole initiative.
Andrew Kozak is tracking an unsettled week of weather in the Philadelphia region this week. Here's the latest NEXT Weather forecast.
A woman was killed and seven people were hurt after a car slammed into a restaurant in Ocean County, New Jersey.
Andrew Kozak has the latest NEXT Weather forecast for the Philadelphia region on a rainy Sunday night.
The Eagles made fans sweat Sunday afternoon, but the team pulled off a dramatic win over the Titans in Week 2.
President Trump said on Sunday that he has agreed to convert plans for a massive triumphal arch into a "top grade Military Complex," equipped with snipers and drone storage.