After brief pause, Fed looks poised to raise interest rates again
Although policymakers kept rates steady last month, some Fed officials wanted to keep raising them.
Federal Reserve
Prices, spending eased in May, data shows
New economic indicators closely watched by the Federal Reserve suggest an expected interest rate hike in July may not be locked in after all. The personal consumption expenditures index shows prices easing slightly for the month of May as consumer spending begins to slow. New York Times business reporter Jordyn Holman joined CBS News with more.
America's top banks excel in stress test
Several of the nation's top banks excelled in their yearly stress test, according to the Federal Reserve. The Fed tested how 23 banks — each with more than $100 billion in assets — would fare in an economic downturn. Lori Bettinger, president of a network of community banks known as BancAlliance, joins CBS News to break down the test results.
Fed chair expects more rate hikes
Federal Reserve Chairman Jerome Powell told lawmakers on Capitol Hill on Wednesday the country remains a "long way away" from reaching its goal in the fight against inflation. CBS News political and economics reporter Sarah Ewall-Wice has more.
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.
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.
5/16: America Decides
President Biden, congressional leaders hold second debt ceiling meeting; How Pennsylvania races could set the stage for party control shifts.
5/23: America Decides
Debt solution not yet set as deadline approaches; Scott widens GOP 2024, is DeSantis or Suarez next?
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.
Live
Trump announces effort to guide ships out of Strait of Hormuz
President Trump announced on Sunday that Project Freedom, an effort to guide ships not involved in the war with Iran out of the Strait of Hormuz, will begin Monday.
Why some white nationalists are showing up at areas hit by natural disasters
After natural disasters, white nationalists, militias, and conspiracists often arrive, offering help. But they also want to recruit and improve their image.
Rudy Giuliani hospitalized in critical condition, spokesperson says
There was no immediate reason given for the 81-year-old's hospitalization.
2 U.S. service members missing amid training exercise in Morocco
The service members were participating in African Lion, the largest joint military exercise on the continent.
Press gala shooting suspect moved off suicide watch, records show
In a motion requesting Allen's removal from suicide watch, his lawyers said that the restrictions amount to "violations of his rights under the Due Process Clause."
Shooting at lake near Oklahoma City leaves at least 12 injured
At least 12 people were at hospitals following a shooting at party at Arcadia Lake, near Oklahoma City, police say.
Sen. Raphael Warnock: Supreme Court "poured fuel on this redistricting arms race"
Democratic Sen. Raphael Warnock of Georgia called the Supreme Court's decision last week to strike down Louisiana's congressional map and weaken the Voting Rights Act "a massive and devastating blow."
Former guerrillas learn about birding in Colombia
Years after he was kidnapped by guerrillas in Colombia, a bird expert decided to introduce his former captors to birding, thinking they might make good guides.
United flight landing at Newark strikes light pole, truck on N.J. Turnpike
An investigation is underway after a United Airlines plane struck a light pole and truck on the New Jersey Turnpike as it was coming in for a landing at Newark Liberty Airport on Sunday afternoon, officials said.
U.S.
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Shooting at lake near Oklahoma City leaves at least 12 injured
At least 12 people were at hospitals following a shooting at party at Arcadia Lake, near Oklahoma City, police say.
Man arrested at Trump Miami golf club for disturbance, Secret Service says
The incident occurred one week after shots were fired during the White House Correspondents' Dinner in Washington, D.C., and Mr. Trump was rushed off the dais.
Rudy Giuliani hospitalized in critical condition, spokesperson says
There was no immediate reason given for the 81-year-old's hospitalization.
Video shows United flight strike truck on N.J. Turnpike before landing at Newark
An investigation is underway after a United Airlines plane struck a light pole and truck on the New Jersey Turnpike as it was coming in for a landing at Newark Liberty Airport on Sunday afternoon, officials said.
Press gala shooting suspect moved off suicide watch, records show
In a motion requesting Allen's removal from suicide watch, his lawyers said that the restrictions amount to "violations of his rights under the Due Process Clause."
MoneyWatch
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Overtourism: Too much of a good thing?
"Sunday Morning" looks at the impacts that increasing numbers of tourists, spurred in large part by social media, are having in some of the world's most popular and fragile destinations.
Berkshire Hathaway has 1st annual meeting without Warren Buffett
The company's first-quarter profit more than doubled as the value of its investments grew and most of its businesses improved.
Spirit Airlines shutting down after failed effort at government rescue deal
The budget carrier Spirit Airlines is ceasing operations after failing to land a $500 million bailout from the Trump administration.
Pickleball Inc. $225 million deal creates new home for sport
The deal merged Major League Pickleball and the Carvana PPA Tour, two of the nascent sport's most active entities, under one company, Pickleball Inc.
Exclusive
Ford CEO says company is focusing on making vehicles more affordable
Ford CEO Jim Farley tells CBS News, "Most of our new models are going to be more affordable versions."
Politics
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Man arrested at Trump Miami golf club for disturbance, Secret Service says
The incident occurred one week after shots were fired during the White House Correspondents' Dinner in Washington, D.C., and Mr. Trump was rushed off the dais.
Rudy Giuliani hospitalized in critical condition, spokesperson says
There was no immediate reason given for the 81-year-old's hospitalization.
Rep. Jason Crow says U.S. is "not good at having off ramps" in Middle East
Democratic Rep. Jason Crow of Colorado said on Sunday that the U.S should be considering a broader question of strategy in the war with Iran.
Sen. Raphael Warnock: Supreme Court "poured fuel on this redistricting arms race"
Democratic Sen. Raphael Warnock of Georgia called the Supreme Court's decision last week to strike down Louisiana's congressional map and weaken the Voting Rights Act "a massive and devastating blow."
Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," May 3, 2026
The following is the transcript of the interview with White House National Economic Council Director Kevin Hassett that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.
HealthWatch
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HealthWatch
5/3: Sunday Morning
Hosted by Jane Pauley. Featured: The effects of overtourism; horse therapy; a tool to help keep dementia in check; Sting on "The Last Ship"; a golf journalist takes over a failing golf course; a Mozart exhibition; and collecting PEZ dispensers.
A tool to help keep dementia in check
Many people fear that a family history of dementia dooms them to inevitably suffer the condition themselves. But a new tool, the Brain Care Score, shows how lifestyle changes can be beneficial, cutting the risk of dementia. National Public Radio correspondent Allison Aubrey talks with neurologist Dr. Jonathan Rosand about how making changes to your daily habits might just be the prescription needed.
A tool to help keep dementia in check
Many people fear that a family history of dementia dooms them to inevitably suffer the condition themselves. But a new tool, the Brain Care Score, shows how lifestyle changes can be beneficial, cutting the risk of dementia.
Horsepower: How horses are therapeutic
Horses can form powerful bonds with people owing to their ability to sense and feel human emotions. Endeavor Therapeutic Horsemanship, in Bedford Corners, N.Y., has programs that help people with disabilities, veterans with PTSD, and the incarcerated through interactions with their horses. "60 Minutes" correspondent Lesley Stahl reports.
Football practice was leaving a teen fatigued. A rare cancer was to blame.
Cameron Rider's fatigue, body aches and fever were diagnosed as pneumonia, but he couldn't seem to get better.
World
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Ukraine hits Russian oil assets, including "shadow fleet" tankers
Ukraine has launched a wave of strikes against Russia's oil export infrastructure, including tankers in its "shadow fleet."
Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," May 3, 2026
The following is the transcript of the interview with White House National Economic Council Director Kevin Hassett that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.
Transcript: Rep. Jason Crow on "Face the Nation with Margaret Brennan," May 3, 2026
The following is the transcript of the interview with Rep. Jason Crow, Democrat of Colorado, that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.
Transcript: Minneapolis Fed president and CEO Neel Kashkari on "Face the Nation with Margaret Brennan," May 3, 2026
The following is the transcript of the interview with Minneapolis Fed president and CEO Neel Kashkari that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.
Transcript: Sen. Raphael Warnock on "Face the Nation with Margaret Brennan," May 3, 2026
The following is the transcript of the interview with Sen. Raphael Warnock, Democrat of Georgia, that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.
Entertainment
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Entertainment
5/3: Sunday Morning
Hosted by Jane Pauley. Featured: The effects of overtourism; horse therapy; a tool to help keep dementia in check; Sting on "The Last Ship"; a golf journalist takes over a failing golf course; a Mozart exhibition; and collecting PEZ dispensers.
Sting embarks on "The Last Ship"
The English city of Newcastle was hometown of the rock musician Sting, who as a young man witnessed the city's shipbuilding business dry up. He's paid homage to his town's heritage by writing and starring in a musical, "The Last Ship."
Extended interview: Sting
In this web exclusive, the rock musician Sting talks with Mark Phillips about his stage musical, "The Last Ship," in which he stars, and which is being performed on a global tour. He calls the show an elegy for what Newcastle and its people represented to him growing up. He also discusses why, for him, uncertainty is a key component of art; why performing "Roxanne" today is never tiresome; and why, for him, music is a church.
Sting embarks on "The Last Ship"
For centuries the English city of Newcastle was a hard-scrabble industrial powerhouse that built ships. It was also the hometown of the rock musician Sting, who as a young man witnessed the city's shipbuilding business dry up. He's paid homage to his town's heritage by writing and starring in a musical, "The Last Ship," which he's now taking on an international tour. He talks with Mark Phillips about his long career, and why he can't stop working.
Passage: In memoriam
"Sunday Morning" remembers some of the notable figures who left us this week, including songwriter David Allan Coe, famous for his country hit "Take This Job and Shove It."
Technology
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Technology
Almanac: May 3
"Sunday Morning" looks back at historical events on this date.
Reducing data center impact on U.S. power grid
Powerful artificial intelligence data centers are putting a significant strain on the nation's power grid, but one U.S.-based company has a proposal to help solve the issue. Jon Parella, CEO and founder of Terraflow Energy, joins to discuss.
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.
Apple's latest earnings beat expectations
Apple's latest earnings report beat Wall Street expectations. CBS News contributor Patrick McGee joins with more.
Elon Musk concludes testimony in OpenAI trial
Elon Musk's testimony concluded Thursday in his lawsuit against OpenAI. Nicholas Thompson, CEO of The Atlantic and host of "The Most Interesting Thing in AI" podcast, joins "The Takeout" with analysis.
Science
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Science
Bill Nye on the Artemis II moon mission
Bill Nye The Science Guy, the chief ambassador of The Planetary Society, joins CBS News 24/7 Mornings with more after meeting the Artemis II crew in person after their successful mission around the moon.
Trump administration fires board overseeing National Science Foundation
The Trump administration has fired all 22 current members of an independent board that oversees the National Science Foundation, one dismissed member says.
AI used to reveal face of victim fleeing Mount Vesuvius eruption
Archaeologists found the victim holding a terracotta mortar, which they interpret as an improvised attempt to shield his head.
In a first, endangered orangutan seen using canopy bridge to cross road
Rapid development has been shrinking the jungle habitat of the critically endangered species, and fatal conflicts with people have been increasing.
Saving the Venus fly trap
The carnivorous Venus fly trap is native to the Carolinas, but its population is dwindling due to loss of habitat. Correspondent Seth Doane talks with botanist Julie Moore, who has spent much of her life helping to save these remarkable plants; and with Damon Waitt, director of the North Carolina Botanical Garden, who discusses the unusual traits of a species that Charles Darwin called the most interesting plant in the world.
Crime
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Shooting at lake near Oklahoma City leaves at least 12 injured
At least 12 people were at hospitals following a shooting at party at Arcadia Lake, near Oklahoma City, police say.
Man arrested at Trump Miami golf club for disturbance, Secret Service says
The incident occurred one week after shots were fired during the White House Correspondents' Dinner in Washington, D.C., and Mr. Trump was rushed off the dais.
Press gala shooting suspect moved off suicide watch, records show
In a motion requesting Allen's removal from suicide watch, his lawyers said that the restrictions amount to "violations of his rights under the Due Process Clause."
Stalked woman shot at 14 times by ex-boyfriend during horrific 911 call
Gloria Choi and her friends called Lakewood, Washington, 911 four times in 48 hours to report her being stalked by an ex-boyfriend. Two days later, he ran her off the road and riddled her truck with bullets as she was on the line with a 911 dispatcher.
New video of correspondents' dinner suspect
New video shows the alleged White House Correspondents' Dinner shooter breaching event security after roaming the hotel hallways prior to the dinner.
Space
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Artemis crew surprises 5-year-old aspiring astronaut with special gift
The Artemis II team gained a new member, and the crew made sure their youngest teammate had the right stuff for space.
Artemis II crew reveals what snack they ate right after splashdown
The Artemis II astronauts said they actually really enjoyed the space food, but it was a familiar candy they enjoyed after splashing down in the Pacific Ocean.
Artemis II astronauts talk mission toilet troubles: "We made do"
The plumbing issues aboard the Orion capsule became headline news in the early days of the historic Artemis II mission.
Only on CBS
Artemis crew tells kids moon flight was "the best roller coaster ride"
The Artemis II astronauts joined "CBS Mornings" for a live town hall where they took questions from kids just weeks after returning from their historic moon mission.
SpaceX launches Falcon Heavy rocket carrying powerful satellite
SpaceX's most powerful operational rocket boosted a high-speed ViaSat internet data relay satellite into space to complete a globe-spanning constellation.
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.
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?
The life & near death of prizefighter Christy Salters-Martin
Christy Salters-Martin dominated in the boxing ring but faced her toughest challenger at home.
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
5/3/2026: Disaster Tourists; Birds Of War; Perfume Capital Of The World
First, when the volunteer helping after a hurricane is a white nationalist. Then, birders flock here since guerrillas disarmed. And, Grasse: The perfume capital of the world.
5/3: CBS Weekend News
Passengers deal with Spirit shutdown fallout; Trump's poll numbers tank as Iran war continues to jack up gas prices.
Cherie DeVaux reflects on historic derby win
Trainer Cherie DeVaux says she's still coming to grips with her horse Golden Tempo's longshot win in Saturday's Kentucky Derby. Jericka Duncan reports.
Replacing Minuteman III nuclear missiles
The United States is in the process of replacing the 60-year-old Minuteman III nuclear missile with the new Sentinel missile. Ian Lee reports, with an exclusive look at one of our nation's most secure and destructive weapons.
Fuel costs eating into firefighting budgets
Aircraft used to fight wildfires are getting more expensive as fuel prices rise. Carter Evans reports.