Articles
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1 day ago |
cbsnews.com | Aimee Picchi |Alain Sherter
The U.S. economy shrank faster than previously thought during the first three months of 2025, with growth contracting for the first time in three years. The country's gross domestic product fell at an annual rate of 0.5% from January through March, the Commerce Department reported Thursday in its third and final GDP report for the period. The agency's initial first-quarter GDP report, issued in April, estimated a 0.3% decline, which was later revised to a 0.2% dip in its second print.
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1 day ago |
cbsnews.com | Aimee Picchi |Alain Sherter
The Republican budget package aims to make President Donald Trump's tax cuts permanent while offering a host of new financial breaks. Yet the "big, beautiful bill," as the legislation is dubbed, could also effectively transfer wealth from younger generations to older Americans over their lifetimes, a recent study finds.
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3 days ago |
cbsnews.com | Aimee Picchi |Alain Sherter
First-ever Starbucks Global Barista champion crowned Starbucks said Tuesday that the coffee chain is changing how it charges for beverage add-ins like matcha and syrups as it moves to standardize pricing across the company's stores. Starbucks will now charge 80 cents for any combination of syrup or sauce that modifies an unflavored drink, instead of charging for each addition.
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3 days ago |
cbsnews.com | Aimee Picchi |Alain Sherter
Federal Reserve Chair Jerome Powell reiterated his view that the central bank should keep interest rates steady for now, citing inflation risks from U.S. tariffs. Powell, who made his remarks in prepared testimony Tuesday before the House Committee on Financial Services, has been under pressure from President Trump to cut rates, which would make it cheaper for consumers and businesses to borrow money.
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4 days ago |
cbsnews.com | Aimee Picchi |Alain Sherter
Iran threatens to close Strait of Hormuz The U.S. military strikes in Iran are raising questions about the impact on the oil and gas industry, including whether the widening conflict could result in higher energy prices for Americans.
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