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.
Inflation
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.
Stocks rise after Fed announces second consecutive 0.75% hike
Strong financial results from Alphabet, Boeing and other corporate bellwethers helped lift investors' mood.
Fed to announce interest rate decision
The Federal Reserve is expected to announce the fourth interest rate increase of the year. They're hoping to curb inflation and prevent a recession. CBS News reporter Sarah Ewall-Wice joined Vladimir Duthiers and Jericka Duncan with a closer look at how another rate hike might impact American consumers.
Blame inflation for the rising cost of a bacon, egg and cheese
At a bodega in the Bronx, the price for New Yorkers' favorite breakfast sandwich has increased by $2.
Federal Reserve preps rate hike announcement
In an effort to curb inflation, officials at the Federal Reserve are looking to hike interest rates. Finance correspondent for Insider Aaron Wineman joins CBS News Mornings with what that could mean for American's wallets.
U.S. stocks tumble over fears of another Fed rate hike
Investors and economists are bracing for another possible interest rate hike as the Federal Reserve is set to meet this week. Dion Rabouin, a reporter for the Wall Street Journal, joins CBS News to discuss what another hike could mean for the U.S. economy.
Consumer confidence index falls again
The Conference Board's consumer confidence index fell for the third straight month in July as inflation and interest rate hikes discourage spending. Steve Odland, president and CEO of The Conference Board, speaks with CBS News' Tanya Rivero and Lana Zak about why consumers are worried.
Stocks sink after weak profit report from Walmart
Weak profit reports from some of the biggest names in corporate America are souring the mood of investors.
Yellen downplays recession risk ahead of key economic data
"We've got a very strong labor market," Treasury Secretary Janet Yellen said. "This is not an economy that's in recession."
Biden's COVID-19 symptoms almost gone, doctor says
President Biden's COVID-19 symptoms have almost completely gone away, his doctor said. CBS News political correspondent Caitlin Huey-Burns joins CBS News' Lana Zak to discuss Biden's condition, plus the White House's response to monkeypox, the upcoming GDP numbers and the semiconductor chips bill.
Republican campaign ads hammer Democrats on inflation
Democrats have spent little on ads mentioning inflation and instead are focusing on proposals to lower costs as prices soar.
Another Fed interest rate hike expected
The Federal Reserve is expected to raise its benchmark interest rate again to combat inflation. Matt Schulz, chief credit analyst for LendingTree, joined CBS News' Tanya Rivero and Nikki Battiste to discuss what Americans should know ahead of the Fed's decision.
Some Florida families to get a $450 "inflation relief" check
One-time payments will help about 59,000 households in the state, including those on welfare.
Ukraine and Russia sign deal to get vital grain shipments moving again
The agreement should see Russia drop its blockade of Ukraine's ports, where millions of tons of food have been stuck, exacerbating a global food emergency.
Consumers paying $10,000 more than "normal" for used cars
Most used vehicles aren't depreciating due to low new car inventory and strong consumer demand, study finds.
Americans filing jobless claims at highest level in 8 months
More than 250,000 people applied for unemployment benefits last week, the highest number since November.
Live
Iran says it has offered a new proposal for peace talks with the U.S.
Iran says it's offered a new proposal for talks with the U.S. to end the war, as the Strait of Hormuz standoff sends costs soaring around the world.
ICE reports 18th detainee death in 2026, putting agency on track for new record
ICE reported the 18th death of an individual in its custody so far this year, putting the agency on track to record a new all-time high in detainee deaths.
Only on CBS
Artemis crew tells kids moon flight was "the best roller coaster ride"
The Artemis II crew joined "CBS Mornings" Friday for a live town hall where they took questions from kids just weeks after returning from their historic moon mission.
Spirit Airlines could shut down as soon as Saturday
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
Trump says he's hiking tariffs on EU cars and trucks to 25%
President Trump said the European Union "is not complying with our fully agreed to trade deal."
Could the FCC really yank ABC's TV licenses amid Trump spat with Kimmel?
Federal telecom regulators can revoke broadcast licenses, but legal experts say the FCC would face a tough road in forcing ABC to go dark.
Man facing ICE deportation to the Congo: "I feel like a person who has no value"
Jose Yugar-Cruz was granted a court order preventing his deportation to his home country, but the Trump administration is set to send him to the Congo.
Lizzo: "There's a long list" of things the public gets wrong about me
The pop star sat down with Gayle King for an exclusive interview airing Monday on "CBS Mornings."
Jewish Londoners describe "utter horror" and living in fear after latest attack
"We've been warning about this for a long time," one local resident told CBS News. "It's like a tsunami — you see the smaller waves before the big one hits."
U.S.
More U.S.
Comey faces charges over "86 47" post. How far will the case get?
Former FBI Director James Comey was charged with two counts arising out a now-deleted image he shared on Instagram that showed seashells arranged to read "86 47."
Nebraska becomes first U.S. state to enact Medicaid work requirements
The "big beautiful bill" requires U.S. states to add work requirements to Medicaid by January 2027. Experts warn millions could lose health coverage.
Remains of teen sailor who helped rescue downed WWII airmen identified
U.S. Navy Aviation Radioman 2nd Class Robert L. Cyr Jr. enlisted at 17 and flew patrols in the Pacific before his death at 19.
Spirit Airlines could shut down as soon as Saturday
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
ICE reports 18th detainee death in 2026, putting agency on track for new record
ICE reported the 18th death of an individual in its custody so far this year, putting the agency on track to record a new all-time high in detainee deaths.
MoneyWatch
More MoneyWatch
Nebraska becomes first U.S. state to enact Medicaid work requirements
The "big beautiful bill" requires U.S. states to add work requirements to Medicaid by January 2027. Experts warn millions could lose health coverage.
Trump says he's hiking tariffs on EU cars and trucks to 25%
President Trump said the European Union "is not complying with our fully agreed to trade deal."
More Americans are quitting their U.S. jobs to work abroad, study finds
Since 2021, the share of U.S.-based employees who have left their jobs to work in another country has more than doubled.
Home prices are dropping in one-third of U.S. cities. Here's where.
Cities in Florida and California, where home prices soared during the pandemic, saw some of the steepest declines in property values.
Amtrak may ease rules on guns on its trains, sources say
Amtrak may ease rules on guns on its trains, sources say. Critics worry that would weaken security even though, authorities say, the accused correspondents' dinner shooter took Amtrak cross-country with his firearms.
Politics
More Politics
Comey faces charges over "86 47" post. How far will the case get?
Former FBI Director James Comey was charged with two counts arising out a now-deleted image he shared on Instagram that showed seashells arranged to read "86 47."
Trump says he's hiking tariffs on EU cars and trucks to 25%
President Trump said the European Union "is not complying with our fully agreed to trade deal."
Spirit Airlines could shut down as soon as Saturday
Negotiations over a $500 million dollar government aid package for Spirit stalled after bondholders balked at the terms.
Man facing ICE deportation to the Congo: "I feel like a person who has no value"
Jose Yugar-Cruz was granted a court order preventing his deportation to his home country, but the Trump administration is set to send him to the Congo.
ICE reports 18th detainee death in 2026, putting agency on track for new record
ICE reported the 18th death of an individual in its custody so far this year, putting the agency on track to record a new all-time high in detainee deaths.
HealthWatch
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Nebraska becomes first U.S. state to enact Medicaid work requirements
The "big beautiful bill" requires U.S. states to add work requirements to Medicaid by January 2027. Experts warn millions could lose health coverage.
Delays in visa program threaten placement of hundreds of doctors in underserved areas
Hundreds of foreign doctors about to complete training in the U.S. will have to leave the country if the federal government doesn't rapidly process their visa waiver applications, immigration attorneys say.
Exclusive
New White House drug abuse strategy floats wastewater testing, AI, more treatment
The Trump administration is proposing wastewater testing to try to ferret out data on illegal drug use in real time, according to a draft of a new drug control strategy obtained by CBS News. It also proposes using AI to track threats.
"Ozempic breath" is boosting Hershey's sales of mints and gum
Hershey says it's benefiting from the growing use of GLP-1 weight-loss drugs even as people cut down on snacks. Here's why.
Funding cuts for fentanyl test strips raise concerns: "It doesn't make sense"
Test strips cost about $1 each and can be used to check drugs for dangerous contaminants, including fentanyl and xylazine.
World
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Book excerpt: "The New Tourist" by Paige McClanahan
Journalist Paige McClanahan writes about how tourism shapes societies and individuals, and about the need to redefine the meaning of "tourist" in today's shrinking world.
Superdry co-founder James Holder convicted of rape in England
James Holder, 54, was found guilty by a jury in Gloucester Crown Court of one count of rape for the May 2022 assault.
Live
Iran offers new proposal for peace talks with the U.S.
Iran says it's offered a new proposal for talks with the U.S. to end the war, as the Strait of Hormuz standoff sends costs soaring around the world.
Man arrested for allegedly dumping wife's body in zoo incinerator
Police arrested a man for allegedly incinerating his dead wife at the zoo where he worked, officials said, following the discovery of human remains.
U.K. raises terrorism threat level to "severe" after stabbing attack
The U.K. has raised its national threat level from "substantial" to "severe," citing the increasing threat of Islamist and extreme right-wing terrorism in the country.
Entertainment
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Entertainment
Gold House reveals the Gold100 list
Gold House revealed its 2026 Gold100 list honoring Asian Pacific culture. Co-founder and CEO Bing Chen joins CBS News with more.
Book excerpt: "A Course Called Home" by Tom Coyne
The bestselling author and editor of The Golfer's Journal teed up for a challenge – taking over operations of a failing nine-hole community golf course in New York's Catskill Mountains – and writes of the tribulations that were par for the course.
Lizzo: "There's a long list" of things the public gets wrong about me
The pop star sat down with Gayle King for an exclusive interview airing Monday on "CBS Mornings."
Lizzo on what the public gets wrong about her
Lizzo sits down with "CBS Mornings" co-host Gayle King to discuss what the public misunderstands about her.
A look at Spencer Pratt's mayoral campaign
Spencer Pratt, who starred in the mid-2000s reality TV show "The Hills," released a new ad in his campaign for Los Angeles mayor that's getting attention online. CBS News political director Fin Gómez joins with analysis.
Technology
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Technology
Apple's latest earnings beat expectations
Apple's latest earnings report beat Wall Street expectations. CBS News contributor Patrick McGee joins with more.
Elon Musk concludes testimony in OpenAI trial
Elon Musk's testimony concluded Thursday in his lawsuit against OpenAI. Nicholas Thompson, CEO of The Atlantic and host of "The Most Interesting Thing in AI" podcast, joins "The Takeout" with analysis.
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.
Elon Musk cross-examined in OpenAI trial
Elon Musk was cross-examined in his lawsuit against OpenAI on Thursday. In testimony on Wednesday, he said he was "a fool" for funding OpenAI. He is accusing OpenAI and its CEO, Sam Altman, of betraying him and the public by abandoning its core mission as it transitioned from a nonprofit to a for-profit company. WIRED senior writer Maxwell Zeff joins CBS News to discuss.
Spotify's new badge identifies human artists, as AI music floods in
As AI-generated music spreads, Spotify says it wants to help users "trust the authenticity" of what they're listening to.
Science
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Trump administration fires board overseeing National Science Foundation
The Trump administration has fired all 22 current members of an independent board that oversees the National Science Foundation, one dismissed member says.
AI used to reveal face of victim fleeing Mount Vesuvius eruption
Archaeologists found the victim holding a terracotta mortar, which they interpret as an improvised attempt to shield his head.
In a first, endangered orangutan seen using canopy bridge to cross road
Rapid development has been shrinking the jungle habitat of the critically endangered species, and fatal conflicts with people have been increasing.
Saving the Venus fly trap
The carnivorous Venus fly trap is native to the Carolinas, but its population is dwindling due to loss of habitat. Correspondent Seth Doane talks with botanist Julie Moore, who has spent much of her life helping to save these remarkable plants; and with Damon Waitt, director of the North Carolina Botanical Garden, who discusses the unusual traits of a species that Charles Darwin called the most interesting plant in the world.
From 1990: NASA launches Hubble Telescope
On April 24, 1990, NASA launched the Hubble Space Telescope from the Space Shuttle Discovery after seven years of delays. Watch CBS News' coverage from that day.
Crime
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Superdry co-founder James Holder convicted of rape in England
James Holder, 54, was found guilty by a jury in Gloucester Crown Court of one count of rape for the May 2022 assault.
Jewish leader on London stabbing attack
Keith Black, chair of the Jewish Leadership Council, joins CBS News with his reaction to the antisemitic stabbing attack in London and the threat levels rising in the U.K.
Did Jeffrey Epstein write a suicide note?
The New York Times is reporting that a note apparently left behind by convicted sex offender Jeffrey Epstein before his death has been tied up in court for years. CBS News' Anna Schecter has more.
Camp Mystic will not reopen this summer
Camp Mystic's operators are no longer looking to open this summer after some victims and their families spoke out against the decision. CBS News' Jason Allen reports.
Details on correspondents' dinner encounter
New video shows how Cole Allen appears to rush the security checkpoint at the White House Correspondents' Dinner. This comes as more information about his movements emerges. CBS News' Katrina Kaufman reports.
Space
More Space
Artemis crew surprises 5-year-old aspiring astronaut with special gift
The Artemis II team gained a new member, and the crew made sure their youngest teammate had the right stuff for space.
Artemis II crew reveals what snack they ate right after splashdown
The Artemis II astronauts said they actually really enjoyed the space food, but it was a familiar candy they enjoyed after splashing down in the Pacific Ocean.
Artemis II astronauts talk mission toilet troubles: "We made do"
The plumbing issues aboard the Orion capsule became headline news in the early days of the historic Artemis II mission.
Only on CBS
Artemis crew tells kids moon flight was "the best roller coaster ride"
The Artemis II astronauts joined "CBS Mornings" for a live town hall where they took questions from kids just weeks after returning from their historic moon mission.
SpaceX launches Falcon Heavy rocket carrying powerful satellite
SpaceX's most powerful operational rocket boosted a high-speed ViaSat internet data relay satellite into space to complete a globe-spanning constellation.
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
Gas prices get worse as Iran war lingers on
The Iran war has reached the 60-day mark, as data shows gas prices setting a concerning record. CBS News' Natalie Brand and Kelly O'Grady report.
Gold House reveals the Gold100 list
Gold House revealed its 2026 Gold100 list honoring Asian Pacific culture. Co-founder and CEO Bing Chen joins CBS News with more.
Lizzo on what the public gets wrong about her
Lizzo sits down with "CBS Mornings" co-host Gayle King to discuss what the public misunderstands about her.
Bill Nye on the Artemis II moon mission
Bill Nye The Science Guy, the chief ambassador of The Planetary Society, joins CBS News 24/7 Mornings with more after meeting the Artemis II crew in person after their successful mission to the moon.
How 76-day partial government shutdown ended
The 76-day partial government shutdown, which impacted funding for the Department of Homeland Security, has ended. CBS News' Nikole Killion reports.