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.
Inflation
Fed hikes key interest rate another 0.75 percentage point
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
This is how the Fed's latest interest-rate hike will affect you
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
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.
Fed expected to raise interest rates again
The Federal Reserve is expected to raise interest rates for a fifth time Wednesday as part of ongoing efforts to curb inflation. Thomas Hogan, a senior fellow at the American Institute for Economic Research, joined CBS News to discuss the immediate and long-term impacts of the increase.
Another interest rate hike expected
As President Biden sets off to attend the U.N. General Assembly in New York Tuesday, the Federal Reserve is expected to hike interest rates again on Wednesday in an effort to quell high inflation. Nancy Cordes reports from the White House.
Heating costs expected to jump this winter
Americans are expected to pay more to heat their homes this winter compared to last year. Mark Wolfe, executive director of the National Energy Assistance Directors' Association, explains what's behind the jump in costs.
Winter heating and electric bills set to surge to 10-year high
Americans could pay as much as 17% more to heat their homes this winter, with electricity costs also expected to jump.
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.
Workers lose ground to inflation
CBS News senior national correspondent Mark Strassmann reports from Los Angeles on fears that inflation may be much more entrenched and sticky than previously thought.
Markets fall to close out week
All three major stock indexes ended the week with losses for the fourth time in five weeks. Victoria Fernandez, chief market strategist at Crossmark Global Investments, joins CBS News to discuss what it means for the U.S. economy.
More Americans opting to "buy now, pay later"
To compensate for higher costs of living, more Americans are resorting to "buy now, pay later" plans, and regulations have not kept up with the new digital offerings. Finance reporter Ken Sweet from The Associated Press joins CBS News to discuss the risks for consumers.
Reaction to jobs and retail rales reports
David Kelly, the chief global strategist for J.P. Morgan Asset Management, joins CBS News to discuss the drop in first-time jobless claims last week and last month's rise in retail sales. He also shares his expectations for next week's highly anticipated Federal Reserve meeting.
Inflation threatening American farmers
The tentative agreement between railway companies and its workers is welcome news to farmers who depend on trains to transport their goods. But it's not the only issue in America threatening farmers. Mark McHargue, president of the Nebraska Farm Bureau, joined CBS News to discuss the impact inflation has had on farms across the country.
Fed announces 0.75% rate hike
The Federal Reserve announced it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the biggest surge in U.S. inflation in four decades. CBS News senior White House and political correspondent Ed O'Keefe and Stephen Gandel, news editor for The New York Times' DealBook, join CBS News to discuss the implications of the decision.
Mom shares how inflation has changed her life
As inflation increases the cost of living, many families are finding themselves forced to quickly adapt to a new environment where their dollars don't go as far. Claudia Hernandez, a single mom, discussed the changes she has had to make for herself and her daughter, Isabella, in response to higher prices. While it's hard to cut back, Hernandez has done so with optimism for the future and has become resourceful with ways in which she is making sure she's taking care of her daughter and herself. She spoke with Anne-Marie Green and Vladimir Duthiers about how inflation has impacted her life and the lessons she's teaching her daughter about financial responsibility.
MoneyWatch: U.S. mortgage rates top 6%
The average mortgage interest rate in the U.S. rose above 6% for the first time since 2008, and applications have fallen to their lowest level in over two decades. BancAlliance president Lori Bettinger joins "CBS News Mornings" to discuss.
Yellen on inflation, potential rail strike
Investors on Wall Street are pessimistic on inflation after August's Consumer Price Index report showed prices rising. CBS News chief White House correspondent Nancy Cordes spoke with Treasury Secretary Janet Yellen about the state of the economy and the impact of a potential rail strike.
Treasury secretary on inflation, looming rail strike
The Biden administration is working to avoid a rail strike that could derail the economy that's already been slowed by record inflation. Nancy Cordes spoke to Treasury Secretary Janet Yellen about the looming strike and rising prices.
Yellen says inflation "remains a problem"
Inflation "obviously is of tremendous concern to Americans," the treasury secretary told CBS News chief White House correspondent Nancy Cordes in an interview.
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.
Wholesale prices up 8.7% since last year
The new wholesale prices report is echoing Wall Street's concerns that inflation isn't easing quickly enough. It comes on the heels of the worst day for stocks in more than two years. Matt Sapaula, founder of Money Smart Guy, joined CBS News to discuss.
Stocks plummet after August inflation report
Stocks dropped after the latest Consumer Price Index report showed U.S. inflation remains high. The Dow tumbled nearly 1,300 points Tuesday for the worst day since June 2020. Wall Street Journal reporter Dion Rabouin joins CBS News to discuss the market reaction.
Stocks plunge as inflation remains high
CBS News business analyst Jill Schlesinger joins "CBS Mornings" to explain why the stock market dipped and what the economy could look like heading into the holiday season.
New York court throws out $527 million penalty in Trump civil fraud case
A New York appellate court threw out the $527 million penalty in the civil fraud case against President Trump and others on Thursday, ruling that the fine was "excessive."
Have 1.6 million undocumented immigrants really left the U.S. this year?
The Department of Homeland Security figure comes with caveats, researchers who study population demographics told CBS News, and it's too early to conclude that there's been a mass exodus.
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.
Ukraine says huge Russian attack proves Putin uninterested in peace
As Trump pushes for peace, Ukraine accuses Russia of a deadly drone and missile strike, "as if there were no efforts by the world to stop this war."
California to take on redistricting plan today, after Texas advances maps
After Texas moved forward on a new Trump-backed congressional map this week, California Gov. Gavin Newsom responded, "It's on," moving forward on his own redistricting plan that favors Democrats.
James Dobson, influential conservative Christian leader, dies at 89
Dr. James Dobson founded the conservative ministry Focus on the Family in Colorado Springs and campaigned against abortion and gay rights.
32,000 pounds of meat products recalled due to false USDA inspection marks
Sabrositos Hondurenos, LLC is recalling about 32,000 pounds of various meat products with a false USDA mark of inspection, meaning the meats didn't go through proper federal examination, according to federal officials.
World's oldest living person celebrates her 116th birthday
Britain's Ethel Caterham, the world's oldest living person, is celebrating her 116th birthday "at her own pace."
Serena Williams reveals she's using weight loss drugs and addresses stigma
Tennis legend Serena Williams is sharing her journey with weight loss drugs, saying she's lost 31 pounds in 8 months using GLP-1s.