Stocks jump, with Wall Street on track for rare winning week
Financial markets are rising, with some analysts predicting an economic slowdown rather than a recession.
Inflation
Jobless claims down from previous week
According to the U.S. Department of Labor, initial jobless claims fell to 229,000 for the week ending June 18th. That's 2,000 fewer than the previous week. CBS News reporter Sarah Ewall-Wice joined Errol Barnett and Anne-Marie Green to discuss what these numbers mean for the U.S. economy and yesterday's congressional testimony on inflation from Federal Reserve Chair Jerome Powell.
Is inflation deflating retirement savings?
Dan Geltrude, founder of accounting and financial consulting firm Geltrude and Company, offers advice for navigating retirement spending as inflation soars and the stock market sinks.
Biden proposes federal gas tax holiday
President Biden is calling on Congress to suspend the federal 18-cent federal gas tax and 24-cent federal diesel tax. CBS News chief White House correspondent Nancy Cordes reports.
Biden proposes gas tax holiday
CBS News' Tanya Rivero and Elaine Quijano sit down with Aaron Weinman, a finance correspondent for Insider, to discuss what is driving the financial markets, the probability of a recession, and President Biden's proposed gas tax holiday.
Biden urges Congress to suspend gas tax for 3 months
President Biden called on Congress to halt the federal gas tax for three months as gas prices soar. But there's debate about whether it will actually help consumers. Nancy Cordes has the details.
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.
MoneyWatch: Banks predict U.S. recession
Several major investment banks are predicting that the U.S. will enter a recession sometime this year. This month the Federal Reserve announced its highest interest rate hike in decades in an effort to control inflation. Yahoo Finance Senior Reporter Emily McCormick joins “CBS News Mornings” to discuss the latest on the economy.
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."
Stocks bounce back after steep selloff last week
Financial markets rebounded Tuesday, but some analysts think U.S. stocks have yet to touch bottom.
What is Stagflation
The term describes when the economy suffers from high unemployment and inflation with low growth. Lana Zak explains why economists are worried it could happen again.
Recession fears surge among financial experts
President Joe Biden insists that a recession is not inevitable despite some experts forecasting that it could happen within the next year. CBS News Money Watch reporter Megan Cerullo discussed inflation and how it may impact the U.S. economy with anchors Tony Dokoupil and Tanya Rivero.
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.
What's driving inflation in the U.S.
CBS News senior national correspondent Mark Strassmann reports on what's driving the rise in prices and how Americans are coping with inflation.
Open: This is "Face the Nation with Margaret Brennan," June 19
This week on “Face the Nation with Margaret Brennan,” we discuss the Jan. 6 hearings with Rep. Zoe Lofgren, a Democrat from California, go over the recently approved COVID-19 vaccine for kids with former FDA Commissioner Dr. Scott Gottlieb and take a look at America’s inflation problem.
Stock market ends volatile week with sharp losses
The U.S. stock market on Friday ended its worst week since March 2020. John Quelch, dean of the University of Miami Herbert Business School, joins CBS News senior investigative correspondent Catherine Herridge to discuss the state of the economy.
Global fallout from Russia's invasion
The conflict raging in Ukraine is damaging worldwide economic growth and driving inflation. Michael Bociurkiw, senior fellow at The Atlantic Council's Eurasia Center, joins "CBS News Mornings" to talk about why the worst might still be ahead and other news about the conflict.
Biden predicts a recession is "not inevitable"
President Joe Biden, in an interview with The Associated Press Thursday, said the American people are "really, really down" because of COVID-19 and high prices.
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.
White House reacts to historic fed hike
The Federal Reserve took aggressive action to combat rising inflation by raising interest rates by 0.75%, the largest increase since 1994. Chief White House correspondent Nancy Cordes has the latest reaction from the White House.
Financial expert talks impact of rate hike
The Federal Reserve raised interest rates by 0.75 percentage points Wednesday in an effort to fight inflation. CBS News Chief White House Correspondent Nancy Cordes reports on how the Biden administration is responding to the news, then CBS News Business Analyst Jill Schlesinger breaks down the impacts of this rate hike on the job market and your finances.
Anger brews over official's call for Pakistanis to drink less tea
The government minister's suggestion on how to people might help to ease Pakistan's economic crisis didn't go down well.
White House reacts to Fed interest rate hike
After a historic move by the Federal Reserve to hike interest rates, the White House is running out of options to fight rising inflation. CBS News Chief White House Correspondent Nancy Cordes joins "CBS News Mornings" with more.
Biden calls out oil refiners over "unprecedented" profits
The White House is feeling intense pressure over soaring inflation rate. Oil prices play a big role in them.
Live
Trump reverses course on 20% fee for Strait of Hormuz cargo
Trump said Tuesday he "decided to replace" a 20% fee on shipping through the Strait of Hormuz, which he announced a day before, with trade and investment deals from Gulf states.
ICE halts most vehicle stops following deadly shootings, sources say
Neither of the victims of the ICE shootings in Maine or Texas were the target of enforcement operations, according to the Department of Homeland Security.
E. Jean Carroll receives $5M from Trump in abuse, defamation case
A jury concluded in 2023 that Trump should pay Carroll $5 million in damages.
How Jeffrey Epstein parlayed his elite network into a $25 million payday
Former White House counsel Kathy Ruemmler worked with Epstein on a Swiss bank settlement.
DoD watchdog finds 155mm artillery plant built 2 years ago has produced nothing
An ammunition plant in Mesquite, Texas, has not produced any metal projectile parts after the Army spent $469 million to establish the facility.
"Miracle on the Hudson" pilot, Capt. "Sully," shares Alzheimer's diagnosis
Capt. Chesley "Sully" Sullenberger, who famously landed a passenger jet on the Hudson River in 2009, said he has been diagnosed with Alzheimer's disease.
Social Security's 2027 COLA could be the biggest since 2023
New estimates call for a 3.6% to 3.8% benefit increase next year, although the final adjustment will depend on inflation readings released this summer.
Folarin Balogun addresses FIFA decision to lift red card suspension
U.S. soccer star Folarin Balogun told "CBS Mornings" he "was in shock" when he received a red card in a World Cup match and discussed FIFA's decision to lift the one-game ban.
Rare T. rex fossil sells for record $50.1 million at auction
The T. rex, nicknamed Gus, is a towering figure, standing at 12.5 feet fall and roughly 38 feet long.
U.S.
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Darline Graham, Lindsey Graham's sister, sworn in as senator
Darline Graham, the sister of the late Sen. Lindsey Graham, was sworn in to serve out the remainder of his term in the Senate, following his sudden death over the weekend.
"Miracle on the Hudson" pilot, Capt. "Sully," shares Alzheimer's diagnosis
Capt. Chesley "Sully" Sullenberger, who famously landed a passenger jet on the Hudson River in 2009, said he has been diagnosed with Alzheimer's disease.
Social Security's 2027 COLA could be the biggest since 2023
New estimates call for a 3.6% to 3.8% benefit increase next year, although the final adjustment will depend on inflation readings released this summer.
Trump: FBI shouldn't waste time on "conspiracy theories" in Graham's death
"I don't see a lot of evil there," President Trump said of Sen. Lindsey Graham's sudden death over the weekend.
Blanche set to face harsh questioning at Senate confirmation hearing
Acting Attorney General Todd Blanche will appear Wednesday before the Senate Judiciary Committee for his confirmation hearing to take over the role on a permanent basis.
MoneyWatch
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Social Security's 2027 COLA could be the biggest since 2023
New estimates call for a 3.6% to 3.8% benefit increase next year, although the final adjustment will depend on inflation readings released this summer.
Rare T. rex fossil sells for record $50.1 million at auction
The T. rex, nicknamed Gus, is a towering figure, standing at 12.5 feet fall and roughly 38 feet long.
Shippers say Strait of Hormuz fee would open "dangerous Pandora's Box"
Industry insiders say "there is no legal basis" for Trump to impose a 20% fee on cargo transiting the Strait of Hormuz, something he now says he's decided not to do.
United's newest economy upgrade guarantees an empty middle seat
United Airlines has a solution to passengers squabbling over who gets the armrest: empty middle seats.
Warsh vows to tackle inflation in first testimony as Fed chairman
Federal Reserve Chairman Kevin Warsh told the House Financial Services Committee that the central bank has "no tolerance for persistently elevated inflation."
Politics
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Darline Graham, Lindsey Graham's sister, sworn in as senator
Darline Graham, the sister of the late Sen. Lindsey Graham, was sworn in to serve out the remainder of his term in the Senate, following his sudden death over the weekend.
Trump: FBI shouldn't waste time on "conspiracy theories" in Graham's death
"I don't see a lot of evil there," President Trump said of Sen. Lindsey Graham's sudden death over the weekend.
Blanche set to face harsh questioning at Senate confirmation hearing
Acting Attorney General Todd Blanche will appear Wednesday before the Senate Judiciary Committee for his confirmation hearing to take over the role on a permanent basis.
Supreme Court pushes Congress for more security: "Threats have come very close"
Supreme Court Justices Elena Kagan and Amy Coney Barrett urged Congress to provide additional funding to enhance protection for the justices as they face a rise in threats.
How Jeffrey Epstein parlayed his elite network into a $25 million payday
Former White House counsel Kathy Ruemmler worked with Epstein on a Swiss bank settlement.
HealthWatch
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"Miracle on the Hudson" pilot, Capt. "Sully," shares Alzheimer's diagnosis
Capt. Chesley "Sully" Sullenberger, who famously landed a passenger jet on the Hudson River in 2009, said he has been diagnosed with Alzheimer's disease.
States call out big businesses with employees on Medicaid
With the federal Medicaid work requirement looming in January, Democrats are considering state legislation to call out big companies that employ workers enrolled in the safety net health program.
Dr. Céline Gounder: Lindsey Graham died of aorta disease. My husband did too.
Lindsey Graham's aorta tore at 71. Grant Wahl's burst at 49. One is common and age-driven; the other is inherited, silent, and findable.
Common knee surgery may do more harm than good, 10-year study shows
A Finnish study followed patients for 10 years after they had a popular knee surgery. For many, the pain continued or even worsened.
New Jersey works to destroy firefighting foam laced with cancer-linked PFAS
New Jersey is one of more than a dozen states that are working to collect, remove and destroy all of their aqueous film-forming foam.
World
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U.S. marine biologist shot dead in the Philippines, companion injured
Kent Carpenter and his Filipina companion were at his house in the coastal town of Sibulan when masked men forced their way in.
China rejects report that a U.S. scientist is being wrongfully detained
Asked about the case of U.S. national Youlin Chen, China's foreign ministry said there was no "wrongful detention," but it did not deny the scientist was imprisoned.
Shippers say Strait of Hormuz fee would open "dangerous Pandora's Box"
Industry insiders say "there is no legal basis" for Trump to impose a 20% fee on cargo transiting the Strait of Hormuz, something he now says he's decided not to do.
Man describes harrowing escape from wildfire that killed wife and friends
A last minute decision meant Malcolm Timbrell survived one of Spain's deadliest wildfires ever, but his wife and friends were trapped by a wall of flames.
U.S. uses sea drones in combat for first time to attack Iranian port
The U.S. military shared video of what it said was its first use of sea drones in combat, to attack an Iranian submarine and ship maintenance facility.
Entertainment
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Insider at "The Wolf of Wall Street" firm opens up: "My lifestyle was insane"
The Paramount+ documentary "The Real Wolf of Wall Street" gives an inside look at Jordan Belfort's scandal-ridden firm, Stratton Oakmont.
Gelfand on "The Real Wolf of Wall Street"
"The Real Wolf of Wall Street," a new documentary from See It Now Studios on Paramount+, focuses on the real-life story of infamous stockbroker Jordan Belfort and his brokerage firm Stratton Oakmont. Howie Gelfand, a former partner at Stratton Oakmont, explains why he decided to be part of the documentary and how the 2013 film, "The Wolf of Wall Street," starring Leonardo DiCaprio, got the real story wrong.
Alan Ritchson on thriller "Motor City"
Alan Ritchson talks about starring in "Motor City," which has nearly no dialogue, how his process was different and why he thinks it will resonate with audiences.
States sue to block Paramount-WBD merger
A coalition of a dozen states on Monday sued to block Paramount Skydance's acquisition of Warner Bros. Discovery, posing a new challenge to the $110 billion deal that would unite two of the nation's largest media companies. Paramount Skydance is the parent company of CBS News. CBS News' Jo Ling Kent reports.
Mick Jagger on music and politics
Mick Jagger spoke with The New York Times recently about the role of politics in his music. Political strategists Erin Maguire and Dan Kanninen join "The Takeout" to discuss.
Technology
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Technology
Hochul halts NY data center construction
New York Gov. Kathy Hochul imposed a year-long moratorium on "hyperscale" AI data centers, halting construction as the state investigates the wider economic and environmental impacts. Shanelle Kaul explains more.
Apple files lawsuit against OpenAI
Apple is suing OpenAI over apparently stolen trade secrets that may be linked to hardware ambitions. CBS News contributor Patrick McGee joins with 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.
New York enacts nation's first statewide moratorium on building new data centers
Building new data centers in New York will be paused for a year in order to allow state officials to establish guidelines protecting residents and the environment, Gov. Kathy Hochul said.
AI companies are creating "generative ghosts" of deceased loved ones
Startups are using emails, photos and voice recordings to create AI simulations that family and friends can interact with after a loved one's death.
Science
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Russian Soyuz rocket launches fresh crew to space station
The new crew will replace three other Soyuz fliers wrapping up a 240-day stay aboard the International Space Station.
Astronomer's name deciphered from ancient Mayan ruins for first time
The name "White-chested Fox" was found in drawings dating from 400 BC to 900 AD at the San Bartolo-Xultun archaeological site.
Disclosure Foundation head on new UFO files
The Pentagon on Friday released a new batch of UFO files, spanning 19 videos and more. Jordan Flowers, executive director of the Disclosure Foundation, joins CBS News to discuss.
Watch: Pentagon releases 19 new UFO videos
The Defense Department released a fourth batch of UFO files on Friday, nearly one month after its third drop. These are all of the videos in the latest tranche, plus analysis from astrophysicist Avi Loeb.
2,000-year-old gold rings and human bones found by archaeologists
Archaeologists have discovered eight human skeletons, bronze and gold jewelry and other artifacts indicating a ceremonial burial of wealthy people.
Crime
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U.S. marine biologist shot dead in the Philippines, companion injured
Kent Carpenter and his Filipina companion were at his house in the coastal town of Sibulan when masked men forced their way in.
Kagan opening statements on security funding
Supreme Court Justices Elena Kagan and Amy Coney Barrett are on Capitol Hill to testify before House lawmakers in response to a request for increased security funding amid growing threats against members of the highest court.
Second fatal ICE shooting in a week
Joan Sebastian Guerrero's death in Maine marks the second time in a week that Immigration and Customs Enforcement agents have shot and killed a civilian. The Department of Homeland Security alleged that a man "attempted to flee the scene" when stopped by ICE. Guerrero's killing has prompted calls for an investigation. CBS News' Lilia Luciano reports.
Apple files lawsuit against OpenAI
Apple is suing OpenAI over apparently stolen trade secrets that may be linked to hardware ambitions. CBS News contributor Patrick McGee joins with more.
Witnesses on ICE shooting in Maine
Witnesses are describing what they saw during the moments after an Immigration and Customs Enforcement agent fatally shot a man in Maine. One source with knowledge of the investigation says Joan Sebastian Guerrero was killed during the encounter. CBS News' Lilia Luciano reports.
Space
More Space
Russian Soyuz rocket launches fresh crew to space station
The new crew will replace three other Soyuz fliers wrapping up a 240-day stay aboard the International Space Station.
Astronomers discover sugar in space that's also found in raspberries
The sugar, called erythrulose, lurks in what's called the interstellar medium: thin clouds of gas and dust littered between stars.
Telescope spots most distant quasars ever discovered
Quasars — the brightest objects in the universe — are powered by supermassive black holes at the heart of early galaxies.
Mission launched to rescue a falling space telescope
Katalyst Space's LINK spacecraft is designed to capture and boost NASA's Swift observatory back to a safe altitude.
NASA astronauts operate on space station's broken robot arm
The orbital surgery on the International Space Station returned the Canadian-built robot arm to full health after its "wrist" joint failed last month.
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.
Photos show celebrations at Obama Presidential Center
The Obama Presidential Center, museum and library opens in Chicago with a star-studded grand opening ceremony and public watch party on Midway Plaisance.
Summer music highlights of 2026
Summer is the time to enjoy live music, indoors and out. Scroll through our gallery of some of 2026's leading musical acts, featuring images by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
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?
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Latest CBS News Videos
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Latest CBS News Videos
Trump reverses course on Hormuz tolls
President Trump on Tuesday reversed course on his decision to impose a 20% toll on ships passing through the Strait of Hormuz and said the U.S. military doesn't need to have a presence in Iran. CBS News' senior White House and political correspondent Ed O'Keefe and Middle East contributor Courtney Kealy report.
Hochul halts NY data center construction
New York Gov. Kathy Hochul imposed a year-long moratorium on "hyperscale" AI data centers, halting construction as the state investigates the wider economic and environmental impacts. Shanelle Kaul explains more.
Supreme Court asks Congress for security cash
Supreme Court justices Elena Kagan and Amy Coney Barrett testified on Capitol Hill, advocating for the high court to receive a bigger security budget following an increase in security threats. CBS News' Jan Crawford reports.
Trump on 20% Strait of Hormuz fee
President Trump says he changed his mind on a 20% fee he planned to impose on all cargo traversing the Strait of Hormuz. Mr. Trump commented on tensions with Iran as he met with Iraqi Prime Minister Ali al-Zaidi at the White House. CBS News' Aaron Navarro and Courtney Kealy have more.
Fed chair Kevin Warsh testifies
Federal Reserve Chair Kevin Warsh testified on Capitol Hill about the U.S. economic outlook and took questions about fiscal policy. Taurean Small has more after new data shows inflation cooled in June.