Former Treasury Secretary Janet Yellen speaks to CNBC's Andrew Ross Sorkin about the state of the economy, Federal Reserve, President Trump, and more. She says the most recent data makes a case for some rate cuts in the future.

Washington

Janet Yellen, speaking at the Aspen Economic Strategy Group forum, said that the latest economic data supports the possibility of interest rate cuts in the future. She emphasized that such decisions depend on continued evidence of controlled inflation and potential weakening in the labor market, noting recent signs of slowing growth and a stalling job market.

Yellen also addressed former President Trump's stated intentions for the Federal Reserve, expressing concern over suggestions to lower rates primarily to reduce U.S. debt costs. She argued that linking monetary policy directly to Treasury debt payments is outside accepted norms and could unsettle financial markets.

Janet Yellen: Recent data strengthens case for rate cuts going forward

Meantime, the state of the economy, the accuracy of data and the future of the Fed, they are all the big topics of conversation right here at the Aspen Economic Strategy Group forum that's taking place. And last night, I sat down with former Treasury Secretary and Fed Chair Janet Yellen is what she had to say about what's going on. I think that perhaps the most recent data strengthens the case for some rate cut going forward. Of course, the markets have long expected there to be some rate cuts. It's, of course, contingent on the data continuing to show that inflation is under control and based on perhaps seeing some weakening in the labor market. But the recent data suggested both a meaningful slowing of growth and kind of a stalling out in the labor market. We also talked about President Trump and his plans for the Fed. I think President Trump has made very clear that he wants to appoint somebody who will be inclined to lower rates. And now the rationale that he's given and the magnitude of rate cuts that he has suggested he regards as appropriate, I think should be frightening to markets because he said that the reason he thinks we should cut rates is that America should have the strongest credit rating in the world. We're a significant borrower and he wants to see the cost of U.S. debt come down. And so he's suggesting tying monetary policy to helping the Treasury pay interest on the debt, which is an argument that is really out of bounds.

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Moscow

Ukraine Invasion

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

U.S. Special envoy to the Middle East Steve Witkoff met with Russian President Vladimir Putin in Moscow on Wednesday as President Trump's deadline for a ceasefire with Ukraine looms.

U.S. envoy Witkoff meets Putin as Trump's sanctions deadline nears

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Jerusalem

Middle East Conflict

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

State of Rio de Janeiro

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

Global Tariffs

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Rome

Pope Leo XIV addresses Gaza, Ukraine at youth festival

A shipwreck off Yemen has killed at least 68 people, the UN's migration agency said, with dozens still missing after the boat carrying mostly Ethiopians sank.

Sana'a

Migrant boat sinks off Yemen, killing at least 68

After two unverified videos of Israeli hostages were released, Hamas said the hunger crisis in the region puts them at risk. The militant group said it would deliver food from the Red Cross to the hostages under a couple of conditions, including permanent humanitarian corridors.

Hamas says hunger crisis putting hostages at risk

U.S. President Donald Trump fired the U.S. commissioner of labour statistics after weak jobs numbers signaled tariffs weren’t yet leading to his promised economic boom.

Trump dismisses weak jobs numbers, fires labour statistics chief

Government scientists warn that the 2025 wildfire season in North America is projected to be the longest ever, with fires already causing significant damage across the western United States and Canada. Major blazes have led to evacuations, destruction of historic sites, and widespread air quality alerts.

Santa Barbara

Wildfire season in North America shaping as worst on record

A volcano in Russia's Far East has erupted after sitting dormant for 600 years. Scientists believe the eruption was triggered by the massive earthquake that struck the region last week.

Kamchatka Peninsula

Russian volcano erupts for first time in 600 years

An independent watchdog agency responsible for enforcing a law against partisan political activity by federal employees has opened an investigation into Jack Smith, the special counsel who brought two criminal cases against Donald Trump before his election to the White House last year.

Former Trump prosecutor Jack Smith faces probe by U.S. watchdog

New outbreaks of violence overnight into Sunday (August 3) rocked Syria straining a fragile ceasefire. Meanwhile residents in Sweida are calling access to more humanitarian aid.

Breakdown