A hotter-than-expected inflation report has sharply raised the likelihood that the Federal Reserve will increase interest rates in September, which would mark its first rate hike since 2023. The Consumer Price Index rose at an annual rate of 3.4% in August, in line with July’s reading but higher than the 3.3% economists were forecasting. One-third…
President Trump’s vow to send $5,000 to every U.S. adult if the Republican Party keeps control of Congress in the midterm elections would drive up the federal deficit, reignite inflation and alarm investors, according to economists. After Mr. Trump raised the idea of such a dividend on Wednesday night at the Republican National Committee’s midterm…
Mortgage rates have confounded house hunters this year by steadily ticking higher. That trend is likely to continue, according to economists, with some predicting rates will climb back above 7%. “We’re effectively there,” Mark Zandi, chief economist at Moody’s Analytics, told CBS News. “And rates could easily go over.” The average rate for a 30-year…
Gloria Steinem has died at the age of 92. Before 1974, single women often needed a man to co-sign for loans, and married women could only get credit cards in their husbands’ name. That changed thanks to Steinem and the women’s movement she helped lead. Norah O’Donnell looks back on the life of the feminist…
“Buy now, pay later” loans were originally promoted as a way to help consumers afford small purchases, such as electronics and clothing. Now, financial firms are also pushing the loans as a means for people to cover essential expenses, such as rent, groceries, electricity bills and even medical costs. Consumer advocates warn that using BNPL…
Treasury yields edged higher on Tuesday, extending a global bond sell-off and threatening to raise borrowing costs for millions of Americans. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.78%, up from 4.75% late Monday and the highest level since January 2025. The yield on the 2-year Treasury, which closely tracks…
Ayana Velasquez met Daejon Love, the man federal authorities allege posed as an NFL player and real estate investor to defraud over two dozen women of $1.3 million, through a dating app nearly five years ago. “When I met him in 2021, he portrayed that he wanted to be with me, wanted to give me…
Canadian trade officials acknowledge that the country’s retaliatory tariffs of up to 50% on $20 billion in American goods are intended to exert pressure on the Trump administration by targeting key U.S. states. Although the negotiators haven’t identified those regions, the tariffs could hit states in the Midwest and Northeast particularly hard, according to economists’ analysis…
The language used Monday by Treasury Secretary Scott Bessent as he announced a new raft of sanctions against Iran was apocalyptic. The measures are part of the Trump administration’s plan to use economic pressure to force Iran to capitulate, to bring an end to the nearly six-month war and reopen the Strait of Hormuz. The…
Canada on Tuesday announced that it is imposing tariffs of up to 50% on about $20 billion of U.S. imports, aiming to match the Trump administration’s recently announced import duties on Canadian imports. “Today, I’m announcing Canada will match the U.S. tariffs dollar for dollar, up to 50% on $27.6 billion of imports from the…
