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.
Economy
Fed raises interest rates quarter of a point
After briefly pausing its war on inflation last month, the Federal Reserve is resuming the battle by hiking its benchmark interest rate to the highest level in 22 years. Hope King, senior business reporter for Axios, joined CBS News as the Fed announced the rate hike.
What another interest rate hike means
The Federal Reserve is expected to raise interest rates again Wednesday afternoon after pausing in June. CBS News business analyst Jill Schlesinger discusses how this hike will affect Americans.
Rate hike likely in effort to curb inflation
The Federal Reserve will wrap up a two-day policy meeting Wednesday, and it will likely raise interest rates again to fight inflation. The Fed's policies appear to be working, as inflation is sharply lower. But not all costs are coming down at the same time. Carter Evans reports.
Japan's population is shrinking at a record rate
Government data show the number of Japanese nationals in the country fell by about 800,000 in 2022, the 14th consecutive year of population decline.
Lenders getting stricter on consumer loans
A new survey from the Federal Reserve found that lenders are getting stricter with consumer loans. The rejection rate for credit applicants increased to almost 22% in June, the highest level since June of 2018. Warren Kornfeld, senior vice president for Moody's Investors Service, joined CBS News to talk about the trend.
Fed expected to raise interest rate Wednesday
The Federal Reserve is expected to raise interest rates again Wednesday after pausing more than a year of rate hikes in June. Experts believe the central bank will increase rates by one-quarter of a percentage point as part of its ongoing fight against high inflation. Joe Rennison, markets reporter for The New York Times, joined CBS News to discuss.
Americans to face higher bills in the fall
Millions of Americans are preparing for an increased cost of living in the fall. Several social safety net programs are set to expire, including COVID-era childcare relief. And federal student loan payments will resume in October. Javier David, CBS News contributor and a managing editor for business and markets at Axios, has more.
12/22: CBS News Mornings
Ukraine's President Volodymyr Zelenskyy addresses Congress; U.K. economy shrank more than originally thought, revised figures show.
11/23: CBS News Mornings
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President Biden addressed threat of election deniers, blamed former President Trump; Federal Reserve announced another rate hike.
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South Korea reacts to North Korea warplanes near border; Brooklyn Nets guard Kyrie Irving suspended after tweet about antisemitic film.
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Control of U.S. House and Senate still undecided; Meta lays off 11,000+ employees.
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Warnock wins re-election; employees actively look for new jobs amid uncertain economy.
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At least 14 hurt in Chicago shooting; Euro zone inflation hits record high 10.7% in October.
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Police clamp down on COVID protests in China; NASA's Orion moon capsule breaks distance record.
10/31: CBS News Mornings
Man accused of attacking Paul Pelosi had list of possible targets; German economy sees surprise growth.
Singapore has world's most powerful passport
Singapore now lays claim to the most powerful passport in the world, allowing it's citizens to visit 192 countries without a visa. Italy, Spain and Germany are all tied in second place. For more on this, CBS News talked to Philippe Amarante, managing partner at Henley & Partners, a global migration consultant group that created the index ranking passport power.
Biden touts economic plans in Philadelphia
President Biden delivered remarks at the Philadelphia Shipyard Thursday on the many ways he says his administration is delivering on its economic plan. The president touched on clean energy and continuing to create products made in America during his speech. CBS News senior White House and political correspondent Ed O'Keefe reports.
New $2 billion theme park announced in Oklahoma
In addition to the amusement park, American Heartland will feature a 300-room hotel, an indoor water park, and an adjacent RV park and campground.
Looking at the post-pandemic labor market
The nation's labor market continues to defy expectations. Weekly unemployment claims fell to 228,000 last week, and the unemployment rate also slipped to 3.6%. Jeanna Smialek, Federal Reserve and economy reporter for The New York Times, joined CBS News to break down the status of the post-pandemic labor market.
Photo of Connecticut McDonald's $18 Big Mac sparks debate online
The average price for a Big Mac in the U.S. is $5.35. At the location in Darien, Connecticut, some combo meals top $21.
Wages rising faster than inflation
For the first time since early 2021, the U.S. Labor Department says wages are rising at a faster rate than inflation. Compared with early 2021, wages are up about 4% while the Consumer Price Index has increased by about 3%. Amara Omeokwe, economics reporter at The Wall Street Journal, has more.
Survey: Investors still bracing for recession
A new Goldman Sachs survey shows Wall Street investors are still bracing for a recession despite inflation easing and a healthy job market. Greg Robb, an economics editor for MarketWatch, joined CBS News to discuss.
New York Fed: Loan rejection rates rising
More and more Americans are seeing their loan applications rejected. The Federal Reserve Bank of New York reported that rejection rates are up for many loans -- including mortgages, auto loans and credit cards. John Vivian, senior director of finance consulting firm Potomac Global Partners, joins CBS News to help make sense of the lending landscape.
Live
Trump says Iran deal not final, will resume bombing "if they don't behave"
President Trump warns he could order new strikes if Iran's leaders "don't behave," two days before the expected signing of a deal that remains vaguely defined.
Exclusive
Is Russia burning through air defense missiles at an "unsustainable rate"?
Ukraine intelligence indicates the country's stepped up drone strikes are forcing Russia to burn through interceptor missiles, possibly faster than it can build new ones.
Exclusive
Veteran fights to prevent wife's deportation: "I'm begging my own country"
Retired staff sergeant Wilmer Trujillo, who served roughly 20 years in the U.S. Army and the Texas National Guard, is asking ICE to release his wife of six years.
Trump puts Jay Clayton's nomination for intel chief on hold
The president says he's trying to force Congress to pass a voter ID bill that currently lacks enough support to be approved.
Vance says text of U.S.-Iran deal will be released Friday "at the latest"
Vice President JD Vance said on "CBS Monrings" that the Trump administration wants "to tell the American people what's in this deal."
Trump to hold news conference to conclude G7 summit in France
President Trump is set to hold a news conference to wrap up the Group of Seven summit in France on Wednesday.
Exclusive
"The most famous judge in America, for a while," on highs and lows of a Trump trial
In an exclusive interview with CBS News, retired Justice Arthur Engoron reflected on the highs and lows of the 2023 Trump civil fraud trial.
Luigi Mangione's lawyers will argue psychiatric defense in state murder trial
Luigi Mangione's lawyers will argue that he was suffering from an extreme emotional disturbance when he allegedly killed UnitedHealthcare CEO Brian Thompson.
Messi ties men's World Cup goals record with first World Cup hat trick
Lionel Messi tied the Men's World Cup goals record with his first World Cup hat trick as Argentina topped Algeria.
U.S.
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Trump to hold news conference to conclude G7 summit in France
President Trump is set to hold a news conference to wrap up the Group of Seven summit in France on Wednesday.
Vance says text of U.S.-Iran deal will be released Friday "at the latest"
Vice President JD Vance said on "CBS Monrings" that the Trump administration wants "to tell the American people what's in this deal."
Exclusive
"The most famous judge in America, for a while," on highs and lows of a Trump trial
In an exclusive interview with CBS News, retired Justice Arthur Engoron reflected on the highs and lows of the 2023 Trump civil fraud trial.
Exclusive
Veteran fights to prevent wife's deportation: "I'm begging my own country"
Retired staff sergeant Wilmer Trujillo, who served roughly 20 years in the U.S. Army and the Texas National Guard, is asking ICE to release his wife of six years.
Want to start a business? AI can help, business owners say
AI is slashing the cost of starting and running a business. "Everything has decreased in cost and increased in speed," one entrepreneur said.
MoneyWatch
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Want to start a business? AI can help, business owners say
AI is slashing the cost of starting and running a business. "Everything has decreased in cost and increased in speed," one entrepreneur said.
What to expect as Kevin Warsh leads his first Fed interest rate meeting
New Fed Chairman Kevin Warsh is stepping in at a critical juncture for the U.S. economy, with inflation at its highest level in more than three years.
Yum! Brands sells struggling Pizza Hut in $2.7 billion deal
The sale will split ownership of the pizza chain between a U.S.-based private equity firm and a Chinese restaurant company.
SpaceX to buy AI coding assistant Cursor for $60 billion
The deal comes just days after SpaceX went public in the largest IPO in history, raising $75 billion to help fund its expansion.
Electricity costs expected to hit record this summer, new analysis finds
A new analysis projects how much Americans will pay for electricity from June to September, depending on their state of residence.
Politics
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D.C. Democratic primary for mayor results still undetermined in city's first ranked-choice election
Democratic socialist Janeese Lewis George is holding a lead with 64% of ballots counted.
Trump to hold news conference to conclude G7 summit in France
President Trump is set to hold a news conference to wrap up the Group of Seven summit in France on Wednesday.
Vance says text of U.S.-Iran deal will be released Friday "at the latest"
Vice President JD Vance said on "CBS Monrings" that the Trump administration wants "to tell the American people what's in this deal."
Exclusive
"The most famous judge in America, for a while," on highs and lows of a Trump trial
In an exclusive interview with CBS News, retired Justice Arthur Engoron reflected on the highs and lows of the 2023 Trump civil fraud trial.
Exclusive
Veteran fights to prevent wife's deportation: "I'm begging my own country"
Retired staff sergeant Wilmer Trujillo, who served roughly 20 years in the U.S. Army and the Texas National Guard, is asking ICE to release his wife of six years.
HealthWatch
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Ebola outbreak still spreading in Congo: "We are missing cases"
A WHO official tells CBS News Ebola is still spreading in Congo after a month, as experts race to contain the outbreak in Central Africa.
American doctor who recovered from Ebola back in U.S., says he's "feeling well"
Dr. Peter Stafford, his wife, Rebekah Stafford, and their four children all arrived safely on Monday, according to Serge, a Pennsylvania-based Christian missions organization.
They're uninsured after Obamacare became too costly. They're far from alone.
After congressional Republicans let expanded subsidies for Affordable Care Act plans expire at the end of last year, some families have decided the price is too great of a financial burden and canceled their coverage.
Organic formula recalled after 3 babies diagnosed with infant botulism
The affected formula was sold at Target and at Nara.com, according to the Food and Drug Administration.
6/14: Sunday Morning
Hosted by Jane Pauley. Featured: The lack of obesity in Japan; Vice President JD Vance and second lady Usha Vance; former child star Bill Mumy; the past and future of the Houston Astrodome; a time capsule for America's 500th birthday; and soccer art made with gum wrappers.
World
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Exclusive
Is Russia burning through air defense missiles at an "unsustainable rate"?
Ukraine intelligence indicates the country's stepped up drone strikes are forcing Russia to burn through interceptor missiles, possibly faster than it can build new ones.
Vance says text of U.S.-Iran deal will be released Friday "at the latest"
Vice President JD Vance said on "CBS Monrings" that the Trump administration wants "to tell the American people what's in this deal."
Live
Trump says Iran deal not final, will resume bombing "if they don't behave"
President Trump warns he could order new strikes if Iran's leaders "don't behave," two days before the expected signing of a deal that remains vaguely defined.
Latest U.S. strike on alleged drug boat kills 1, leaves 2 survivors, Pentagon says
Critics have questioned the overall legality of the boat strikes as well as their effectiveness since the U.S. military began them in September 2025.
Senate rejects latest resolution to limit Trump's Iran war powers
The Senate narrowly rejected a war powers resolution on Iran as President Trump touts a framework agreement with Tehran to end the monthslong conflict.
Entertainment
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Entertainment
Durand Bernarr on new music
Durand Bernarr talks about collaborations in his music, why his new album's title is a tribute to his father and his music journey since his viral Grammy speech earlier this year.
Messi ties men's World Cup goals record with first World Cup hat trick
Lionel Messi tied the Men's World Cup goals record with his first World Cup hat trick as Argentina topped Algeria.
America250 announces concert headliners, host
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A look at the adaptation of "I Will Find You"
Harlan Coben talks about casting for the Netflix adaptation of his 2023 bestselling novel "I Will Find You." The series stars Sam Worthington, who describes how fatherhood impacted him in his role and how he sees his character.
"Star Wars" lightsaber and more iconic film props going up for auction
Luke Skywalker's lightsaber from the "Star Wars" sequel "The Empire Strikes Back" is expected to sell for at least $1 million at an upcoming auction.
Technology
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Want to start a business? AI can help, business owners say
AI is slashing the cost of starting and running a business. "Everything has decreased in cost and increased in speed," one entrepreneur said.
SpaceX to buy AI coding assistant Cursor for $60 billion
The deal comes just days after SpaceX went public in the largest IPO in history, raising $75 billion to help fund its expansion.
How AI powered robots are helping small farms
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Anthropic to meet Trump officials, Axios says
Anthropic's senior staff is planning to meet with White House officials amid a recent dispute over the company's safety measures. Maria Curi, a tech reporter for Axios, has more.
U.K. announces plan to ban social media for children under 16
U.K. Prime Minister Keir Starmer hopes to have a ban on kids using social media that is "designed to be addictive" enacted by early next year.
Science
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Science
Watch: Pentagon releases 6 new UFO videos
The Defense Department released a third batch of UFO files on Friday, three weeks after its second drop. These are all of the videos in the latest tranche, plus analysis from astrophysicist Avi Loeb.
Goblin shark seen alive in natural deep-sea habitat for the first time
The goblin shark had only previously been seen when caught by fishermen and they died shortly afterward.
World's largest whale graveyard found by sub at bottom of ocean
The researchers saw many strange animals — many believed to be new to science — living off the whale carcasses.
NASA names 4 astronauts for next Artemis mission
NASA's Artemis III astronauts plan to carry out rendezvous and docking procedures with commercial moon landers being built by SpaceX and Blue Origin.
Great white shark captured on video in Mediterranean in rare sighting
Great white sharks are classified as "critically endangered" in the Mediterranean Sea, and underwater sightings are incredibly rare.
Crime
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Crime
5 arrested in White House UFC attack plot
The FBI says it foiled a plot to attack Sunday's UFC event at the White House. Court records detail an alleged plot to use drones carrying explosives and snipers to target certain event attendees. CBS News' Katrina Kaufman has the latest.
Gilgo Beach serial killer to be sentenced
Rex Heuermann, the man who pleaded guilty in April to the Gilgo Beach murders, is set to be sentenced on Wednesday. Tom Hanson reports on how the case unfolded.
Luigi Mangione's lawyers will argue psychiatric defense in state murder trial
Luigi Mangione's lawyers will argue that he was suffering from an extreme emotional disturbance when he allegedly killed UnitedHealthcare CEO Brian Thompson.
Rex Heuermann faces sentencing for Gilgo Beach serial killings
Rex Heuermann will be sentenced after he pleaded guilty to killing seven women in a series of murders known as the Gilgo Beach serial killings.
Former FBI agent on alleged UFC attack plot
Law enforcement sources tell CBS News officials allegedly seized weapons, thousands of rounds of ammunition, and tactical gear while conducting search warrants in connection with the foiled plot to attack the UFC event at the White House over the weekend. CBS News security and law enforcement contributor Lance Leising has more.
Space
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NASA chief defends choice of all-male crew for Artemis III mission
NASA's Jared Isaacman says the crew was selected solely based on their experience, expertise and availability for flight assignment.
NASA names 4 astronauts for next Artemis mission
NASA's Artemis III astronauts plan to carry out rendezvous and docking procedures with commercial moon landers being built by SpaceX and Blue Origin.
Space station crew briefly moves to "safe haven" amid concerns over leaks
Out of an abundance of caution, NASA briefly directed five of the seven crew members aboard the International Space Station to wait inside the docked SpaceX Crew Dragon "Freedom" spacecraft.
Sun erupts with 3 solar flares, raising chances of northern lights for U.S.
Three solar flares burst from the sun this week, raising the chances of seeing the northern lights for people across the United States.
NASA reluctantly gives up on lost orbiter: "Best Mars mission ever"
NASA officials said the $582 million MAVEN orbiter could not be recovered after a problem on the far side of Mars late last year, and that its extraordinarily successful mission was at an end.
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Netanyahu criticized for Hezbollah conflict
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