
Fed hikes key interest rate 0.75 percentage points as it battles inflation
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
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"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
The Federal Reserve is expected to announce its biggest interest rate hike in almost three decades. The bank is hoping to slow down surging prices on everything from rent to gas. CBS News chief White House correspondent Nancy Cordes reports and CBS News reporter Sarah Ewall-Wice joins Vladimir Duthiers and Anne-Marie Green to discuss the impending rate hike.
The Federal Reserve is expected to announce its biggest rate hike amid growing fears of a recession. The Fed, which will announce its decision on Wednesday, could lift rates and mark the sharpest increase since 2000. Chief White House correspondent Nancy Cordes reports from the White House.
President Joe Biden is set to visit Saudi Arabia next month as part of his first trip to the Middle East since he took office. Sean Sullivan, CBS News political contributor and a White House reporter for the Washington Post, joins Elaine Quijano to discuss the trip.
An expected interest rate hike comes as everything from gas and food to air travel have seen the largest annual increase in decades. Interest rate hikes could potentially create more economic pain for consumers by increasing borrowing costs and discouraging spending. Meg Oliver reports.
Making the right moves with your investments and retirement plan is key when the stock market is in free fall like it has been. Joe Saluzzi, partner and co-founder of Themis Trading spoke to Anne-Marie Green and Vladimir Duthiers on CBS News about what to do with your portfolio.
Wall Street has entered a bear market, but experts warn you shouldn't do anything rash. CBS News Business Analyst Jill Schlesinger spoke to Anne-Marie Green and Vladimir Duthiers on CBS News about how to handle your finances in a down market, and what's to blame for plummeting prices.
Volatility follows Monday's turmoil which brought panic among many worried about their 401(k) retirement savings.
The S and P fell to its lowest point this year as investors come to terms with consumer prices rising at their fastest pace in 40 years. The drop is just the latest in a string of downturns for the markets. Elaine Quijano takes a look.
This week on “Face the Nation with Margaret Brennan,” we have the latest on the deadly shooting in Buffalo, New York, with Mayor Byron Brown and Gov. Kathy Hochul. Plus, the latest from Ukraine, and a look ahead to Tuesday’s Republican primary in Pennsylvania.
CBS News senior national correspondent Mark Strassmann reports from Atlanta on new inflation numbers showing prices jumped at a record-breaking pace yet again last month.
Mohammed El-Erian, the chief economic adviser to Allianz, says inflation could hit 9% before beginning to come down.
For the first time ever, the average price for a gallon of gas in the U.S. is above $5. And many in America are feeling the squeeze well beyond the pumps. Lilia Luciano reports from Los Angeles.
President Biden addressed the inflation crisis in a briefing at the Port of Los Angeles Friday. CBS News senior White House and political correspondent Ed O'Keefe reports.
Prices are skyrocketing as inflation is surging at its fastest pace in more than 40 years. Rampant inflation is hitting America's pocketbooks, but it's also impacting President Biden, as surveys show Americans see it as the nation's top problem. Ed O'Keefe has the latest.
Vacation inflation is hitting summer travelers. Airfare, hotel and rental car costs have skyrocketed compared to recent years. Kris Van Cleave takes a look.
The U.S. Department of Labor reported Friday that inflation reached its highest rate in more than 40 years in May. CBS News' Tanya Rivero and Michelle Miller spoke with Jared Bernstein, a member of the White House's Council of Economic Advisers, about the Biden Administration's response to surging prices.
The U.S. Labor Department reports inflation reached a new 40-year high at 8.6%. Wall Street Journal reporter Dion Rabouin breaks down what this means for the economy, and what steps the Federal Reserve should consider to combat rising prices.
After an uptick in the latest Consumer Price Index report, President Biden plans to speak about rising inflation, record gas prices and supply chain disruptions. CBS News senior White House and political correspondent Ed O'Keefe joined Vladimir Duthiers and Anne-Marie Green with more on the administration's plans to help consumers.
The Consumer Price Index jumped 1% in May 2022, representing an 8.6% bump year-over-year. That's the largest 12-month increase in more than four decades. CBS News reporter Sarah Ewall-Wice joined Anne-Marie Green and Vladimir Duthiers to discuss how inflation and higher prices are impacting Americans.
May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
President Biden will address the rising levels of inflation in a speech Friday as prices of food, gas and other necessities are reaching record highs. Washington Post White House reporter Sean Sullivan joins CBS News with a preview the administrations plans.
The U.S. Department of Labor reported Friday that inflation accelerated across the U.S. in May, jumping to 8.6%.
If you can find a vehicle for the manufacturer's suggested retail price, that's considered a good deal right now.
Soaring prices and slowing growth are alarming economists, who warn that we could see a replay of the turbulent 1970s.
Kilmar Abrego Garcia was taken into custody Monday by immigration authorities and the Department of Homeland Security said he is being processed for deportation to Uganda.
President Trump signed an executive order that seeks to go after people who burn the American flag.
Lil Nas X has been charged with three felony counts of battery with injury on a police officer and one felony count of resisting arrest after he was arrested last week on Ventura Boulevard in Studio City.
House Oversight Committee Chairman James Comer subpoenaed estate of Jeffrey Epstein, seeking over a dozen categories of documents.
Ex-Mexican cartel leader Ismael "El Mayo" Zambada Garcia pleaded guilty Monday to federal charges related to his role as a co-founder of the Sinaloa Cartel.
SpaceX hopes to pick up the pace with Super Heavy-Starship test flights amid concern the rocket may not be ready in time for a planned 2027 moon landing.
The U.S. military on Sunday intercepted a Russian spy plane flying in international airspace off Alaska, marking the third such instance in less than a week.
"The risk to public health in the United States from this introduction is very low," said HHS spokesperson Andrew Nixon.
Cracker Barrel badly misread its own customer base — and our culturally sensitive times — in trying to spruce up its image, experts say.