The Fed hiked interest rates for the first time since 2018. Here's how that could hit your wallet.
CBSN
Americans have gotten used to low interest rates for borrowing money, making it cheap to take out a loan for a home, car or other needs. But consumers will now find themselves paying more for all types of loans and credit this year now that the Federal Reserve has raised interest rates for the first time since 2018.
Fed officials on Wednesday afternoon announced that they are raising the central bank's benchmark short-term interest rate 0.25%. That might not seem like much, but a quarter point move in the federal funds rate is expected to be only the first of several such increases this year as the Fed normalizes monetary policy and tries to douse the steepest inflation in decades.
FedEx said Tuesday that it will offer same-day delivery in partnership with logistics company OneRail, with the announcement following a recent move by Amazon to offer expedited deliveries across the U.S. Edited by Alain Sherter In:
OpenAI said Tuesday that it is discontinuing its Sora AI video app. Edited by Alain Sherter In:
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NASA announced ambitious long-range plans Tuesday to spend $20 billion over the next seven years to build a moon base near the lunar south pole featuring habitats, pressurized rovers and nuclear power systems. The announcement came just over a week before the planned launch of NASA's Artemis II around-the-moon mission. In:
Minnesota state and county officials sued the federal government Tuesday, alleging they are being blocked from investigating the shootings of Renee Good, Alex Pretti and Julio Cesar Sosa-Celis by federal agents. In:
Washington — It's not a palace, but next month the White House is set to be overrun by royals. Gabrielle Ake contributed to this report.
Epic Games, the video game maker behind Fortnite, is laying off more than 1,000 workers amid "extreme" market conditions and a downturn in engagement with its most popular game, CEO Tim Sweeney said in a blog post Tuesday. Edited by Aimee Picchi In:
Security screening lines are so long at some U.S. airports that major airlines are letting passengers cancel or rebook their tickets free of charge during the ongoing partial federal government shutdown. Edited by Alain Sherter In:
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Washington — President Trump, who calls voting by mail "cheating" and wants to restrict the method, voted by mail this month in Florida's special elections, public records show. In:
Washington — Oklahoma Gov. Kevin Stitt appointed energy executive Alan Armstrong on Tuesday to replace newly confirmed Department of Homeland Security Secretary Markwayne Mullin in the Senate.
Washington — The Senate is closing in on a deal to fund the bulk of the Department of Homeland Security and end the partial government shutdown that has stretched six weeks and snarled air travel. Seiji Yamashita and Alan He contributed to this report.