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.
Inflation
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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.
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.
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.
Fed expected to pause interest rate hikes
Inflation was lower in May, falling for the 11th straight month. And that could mean no more Federal Reserve interest rate hikes, at least for now. CBS News chief White House correspondent Nancy Cordes has more.
Inflation cools to lowest rate in 2 years
Consumer prices were up 4% from a year ago, according to the Department of Labor. That's the lowest inflation rate since 2021, although shoppers are still seeing rising prices at the grocery store. Carter Evans 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.
Inflation cooled to 4% in May, its slowest pace in 2 years
Even so, the latest "report contains plenty of pain, especially for lower-income Americans," said one economist.
Inflation cools again in May
Inflation has continued to ease, according to new Consumer Price Index data released by the U.S. Bureau of Labor Statistics on Tuesday morning. Scott Wren, a senior global market strategist for Wells Fargo Investment Institute, joins CBS News with more.
How climate change is raising the cost of food
Hotter, drier weather is already wreaking havoc on European crops, and is predicted to boost food prices in the U.S.
UK on track for record inflation
The U.K. Is predicted to have the third-highest inflation rate in the world this year. John Quelch, former dean of the Miami Herbert Business School at the University of Miami, joined CBS News to talk about the British economy.
Unemployment aid applications jump to highest level since October 2021
Some 261,000 people applied for jobless aid last week, a 10% increase from the week before.
Remember that looming recession? Not happening, some economists say
"People have been using the wrong R-word to describe the economy," one economist said. "It's resilience — not recession."
Saudi Arabia cutting oil output in move that could raise gas prices
The Saudi cut of 1 million barrels per day comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
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.
Electricity bills expected to go up
While prices of many goods and services may be cheaper this summer when compared to last year, don't expect to see any dips in your power bills. Analysts say average electricity prices are expected to be at least 2% higher. Associate managing editor for CBS MoneyWatch Irina Ivanova has more.
Bipartisan deal reached to raise the debt limit
After President Biden brokered a deal with Speaker McCarthy to raise the debt ceiling by $4 trillion, they spent the weekend trying to secure enough votes to pass the bill by the June 5 deadline. Scott MacFarlane reports.
Biden optimistic Democrats will back debt plan
President Biden and House Speaker McCarthy both expressed optimism that they would be able to get their respective parties on board for the debt ceiling plan they negotiated. Natalie Brand has the latest.
What happens if lawmakers don't raise debt limit
A tentative agreement has been reached on a deal that would raise the debt limit and avert a government default. Scott MacFarlane takes a look at the backup plan in case lawmakers don't pass the bill.
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