U.S. stocks soar to 3-month high as inflation falls in July
Latest inflation data bolsters hopes that consumer prices have peaked and that the Fed can temper interest rate hikes.
Gas Prices
MoneyWatch: Signs inflation is slowing
July's Consumer Price Index report showed a 8.5% annual inflation rate, down from 9.1% in June, which was the highest in over 40 years. The Wall Street Journal's Akani Otani joins CBS News with more on the economic impact.
Inflation rate declines a bit as gas prices drop
The annual inflation rate was 8.5% in July, a slight dip from the four-decade high of 9.1% in June. CBS News reporter Sarah Ewall-Wice breaks down what this means for American consumers.
Inflation rate down from 40-year high
The Consumer Price Index rose to 8.5% in the month of July, bringing inflation down from its 40-year high. Gas prices are falling, but the cost of food and rent are still increasing. Lori Bettinger, president of BancAlliance and the former director of the U.S. Treasury's Troubled Asset Relief Program, joined CBS News to discuss what this data means for the economy.
Drivers could soon see average gas prices hit $3.99 per gallon
Drivers have been cutting their miles traveled since March in response to high prices at the pump, one survey shows.
Parliamentarian alters drug plan in Inflation Reduction Act before Senate vote
The Senate's nonpartisan rules arbiter has dealt a blow to Democrats' plan for curbing drug prices.
Stocks dip after strong jobs report offers mixed news for investors
New data on hot U.S. jobs market suggests Fed won't be reining in its aggressive rate hikes anytime soon.
Gas prices continue to fall
Gas prices are continuing to decline from record highs earlier this summer. Laura Sanicola, a reporter covering energy, refining and renewables for Reuters, joins CBS News to discuss the reasons behind the price drop.
U.S. gas prices fall for 7 straight weeks
The cost of a gallon of gas continues to fall in the U.S. Ellen Wald, senior fellow at the Atlantic Council's Global Energy Center, joins "CBS News Mornings" to discuss what's helping ease the pain at the pump.
Why gasoline prices have dropped for 7 straight weeks
Drivers are paying about $1 less per gallon than they did in June. The reason for that could hint at trouble ahead.
Biden's big week despite COVID isolation
CBS News Radio White House correspondent Steven Portnoy joined Nikki Batiste and Lana Zak to talk about the response out of Washington regarding China's military exercises near Taiwan, President Biden's latest executive order expanding abortion access and what many are considering a successful week for the administration.
Diesel fuel prices impacting trucking industry
As diesel prices sit near all-time highs, the rising cost is having a ripple effect on the economy. Michael Nicholson, co-owner of moving and storage company The Moving Squad, joined CBS News' Nikki Battiste to discuss the effects of inflation on his bottom line.
Surging gas prices increase other costs
Rising gas prices are causing a ripple effect across the U.S. economy, raising shipping and transportation costs as well. Harrison Fell, economist and senior research scholar at Columbia University's Center on Global Energy Policy, joined CBS News' Enrique Acevedo to discuss.
Stocks fall as House Speaker Nancy Pelosi lands in Taiwan
Financial markets wobble amid investor concerns that the House speaker's visit could heighten U.S.-China tensions.
Job openings fall as the U.S. economy shrinks
American employers posted fewer job openings in June as the economy contends with raging inflation and rising interest rates.
Biden may tap oil reserve, eyeing gas prices
President Biden is expected to order the release of up to 1 million barrels of oil a day from the nation's strategic petroleum reserve in a bid to lower gas prices. Russian forces keep pounding Ukraine in areas where Moscow pledged to scale back. And the Hubble telescope has discovered a blue, supergiant star that’s the farther from Earth than any star ever spotted.
Gas prices on the rise
The average price of gas is more than $4 for the first time since 2008, pushed up by Russia's invasion of Ukraine and economic sanctions imposed on Russia by the U.S. and its allies. Robert Sinclair, senior manager of public affairs at AAA, joins CBS News' Jim Axelrod and Tanya Rivero to break down the rising prices and what American's can expect.
Possibility of economic recession looms
The possibility of a recession is looming large, as the Federal Reserve raises interest rates in the hopes of driving down inflation. President Joe Biden's critics argue he's not doing enough to address the issue and say rate hikes could cause more economic turmoil. Rick Newman, senior columnist with Yahoo Finance, joined CBS News to discuss some ways to lower consumer costs and prevent an economic downturn.
MoneyWatch: Gas prices reach record high
Gas prices reached another record high Friday. Plus, the U.S. is seeing a shortage of diesel that could spell trouble in the summer months. Tom Kloza, head of energy analysis at the Oil Prices Information Services, joins CBS News to discuss rising gas prices and what drivers can expect in the coming months.
Jobs report shows stronger growth
The U,S. added 372,000 new jobs in the month of June according to the latest report from the Labor Department. Axios business reporter Hope King joined CBS News to discuss this stronger than predicted growth.
The road ahead for electric vehicles
High gas prices have more consumers considering purchasing electric vehicles. Momentum Dynamics adviser Roger Atkins, the founder of Electric Vehicles Outlook, joined CBS News' Mola Lenghi and Nikki Battiste with more on an electric future.
MoneyWatch: Fed announces interest rate hike
The Federal Reserve announced a 0.25% interest rate hike -- the first increase since 2018. The Wall Street Journal's chief economics correspondent Nick Timiraos, author of "Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster," joins CBS News to explain what this means for American consumers.
Oil refineries ramp up processing
Gas prices are continuing to rise and now oil refineries are ramping up processing activity to the highest levels since the pandemic began. Tom Kloza, global head of energy analysis at the Oil Price Information Service, joins CBS News to discuss what this means and why oil exports could be a hot topic in Washington in the near future.
Small businesses struggle with inflation
The U.S. Commerce Department reported last month that major corporations were extremely profitable in 2021. But small business owners say they are struggling to compete as prices continue to rise. CBS News reporter Sarah Ewall-Wice joins Elaine Quijano to discuss.
Stock market hit by inflation fears
Stock markets tanked early Friday after news that May's Consumer Price Index rose more than economists expected. Melissa Armo, founder and owner of The Stock Swoosh, LLC, joined CBS News to discuss the market's reaction to rising inflation.
live updates
Government shutdown begins as up to 750,000 workers face furlough
The first government shutdown in nearly seven years is underway as Republicans and Democrats remain at an impasse over 2025 funding. Follow live updates here.
Jane Goodall, renowned conservationist, dies at 91
British conservationist Jane Goodall spent her life researching and educating others about chimpanzees and the natural world.
These hospitals face major flood risk. Experts say Trump is making it worse.
Hospitals across the U.S. are at risk of significant flooding, and climate experts warn that the Trump administration's cuts leave the nation less prepared.
NYC high-rise partially collapses after explosion
Emergency crews are responding to reports of a possible gas explosion and partial building collapse in the Mott Haven section of the Bronx.
Legal threats hang over governor's race after report on Sherrill's military records
The National Archives admitted it had erred in releasing a mostly unredacted version of Mikie Sherrill's military records to an ally of her opponent.
Trump decrees any attack on Qatar be treated as threat to U.S.
Weeks after Israel bombed Qatar's capital, Trump signed an executive order declaring any attack on the Arab nation will be treated as a threat to the U.S.
Iowa teen dies after being mistaken for squirrel during hunting trip
A 17-year-old hunter died in rural Iowa after he "was mistaken for a squirrel by a member of his hunting party," state officials said.
Ramen trend inspired by "KPop Demon Hunters" causing burns, doctors warn
Doctors are warning of a food trend inspired by the popular Netflix movie "KPop Demon Hunters" that is leading to serious burn injuries.
Supreme Court allows Lisa Cook to remain on Federal Reserve Board for now
A federal district ruled in September that President Trump's attempt to fire Lisa Cook from the Federal Reserve Board of Governors was likely illegal.