MoneyWatch: Unemployment ticks up; revised GDP data released – CBS News Watch CBS News Initial unemployment benefits ticked up for the first time in three weeks and revised federal data showed the fourth quarter GDP trimmed slightly at a 2.6% annual rate. CBS News contributor and managing editor for business and markets at Axios, Javier … Read more
WASHINGTON — The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate. But consumer spending, which drives most of the economy’s growth, was revised sharply down. The government had previously estimated that the … Read more
A bipartisan group of senators has introduced a bill to give regulators the authority to claw back executive compensation after some bank officials made millions and received bonuses in the days and months before the collapse of Silicon Valley Bank and Signature Bank. Democratic Sens. Elizabeth Warren of Massachusetts and Catherine Cortez-Masto of Nevada teamed … Read more
Senators grill top regulators on bank failures, oversight concerns – CBS News Watch CBS News In a hearing Tuesday, Senate lawmakers scrutinized top federal regulators on the downfalls of Silicon Valley Bank and Signature Bank, and concerns over a lack of oversight. CBS News congressional correspondent Scott MacFarlane joined John Dickerson to discuss the hearing. … Read more
From the right: DEI Ideology Must Die “The adults at the Stanford Law School appear to be in charge,” cheers Heather Mac Donald at Quillette, after Dean Jenny Martinez affirmed the First Amendment rights of Judge Kyle Duncan against disruptive student protesters. But even “punishing the hecklers” (which Martinez didn’t) and firing Tirien Steinbach, the … Read more
Minneapolis Fed chair Neel Kashkari says “fundamentally, the banking system is sound” – CBS News Watch CBS News Minneapolis Fed chair Neel Kashkari tells “Face the Nation” that while not “all of the stresses are behind us, I expect this process will take some time. But fundamentally, the banking system is sound.” Be the first … Read more
Home flipping still popular, but profits decline – CBS News Watch CBS News New data shows home flipping in the United States is still popular, but last year the practice saw its lowest profits since 2008. CBS MoneyWatch reporter Khristopher Brooks joins Errol Barnett and Elaine Quijano to discuss the trends. Be the first to … Read more
San Jose skyline, seen in 2021. (George Avalos/Bay Area News Group) The pace of job growth slowed sharply in the Bay Area and California in February, government officials disclosed Friday in a disquieting report that arrives on the heels of several months of widening tech and biotech layoffs. The Bay Area added 6,500 jobs in February, … Read more
Bank of England raises interest rates to a 15-year high – CBS News Watch CBS News The Bank of England has raised interest rates to their highest level in 15 years. CBS News anchors Meg Oliver and Errol Barnett spoke with foreign correspondent Imtiaz Tyab about what this means for residents and the economy. Be … Read more
Impact of Federal Reserve raising interest rates amid banking turmoil – CBS News Watch CBS News The Federal Reserve raised interest rates another quarter-point in an effort to ease inflation. In the U.K., the Bank of England also raised rates. CBS News contributor and Axios managing editor for business and markets Javier David discusses the … Read more