Powell warns Congress that inflation may keep rising next year
He tells Senate panel that the new COVID-19 variant could have an impact on economic activity and inflation.
Jerome Powell
Biden nominates Powell to remain as Fed chair
President Biden nominated Federal Reserve Chair Jerome Powell to a second term. Plus, Democrats hope to boost their midterms chances with legislative successes. CBS News senior white house and political correspondent Ed O'Keefe, Washington Post deputy Washington editor Natalie Jennings and Politico national political correspondent David Siders join CBSN's "Red & Blue" anchor Elaine Quijano with the latest.
Poll: Inflation hurting Biden job approval
A CBS News poll shows just 33% of Americans approve of President Biden's handling of inflation, with only 44% approving of the job he is doing overall. As CBS News' Skyler Henry reports, Mr. Biden is hoping to build economic stability by reappointing Jerome Powell for another term as Federal Reserve chairman. Alex Gangitano, a White House correspondent for The Hill, joins CBSN's Elaine Quijano to discuss how the economy could shape the future of Biden's presidency.
Biden renominates Powell as Federal Reserve chair
President Biden is nominating Jerome Powell for a second term as Federal Reserve chair. Powell, a Republican who was originally nominated by President Trump, said he will focus on inflation if confirmed again.
Biden to nominate Jay Powell for second term as Fed chair
Lael Brainard, whom progressives had pushed to lead the central bank, nominated as vice chair.
The impact of Biden's agenda on inflation
Some economists say fears about the impact president Biden's economic agenda could have on inflation are overblown. CBS News MoneyWatch reporter Aimee Picchi joins CBSN to discuss more.
Fed to keep interest rates near zero
Last week, the Federal Reserve voted to keep interest rates near zero as inflation rises to the highest point in 30 years. The central bank will also dwindle its buying of billions of dollars a stocks a month, which began during the pandemic. Senior vice president and director of research for the committee of economic development Joe Menarik joins Lana Zak on CBSN to discuss.
Fed to start removing support for economy as inflation surges
The central bank said it will start reducing its $120 billion in monthly bond purchases in the coming weeks.
6/16/20: Red and Blue
Senate holds hearing on police reforms; Virginia Rep. Riggleman loses Republican primary.
Fed ready to start reeling in stimulus as U.S. economy heals
Economic recovery remains on course despite surge in COVID-19 cases, according to U.S. central bank.
Progressives call on Biden to replace Powell as Federal Reserve chair
They say he hasn't done enough to address the effects of climate change on the financial system and has weakened regulations.
Powell: Fed on track to slow aid for economy later this year
Federal Reserve chair downplays inflation and COVID-19 risks, saying the U.S. economic recovery remains on track.
July inflation index beats economists' projections
The markets are reacting positively to data from the Labor Department. It shows a slightly slower year-over-year inflation rate than economists had feared. Overall, prices are up 5.4% compared to July of last year. CBS News reporter Sarah Ewall-Wice has more on what the July Consumer Price Index means for the state of the U.S. economy.
Families set to receive child tax credit payments
The federal government will begin dispersing monthly cash payments to low- and moderate-income families on July 15 as part of the child tax credit program included in the latest round of COVID relief. The rollout comes as the Federal Reserve paints a clearer picture of the current state of the economy, saying inflation will likely remain elevated in the coming months. CBS News reporter Sarah Ewall-Wice joins CBSN's Lana Zak with the details.
U.S. inflation jumps to 13-year high
The latest report from the U.S. Department of Labor shows the Consumer Price Index jumped to 5.4%, the largest increase in 13 years. Experts say the rise is being driven in part by an increase in prices of used cars, gas and hotel stays. Mark Zandi, chief economist with Moody's Analytics, joined CBSN to explain the reasons for the spike and his predictions for the coming year.
Federal Reserve projects interest rate hikes in 2023
The central bank expects to raise interest rates twice by the end of 2023 after previously estimating there would be no interest rate hike until 2024.
Trump names Fed chair
President Trump announced Thursday that Jerome Powell will be Janet Yellen's replacement as chairman of the Federal Reserve. Powell will take over the position in February. See Trump and Powell's full remarks from the White House.
Yellen: Federal spending could drive a rise in interest rates
The Treasury secretary's remarks come as the president is pushing two proposals totaling $4 trillion.
Bipartisan meeting set on infrastructure plan
President Biden and Vice President Harris are expected to meet with a small group of bipartisan lawmakers Monday at the White House to discuss the $2.3 trillion infrastructure proposal. Republicans have raised concerns over the size and cost of the package, while some Democrats say it needs to be even bigger. CBS News chief White House correspondent Nancy Cordes joins CBSN AM with the latest.
U.S. deficit hits $1.7 trillion over last six months
The latest monthly Treasury report says the country spent nearly $660 billion more than it took in during March alone.
Fed Chair on money market funds
Jerome Powell said money market funds need to be "resilient enough" to handle future liquidity shocks, and without federal assistance.
ICYMI: A look back at Sunday's 60 Minutes
Fed Chair Jerome Powell tells 60 Minutes America is going back to work; Pentagon programs hope to make COVID-19 the last pandemic ever; And, what's hidden in Prince's vault of unreleased music?
Fed Chair Jerome Powell: America is going back to work
Federal Reserve Chairman Jerome Powell gives his thoughts on how the economy is rebounding from the COVID-19 pandemic. Scott Pelley reports.
Fed Chair on federal budget
When asked if continued spending on infrastructure and COVID-19 relief could set off inflation, Jerome Powell said he doesn't "see that now" and the economy needs to fully recover before spending levels "return to a sustainable path."
Fed Chair on Archegos collapse
The Chairman of the Federal Reserve said the fallout from the collapse of Archegos Capital, its investments included ViacomCBS, was the result of a "risk management breakdown" and the Fed will take a closer look "to make sure it never happens again."
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 signs executive orders to end cashless bail in D.C. and ban flag burning
The moves are a part of President Trump's ongoing federal anti-crime crackdown.
5 journalists among those killed in Israeli strike on Gaza hospital
Health officials in Gaza say an Israeli strike on Nasser Hospital has killed at least 20 people, including 5 journalists.
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.
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.
Great white sharks are spending more time in waters off New England
New data shows that great white sharks are spending more time in the chilly waters off New England and Atlantic Canada.
Blue Bell ice cream containing nuts recalled because of mislabeling
Blue Bell ice cream is recalling cartons of nut-filled ice cream which were mislabeled as Chocolate Chip Cookie Dough.
SpaceX reschedules Super Heavy-Starship test flight after ground systems issues
Taking no chances, SpaceX called off an attempt to launch its huge Super Heavy-Starship rocket after running into problems with ground equipment.
Starbucks' PSL returns tomorrow. See what else is on the fall menu.
Starbucks' tried and true pumpkin spice latte and other autumn inspired treats will be available starting Tuesday, Aug. 26.