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.
Federal Reserve
Economy sends mixed signals
For the first time in 15 months, the Fed paused hikes in interest rates as inflation has started to wane — although it remains high. Mark Strassmann reports.
Closer look at inflation and interest rate
CBS News business analyst Jill Schlesinger breaks down the decision by the Federal Reserve to pause raising interest rates this month, and how the U.S. is doing with inflation.
Federal Reserve pauses interest rate hikes
For 15 months the Federal Reserve has been trying to catch up to rising inflation by slowing economic activity. The central bank announced Wednesday it will not increase interest rates for now, but warned that the pause may not last long. CBS News senior White House correspondent Weijia Jiang reports.
Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Why the Fed paused interest rate hikes
For the first time since March 2022, the Federal Reserve will not be raising interest rates. J.D. Durkin, on-air host for digital financial news platform TheStreet, joins CBS News to discuss the Fed's path forward.
Fed hits pause on interest rates hikes
After 10 straight interest rate hikes done in an effort to combat inflation, the Federal Reserve on Wednesday chose to pause those rate hikes. However, Federal Reserve Chair Jerome Powell did signal that more rate hikes could be coming later this year. Weijia Jiang has more.
The Fed is taking a break in hiking interest rates. Here's why.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
Federal Reserve pauses interest rate hikes
The Federal Reserve has decided to leave interest rates unchanged after a Consumer Price Index report this week showed inflation is cooling. CBS News business analyst Jill Schlesinger and Javier David, managing editor for business and markets at Axios, have more.
White House sees "progress" on inflation
Addressing the latest Consumer Price Index, President Biden said in a statement Tuesday that there was "continued progress tackling inflation," but "more work to do." The Biden administration also announced Wednesday that Secretary of State Antony Blinken will head to China this week. CBS News chief White House correspondent Nancy Cordes has more.
Inflation falls for 11th straight month
Inflation fell to 4% in May, the lowest rate since hitting a peak of 9.1% in June 2022. The welcome news may dissuade the Federal Reserve from raising interest rates for an 11th time. CBS News chief White House correspondent Nancy Cordes reports.
Inflation falls to lowest level in 2 years
The Labor Department reported Tuesday that the inflation rate for the month of May fell to 4% -- the lowest level in more than two years. David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, joined CBS News to break down the numbers.
Rate hike pause after inflation report?
The latest consumer price index shows inflation is cooling. Prices rose 0.1% last month. Lori Bettinger, former director of the TARP Capital Purchase Program at the Department of the Treasury, has more on what this could mean for future interest rate hikes.
Fed considers pausing interest rate hikes
Officials at the Federal Reserve are considering pausing interest rate hikes at their next meeting, which starts June 13. But Friday's strong jobs report may complicate the Fed's path forward after 10 consecutive increases. Jeanna Smialek, a Federal Reserve and economy reporter for the New York Times, has more.
Mild recession possible as job numbers stay hot
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.
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5/23: America Decides
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5/22: America Decides
Biden & McCarthy to meet on debt ceiling; What to expect from Sen. Tim Scott's 2024 bid
McCarthy, Biden still far apart in debt talks
House Speaker McCarthy said Tuesday that he and President Biden are "nowhere close" to a deal on raising the debt limit. Negotiators continue to meet as the default deadline approaches. Nikole Killion has more.
Inflation has sapped Americans' financial security, Fed finds
Battered by high prices, more than a third of adults said they were worse off in 2022 than a year earlier.
Biden, McCarthy to meet Monday for talks
President Biden and House Speaker McCarthy will meet in person on Monday to continue debt ceiling talks as the deadline for a government default approaches. Willie James Inman has the latest.
Still no deal on debt limit
President Biden and congressional leaders met again Tuesday, but still have not reached a deal on raising the debt limit. Treasury Secretary Janet Yellen warns the U.S. may not be able to pay its bills as early as June 1. Ed O'Keefe reports.
Consumer debt passes $17 trillion
Stocks closed relatively flat as investors reacted to new consumer debt and mortgage data. Sanders Morris Harris chairman George Ball spoke with CBS News about what the numbers mean for investors and the economy.
Business experts on Biden's Fed nominations, a new Twitter CEO, inflation and more
Javier David, a CBS News contributor and managing editor for business and markets for Axios, and J.D. Durkin, a host of "TheStreet," join CBS News' Elaine Quijano and Meg Oliver to discuss the latest financial news, including President Biden's Federal Reserve nominations, the announcement of Twitter's next CEO, and the latest inflation and unemployment numbers.
Biden announces nominees to fill out the U.S. Federal Reserve
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Trump responds to "traitor" Marjorie Taylor Greene after "60 Minutes" interview
President Trump said Georgia Republican Rep. Marjorie Taylor Greene is "not AMERICA FIRST or MAGA" and also attacked "60 Minutes" and Paramount in a social media post.
Supreme Court seems open to allowing Trump to fire some officials without cause
The Supreme Court heard arguments over the president's authority to remove members of many independent agencies that Congress has sought to insulate from political pressure.
Alina Habba resigns from U.S. attorney's office after court ruling
Alina Habba served as a personal lawyer to President Trump before she was tapped to temporarily serve as U.S. attorney in New Jersey.
White House announces $12 billion aid package for U.S. farmers
The new financial aid package is expected to shore up the U.S. agricultural sector, which has been hurt by tariffs and a trade war with China.
Zelenskyy seeks support as Trump accuses him of not reading peace proposal
White House envoys say the Ukraine peace process hinges "on Russia's readiness," but Mr. Trump is once again voicing disappointment with Kyiv.
Paramount Skydance makes $108.4 billion bid for Warner Bros. Discovery
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy Warner Bros. in a deal valued at $82.7 billion.
Golden Globe nominations announced for 2026. See the list.
The nominations for the 2026 Golden Globes were announced on Monday morning. Here are the nominees.
Senate focus turns to health care ahead of long-anticipated vote this week
The Senate is set to vote on a Democratic health care proposal this week, a key tenet of the deal to end the government shutdown.
NBA player Terry Rozier pleads not guilty in sports betting case
Miami Heat star Terry Rozier was arrested in Orlando in October during a sweeping FBI crackdown in which 34 defendants were charged across two federal indictments.
U.S.
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What to expect when the Fed announces next interest rate move this week
The Federal Reserve's last meeting of 2025 will determine whether borrowers get more relief on interest rates.
Miami Heat star Terry Rozier pleads not guilty in sports betting case
NBA star Terry Rozier was arrested in Orlando in October during a sweeping FBI crackdown in which 34 defendants were charged across two federal indictments.
Jasmine Crockett launches campaign for Texas Democratic Senate primary
Rep. Jasmine Crockett filed paperwork to run for U.S. Senate just hours before the state's deadline — and hours after fellow Democrat Colin Allred dropped out.
Paramount Skydance makes $108.4 billion bid for Warner Bros. Discovery
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy parts of Warner Bros. in a deal valued at nearly $83 billion.
Alina Habba resigns from U.S. attorney's office after court ruling
Alina Habba served as a personal lawyer to President Trump before she was tapped to temporarily serve as U.S. attorney in New Jersey.
MoneyWatch
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What to expect when the Fed announces next interest rate move this week
The Federal Reserve's last meeting of 2025 will determine whether borrowers get more relief on interest rates.
Paramount Skydance makes $108.4 billion bid for Warner Bros. Discovery
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy parts of Warner Bros. in a deal valued at nearly $83 billion.
Trump announces $12 billion aid package for U.S. farmers
The new financial aid package is expected to shore up the U.S. agricultural sector, which has been hurt by tariffs and a trade war with China.
Nuts sold at Wegmans stores in 9 states recalled over salmonella risk
Mixed nuts from Ohio-based Mellace Family Brands sold at some Wegmans stores could be tainted with Salmonella, FDA warns.
Trump's new H1-B visa fees could leave rural health care as collateral damage
Dozens of health care organizations have asked the Trump administration to shield the doctors, nurses, and techs they need to fill shortages from a $100,000 visa fee for skilled foreign workers.
Politics
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Jasmine Crockett launches campaign for Texas Democratic Senate primary
Rep. Jasmine Crockett filed paperwork to run for U.S. Senate just hours before the state's deadline — and hours after fellow Democrat Colin Allred dropped out.
Alina Habba resigns from U.S. attorney's office after court ruling
Alina Habba served as a personal lawyer to President Trump before she was tapped to temporarily serve as U.S. attorney in New Jersey.
Trump responds to "traitor" Marjorie Taylor Greene after "60 Minutes" interview
President Trump said Georgia Republican Rep. Marjorie Taylor Greene is "not AMERICA FIRST or MAGA" and also attacked "60 Minutes" and Paramount in a social media post.
Trump announces $12 billion aid package for U.S. farmers
The new financial aid package is expected to shore up the U.S. agricultural sector, which has been hurt by tariffs and a trade war with China.
Senate focus turns to health care ahead of long-anticipated vote this week
The Senate is set to vote on a Democratic health care proposal this week, a key tenet of the deal to end the government shutdown.
HealthWatch
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Nuts sold at Wegmans stores in 9 states recalled over salmonella risk
Mixed nuts from Ohio-based Mellace Family Brands sold at some Wegmans stores could be tainted with Salmonella, FDA warns.
Details on CDC Hepatitis B vaccine decision
The Centers for Disease Control and Prevention's vaccine advisory panel on Friday voted to not recommend the Hepatitis B vaccine for everyone at birth, alarming many in the medical community. CBS News medical contributor Dr. Celine Gounder explains what to know about the decision and its potential impact.
Controversial appointee rocks FDA like "an atom bomb," scientists there say
The Trump administration's elevation of Dr. Tracy Beth Høeg to lead a high-profile office within the Food and Drug Administration is raising alarm among multiple senior FDA officials.
California warns against foraging mushrooms after cluster of poisonings, 1 death
California's public health department said one person has died and several others have suffered severe liver damage due to eating toxic mushrooms that were foraged.
Artist who fought for diagnosis turns incurable cancer journey into art
Nardiz Cooke was immediately transfixed by the mask she wore while receiving treatment for late-stage cancer.
World
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Wreck of 2,000-year-old pleasure boat discovered off Egypt's coast
Underwater archaeologists announced they had discovered the ancient wreck of an ancient Egyptian pleasure boat off the coast of Alexandria.
4 dead, 1 missing after wave drags swimmers out to sea at Spain tourist spot
A powerful wave dragged a group of swimmers at a popular seawater pool along the coast of the Spanish island of Tenerife. At least four people have died and one is missing.
Zelenskyy seeks support as Trump accuses him of not reading peace proposal
White House envoys say the Ukraine peace process hinges "on Russia's readiness," but Mr. Trump is once again voicing disappointment with Kyiv.
13 inmates found dead after explosion at prison in Ecuador
The deaths occurred Sunday at a prison in the coastal city of Machala, Ecuador, after "the detonation of an explosive device" outside, officials said.
Live
Powerful earthquake hits off Japan, triggering tsunami on northern coast
Japan's Prime Minister Sanae Takaichi said the government set up an emergency task force to urgently assess the extent of damage.
Entertainment
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Paramount Skydance makes $108.4 billion bid for Warner Bros. Discovery
Paramount Skydance's $30 per share offer comes just days after Netflix agreed to buy parts of Warner Bros. in a deal valued at nearly $83 billion.
Golden Globe nominations announced for 2026. See the full list.
The nominations for the 2026 Golden Globes were announced on Monday morning. Here are the nominees.
Golden Globe nominees announced
"CBS Mornings" reveals the nominees for some of the Golden Globe Awards' biggest categories. Plus, Fandango managing editor Erik Davis breaks down the nominations.
Trump hosts Kennedy Center Honors, a first for a president
President Trump hosted the Kennedy Center Honors on Sunday after presenting medals to the 2025 Kennedy Center honorees during an Oval Office ceremony Saturday.
Book excerpt: "The Colonel and the King" by Peter Guralnick
Elvis Presley biographer Peter Guralnick's latest book traces the relationship between the King and Colonel Tom Parker, a manager whose marketing savvy helped launch a rock 'n' roll revolution.
Technology
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Technology
At least 6 families sue Character.AI
At least six American families are suing Character.AI, its co-founders and Google over the role its chatbot allegedly played in encouraging their children to take their own lives. Ian Krietzberg, AI correspondent for Puck News, joined CBS News to discuss.
Waymo fallout amid school bus safety issues
Waymo, the ride-hailing service, says it is planning a voluntary software recall to fix a glitch after reports its self-driving cars don't stop for school buses. The company has already tried to fix the issue, but police in Texas said it didn't work. Kris Van Cleave reports.
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.
2025 holiday gift ideas from Techno Claus
Who dresses as St. Nick and speaks an odd brogue? Why, it's Techno Claus, a.k.a. David Pogue! He offers "Sunday Morning" viewers his valuable tips for the gadget lovers on your gift-giving list.
There's a new face in Hollywood, generated by AI
Tilly Norwood is unlike any other aspiring TV or movie star: Tilly is entirely generated by artificial intelligence. What might that mean for the media industry?
Science
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"Space gum" discovered in asteroid Bennu samples, NASA reveals
Samples collected from the asteroid Bennu are continuing the shed light on the origins of the solar system and how life developed on Earth, scientists say.
CEO of genetics firm says parents have a right to choose unborn child's traits
Kian Sadeghi, the 25-year-old founder and CEO at Nucleus Genomics, tells "CBS Mornings" that parents have every right to select the qualities and traits they desire in their child.
Sick ants invite self-sacrifice to save colony: "Come and kill me"
Ant colonies act as one "super-organism" which works to ensure the survival of all, according to a team of scientists.
Mystery owner of ancient foot found in Africa identified, scientists say
The discovery could cast some doubt on the status of Lucy's species as the direct ancestor of Homo sapiens.
Most dogs have wolf DNA. These breeds have more than others.
Wolf DNA seems to have influenced the size, smelling power and even personality of modern dog breeds, scientists said.
Crime
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13 inmates found dead after explosion at prison in Ecuador
The deaths occurred Sunday at a prison in the coastal city of Machala, Ecuador, after "the detonation of an explosive device" outside, officials said.
Greene speaks out rift with Trump
Rep. Marjorie Taylor Greene, a Republican from Georgia, spoke out on "60 Minutes" about her dynamic with President Trump ever since she joined calls for the release of files on Jeffrey Epstein. CBS News' Nikole Killion reports.
Newly released video in Mangione case
Luigi Mangione, the suspect in the muder of United Healthcare CEO Brian Thompson, returns to court Monday. Prosecutors say newly released surveillance video shows the moments before and after the deadly shooting last year. Prosecutors also released new photos of what Mangione was allegedly carrying the day of his arrest.
Russia jails soldiers who tortured and killed pro-Moscow American
A court found the soldiers guilty of beating Russell Bentley, 64, to death in April 2024, after they mistook him for a U.S. spy.
Hitmen ambush and kill journalist who covered corruption
Fernando Nunez was shot and killed by hitmen while returning from an assignment and his brother was critically injured, the ANP said.
Space
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"Space gum" discovered in asteroid Bennu samples, NASA reveals
Samples collected from the asteroid Bennu are continuing the shed light on the origins of the solar system and how life developed on Earth, scientists say.
Air Force approves SpaceX launch pad expansion
The U.S. Air Force has approved SpaceX's plan to redevelop a historic launch pad at Cape Canaveral. CBS News correspondent Mark Strassmann reports.
Geomagnetic storm watch issued after powerful solar flare
Solar flares and other activity can disrupt radio communications, power grids and navigation signals, according to NASA.
Scientists think they've detected lightning on Mars: "Missing piece of the puzzle"
Researchers have documented 55 instances of "mini lightning" over two Martian years by eavesdropping on the whirling wind recorded by NASA's Perseverance rover.
Russia sends a NASA astronaut, 2 cosmonauts, up to the space station
The new space station crew includes American Chris Williams, who holds a Ph.D. in astronomy and is a board-certified medical physicist at Harvard Medical School.
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Latest CBS News Videos
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Latest CBS News Videos
At least 6 families sue Character.AI
At least six American families are suing Character.AI, its co-founders and Google over the role its chatbot allegedly played in encouraging their children to take their own lives. Ian Krietzberg, AI correspondent for Puck News, joined CBS News to discuss.
Habba resigns from U.S. attorney's office
President Trump's former personal lawyer Alina Habba has stepped down as acting U.S. attorney for the district of New Jersey. Last week, a panel of federal judges upheld a lower court ruling that said Habba was improperly appointed to the position and therefore, serving unlawfully.
Trump announces aid package for farmers
President Trump on Monday unveiled a new $12 billion aid package for farmers hurt by low crop prices and the administration's tariffs. CBS News White House reporter Olivia Rinaldi has more.
Beshear asked if he's running for president
Kentucky Gov. Andy Beshear was officially named as the chair of the Democratic Governors Association over the weekend. Democrats are hoping the 48-year-old will help win back votes in states where the party has lost ground. CBS News' Nidia Cavazos asked Beshear if he plans to run for the White House in 2028.
Zelenskyy seeks security guarantees in London
Ukrainian President Volodymyr Zelenskyy met with French President Emmanuel Macron, German Chancellor Friedrich Merz and British Prime Minister Keir Starmer in London on Monday to seek security guarantees as he pushes for an end to his country's war with Russia. CBS News foreign correspondent Ramy Inocencio has the latest.