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U.S. and U.K. say Iran supplying Russia with ballistic missiles for Ukraine war in “significant escalation”

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London — The United States and Britain formally accused Iran on Tuesday of supplying short-range ballistic missiles to Russia to use in Moscow’s ongoing war in Ukraine, and the allies both said they would take measures to punish those involved. U.S. Secretary of State Antony Blinken, speaking alongside British Foreign Secretary David Lammy during a visit to London, said sanctions would be announced later Tuesday.

“Russia has now received shipments of these ballistic missiles and will likely use them within weeks in Ukraine, against Ukrainians,” Blinken said. “The supply of Iranian missiles enables Russia to use more of its arsenal for targets that are further from the front line.”

“For its part, Russia is sharing technology that Iran seeks — this is a two way street — including on nuclear issues, as well as some space information,” Blinken said, adding that among the new sanctions coming from the U.S. would be additional measures targeting Iran Air, the Islamic Republic’s flagship carrier.

US Secretary Of State Meets The UK Foreign Secretary
U.S. Secretary of State Antony Blinken, right, speaks during a strategic dialogue meeting with his counterpart, British Foreign Secretary David Lammy, at the Foreign Office in London, Sept. 10, 2024.

Alberto Pezzali/Getty


Britain’s government quickly announced its own new wave of sanctions, including seven new designations under its existing sanctions regime against Iran and three new measures against Russia.

Blinken and Lammy also said they were set to pay a joint visit to Ukraine on Wednesday, where they’ll meet President Volodymyr Zelenskyy and other senior officials to discuss bolstering the country’s defenses amid increasingly urgent requests from Kyiv for more and longer-range firepower — and for permission to use American weapons to hit targets deep inside Russian territory.

The Kremlin is trying to repel Ukraine’s surprise offensive, which has seen Zelenskyy’s forces claim hundreds of square miles of territory in Russia’s Kursk region. But Russia has also been on the offensive, with its forces continuing to take ground along the long front line that stretches some 600 miles through Ukraine’s eastern Donbas region.

The accusations about Iranian missiles could embolden Zelenskyy to further ramp up pressure on the U.S. and other allies to allow Ukraine to use Western-supplied missiles to strike deep within Russian territory and to hit sites from which Moscow launches its relentless aerial attacks. President Biden has allowed Ukraine to fire U.S.-provided missiles across the border into Russia in self-defense, but largely limited the distance over concerns about further escalating the conflict.

That hasn’t stopped Ukraine from using its own weapons to hit targets deeper in Russia, including a massive wave of explosive drones launched Tuesday at multiple regions including Moscow.


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U.S. Secretary of Defense Lloyd Austin, in his opening remarks at a Ukrainian security conference last week in Germany attended by Zelenskyy, declared it “a critical moment” in the war ignited by Russia’s 2022 full-scale invasion. 

As CBS News national security correspondent Charlie D’Agata reported, the meeting of the Ukraine Defense Contact Group at the Ramstein Air Base came just days after Zelenskyy’s nation suffered its single worst attack of the year, when two ballistic missiles slammed into a military academy, killing dozens of people and wounding more than 170 others.

Lammy called the Iranian missile transfers to Russia “a troubling pattern that we’re seeing. It is definitely a significant escalation.”

Iran has denied providing Russia with weapons for its war in Ukraine.

“Iran considers the provision of military assistance to the parties engaged in the conflict — which leads to increased human casualties, destruction of infrastructure, and a distancing from cease-fire negotiations — to be inhumane,” according to a recent statement from Iran’s mission to the United Nations.

FILE PHOTO: Iranian President Raisi attends the joining ceremony of ballistic missiles to the Armed Forces, in Tehran
Then-Iranian President Ebrahim Raisi, center, speaks during a ceremony announcing new ballistic missiles for the Armed Forces of Iran, in a file photo taken in Tehran, Aug. 22, 2023.

WANA NEWS AGENCY/Reuters


Word of the alleged transfers began to emerge over the weekend, with reports that U.S. intelligence indicated they were underway, according to people familiar with the matter who spoke on condition of anonymity. The U.S. and its allies have been warning Iran for months not to transfer ballistic missiles to Russia.

CIA Director William Burns, who was in London on Saturday for a joint appearance with his British intelligence counterpart, warned of the growing and “troubling” defense relationship involving Russia, China, Iran and North Korea, which he said threatens both Ukraine and Western allies in the Middle East.

The White House has repeatedly declassified and publicized intelligence findings that show North Korea has sent ammunition and missiles to Russia to use against Ukraine, while Iran also supplies Moscow with attack drones and has assisted the Kremlin with building a drone-manufacturing factory.

China has held back from providing Russia with weaponry, but it has surged sales to Russia of machine tools, microelectronics and other technology that Moscow in turn is using to produce missiles, tanks, aircraft and other weaponry, according to U.S. officials. It has also continued purchasing significant quantities of Russian energy products, helping to fund Moscow’s war efforts.

Mr. Biden is set to host British Prime Minister Keir Starmer for talks at the White House on Friday, with support for Ukraine’s defense on the agenda.

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Keegan-Michael Key on becoming young Bumblebee in new “Transformers One”

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Keegan-Michael Key on becoming young Bumblebee in new “Transformers One” – CBS News


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In “Transformers One,” Keegan-Michael Key voices B-127 in the origin story of Optimus Prime and Megatron. The film, distributed by Paramount Pictures, features his character teaming up with Scarlett Johansson’s Elita to save their planet.

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How to make CD accounts valuable as interest rates drop

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Falling interest rates don’t have to negate the benefits that CD accounts can offer savers.

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The U.S. economy is stabilizing after years of turbulence. Inflation has cooled from its 9.1% peak in 2022 to 2.5% in August 2024, though it’s still above the Federal Reserve’s 2% target. Interest rates remain high, with the federal funds rate frozen between 5.25% and 5.50%.

These high rates have been a boon for savers, especially those using certificates of deposit (CDs). Many banks are offering CD rates up to 4% to 5%, a significant jump from the 0.19% average in May 2021. But as the Fed considers potential rate cuts, savers need new strategies.

We consulted three financial experts to get their best tips for getting the most out of CDs in the coming months. They shed light on smart CD moves, explain why CDs are still worthwhile and discuss the benefits of opening one now — even with possible rate drops ahead.

Start earning more on your money with a top CD here now.

How to make CDs valuable as interest rates drop

Even with the Fed set to start cutting rates, CDs can still be a powerful tool in your savings arsenal. The key is knowing how to use them well in a changing market.

John F. Pace, certified public accountant at Pace & Associates, CPAs, puts today’s rates in perspective: “In the 1980s, we saw CD rates climb over 10% at times, allowing clients to maximize returns in a high-rate environment.” He explains that while rates are much lower than that today, they’re still favorable compared to recent history.

Expert strategies for CD investments

To help you make smart CD moves, we’ve gathered advice from two financial professionals — Pace of Pace & Associates, CPAs, and Henry Yoshida, certified financial planner and co-founder of Rocket Dollar.

Here are their top tips for getting the most out of your CD investments in the current environment:

  • Match CD terms to your goals: Yoshida advises, “First, align [your] timeframe for money earmarked for CDs/savings before embarking on CD purchases.” If you’re saving for a house or down payment in two to four years, long-term CDs might work best. These tend to have less sensitivity to short-term interest rate cuts.
  • Consider short-term CDs for flexibility: “Focus on short-term CDs, around six to 12 months, [if you want to] benefit from existing CD rates before a potential drop,” suggests Pace. These often offer competitive rates and let you reassess your options sooner.
  • Try CD laddering: Yoshida recommends “laddering out from six months to five years to keep your slight edge over prevailing rates.” This means spreading your money across CDs with different maturity dates.
  • Compare CDs to high-yield savings accounts: For short six to 15-month periods, CDs often hold higher rates than high-yield savings accounts, according to Yoshida.
  • Take advantage of promotional rates: Pace shares an example of a client who “opened a 9-month CD at 2.5% to take advantage of a promotional rate.” Keep an eye out for these special offers.
  • Reassess at maturity: When your CD matures, review current rates. If rates have changed, you can reinvest in another CD or explore other options.

Get started with a CD while interest rates are still high.

Why CDs remain attractive in a declining rate environment

“CDs right now are still a good investment option, even if the Federal Reserve does reduce interest rates. If you go back to 2021 CD interest rates, they weren’t even at half of a percent,” says Krisstin Petersmarck, investment advisor representative at New Horizon Retirement Solutions. This highlights how far CD rates have come, and why they’re still worth considering.

Pace advises not to wait, saying, “Though rates may decline in coming months, [you] shouldn’t hesitate to lock in existing rates, particularly through short-term CDs.” He notes that even a small rate difference can add up to thousands of dollars over time.

Yoshida shares another reason to act now. “CD rates typically lag the actual interest rate at any given time, so there’s an opportunity to [secure] some arbitrage between current interest rates and lagging CD rates,” he says. In simple terms, you might be able to get a better deal on a CD now than you would on other savings options.

The bottom line

“The best strategy is to invest in a CD now rather than waiting,” Petersmarck advises. But remember, unlike high-yield savings accounts, CDs lock up your money for a set time. You may be subject to withdrawal penalties if you need to access funds before the term ends.

To find the right fit, think about when you’ll need your cash and how much risk you’re comfortable with. Compare CD rates from different banks and lenders and don’t hesitate to ask a financial advisor for help. They can walk you through your options, explain CD terms and help you decide if CDs make sense for your financial goals.



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Exclusive discounts from CBS Mornings Deals

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On this edition of CBS Mornings Deals, shows us items that might just become essentials in your everyday life. Visit cbsdeals.com to take advantage of these exclusive deals today. CBS earns commissions on purchases made through cbsdeals.com.

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