Trump calls Fed Chair Jerome Powell a "fool" for keeping interest rates steady
CBSN
President Trump on Thursday criticized Federal Reserve Chair Jerome Powell for holding interest rates steady at the Fed's May 7 meeting, calling him a "fool" for acting "too late" in cutting the central bank's benchmark rate.
Mr. Trump's post on his Truth Social app is the latest in a string of criticisms he's launched at Powell for holding rates steady this year. Meanwhile, the Bank of England on Thursday cut its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.
The Federal Reserve's last rate cut was made in December 2024, when the central bank lowered the rate to a range of 4.25% to 4.50%, where it still stands.
Colombian President Gustavo Petro is the subject of several ongoing narcotics trafficking investigations being overseen by federal prosecutors in New York, sources told CBS News on Friday. Lilia Luciano, Joe Walsh and Margaret Brennan contributed to this report.
The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted the country's oil industry for years — a move aimed at stemming soaring prices amid the U.S.'s war with Iran. In:
A federal judge has struck down some of the Defense Department's strict controls on how journalists with access to the Pentagon are allowed to report — ending a policy that caused many news outlets to leave the Pentagon. In:
A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not "scheme" to mislead investors. In:
Washington — The Senate on Friday again failed to move forward with legislation to fund the Department of Homeland Security, extending the shutdown that has snarled air travel around the country. Alan He and Caitlin Huey-Burns contributed to this report.
Muddy floodwaters from severe rains inundated streets, swallowed vehicles and prompted evacuation orders for thousands of residents in towns north of Honolulu on Friday as officials warned of the possible failure of a 120-year-old dam. In:
The Justice Department on Friday moved to dismiss its criminal case against two former Louisville police officers who were facing civil rights charges in connection with the shooting death of Breonna Taylor.
Although the Trump administration is pulling multiple levers to tame energy costs amid the widening Iran war, the average price of gasoline in the U.S. on Friday neared $4 a gallon, raising questions about whether those efforts are working. Edited by Alain Sherter In:
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.)
Washington — Pentagon officials have made detailed preparations for deploying U.S. ground forces into Iran, multiple sources briefed on the discussions told CBS News. In:
Delays at major U.S. airports across the country persist as Transportation Security Administration officers continue to work without pay and call-outs mount as the partial government shutdown drags on. In:
For U.S. consumers, soaring oil prices due to the Iran war don't just mean pain at the pump — the impact is also likely to be felt by shoppers both in stores and online. In:
A second Marine Expeditionary Unit of about 2,200 Marines and three warships is headed toward the Middle East, as the war with Iran continues. In: