Wage growth is slowing. Blame the Federal Reserve.
Some policy experts are urging the central bank to stop jacking up interest rates before it tanks the economy.
Federal Reserve
U.S. consumers undeterred by inflation, report shows
Although U.S. inflation continues to remain high, it's not stopping Americans from spending on everything from everyday essentials to pricey vacations. A Commerce Department report released Friday found that consumer spending rose 1.8% in January. Michael George has the details.
New inflation data could change rate hike strategy
The stock market fell on Friday as investors responded to the latest inflation data which came in higher than expected. Brian Vendig, president of MJP Wealth Advisors, joined CBS News to discuss how the latest data could force the Federal Reserve to raise interest rates higher than anticipated.
Federal Reserve likely to cause a recession, research says
Can the Fed keep raising interest rates and defeat the worst bout of inflation in 40 years without causing a slump?
Fed notes released on quarter-point hike
The stock market stayed relatively flat Wednesday following the release of the Federal Reserve's minutes prior to its last interest rate hike. CapWealth chief investment officer Tim Pagliara joined CBS News to discuss.
What moved stocks and economy this week
Dow Jones Industrial Average made gains Friday but still ended the week in the red. J.D. Durkin, host of "The Street," and Javier David, a CBS News contributor and the managing editor of business and markets at Axios, join CBS News to recap this week's biggest market movers.
Here are the latest tech layoffs as the industry shudders
Tech companies large and small are slashing their payrolls, fearing a recession is on the way. Here's a running list.
Dow Jones plummets after inflation report
The Dow Jones closed in the red Thursday, with rising producer prices expected to fuel inflation. Nancy Davis, founder and and chief investment officer for Quadratic Capital Management, joined CBS News to break down what the rising prices mean for investors going forward.
More companies to report Q4 earnings
The stock market saw a sharp rise Monday ahead of the release of the January Consumer Price Index report, and as the last round of large companies prepare to release their 2022 fourth-quarter earnings. Landsberg Bennet Private Wealth Management chief investment officer Michael Landsberg joined CBS News to discuss what the developments mean for investors.
Why tech workers are getting laid off
Yahoo is the latest tech company to announce mass layoffs. Courtenay Brown, an economics reporter for Axios, joins CBS News' Errol Barnett and Elaine Quijano to discuss what's behind the layoffs, why they are happening amid historically low unemployment numbers and how the layoffs could affect the Federal Reserve.
Biden touts progress on economy
Jared Bernstein, a member of the White House Council of Economic Advisers, joined CBS News to discuss the optimistic message in President Biden's State of the Union address and the state of the American economy.
Parties clash on debt limit ahead of address
Prominent Democrats and Republicans on both sides of the aisle are clashing on how to raise the debt ceiling. CBS News reporter Sarah Ewall-Wice discusses how politicians and the public view the debt ceiling.
U.S. hiring surged in January
President Biden is highlighting January's job report after it soared past economists' predictions. Jeanna Smialek, a financial reporter at The New York Times, joins CBS News to discuss what the numbers mean for the state of the U.S. economy and future Fed moves.
January jobs report surpasses expectations
The January jobs numbers crushed expert expectations, with more 517,000 new jobs being reported last month. In addition, the unemployment rate fell to its lowest level in more than 50 years. CBS News business analyst Jill Schlesinger has more.
Investors react to strong January jobs report
The January jobs report showed unemployment at its lowest since 1969, but investors fear the hot economy will bring further interest rate hikes from the Federal Reserve. Lori Bettinger, president of Bancalliance, joined CBS News to discuss why the prospect of a soft landing is looking more likely.
Fed hikes interest rates by a quarter-point
As it continues efforts to combat inflation, the Federal Reserve on Wednesday increased interest rates by a quarter-point. In a statement, the Fed said that further hikes are likely.
Biden, McCarthy meet to discuss debt ceiling
President Biden and House Speaker Kevin McCarthy met Wednesday to discuss the debt ceiling and open the door for budget cut negotiations. David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, joins CBS News' John Dickerson to discuss what it would take to balance the budget and what that would do to the economy.
Federal Reserve raises interest rates again
Javier David, a managing editor of business and markets for Axios and a CBS News contributor, joins Lana Zak and Elaine Quijano as the Federal Reserve announces it is raising rates for the eighth time over the course of a year. He explains why the central bank decided on the quarter-point increase and what it means for the U.S. economy.
Federal Reserve hikes interest rates 0.25 percentage point
While the central bank is slowing its rate increases, Jerome Powell told investors not to expect lower rates this year.
Stocks rise after Fed acknowledges "disinflationary process"
"We will need substantially more evidence to be confident that inflation is on ... downward path," said Fed Chair Jerome Powell
How the Fed's latest interest rate hike affects your money
Because inflation is easing, Fed is increasing rates at slower pace. But borrowing will still be more expensive.
Fed expected to raise interest rates again
The Federal Reserve is expected to announce another interest rate hike today, but the increase is expected to be lower than previous hikes that began in March 2022. Fed Chairman Jerome Powell will address the media this afternoon. CBS News reporter Sarah Ewall-Wice joins us to discuss the significance.
Stocks finish higher on encouraging GDP numbers
The Dow Jones ended in the green Thursday following a report that showed the U.S. gross domestic product rose 2.9% in the fourth quarter of 2022. Kayla Bruun, economic analyst for Morning Consult, joined CBS News to discuss what the latest GPD data could mean to the economy.
U.S. GDP grew 2.9% in final quarter of 2022
The economy is fighting back against inflationary pressures, but many economists say that won't last, and the economy could slow down in 2023 as an intended consequence of the Federal Reserve's efforts to rein in inflation by raising interest rates. Economist and Harvard University professor Jeffrey Frankel joined CBS News to discuss what the latest GDP data could mean for the economy moving forward.
How interest rates affect the tech industry
As tech companies cutting thousands of jobs this month, CBS News correspondent Vladimir Duthiers discusses how the Federal Reserve's interest rate hikes have contributed to the industry's financial woes.
Live
Trump calls off Strait of Hormuz ultimatum as Iran receives U.S. message from mediators
As Iran threatens to mine the entire Persian Gulf, President Trump said his deadline for the Strait of Hormuz to reopen is postponed amid negotiations with Tehran.
Exclusive
U.S. sent Iran a message via mediators as Trump says deal is possible, Iranian official says
Iran has received a message from the U.S. through mediators as a potential precursor to talks between the two warring countries, a senior Iranian Foreign Ministry official told CBS News, after President Trump suggested a deal is possible.
Markwayne Mullin confirmed as DHS secretary in 54-45 Senate vote
The Senate confirmed Markwayne Mullin as secretary of the Department of Homeland Security on Monday, finalizing President Trump's shakeup of DHS following months of scrutiny of Kristi Noem's leadership.
Exclusive
Congress launches investigation into California hospice fraud
A CBS News analysis of Los Angeles County hospice records found indications of fraud are growing. The House Oversight Committee is now investigating.
2 pilots killed as plane and fire-rescue truck collide at LaGuardia Airport
Two pilots were killed and dozens of people injured at New York's LaGuardia Airport late Sunday night when an arriving Air Canada Express plane and fire and rescue vehicle collided, authorities said.
DHS funding talks in limbo after Trump insists GOP pass SAVE America Act
Senate talks aimed at ending the 38-day DHS shutdown hit a new roadblock after President Trump called on Republicans to hold out for passage of the SAVE America Act.
Pentagon to remove media offices after judge strikes down rules for reporters
The Defense Department says it will issue new press credentials but remove media offices from the Pentagon, after a judge ruled that the military's new rules to get access to the Pentagon were unconstitutional.
Suspected hate crime as 4 Jewish group ambulances set ablaze in London
Police in London are investigating a suspected antisemitic hate crime after vehicles belonging to a Jewish ambulance service were set on fire early Monday morning.
Exclusive
DOJ guts office helping poorer immigrants obtain affordable legal aid, sources say
The DOJ's Recognition and Accreditation program enables non-attorneys to assist immigrants with needs including naturalization petitions and immigration court appearances.
U.S.
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Pentagon to remove media offices after judge strikes down rules for reporters
The Defense Department says it will issue new press credentials but remove media offices from the Pentagon, after a judge ruled that the military's new rules to get access to the Pentagon were unconstitutional.
Worst Hawaii flooding in 20 years leaves many homes in mud: "We lost everything"
Hawaii is just beginning the recovery from a pair of massive storms that unleashed up to 4 feet of rain in parts of O'ahu and Maui over the past week, Gov. Josh Green said.
Markwayne Mullin confirmed as DHS secretary in 54-45 Senate vote
The Senate confirmed Markwayne Mullin as secretary of the Department of Homeland Security on Monday, finalizing President Trump's shakeup of DHS following months of scrutiny of Kristi Noem's leadership.
Quadruple amputee cornhole player accused of murder in Maryland
Dayton James Webber, a quadruple amputee and professional cornhole player, was arrested and charged with murder in Maryland.
Bill Cosby found liable in 1972 sexual assault, must pay nearly $60M in damages
A civil jury in California found 88-year-old Bill Cosby liable for drugging and sexually assaulting Donna Motsinger in 1972, and awarded her nearly $60 million.
MoneyWatch
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Polymarket buckles down on insider trading after suspiciously timed bets
Polymarket tightened its rules after questions surfaced over whether some prediction market customers engaged in insider trading.
Here are Elon Musk's "most epic" goals for his vast Terafab chip plant
Elon Musk unveiled plans for a massive chip manufacturing facility in Austin, Texas, that he said will power his "galactic" aspirations.
As airport delays continue, can enrolling in TSA PreCheck save you time?
"TSA PreCheck will likely help you, even now with the long lines we're seeing at checkpoints," said one travel expert.
How to cut down on pet expenses as costs rise
Pet ownership costs over the past year have increased by up to 10%, according to Rover.
OnlyFans owner Leonid Radvinsky dies of cancer at 43
The reclusive billionaire bought a majority stake in OnlyFans in 2018, growing the site into a major adult content platform.
Politics
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Pentagon to remove media offices after judge strikes down rules for reporters
The Defense Department says it will issue new press credentials but remove media offices from the Pentagon, after a judge ruled that the military's new rules to get access to the Pentagon were unconstitutional.
Markwayne Mullin confirmed as DHS secretary in 54-45 Senate vote
The Senate confirmed Markwayne Mullin as secretary of the Department of Homeland Security on Monday, finalizing President Trump's shakeup of DHS following months of scrutiny of Kristi Noem's leadership.
Exclusive
U.S. sent Iran a message via mediators as Trump says deal is possible, Iranian official says
Iran has received a message from the U.S. through mediators as a potential precursor to talks between the two warring countries, a senior Iranian Foreign Ministry official told CBS News, after President Trump suggested a deal is possible.
Exclusive
Congress launches investigation into California hospice fraud
A CBS News analysis of Los Angeles County hospice records found indications of fraud are growing. The House Oversight Committee is now investigating.
DHS funding talks in limbo after Trump insists GOP pass SAVE America Act
Senate talks aimed at ending the 38-day DHS shutdown hit a new roadblock after President Trump called on Republicans to hold out for passage of the SAVE America Act.
HealthWatch
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More parents are refusing routine newborn preventative care, study finds
Doctors fear that skepticism, fueled by anti-science sentiment and mistrust, is extending beyond vaccines to other proven, routine care.
Complex procedure saves officer with chest pain, heart condition
Transit Officer Paul DeGeorge thought his son was lying on him. Then he realized something much scarier was happening.
Judge blocks parts of RFK Jr.'s vaccine agenda, including revised schedule
A judge blocked a set of changes to the childhood vaccine schedule recommended by allies of Health and Human Services Secretary Robert F. Kennedy, dealing a setback to the Trump administration's efforts to overhaul federal vaccine policy.
Changes in organ donor status can fall through cracks in the system
Patchwork state policies and limited federal oversight have led to a fragmented system for tracking organ donor status.
A dad's colon cancer spread to lungs. He says what happened next was a miracle.
Spencer Laird was diagnosed with colon cancer at 26. At 30, he was told it had returned and spread to his lungs, with one tumor the size of a golf ball.
World
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Exclusive
U.S. sent Iran a message via mediators as Trump says deal is possible, Iranian official says
Iran has received a message from the U.S. through mediators as a potential precursor to talks between the two warring countries, a senior Iranian Foreign Ministry official told CBS News, after President Trump suggested a deal is possible.
Pope Leo puts Father Flanagan of Boys Town fame a step closer to possible sainthood
With Pope Leo XIV's proclamation, the priest commonly known as "Father Flanagan" is now officially declared "venerable."
Strait of Hormuz dotted with about a dozen Iranian mines, U.S. officials say
U.S. officials say assessments show at least a dozen Iranian mines in the Strait of Hormuz as President Trump backs off his threat to target Iran's energy infrastructure over claims of productive peace talks
Military plane crash in southwestern Colombia kills at least 66, dozens injured
A military cargo plane crashed shortly after taking off in southwestern Colombia, the South American country's military said.
Could the Iran war help Ukraine get back in Trump's good books?
Trump says aid for Ukraine depleted U.S. weapons stockpiles, but as the Iran war takes that mantle, Kyiv eyes opportunities to build long-term defense partnerships.
Entertainment
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Entertainment
Makers of "The AI Doc" on tech's peril, promise
A new documentary examines the artificial intelligence boom and its potential risks to humanity, featuring interviews with top AI company CEOs and other experts. Co-director Charlie Tyrell and producer Ted Tremper join CBS News to discuss the making of the film, "The AI Doc: Or How I Became an Apocaloptimist."
Patrick Ball on medical drama "The Pitt"
"The Pitt" star Patrick Ball tells "CBS Mornings" he had been auditioning since 2013 and didn't think his acting dreams were "ever going to happen" when he was cast in the medical drama. He also opens up about how the series is personal for him.
Lisa Kudrow on making "The Comeback"
In 2005, the "Friends" star played Valerine Cherish, a washed-up sitcom actress, in the HBO comedy "The Comeback." The show was cancelled, but it earned a cult following, and returned in 2014. Now, "The Comeback" is itself making a comeback.
Extended interview: Lisa Kudrow
In this web exclusive, Emmy-winning actress Lisa Kudrow talks with Tracy Smith about "Friends," and her HBO show "The Comeback."
Lisa Kudrow on making "The Comeback"
"Friends" star Lisa Kudrow played a washed-up sitcom actress, Valerie Cherish, in the 2005 HBO comedy "The Comeback." The show was cancelled, but it earned a cult following, and then returned in 2014. Now, "The Comeback" is itself making a comeback for a third season. Kudrow talks with correspondent Tracy Smith about her love for playing Phoebe Buffay; her aptitude for "cringe comedy"; and how she found solace following the death of "Friends" castmate Matthew Perry.
Technology
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Technology
Makers of "The AI Doc" on tech's peril, promise
A new documentary examines the artificial intelligence boom and its potential risks to humanity, featuring interviews with top AI company CEOs and other experts. Co-director Charlie Tyrell and producer Ted Tremper join CBS News to discuss the making of the film, "The AI Doc: Or How I Became an Apocaloptimist."
Polymarket buckles down on insider trading after suspiciously timed bets
Polymarket tightened its rules after questions surfaced over whether some prediction market customers engaged in insider trading.
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.
Musk says he'll manufacture chips in Texas
Elon Musk says he will make chips in the U.S. for use in Teslas and robots. Reuters global aerospace editor Joe Brock joins to discuss.
Here are Elon Musk's "most epic" goals for his vast Terafab chip plant
Elon Musk unveiled plans for a massive chip manufacturing facility in Austin, Texas, that he said will power his "galactic" aspirations.
Science
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Science
How a fun nature app aids science
The iNaturalist cellphone app not only helps users identify plant, animal and insect species; it also provides invaluable data to scientists studying biodiversity, species decline, and habitat loss. It also provides opportunities for fun: David Pogue joins iNaturalist fan Martha Stewart in a "bioblitz" – a timed competition with other users to spot and ID species.
Discovery of 1949 whale recording could unlock mysteries of ocean
The song is that of a humpback whale and was recorded by scientists in March 1949 in Bermuda, researchers said.
Sea levels higher than thought due to "methodological blind spot," study says
A new study in the journal Nature says most sea level rise research may have underestimated coastal water heights by an average of 1 foot.
NASA announces major overhaul of Artemis moon program "to take down risk"
NASA Administrator Jared Isaacman announced significant changes to the agency's Artemis program, which aims to land on the moon in 2028.
What scientists will be looking for when government UFO files are released
Documents might help scientists shed light on unexplained phenomena and government secrets, experts said.
Crime
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Crime
Suspect in Loyola Chicago death misses first court date
Prosecutors say the man charged in the murder of Loyola University Chicago student Sheridan Gorman missed his first court appearance Monday as he receives treatment for tuberculosis. CBS News immigration correspondent Camilo Montoya-Galvez has the latest.
Justin Timberlake's 2024 arrest on video
Newly released bodycam footage shows Justin Timberlake during his 2024 DWI arrest in New York. CBS News' Shanelle Kaul has more.
Suspected hate crime as 4 Jewish group ambulances set ablaze in London
Police in London are investigating a suspected antisemitic hate crime after vehicles belonging to a Jewish ambulance service were set on fire early Monday morning.
Fentanyl found inside Barbies sold at Missouri discount store, police say
Police found that five Barbie packages containing fentanyl were sold. They have all been recovered.
Couple on unusual activity at neighbor's home: "I think they finally killed him"
When Gary Herbst, described by his Minnesota neighbors as confrontational, disappeared on July 8, 2013, it appeared he walked out on his wife and teenage son. Years later, a startling discovery would confirm what neighbors thought they might have witnessed.
Space
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Space
Artemis II back on launch pad for moon mission
NASA's Artemis II rocket is back on the launch pad after repairs inside the massive Vehicle Assembly Building at the Kennedy Space Center. Early next month, NASA will try, for a second time, to send a crew of four on a flyby of the moon. Mark Strassmann has more.
Possible meteorite crashes into Houston area home, officials say
A possible meteorite crashed into a Houston area house on Saturday night, tearing through the roof and two stories of the home, officials said.
Eileen Collins on breaking barriers in space
Retired NASA astronaut and Air Force Col. Eileen Collins joins "CBS Saturday Morning" to discuss her groundbreaking journey to become the first woman to pilot the Space Shuttle and the first to command a Space Shuttle mission.
Repaired moon rocket heads back to launch pad for April 1 liftoff
After a trip back out to the launch pad, NASA's Artemis II rocket will be readied for a historic flight to the moon.
Video shows meteor streaking across the sky
A meteoroid was spotted streaking across the sky in 10 states. In some areas, there was also a loud boom, similar to an explosion. NASA says the meteor, which was traveling 45,000 mph in the sky, fragmented - causing the bright fireball and loud boom.
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
3/23: The Takeout with Major Garrett
Two pilots die after an Air Canada Express flight hits a fire-rescue truck at LaGuardia Airport; Trump calls off his Strait of Hormuz ultimatum.
Official: U.S. sent Iran a message through mediators
Iran has received a message from the U.S. through mediators as a potential precursor to talks between the two countries, a senior Iranian Foreign Ministry official told CBS News on Monday. Clay Seigle, senior fellow at the Center for Strategic and International Studies, joins CBS News to discuss the war.
Senate confirms Mullin as DHS secretary
The Senate on Monday confirmed Republican Sen. Markwayne Mullin of Oklahoma to lead the Department of Homeland Security, replacing Kristi Noem.
Makers of "The AI Doc" on tech's peril, promise
A new documentary examines the artificial intelligence boom and its potential risks to humanity, featuring interviews with top AI company CEOs and other experts. Co-director Charlie Tyrell and producer Ted Tremper join CBS News to discuss the making of the film, "The AI Doc: Or How I Became an Apocaloptimist."
Families displaced in catastrophic Hawaii flooding
Parts of O'ahu and Maui were battered by a pair of massive storms, which the governor said had unleashed up to 4 feet of rain in certain areas. It caused the worst flooding in 20 years. Matt Gutman reports.