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.
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."
It can sound tempting to open a store card and then often score some instant discounts in the process. But before you do, consumer reporter Josh Sidorowicz is In Your Corner with how it can cost you more than save you if you're not careful.
The central bank's Monetary Policy Committee may decide to lower rates at its next meeting in September. Here's what it could mean for your money.
Federal Reserve chair Jerome Powell hinted that interest rates could finally come down in September, marking the first time in nearly a year. Consumer reporter Josh Sidorowicz is In Your Corner with what it could mean for your money.
Mortgage rates dropping to 6% would allow for more than 5 million more households to afford a home, according to the National Association of Realtors.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The reserve's cut to interest rates was more than many experts predicted. The interest rate cut may encourage more people to buy homes which could make the housing supply even tighter. The nonprofit Up For Growth in Pennsylvania estimates the state is 97,000 homes short of what's needed. CBS News National Correspondent Ash-har Quraishi found a city that came up with a strategy to create more housing.
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
The Federal Reserve is leaving its benchmark interest rate unchanged as investors look for signals that a cut is imminent.
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.
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
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
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.
Ukee Washington reports.
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
New parking rules for Eagles home games could throw a wrench into some long-standing tailgating traditions.
SEPTA is rolling out an ambitious plan for the future as the transit agency continues to modernize, but transit leaders say they'll need help.
Just hours after a beef heist in South Philly, police are investigating the theft of a Krispy Kreme truck in Frankford Tuesday morning.
Students traveled to Chicago for a two-day educational trip, visiting the Obama Presidential Center just three months after it opened.
An autopsy by the Greenville County Coroner's Office determined Hayden Panettiere's death was due to an accidental overdose of several drugs, including fentanyl.
New parking rules for Eagles home games could throw a wrench into some long-standing tailgating traditions.
SEPTA is rolling out an ambitious plan for the future as the transit agency continues to modernize, but transit leaders say they'll need help.
Just hours after a beef heist in South Philly, police are investigating the theft of a Krispy Kreme truck in Frankford Tuesday morning.
Students traveled to Chicago for a two-day educational trip, visiting the Obama Presidential Center just three months after it opened.
An autopsy by the Greenville County Coroner's Office determined Hayden Panettiere's death was due to an accidental overdose of several drugs, including fentanyl.
New parking rules for Eagles home games could throw a wrench into some long-standing tailgating traditions.
SEPTA is rolling out an ambitious plan for the future as the transit agency continues to modernize, but transit leaders say they'll need help.
Just hours after a beef heist in South Philly, police are investigating the theft of a Krispy Kreme truck in Frankford Tuesday morning.
Students traveled to Chicago for a two-day educational trip, visiting the Obama Presidential Center just three months after it opened.
Police are investigating an overnight meat heist after a group of thieves stole a shipment of beef from a tractor-trailer in South Philadelphia.
Flights at Newark Liberty International, John F. Kennedy International and LaGuardia airports were delayed due to an equipment outage, the FAA says.
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.
A cat named Bessie saved a Norristown, Pennsylvania, family from a 1934 house fire, and her heroic story now teaches children about fire safety.
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.
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.
A victim of alleged hazing at Cheltenham High School testified in court Monday for the first time in nearly eight hours of preliminary hearings against four of his former coaches.
Zach Ertz is returning to the Philadelphia Eagles with tight end Dallas Goedert expected to miss a few weeks with an MCL sprain, according to multiple reports.
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.
An autopsy by the Greenville County Coroner's Office determined Hayden Panettiere's death was due to an accidental overdose of several drugs, including fentanyl.
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.
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.
The rain becomes less widespread after today, but we are not flipping back to sunshine. Grant Gilmore reports.
Actor Hayden Panettiere died from an accidental drug overdose that included fentanyl, a South Carolina coroner confirmed Tuesday.
SEPTA unveils plans to modernize its bus network, trolley cars and more. Dan Snyder reports.
Just hours after a beef heist in South Philadelphia, police are investigating the theft of a Krispy Kreme truck in the city's Frankford neighborhood Tuesday morning.
The rain becomes less widespread after today, but we are not flipping back to sunshine. Kate Bilo has the forecast.