Jerome Powell's announcement regarding interest rates will highlight the Federal Reserve's influence on current and future economic conditions.

Washington

The Federal Reserve, the central bank of the United States, is set to decide whether to cut interest rates or keep them steady. This decision, made by the Federal Open Market Committee (FOMC), is closely watched due to its significant impact on the economy, affecting everything from mortgage rates to credit card interest.

The Fed operates independently from political influence, with its leadership nominated by the President and confirmed by the Senate. Its main responsibilities include maintaining stable inflation and high employment. The central bank holds regular meetings in Washington, D.C., where key members deliberate on monetary policy.

Federal Reserve in spotlight amid Trump attacks

A CERTAIN BANK GETS A LOT OF ATTENTION. The Federal Reserve will announce. The Federal Reserve Headquarters in Washington, D.C. The Federal Reserve will decide whether to cut interest rates or hold steady. BUT WHAT IS THE FEDERAL RESERVE? THE FEDERAL RESERVE, OR FED, IS THE CENTRAL BANK FOR THE U.S. Being a central bank means that it has a few functions. The main one being that it's in charge of what we in economics say the monetary and credit systems here in the United States. IT PERFORMS SEVERAL FUNCTIONS TO DO THIS. THE MOST WELL KNOWN IS INFLUENCING THE COUNTRY'S MONETARY POLICY WITH THE GOAL OF KEEPING EMPLOYMENT HIGH AND INFLATION STABLE. IT DOES THIS BY DETERMINING THE FEDERAL FUNDS RATE, BETTER KNOWN AS THE FED'S INTEREST RATE. THIS IS THE RATE THAT BANKS BORROW MONEY FROM EACH OTHER. AND IT INFLUENCES WHAT YOU PAY ON EVERYTHING FROM HOME LOANS TO CREDIT CARDS. If you put upward pressure on the federal funds rate, all of the other interest rates are going to go up with it, including the mortgage rate, the interest rate you pay on your car, whatever interest rate, they're all going to move in the same direction. THAT'S A MAJOR RESPONSIBILITY. AND IT'S DETERMINED BY THE FEDERAL OPEN MARKET COMMITTEE, OR FOMC. THAT'S A BODY MADE UP BY SEVEN FED GOVERNORS APPOINTED BY THE PRESIDENT AND CONFIRMED BY THE SENATE AND FIVE OF THE TWELVE REGIONAL FED BANK PRESIDENTS. THE WORK THEY DO IS LED BY A FED CHAIR, ALSO NOMINATED BY THE PRESIDENT. BEING CHAIRMAN OF THE FEDERAL RESERVE IS ONE OF THE MOST POWERFUL POSITIONS ON THE PLANET. YOU CAN HONESTLY MAYBE EVEN ARGUE RIGHT UP THERE WITH THE PRESIDENT OF THE UNITED STATES. THE FEDERAL RESERVE HAS FREQUENT COMMUNICATIONS WITH THE EXECUTIVE BRANCH AND CONGRESSIONAL LAWMAKERS, BUT IT WAS DESIGNED TO MAKE DECISIONS INDEPENDENTLY SO THAT FISCAL POLICY IS NOT INFLUENCED BY POLITICS. THE FEDERAL RESERVE USUALLY MEETS EIGHT TIMES EACH YEAR IN WASHINGTON, D.C. THESE MEETINGS INCLUDE THE SEVEN FED BOARD GOVERNORS AND ALL TWELVE OF THE PRESIDENTS OF THE FEDERAL RESERVE BANKS, EVEN THOUGH JUST FIVE ARE VOTING MEMBERS AT ONE TIME. HOLLY FERFER, SCRIPTS NEWS GROUP.

The U.N. General Assembly brought high-level officials together to promote a two-state solution to the decades-old Israel-Palestinian conflict. Israel and the United States are boycotting the two-day meeting, co-chaired by the foreign ministers of France and Saudi Arabia

New York

Middle East Conflict

Israel and U.S. boycott UN Summit for two-state solution

With numerous countries facing an Aug. 1 trade agreement deadline, officials in the Trump administration say China could get an extension while negotiations continue.

Global Tariffs

Trump officials suggest potential tariff truce with China

Police say the man who shot and killed four people in a New York City office building before he took his own life had a "documented mental health history." Mayor Eric Adams says he may have been targeting the National Football League (NFL).

Manhattan gunman had 'documented mental health history'

Jeffrey Epstein-associate Ghislaine Maxwell is offering to testify before Congress in exchange for concessions like full immunity. CBS News Department of Justice reporter Jake Rosen has more.

Ghislaine Maxwell offers to testify before Congress

Prime Minister Keir Starmer said on Tuesday (July 29) Britain was prepared to recognize a Palestinian state in September at the United Nations General Assembly unless Israel takes a number of steps to improve life for Palestinians.

London

UK to recognize Palestinian state unless Israel takes action

Russia launched overnight air strikes on over 70 Ukrainian cities, killing more than 20 people, according to President Zelenskyy. A pregnant woman died near a hospital in the southeast, while a prison strike killed at least 17.

Kyiv

Ukraine Invasion

Deadly Russian air raids hit Ukraine as Trump warns of sanctions

For the first time, human rights groups inside Israel are accusing their own government of committing genocide in Gaza. Israel insists it is targeting Hamas, not civilians—despite nearly 60,000 Palestinian deaths since the war began almost two years ago.

Jerusalem

Rights groups in Israel accuse country of genocide

As Gaza’s crisis worsens, France is advocating for a two-state solution at a UN conference co-chaired by the French foreign minister. The meeting follows President Macron’s announcement that France will formally recognize a Palestinian state in September.

France leads UN talks on Israel-Palestine two-state solution

Former Colombian President Álvaro Uribe was found guilty of bribery and witness tampering in an unprecedented trial that has shaken the country.

Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

Russian Security Council Deputy Chairman Dmitry Medvedev posted on social media that President Trump's deadline push for a ceasefire with Ukraine is "a threat and a step towards war."

Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

Ukraine says Russia's overnight air strikes hit a prison in Zaporizhzhia in the southeast, killing at least 17 people. Another 35 were injured. Authorities say the attacks destroyed the jail buildings and damaged several nearby houses.

Zaporizhzhia

Russian air strikes hit a prison in Ukraine's Zaporizhzhia, 17 killed

Russia launched yet another attack on Ukraine overnight, with more than 300 drones and seven missiles. While most of the barrage was intercepted, the attacks prompted President Trump to give his Russian counterpart an ultimatum.

Trump gives Putin new deadline to end Ukraine war

A gunman killed at least one police officer and shot a handful of other people Monday in the heart of New York City. CBS News New York has the latest details.

Gunman kills police officer, wounds others in Midtown Manhattan

The suspect in the Michigan Walmart stabbing attack that injured 11 people over the weekend pleaded not guilty Monday to terrorism and assault charges.

Traverse City

Suspect pleads not guilty in Walmart stabbing attack

The U.S. Department of Justice says it took down child abuse websites that had more than 120,000 members and contained millions of files. CBS News' Scott MacFarlane explains how the arrest of one suspect nicknamed "Boss" was a huge priority for the FBI.

U.S. Justice Dept. shuts down four child abuse websites

Five people, including security guards, were killed by a gunman at Bangkok's Or Tor Kor market on Monday. The shooter, who injured two others, later killed himself, according to authorities.

Bangkok

Gunman kills five at busy Bangkok fresh food market

Thailand and Cambodia have agreed to an “unconditional” ceasefire starting at midnight, Malaysian Prime Minister Anwar Ibrahim said on July 28, a significant breakthrough to resolve five days of deadly border clashes.

Kuala Lumpur

Thailand and Cambodia agree to ceasefire

Truckloads of food reached hungry Gazans on July 28 after Israel promised to open secure aid routes, but humanitarian agencies warned vast amounts more were needed to stave off starvation.

Food arrives in Gaza after Israel pauses some fighting

Top U.S. and Chinese economic officials will resume talks in Stockholm to try to tackle longstanding economic disputes at the center of a trade war, aiming to extend a truce by three months and keeping high tariffs at bay.

Stockholm

U.S.-China trade truce extension seen, may ease way for Trump-Xi meet

A train derailment in southern Germany killed at least three people and injured others. The cause is under investigation, with weather possibly a factor.

Riedlingen

German train derails, killing at least three people

Israel has agreed to limit fighting in parts of Gaza and would allow more aid into the region, but both moves are facing criticism for being too little too late.

Israel announces daily pauses in Gaza fighting as aid trickles in

Abnormally high temperatures combined with heat and drought have fuelled destructive wildfires in parts of Europe, forcing thousands to be evacuated.

Athens

Heat fuels destructive wildfires in parts of Europe

Michigan officials say they will file terrorism charges and 11 charges of assault with intent to murder against the man who allegedly carried out a knife attack at a Walmart on Saturday. Lana Zak reports.

Garfield Township

Suspect in Michigan stabbing rampage to face terrorism charges

FAA investigators are in Denver after passengers and crew aboard an American Airlines flight were forced to evacuate when a tire blew during takeoff and the plane's rapid deceleration caused a brake fire, the airline said. Elise Preston reports.

Denver

Passengers evacuate burning plane in Denver

President Trump announced Sunday that the U.S. and European Union have come to a trade agreement after high-stakes meetings in Scotland. Weijia Jiang reports.

Edinburgh

Trump announces trade agreement with the European Union

Israel says it will now establish secure routes through the war zone in Gaza so aid convoys won't be shot at or looted. Elizabeth Palmer reports.

Tel Aviv-Yafo

Israel says it will establish secure routes for Gaza aid

U.S. President Donald Trump played golf Saturday at his course on Scotland's coast while protesters around the country took to the streets to decry his visit and accuse United Kingdom leaders of pandering to the American president.

Protesters in Scotland take to the streets to decry Trump's visit

Following four days of border clashes which have left over 30 people dead, the two sides have agreed to Malaysia acting as a mediator in the conflict.

Thailand, Cambodia to meet in Malaysia for ceasefire talks

Protesters gathered in front of the U.S. consulate in Edinburgh to oppose President Trump's visit to Scotland. Mr. Trump plans to host the U.K.'s Prime Minister Keir Starmer and the President of the European Union, Ursula von der Leyen, for trade talks at his personal properties.

Demonstrators protest Trump's visit to Scotland

The Israeli military said Saturday that it will resume aid airdrops into Gaza and open humanitarian corridors for United Nations convoys amid increased international pressure and accounts of starvation-related deaths in the territory.

Breakdown