Kevin Warsh is now leading the Fed. His main challenge is a doozy.
Warsh is taking over as Fed chair as the U.S. faces the hottest inflation in years, impeding the interest rate cuts that President Trump has demanded.
Jerome Powell
Expert: Warsh has "difficult job in front of him"
President Trump on Friday hosted a swearing-in ceremony for the new Federal Reserve Chair, Kevin Warsh. Jon Hilsenrath, visiting scholar at Duke University, joins with analysis on what Warsh will face in the coming months.
Kevin Warsh sworn in as new Fed chair
Kevin Warsh was sworn in as the new Federal Reserve chair on Friday, replacing Jerome Powell. During the ceremony, President Trump insisted Warsh will remain independent as he navigates inflation and other U.S. economic concerns. CBS News' Ed O'Keefe and Emily Pandise report.
Analyzing Jerome Powell's legacy
Friday marked Jerome Powell's last day as Chairman of the Federal Reserve. CBS News producer Emily Pandise takes a look at his legacy.
How will Jerome Powell be remembered as he exits as Fed chair?
As Powell steps down after more than eight years leading the Federal Reserve, economists say he helped steer the U.S. through historic shocks but misread inflation.
Powell's legacy as Federal Reserve chair
Federal Reserve Chair Jerome Powell's last day comes after a tense tenure through a pandemic, economic turmoil and a rocky relationship with President Trump. CBS News' Emily Pandise reports.
Powell's tenure ends as Federal Reserve chair
Kevin Warsh is expected to take over as chair of the Federal Reserve as Jerome Powell concludes his tenure. Kristin Myers, the senior vice president of content and editor in chief of ETF.com, joins CBS News with more.
Senate confirms Kevin Warsh as next Fed chair
Kevin Warsh was confirmed by the Senate on Wednesday as the next Federal Reserve chair. Warsh will succeed Jerome Powell, whose term ends Friday. CBS News' Caitlin Huey-Burns has more.
Powell to stay on Federal Reserve board as policy makers hold rates steady
Fed chief Jerome Powell said he will remain as a governor on the central bank's board after his term as chair ends on May 15.
Why Fed kept rates same for third consecutive time
For its third consecutive meeting, the Federal Reserve left its benchmark interest rate unchanged. CBS News MoneyWatch correspondent Kelly O'Grady reports.
Senate Banking Committee advances Kevin Warsh's nomination for Fed chair
Senators voted along partisan lines, with Republicans backing Warsh's nomination to lead the Fed and Democrats on the panel opposing him.
Powell staying on Fed board after term ends
Jerome Powell held his last news conference as Federal Reserve chair on Wednesday, announcing his intention to stay on the central bank's board as a governor "for a period of time to be determined" following the end of his term.
Federal Reserve holds interest rates steady
The Federal Reserve held its benchmark interest rate steady on Wednesday as the U.S. economy continues to grapple with rising inflation. CBS News MoneyWatch correspondent Kelly O'Grady has more.
Will the Fed cut rates? Here's what to expect at Wednesday's meeting.
The Federal Reserve is contending with rising inflation amid the war and a lackluster job market, along with the departure of Fed Chair Jerome Powell.
Tillis says he's ready to move forward with Warsh's nomination for Fed chair
U.S. Attorney Jeanine Pirro said Friday her office is dropping its criminal investigation into Fed Chairman Jerome Powell and the $2.5 billion renovation of the central bank's headquarters.
Why is the DOJ dropping its Powell probe?
The Justice Department has dropped its criminal probe into Federal Reserve Chair Jerome Powell. The investigation was connected to the estimated $2.5 billion price tag for renovations on the Federal Reserve's headquarters in Washington, D.C. CBS News' Katrina Kaufman reports.
End of DOJ Powell probe could clear way for Warsh
The Justice Department has dropped its criminal investigation into outgoing Federal Reserve Chair Jerome Powell over the central bank's renovation. The move clears a key hurdle for President Trump's pick to replace Powell, Kevin Warsh. CBS News congressional correspondent Nikole Killion reports.
4/24: The Takeout with Major Garrett
Second round of U.S.-Iran peace talks expected this weekend; U.S. soldier charged for allegedly using confidential info to bet on Maduro's removal.
White House DOJ dropping Jerome Powell probe
The Justice Department announced Friday that it would be dropping an investigation into Federal Reserve Chair Jerome Powell. CBS News' Kelly O'Grady reports.
Justice Department drops Jerome Powell probe
U.S. Attorney Jeanine Pirro announced Friday that the Justice Department is dropping the investigation into Federal Reserve Chairman Jerome Powell.
Tillis: "Hard to tell" where U.S. is in Iran war
Wednesday marks 53 days since the U.S. launched the war with Iran. Republican Sen. Thom Tillis of North Carolina joins "The Takeout" to discuss the state of the conflict and more.
Key moments at Warsh confirmation hearing
Kevin Warsh, President Trump's nominee to replace outgoing Federal Reserve Chair Jerome Powell, faced tense questioning from senators at his confirmation hearing on Tuesday. Here are some of the most notable exchanges.
Kevin Warsh testifies that the Fed will remain "strictly independent"
Warsh, nominated by President Trump to replace Fed Chair Jerome Powell, also said he'll work with the White House on some matters.
Early takeaways from Kevin Warsh hearing
Kevin Warsh, President Trump's nomination for chair of the Federal Reserve, told senators Tuesday that the central bank would remain "strictly independent." CBS News' Taurean Small reports on the hearing.
Senators question Kevin Warsh on transparency
President Trump's nominee for the next Federal Reserve chair, Kevin Warsh, faces questions from lawmakers Tuesday during his Senate confirmation hearing. CBS News' Kelly O'Grady has the latest.
Live
CENTCOM chief visits USS Abraham Lincoln amid morale concerns
Meanwhile, Israel is being condemned by Lebanese leaders for strikes in the south that killed at least 11 people, including children.
CBS News poll on whether Democrats split over socialism
Americans think more young people in office would make politics better.
Tropical Storm Lala brings drenching rain, wind across the Hawaiian Islands
As a hurricane, Lala skirted past Hawaii's Big Island, where it brought heavy rain and the possibility of life-threatening flooding and mudslides.
Beshear says he's "heard absolutely nothing" from McConnell
Kentucky Gov. Andy Beshear said he hasn't heard back from Sen. Mitch McConnell following a formal request for an update on his health last month amid a weekslong hospitalization.
Tommy John, MLB All-Star pitcher who had a surgery named after him, dies at 83
One of Tommy John's biggest legacies to MLB was his comeback elbow reconstruction surgery that now bears his name.
Exclusive
Ukraine's own ballistic missiles could strike Russia within months, says former minister
Mykhailo Fedorov, the former Ukrainian defense minister who is widely credited as the architect of the country's modern war-fighting strategy, told CBS News in an exclusive interview that he believes Ukraine is in a "technological war" with Russia.
Rahm Emanuel on Trump, the left, and what's right for America
As a Democratic Congressman, Chicago mayor, ambassador, and chief of staff in the Obama White House, Rahm Emanuel has been a key and combative moderate; he says his fight, now and in the future, is bigger than him and his party.
Bacon says Congress "should have oversight" amid concerns about USS Lincoln
GOP Rep. Don Bacon of Nebraska said Congress should conduct oversight following concerns about conditions aboard the USS Abraham Lincoln, which is being replaced after a nearly nine-month deployment.
Jared Kushner met with Hamas leaders in Egypt to discuss Gaza peace deal
Jared Kushner, who is President Trump's son-in-law, is set to meet next with Israeli Prime Minister Benjamin Netanyahu, who rejected the latest peace proposal last week.
U.S.
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Full transcript of "Face the Nation with Margaret Brennan," Aug. 16, 2026
On this "Face the Nation with Margaret Brennan" broadcast, Kentucky Gov. Andy Beshear and Rep. Don Bacon join Margaret Brennan.
Tommy John, MLB All-Star pitcher who had a surgery named after him, dies at 83
One of Tommy John's biggest legacies to MLB was his comeback elbow reconstruction surgery that now bears his name.
Bacon says Congress "should have oversight" amid concerns about USS Lincoln
GOP Rep. Don Bacon of Nebraska said Congress should conduct oversight following concerns about conditions aboard the USS Abraham Lincoln, which is being replaced after a nearly nine-month deployment.
Beshear says he's "heard absolutely nothing" from McConnell
Kentucky Gov. Andy Beshear said he hasn't heard back from Sen. Mitch McConnell following formal requests for an update on his health last month amid a weekslong hospitalization.
Short pants: The long and the short of it
The summer of 1936 saw a heat wave so dangerous at least five thousand people died. It also saw the popularization of a cooler fashion alternative – shorts – which, in some jurisdictions, were illegal.
MoneyWatch
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CBS News poll on whether Democrats split over socialism
Americans think more young people in office would make politics better.
Hormuz chaos highlights risks for other global trade chokepoints
The war in Iran has underscored how disruptions to a key shipping route thousands of miles away can have a material impact on American consumers.
FDA upgrades egg recall linked to salmonella to highest risk level
U.S. food regulators say 1.6 million cartons of recalled eggs can "cause serious adverse health consequences or death."
How to get a refund for Trump tariffs struck down by Supreme Court
The U.S. has refunded more than $100 billion in illegal tariffs to businesses, and some of that money is going to consumers — here's what to know.
Walmart tomato soup kits recalled over Listeria risk, FDA says
The 14oz soup kits were distributed at Walmart stores in 29 states between June 30 and July 7, according to the FDA.
Politics
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Trump orders Pentagon to "substantially reduce" military exercises with South Korea
President Trump said Sunday that the joint military exercises with South Korea are costly and they "send a signal that is totally inappropriate and hostile" to North Korea.
Jared Kushner met with Hamas leaders in Egypt to discuss Gaza peace deal
Jared Kushner, who is President Trump's son-in-law, is set to meet next with Israeli Prime Minister Benjamin Netanyahu, who rejected the latest peace proposal last week.
Full transcript of "Face the Nation with Margaret Brennan," Aug. 16, 2026
On this "Face the Nation with Margaret Brennan" broadcast, Kentucky Gov. Andy Beshear and Rep. Don Bacon join Margaret Brennan.
Bacon says Congress "should have oversight" amid concerns about USS Lincoln
GOP Rep. Don Bacon of Nebraska said Congress should conduct oversight following concerns about conditions aboard the USS Abraham Lincoln, which is being replaced after a nearly nine-month deployment.
Transcript: Rep. Don Bacon on "Face the Nation with Margaret Brennan," Aug. 16, 2026
The following is the transcript of an interview with Rep. Don Bacon, Republican of Nebraska, that aired on "Face the Nation with Margaret Brennan" on Aug. 16, 2026.
HealthWatch
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Mom-to-be had 2 signs of rare complication: "Everything kept getting worse"
Candice Davis' first pregnancy was going smoothly until she began feeling some nausea and pain one afternoon.
My husband was kicked out of hospice. Here's what I learned.
Some seriously ill patients improve on hospice. About 1 in 16 patients enrolled in hospice care lose eligibility as a result. Here's how to get appropriate care.
Whole Foods recalls some jalapeño products over salmonella risk
Certain salsas, guacamole, pico de gallo and prepared jalapeño products at Whole Foods are among the products recalled over possible salmonella risk.
Maps and charts show record number of measles cases in U.S. this year
CBS News has been tracking a record number of measles cases and outbreaks around the country. The majority of cases are among those who haven't been vaccinated.
Norah O'Donnell: I take testosterone. Here's why.
Norah O'Donnell sat down with her own doctor, Rachel Rubin, to tackle the important topic of menopause: How your body changes, why women may be needlessly suffering, and what you can actually do about it.
World
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Jared Kushner met with Hamas leaders in Egypt to discuss Gaza peace deal
Jared Kushner, who is President Trump's son-in-law, is set to meet next with Israeli Prime Minister Benjamin Netanyahu, who rejected the latest peace proposal last week.
Transcript: Rep. Don Bacon on "Face the Nation with Margaret Brennan," Aug. 16, 2026
The following is the transcript of an interview with Rep. Don Bacon, Republican of Nebraska, that aired on "Face the Nation with Margaret Brennan" on Aug. 16, 2026.
Transcript: Pennsylvania state Rep. Chris Rabb on "Face the Nation with Margaret Brennan," Aug. 16, 2026
The following is the transcript of an interview with Pennsylvania state Rep. Chris Rabb, a Democrat, that aired on "Face the Nation with Margaret Brennan" on Aug. 16, 2026.
Transcript: Kentucky Gov. Andy Beshear on "Face the Nation with Margaret Brennan," Aug. 16, 2026
The following is the transcript of an interview with Kentucky Gov. Andy Beshear, a Democrat, that aired on "Face the Nation with Margaret Brennan" on Aug. 16, 2026.
4 Renaissance paintings stolen from museum in Italy
Local officials have expressed their dismay and sadness at the theft which occurred during celebrations of the Virgin Mary.
Entertainment
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Entertainment
Movie theaters boom amid studio hits
The box office has been booming in 2026, with five blockbuster hits making over $1 billion. Mark Strassmann has more details from Los Angeles.
8/16: Sunday Morning
Hosted by Jane Pauley. Featured: Weather becoming more extreme; Rahm Emanuel; The Eagles' Don Henley; ex-Amish, now social media creator Lovina Zook; trophy bull riding belt buckles; the iNaturalist app; and the long and short of short pants.
The Eagles' "Long Goodbye" farewell tour, now longer
The Eagles, one of the greatest old-school bands on Earth (and whose "Greatest Hits" compilation is the bestselling album in history), have extended their farewell tour, currently in residency at The Sphere in Las Vegas. Eagles co-founder Don Henley talks with correspondent Tracy Smith about the band's half-century relationship with their fans; the legacy of his late bandmate Glenn Frey; and how his pre-performance regimen has changed with age. (Originally broadcast Feb. 8, 2026.)
Almanac: August 16
"Sunday Morning" looks back at historical events on this date.
8/15: CBS Saturday Morning
Rain floods the Midwest as Lala looms over Hawaii. We look inside a spy satellite company. Plus, Putin's meeting with President Trump, a year later.
Technology
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Technology
States crack down on misleading home listings
More home listings are using AI to add furniture, repaint walls, spruce up landscaping and even add windows. But when does virtual staging cross the line into deception or even fraud? CBS News' Evyn Moon explores.
The iNaturalist app – Mixing science with fun
The iNaturalist cellphone app not only helps users identify plant, animal and insect species; it also provides invaluable data to scientists studying biodiversity, species decline, and habitat loss. It also provides opportunities for fun: David Pogue joins iNaturalist fan Martha Stewart in a "bioblitz" – a timed competition with other users to spot and ID species. (Originally broadcast March 22, 2026.)
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.
The silent spy game orbiting above Earth's skies
Above Earth's atmosphere, an arms race is unfolding. Thousands of miles above the ground, satellites from different companies and nations are observing us and each other. To learn more, Olivia Gazis traveled to Vantor, a Colorado-based satellite technology company.
Where to get the latest CBS Mornings Deals
On this edition of CBS Deals, we show you items that will help improve your everyday lifestyle. Visit cbsdeals.com to take advantage of these exclusive deals today. CBS earns commissions on purchases made through cbsdeals.com.
Science
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A summer of extremes: Weathering a hotter world
July was the hottest month ever in the Lower 48 States – another escalation of our world into a hotter, more dangerous planet, where extreme weather events – such as heat waves, wildfires and hurricanes – will become more common and more extreme.
A summer of extremes: Weathering a hotter world
July was the hottest month ever in the Lower 48 States, breaking a record last set during the Dust Bowl – just another step in the escalation of our world into a hotter, more dangerous planet. Correspondent Jonathan Vigliotti talks with climate journalist Jeff Goodell and atmospheric scientist Maria Molina about how changes in Earth's climate are increasing the likelihood that extreme weather events – such as heat waves, wildfires and hurricanes – will become more common and more extreme.
Views of the total solar eclipse in Europe
A total solar eclipse was visible in parts of Europe for the first time since 1912. Rob Marciano reports.
Europe sees total solar eclipse
A total solar eclipse turned day into night across a slice of Europe and North America on Wednesday, and put millions in unique contact with the heavens above. Meteorologist Rob Marciano reports from Spain.
Astronomy professor on how eclipses work
Janna Levin, professor of physics and astronomy at Barnard College, joins CBS News to discuss Wednesday's total solar eclipse.
Crime
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Security video helps lead to a masked killer who tried to hide the crime
Dr. Steven Milner, a well-respected Oregon veterinarian, was accused of stalking and disguising himself before murdering Kenny Fandrich — the husband of a former employee. Security cameras played a key role in how detectives pieced the case together.
Violent crime down in big cities
Violent crime numbers are down across many major U.S. cities. Ali Bauman is in Newark, New Jersey, which has seen a large drop in homicides.
5 hurt in Virginia State University shooting
Police say multiple suspects were involved in the Virginia State University campus shooting that wounded five on Saturday.
Mozart statuettes snatched in classical caper
To celebrate Mozart's 270th birthday this year, German artist Ottmar Hörl made 320 statuettes of the composer and his dog, Pimperl, placing them around Salzburg, Austria. However, the statuettes have been pilfered.
Italian art heist foiled
Five accused thieves are under arrest after police say they took $10 million worth of art from a private museum in an Italian villa.
Space
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New space object called "black hole star" discovered by astronomers
The newly discovered object looks like a star the size of our solar system, but produces 100 billion times more energy than any star.
Stunning photos show total solar eclipse over Europe
The only total solar eclipse of 2026 crossed the Northern Hemisphere Wednesday, with a path of totality across parts of Greenland, Iceland and northern Spain. See photos and video from the best viewing locations.
Perseid meteor shower reaches peak viewing on Wednesday night
The Perseid meteor shower is the best viewing all year, according to NASA.
Most detailed images taken of sun's surface revealed
Researchers were able to peek at the sun's scorching surface with the help of the National Science Foundation's Daniel K. Inouye Solar Telescope, located on the island of Maui in Hawaii.
SpaceX rocket booster slams into moon, creating crater that could be 16 feet deep
The impact wasn't visible to the naked eye, but photos are expected to come from a lunar satellite at a later time.
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.
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.
Investigating the death of designer Sylvie Cachay
Sylvie Cachay was found dead in an overflowing bathtub at the exclusive Soho House in New York City on Dec. 9, 2010. A water leak at the hotel gave away a timeline that may have revealed her killer.
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.
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
100-year-old skydives in California
Ruby McNally is 100 years old, and she is leaping into the next century of life by skydiving, saying, "There's nothing to be scared of." Ashley Sharp has the story.
Movie theaters boom amid studio hits
The box office has been booming in 2026, with five blockbuster hits making over $1 billion. Mark Strassmann has more details from Los Angeles.
Tommy John dies at 83
Tributes poured in on Sunday for Tommy John. The baseball legend known as the "bionic man" has died at age 83. Shanelle Kaul reports from Yankee Stadium.
Europe endures its fifth heat wave this summer
Europe has been sweating through its fifth round of dangerously high temperatures since May. Ramy Inocencio is in London with more.
69% of Americans not satisfied with economy: poll
A new CBS News poll found 69% of Americans are not satisfied with how the economy is working. With the Iran war in its sixth month, there's still pain at the pump. Aaron Navarro has more.