Yellen admits she was "wrong" about inflation in 2021
"I think I was wrong then about the path that inflation would take," Treasury Secretary Janet Yellen told CNN.
Inflation
White House adviser talks fighting inflation
The U.S. is struggling with some of its highest levels of inflation in four decades. Heather Boushey, who is on the White House’s Council of Economic Advisers, joins CBS News to discuss the Biden Administration’s plans to address its new top economic priority, inflation.
MoneyWatch: Stocks down to close out May
The major stock indexes ended Tuesday with losses after ping-ponging throughout the day. Geetu Sharma, the founder and investment manager of AlphasFuture LLC, joins CBS News during the closing bell on Wall Street to discuss what was driving the market and what to expect in June.
Stocks slip after EU agrees to partial ban on Russian oil
Investors retreat as global crude prices jump on European Union plan to embargo most Russian oil exports.
MoneyWatch: Biden meeting with Fed chair
Americans have been facing rapidly increasing prices at the gas station and grocery store and in the housing market. President Biden is expected to address this during a meeting with Federal Reserve Chairman Jerome Powell on Tuesday. Frances Stacy, director of strategy at Optimal Capital, joined "CBS News Mornings" to discuss what's contributing to high inflation.
Holiday weekend travel up despite gas prices
Despite record-high gas prices increasing the cost of travel, millions of Americans are hitting the road and taking to the skies for Memorial Day weekend. Tom Wait has more.
Severe weather, gas prices impacting holiday travel
Nearly 40 million Americans will travel over Memorial Day weekend, AAA estimates. While inflation and gas prices aren't keeping them home, severe weather could delay travel plans. Errol Barnett has more.
Wall Street breaks 7-week losing streak — longest since 2001
Investors cheered by economic data showing that inflation slowed in April for the first time since November 2020.
Retailers use price-gouging to score record profits, watchdog charges
The top 10 retailers have raked in $99 billion of profit last year, according to one corporate accountability group.
Key inflation gauge eases for the first time since 2020
Although U.S. inflation remains painfully high, two closely watched barometers suggest prices are moderating.
Newly built home sales fall to pre-pandemic lows
Sales of newly built homes have plummeted to pre-pandemic levels as inflation and mortgage rates rise. Danielle Hale, chief economist for Realtor.com, joined CBS News' Jim Axelrod to discuss what this means for the market.
Rancher describes financial struggles amid inflation
The price of meat, poultry and fish has increased 14% in a year. Ranchers across the U.S. are feeling the pinch as the cost of doing business increases. Dennis Sun, publisher of Wyoming Livestock Roundup and a fourth generation rancher, joins CBS News' Tony Dokoupil and Tanya Rivero to discuss.
U.S. economy shrank at 1.5% rate in the first quarter
Even though consumers and businesses kept spending, a trade imbalance pushed down the economy between January and March.
School lunches scaled back by higher costs and supply chain issues
Supply chain issues and the spiraling cost of key ingredients has forced school districts to pull back or make substitutions.
Impact of rising food costs on school lunches
Nationwide, school lunch programs are grappling with the rising food prices and ingredient shortages due to supply chain disruptions. CBS News correspondent Scott MacFarlane spoke to school lunch administrators who are struggling to put together the weekly lunch menus.
Americans increasingly concerned with economy
New CBS News polling shows Americans are increasingly concerned with economic issues ahead of the 2022 midterm elections. Meanwhile, critical primary races in Georgia on Tuesday are poised to test former President Trump's influence in the Republican Party.
Brutal week on the stock market
Americans are paying record high prices at the pumps, as inflation fears wreak havoc on the stock market. Errol Barnett reports from Washington, then Lana Zak speaks with Baker Boyer Bank's Chief Financial Officer John Cunnison about how this will impact the average American.
Scott says GOP will focus on inflation in midterms
GOP Sen. Rick Scott of Florida says the midterm elections are "going to be about the effectiveness of the Biden administration, and I think it bodes well for Republicans."
What's fueling high gas prices
Inflation, the war in Ukraine, supply chain issues coupled with rising demand are all factors in the steep gas prices the country is seeing, but there's more to it. Michael George has the latest.
Biden takes multi-day trip to Asia
President Biden is on his first overseas trip to Asia since taking office, spending time in both South Korea and Japan. CBS News chief White House correspondent Nancy Cordes reporters. Then CBS News political analyst Leslie Sanchez and CBS News political contributor Joel Payne join CBS News' Lana Zak to discuss the president's travels and more.
Stocks plunge as major retailers show poor results
Stocks plummeted on Wall Street after disappointing quarterly results from the nation's largest retailers. CBS News senior White House and political correspondent Ed O'Keefe has the latest. Then, Akane Otani, a reporter for The Wall Street Journal, joins Elaine Quijano on CBS News to explain the current market volatility.
Gas prices hit records as inflation fears intensify
As the price of gas and groceries rise with inflation, plenty of Americans are feeling the financial pressure of an economy potentially heading toward a recession. Errol Barnett takes a look.
Stocks plunge as economic fears intensify
The stock market plunge and inflation present two challenges for President Biden and Democrats, who are hoping to retain control in the upcoming midterm elections. Ed O'Keefe has more details.
FDA plans to ease baby formula shortage
The FDA has announced plans to ease the baby formula shortage after reaching an agreement with Abbott Laboratories to allow the manufacturer to reopen its Michigan plant. The FDA is also easing import rules to allow international manufacturers to ship formula to America. This comes as families have been struggling to get by with dwindling supply on shelves. "CBS News Mornings" spoke with Taylor Miller, the mother of a four-month-old in Texas, about the challenges she's facing as a new parent.
Inflation rises to near 40-year high
Global forces including supply chain disruptions, energy costs and Russia's invasion of Ukraine have contributed to rising inflation, which is at a near 40-year high. Mark Strassmann reports.
Trump says he's fired Federal Reserve board member Lisa Cook
President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors — a dramatic move after months of public attacks against the central bank.
Kilmar Abrego Garcia taken into ICE custody, facing deportation to Uganda
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.
Trump wants to punish flag burning. Is burning the American flag illegal?
President Trump signed an executive order that seeks to go after people who burn the American flag.
Trump floats changing Defense Department to Department of War
President Trump on Monday floated returning the Department of Defense to its prior name, the Department of War, calling its current moniker "too defensive."
House Oversight Committee subpoenas Jeffrey Epstein's estate
House Oversight Committee Chairman James Comer subpoenaed estate of Jeffrey Epstein, seeking over a dozen categories of documents.
First human screwworm case linked to travel confirmed in U.S., HHS says
"The risk to public health in the United States from this introduction is very low," said HHS spokesperson Andrew Nixon.
Why Cracker Barrel's new logo is a flop, according to branding experts
Cracker Barrel badly misread its own customer base — and our culturally sensitive times — in trying to spruce up its image, experts say.
Lil Nas X pleads not guilty to felony battery against a police officer in L.A.
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.
Fighter jets scrambled to intercept Russian spy plane off Alaska
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.