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U.S. inflation declined more in August as Fed readies to cut interest rates next week

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Will the Federal Reserve cut rates?


Here’s what the Federal Reserve may do to interest rates in September

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Inflation in the United States hit a three-year low in August, further opening the door to the Federal Reserve to start cutting its key interest rate next week, according to government data released Wednesday.

Year-over-year inflation slowed to 2.5% last month, according to the Bureau of Labor Statistics, the lowest such rate since March 2021. And excluding volatile food and energy prices, core inflation is believed to have remained unchanged at 3.2%.

Inflation peaked at 9.1% in June 2022 — a four-decade high — as the economy rebounded from the pandemic recession.

—This is a developing story.



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Teacher, student killed in Wisconsin school shooting identified

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A teacher and student killed in a shooting earlier this week at a school in Madison, Wisconsin, were identified Wednesday by authorities.

The Dane County Medical Examiner’s Office said in a news release provided to CBS News that 42-year-old Erin West and 14-year-old Rubi Vergara were fatally shot Monday morning at Abundant Life Christian School.

Preliminary examinations determined the two died of “homicidal firearm related trauma.” Both were pronounced dead at the scene, the medical examiner said.

An online obituary on a local funeral site stated Vergara was a freshman who leaves behind her parents, one brother, and a large extended family. It described her as “an avid reader” who “loved art, singing and playing keyboard in the family worship band.” 

West’s exact position with the school was unclear.   

The medical examiner also confirmed that a preliminary autopsy found that the suspected shooter, 15-year-old Natalie Rupnow — a student at the same school — was pronounced dead at a local hospital Monday of “firearm related trauma.” Madison Chief of Police Shon F. Barnes had previously told reporters that Rupnow was pronounced dead while being transported to a hospital. 

Police had also previously stated that she was believed to have died from a self-inflicted gunshot wound.

The shooting at the private Christian K-12 school was reported just before 11 a.m. Monday. In addition to the two people killed and the shooter, six others were wounded.  

Police said the shooting occurred in a classroom where a study hall was taking place involving students from several grades.

A handgun was recovered after the shooting, Barnes said, but it was unclear where the gun came from or how many shots were fired. A law enforcement source said the weapon used in the shooting appears to have been a 9 mm pistol.

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Last-minute government funding bill in limbo after opposition from Trump, others

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Last-minute government funding bill in limbo after opposition from Trump, others – CBS News


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A bipartisan House deal on a short-term funding measure that would avoid a potential shutdown and keep the government operational through March appeared to have been scrapped Wednesday after President-elect Donald Trump, Vice President-elect JD Vance and some hardline Republican lawmakers came out against it. Nikole Killion has details from Capitol Hill.

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“CBS Evening News” headlines for Wednesday, Dec. 18, 2024

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“CBS Evening News” headlines for Wednesday, Dec. 18, 2024 – CBS News


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Here’s a look at the top stories making headlines on the “CBS Evening News with Norah O’Donnell.”

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