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.
Federal Reserve
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.
NYSE experiences technical issue
The New York Stock Exchange experienced a technical issue early on Tuesday, temporarily halting trading for more than 80 companies. Dan DeFrancesco, finance editor for Insider, joined CBS News to recap the day for the markets, and what the latest Justice Department antitrust lawsuit against Google could mean for the tech industry.
U.S. economy is slowing to stall speed, recession gauge shows
Conference Board index has fallen 10 months in a row, indicating a recession is likely sometime this year.
Treasury takes action as U.S. hits debt ceiling
The U.S. officially reached the debt limit on Thursday, and the Treasury Department says it has begun taking "extraordinary measures" to maintain the full faith and credit of the United States. It sets up a showdown that could put the entire U.S. economy at risk. Scott MacFarlane has more.
Here's when the U.S. could crash through the debt ceiling
Hitting "Date X" without raising the debt ceiling could lead the U.S. to default on its debt for the first time in its history.
Inflation is cooling, Fed Vice Chair Lael Brainard says
But central bank will have to keep interest rates elevated "for some time" to keep a lid on price increases, official notes.
Dow drops on negative retail sales report
The Dow Jones dropped more than 600 points Wednesday following the release of the December retail sales report by the U.S. Commerce Department. Kayla Bruun, an economic analyst for "Morning Consult", joined CBS News to provide her reaction to the report.
Federal Reserve Chair Jerome Powell has COVID-19
U.S. central bank chief is isolating at home while "experiencing mild symptoms," according to the Fed.
CPI report indicates inflation is slowing
The Consumer Price Index fell in December for the sixth straight month. It could be a sign the Federal Reserve will soon ease up on its aggressive interest rate hikes. Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, joined to CBS News for what this news means for the U.S. economy in 2023.
Stock market update & Big Tech layoffs
Stocks climbed Thursday after the latest Consumer Price Index report showed inflation slowing. But Big Tech companies are still going through a series of layoffs. Insider startups and VC reporter Samantha Stokes joined CBS News to discuss the latest on the economy.
Consumer Price Index rose 6.5%
Consumer Price Index rose 6.5% in the month of December. Javier David, managing editor of business and markets at Axios, joins CBS News with the significance of this report and overall health of the economy.
New inflation data expected as Fed weighs hike
The government is expected to release new inflation data Thursday. Lori Bettinger, the president of BancAlliance and a former director of the Troubled Asset Relief Program at the Treasury Department, joined CBS News after the closing bell on Wall Street to discuss the Federal Reserve's fight against inflation and how investors are reacting.
Fed eyes first rate hike of new year
The Federal Reserve is eyeing another interest rate hike, and experts say the increase could be just a quarter of a percentage point. Sultan Meghji, the former chief innovation officer at the Federal Deposit Insurance Corporation and a professor at Duke University's Pratt Engineering School, joins CBS News to discuss.
U.S. hiring remained resilient in December
New government data shows the U.S. added 223,000 jobs in December while unemployment fell to a 50-year low of 3.5%, as the Federal Reserve raises interest rates to the highest level in 15 years in an effort to cool the economy and tamp down inflation. Errol Barnett and Elaine Quijano break down the numbers with CBS News reporter Sarah Ewall-Wice.
Top economist shares outlook for 2023
The U.S. saw solid gains in the labor market in December, but concerns about a possible recession still linger. Bank of America's chief economist Michael Gapen joins CBS News' Catherine Herridge with his economic forecast for 2023.
U.S. added 223,000 jobs in December
CBS News contributor Javier David joined Anne-Marie Green and Vladimir Duthiers with to discuss the latest jobs report, which shows U.S. employers added 223,000 jobs in December.
U.S. jobless claims lowest since September
A new Labor Department report shows new jobless claims fell to 204,000 in the final week of 2022. That is the lowest number since September. But the numbers are not necessarily good news for the Federal Reserve as it tries to cool the economy. CBS News' Errol Barnett and Lana Zak are joined by Gregory Daco, chief economist at EY-Parthenon, to discuss the economic trends.
12/11/2022: The Treasury Secretary, Suing Social Media, College of Magic
Janet Yellen on recession fears, inflation and the war in Ukraine; Families suing social media companies; Cape Town's College of Magic.
Looking for positive signs on economy
Investors are looking for any positive signs to bounce back from a down 2022 in the stock market. Chief investment officer Ahmed Riesgo of Insigneo joined CBS News to discuss where those signs might come from.
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.
U.S. plans expansion of denaturalization push, aiming for 250 cases by fall
The Trump administration expects to try to revoke the U.S. citizenship of more than 250 foreign-born citizens by October, a Justice Department official said.
Facing bipartisan criticism of Iran deal, Trump lashes out at "fools"
Republican Sens. Bill Cassidy, Thom Tillis and Ted Cruz have been critical of the 14-point memorandum of understanding signed on Wednesday.
States not required to give community-based care for those with disabilities: DOJ opinion
The Office of Legal Counsel opinion released Thursday said states aren't required by law to integrate mentally disabled patients with their peers by providing community or home-based care.
Luigi Mangione's legal team withdraws psychiatric defense
Luigi Mangione's legal team says they withdrew a psychiatric defense in his New York state murder trial one day after telling the court they would use it.
Air Force unit faces flu outbreak weeks after vaccine mandate dropped
Dozens of service members at Lackland Air Force Base in Texas have fallen ill with the flu in the weeks since Defense Secretary Pete Hegseth rescinded the vaccine mandate, sources familiar confirmed to CBS News.
Rips appear in Reflecting Pool's new surface after algae turn water green
President Trump's efforts to spruce up the Lincoln Memorial Reflecting Pool faced a snag this week, with algae turning the water green while rips appeared in an "American Flag Blue" surface picked by the president.
Hegseth announces review of U.S. forces in Europe, blasts "shameful" NATO allies
The Pentagon is launching a six-month review of U.S. forces and bases in Europe, Defense Secretary Pete Hegseth said Thursday at a meeting of NATO defense ministers.
Supreme Court sides with man who challenged law barring drug users from having guns
The Supreme Court on Thursday ruled in favor of a Texas man who challenged a federal law that bars certain drug users from having firearms.
U.S.
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Trump awards Medal of Honor to 3 veterans of the Vietnam, Afghanistan wars
In a ceremony at the White House, the president paid tribute to retired Marine Corps Maj. James Capers Jr., retired Army Maj. Nicholas Dockery and Marine Col. John W. Ripley, who died in 2008.
States not required to give community-based care for those with disabilities: DOJ opinion
The Office of Legal Counsel opinion released Thursday said states aren't required by law to integrate mentally disabled patients with their peers by providing community or home-based care.
Air Force unit faces flu outbreak weeks after vaccine mandate dropped
Dozens of service members at Lackland Air Force Base in Texas have fallen ill with the flu in the weeks since Defense Secretary Pete Hegseth rescinded the vaccine mandate, sources familiar confirmed to CBS News.
GOP congressman, missing for months, set to return on June 30
Republican Rep. Tom Kean Jr. of New Jersey will return to Congress on June 30, his spokesperson said, after being away since March in an unexplained absence that has confounded Capitol Hill.
Hegseth announces review of U.S. forces in Europe, blasts "shameful" NATO allies
The Pentagon is launching a six-month review of U.S. forces and bases in Europe, Defense Secretary Pete Hegseth said Thursday at a meeting of NATO defense ministers.
MoneyWatch
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Less than half of Americans can afford quality healthcare, Gallup finds
Gallup found that only 49% of Americans were "cost-secure" last year, with concerns about medical bills and prescription costs rising across income groups.
Waymo recalls robotaxis after some vehicles entered construction zone
The recall follows multiple incidents in which Waymo robotaxis drove past ramp-closure signs and into freeway construction zones.
Intel shares leap after Trump announces chip deal with Apple
In a social media post, President Trump touted the U.S. government's 10% stake in Intel, noting that it is now worth $60 billion.
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.
Politics
More Politics
Rips appear in Reflecting Pool's new sealant after algae turn water green
President Trump's efforts to spruce up the Lincoln Memorial Reflecting Pool faced a snag this week, with algae turning the water green while rips appeared in an "American Flag Blue" surface picked by the president.
Trump's goals for the Iran war and what he's saying now
When the U.S.-Iran conflict began, President Trump laid out a litany of aggressive war aims. Here's what the president and his top aides said then — and how their views have changed.
Trump awards Medal of Honor to 3 veterans of the Vietnam, Afghanistan wars
In a ceremony at the White House, the president paid tribute to retired Marine Corps Maj. James Capers Jr., retired Army Maj. Nicholas Dockery and Marine Col. John W. Ripley, who died in 2008.
States not required to give community-based care for those with disabilities: DOJ opinion
The Office of Legal Counsel opinion released Thursday said states aren't required by law to integrate mentally disabled patients with their peers by providing community or home-based care.
Air Force unit faces flu outbreak weeks after vaccine mandate dropped
Dozens of service members at Lackland Air Force Base in Texas have fallen ill with the flu in the weeks since Defense Secretary Pete Hegseth rescinded the vaccine mandate, sources familiar confirmed to CBS News.
HealthWatch
More HealthWatch
Air Force unit faces flu outbreak weeks after vaccine mandate dropped
Dozens of service members at Lackland Air Force Base in Texas have fallen ill with the flu in the weeks since Defense Secretary Pete Hegseth rescinded the vaccine mandate, sources familiar confirmed to CBS News.
Less than half of Americans can afford quality healthcare, Gallup finds
Gallup found that only 49% of Americans were "cost-secure" last year, with concerns about medical bills and prescription costs rising across income groups.
Busy Philipps on her late ADHD diagnosis
Actress Busy Philipps, 45, spoke up about her late attention-deficit/hyperactivity disorder diagnosis online after realizing she shared symptoms as her young daughter was evaluated and diagnosed. Women are more likely than men to be diagnosed with ADHD later in life, research shows.
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.
World
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Trump's goals for the Iran war and what he's saying now
When the U.S.-Iran conflict began, President Trump laid out a litany of aggressive war aims. Here's what the president and his top aides said then — and how their views have changed.
Man charged after toddler ends up in crocodile enclosure at zoo
Police in eastern England said a man was arrested on suspicion of attempted murder after a 3-year-old boy "ended up in the crocodile enclosure" at a zoo.
Hegseth announces review of U.S. forces in Europe, blasts "shameful" NATO allies
The Pentagon is launching a six-month review of U.S. forces and bases in Europe, Defense Secretary Pete Hegseth said Thursday at a meeting of NATO defense ministers.
"Lady Gucci," who had her ex-husband killed, could soon inherit $23M fortune
Despite spending 18 years in prison for orchestrating the murder of her ex-husband, fashion heir Maurizio Gucci, Patrizia Reggiani may be about to inherit a fortune.
Facing bipartisan criticism of Iran deal, Trump lashes out at "fools"
Republican Senators Bill Cassidy, Thom Tillis, Ted Cruz and Tom Cotton have been critical of the 14-point memorandum of understanding signed on Wednesday.
Entertainment
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Americans say they're reading fewer books. Here's what they're doing instead.
Many people are spending more time on screens, but also doing more physical activities, a new CBS News poll finds.
Singer Myles Smith talks debut album
Myles Smith's career skyrocketed after his hit song "Stargazing" became the biggest song by a U.K. artist worldwide in 2024. Now, he's releasing his debut album, "My Mess, My Heart, My Life," on June 19. Myles Smith joins "CBS Mornings" to discuss his rapid rise to stardom, his first album and his experience touring with Ed Sheeran.
Busy Philipps on her late ADHD diagnosis
Actress Busy Philipps, 45, spoke up about her late attention-deficit/hyperactivity disorder diagnosis online after realizing she shared symptoms as her young daughter was evaluated and diagnosed. Women are more likely than men to be diagnosed with ADHD later in life, research shows.
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.
Technology
More Technology
Waymo recalls robotaxis after some vehicles entered construction zone
The recall follows multiple incidents in which Waymo robotaxis drove past ramp-closure signs and into freeway construction zones.
Americans on AI's future impact
A Pew survey shows 40% of Americans think AI's future impact will be negative. MIT Sloan professor Eric So joins CBS News with more details.
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.
Where to get the latest CBS Mornings Deals
On this edition of CBS Mornings Deals, we show you items that will help improve your everyday lifestyle. Visit cbsdeals.com to take advantage of these exclusive deals today. CBS earns commissions on purchases made through cbsdeals.com.
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.
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
Mangione's legal team drops psychiatric defense
Attorneys for Luigi Mangione, the man accused of killing UnitedHealthcare CEO Brian Thompson, dropped plans for a psychiatric defense in his state case on Thursday. CBS News legal reporter Katrina Kaufman has the details.
Man charged after toddler ends up in crocodile enclosure at zoo
Police in eastern England said a man was arrested on suspicion of attempted murder after a 3-year-old boy "ended up in the crocodile enclosure" at a zoo.
"Lady Gucci," who had her ex-husband killed, could soon inherit $23M fortune
Despite spending 18 years in prison for orchestrating the murder of her ex-husband, fashion heir Maurizio Gucci, Patrizia Reggiani may be about to inherit a fortune.
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.
Space
More Space
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.
Photos show celebrations at Obama Presidential Center
The Obama Presidential Center, museum and library opens in Chicago with a star-studded grand opening ceremony and public watch party on Midway Plaisance.
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.
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
Breaking down Supreme Court gun ruling
The Supreme Court ruled in favor of a Texas man who challenged a federal law that broadly banned drug users from owning guns. The unanimous decision is a loss for the Trump administration, which had defended the 1968 law. CBS News legal contributor Jessica Levinson breaks it down.
When will Strait of Hormuz traffic normalize?
Ships are beginning to transit the Strait of Hormuz again after the initial U.S.-Iran agreement reopened the waterway. But traffic may not get back to normal right away. Scott Savitz, senior engineer and professor at RAND School of Public Policy, joins to discuss.
Artist perseveres after tumor impacts sight
After artist Vincent Serritella underwent surgeries to remove a brain tumor on his optic nerve, he found a way to overcome his change in vision. Tony Dokoupil has the story.
Chicago welcomes Obama Presidential Center
Former President Barack Obama formally unveiled his presidential center in Chicago on Thursday, calling it an "expression of thanks" to the city and a monument, not to his story, but to the U.S.'s story. Caitlin Huey-Burns reports.
Ukraine launches drone attack on Moscow
Ukraine hammered Russia with the largest attack on the capital city of Moscow since Russia invaded its neighbor more than four years ago. A massive swarm of Ukrainian drones hit a major oil refinery there, among other targets, on Thursday. Ukraine's President Volodymyr Zelenskyy said it was a retaliatory act. Aidan Stretch reports.