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.
Health officials in Philadelphia are warning about possible measles exposures in the CHOP NICU.
State officials announced Thursday that chip technology will soon make SNAP debit cards, known as EBT cards, more secure.
Gig's grandchildren say he's "synonymous with the tramcar" he drove for decades on the Wildwood boardwalk.
Philadelphia police launched an exhaustive investigation into the disappearance of Amy McHale, Raymond Horsch's ex-wife.
Drivers will start getting tickets for parking in Smart Loading Zones without registering.
Philadelphia police launched an exhaustive investigation into the disappearance of Amy McHale, Raymond Horsch's ex-wife.
Health officials in Philadelphia are warning about possible measles exposures in the CHOP NICU.
State officials announced Thursday that chip technology will soon make SNAP debit cards, known as EBT cards, more secure.
Gig's grandchildren say he's "synonymous with the tramcar" he drove for decades on the Wildwood boardwalk.
Drivers will start getting tickets for parking in Smart Loading Zones without registering.
Health officials in Philadelphia are warning about possible measles exposures in the CHOP NICU.
State officials announced Thursday that chip technology will soon make SNAP debit cards, known as EBT cards, more secure.
Philadelphia police launched an exhaustive investigation into the disappearance of Amy McHale, Raymond Horsch's ex-wife.
Drivers will start getting tickets for parking in Smart Loading Zones without registering.
A sheriff's deputy was hospitalized and three people were arrested after a chaotic scene in Northeast Philadelphia Thursday.
Gig's grandchildren say he's "synonymous with the tramcar" he drove for decades on the Wildwood boardwalk.
South Jersey athletes, Mount Holly native 9-year-old Demtrius Vanderpoel and Haddon Township native 14-year-old Alyssa Mattiacci, are in the running for the Youth Athlete of the Year title.
Today looks warm and noticeably more humid in the Philadelphia region, with highs reaching the mid-80s but feeling like the upper 80s.
Family and the Bridgeton, N.J., community held a vigil Wednesday, marking seven years since Dulce Maria Alavez's disappearance.
An armored police vehicle is outside a home in Pennsauken, Camden County, on Wednesday.
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.
A 19-year-old man was shot and killed Sunday afternoon in Wilmington, Delaware, police said.
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.
Four vaccinated people in Pennsylvania have contracted measles, health officials say.
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
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.
SEPTA is receiving a federal grant worth more than $13 million to replace its aging Silverliner IV Regional Rail fleet.
For the first time in a decade, the Philadelphia Cycling Classic returns this weekend.
South Jersey athletes, Mount Holly native 9-year-old Demtrius Vanderpoel and Haddon Township native 14-year-old Alyssa Mattiacci, are in the running for the Youth Athlete of the Year title.
With Jesús Luzardo on the injured list, the Phillies on Thursday claimed veteran José Urquidy off waivers from the White Sox
Zack Wheeler tossed seven scoreless innings and the Phillies drew a season-high 13 walks in a 3-0 win over the Nationals
Pinch-hitter Daylen Lile hit a tie-breaking three-run homer in the seventh inning, and the Washington Nationals defeated the Philadelphia Phillies 6-3.
The Philadelphia Phillies placed left-handed starter Jesús Luzardo on the 15-day injured list Tuesday (retroactive to 9/12) with left shoulder inflammation.
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.
Spotty showers will be on the horizon through midnight before temperatures turn less humid on Friday in the Philadelphia region. CBS News Philadelphia Meteorologist Grant Gilmore has the weather forecast.
With the 30-day warning period over, drivers in Philadelphia will start receiving tickets if they park in the city's Smart Loading Zones without registering. Reporter Ray Strickland talked to drivers about the new program.
State officials say the scuttle fly destroys up to 40% of crops every year. Sher-Rockee Mushroom Farms in Upper Oxford Township is fighting back. CBS News Philadelphia's Madeleine Wright reports.
Chip-enabled debit cards will soon be in the hands of SNAP recipients in Pennsylvania. Officials say the technology will prevent SNAP benefits, formerly known as food stamps, from being stolen. CBS News Philadelphia's Liz Crawford reports.
Everyone inside Philadelphia City Hall evacuated during a City Council session Thursday because of an unattended bag, but police say they investigated and did not find anything dangerous. No injuries were reported, and no one was arrested, according to police.