After brief pause, Fed looks poised to raise interest rates again
Although policymakers kept rates steady last month, some Fed officials wanted to keep raising them.
Federal Reserve
Prices, spending eased in May, data shows
New economic indicators closely watched by the Federal Reserve suggest an expected interest rate hike in July may not be locked in after all. The personal consumption expenditures index shows prices easing slightly for the month of May as consumer spending begins to slow. New York Times business reporter Jordyn Holman joined CBS News with more.
America's top banks excel in stress test
Several of the nation's top banks excelled in their yearly stress test, according to the Federal Reserve. The Fed tested how 23 banks — each with more than $100 billion in assets — would fare in an economic downturn. Lori Bettinger, president of a network of community banks known as BancAlliance, joins CBS News to break down the test results.
Fed chair expects more rate hikes
Federal Reserve Chairman Jerome Powell told lawmakers on Capitol Hill on Wednesday the country remains a "long way away" from reaching its goal in the fight against inflation. CBS News political and economics reporter Sarah Ewall-Wice has more.
Americans continue spending as inflation cools
Americans are still spending as inflation has finally shown signs of cooling. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.
Economy sends mixed signals
For the first time in 15 months, the Fed paused hikes in interest rates as inflation has started to wane — although it remains high. Mark Strassmann reports.
Closer look at inflation and interest rate
CBS News business analyst Jill Schlesinger breaks down the decision by the Federal Reserve to pause raising interest rates this month, and how the U.S. is doing with inflation.
Federal Reserve pauses interest rate hikes
For 15 months the Federal Reserve has been trying to catch up to rising inflation by slowing economic activity. The central bank announced Wednesday it will not increase interest rates for now, but warned that the pause may not last long. CBS News senior White House correspondent Weijia Jiang reports.
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.
Why the Fed paused interest rate hikes
For the first time since March 2022, the Federal Reserve will not be raising interest rates. J.D. Durkin, on-air host for digital financial news platform TheStreet, joins CBS News to discuss the Fed's path forward.
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.
The Fed is taking a break in hiking interest rates. Here's why.
After raising rates from zero to 5% in 15 months, the central bank is pausing to assess the economic impact of monetary tightening.
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.
Inflation falls for 11th straight month
Inflation fell to 4% in May, the lowest rate since hitting a peak of 9.1% in June 2022. The welcome news may dissuade the Federal Reserve from raising interest rates for an 11th time. CBS News chief White House correspondent Nancy Cordes reports.
Inflation falls to lowest level in 2 years
The Labor Department reported Tuesday that the inflation rate for the month of May fell to 4% -- the lowest level in more than two years. David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, joined CBS News to break down the numbers.
Rate hike pause after inflation report?
The latest consumer price index shows inflation is cooling. Prices rose 0.1% last month. Lori Bettinger, former director of the TARP Capital Purchase Program at the Department of the Treasury, has more on what this could mean for future interest rate hikes.
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.
5/16: America Decides
President Biden, congressional leaders hold second debt ceiling meeting; How Pennsylvania races could set the stage for party control shifts.
5/23: America Decides
Debt solution not yet set as deadline approaches; Scott widens GOP 2024, is DeSantis or Suarez next?
5/22: America Decides
Biden & McCarthy to meet on debt ceiling; What to expect from Sen. Tim Scott's 2024 bid
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.
Inflation has sapped Americans' financial security, Fed finds
Battered by high prices, more than a third of adults said they were worse off in 2022 than a year earlier.
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.
CBS News poll: On Trump deploying National Guard, divisions over impact on crime, rights
Trump's approval rating ticks back up; support for tariffs declines as some pull back buying.
South Korea says it reached a deal to release workers detained in ICE raid
South Korea says it reached a deal with the U.S. to release more than 300 South Koreans detained in an immigration enforcement raid at a Georgia Hyundai plant.
live updates
MTV Video Music Award winners list for 2025: Live updates
See the full list of winners and nominees for the 2025 MTV Video Music Awards.
Justice Barrett on the Supreme Court's checks on Trump's power
In her first TV interview since joining the Supreme Court in 2020, Justice Amy Coney Barrett also discusses her vote in the 2022 Dobbs abortion case.
Duckworth: Trump essentially "declared war" on Chicago; no "indications" of deployment
Sen. Tammy Duckworth, an Illinois Democrat, said President Trump "essentially just declared war on a major city in his own nation."
Powerball winning tickets sold in Texas, Missouri in estimated $1.8B jackpot
Saturday's jackpot had an estimated cash value of $826.4 million, Powerball said.
Hassett says Fed monetary policy should be "fully independent" of presidents
Director of the National Economic Council Kevin Hassett said the Federal Reserve's monetary policy "needs to be fully independent of political influence — including from President Trump."
Ukraine government building damaged in large Russia aerial attack
Russia attacked Ukraine with 810 drones and decoys – the largest aerial attack on the country since the war began, Ukraine's Air Force said.
Australian woman who killed 3 with toxic mushrooms sentenced to life in prison
Erin Patterson was convicted for serving a poisonous meal to her estranged husband's parents, aunt and uncle during a beef Wellington lunch at her home in 2023