![Federal Reserve Powell](https://assets1.cbsnewsstatic.com/hub/i/r/2022/07/27/fa309e7e-e2d4-4a1e-9aa6-f183eb67d0b4/thumbnail/640x360/36fb28657d13e362008b3afa09c29ba9/gettyimages-1242146437.jpg?v=57e8061b2038d609da26e467de5ddfb8#)
Federal Reserve hikes key interest rate by another 75 basis points
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
Watch CBS News
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
After billionaire Elon Musk said that he was abandoning his $44 billion buyout, Twitter vowed to pursue him in court.
The start of 2022 has pushed Wall Street into a bear market. Here's what the rest of the year could hold for investors.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Manufacturers are again downsizing packaging in an effort to ease the hit from inflation. Are they going too far?
News alleviates investor doubts over billionaire's resolve, sending Twitter stocks up 5.5% in after-hours trading.
Billionaire Elon Musk said Tuesday he intends to reverse Twitter's ban against former President Donald Trump. CBS News' Tanya Rivero and Dan Patterson break down this announcement with CBS News tech reporter Dan Patterson.
As prices continue to rise in the midst of one of the largest periods of inflation America has ever seen, Dr. Christopher Thornburg, an economist and cofounder of Beacon Economics, joined the studio to offer advice on how people can prepare for "recession shock."
A warning from Bank of America has brought more questions than answers as experts warn of an oncoming recession. Dr. Richard Thornburg, an economist and founding partner of Beacon Economics, joined the studio to discuss the potential "recession shock" and what it means.
President Biden on Thursday announced the release of 180 million additional barrels of oil over the next six months to combat gas prices, as well as urged Congress to impose fees on companies that he accuses of "hoarding without producing" and discussed his plans to boost the domestic production of critical minerals. CBS News' Tanya Rivero and Meg Oliver sit down with Tamar Essner, a principal at Vectis Energy Partners, to discuss.
After backing out of a high-profile trip to the World Climate Conference, rumors and conspiracy theories began to emerge online about the Governor's handling of the job.
The consumer price index rose four tenths of a percent in September, 5.4 percent higher than what it was last year according to the U.S. Labor Department.
While many people worry about the long term economic effects of the coronavirus pandemic, some economists said the bounce back may be quicker than expected.
Amazon and Netflix continue to do well as coronavirus isolates people in their homes, but many other companies have benefited or may soon.
President Trump on Tuesday said he wants the U.S. "opened up" by Easter Sunday, which falls on April 12, despite an acceleration of coronavirus cases across the country.
Nearly 1 in 5 Americans say they have been laid off or have had their work hours cut over the coronavirus pandemic.
The revision is the first in the forecast's 68-year history where an update was published between its scheduled quarterly releases.
Southern Californians should expect to see a dip in the economy due to the growing precautions put in place to mitigate the spread of coronavirus in the U.S.
Looks like more people are finding work. The latest US jobs report shows hiring jumped in April -- employers added 263,000 jobs.
Stocks plunged Tuesday ahead of a day of mourning honoring the late President George H.W. Bush.
The economy is just as strong today as it was last week. Keep that in mind as you process the Dow's breathtaking 1,175-point plunge on Monday.
Is your small business protected from even the slightest of downturns? Use these solutions to provide stability to your cash flow.
Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. that will be partially financed by an upcoming windfall from the country's new tax law.
This stock market doesn't obey speed limits. It just blasted through another barrier: Dow 25,000, barely a month after it cracked 24,000 for the first time.
How do people feel about GOP tax bill? It depends on who you ask. Some business, advocacy and trade groups have major concerns with it. Others say the tax plan will boost the economy.
A Palmdale family says they are now homeless after a lit firework fell into their yard, sparking a huge fire that destroyed their home earlier this week.
Veteran safety John Johnson has re-signed with the Los Angeles Rams after his successful return to the team last season.
Kei Kamara and Denis Bouanga scored four minutes apart late in the first half, and Los Angeles Football Club beat the LA Galaxy 2-1 on Thursday night in front of 70,076 at the Rose Bowl in a matchup of the top two teams in the Western Conference.
Christian Walker extended his tear at Dodger Stadium on Thursday night, homering in his first two at-bats for his 18th and 19th home runs in 42 career games at the ballpark, and the Arizona Diamondbacks beat the Los Angeles Dodgers 9-3.
At the end of the chase the driver, who had previously slammed through an industrial barrier at a tire yard, bailed from the car and ran into someone's home through their partially open garage in Sunland.
At the end of the chase the driver, who had previously slammed through an industrial barrier at a tire yard, bailed from the car and ran into someone's home through their partially open garage in Sunland.
A Palmdale family says they are now homeless after a lit firework fell into their yard, sparking a huge fire that destroyed their home earlier this week.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
The jury reached its verdict after deliberating for just one day.
The suspect was arrested without further incident.
A Palmdale family says they are now homeless after a lit firework fell into their yard, sparking a huge fire that destroyed their home earlier this week.
At the end of the chase the driver, who had previously slammed through an industrial barrier at a tire yard, bailed from the car and ran into someone's home through their partially open garage in Sunland.
The suspect was arrested without further incident.
It's unclear what caused the crash.
The big cat could be seen lying near the center divider on northbound lanes of I-405 in the Sepulveda Pass on Thursday.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
Three men were arrested in the alleged robbery and killing of a 68-year-old tourist outside a Newport Beach mall.
A 69-year-old tourist was killed after suspects robbed her at the Fashion Island Mall in Newport Beach.
The resolution also urges President Joe Biden to declare the Tustin Hangar fire a national emergency.
An investigation was underway Sunday after a 20-year-old man was fatally shot in Santa Ana.
Police were called to the scene after learning that an intoxicated man who had a gun left a bar in the area at around 1:40 a.m.
Two men pleaded guilty to robbing and assaulting fruit vendors repeatedly in Riverside County.
Here's where the find the biggest and brightest fireworks shows across Los Angeles and Southern California.
A bystander filmed the moments of a road rage confrontation that escalated into a stabbing on the streets of Ontario last Friday.
Police identified three of four people killed in a crash that ended a high-speed pursuit in Upland as teenagers.
After a two-year KCAL News Investigation uncovered serious concerns about police selling their old weapons, a new case study has brought a new light to where agencies buy their new guns.
Thousands of guns once owned by law enforcement have been found at crime scenes, including at incidents in Southern California, an in-depth investigation has revealed.
"No teacher should have to lie as part of their job". Ross Palombo talks to a teacher in the Los Angeles Unified School who says he was told to lie about class attendance, which is how the state calculates funding from your tax dollars.
The CDC recommends that at least 95% of students have the MMR vaccine in order to lower the risk of measles outbreaks at their school, but a recent KCAL News investigation shows that hundreds of SoCal schools are well below that number.
For months, migrants have arrived in Los Angeles on controversial buses chartered from Texas. With a lack of coordination from the Lone Star state, community groups stepped in to help bring things under control and helped hundreds across Southern California.
It's the dawn of a new era at the Nathan's Famous Hot Dog Eating Contest. Patrick Bertoletti is the new men's champion, and Miki Sudo set a new record and retained the women's division title.
Fireworks can make dogs feel anxious and scared. Veterinarians from around the country explain why and share advice for protecting your pets and keeping them calm on the Fourth of July.
A case of H5 influenza, also known as bird flu or avian influenza, has been confirmed in a man who was working at a dairy farm in northeastern Colorado.
Across much of the U.S., owning a home now requires spending more for housing than experts generally recommend.
Ahead of July 4, here are the states where fireworks sales are legal, where they're illegal and where various restrictions apply.
Following debate, age factors in, and race shifts in Trump's direction after the first 2024 presidential debate.
President Biden met with Democratic governors on Wednesday amid concerns over his debate performance last week.
Lawyers involved with Jan. 6 prosecutions are focused on the date when the window to bring charges against defendants will close.
It's a welcome number for the candidate, who caused widespread concern among Democrats after his debate performance
With just hours to spare, Democratic legislators announced Sunday night an agreement on a Prop 47 reform initiative they plan to put on a ballot.
The authorization comes after a week-long voting period for the more than 6,000 Food4Less workers represented by the United Food and Commercial Workers Local union.
A string of recalls connected to Wisconsin-based supplier Schreiber Foods has now extended to Aldi stores after similar recalls at Hy-Vee and other grocery chains.
Target, looking for ways to add sales, is relaunching its Target Circle loyalty program including a new paid membership with unlimited free same-day delivery in as little as an hour for orders over $35.
When, who and how much to tip is becoming more of a question in consumers' minds.
One in four college students says they have credit card debt, according to a new survey by U.S. News and World Report. And with interest rates topping 20 percent, those students could be in debt for years. On Your Side's Kristine Lazar has more on the biggest mistakes college students are making with their credit cards.
A case of H5 influenza, also known as bird flu or avian influenza, has been confirmed in a man who was working at a dairy farm in northeastern Colorado.
The CDC says it is too early to say if this year's summer COVID-19 surge has arrived.
The FDA said its study better simulated how commercial milk processing kills the bird flu virus, H5N1.
The Los Angeles County Department of Public Health announced on Monday that there was a "concerning increase" of mpox, or monkeypox, cases that have been reported in the last two weeks.
Millions today owe their lives to the work of the man who devoted his career to public health, but in recent years Dr. Anthony Fauci has been targeted by a partisan, anti-science spectrum of opponents.
Gov. Newsom Saturday signed a state budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and business tax increases.
Democrat lawmakers in California have agreed to delay a minimum wage increase for about 426,000 health care workers to help balance the state budget.
The California Supreme Court has removed a measure from the state's November ballot that would have made it harder to raise taxes.
Colorado wants to welcome more celebrities and movie stars to the Front Range. The state submitted a proposal to host the Sundance Film Festival in Boulder starting in 2027.
California has fined Amazon a total of $5.9 million, alleging the e-commerce giant worked warehouse employees so hard that it put their safety at risk.
Veteran safety John Johnson has re-signed with the Los Angeles Rams after his successful return to the team last season.
Kei Kamara and Denis Bouanga scored four minutes apart late in the first half, and Los Angeles Football Club beat the LA Galaxy 2-1 on Thursday night in front of 70,076 at the Rose Bowl in a matchup of the top two teams in the Western Conference.
Christian Walker extended his tear at Dodger Stadium on Thursday night, homering in his first two at-bats for his 18th and 19th home runs in 42 career games at the ballpark, and the Arizona Diamondbacks beat the Los Angeles Dodgers 9-3.
Ryan Garcia has been expelled by the World Boxing Council after he repeatedly used racial slurs against Black people and disparaged Muslims in comments livestreamed on social media.
Lawrence Butler homered, JP Sears won for the first time in more than a month, and the Oakland Athletics blanked the Los Angeles Angels for a second straight game by the same 5-0 score to complete three-game series sweep.
It's the dawn of a new era at the Nathan's Famous Hot Dog Eating Contest. Patrick Bertoletti is the new men's champion, and Miki Sudo set a new record and retained the women's division title.
Attorneys for Alec Baldwin's "Rust" said the incentive would have been used to pay a settlement to cinematographer Halyna Hutchins' family.
Ann Wilson, lead singer of rock band Heart, says she has cancer.
Over a month ahead of their scheduled stop in Colorado, Neil Young and Crazy Horse canceled their entire tour, which includes the show scheduled for July 31 at Fiddler's Green.
"CBS News 24/7," a daily flagship show featuring live reporting from CBS News and Stations' local-to-global newsrooms, brings viewers a dynamic and immersive news experience.
Gio Insignares reports from the Rose Bowl, where more than 70,000 people were on hand for the latest installment of "El Traffico," the showdown between crosstown rivals LAFC and LA Galaxy, before a dazzling fireworks display over the stadium.
A Palmdale family is homeless after they say a lit firework fell into their yard, sparking a huge fire that destroyed their home earlier this week.
Lauren Pozen reports from Huntington Beach, where a dazzling fireworks display lit up the ocean, much to the enjoyment of the thousands of people who hit the beach for the Fourth of July.
Joy Benedict reports from LoanMart Field, home of the Rancho Cucamonga Quakes, where despite not having a game today fans flooded the stands to watch the Fourth of July fireworks display.
Desmond Shaw reports from SkyCal, where he takes a look at the thousands of illegal fireworks lighting up the night sky over LA County on the Fourth of July!
A look back at the hallowed career of the indie "B-movie" filmmaker, known for exploitation films, monster flicks, and some bizarre movie posters.
Shots from the second day of the JM Eagle LA Championship held at the Wilshire Country Club in the Palos Verdes Estates.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
The Academy Awards will hand out filmmaking's top honor in 23 categories during the 2024 Oscars at the Dolby Theatre in Hollywood, starting at 7 p.m. Eastern, 4 p.m. PDT.
Shots from the PGA's Genesis Invitational golf tournament held at the Riviera Golf Club in the Pacific Palisades.