Stocks sink to new low for 2022 as recession fears mount
"The Fed isn't about to 'pivot' and there is more monetary tightening to come," said one analyst.
Gas Prices
U.S. economy continues to shrink
The latest federal data shows U.S. gross domestic product fell 0.6% in the second quarter, fueling fears of a recession. Lori Bettinger, the president of Bancalliance and the former director of the Troubled Asset Relief Program at the U.S. Treasury Department, joined CBS News to break down what this means for the economy.
Stocks plunge to lowest levels since 2020 on aggressive rate hikes
Investors continue to worry that Fed could hit brakes on economy too hard and cause a recession.
Medicare premiums will drop next year. Here are the savings.
For the first time in a decade, seniors will pay less next year on monthly premiums for Medicare's Part B plan.
Consumers gaining confidence as gas prices slide
But a stock market slump and rising borrowing costs could dim Americans' economic outlook, Wall Street analysts said.
Concern growing over housing market
Inflation remains over 8%, and now there are growing concerns about the housing market. A recent analysis found that more than half of the country's largest regional markets are "significantly overvalued." Mark Strassmann has more.
Stocks plunge, dragging Wall Street toward another down week
Dow hits 2022 low as markets sell off on recession fears as central banks around the world jack up interest rates.
Mortgage rates at highest level since 2007 after latest Fed hike
Interest rate on a typical 30-year mortgage rate has jumped by more than a quarter-point this week to 6.29%.
Target plans to hire up to 100,000 workers for holiday season
Walmart and Target plan to begin offering deals earlier this year to ease sting of soaring inflation on shoppers.
U.K. lifts ban on fracking in England despite opposition
The Conservative Party, which is still in power under new leadership, had vowed never to re-allow the controversial gas extraction practice unless it was proven safe.
Stocks tumble on Wall Street as Fed escalates inflation fight
Fed raised key interest rate by three-quarters of a percentage point and signaled it plans to keep rates higher longer.
Alaskans receive over $3,000 in state oil-wealth payment checks
The $1.6 billion in direct deposits "will provide much needed relief as we head into winter," Governor Mike Dunleavy said.
The strong U.S. dollar impacts everyone. Here's how.
Value of U.S. dollar has been on a more-than-a-year-long tear that many experts don't see ending anytime soon.
Stocks rise amid expectations of another big rate hike
But "markets have good reason to be braced for headwinds," one analyst said of expectations Fed will hike rates this week.
California sues Amazon, alleging its dominance pushes up prices
Lawsuit claims the retail giant forces sellers to keep their prices high in order to use its platform.
U.S. stocks rally to close higher after sharp selloff
"A sustained rally is likely to require clear evidence that inflation is on a downward trend," a UBS analyst said.
Rail workers may begin strike on Friday
Gas prices are finally falling, but other expenses like food and rent are still up year over year. Meanwhile, tens of thousands of rail workers could go on strike starting Friday as they battle railroads for fair medical-leave policies which would hurt the supply chain and could drive up prices even more. Ed O'Keefe reports from the White House.
Gas prices down from historic summer high
Gas prices have steadily dropped following the summer's national average peak of more than $5 per gallon. But Treasury Secretary Janet Yellen warns prices may rise again come winter. The Washington Post economics correspondent Abha Bhattarai joined CBS News' Tony Dokoupil and Lilia Luciano to discuss.
Mortgage rates hit 5.89% — highest level since housing crash
Borrowing costs for a conventional home loan have more than doubled over the last year.
Apple set to unveil iPhone 14 and other gear
Tech giant also expected to introduce new watches and AirPods, but high inflation could deter buyers.
MoneyWatch: How inflation impacts insurance
As the price of goods go up, so does the cost of insuring those goods. Bankrate insurance writer and editor Cate Deventer joins "CBS News Mornings" to discuss.
"Constant threat" at nuke plant just one way Putin is weaponizing energy
As Russia tries to divide Ukraine's EU allies by cutting off the gas, Ukrainian "hostages of this war" face a winter in crumbling homes with no heat.
Midterm elections
With midterm elections just 63 days away, President Biden touted Democrats' recent congressional victories at events in the swing states of Wisconsin and Pennsylvania and continued his attacks on GOP supporters of former President Donald Trump. CBS News chief White House correspondent Nancy Cordes reports and joins Vladimir Duthiers and Lana Zak to discuss the November elections.
The "Trump effect" and the midterm elections
With just nine weeks to go before the 2022 midterm elections, former President Donald Trump has placed himself at the center of several crucial campaigns. CBS News political director Fin Gomez joined Lana Zak and Vladimir Duthiers to discuss the next tests to Trump's political influence and other factors affecting voters.
Millions travel for busy Labor Day weekend
It was a busy Labor Day weekend as one-third of the country was estimated to be traveling. The majority of those travelers hit the road as average gas prices dipped from where they were on Memorial Day. Omar Villafranca has more.
In talks with Trump and NATO countries, Zelenskyy says Putin is "bluffing"
Presidents Trump, Zelenskyy and numerous NATO leaders held a virtual meeting Wednesday ahead of Friday's scheduled summit between Mr. Trump and Russian President Vladimir Putin.
Trump visits Kennedy Center and announces honorees. See the full list.
President Trump announced this year's "truly exceptional class" of Kennedy Center Honorees and said he will host the annual ceremony himself.
Threat over after Alaska's capital sees record glacier-related flooding
Alaska's capital of Juneau faced record floodwaters due to rainwater and snowmelt flowing downstream from a basin dammed by the Mendenhall Glacier.
Falling tree kills family as Chattanooga flooding prompts water rescues
Four people have died in heavy rain and flooding that hit near Chattanooga in Tennessee, officials said.
Taylor Swift announces new album, "The Life of a Showgirl," coming Oct. 3
Taylor Swift announced her 12th studio album, "The Life of a Showgirl," after a countdown tease on her website. The release date is now set for Oct. 3.
Staffing shortages at VA health systems on the rise, watchdog finds
The VA's Office of Inspector General found facilities reported 4,434 staffing shortages this fiscal year, which is a 50% increase from fiscal year 2024.
Mexico sends 26 cartel members to U.S. in deal with Trump administration
The transfers are a milestone for the Trump administration, which has made dismantling dangerous drug cartels a key Justice Department priority.
Missouri confirms case of rare brain-eating amoeba infection
A person in Missouri has been hospitalized after contracting a brain-eating amoeba, possibly after water skiing in the Lake of the Ozarks, state health officials said Wednesday.
Florida's first black bear hunt in a decade approved despite strong opposition
The first black bear hunt in Florida in a decade will take place in December under a rule adopted Wednesday by state wildlife officials.