Stocks come back strong, shrugging off hot inflation reading
Dow swings more than 1,300 points as investors glimpse reasons for hope in September consumer price index.
Inflation
Major boost in Social Security benefits
Social Security benefits will increase by 8.7% next year — the biggest rise in more than forty years. However, the move is fueled by record-high inflation. CBS News MoneyWatch reporter Aimee Picchi discusses how this will impact Americans' wallets.
Consumer prices climb 8.2%
Consumer prices rose again in September despite the Federal Reserve's attempts to drive down inflation. CBS News' Errol Barnett and Lana Zak speak with Diane Swonk, chief economist at KPMG U.S., about how the latest data could impact the Fed's next rate hike decision.
Inflation increased 0.4% in September
The September Consumer Price Index shows prices rose 8.2% over the last year, and increased 0.4% between August and September. Gargi Chaudhuri, head of iShares Investment Strategy Americas at BlackRock, and CBS News senior White House and political correspondent Ed O'Keefe joined Tanya Rivero and Nancy Chen to discuss the impact of these numbers on the U.S. economy.
Social Security payments to rise 8.7% in 2023 — highest in decades
With inflation forcing many seniors to cut back on food and medicine, annual cost-of-living hike will boost their income.
Wall Street looking for insight from Fed
The Federal Open Market Committee will publish Wednesday the minutes from its September meeting as well as its economic forecast. Also, President Biden said he doesn't think there will be a recession during his CNN interview Tuesday night. Yahoo Finance senior columnist Rick Newman joined "CBS News Mornings" to discuss.
MoneyWatch: Tips for managing your savings
National Savings Day is the perfect time to take stock of your personal finances. CBS News’ Errol Barnett and Meg Oliver spoke with Kimberly Palmer, a personal finance expert with NerdWallet, about the best ways to manage your hard-earned savings.
France orders striking workers back to oil refineries as pumps run dry
The striking oil workers want a pay rise, arguing their salaries cannot keep up with inflation that has soared to almost 6% in France.
Yellen on inflation, looming railroad strike
White House officials are attempting to avert a railroad strike before Friday's deadline. Meanwhile, a recent report from the Labor Department shows that inflation is still high. CBS News chief White House correspondent Nancy Cordes spoke exclusively with Treasury Secretary Janet Yellen about those issues, then joined CBS News' John Dickerson to discuss.
Mortgage rates hit 14-year high
Home buyers nationwide are pulling back from the market due to high interest rates. Igor Popov, chief economist at Apartment Listing, joined Elaine Quijano to discuss where the housing market is heading.
Inflation remains high even as gas prices drop
The Consumer Price Index rose 8.3% in the past 12 months, as higher prices for groceries, shelter and medical care offset lower gasoline prices. CBS News chief White House correspondent Nancy Cordes has more on the latest report. Then, Jeanna Smialek, a Federal Reserve and economy reporter for The New York Times, joins John Dickerson on "Prime Time" to discuss the impact.
U.S. economy still rebounding from pandemic
The U.S. economy and labor market are still rebounding from the COVID-19 pandemic. Several workplace trends, such as working from home, still remain prevalent. Aki Ito, senior correspondent for Business Insider, joined CBS News to discuss.
Risks of potential Fed interest rate hike
The Federal Reserve's plan to get inflation under control is fueling concerns of future layoffs and a possible recession. CBS News' John Dickerson breaks down how this will affect you with Guy Berger, principal economist for LinkedIn.
MoneyWatch: U.S. stocks sink as inflation fears mount
The stock market's tumble has put the S and P 500 into a bear market. CBS News correspondent Elaine Quijano reports on Wall Street's drop on Monday. Then, Akiko Fujita, a reporter and anchor for Yahoo Finance, joins Errol Barnett on CBS News to discuss the latest on the markets.
Dow drops 880 points amid latest inflation numbers
Inflation is negatively impacting the U.S. stock market. The Dow Jones fell 880 points Friday. Yahoo Finance reporter Alexandra Semenova joins CBS News to discuss the impact of rising consumer prices.
IMF dims outlooks for global economy in 2023 amid Ukraine war
Recession risks are rising amid "historic fragility" in the global economy, the agency's managing director said.
MoneyWatch: Economists brace for inflation data
While the U.S. added 263,000 jobs in September, economists are bracing for the next Consumer Price Index report, due out this week, which gives a snapshot of inflation. Javier David, managing editor of business and markets at Axios, joins "CBS News Mornings" to discuss the latest economic news and what to expect from the markets this week.
El-Erian on "unsettling volatility" in the market
Mohamed El-Erian, Allianz Chief Economic Adviser, said the " main drivers of inflation and how broad they are is still going up." He joins "Face the Nation" to discuss the "unsettling volatility" of the market right now.
Jobs report fuels interest rate hike fears
The latest jobs report is fueling fears that a big interest rate hike is likely, as the Federal Reserve tries to aggressively fight inflation. Business analyst Jill Schlesinger breaks down the report.
Unemployment rate declined in September
The September jobs numbers showed a slight slowdown in hiring. The latest numbers come as the Federal Reserve weighs its next steps to try to tame inflation. According to the Labor Department, 263,000 jobs were added last month. The unemployment rate also fell to 3.5%. CBS News reporter Sarah Ewall-Wice has more.
Inflation will crimp many Americans' holiday travel plans
Cost of U.S. flights around the Thanksgiving holiday is up roughly 25% compared with last year, booking data shows.
Proud Boys member admits seditious conspiracy
A member of the Proud Boys extremist group has pleaded guilty to seditious conspiracy charges in connection with the Jan. 6 Capitol riot. Jeremy Bertino faces up to 63 months in prison. A 430-foot tall Orlando amusement park ride is being taken down after a 14-year-old boy’s fatal fall from it in March. And all eyes are on the new monthly jobs report for its possible influence on the Federal Reserve’s fight against inflation.
Gas prices rise as OPEC announces oil production cut
It now costs nearly $100 to fill up a mid-size car with gas in California. Though gas prices are rising amid the decision by OPEC+ to cut 2 million barrels of oil per day, California prices have little to do with it. Jonathan Vigliotti takes a look.
California issues gas tax rebates
Californians dealing with the rising cost of gas will start to see some financial relief starting Friday. CBS News correspondent Jonathan Vigliotti explains who is eligible for a gas tax rebate.
"It's a scary time," one disabled widow said of inflation hit
Some older Americans are cutting back on food, medicine and other basics. An annual Social Security bump may not be enough.
Texas House passes GOP redistricting plan after weeks-long standoff
The measure now goes to the Senate, after Democrats returned from a quorum-breaking walkout. Republicans aim to reshape the state's congressional maps.
California Supreme Court declines to stop Newsom's redistricting plan
The California Supreme Court cleared the way for Democrats to move forward with a plan to redraw congressional districts Thursday.
Hurricane Erin starts moving away from North Carolina coastline
Meteorologists are closely tracking the projected path and forecast of Hurricane Erin, which is the first hurricane to develop over the Atlantic this year.
Fed Chair Powell faces delicate balancing act in upcoming Jackson Hole speech
Jerome Powell will address the state of the U.S. economy — and perhaps offer hints about interest rates — in a closely watched speech this week. Here's what to expect.
Abbott targets Texas lawmakers who flee state to block votes
New agenda items include penalties for lawmakers who flee the state, pharmacy access to Ivermectin, and a groundwater study in East Texas.
Gabbard cutting Director of National Intelligence staff by roughly 40%
Director of National Intelligence Tulsi Gabbard is slashing her office's staff by roughly 40% — the latest major Trump-era change slated for the intelligence agency.
Menendez brothers continue bid toward freedom with parole hearings on tap
Erik and Lyle Menendez face separate California parole board hearings this week after spending decades in prison for the 1989 killings of their parents in Beverly Hills.
Flying object that crashed in Poland was a Russian drone, Polish officials say
Poland's defense minister accused Russia of provoking NATO during a crucial moment, as peace talks over the war in neighboring Ukraine are underway.
Judge Frank Caprio, known for his compassion in court, dies at 88
Judge Frank Caprio, a former judge for the Providence Municipal Court, died following a bout with pancreatic cancer, according to a statement posted to social media.