Stocks droop on Fed's commitment to "restore price stability"
Stocks have slumped in recent weeks amid investor fears that sharply higher interest rates could trigger a recession.
Gas Prices
President Biden calls for gas tax holiday
President Joe Biden is urging congress to pass a three-month federal gas tax holiday. However, some Democrats -- including former President Barack Obama -- have long criticized the idea. CBS News Senior White House and Political Correspondent Ed O'Keefe has more on why Biden is moving forward with this proposal.
Fed will keep raising interest rates as long as appropriate
Fed Chairman Jerome Powell acknowledged recession is possible but later said its likelihood is not "particularly elevated right now."
President Biden considers gas tax holiday
President Biden is considering a gasoline tax holiday to address rising prices amid inflation, but the measure would require congressional approval before taking effect. CBS News political contributor and Washington Post deputy politics editor Sean Sullivan explains why a plan to pause federal gas taxes would likely face an uphill battle on Capitol Hill.
Stocks bounce back after steep selloff last week
Financial markets rebounded Tuesday, but some analysts think U.S. stocks have yet to touch bottom.
White House says recession is not inevitable
As inflation remains high and the stock market falls, U.S. Treasury Secretary Janet Yellen and other White House officials are amplifying President Joe Biden's message that a recession is not inevitable. CBS News anchors Anne-Marie Green and Vladimir Duthiers spoke with political correspondent Caitlin Huey-Burns about the Biden Administration's potential plans to offer temporary relief from rising gas prices.
Biden says he'll decide soon on possible gas tax holiday
Soaring gas prices are putting pressure on the president to take action.
Mortgage rates in the U.S. jump by most in 35 years
Borrowing costs for a typical home loan surged a day after the Federal Reserve hiked its benchmark rate.
6/15: Red and Blue
Biden pushes oil companies on gas production; FDA panel supports COVID vaccine for kids under 5
Biden calls out oil companies as gas prices soar
President Biden sent letters to several U.S. oil companies Wednesday, asking them to do more to reduce the price of gas. Zeke Miller, a CBS News political contributor and White House reporter for the Associated Press, joined Matt Pieper to discuss the issue.
Biden calls on oil companies to produce more gas
In a letter to several oil companies, President Joe Biden asked them to work with the White House to bring down high gas prices. CBS News correspondent Skyler Henry and CBS News senior White House and political correspondent Ed O'Keefe report.
Station manager fired after selling gas for 69 cents a gallon
California service station manager John Szczecina misplaced the decimal on $6.99 per gallon gas. Now he's out of a job.
Energy secretary says there's no "quick fix" to high gas prices
She says the Biden administration is working to address the issue but warned that it could take time.
President Biden to travel to Saudi Arabia in July
President Joe Biden is set to visit Saudi Arabia next month as part of his first trip to the Middle East since he took office. Sean Sullivan, CBS News political contributor and a White House reporter for the Washington Post, joins Elaine Quijano to discuss the trip.
Russia's impact on U.S. gas prices
Russia’s invasion of Ukraine continues to weigh on American wallets. The cost of oil is now more than $120 a barrel, resulting in record high gas prices. Ellen Wald, the president of Transversal Consulting and a senior fellow at the Atlantic Council’s Global Energy Center, joins CBS News to discuss the impact the war in Ukraine is having on gas prices worldwide.
Stocks continue to fall, a day after S&P enters bear market
Volatility follows Monday's turmoil which brought panic among many worried about their 401(k) retirement savings.
$5 gas is here: AAA says nationwide average hits new high
The national average price has jumped 19 cents in just the past week, and it's up $1.93 from this time last year.
Gas prices reach unprecedented highs
Gas prices in the nation are at a never-before-seen level and doesn’t seem to be slowing down anytime soon. CBS News business analyst Jill Schlesinger joins “CBS Mornings” to help make sense of the latest economic data.
Inflation soars to 40-year high
President Biden addressed the inflation crisis in a briefing at the Port of Los Angeles Friday. CBS News senior White House and political correspondent Ed O'Keefe reports.
U.S. inflation surging at fastest pace in 40 years
Prices are skyrocketing as inflation is surging at its fastest pace in more than 40 years. Rampant inflation is hitting America's pocketbooks, but it's also impacting President Biden, as surveys show Americans see it as the nation's top problem. Ed O'Keefe has the latest.
High inflation hampers summer travel plans
Vacation inflation is hitting summer travelers. Airfare, hotel and rental car costs have skyrocketed compared to recent years. Kris Van Cleave takes a look.
Biden to address rising inflation at summit
After an uptick in the latest Consumer Price Index report, President Biden plans to speak about rising inflation, record gas prices and supply chain disruptions. CBS News senior White House and political correspondent Ed O'Keefe joined Vladimir Duthiers and Anne-Marie Green with more on the administration's plans to help consumers.
Consumer prices continue to rise
The Consumer Price Index jumped 1% in May 2022, representing an 8.6% bump year-over-year. That's the largest 12-month increase in more than four decades. CBS News reporter Sarah Ewall-Wice joined Anne-Marie Green and Vladimir Duthiers to discuss how inflation and higher prices are impacting Americans.
Stocks plunge as inflation soars at fastest pace in 4 decades
May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
Biden to speak on the state of the economy
President Biden will address the rising levels of inflation in a speech Friday as prices of food, gas and other necessities are reaching record highs. Washington Post White House reporter Sean Sullivan joins CBS News with a preview the administrations plans.
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