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
Iran war keeps Strait of Hormuz paralyzed and gas prices on the rise
The Iran war could escalate further as President Trump threatens to hit key oil infrastructure if Tehran doesn't drop its chokehold on the Strait of Hormuz.
Trump urges other nations to help open Strait of Hormuz
In remarks ahead of a meeting with the Kennedy Center board of trustees, Mr. Trump provided an update on the ongoing conflict with Iran.
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.
Ex-wife told 911 the Michigan synagogue attacker was "not stable" before incident
A person believed to be the ex-wife of the suspect in the attack at Michigan's Temple Israel told authorities that the suspect was "not stable" ahead of the attack, according to a 911 call obtained by CBS News Detroit.
Trump requests delay of China trip because of Iran war
President Trump was planning to visit China at the end of March.
Kennedy Center votes to shut down ahead of Trump-backed renovation project
The Kennedy Center's board of directors has voted to shut down operations for two years following this summer's July 4 celebrations.
Cuba plans to open up to investment from nationals in U.S. amid pressure from Trump
The Cuban government is planning to allow Cuban nationals who live abroad to invest in the island, a government official told NBC News, as the country faces economic collapse and pressure from the Trump administration.
Travelers face long lines at airports after TSA workers miss full paycheck
Travelers continue to face long lines at airports across the U.S. due to the partial government shutdown affecting TSA agents.
Border Patrol's Gregory Bovino to retire from federal service, sources say
Border Patrol official Gregory Bovino was pulled away from a high-profile role leading immigration raids in major U.S. cities, including Minneapolis, earlier this year.
U.S.
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Kennedy Center votes to shut down ahead of Trump-backed renovation project
The Kennedy Center's board of directors has voted to shut down operations for two years following this summer's July 4 celebrations.
Trump requests delay of China trip because of Iran war
President Trump was planning to visit China at the end of March.
Ex-wife told 911 the synagogue attacker was "not stable" ahead of incident
A person believed to be the ex-wife of the suspect in the attack at Michigan's Temple Israel told authorities that the suspect was "not stable" ahead of the attack, according to a 911 call obtained by CBS News Detroit.
U.S. Soccer unveils new stars and stripes jerseys ahead of 2026 World Cup
The U.S. men's national soccer team is expected to debut the new uniforms later this month in Atlanta, ahead of the 2026 FIFA World Cup starting in June.
Supreme Court to consider end to deportation protections for Syrians, Haitians
The Supreme Court said in an unsigned order it will hear arguments in late April on efforts to end temporary deportation protections for thousands of immigrants from Syria and Haiti.
MoneyWatch
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Costco recalls meatloaf meal due to salmonella risk
Costco is recalling a meatloaf and potato meal kit because one of its ingredients may be contaminated with salmonella.
Hyundai stops sales of some 2026 models after a child's death
Hyundai's announcement came after a child died in an incident involving a Palisade vehicle, which the car maker said is still under investigation.
With gas prices still rising, experts recommend 3 ways to save fuel
Small adjustments, like maintaining a steady speed while driving, can help maximize fuel efficiency, experts say.
Gas prices edge higher with Brent crude remaining above $100 per barrel
Gas prices have jumped almost 79 cents per gallon from a month ago, raising fresh inflation concerns.
The Iran war is making it harder for Fed officials to cut interest rates
Some economists think the Fed, facing inflationary pressures from rising energy prices, may not cut interest rates at all this year.
Politics
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Kennedy Center votes to shut down ahead of Trump-backed renovation project
The Kennedy Center's board of directors has voted to shut down operations for two years following this summer's July 4 celebrations.
Trump requests delay of China trip because of Iran war
President Trump was planning to visit China at the end of March.
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.
Cuba plans to open up to investment from nationals in U.S. amid pressure from Trump
The Cuban government is planning to allow Cuban nationals who live abroad to invest in the island, a government official told NBC News, as the country faces economic collapse and pressure from the Trump administration.
Supreme Court to consider end to deportation protections for Syrians, Haitians
The Supreme Court said in an unsigned order it will hear arguments in late April on efforts to end temporary deportation protections for thousands of immigrants from Syria and Haiti.
HealthWatch
More HealthWatch
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.
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.
World
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Trump requests delay of China trip because of Iran war
President Trump was planning to visit China at the end of March.
Cuba plans to open up to investment from nationals in U.S. amid pressure from Trump
The Cuban government is planning to allow Cuban nationals who live abroad to invest in the island, a government official told NBC News, as the country faces economic collapse and pressure from the Trump administration.
Cuba begins restoring power after energy grid collapses in nationwide blackout
The latest blackout in Cuba comes over a week after another massive outage affected the island's west, leaving millions without power.
2 dead, including girl, after boats carrying students capsize off Japan
Coast guard rescuers pulled all 21 people out of the water, but a 17-year-old student and the captain of one of the boats were later pronounced dead.
Trump urges other nations to help open Strait of Hormuz
In remarks ahead of a meeting with the Kennedy Center board of trustees, Mr. Trump provided an update on the ongoing conflict with Iran.
Entertainment
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Kennedy Center votes to shut down ahead of Trump-backed renovation project
The Kennedy Center's board of directors has voted to shut down operations for two years following this summer's July 4 celebrations.
Stars walk Vanity Fair Oscar Party red carpet
Oscar winners Jessie Buckley, Michael B. Jordan and other celebrities appeared on the red carpet for the Vanity Fair party after the awards show. See some of the red carpet looks.
Did "Sinners" get snubbed at the Oscars?
The 2026 Academy Awards were held in Los Angeles on Sunday. Entertainment Tonight host Kevin Frazier breaks down the winners and the biggest upsets.
Oscars 2026 best dressed
CBS News contributor Lauren Sherman breaks down some of the best looks from the 2026 Oscars, where looks from Chanel and Dior dominated the red carpet.
Lizzo announces children's book
Grammy award-winner Lizzo exclusively announced on "CBS Mornings" her latest project, a children's book called "Little Lizzo Meets Sasha B. Flute." She spoke with Gayle King about her inspiration for the book and message for young readers.
Technology
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Technology
U.S. hospitals, insurers turn to AI for claims
A constant battle in the U.S. health care system is the fight between insurers and providers over the cost of medical procedures and who foots the bill. Both sides are turning to artificial intelligence to make their case. CBS News medical contributor Dr. Céline Gounder explains.
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.
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.
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.
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.
Science
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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.
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.
Crime
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Crime
Closing arguments in Kouri Richins trial
Closing arguments are expected to begin on Monday in Kouri Richins' murder trial. She's accused of giving her husband a deadly dose of fentanyl four years ago before she later published a children's book about grief. The case included 13 days of testimony, but the defense did not call any witnesses. If convicted, Richins could face life in prison.
Suspect who played key role in "El Mencho" raid is arrested
The suspect was responsible for transporting Oseguera's romantic partner to a luxurious cabin, the defense ministry said.
Ecuador launches U.S.-backed anti-drug operations: "We're at war"
The operation marks the latest joint show of force against drug cartels in the South American country.
Murder-for-hire scheme uncovered in investigation of slain teacher
Jocelyn Peters, a beloved third grade teacher in St. Louis, Missouri, was shot to death in her sleep. The crime scene held an unusual clue – something one detective says he had never seen before.
Players Championship start delayed amid manhunt for murder suspect
Suspect Christian Barrios, 32, shot two people multiple times Friday night, St. Johns County Sheriff Rob Hardwick said.
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
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Latest CBS News Videos
911 call from Michigan attacker's ex-wife obtained
A person believed to be the ex-wife of the suspect in the attack at Michigan's Temple Israel last week told authorities that the suspect was "not stable" ahead of the attack, according to a 911 call obtained by CBS News Detroit. Ash-har Quraishi has more.
TSA worker explains decision to quit amid shutdown
TSA sick calls have more than tripled during the DHS shutdown, just as the nation's airlines expect a record 171 million flyers for spring break. Kris Van Cleave spoke to a TSA worker who quit over the strain of working without pay
High voter turnout in Chicago for Illinois primary
The Chicago Board of Elections says early voting numbers for Tuesday's primary election are already higher than in previous midterm years. CBS News political director Fin Gómez joins to discuss the state of Illinois' Senate race.
U.S. hospitals, insurers turn to AI for claims
A constant battle in the U.S. health care system is the fight between insurers and providers over the cost of medical procedures and who foots the bill. Both sides are turning to artificial intelligence to make their case. CBS News medical contributor Dr. Céline Gounder explains.
Blizzard brings heavy snow to upper Midwest
Spring is starting soon, but winter isn't going down without a fight. High winds and heavy snow shut down Green Bay, Wisconsin, prompting a city official to declare it a once-in-a-decade storm. Ian Lee reports and Lonnie Quinn has the forecast.