Fed hikes interest rates to highest level in more than 20 years
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
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Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
U.S. Treasury Secretary Janet Yellen, who is in Beijing for meetings with top Chinese officials and American companies that do business in the country, said the U.S. welcomes healthy economic competition with China, but only if it's fair. CBS News' Elizabeth Palmer reports.
The U.S. added 209,000 jobs in June, according to the latest numbers from the Labor Department, a sign that the job market could be cooling, some economists said. However, the unemployment rate dropped slightly to 3.6% as President Biden took a different tone, saying the report indicates steady growth. Natalie Brand has more.
Hiring reflects a sharp slowdown compared with May, reflecting economic headwinds facing some businesses.
A number of large Bay Area companies are moving employees away from remote work toward more time back in the office.
While the office market is down, it's not completely dormant and some see a rebound on the horizon, along with big changes for downtown San Francisco. Wilson Walker reports. (6-16-23)
With tech layoffs and some people still working from home, office vacancy rates in San Francisco went from a historic low of about 5% before the pandemic to a record high of almost 30% in just a matter of three years.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
With inflation finally falling from last year's record highs, the Federal Reserve declined to raise key interest rates for the first time in 15 months. Natalie Brand reports on how the move will affect consumers and whether we could see more rate hikes in the future.
Lezla Gooden reports on visitors surprised to hear about Westfield's plans to leave namesake SF shopping center (6-12-2023)
Salt Lake City has the largest share of Gen Zers trying to get a foothold in the housing market, according to a new report from LendingTree. CBS MoneyWatch's Megan Cerullo has more on what the report said about homebuying trends for Generation Z.
The Saudi cut of 1 million barrels per day comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
The U.S. averted disaster by raising the debt ceiling, but a mild recession is still possible even as job numbers remain hot, according to the head of Bank of America. Mark Strassmann breaks down how the U.S. economy is doing.
President Biden Saturday signed a bipartisan bill that will suspend the nation's debt ceiling and avoid what could have been a catastrophic government default. Christina Ruffini has more.
Nevada lawmakers questioned whether a proposal to subsidize a new MLB stadium with tax credits and bonds would further jolt Las Vegas' economy.
President Biden and House Speaker McCarthy both expressed optimism that they would be able to get their respective parties on board for the debt ceiling plan they negotiated. Natalie Brand has the latest.
A new survey finds that far fewer Americans are moving for work -- just 1.6% of job seekers moved in the first quarter of 2023, compared to 45% in 1986. CBS MoneyWatch associate managing editor Irina Ivanova explains the possible reasons behind the shift.
Some shops are saying they are facing an extinction event.
Over the past three and a half years or so, the majority of cities across the Bay Area have seen population declines. But in the South Bay city of Santa Clara, that's not the case.
As Nordstrom becomes the latest corporation to pull up stakes in downtown San Francisco to search for greener pastures, small businesses trying to survive often don't have that luxury. Jose Martinez reports on one such business.
Gary Cohn, the former top economic adviser in the Trump White House and who is now vice chairman of IBM, tells "Face the Nation" that he believes the impending sale of troubled bank First Republic "will be a much faster process" than what happened with Silicon Valley Bank. But he says this is a "seismic moment" for the American people and whether they trust their banks.
Mired in a prolonged sales slump, the retail chain has struggled to attract customers both in stores and online.
After cutting U.S. vehicle prices four times this year, Tesla raised the cost overnight on its slow-selling more expensive models.
With a growing number of vacant storefronts in downtown San Francisco, the City's Office of Economic and Workforce Development and non-profit SF New Deal have launched a new initiative called "Vacant to Vibrant," with a hope of re-energizing the neighborhood with pop-up experiences.
The Federal Reserve's bank supervisors informed Silicon Valley Bank's management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said, but the bank's managers failed to take the steps necessary to fix its problems.
