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Business News
Business news, market updates, and economic developments
The Federal Reserve decided to keep interest rates the same, citing rising inflation caused by higher energy prices linked to the war in Iran. This was the first meeting led by new Fed Chairman Kevin Warsh, who was appointed by President Donald Trump.
Key Facts
The Fed's key interest rate remains between 3.5% and 3.75%.
Inflation in the U.S. is higher than the 2% target set by the Fed.
Higher energy costs from the Iran conflict are pushing inflation up.
Economists expected the Fed to hold rates steady this time.
Kevin Warsh is the new Federal Reserve Chairman, chosen by President Trump.
Warsh’s first task is to align Fed leadership with his plans and reassure markets.
President Trump had urged the previous chairman, Jerome Powell, to lower rates.
The Fed’s actions affect borrowing costs for consumers and businesses.
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The Federal Reserve recently paused interest rate changes for the fourth time in a row. This pause means mortgage rates are likely to stay around current levels instead of dropping soon, influenced more by other factors like inflation and energy prices.
Key Facts
The Fed kept its benchmark interest rate steady at its latest meeting.
This is the fourth consecutive time the Fed has paused rate changes.
Inflation rose to about 4.2% in May, a several-year high, partly due to higher oil prices linked to the conflict with Iran.
Mortgage rates have been near 6.5% this year and are expected to stay mostly stable after the Fed's pause.
Mortgage rates are closely connected to the 10-year Treasury yield, which remains high due to inflation concerns.
Economic reports on inflation and jobs are likely to affect mortgage rates more than the Fed's decisions right now.
Waiting for mortgage rates to drop may be risky, as rates might increase if inflation gets worse.
Borrowers should consider securing mortgage rates that fit their budgets instead of waiting for lower rates.
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The Federal Reserve will hold its first policy meeting under Chairman Kevin Warsh, President Trump’s appointee. The Fed is expected to keep interest rates steady at about 3.6% and may signal a longer period without rate changes, depending on inflation outlook.
Key Facts
Kevin Warsh was sworn in as Federal Reserve Chairman on May 22, 2026.
The Fed’s key interest rate is expected to stay near 3.6% for the fourth meeting in a row.
Warsh’s first Fed meeting and news conference will attract attention from investors, economists, and the White House.
The Fed might change its statement to suggest rates could remain unchanged longer or rise if inflation stays high.
Warsh has a background as an investment banker, previous Fed governor, and conservative think tank fellow.
He favors reducing how much the Fed talks publicly about the economy to avoid locking in policies prematurely.
Critics worry less communication could confuse or upset financial markets and the public.
Warsh previously supported lower interest rates and highlighted AI as a way to lower inflation over time.
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The number of cities in the U.S. where even the cheapest homes cost over $1 million has grown to 242, according to Zillow. California has the most such cities, followed by New York, reflecting ongoing challenges for people trying to buy entry-level homes.
Key Facts
There are now 242 U.S. cities where starter homes cost over $1 million, up from 226 last year.
This number has more than tripled since February 2020.
Starter homes are defined as homes priced in the lowest third for a region.
California has 105 cities with million-dollar starter homes, the highest in the country.
New York has 41 cities with million-dollar starter homes.
High demand during the pandemic, combined with low supply, pushed prices up sharply.
New York City metro area has 63 such cities; San Francisco has 37, Los Angeles 33.
Markets in the Sun Belt states have added more homes, slowing price growth compared to the Northeast.
It currently takes about six years for homeowners to break even versus renting, down from eight years in 2023.
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Carrying unpaid debts into retirement can cause serious money problems. Delinquent debt can freeze bank accounts, force large withdrawals from retirement savings that increase taxes, and hurt credit scores when retirees need financial flexibility most.
Key Facts
Many retirees still carry debts like credit cards, medical bills, and student loans.
Some retirement income, like Social Security and pensions, is protected from most creditors.
Court judgments on delinquent debt can lead to bank account freezes even if benefits were thought safe.
Withdrawals from 401(k) or IRA to pay debt increase taxable income and could raise tax bills and Medicare costs.
Retirees cannot easily replenish retirement savings after large withdrawals because they do not earn a regular paycheck.
Delinquent debt lowers credit scores, making it harder to get loans or refinance mortgages.
Protecting retirement funds requires careful management to avoid mixing protected and unprotected money.
Household debt levels remain high among older Americans entering retirement.
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This article compares how much money a $50,000 deposit can earn over one year in a certificate of deposit (CD) versus a high-yield savings account. It explains that CDs have fixed interest rates, while high-yield savings accounts have variable rates that can change, and shows the interest earned under current top rates for different timelines.
Key Facts
A CD typically offers a fixed interest rate around 4% or higher.
A high-yield savings account has a variable rate, currently close to or slightly above CD rates.
For a 3-month term, a high-yield savings account earns about $18 more in interest than a CD.
For 6 months, both accounts earn the same amount of interest ($1,014.70).
For 9 months, the high-yield savings account earns about $37 more than the CD.
For 1 year, a CD earns about $25 more interest than the savings account.
High-yield savings accounts allow easier access to money than CDs, which have restrictions.
Traditional savings accounts have very low interest rates around 0.38%, making them less profitable.
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CBS agreed to pay a licensing fee to the company that owns the rights to the song "Linus and Lucy," which Stephen Colbert used on his last show on CBS. The money from this payment will be donated to charity.
Key Facts
Stephen Colbert used the song "Linus and Lucy" on his final show on CBS.
The song is owned by a music company that licenses its use.
CBS made a deal to pay for the rights to use the song.
The licensing payment money will be given to charity.
Colbert had made a joke about the music company during his show.
This agreement settled the issue related to the song’s use on the broadcast.
CBS and the music company worked together to reach the licensing deal.
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France is reviewing a new law to limit the growth of ultra-fast-fashion companies like Shein. The Chinese brand Shein is leaving a famous Paris department store after criticism that its cheap, quickly changing clothes hurt French retailers and led luxury brands to leave.
Key Facts
Shein, a fast-fashion brand from China, was present in the BHV department store in Paris.
Shein's business model offers low-cost clothes with very fast turnover.
Critics say ultra-fast fashion harms traditional French retail businesses.
High-end brands like Dior and Guerlain left the BHV store after Shein arrived.
France’s parliamentary committee started reviewing a law on June 17, 2026, to control ultra-fast fashion's expansion.
The BHV department store is located in the Marais neighborhood, known for being stylish and historic.
The review aims to protect French economy and fashion sectors from rapid market changes caused by such brands.
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Inherited money can sometimes be used to pay off unpaid debts, but it depends on the type of debt, legal judgments, and how the inheritance is received. Creditors usually need a court judgment before they can take inherited money, and certain inherited assets may have special protections under the law.
Key Facts
Creditors generally cannot take inherited money without first winning a court judgment against you.
If a creditor has a judgment and inherited money is deposited into your bank account, that money could be frozen or taken.
Money still in the estate may not be accessible to creditors until it is distributed to you.
Some inherited assets like retirement accounts, life insurance, or trusts might have legal protections from creditors.
The rules for creditor access to inherited funds vary depending on state and federal laws.
Older debts do not automatically disappear and can still be collectible within certain time limits.
Receiving an inheritance can affect your financial situation but also raises questions if you owe money.
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The BBC is planning to cut 550 jobs as the first step in a plan to save £500 million over two years. Changes include closing some shows, merging teams, and reducing the hours of original TV and radio programs.
Key Facts
The BBC will cut 550 jobs in news, nations, TV, and radio content now.
These cuts are part of a bigger plan to save £500 million over two years.
Radio 4's program The World Tonight will end.
The number of permanent presenters for the Today show will drop from five to four, with one anchor on Saturdays.
BBC One’s Breakfast show will stop airing on Sunday mornings starting in September.
Some TV production at weekends will be shared between the News Channel and BBC One.
The BBC plans to reduce 100-150 hours of original TV programs and 350-400 hours of radio content by 2027-28.
The News Channel will focus more on international viewers to grow its audience outside the UK.
The overall plan aims to reduce BBC's workforce by 1,800 to 2,000 jobs.
Matt Brittin, the new BBC director-general, said these savings need careful planning and tough decisions.
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The CEO of Malt, a freelance marketplace, says that demand for skills related to AI agents is growing quickly across Europe. Companies in many industries are hiring more AI experts, which is changing the way freelance hiring works and affecting the future of jobs.
Key Facts
Malt is a platform that connects freelancers with companies in need of their skills.
“AI agents” are software programs that can perform tasks automatically using artificial intelligence.
Demand for AI agent-related skills has increased strongly throughout Europe.
This demand is spreading beyond just technology companies to other fields.
Companies are in a race to hire talent with knowledge about AI agents.
The trend signals a major change in freelance hiring practices.
The shift may impact how work and jobs evolve in the future.
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CBS Mornings Deals offers special discounts on products that aim to improve daily life. Viewers can visit cbsdeals.com to buy these items and save money.
Key Facts
CBS Mornings Deals features products with exclusive discounts.
The products focus on enhancing everyday lifestyle.
Customers can shop for these deals on the website cbsdeals.com.
CBS earns commissions when people buy through the site.
The deals are promoted during the CBS Mornings show.
The offers are available for a limited time.
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The Federal Reserve is expected to keep interest rates the same during its meeting today. This is the first meeting led by the new Federal Reserve chair, Kevin Warsh.
Key Facts
The Federal Reserve sets interest rates that influence borrowing costs.
Investors expect no change in the current interest rates at this meeting.
Kevin Warsh is the new chairperson of the Federal Reserve.
This is Warsh's first meeting as chair.
The Fed's decisions affect the economy and financial markets.
The meeting is scheduled for Wednesday.
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Jaguar Land Rover has changed its plan to make one factory produce only electric cars. Instead, it will continue making petrol and hybrid vehicles while focusing on growing sales in the US, aiming to sell as many cars there as it currently does worldwide.
Key Facts
Jaguar Land Rover (JLR) reversed its plan to make the Halewood factory an electric-only plant.
JLR will produce petrol and hybrid versions of smaller SUVs like the Range Rover Velar, Evoque, and Discovery.
The company aims to grow its US market to match the size of its entire current business.
Hybrid vehicles use both petrol engines and small batteries but make fewer carbon savings than full electric cars.
JLR plans to invest £18 billion between 2024 and 2029 to support growth and new models.
The shift back to hybrids delays full electric adoption and affects UK government targets for zero emission vehicles.
JLR delayed the electric version of its Range Rover by one year and will start taking orders for new electric Jaguars in 2027.
Exports to the US from the UK have a 10% tariff, and JLR is considering building cars in the US with partner Stellantis.
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Retail sales in the United States rose by 0.9% in May, stronger than in April, helped by warmer weather and lower gasoline prices. Sales increased in many retail sectors, especially online and home furnishings, while some, like electronics stores and restaurants, saw declines.
Key Facts
Retail sales grew 0.9% in May, up from 0.4% in April.
Government tax refunds helped support spending in April and May but are fading.
Sales increased 0.7% when excluding gas stations.
Clothing and accessories stores sales rose 0.3%; home furnishing and furniture stores rose 1%.
Electronics and appliance stores saw a sales decline of 0.5%.
Online retail sales increased by 1.5%.
Restaurant sales fell slightly by 0.1%.
Gasoline prices fell to an average of $4.02 per gallon, down 11% from $4.51 a month earlier.
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The Federal Reserve will announce its first decision on interest rates under new chairman Kevin Warsh. This decision comes at a time when inflation, which means prices going up, is continuing to increase. The choice the Fed makes could affect things like loans and savings for people.
Key Facts
The Federal Reserve is the central bank of the United States.
Kevin Warsh is the new chairman of the Federal Reserve.
This is his first interest rate decision as chairman.
Inflation means prices of goods and services are rising.
Higher interest rates can make borrowing money more expensive.
Lower interest rates can encourage people to spend and borrow more.
The Fed’s decision can affect everyday things like mortgage rates and credit card costs.
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The company that owns Sam Adams said their Boston Taproom ran out of Boston Lager beer over the weekend. The reason was that soccer fans from Scotland drank four times more than usual.
Key Facts
The Boston Taproom is owned by the parent company of Sam Adams beer.
Their flagship beer is called Boston Lager.
Over the weekend, the taproom ran out of Boston Lager.
Scotland soccer fans were visiting and drinking at the taproom.
These fans drank four times the usual amount of Boston Lager.
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AO World, a UK online electrical goods retailer, is moving up to 200 call centre jobs from the UK to South Africa to cut costs. The company reported a large increase in profits and is exploring new technology like robotics to make its business more efficient.
Key Facts
AO World plans to outsource up to 200 UK call centre jobs to South Africa to reduce rising labour costs.
The company expects to save about £4 million annually from this move.
Pre-tax profits rose by 145% to £50.5 million in the year ending 31 March.
AO paid £20 million in special payments to shareholders.
About 150 call centre roles have already moved to South Africa; 50 more are expected to shift soon.
Complex customer service roles, over 100 of them, will stay in the UK.
AO's total number of employees dropped by 340 to 2,800 due to business efficiency efforts.
The firm is testing robotics in its warehouses and planning more automation to deal with rising costs.
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The BBC is planning major job cuts and will cancel some TV programmes as part of a large cost-saving plan. The new director general, Matt Brittin, said about 2,000 jobs could be lost over three years to save £500 million, with an emphasis on focusing more on digital audiences.
Key Facts
BBC will cut jobs, with about 700 roles gone in corporate divisions and 550 in news, nations, and content divisions.
Overall, up to 2,000 jobs may be lost over the next three years.
The BBC aims to save £500 million during this period.
Some entire BBC programmes will be cancelled to help reduce costs.
The BBC’s spending on commissioning new content will fall by about £80 million next year.
The number of senior leaders will be reduced by at least 10%.
The BBC plans to focus more on audiences using digital platforms like YouTube.
These are the largest cuts at the BBC in over ten years and come during uncertain times for the broadcaster.
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A baker in Seattle has become popular on social media by sharing baking videos narrated by his children. These videos have helped his business grow quickly.
Key Facts
The baker is based in Seattle.
His kids narrate the baking videos in a fun way.
The videos have gone viral, meaning many people have watched and shared them.
This social media attention helped the baker’s business grow a lot.
The stories were shared by ABC News and covered by reporter Danny New.
The growth is directly connected to the unique way the videos are made.
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