Local News

The Federal Reserve announced Wednesday it's cutting its benchmark interest rate by 0.25 percentage points. The move comes as President Trump prepares to install a replacement for Fed Chair Jerome Powell. CBS News White House reporter Olivia Rinaldi has more.

The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.

The Federal Reserve cut its benchmark interest rate by 0.25 percentage points Wednesday, bringing the federal funds rate to its lowest level in more than three years. CBS News' Kelly O'Grady and Olivia Rinaldi have more.

Want to borrow $50,000 worth of home equity now? Here's what a loan can cost monthly after the December Fed rate cut.

The Fed rate just hit its lowest level in years, but whether mortgage rates fall now depends on a few factors.