Fed rate hike creates opportunity for savers to earn more on their money
While an interest rate hike means higher borrowing costs for consumers with high credit card balances, there's a silver lining for savers.
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While an interest rate hike means higher borrowing costs for consumers with high credit card balances, there's a silver lining for savers.
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.
