Americans continue spending as inflation cools
Americans are still spending as inflation has finally shown signs of cooling. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.
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Americans are still spending as inflation has finally shown signs of cooling. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.
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.
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.
Latest hike brings the U.S central bank's benchmark interest rate to its highest level in 16 years.
FDIC Chairman Martin Gruenberg estimated about $20 billion would be needed to cover the collapse of Silicon Valley Bank.
Credit card debt among Americans is nearing the trillion-dollar mark. And with the recent interest rate hike, Americans can look forward to higher interest rates. Tanya Rivero has the latest.
The U.S. central bank eases up its efforts to curb inflation amid concerns about banking industry risks.
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
After last week's collapse of Silicon Valley Bank, President Joe Biden urged calm and said there would be accountability. Meanwhile, account holders lined up at bank headquarters to withdraw their money after the federal government guaranteed deposits. Nicole D'Antonio and Devin Fehely reports. (3/13/23)
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Latest jump is the fourth supersized rate hike this year, as the central bank tries to subdue stubbornly high inflation.
Jill Schlesinger reports on the impacts of the latest interest rate hike by the Fed on consumers (9-22-2022)
Naomi Ruchim reports on effort by Feds to curb inflation by hiking interest rates (9-21-2022)
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
CBS News business analyst Jill Schlesinger talks about impact the Federal Reserve's .75% interest rate hike will have (6-16-2022)
The Federal Reserve made its most aggressive move yet to tamp down inflation Wednesday, by raising the interest rate by three-quarters of a percentage point.
The Federal Reserve made its most aggressive move yet to tamp down inflation Wednesday, by raising the interest rate by three-quarters of a percentage point. Andrea Nakano reports. (6/15/22)
For anyone used to the Bay Area housing market being white hot, the idea of a buyer's market is unfathomable. But with interest rates rising and more homes coming online, a cool-off might be underway.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Skyler Henry reports on how the hike in a key interest rate will combat inflation (6-15-2022)
The Federal Reserve announced it is raising interest rates on Wednesday — a move to combat soaring inflation as the U.S. comes out of the pandemic and economic uncertainty in the wake of Russia's invasion of Ukraine.
So far this year, the federal government has spent more than $3.5 trillion on COVID-19 relief and that's before this latest stimulus package was approved. So where is all that money coming from? The answer is: our children.
A man suspected in a hit-and-run crash in Berkeley earlier this month was arrested this week with the help of automated license plate readers, police said on Friday.
A multi-vehicle crash in San Jose has left one person dead and closed roadways in the city's Little Saigon area, police said.
A man who carjacked a vehicle in San Jose on Thursday crashed into the front of a dental office building and was arrested, police said.
The House and Senate have now passed a 10-day extension for the controversial warrantless surveillance law.
The Ford station wagon thought to belong to the Martin family was found in 2024 by a diver who had been looking for it for several years.
A man suspected in a hit-and-run crash in Berkeley earlier this month was arrested this week with the help of automated license plate readers, police said on Friday.
A multi-vehicle crash in San Jose has left one person dead and closed roadways in the city's Little Saigon area, police said.
A man who carjacked a vehicle in San Jose on Thursday crashed into the front of a dental office building and was arrested, police said.
The House and Senate have now passed a 10-day extension for the controversial warrantless surveillance law.
The Ford station wagon thought to belong to the Martin family was found in 2024 by a diver who had been looking for it for several years.
A sea lion turned heads in San Francisco's Outer Sunset after wandering out of the ocean and onto a neighborhood street.
San Francisco's iconic Fisherman's Wharf, which draws tourists from around the globe, has been garnering some mixed reactions from visitors.
San Francisco is modernizing its communications systems to ensure that nothing hinders first responders in the event of a disaster.
Prosecutors in San Francisco charged a man with murder, alleging he struck and ran over an elderly pedestrian in a fit of road rage.
The celebration for San Francisco's 176th birthday was held at the East Cut, and the annual event, organized by Empire, brought together Bay Area artists, vendors and residents in a showcase of community pride.
A man suspected in a hit-and-run crash in Berkeley earlier this month was arrested this week with the help of automated license plate readers, police said on Friday.
An 83-year-old woman's idea to share kindness is in full bloom in the East Bay.
Police in Berkeley are seeking help from the public as they search for a 28-year-old man who has been missing for nearly two weeks.
Bay Area Rapid Transit said the system is recovering after an issue involving a train in San Francisco led to major delays early Wednesday morning.
The gift is for graduating students who didn't qualify for free tuition and involves 181 students who owed a range from $2 to close to $1,000.
A multi-vehicle crash in San Jose has left one person dead and closed roadways in the city's Little Saigon area, police said.
A man who carjacked a vehicle in San Jose on Thursday crashed into the front of a dental office building and was arrested, police said.
Three San Jose residents filed a class-action lawsuit against the city over its network of ALPR cameras, alleging that the program violates their constitutional rights.
After four Palo Alto High School students used railroad crossings to take their own lives in the last two years, a proposal was brought to city council to close the Churchill Avenue crossing, which is right next to the school.
Two sea otters that were rescued off the Central California coast made their debuts at the Monterey Bay Aquarium on Tuesday.
In 2019, a company called Catalyst Properties approached the city of Larkspur with an idea. They convinced the city to pair up with a newly formed organization to create tax-free bonds as a way to purchase apartment complexes, turning them into middle-income housing.
A woman wielding a knife allegedly threatened people outside a supermarket in Santa Rosa before officers used less-than-lethal devices to immobilize her and take her into custody, police said on Monday.
A homeowner in Fairfield armed with a shovel fought off an intruder during a confrontation caught on video, police said.
Multiple teens were injured during a crash early Saturday morning in Novato, police said. One of them died, and the others remain in critical condition.
Local leaders say Southwest's arrival will significantly increase the number of travelers flying in and out of the airport this year, a development they call a major step forward for both convenience and economic growth.
Macklin Celebrini had a goal and two assists to break Joe Thornton's San Jose record for points in a season with 115, helping the Sharks rout the Winnipeg Jets 6-1 on Thursday night in the finale for both teams.
Landen Roupp allowed one hit in six innings and Matt Chapman had an RBI double to spark a three-run rally in the seventh and help the San Francisco Giants beat the Cincinnati Reds 3-0.
Stephen Curry scored 27 of his 35 points in the second half, Al Horford hit four 3-pointers during Golden State's electrifying fourth-quarter comeback and the Warriors advanced in the NBA's play-in tournament with a 126-121 victory over the Los Angeles Clippers.
The final countdown is on for the Golden State Valkyries second season and fans are already itching to get back into Ballhalla.
FIFA President Gianni Infantino reiterated his stance Wednesday that Iran will participate in the World Cup "for sure" despite its war with the U.S.
A man suspected in a hit-and-run crash in Berkeley earlier this month was arrested this week with the help of automated license plate readers, police said on Friday.
A man who carjacked a vehicle in San Jose on Thursday crashed into the front of a dental office building and was arrested, police said.
Three LA County residents will spend their weekends in jail for dressing up as a bear and trashing luxury cars for insurance money.
Prosecutors in San Francisco charged a man with murder, alleging he struck and ran over an elderly pedestrian in a fit of road rage.
A San Francisco toddler's fatal overdose due to fentanyl poisoning earlier this year has resulted in murder charges against the child's parents, the district attorney announced on Wednesday.
The interactive gaming platform Roblox, popular among children and teens, has reached an over $12 million agreement with the state of Nevada over its protections for young users.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
Could powerful AI models like Anthropic's Mythos give cybercriminals and other bad actors a roadmap for exploiting tech systems?
Artificial intelligence is more likely to change the nature of work than to supplant masses of workers, according to researchers.
The Computer History Museum is more than a walk through the past; it is a reflection of how rapidly technology continues to shape everyday life.
Health officials in San Francisco announced Wednesday that an infant who recently traveled outside the United States has tested positive for measles.
A dead bat found at a Fremont home earlier this week has tested positive for the deadly rabies virus, according to authorities.
An East Bay woman is using the sport of pickleball to help find a cure for Parkinson's disease.
An unlicensed cosmetologist from Florida has been found guilty in a California court for providing an injection that killed a model who was known as a Kim Kardashian lookalike, prosecutors said.
The early-season heat wave gripping the Bay Area also means the allergy season is already kicking into high gear.
The House and Senate have now passed a 10-day extension for the controversial warrantless surveillance law.
After polling around 3% last month, former state attorney general Xavier Becerra jumped to 10% after Eric Swalwell dropped out of the California governor's race.
But underground construction work on a presidential bunker underneath the ballroom can continue, the judge said.
Few Republicans have been willing to distance themselves from the president as the war's end remains uncertain.
It was the fourth time Democrats in the Senate had forced a vote on the issue since the war began on Feb. 28.
The Trump administration agreed to restore the Stonewall National Monument's Pride flag in Greenwich Village after it was removed.
Philz Coffee's move to remove the Pride flag and all other flags from their stores is brewing up some strong reaction.
Transgender women athletes are now excluded from women's events at the Olympics after the IOC agreed to a new eligibility policy on Thursday.
The Trump administration has given San Jose State University 10 days to change its policy on transgender athletes or face legal action and possibly lose federal funding.
A man has been arrested and accused of a hate crime after a San Francisco church was vandalized over the weekend, police said.
Pop star Britney Spears has voluntarily checked into rehab following her DUI arrest in Ventura County in March, a representative for the singer told CBS LA.
Adrian Arias's work, entitled "Layers of the Mission: A Celebration of Memory and Resilience," is intended to bring attention to who he describes as real-life neighborhood heroes.
City leadership recently passed legislation that they say will help established event activators plan and execute at a much faster pace.
The price hike raises the cost of the standard plan with ads by $1 per month and the cost of the standard and premium plans by $2.
An unlicensed cosmetologist from Florida has been found guilty in a California court for providing an injection that killed a model who was known as a Kim Kardashian lookalike, prosecutors said.
Ever since the COVID-19 pandemic, the Oakland Unified School District has seen an alarming spike in the number of unhoused students in the school system who deal with a host of challenges far beyond what most children face.
Meteorologist and CBS News Bay Area's resident pilot Lt. Jessica Burch got a treat during Fleet Week, taking to the skies with one of the Blue Angels.
A Bay Area man discovered his devastating loss left him with a new opportunity to rethink how he lives -- follow his journey in virtual reality, 360-degree video.
A groundbreaking medical study involving the UCSF Medical Center has shown some colorectal cancer patients can safely skip radiation treatment and enjoy a potentially higher quality of life.
Every day, San Francisco bar pilot Captain Zach Kellerman goes through what might just be the world's most dangerous commute.
A multi-vehicle crash in San Jose has left one person dead and closed roadways in the city's Little Saigon area, police said.
A man who police say carjacked a vehicle in San Jose and drove into a dental office building on Thursday evening was arrested following the crash.
Meteorologist Jessica Burch says after a mostly pleasant weekend, a new storm system will likely bring rain into the Bay Area as soon as Monday.
A sea lion turned heads in San Francisco's Outer Sunset after wandering out of the ocean and onto a neighborhood street.
The Emperor Penguin and the Antarctic Fur Seal now face an ominous uphill climb.
In 2025, KPIX is moving to a new community service award: the CBS News Bay Area Icon Award. Submit nominations for an outstanding community hero at kpix.com/icon.
It's the most wonderful time of the year for a South Bay woman who has played Mrs. Claus for more than 40 years for the children of North San Jose's Alviso District.
For residents of the Oakland Hills, the prospect of another wildfire always remains a concern. This week's Jefferson Awards winner has made it his mission to make the hills and other high-risk areas safer.
In East Palo Alto -- where state education numbers show more than nine in ten public school students are low income and more than half are English learners -- many are finding hope and connection at the Boys & Girls Clubs of the Peninsula.
This week's Jefferson Award winner is Army veteran who continues to live a life of service into his 80s, by feeding hundreds of San Francisco families a week.
A Bay Area man who overcame tremendous obstacles to excel in school has made it his mission to gear up other students for success in the classroom and in life.
For Students Rising Above scholar Josh Collins it took moving across the country to realize the value of his Bay Area family.
Samir Hooker had to grow up fast after his stepfather was shot dead 12 years ago. Now he is watching over his mom and sister while attending UC Berkeley.
It's hard enough to graduate from one of the most prestigious schools in the country when you're the first in your family to go to college. Imagine doing that while you're also trying to protect your parents from being deported?
Some students who are the first in their families to go to college face the challenge of balancing a rigorous academic load while still working to help support their family back home.