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.

Washington

President Trump is in the process of selecting a new Federal Reserve chair as Jerome Powell's term nears its end. Among those being considered is Kevin Walsh, a former member of the Board of Governors, while current Treasury Secretary Scott Besson has declined the position. 

The search for a new chair coincides with ongoing public debate about economic conditions, with Trump asserting that affordability concerns are exaggerated by political opponents. The administration is planning more campaign-style events ahead of the midterms, focusing on key battleground states to advance its legislative agenda.

Trump preparing to install new Federal Reserve chair

CBS News White House reporter Olivia Rinaldi joins us now from our Washington Bureau, Olivia The Federal Reserve's decision to lower interest rates today comes as President Trump prepares to install a replacement for Chairman Powell How is that search going? Well, we're told it's ongoing today. The president is interviewing replacements for Federal Reserve Chairman Jerome Powell. One of those people is Kevin Walsh who formerly or Used to serve excuse me on the Board of Governors from 2006 to 2011 So that's someone who potentially could be a top pick for the president We also know he had considered him for Treasury Secretary this time last year after the president had won and was trying to pick his Cabinet someone who won't be picked for this role is Scott Besson He is the current Treasury Secretary who the president said he actually offered the job to and thought about picking him But Scott Besson said no. Thank you. I'd like to stay at the Treasury. So we know the president is Reviewing those potential candidates today hoping potentially to make an announcement soon as we know Powell's term is coming to an end And President Trump has called the affordability issue a fake narrative made up by Democrats to try and sway the public But at the same time he says he inherited Affordability problems from the previous administration. So did he do anything to reconcile those two ideas at the rally in Pennsylvania yesterday? Did he stay on message? Well, this was supposed to be a messaging event that really turned into a campaign rally He talked about everything from the strikes off of Venezuela To curbing immigration from people from Somalia the president did talk about affordability a little bit He said your 401ks are going up and gas prices are going down But did say that a lot of the affordability issues he inherited from the Biden economy but at this point we're about 12 months in to this administration and President said he would own this economy on day one and yet Americans are still feeling that squeeze We heard people yesterday telling our Nancy Cordes who was at that rally that they don't give the president that a Plus-plus-plus rating that he gives the economy. They give it a B a C sometimes a D or an F They're really struggling with grocery prices. So the president's still Saying that prices are going down that his economy is great And we are expecting him to do more of these types of messaging events more of these types of rallies especially as the midterms come next year and this is a point of vulnerability for this administration and the president to Politico's Dasha Burns and that wide-ranging interview said don't be dramatic when she brought up affordability and people planning their budgets for the next Year, this event wasn't a one-and-done where and when else can we expect to see the president making this pitch in the coming year? Well, they have not announced any new places that they'll be going But Susie Wiles the president's chief of staff said they do expect to do 2024 style campaigning in the next year ahead of the midterm So we'll have to see of course, there's a number of Senate races in Georgia in Texas that are going to be very crucial For this administration to win if they want to keep implementing their agenda on Capitol Hill So we'll expect to see some of those battlegrounds, but Lindsey will be watching Olivia and I'll be appreciate you

The U.S. military seized a large oil tanker off the coast of Venezuela. Attorney General Pam Bondi said the ship had been used to violate sanctions on oil from Venezuela and Iran.

U.S. seizes oil tanker off Venezuela coast

The daughter of Venezuelan opposition leader Maria Corina Machado has accepted the Nobel Peace Prize on her mother's behalf in Oslo, Norway. Machado, who lives in hiding in Venezuela, is set to make an address on Thursday.

Oslo

Venezuela's Machado awarded Nobel Peace Prize in absentia

President Volodymyr Zelenskyy is commenting on potential elections in Ukraine under certain conditions. Former U.S. ambassador to Ukraine John Herbst joins CBS News with more on the war against Russia.

Kyiv

Ukraine Invasion

Zelenskyy prepared to hold elections after Trump questions motive

A renewed outbreak of fighting between Thailand and Cambodia has derailed a US-brokered peace agreement, with cross-border shelling and air raids forcing more than half a million civilians to flee their homes.

Bangkok

Border dispute between Thailand and Cambodia flares up again

U.S. immigration agents used pepper spray against protesters in Minneapolis on Tuesday as residents blocked the officers’ vehicles and forced them to leave the area.

Minneapolis

Minneapolis protests erupt over ICE operation targeting Somalis

In Australia, millions of kids' social media profiles are going dark, as the country's new social media ban takes effect for anyone under 16. Jo Ling Kent reports.

Canberra

Australia's social media ban takes effect for kids under 16

President Trump, in recent months, has dismissed concerns about affordability, but this evening, in the battleground state of Pennsylvania, he is focusing on the crisis and touting his administration's efforts to lower the cost of living. Nancy Cordes has more.

Pennsylvania

Trump tries to flip the script on affordability

Dozens of protesters blocked a highway near Tel Aviv to demonstrate against moves by the Israeli government to force some ultra-Orthodox Jews into mandatory military service, something they are currently exempt from so they can study the Torah full time.

Tel Aviv-Yafo

Bill over ultra-Orthodox military conscription sparks protests in Israel

President Trump has told Politico that Nicolas Maduro's "days are numbered" in Venezuela. Political strategists Kevin Sheridan and Hyma Moore join with analysis.

Trump says Maduro’s “days are numbered”

The FBI has released a new photo of former Olympian Ryan Wedding, whom the bureau’s director has described as a “modern day iteration of Pablo Escobar.” The ex-skier and snowboarder remains at large as agents continue their search.

FBI releases new photo of alleged drug kingpin Ryan Wedding

Ukraine President Volodymyr Zelenskyy met Pope Leo XIV and Italian Premier Giorgia Meloni in Rome on Tuesday (December 9), meanwhile voicing his refusal to surrender territory to Moscow despite pressure from Washington for territorial concessions.

Rome

Zelenskyy seeks backing from Pope Leo XIV, Italian PM Meloni

A federal judge said Tuesday (December 9) that the Department of Justice can unseal the Ghislaine Maxwell sex trafficking case records. CBS News' Scott MacFarlane has more details.

Judge says DOJ can unseal Ghislaine Maxwell trafficking case records

Prosecutors on Monday (December 8) released new evidence seized from Luigi Mangione on the day of his arrest. He is accused of killing UnitedHealthcare CEO Brian Thompson a year ago and has pleaded not guilty.

Manhattan

New evidence introduced in Luigi Mangione case

The EU antitrust enforcer has opened an investigation into the U.S. tech giant over its use of online content to power its AI services, a move that threatens to ratchet up transatlantic relations.

Brussels

EU Commission opens probe into Google over AI

The U.S. government said the approval, which comes in exchange for a 25% surcharge, would also be available to other chipmakers like Intel and AMD.

Trump gives Nvidia green light to sell H200 chips to China

Ukraine is set to present a revised peace plan to the United States on Tuesday following President Volodymyr Zelenskiy’s talks in London with the leaders of France, Germany, and Britain.

London

Ukraine to share revised peace plan with U.S., Zelenskiy says

The International Criminal Court Tuesday handed down a sentence of 20 years to a Sudanese militia leader for war crimes and crimes against humanity committed during the country's civil war two decades ago.

ICC sentences Sudan militia chief for crimes against humanity

U.S. President Donald Trump on Monday (December 8) unveiled a $12 billion aid package for American farmers, the latest government effort to shore up a key political constituency hurt by the financial fallout from his trade policies.

Trump unveils $12 billion aid package for farmers hit by trade war

Thailand and Cambodia are blaming one another for starting a deadly exchange of fire that killed at least five people and threatens to unravel a U.S.-backed ceasefire between the neighbouring southeast Asian countries.

Surin

Thailand-Cambodia ceasefire could be unravelling

Paramount Skydance made a hostile takeover bid for Warner Bros. Discovery for $108 billion US just days after Netflix announced it made a $72-billion US deal with the legacy studio. It’s a move that even has U.S. President Donald Trump weighing in.

Hollywood

Paramount launches hostile takeover bid for Warner Bros.

President Trump announced Monday he will allow Nvidia to sell its advanced H200 computer chips to "approved customers" in China, but Mr. Trump said the deal does not include Nvidia's more advanced Blackwell system or its soon-to-be-released Rubin system.

Trump says he's letting Nvidia sell some AI chips to China

Ukraine's European allies put on a show of support for President Volodymyr Zelensky Monday as they expressed scepticism about parts of the U.S. proposal to end the war with Russia. The discussions came after President Donald Trump accused Zelensky of not reading his administration's proposal on a deal to end Russia's invasion following almost four years of war.

Downing Street

European allies back Zelensky after Trump criticism

A powerful 7.5-magnitude earthquake shook northeastern Japan late on Monday (December 8), prompting orders for about 90,000 residents to evacuate and tsunami warnings that hours later were downgraded to advisories.

Aomori

7.5-magnitude earthquake strikes Japan's northeast

Ukrainian President Volodymyr Zelenskiy said on Monday (December 8) that unity between Europe, Ukraine and the U.S. was important when negotiating an end to Russia's war in Ukraine. He made the remark during a visit to London.

Kyiv stresses European unity as allies 'skeptical' of U.S. peace plan

Ukrainian leader Volodymyr Zelenskyy and European allies prepared to hold talks in London on Monday (December 8), after President Donald Trump accused him of not reading the U.S. proposal to end the war with Russia.

Zelenskyy to meet European allies after Trump criticism

Thailand has launched airstrikes on Cambodian military sites as renewed border violence threatens a U.S.-backed peace deal.

Renewed border violence threatens Thai-Cambodia peace

South African authorities have withdrawn a 90-day visa exemption for Palestinians, saying the recent arrival of a charter flight with 153 people onboard was part of a campaign of “forced migration.”

Johannesburg

Middle East Conflict

South Africa withdraws 90-days visa exemption for Palestinians

Chinese and Japanese ties came under further strain after a Chinese fighter aircraft trained fire-control radar on Japanese military jets for the first time.

Okinawa

Chinese fighter jet locks radar on Japan planes

A military coup declared in Benin on Sunday has failed, the country’s interior minister said, just hours after soldiers took over state television to announce the dissolution of government.

Porto-Novo

Benin coup attempt thwarted by soldiers loyal to Republic

Hong Kong's citizens were voting on Sunday in an election where the focus is on turnout, with residents grieving and traumatized after the city's worst fire in nearly 80 years and the authorities scrambling to avoid a broader public backlash.

Breakdown