Federal Reserve holds interest rate steady. Here's what that means.
The Federal Reserve marked its first rate decision of 2024 by keeping its benchmark interest rate unchanged.
Federal Reserve
What to expect from Fed's first 2024 meeting
The Federal Reserve is expected to wrap up its first rate meeting of 2024 on Wednesday. CBS News business analyst Jill Schlesinger breaks down what to expect and how the Fed’s interest rate decisions affect your finances.
Here's what to know about the Fed's first rate meeting of 2024
The Federal Reserve kept its benchmark rate steady at its first meeting of 2024. Here's what it means for your money.
Regional banks try to combat low earnings
Regional banks are seeing steep drops in their 2023 fourth quarter profits after avoiding a crisis last year as inflation persisted. Gina Heeb, a Wall Street Journal reporter, joins CBS News with her take on the regional banking outlook.
Inflation cooled in June: What that means
Inflation cooled in June to 3%, the lowest in more than two years, according to the U.S. Labor Department's Consumer Price Index. CBS News business analyst Jill Schlesinger joins "CBS Mornings" to discuss what this means for consumers and whether the Federal Reserve will continue to raise rates.
Report: U.S. economy saw strong end to 2023
The U.S. economy had a robust end to 2023, with the gross domestic product exceeding expectations, according to a new Commerce Department report. Axios chief economic correspondent Neil Irwin joins CBS News to discuss the 2024 economic outlook.
Economy outgrew expectations in 4th quarter
The U.S. GDP grew at a faster rate than expected in the fourth quarter of 2023, increasing at a 3.3% annualized rate. CBS News business analyst Jill Schlesinger has more on the numbers, as well as possible changes to the child tax credit.
S&P 500 notches first record high in two years in tech-driven run
Wall Street ended the week with stocks at all-time highs, bolstered by investor expectations of Federal Reserve interest rates cuts.
Wholesale prices fell again this month
New data on wholesale prices appears to indicate inflation may be moderating but has not yet cooled to the Federal Reserve's target. Greg Robb, an economics editor at MarketWatch, joins CBS News with insight on the new figures.
Inflation uptick reflects U.S. economic struggles
Inflation grew at an annual rate of 3.4% in December, higher than economists had predicted. The increase could impact whether the Federal Reserve chooses to lower interest rates. Higher prices and mortgage rates have also left many Americans struggling. Jo Ling Kent has more.
216,000 jobs added in December
The labor market beat Dow Jones expectations in December with 216,000 jobs added, according to the latest labor report. The unemployment rate remained unchanged at 3.7%. Jeanna Smialek, a Federal Reserve and economy reporter for The New York Times, joined CBS News to break down the numbers.
What to expect from the economy in 2024
The Federal Reserve has signaled it may cut interest rates in 2024 as inflation cools. CBS News contributor Javier David breaks down how likely those cuts may be.
2023 a mixed bag for Wall Street, U.S. economy
It has been a blockbuster year for investors, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all up with double-digit gains. However, the Federal Reserve battled the worst inflation in decades with several rate hikes, and 2023 marked the worst banking crisis since 2008, with three major institutions collapsing. Astrid Martinez reports.
How the U.S. avoided a recession in 2023
Many experts predicted the U.S. would fall into a recession in 2023, mostly due to the Federal Reserve's interest rate hikes. The nation's economy is instead closing the year on a high note. CBS News senior business and tech correspondent Jo Ling Kent examines why.
Biggest financial stories heading into 2024
Concerns over inflation and a potential recession drove economic headlines in 2023, but new data shows consumer confidence is at a five-month high as we head into the new year. Javier David, CBS News contributor and a managing editor of business and markets at Axios, has a look at the economic outlook for 2024.
When will Fed reach inflation goal?
The Federal Reserve's actions appear to be cooling inflation in the U.S. economy. Bartie Scott, a senior economy editor at Business Insider, joins CBS News with a look at the goals the government has set.
Fed hints at interest rate cuts in 2024
Federal Reserve chair Jerome Powell announced Wednesday that interest rates would remain unchanged through the end of 2023 and indicated there could be rate cuts coming next year. Greg McBride, the chief financial analyst at Bankrate, joined CBS News to discuss what could be coming for the economy.
Dow Jones Industrial Average hits record high
The Dow Jones Industrial Average surged to close at more than 37,000 points for the first time as investors applauded a statement from the Federal Reserve that it could cut its benchmark interest rate next year. But many Americans remain pessimistic about their financial future. CBS News' Jo Ling Kent reports.
Fed leaves interest rates unchanged
The Federal Reserve will hold its benchmark interest rate steady. CBS News business analyst Jill Schlesinger and J.D. Durkin, a CBS News contributor and host of the financial news website TheStreet, look at the implications.
How high interest rates hurt tech startups
Tech startups faced closures and layoffs in 2023 as the Federal Reserve raised interest rates to a 22-year high. New York Times reporter Erin Griffith joins CBS News to explain what's going on in Silicon Valley.
Dow surges after Fed keeps rates unchanged
The Dow soared more than 500 points on Wednesday, closing over 37,000 for the first time. The surge came after the Federal Reserve said it is keeping interest rates unchanged for the third time in a row. Gregory Daco, chief economist at Ernst and Young, joins CBS News to unpack the Fed's decision.
Dow hits record high as investors cheer Fed outlook on interest rates
Stocks jump after Federal Reserve officials signal they're ready to push down borrowing costs as inflation continues to cool.
Fed rate hikes are over, economists say. Here's the impact on your money.
The central bank has pushed pause after 11 straight interest-rate hikes. Here are steps to take with your money now.
Fed leaves interest rate unchanged, but hints at cuts for 2024
In its last rate decision of 2023, the central bank said it is holding its benchmark rate steady amid cooling inflation.
Federal Reserve to decide on interest rates
The Federal Reserve on Wednesday will announce another decision on interest rates with the expectation it will not raise or cut them. CBS News contributor and Axios' managing editor of business and markets Javier David joins CBS News with his analysis.
Live
Strait of Hormuz traffic ramps up in wake of U.S.-Iran deal signing
More tankers are transiting the Strait of Hormuz after 111 days of gridlock, but Iran and the U.S. still have much to discuss.
This law firm has deep ties to Trump. Now a partner is his pick for a top job.
Jamie McDonald, a partner at the firm Sullivan & Cromwell, is President Trump's choice to helm one of the nation's most prestigious federal prosecutors' offices.
How Trump's memo of understanding with Iran compares to Obama nuclear deal
The Obama-era Iran deal was packed with technical details and specific requirements limiting, but not shutting down, Iran's nuclear program. President Trump's new agreement is more of a framework, and it's not final yet.
Ukraine drone strike hits major Russian oil refinery near Moscow
Ukraine's Zelenskyy says after second major strike on Russian oil refinery that unless Putin stops his war, "Moscow will burn."
Read the 14 points of the agreement between Iran and the U.S.
The agreement, as read by senior U.S. officials, allows Iran to immediately begin exporting oil and petroleum products.
Tornadoes reported in Illinois, Iowa as severe weather roils Midwest
Confirmed tornadoes were reported in Illinois and Iowa Wednesday as severe weather brought the risk of thunderstorms and prompted a flurry of tornado warnings for a large swath of the Midwest.
Oklahoma pastor drops out of House race after texting scandal
Jackson Lahmeyer had been backed by President Trump, although the president dropped his endorsement shortly before Lahmeyer dropped out.
Knicks accepted invitation to visit Trump at White House, Dolan says
The New York Knicks are planning to visit the White House, owner James Dolan said Wednesday, marking a first for an NBA Finals winner during President Trump's time in office.
1,200-year-old Robin Hood oak tree in Sherwood Forest has died, group says
A massive ancient oak tree linked to the legend of Robin Hood may have been loved to death.
U.S.
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Gas prices fall below $4 a gallon for the first time in nearly 3 months
The national average for a gallon of regular gas in the U.S. drops to $3.99, the lowest since March 30.
Live
Live Updates: Knicks celebrate championship win with parade in NYC
The New York Knicks are being honored with a ticker-tape parade at 10 a.m. Thursday through the Canyon of Heroes in Lower Manhattan.
Tornadoes tear through Illinois, Iowa as severe weather roils Midwest
Confirmed tornadoes were reported in Illinois and Iowa Wednesday as severe weather brought the risk of thunderstorms and prompted a flurry of tornado warnings for a large swath of the Midwest.
Knicks accepted invitation to visit Trump at White House, Dolan says
The New York Knicks are planning to visit the White House, owner James Dolan said Wednesday, marking a first for an NBA Finals winner during President Trump's time in office.
This law firm has deep ties to Trump. Now a partner is his pick for a top job.
Jamie McDonald, a partner at the firm Sullivan & Cromwell, is President Trump's choice to helm one of the nation's most prestigious federal prosecutors' offices.
MoneyWatch
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Gas prices fall below $4 a gallon for the first time in nearly 3 months
The national average for a gallon of regular gas in the U.S. drops to $3.99, the lowest since March 30.
Federal Reserve holds interest rates steady but leaves door open to hike
U.S. inflation is expected to remain elevated through the end of the year, Fed officials say in their latest forecast.
Social Security faces looming benefit cuts. Can the program be saved?
Social Security checks could see a 22% cut in 2032 unless Congress takes steps to shore up the program. Here are 5 ideas for fixing it.
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.
Politics
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Arrests of immigrant parents create mental health crisis for children
An estimated hundreds of thousands of children, many of them U.S. citizens, have been separated from a parent in the Trump administration's immigration crackdown.
Knicks accepted invitation to visit Trump at White House, Dolan says
The New York Knicks are planning to visit the White House, owner James Dolan said Wednesday, marking a first for an NBA Finals winner during President Trump's time in office.
How Trump's memo of understanding with Iran compares to the Obama nuclear deal
The Obama-era Iran deal was packed with technical details and specific requirements limiting, but not shutting down, Iran's nuclear program. President Trump's new agreement is more of a framework, and it's not final yet.
This law firm has deep ties to Trump. Now a partner is his pick for a top job.
Jamie McDonald, a partner at the firm Sullivan & Cromwell, is President Trump's choice to helm one of the nation's most prestigious federal prosecutors' offices.
Oklahoma pastor drops out of House race after texting scandal
Jackson Lahmeyer had been backed by President Trump, although the president dropped his endorsement shortly before Lahmeyer dropped out.
HealthWatch
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HealthWatch
Drummer rediscovers his rhythm after setback
In the "CBS Mornings" series "Pushing the Limits," Mark Strassmann shows how a Georgia man's passion for music was almost taken away from him forever after a terrible accident. But thanks to his resilience and technology, the man is now a record-breaking drummer.
Arrests of immigrant parents create mental health crisis for children
An estimated hundreds of thousands of children, many of them U.S. citizens, have been separated from a parent in the Trump administration's immigration crackdown.
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.
World
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Ukraine drone strike hits major Russian oil refinery near Moscow
Ukraine's Zelenskyy says after second major strike on Russian oil refinery that unless Putin stops his war, "Moscow will burn."
1,200-year-old Robin Hood oak tree in Sherwood Forest has died, group says
A massive ancient oak tree linked to the legend of Robin Hood may have been loved to death.
Live
Strait of Hormuz traffic ramps up in wake of U.S.-Iran deal signing
More tankers are transiting the Strait of Hormuz after 111 days of gridlock, but Iran and the U.S. still have much to discuss.
Inside an Irish town raising kids without smartphones
When parents and educators in Greystones, Ireland saw children dealing with increasing anxiety, they acted – and took phones out of the equation.
How mistrust and war are fueling a deadly Ebola outbreak
Efforts to stop Central Africa's deadly Ebola outbreak face widespread mistrust and porous borders in a war zone.
Entertainment
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Entertainment
Drummer rediscovers his rhythm after setback
In the "CBS Mornings" series "Pushing the Limits," Mark Strassmann shows how a Georgia man's passion for music was almost taken away from him forever after a terrible accident. But thanks to his resilience and technology, the man is now a record-breaking drummer.
Extended interview: Myles Smith
British singer-songwriter Myles Smith talks to Anthony Mason about his much-anticipated debut album, "My Mess, My Heart, My Life," growing up in London, his rapid rise to stardom and more.
CBS to host "The Great American Block Party 250" special on July 4
CBS will host a primetime special celebrating America's 250th birthday on Saturday, July 4, with exclusive performances and the largest fireworks show in history.
CBS to host America 250 special on July 4
"CBS Evening News" anchor Tony Dokoupil and "Entertainment Tonight" co-host Nischelle Turner will host "The Great American Block Party 250," a primetime special on July 4 celebrating America's 250th birthday from Washington, D.C.
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.
Technology
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Inside an Irish town raising kids without smartphones
When parents and educators in Greystones, Ireland saw children dealing with increasing anxiety, they acted – and took phones out of the equation.
Australia's social media ban, 6 months later
Six months after Australia implemented the world's first-ever social media ban for kids under 16, South Australia Premier Peter Malinauskas joins "The Daily Report" to discuss the changes he's seen among teens.
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 pulls access to new AI models
Anthropic pulled access to its newly released AI models, Mythos 5 and Fable 5, after the U.S. government restricted who could use them. David Katzmaier, CNET editor-in-chief, joins CBS News to discuss.
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.
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
Ex-police commissioner on Heuermann sentence
The Long Island architect who lived a secret life as the Gilgo Beach serial killer was sentenced to life in prison without parole on Wednesday. Former Suffolk County Police Commissioner Rodney Harrison, who formed the task force that ultimately led to Rex Heuermann's arrest, joins with analysis.
Gilgo Beach serial killer sentenced
In a Long Island courtroom Wednesday, Rex Heuermann received three life sentences for choking and dismembering eight women, most of them in his basement, over the course of more than 15 years. The 62-year-old addressed the court before he was sent away. Tom Hanson reports.
Inside Gilgo Beach killer's sentencing hearing
A judge on Wednesday sentenced Gilgo Beach serial killer Rex Heuermann to life in prison without parole. CBS News New York's Jennifer McLogan was in the courtroom and joins with details.
Heuermann addresses court as he's sentenced
Rex Heuermann was sentenced to life in prison without parole Wednesday after pleading guilty to a series of murders known as the Gilgo Beach serial killings. Heuermann spoke at the hearing where the sentence was handed down. CBS News' Shanelle Kaul reports.
Rex Heuermann sentenced to life in prison
Rex Huermann, the man who pleaded guilty to a series of murders known as the Gilgo Beach serial killings, has been sentenced to life in prison without the possibility of parole. CBS News' Shanelle Kaul reports.
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.
Latest Galleries
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Notable Deaths in 2026
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Summer music highlights of 2026
Summer is the time to enjoy live music, indoors and out. Scroll through our gallery of some of 2026's leading musical acts, featuring images by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Evidence in the Barbara Kendhammer case
Does the evidence show a cover-up, or was Todd Kendhammer wrongfully convicted for the murder of his wife?
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Who is Alix Tichelman?
Meet the tattooed beauty charged in the death of Google executive Forrest Hayes.
Latest CBS News Videos
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Latest CBS News Videos
More Americans are worrying about retirement
Working and retired Americans are much less confident in their financial ability to maintain a comfortable retirement compared to a year ago, according to a new survey from the Employee Benefit Research Institute. CBS News business analyst Jill Schlesinger has more context.
Drummer rediscovers his rhythm after setback
In the "CBS Mornings" series "Pushing the Limits," Mark Strassmann shows how a Georgia man's passion for music was almost taken away from him forever after a terrible accident. But thanks to his resilience and technology, the man is now a record-breaking drummer.
Warsh on reasons for interest rate decision
Federal Reserve Chair Kevin Warsh announced no change to interest rates at his first meeting. This comes as uncertainty remains on the Iran war, which has economically slammed the U.S. and other nations. Business Insider's Akin Oyedele has more.
Cluster of tornadoes rip through Illinois
Violent tornadoes ripped through central Illinois on Wednesday, leaving behind swaths of destruction. One man described how he shielded himself and his family from the storms. Rob Marciano reports.
Tropical Storm Arthur floods parts of Texas
Severe weather slammed parts of the Midwest and the South. Tropical Storm Arthur flooded parts of Texas and Louisiana. CBS News' Jason Allen reports.