S&P 500 posts best month since November 2020
Investors have been cheered by better-than-expected corporate earnings, offsetting recession fears.
Inflation
This week on "Face the Nation with Margaret Brennan," July 31, 2022
Sens. Joe Manchin and Pat Toomey, and Federal Reserve Bank of Minneapolis President Neel Kashkari, will appear on "Face the Nation with Margaret Brennan" this Sunday.
Oil drillers reap unprecedented profits as Americans struggle
Soaring energy prices baked into delivery costs are driving up the cost of everything from apples to toilet paper.
U.S. GDP falls 0.9% in second quarter
The Commerce Department Thursday reported that the U.S. economy shrank for the second quarter in a row. Between April and June, the GDP fell at an annual rate of 0.9%. Peter Morici, a professor at the Robert H. Smith School of Business at the University of Maryland, joined CBS News to discuss what this could mean.
Key inflation gauge jumped 6.8% in June as prices surged
"Consumer sentiment sure stinks but Americans nevertheless continue to increase their spending," said one economist.
7/28: Red and Blue
U.S. economy shrinks for second consecutive quarter; Mega Millions jackpot tops $1 billion
Growing homelessness among baby boomers
A growing number of baby boomers are experiencing homelessness amid rising rents and inflation. The number of homeless people over 55 is expected to swell to 225,000 nationwide by 2026, according to one study. Jonathan Vigliotti takes a look.
White House adviser weighs in on recession fears
President Biden said the economy is in a good place despite GDP falling for two consecutive quarters. Debra Alfarone reports from the White House. Then, Gene Sperling, senior adviser to the president, joined "Red and Blue" to discuss the state of the economy.
Baby boomers facing spike in homelessness
The number of homeless people over 55 is expected to spike to 225,000 nationwide in the next four years, a 32% jump since 2017, according to a study.
U.S. economy shrinks, raising recession fears
President Biden downplayed growing fears that the U.S. is headed into a recession after the economy shrunk for two quarters in a row. Mr. Biden argued that a new budget deal agreed upon by top Democrats would help fight inflation and urged Congress to pass it. Caitlin Huey-Burns reports.
Biden speaks on inflation and climate bill
President Biden says the budget bill agreed to by Senate Democrats Joe Manchin and Chuck Schumer will be "the most important investment that we've ever made in our energy security." Watch his full remarks.
Major rent surge in Tampa Bay
Housing prices nationwide are up about 20%, but they've soared far more in the Tampa Bay area. Tampa Bay's home prices spiked nearly 36% and rents are up about 22% from last year. Mark Strassmann reports.
Federal Reserve expected to hike interest
The Federal Reserve is expected to hike interest rates for the fourth time since March in an effort to curb inflation and avoid a recession. Kris Van Cleave reports.
Business analyst on interest rate hike
With the highest inflation rates in four decades, the federal reserve has raised the short-term interest rate for the fourth time this year. CBS News business analyst Jill Schlesinger joins "CBS Mornings" to discuss the impact this has on borrowers with mortgages, credit card debt and loans.
7/28: CBS News Mornings
Federal Reserve raises interest rates; lawmakers grill gun manufacturers.
What the Fed's latest interest-rate hike means for your money
"Extraordinary" rate hike comes on the heels of another sharp increase in June. That means debt is about to get more expensive.
Senate Democrats reach deal on bill
Senators Joe Manchin and Chuck Schumer say they have reached a deal on the Inflation Reduction Act, a bill that includes measures to fight inflation, lower drug costs and address climate change. CBS News congressional correspondent Nikole Killion breaks down the legislation and other measures that Congress is working to pass.
CBS Evening News, July 27, 2022
Fed hikes interest rates again amid recession fears; FBI honors 1st female special agents 50 years later
Fed raises interest rates again
For the fourth time this year, the Federal Reserve has raised its benchmark interest rate in a bid to slow record-high inflation. Megan Cassella, a reporter for Barron's, joined CBS News' Lana Zak to discuss.
Fed hikes interest rates yet again
The Federal Reserve raised interest rates 0.75% on Wednesday. It's the fourth rate hike this year, aimed at curbing inflation while also preventing a recession. Naomi Ruchim reports on the news. Then, Major Garrett is joined by Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors, to discuss what this could mean for the economy.
7/27: CBS News Mornings
New interest rate hike expected today; Russia's space shake-up.
Federal Reserve announces interest rate hike
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
Fed hikes interest rates amid recession fears
The Federal Reserve made another move to try and tamp down rising prices by raising interest rates by 3/4 of a percentage point, the fourth hike this year. Kris Van Cleave shares the latest.
Federal Reserve hikes key interest rate by another 75 basis points
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
Federal Reserve to hike interest rates
Economists and investors are bracing for another aggressive rate hike from the Federal Reserve today. The expected move would mark the fourth rate increase this year. Frances Stacy, the director of portfolio strategy for Optimal Capital, joins CBS News' Tanya Rivero and Christina Ruffini to discuss the central bank's upcoming meeting and its significance.
Live
Trump says U.S. "obliterated" every target on Kharg Island; Iran war nears 2-week mark
President Trump said Friday that the U.S. military had conducted "one of the most power bombing raids" on Iran's Kharg Island, a vital oil hub for the country.
Judge quashes subpoenas sent to Fed in DOJ criminal probe
A federal judge has quashed a pair of grand jury subpoenas sent to the Federal Reserve Board as part of a criminal probe by U.S. Attorney Jeanine Pirro's office.
Trump announces Ric Grenell stepping aside as Kennedy Center president
Matt Floca will be the new CEO and executive director of the Kennedy Center, President Trump announced.
Man charged with selling stolen firearm used in Old Dominion shooting
The stolen gun used in the Old Dominion University was sold this week to the shooter for $100, according to a federal law enforcement affidavit.
All 6 crew members killed in crash of U.S. KC-135 refueling aircraft in Iraq
The U.S. military has confirmed that all six crew members were killed when an American KC-135 refueling plane taking part in the Iran war crashed in western Iraq.
DOJ moves to drop charges against man who burned U.S. flag outside White House
Jan Carey was facing two misdemeanor criminal counts in Washington, D.C., federal court.
Jury finds defendants guilty of terrorism charges in attack on Prairieland ICE center
Nine defendants were on trial on charges related to the July 4 attack on the Prairieland ICE detention center in North Texas.
New details emerge on attack at Michigan synagogue and suspect's history
The attacker rammed a vehicle into Temple Israel in West Bloomfield and opened fire, but he was the only one killed, law enforcement officials said.
Dr. Oz pledges to tackle hospice fraud: "Do not steal from the American people"
The Trump administration's Medicare boss reacts to CBS News investigation into California's hospice fraud problems.
U.S.
More U.S.
How a beloved resident has been embraced by his town for more than a half-century
Clinton, New Jersey, is known primarily for its old grist mill, its quaint downtown, and its historic resident, "Dave the Rave."
DOJ moves to drop charges against man who burned U.S. flag outside White House
Jan Carey was facing two misdemeanor criminal counts in Washington, D.C., federal court.
Dr. Oz pledges to tackle hospice fraud: "Do not steal from the American people"
The Trump administration's Medicare boss reacts to CBS News investigation into California's hospice fraud problems.
Man charged with selling stolen firearm used in Old Dominion shooting
The stolen gun used in the Old Dominion University was sold this week to the shooter for $100, according to a federal law enforcement affidavit.
Trump announces Ric Grenell stepping aside as Kennedy Center president
Matt Floca will be the new CEO and executive director of the Kennedy Center, President Trump announced.
MoneyWatch
More MoneyWatch
Chart shows what you're paying for when you buy a gallon of gas
U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?
High oil prices are boosting airfares. These tips could save you money.
Planning a trip? Travel experts recommend booking your flight soon as the Iran war drives up airline and ticket costs.
These 2 bills would erase income taxes for millions of Americans
Two Democratic lawmakers are proposing tax reforms that would eliminate federal income taxes for millions of Americans.
Toyota recalls 550,000 Highlander SUVs because seats may fail to lock
Parts defect affecting Highlander and Highlander Hybrid vehicles can increase the risk of injury, according to a safety notice. Here's what to know.
Economic growth late last year was much weaker than previously thought
GDP grew at a sluggish 0.7% pace in the final months of 2025 as the government shutdown hurt economic activity.
Politics
More Politics
DOJ moves to drop charges against man who burned U.S. flag outside White House
Jan Carey was facing two misdemeanor criminal counts in Washington, D.C., federal court.
Trump announces Ric Grenell stepping aside as Kennedy Center president
Matt Floca will be the new CEO and executive director of the Kennedy Center, President Trump announced.
Exclusive
Security detail requested for U.S. official who asked for Lisa Cook, Adam Schiff probes
A security detail has been requested from the federal health department's inspector general for top federal housing official Bill Pulte.
Democrats seek clarity on Epstein accountant's statements on Trump accuser
Richard Kahn, who worked closely with Epstein for more than a decade, testified before the Oversight Committee on Wednesday.
Trump posts renderings showing Kennedy Center exterior after planned renovation
The Kennedy Center is set to close for two years on July 4.
HealthWatch
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Dr. Oz pledges to tackle hospice fraud: "Do not steal from the American people"
The Trump administration's Medicare boss reacts to CBS News investigation into California's hospice fraud problems.
Millions of Americans skip meals, stretch medication to afford health care
Even people with six-figure incomes are making financial sacrifices to pay for medical care, a new study finds.
Disease once linked to mining hits workers in countertops industry
Crystalline silica, which is released into the air when workers cut and polish engineered stone for kitchen countertops, can scar human lungs beyond repair.
"I was fighting to survive": Patients still struggle with preauthorization hurdles
Last summer, the Trump administration announced a voluntary pledge by health insurers to reform prior authorization, but patient advocates and medical providers remain skeptical.
Investigation
There's one building in LA with 89 registered hospices: "Ground zero" for fraud?
A CBS News analysis of records for every hospice operating in Los Angeles County finds indications of fraud are growing.
World
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New release of oil reserves will put U.S. supplies at 40-year low
The latest release of oil follows historic withdrawals from the Biden administration to combat gas prices from the Ukraine war.
Latin American drug kingpin wanted by U.S. is arrested in Bolivia
Notorious Latin American narco trafficker Sebastian Marset, who eluded police for years, was handed over to U.S. authorities after his arrest Friday in Bolivia.
Tourists, expats detained in UAE over content showing Iran war impacts
The head of an advocacy group said 21 people were facing charges under the UAE's cybercrime laws as of Thursday, including a 60-year-old British tourist.
Iran says major U.S. tech firms now among its targets in the Middle East
Suspected Iranian cyber and drone attacks are already impacting U.S. tech companies, and Iran says a list of American firms are now on its target list.
Democratic senators file war powers resolution to try to restrain Trump on Cuba
Senate Democrats have filed legislation hat would keep the U.S. from attacking Cuba without congressional approval as they seek to force a vote on President Trump's stated goal of a "takeover" of the Caribbean country.
Entertainment
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Entertainment
Actors, fans prepare for 98th Oscars
The 98th Academy Awards Sunday will feature a battle of vampires versus revolutionaries as the films "Sinners" and "One Battle After Another" compete for many of the show's top prizes. Nigel Smith, senior movies editor for People, joins "The Daily Report" to discuss.
Bill Nye on going from Boeing to science guy
Bill Nye the Science Guy sits down with CBS News chief Washington correspondent Major Garrett to talk about his life and career.
Texas prepares for SXSW 2026
Austin Mayor Kirk Watson joins CBS News 24/7 Mornings with the latest details on preparations for SXSW 2026.
2026 Oscar winner predictions
The 98th annual Academy Awards will be held on Sunday. With 10 films nominated for the night's biggest honor, best picture, an expert says there are only two major contenders. Entertainment Tonight's Nischelle Turner previews Hollywood's big night.
James Blake on new album, leaving his label
Grammy-winning artist James Blake speaks about making his first solo album as an independent artist. He talks to Anthony Mason about why he decided to leave his record label, what it's like to work with some of the world's biggest musicians and the passion behind his music.
Technology
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Technology
Solar farm development faces pushback
A community in Alabama is pushing back against a solar farm that would power an artificial intelligence data center in the state. CBS News reporter Kati Weis has more.
Jury deliberates in social media trial
Jury deliberations are underway in a landmark social media trial about addiction claims. CBS News correspondent Carter Evans has the 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.
3 teens took part in a weeklong experiment to curb screen time. It worked.
For one week, three New Jersey high schoolers agreed not to take their phones to bed, and to try different tools to reduce screen time.
How Pentagon-Anthropic AI dispute escalated
The Trump administration has blacklisted AI giant Anthropic, labeling it a supply chain risk. The company has sued in response. New York Times tech reporter Sheera Frenkel joins CBS News to break down the feud.
Science
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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.
In a first, shark seen on camera in Antarctica waters, surprising researchers
A large shark was caught on camera for the first time in Antarctica's waters, surprising researchers. "There's a general rule of thumb that you don't get sharks in Antarctica," one said.
How Washington's crossing of the Delaware presaged a changing world
On the evening of Christmas 1776, Gen. George Washington surprised the King's forces by leading the Continental Army in a surprise crossing of a near-frozen Delaware River - a watershed military maneuver that dramatized a changing America, and a changing climate.
Crime
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Crime
FBI: Synagogue attacker died by suicide
The suspect in the Michigan synagogue attack died from a self-inflicted gunshot wound, the FBI said at a news conference on Friday. CBS News correspondent Ash-har Quraishi has the latest.
Officials give update on synagogue attack
Officials in Michigan gave an update about Thursday's synagogue car ramming attack that the FBI is investigating as a "targeted act of violence against the Jewish community." CBS News national security contributor Sam Vinograd has more.
New details from Virginia, Michigan attacks
The U.S. is on high alert after two separate domestic attacks on Thursday: A shooting at Old Dominion University, and a car ramming at a Michigan synagogue. CBS News justice correspondent Scott MacFarlane has the latest details on the incidents.
Synagogue attacker spent $2,000 on fireworks
CBS News has learned that the man who attacked a Michigan synagogue on Thursday purchased $2,000 worth of fireworks days before the incident. CBS News' Anna Schecter has more.
Video shows synagogue attacker buying $2,250 in fireworks ahead of attack
Ayman Mohamad Ghazali made two purchases at a Phantom Fireworks store in Livonia, Michigan. He told the store staff the fireworks were for the end of Ramadan.
Space
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Space
Bill Nye on going from Boeing to science guy
Bill Nye the Science Guy sits down with CBS News chief Washington correspondent Major Garrett to talk about his life and career.
NASA targets April 1 for moon mission launch
NASA's huge Space Launch System rocket has been repaired and is ready for rollout back to the launch pad next week.
1,300-pound NASA satellite to crash on Earth
Nearly 14 years after it was launched in 2012, NASA says a 1,300-pound satellite is expected to come crashing back to Earth on Wednesday. Most of it will burn up as it reenters the atmosphere, but NASA warns some debris could survive reentry.
1,300-pound NASA satellite re-enters Earth's atmosphere after 14 years in space
The Van Allen probe's mission was meant to last two years, but ended up going for nearly seven.
Why NASA is overhauling Artemis program
NASA has announced a major overhaul of its Artemis moon program amid ongoing safety concerns. CBS News space consultant Bill Harwood has more details.
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
More Latest CBS News Videos
Latest CBS News Videos
From the archives: Grappling with the 1973 oil crisis
On Nov. 29, 1973, CBS News aired a special report titled "Making It Through This Winter," spotlighting the ways Americans were making do amid the oil crisis. Watch the program in full.
Solar farm development faces pushback
A community in Alabama is pushing back against a solar farm that would power an artificial intelligence data center in the state. CBS News reporter Kati Weis has more.
Michigan synagogue clergy grappling with attack
Clergy members at a Detroit-area synagogue are grateful no one was seriously hurt after an armed man rammed his car full of explosives into their building. But the community is now grappling with an endless amount of emotional wounds. Jonah Kaplan has the latest.
Minnesota settles with Lyft in service animal case
Rideshare company Lyft will ensure the rights of passengers with service animals under a settlement announced this week. This comes after a Minnesota woman who is blind reported that multiple drivers refused to let her service dog in their cars.
Meet "Dave the Rave," pillar of New Jersey town
Clinton, New Jersey, is known primarily for its old grist mill, its quaint downtown, and its historic…Dave the Rave. Steve Hartman has the story.