Federal Reserve hikes key interest rate to highest level in 22 years
CBSN
After briefly pausing its war on inflation last month, the Federal Reserve is resuming the battle by hiking its benchmark interest rate to the highest level in 22 years.
The central bank concluded a two-day policy meeting on Wednesday by announcing that it is raising the federal funds rate by a quarter of a percentage point, lifting the Fed's target rate to between 5.25% and 5.5%.
The Fed's rate-setting body left open the possibility of further hikes, saying it would "take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments" in deciding whether to raise interest rates further.
Jeff Bezos' Blue Origin launched six space tourists on a high-speed dash to the edge of space and back Friday, giving the passengers — including a husband and wife making their second flight — about three minutes of weightlessness and an out-of-this world view before the capsule made a parachute descent to touchdown at the company's west Texas flight facility.
The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)
Organic carrots and celery sold at Whole Foods Market in five states are being recalled amid a deadly E. coli outbreak that has stricken 39 people in 18 states.
It's well-documented that women in the workplace often face biases when seeking leadership roles, but new research is uncovering just how pervasive and wide-ranging those prejudices can be.
President-elect Donald Trump's sentencing for his May criminal conviction has once again been delayed, a judge ruled Friday.
Washington — The Supreme Court on Friday dismissed Facebook's appeal of a lower court order reviving a shareholder lawsuit brought against the social media giant in light of consulting firm Cambridge Analytica's 2015 misuse of millions of Facebook users' data.
Sen. JD Vance's election as vice president has opened up one of Ohio's U.S. Senate seats for the third time in as many years, setting off a scramble for the appointment among the state's ruling Republicans.
An 84-year-old Texas man has been charged with first-degree murder after allegedly killing his roommate and her dog, authorities said.
A Georgia woman convicted of killing her 20-month-old son and dumping his body in a trash bin was sentenced Thursday to life in prison.
Authorities have seen a surge of guns and ammunition flowing from the United States to Latin America and the Caribbean, fueling conflict in regions already struggling with violence and unrest.
The U.S. Department of Justice's Los Angeles office filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.