The lightning collapse of three banks and financial industry rescue of a fourth has put a spotlight on the Federal Reserve’s decision next week over whether to continue raising interest rates. Just two weeks after Fed Chair Jerome Powell suggested rates could rise even higher than previously projected in a bid to quash inflation, many analysts … Read more
Former FDIC chair Sheila Bair on turmoil in the banking sector – CBS News Watch CBS News Former FDIC chair Sheila Bair joins John Dickerson on “Prime Time” to discuss the recent failure of Silicon Valley Bank and whether Americans need to be concerned about broader instability in the banking system. Be the first to … Read more
Consumer price index rises 0.4% in month of February – CBS News Watch CBS News The consumer price index rose 0.4% in February and 6% year-over-year, showing signs that inflation is easing year over year. CBS News reporter Sarah Ewall-Wice joined Anne-Marie Green and Nikki Battiste to discuss the latest numbers, moves the federal government … Read more
The U.S. government announced Sunday that it is deploying emergency measures to shore up the banking system and backstop deposits at two banks that failed within a matter of days. All deposit accounts at both institutions, Silicon Valley Bank and Signature Bank in New York, will be guaranteed, according to a joint statement released by … Read more
Stocks fall after Federal Reserve signals more interest rate hikes – CBS News Watch CBS News Stocks slumped Tuesday after Federal Reserve chair Jerome Powell indicated there will be more interest rate hikes in response to ongoing inflationary pressure. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. … Read more
3/7: CBS News Prime Time – CBS News Watch CBS News John Dickerson reports on the fate of four Americans kidnapped in Mexico, patients file a lawsuit over Texas’ abortion ban, and Federal Reserve Chairman Jerome Powell’s new comments on interest rates. Be the first to know Get browser notifications for breaking news, live events, … Read more
Fed chair startles Wall Street by indicating higher interest rates are coming – CBS News Watch CBS News Federal Reserve Chairman Jerome Powell testified to the Senate Banking Committee Tuesday that interest rates could rise higher and faster than anticipated in an effort to fight inflation. New York Times Federal Reserve and economy reporter Jeanna … Read more
The Federal Reserve may need to increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Federal Reserve Chair Jerome Powell said Tuesday in prepared testimony to a Senate panel. “The latest economic data … Read more
U.S. consumers undeterred by inflation, new numbers show – CBS News Watch CBS News Although U.S. inflation continues to remain high, it’s not stopping Americans from spending on everything from everyday essentials to pricey vacations. A Commerce Department report released Friday found that consumer spending rose 1.8% in January. Michael George has the details. Be … Read more
Can the Federal Reserve keep raising interest rates and defeat the nation’s worst bout of inflation in 40 years without causing a recession? Not according to a new research paper that concludes that such an “immaculate disinflation” has never happened before. The paper was produced by a group of leading economists, and three Fed officials … Read more