Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Interest Rates
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.
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 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.
Fed considers pausing interest rate hikes
Officials at the Federal Reserve are considering pausing interest rate hikes at their next meeting, which starts June 13. But Friday's strong jobs report may complicate the Fed's path forward after 10 consecutive increases. Jeanna Smialek, a Federal Reserve and economy reporter for the New York Times, has more.
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.
Coastal home buyers face low inventory
Home buyers in many U.S. coastal areas are facing a competitive real estate market, in part thanks to a spiking interest rate. Buyers are being advised to prepare to settle, bring cash offers and close quickly. Carter Evans and Mark Strassman report.
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.
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Washington leaders work to prevent debt default
The White House and Republican congressional leaders are continuing to negotiate in an effort to prevent an unprecedented debt default, which could happen as soon as next week. House Democrats have signed a petition to raise the debt ceiling.
McCarthy, Biden still far apart in debt talks
House Speaker McCarthy said Tuesday that he and President Biden are "nowhere close" to a deal on raising the debt limit. Negotiators continue to meet as the default deadline approaches. Nikole Killion has more.
Biden, McCarthy to meet Monday for talks
President Biden and House Speaker McCarthy will meet in person on Monday to continue debt ceiling talks as the deadline for a government default approaches. Willie James Inman has the latest.
Retail earnings show mixed results
Stocks closed in the green Wednesday, as investors react to the debt ceiling negotiations and new earnings data. Wall Street Journal markets reporter Hannah Miao joined CBS to explain what the information means for investors and consumers.
Consumer Price Index up 0.4% in April
The Consumer Price Index shows inflation rose 0.4% between March and April. Prices rose 4.9% year-over-year. Axios managing editor for business and markets and CBS News contributor Javier David discusses what this means for the economy with Anne-Marie Green and Vlad Duthiers.
Investors monitoring debt ceiling, inflation data
Stocks closed flat Tuesday as investors await an agreement on the federal debt ceiling and new economic data on inflation. AlphasFuture founder and investment manager Geetu Sharma joined CBS News to discuss what the new information will mean for investors.
Markets, money and Americans' mental health
Stocks closed flat Monday as investors await new data on consumer and producer prices. Bankrate senior industry analyst Ted Rossman joins CBS News to discuss the markets as well as a new survey on personal finances and mental health.
Markets react to jobs report, interest rates
Javier David, a CBS News contributor and managing editor for business and markets for Axios, and Jeanna Smialek, an economics reporter for The New York Times, join us to discuss the latest financial news, including the April jobs report released today, the Federal Reserve's decision to raise interest rates again this week, and the health of the nation's banking system.
How interest rate hikes affect debt, loans
The Federal Reserve increased its key interest rate by a quarter of a point Wednesday, the 10th straight hike since last March. Anita Hamilton, assistant managing editor at Barron's, joined CBS News' Vladimir Duthiers and Anne-Marie Green to discuss the effects of the hikes.
Interest rates could alter Biden's reelection
The Fed has raised interest rates again. Nancy Cordes joins "CBS News Mornings" to explain the impact this could have at the White House.
Fed indicates pause after latest rate hike
Stocks fell Wednesday after the Federal Reserve raised U.S. interest rates by a quarter of a percentage point. Wall Street Journal economics reporter Harriet Torry spoke with CBS News about how the increase impacts investors and consumers.
Interest rates highest since 2007
The Federal Reserve pushed interest rates to the highest point since 2007 to combat inflation. Critics warn the hikes could lead to a recession. Nancy Cordes reports.
Live
U.S. has done "amazing job" with Iran war, Trump says
There was no sign of the conflict ending as Iran claimed to have struck two ships in the Strait of Hormuz.
Spain sends over 25,000 migrants back to Morocco from Ceuta; dozens dead
The president of Ceuta, Juan Jesús Vivas, estimated that 60,000 migrants had entered the enclave from Morocco and said that at least 34 people had died.
Trump says Hamas agreed to next phase of Gaza peace deal, including disarmament
The president says Hamas and his international "Board of Peace" have agreed on the next steps in a peace deal that includes Hamas' disarmament in the Gaza Strip.
U.S. probing if Iran was behind cyberattack on water systems in 7 states
Malicious cyber activity affected technology at water systems in at least seven states this week, including Minnesota, leading authorities to dig into whether Iranian actors are behind the attack, CBS News has learned.
Peptide vendor sentenced to nearly 6 years in prison: "An incredible trail of harm"
A federal judge sentenced the owner of a peptide company to nearly six years in prison after finding the business deceived customers and sold products that were adulterated with steroids.
3 states would face Colorado River water cuts under federal plan
Arizona, California, and Nevada would take less water from the Colorado River under a federal proposal to stave off a crisis in the river.
People with disabilities fear service cuts as DOJ questions legal protections
The Department of Justice in June issued a legal opinion saying states aren't required to provide services that help people with disabilities remain in their homes.
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Pentagon weighs eliminating civilian tenure at military academies, draft memo says
The Pentagon is considering a sweeping remake of military higher education, including an end to civilian tenure and a "line-by-line" review of courses, according to a draft memo obtained by CBS News.
Netflix sued for allegedly losing unreleased Nicolas Cage movie
Lawsuit alleges that a drive storing $45 million spy film starring Nicolas Cage was "stolen right off a Netflix desk."
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3 states would face Colorado River water cuts under federal plan
Arizona, California, and Nevada would take less water from the Colorado River under a federal proposal to stave off a crisis in the river.
Families sue Meta, Snapchat, TikTok, YouTube over deaths of 4 teens
The families of four children who died by suicide allege that using social media led to depression, anxiety and other mental health problems.
Tony Romo on leave from CBS Sports after arrest
Romo was arrested in Wisconsin last week, accused of operating a vehicle while intoxicated.
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Canelo Álvarez prepares for his return to the boxing ring
Boxer Saúl "Canelo" Álvarez spoke exclusively to "CBS Mornings" about his return to the ring, building his career and his future in the sport.
New York sues Kalshi, alleging it enables illegal gambling
A growing number of U.S. states are seeking to crack down on prediction markets, but face pushback from federal regulators.
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Families sue Meta, Snapchat, TikTok, YouTube over deaths of 4 teens
The families of four children who died by suicide allege that using social media led to depression, anxiety and other mental health problems.
New York sues Kalshi, alleging it enables illegal gambling
A growing number of U.S. states are seeking to crack down on prediction markets, but face pushback from federal regulators.
OCTROT heated blankets and throws recalled after fires and injuries
Chinese-made electric bedding poses "risk of serious injury or death," according to U.S. product safety regulators.
Anthropic reveals Claude "gained unauthorized access" to "real-world systems"
Anthropic's artificial intelligence model Claude "gained unauthorized access" to three outside organizations on three separate occasions during testing.
American Airlines makes its flight refund policy more restrictive
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Lawyer for Rep. Miller's ex-wife files for restraining order amid abuse claims
The ex-wife of GOP Rep. Max Miller asked a court to issue a restraining order blocking Miller from contacting her lawyer, as the Ohio congressman faces allegations of abuse — which he denies.
First on CBS
Democrats demand training info on ICE agent who killed immigrant in Maine
Two Democrats are demanding details and records about the training of an ICE officer who shot and killed a Colombian immigrant in Maine, according to a letter obtained by CBS News.
People with disabilities fear service cuts as DOJ questions legal protections
The Department of Justice in June issued a legal opinion saying states aren't required to provide services that help people with disabilities remain in their homes.
Ukrainian ambassador tracks how Kyiv's relationship with D.C. has evolved
The outgoing Ukrainian ambassador to the U.S. says Ukraine has been able to combat what she said characterized as a prior, erroneous narrative that Russia was winning the war, now in its fifth year.
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Pentagon weighs eliminating civilian tenure at military academies, draft memo says
The Pentagon is considering a sweeping remake of military higher education, including an end to civilian tenure and a "line-by-line" review of courses, according to a draft memo obtained by CBS News.
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Peptide vendor sentenced for "trail of harm"
A federal judge sentenced the owner of a peptide company to nearly 6 years in prison for deceiving customers and selling products adulterated with steroids, citing a "trail of harm." Adam Yamaguchi reports.
People with disabilities fear service cuts as DOJ questions legal protections
The Department of Justice in June issued a legal opinion saying states aren't required to provide services that help people with disabilities remain in their homes.
Senate committee advances Dr. Erica Schwartz to be Trump's CDC director
If confirmed by the full Senate, Dr. Erica Schwartz would become the 22nd director of the Atlanta-based Centers for Disease Control and Prevention.
Millions of kids have caffeine in their diet. It's not all coming from soda.
On any given day, kids consume an average of 19.4 milligrams of caffeine, which is about two-thirds of what's in a can of Coke, according to a new report.
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Spain sends over 25,000 migrants back to Morocco from Ceuta; dozens dead
The president of Ceuta, Juan Jesús Vivas, estimated that 60,000 migrants had entered the enclave from Morocco and said that at least 34 people had died.
FIFA official resigns in protest of World Cup investment plan
The pressure is rising on FIFA President Gianni Infantino to ditch a $20 billion privatization plan, but soccer's governing body is doubling down and criticizing the media.
Live
U.S. has done "amazing job" with Iran war, Trump says
There was no sign of the conflict ending as Iran claimed to have struck two ships in the Strait of Hormuz.
Famed climber Nirmal Purja among 10 missing on Pakistan peak; 4 bodies recovered
Rescuers searching for 10 climbers missing on Pakistan's Broad Peak located four bodies and were looking for the others, officials said. Acclaimed climber Nirmal Purja was among the missing.
Ukrainian ambassador tracks how Kyiv's relationship with D.C. has evolved
The outgoing Ukrainian ambassador to the U.S. says Ukraine has been able to combat what she said characterized as a prior, erroneous narrative that Russia was winning the war, now in its fifth year.
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"Spider-Man: Brand New Day" swings into theaters
Just weeks after "Supergirl" underperformed at the box office, the ninth live-action Spider-Man film since 2002 is expected to premiere with a projected global opening of as much as $465 million. Marlow Stern, chief correspondent at Variety, joins CBS News to discuss.
From the archives: Spider-Man creator Stan Lee
The creator of such superheroes as Spider-Man, Iron Man, the Avengers and the Fantastic Four, Stan Lee (1922-2018) was a comic book genius whose characters made him a superhero himself to legions of fans. In this report that originally aired Jan. 17, 2016, Lee talked with "Sunday Morning" correspondent Lee Cowan about his marvelous life story that, fittingly, was published in comic-book form.
Netflix sued for allegedly losing unreleased Nicolas Cage movie
A lawsuit alleges that a drive storing a $45 million spy film starring Nicolas Cage was "stolen right off a Netflix desk."
From the archives: "Once" songwriter Glen Hansard
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Actor Jared Leto facing allegations
Actor Jared Leto is facing allegations of criminal sexual conduct, which he has denied. In a new BBC documentary, four women accuse Leto of targeting them when they were underage. Lilia Luciano has the latest.
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Families sue Meta, Snapchat, TikTok, YouTube over deaths of 4 teens
The families of four children who died by suicide allege that using social media led to depression, anxiety and other mental health problems.
Is Iran targeting the U.S. water supply?
Investigators are examining whether Iran was involved with a series of cyberattacks on water systems in Minnesota and other states. Nicole Sganga reports.
How AI powered robots are helping small farms
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U.S. probing Minnesota water systems hackings
The U.S. is investigating whether Iran hacked more than 30 community water systems across Minnesota, CBS News has learned. Nicole Sganga reports.
Anthropic reveals Claude "gained unauthorized access" to "real-world systems"
Anthropic's artificial intelligence model Claude "gained unauthorized access" to three outside organizations on three separate occasions during testing.
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How plants feel
Science shows us that, even though plants don't have brains, they seem to have a nervous system that responds to touch in remarkable ways. Robert Krulwich and puppeteer Barnaby Dixon explore the science of thigmomorphogenesis (the phenomenon of plants reacting to outside stimulae), a discussion that plants the seeds for a song.
Nearly 30 beluga whales sent to the U.S.
Nearly 30 beluga whales were sent to aquariums across the U.S. in a multinational emergency operation after their home aquarium in Canada shuttered. Jared Ochacher reports.
SpaceX launches first rocket since IPO
Elon Musk's aerospace company, SpaceX, launched its massive Starship rocket in its first test flight since the company went public. Since achieving the largest IPO in history, SpaceX's stock has dropped drastically. Mark Strassmann takes a look.
Wildfire smoke continues to shroud U.S.
Millions of people are enduring dangerous air quality as Canadian wildfire smoke shrouds the skies. Jonathan Overpeck, dean of the School for Environment and Sustainability at the University of Michigan, explains how climate change is worsening wildfires.
How AI data centers impact the environment
New York has become the first state to impose a temporary moratorium on data center development while state lawmakers lay the groundwork to assess environmental and social impacts. Dr. Mike Weinstein, the director of sustainability at Southern New Hampshire University, explains what we know about the wider environmental impact data centers.
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Dad who gave gun to school shooter sentenced
Colin Gray, the father of the teen who was convicted of killing four in a mass shooting at Apalachee High School in Georgia, has been sentenced to 15 years in prison for second-degree murder and involuntary manslaughter. Prosecutors said he ignored warning signs, giving his son an assault-style semiautomatic rifle and ammunition as a gift.
Concerning cyberattacks on water facilities
The U.S. is investigating whether Iran is behind the attacks on water facilities in at least seven states. CBS News' Nicole Sganga reports.
Peptide vendor sentenced for "trail of harm"
A federal judge sentenced the owner of a peptide company to nearly 6 years in prison for deceiving customers and selling products adulterated with steroids, citing a "trail of harm." Adam Yamaguchi reports.
Rep. Max Miller denies abuse allegations
Ohio Republican Rep. Max Miller has drawn scrutiny after his ex-wife said he abused her and their young daughter. Miller denies the allegations. Democrats want an ethics investigation.
New details on Nancy Guthrie investigation
Pima County Sheriff Chris Nanos, who has led the local investigation into Nancy Guthrie's disappearance, spoke to CBS News' Jonathan Vigliotti and revealed more details on the probe.
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Russian Soyuz brings three home after 8 months at space station
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SpaceX's Super Heavy-Starship blasts off on 13th test flight
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Meteorite that hit home contains "alien world chemistry," experts say
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Russian Soyuz rocket launches fresh crew to space station
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Astronomers discover sugar in space that's also found in raspberries
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Trump says he's losing faith in Iran
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Netflix sued over lost movie "master copy"
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Bears gorge on salmon ahead of Alaskan winter
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Canelo Álvarez on boxing career, motivations
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Trump's Cabinet meets at Camp David
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