Owe money on your credit card? Here's how a Fed rate cut could impact your payments.
CBSN
Thanks to the double-whammy of inflation and higher interest rates, Americans have amassed a $1.1 trillion mountain of credit card debt. Borrowers who are carrying balances may soon get some modest relief if, as widely expected, the Federal Reserve on Wednesday moves to lower interest rates for the time since 2020.
On September 18, the central bank is expected to reduce its benchmark rate, which stands at its highest point in 23 years. Although economists agree that the Fed will reduce rates this week, experts are mixed on whether Fed will kick off a cycle of monetary easing with a 0.25 percentage point cut or a larger 0.5 percentage point reduction designed to guard against recession risks, according to financial data firm FactSet.
Millions of consumers have racked up credit card debt in recent years as more families have relied on plastic to pay for household expenses amid price increases for everything from groceries to rent. While inflation has now cooled to below 3% on an annual basis, people who are carrying credit card balances are getting socked by historically high annual percentage rates, which make it harder to dig out from debt.
The Trump administration hopes to upgrade and replace the nation's entire air traffic control system, with President Trump saying Thursday morning that he'll work with Congress on a bill to that end.
The United States does not plan to stop distributing foreign aid around the world but needs to do a better job explaining and defending programs receiving assistance, Secretary of State Marco Rubio told U.S. diplomats behind closed doors Wednesday.
Police in Sierra Leone have said they are hunting a Dutch drug trafficker who is one of Europe's most-wanted fugitives and believed to be hiding out in the west African country.
More than 2 million federal employees face a looming deadline: By midnight on Thursday, they must decide whether to accept a "deferred resignation" offer from the Trump administration. If workers accept, according to a White House plan, they would continue getting paid through September but would be excused from reporting for duty. But if they opt to keep their jobs, they could get fired.
The CIA confirmed Wednesday that it offered buyouts to employees who volunteer to resign, the latest group of federal workers to receive such a proposal as President Trump pushes to transform the federal government.
More employees of the Environmental Protection Agency were informed Wednesday that their jobs appear in doubt. Senior leadership at the EPA held an all-staff meeting to tell individuals that President Trump's executive order, "Ending Radical and Wasteful Government DEI Programs and Preferencing," which was responsible for the closure of the agency's Diversity, Equity, and Inclusion office, will likely lead to the shuttering of the Office of Environmental Justice and External Civil Rights as well.
Democrats on Capitol Hill, and sources familiar with the situation, said the White House's Department of Government Efficiency, or DOGE, has been inside the offices of the National Oceanic and Atmospheric Administration.
At least four cattle herds in Nevada have tested positive for a strain of H5N1 bird flu never before seen in cows, state agriculture officials confirmed Wednesday, and respiratory symptoms like coughing and sneezing have been reported.
In her first hours as attorney general, Pam Bondi issued a broad slate of directives that included a Justice Department review of the prosecutions of President Trump, a reorientation of department work to focus on harsher punishments, actions punishing so-called "sanctuary" cities and an end to diversity initiatives at the department.
Blake Lively faces a second defamation lawsuit after the actor alleged she was sexually harassed while making the movie "It Ends With Us" and subsequently targeted by a coordinated smear campaign.
Foodborne illness kills hundreds of Americans a year, sickens tens of millions annually, and costs billions in medical care, lost productivity and premature deaths, federal researchers said in a report.
Washington — Senate Republicans said Wednesday that they intend to move forward with their own plan to approve key components of President Trump's agenda beginning next week, as the House efforts to start the budget reconciliation process have stalled.
Washington — A federal judge in Maryland on Wednesday temporarily blocked President Trump's executive order seeking to end birthright citizenship from taking effect nationwide, becoming the second to rule against the president amid a rush of legal challenges to his directive.